People's Utah Bancorp Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Tax Rate for the Full Year 2018; Announces Net Charge-Offs for Fourth Quarter of 2017
For the full year, the company reported interest expense was $3,342,000 against $2,874,000 a year ago. Net interest income was $80,638,000 against $69,881,000 a year ago. Net income was $19,846,000 against $23,610,000 a year ago. Diluted earnings per share were $1.08 against $1.3 a year ago. Return on average assets of 1.11% against 1.48% a year ago. Return on average equity of 8.18% against 10.68% a year ago. Net income (non-GAAP) was $28,149,000 against $23,610,000 a year ago. Diluted earnings per share (non-GAAP) were $1.53 against $1.3 a year ago.
The Company Provides Tax Rate for the Full Year 2018. The company anticipates an effective tax rate, including state income taxes, of 25% for compared with an effective tax rate of 32% for 2017 and 36% for 2016.
The company incurred net charge-offs of $0.1 million in the fourth quarter of 2017 compared with net recoveries of $0.4 million in the fourth quarter of 2016.