California Bancorp Inc Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Tax Rate Guidance for the Year 2018
For the year, the company announced interest income of $34,692,000 against $29,249,000 reported last year. Net interest income before provision was $31,533,000 compared to $27,150,000 a year ago. Net interest income after provision was $29,140,000 compared to $25,747,000 a year ago. Income before tax provision was $11,286,000 compared to $8,416,000 a year ago. Net income was $5,627,000 compared to $5,193,000 a year ago. Basic earnings per common share was $0.89 compared to $0.84 a year ago. Return on average assets was 0.69% against 0.74% reported last year. Return on average tangible common equity was 7.58% against 8.03% reported last year. Tangible book value per common share increased 3% to $12.10 as of December 31, 2017, compared to $11.72 a year ago.
In 2018, the company expects tax rate will be between 25% and 30%, significantly contributing to bottom line results.