First Choice Bancorp reported unaudited earnings results for the first quarter ended March 31, 2018. For the quarter, the company's interest income was $11,189,000 compared to $9,064,000 a year ago. Net interest income was $9,552,000 compared to $7,628,000 a year ago, primarily due to two fewer days in the first quarter of 2018 and certain early payoffs in the CRE loan portfolio in the fourth quarter of 2017, which resulted in the accelerated recognition of interest income from the unamortized loan discounts. Net interest income after provision for loan losses was $9,352,000 compared to $7,628,000 a year ago. Income before income taxes was $3,238,000 compared to $3,593,000 a year ago. Net income was $2,380,000 compared to $2,127,000 a year ago. Net income per basic and diluted share was $0.33 compared to $0.30 a year ago. Return on assets (annualized) was 1.06% compared to 0.98% a year ago. Return on equity (annualized) was 8.79% compared to 8.27% a year ago. Book value and tangible book value was $14.68 compared to $14.42 a year ago.

For the full year of 2018, the company is expecting an effective tax rate of approximately 29%.