IBERIABANKCorporation Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2017; Revises Tax Rate Guidance for the Year 2018
For the full year, the company announced interest income of $913,783,000 compared to $716,939,000 for the same period a year ago. Net interest income was $808,846,000 compared to $649,238,000 for the same period a year ago. Income before income taxes was $292,879,000 compared to $271,970,000 for the same period a year ago. Net income was $142,413,000 compared to $186,777,000 for the same period a year ago. Earnings allocated to common shareholders was $132,108,000 compared to $176,928,000 for the same period a year ago. Earnings per common share, diluted were $2.59 compared to $4.30 for the same period a year ago. Earnings per share, diluted, excluding non-operating items (non-GAAP) was $4.47 compared to $4.43 for the same period a year ago.
For the fourth quarter ended December 31, 2017, the company announced net charge-offs totaled $10.1 million in this quarter, down $18.7 million, or 65%, compared to third quarter of 2017. Annualized net charge-offs equated to 0.20% of average loans in fourth quarter of 2017, a 42 basis point decrease on a linked quarter basis.
The effective tax rate in 2018 is expected to be 21% - 22%, which revises from its previous guidance of 32.5% - 33.5% disclosed prior to the passing of tax reform.