CenterState Bank Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Effective Tax Rate Guidance for the Year 2018
For the six months, the company reported total interest income of $213,788 against $115,847 a year ago. Net interest income was $195,547 against $109,338 a year ago. Income before income tax was $81,333 against $45,068 a year ago. Net income was $67,799 against $31,833,000 a year ago. Net income allocated to common shares was $67,743 against $31,759 a year ago. Earnings per share diluted were $0.80 against $0.57 a year ago. Return on average assets (annualized) was 1.33% against 1.10% a year ago. Adjusted return on average assets (annualized) (Non-GAAP) was 1.67% against 1.35% a year ago. Return on average equity (annualized) was 9.00% against 8.83% a year ago. Adjusted return on average equity (annualized) (Non-GAAP) was 11.32% against 10.86% a year ago. Return on average tangible equity (annualized) (Non-GAAP) was 16.89% against 12.39% a year ago. Adjusted return on average tangible equity (annualized) (Non-GAAP) was 52.9% against 56.2% a year ago. Adjusted net income (Non-GAAP) was $85,223 against $39,128 a year ago. Adjusted net income per share - Diluted (Non-GAAP) was $1.00 against $0.71 a year ago.
For the year 2018, the company expects effective tax rate between 23% and 24%.