CenterState Banks, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter Ended December 31, 2017; Provides Tax Rate and Net Interest Margin Guidance for the Year 2018
For the year, the company reported total interest income of $251,326,000 compared to $188,665,000 a year ago. Net interest income was $235,543,000 compared to $179,325,000 a year ago. Income before income taxes was $109,275,000 compared to $64,251,000 a year ago. Net income was $55,795,000 or $0.95 per diluted share compared to $42,341,000 or $0.88 per diluted share a year ago. Return on average assets (annualized) was 0.88% compared to 0.87% a year ago. Return on average equity (annualized) was 6.81% compared to 7.96% a year ago. Adjusted net income was $82,434,000 or $1.41 per diluted share compared to $60,969,000 or $1.27 per diluted share a year ago. Adjusted net interest income was $241,259,000 compared to $182,784,000 a year ago. Adjusted return on average assets (annualized) (Non-GAAP) was 1.30% compared to 1.25% a year ago. Adjusted return on average equity (annualized) (Non-GAAP) was 10.06% compared to 10.72% a year ago.
The company expected effective income tax rate for 2018 to range between 22% and 23%. The company expects net interest margin to approximate 4.10% to 4.15% tax equivalent for the full year 2018, which is increased from 4% earlier guidance.