Equity Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Effective Tax Rate Guidance for the Year 2018
January 25, 2018 at 04:48 pm EST
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Equity Bancshares, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income and dividend income of $29,808,000 against $18,307,000 a year ago. Net interest income was $24,589,000 against $15,663,000 a year ago. Income before income taxes was $7,472,000 against $981,000 a year ago. Net income allocable to common stockholders was $4,274,000 or $0.31 per diluted share against $417,000 or $0.04 per basic and diluted share a year ago. Return on average assets annualized was 0.60% against 0.09% a year ago. Return on average equity annualized was 5.02% against 0.81% a year ago. Return on average tangible common equity annualized was 7.41% against 1.28% a year ago. Book value per share was $25.62 against $22.09 a year ago. Tangible common book value per share was $17.61 against $16.64 a year ago. Tangible book value per diluted common share was $17.29 against $16.37 a year ago. Adjusted net income allocable to common stockholders was $4,501,000 against $518,000 a year ago. Mergers and acquisitions expense, adjusted for income taxes, hurts earnings and EPS by $2.1 million in the quarter or $0.15 per share. Because the company has a deferred tax asset, it must record the reduction in rate for the future benefit, hurting earnings by $1.2 million and $0.10 per share. Fourth quarter earnings and EPS reconciled for these items are $7.6 million and $0.55 per share.
For the year, the company reported total interest income and dividend income of $102,693,000 against $61,799,000 a year ago. Net interest income was $86,002,000 against $52,597,000 a year ago. Income before income taxes was $31,026,000 against $13,869,000 a year ago. Net income allocable to common stockholders was $20,649,000 or $1.62 per diluted share against $9,373,000 or $1.07 per diluted share a year ago.
The company provided effective tax rate guidance for the year 2018. The tax reform reduces its 2018 estimated federal effective rate to about 18%, resulting in a total income tax rate of about 22.6% when including an approximate state rate in 2018 of about 4.6%. This 2018 estimated total effective tax rate of 22.6% compares favorably to the 2017 total effective tax rate of about 33.4%.
Equity Bancshares, Inc. is a bank holding company for Equity Bank (the Bank). The Bank provides a range of financial services primarily to businesses and business owners as well as individuals through its network of approximately 82 branches located in Arkansas, Kansas, Missouri and Oklahoma. The Bankâs operations involve the delivery of loan and deposit products to its customers. It offers commercial banking products and other services, including lending activities, deposit products, and other products and services. The Bank offers a suite of online banking solutions, including access to account balances, online transfers, online bill payment and electronic delivery of customer statements, mobile banking solutions for iPhone and Android phones, including remote check deposit with mobile bill pay. Its commercial treasury management services include balance reporting, transfers between accounts, wire transfer initiation, automated clearing house (ACH) origination and stop payments.
Equity Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Effective Tax Rate Guidance for the Year 2018