Reliant Bancorp, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. The company reported total interest income of $16,362,000 compared to $8,973,000 a year ago. Net interest income was $13,382,000 compared to $7,971,000 a year ago. Net interest income after provision for loan losses was $13,245,000 compared to $7,561,000 a year ago. Income before provision for income taxes was $4,074,000 compared to $1,831,000 a year ago. Consolidated net income was $3,277,000 compared to $1,559,000 a year ago. Net income attributable to common shareholders was $3,741,000 or $0.33 per diluted share compared to $2,058,000 or $0.26 per basic and diluted share per a year ago. Return on average assets was 0.93% compared to 0.89% a year ago. Return on average stockholders' equity was 7.43% compared to 7.71% a year ago. Book value per common share was $17.51 as on March 31, 2018 compared to $14.0 as on March 31, 2017. Tangible book value per common share was $12.94 as on March 31, 2018 compared to $12.36 as on March 31, 2017. Adjusted net interest income was $12,790,000 compared to $7,853,000 a year ago. Adjusted net income attributable to common shareholders was $3,674,000 compared to $2,005,000 a year ago. Adjusted return on average assets was 0.91% compared to 0.87% a year ago. Adjusted return on average stockholders' equity was 7.30% compared to 7.51% a year ago. Adjusted operating income was $14,662,000 compared to $8,904,000 a year ago. Adjusted net income attributable to common shareholders, per diluted share was $0.32 compared to $0.25 a year ago. Effective tax rate excluding the mortgage segment was 18.1% for the first quarter of 2018, compared with 12.8% and 45.1% for first and fourth quarter of 2017, respectively.

For the quarter, the company reported net charge offs of $138,000 against $401,000 a year ago.

The tax rate projected for the remainder of 2018 is approximately 19%.