Allegiance Bancshares, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter of 2017; Provides Tax Rate Guidance for the Year 2018
For the year, the company reported total interest income of $119,438,000 compared to $100,778,000 a year ago. Net interest income was $103,668,000 compared to $89,864,000 a year ago. Income before income taxes was $26,379,000 compared to $32,405,000 a year ago. Net income was $17,632,000 or $1.31 per diluted share compared to $22,851,000 or $1.75 per diluted share a year ago. Return on average assets was 0.65% compared to 0.98% a year ago. Return on average equity was 5.92% compared to 8.36% a year ago. Book value per share as at December 31, 2017 was $23.20 compared to $21.59 a year ago. Tangible book value per share as at December 31, 2017 was $19.97 compared to $18.24 a year ago.
For the fourth quarter 2017, net charge-offs were $2.0 million, or 0.36% (annualized) of average loans, compared to $174,000 or 0.04% (annualized) of average loans, for the fourth quarter 2016.
The company expect effective tax rate in 2018 to be in the range of approximately 16% to 18%, not taking into account the potential tax benefit from the exercise of options.