First Republic Bank Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2017; Announces Effective Tax Rate Guidance for the Full Year 2018
For the year, the company reported total interest income of $2,451,618,000, net interest income of $2,151,463,000, net interest income after provision for loan losses of $2,091,282,000, income before provision for income taxes of $912,202,000, net income of $757,660,000, net income available to common shareholders of $699,620,000, diluted earnings per common share of $4.31 compared to total interest income of $1,980,873,000, net interest income of $1,817,162,000, net interest income after provision for loan losses of $1,769,970,000, income before provision for income taxes of $827,596,000, net income of $673,428,000, net income available to common shareholders of $604,839,000, diluted earnings per common share of $3.93 for the previous year. Book value per common share was $42.23 against $37.39 a year ago. Tangible book value per common share was $40.43 against $35.35 a year ago.
For 2018, the Bank expects its effective tax rate to be approximately 19%.