First Choice Bancorp reported unaudited consolidated financial results for the third quarter ad nine months ended Sep. 30, 2018. For the quarter, total interest income was $18,189,000 against $10,754,000 for the same period of last year. Income before taxes was $3,536,000 against $3,409,000 for the same period of last year. Net income was $2,604,000 against $1,991,000 for the same period of last year. Net income per diluted share was $0.25 against $0.28 for the same period of last year. Book value per share was $20.76. Tangible book value per share was $13.92. Return on average equity was 5.23% against 7.48% for the same period of last year. Return on average tangible equity was 7.12% against 7.48% for the same period of last year. Return on average assets (annualized) was 0.78% against 0.88% for the same period of last year. Net interest income was $15,796,000 against $10,819,000 for the same period of last year. After-tax merger, integration and registration related costs of $2.7 million and $246 thousand reduced diluted earnings per share $0.26 and $0.04 for the third quarter and second quarter of 2018.

For the nine months, total interest income was $42,293,000 against $29,452,000 for the same period of last year. Income before taxes was $11,734,000 against $10,843,000 for the same period of last year. Net income was $8,417,000 against $6,399,000 for the same period of last year. Net income per diluted share was $1.02 against $0.88 for the same period of last year. Return on average equity was 8.06% against 8.12% for the same period of last year. Return on average tangible equity was 9.25% against 8.12% for the same period of last year. Return on average assets (annualized) was 1.06 % against 0.97% for the same period of last year. Net interest income was $36,166,000 against $24,971,000 for the same period of last year.

The company announced that the estimated annual effective tax rate for 2018 is 29.4%.

For the quarter, the company announced net (charge-offs) of $320,000.