Valley Republic Bancorp pretax income increased 22%Staff Writer |
Valley Republic Bancorp As of December 31, 2018, year to date net income was $8,952,000
Valley Republic Bancorp, the parent company of Valley Republic Bank, announced its financial results for the year and quarter ended December 31, 2018.
As of December 31, 2018, year to date net income was $8,952,000, compared to $5,247,000 for the same period in the prior year.
This represents an increase in earnings for 2018 of $3,705,000 or 71%.
2017 earnings were negatively affected by a one-time expense adjustment of $943,000, or $(0.25) per share, in the fourth quarter of 2017 due to the enactment of the Tax Cuts and Jobs Act (the "Tax Act") in December of that year.
Further, 2018 earnings were positively affected by the Tax Act which reduced the top federal statutory tax rate from 35% in 2017 to 21% in 2018.
The Company reported record pretax income for the fourth quarter of 2018 of $3,055,000 compared to $2,705,000 in the same quarter of 2017, an increase of $350,000, or 13%.
Net income for the fourth quarter of 2018 was $2,255,000, or $0.57 per share, compared to $804,000, or $0.21 per share, in 2017.
This represents an increase in earnings for the fourth quarter of 2018 of $1,451,000, or 180%, and includes the impact of the Tax Act. ■
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