Sterling Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, total interest income was $34,737,000 against $25,374,000 a year ago. Net interest income was $26,915,000 against $20,385,000 a year ago. Income before income taxes was $17,198,000 against $10,728,000 a year ago. Net income was $6,531,000 against $6,127,000 a year ago. Income per share, basic and diluted was $0.13 against $0.14 a year ago. Return on average assets was 0.94% against 1.18% a year ago. Return on average shareholders' equity was 11.46% against 15.21% a year ago.

For the year, total interest income was $122,748,000 against $90,803,000 a year ago. Net interest income was $97,313,000 against $74,958,000 a year ago. Income before income taxes was $70,448,000 against $56,449,000 a year ago. Net income was $37,977,000 against $33,234,000 a year ago. Income per share, basic and diluted was $0.82 against $0.73 a year ago. Return on average assets was 1.54% against 1.73% a year ago. Return on average shareholders' equity was 20.25% against 22.06% a year ago.

As a result of the newly enacted tax legislation, the company estimates that its effective tax rate for 2018 will be in the range of 28% to 30%. The actual annual effective tax rate will vary depending upon tax-advantaged income and available tax credits.