DALLAS, Jan. 12, 2018 (GLOBE NEWSWIRE) -- North Dallas Bank & Trust Co. (OTCBB:NODB) announces net earnings of $2,528,495 or $0.98 per share for the three months ending December 31, 2017 before extraordinary income tax expense adjustment, compared to $1,828,287 or $0.71 per share for the same period in 2016. Net earnings for the year ending December 31, 2017 before the income tax expense adjustment totaled $8,855,260 or $3.45 per share, compared to $7,003,864 or $2.73 per share in 2016.
The Tax Cut and Jobs Act (Act) enacted in December 2017, required the reduction of net deferred tax assets according to the expected tax rate at the time the deferred tax benefits are to be realized. The reduction in the value of net deferred tax assets included a $2,500,319 charge to income tax expenses. After the income tax expense adjustment net earnings totaled $28,176 or $0.01 per share for the three months ending December 31, 2017, and $6,354,941 or $2.47 for the year ending December 31, 2017. North Dallas Bank & Trust Co. expects the provisions of the Act to be beneficial going forward.
The annual shareholders’ meeting is scheduled for February 6, 2018 in Dallas, Texas.
North Dallas Bank & Trust Co. is an independent bank established in 1961 with current locations in Dallas, Plano, Irving, Frisco and Addison, Texas. The earnings were prepared internally without review by the company’s independent accountants. Earnings are the result of past performance, events and market conditions and are not a guarantee of future results. Any forward-looking implications derived from this information may differ materially from actual results. Please direct any questions to Sam Renshaw, Vice Chairman and CFO.
Source:North Dallas Bank & Trust Co.