Cut in corporate tax rate mandated by Tax Cuts and Jobs Act.
NASHVILLE, Tenn: FB Financial Corporation said the cut in the corporate tax rate from 35% to 21% mandated by the Tax Cuts and Jobs Act enacted on December 22, 2017, will benefit fourth quarter 2017 net income by approximately $5.0 million to $7.5 million ($0.16 to $0.24 cents per diluted share).
The Company anticipates its effective tax rate will be approximately 24.5% to 25.5% for the year ending December 31, 2018, which reflects the newly enacted federal tax rate of 21%, projected 2018 nontaxable income, the estimated benefit of deductions for equity-based compensation and the Company's historic effective state and local income tax rates. The reduction in the Company's net deferred tax liability is driven by the requirement that the Company's deferred tax assets and liabilities be valued at year end 2017 at the newly enacted lower federal tax rate.
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|Publication:||Daily the Pak Banker (Lahore, Pakistan)|
|Date:||Jan 20, 2018|
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