First Priority Financial Corp. has reported that net income for the year ended Dec. 31, 2017 increased seven percent to $2.46 million, or $0.33 per basic common share and $0.32 per fully diluted common share versus $2.30 million, or $0.29 per basic and fully diluted common share for the same period in 2016.

Quarterly net income totaled $191,000, or $0.02 per basic and fully diluted common share for the fourth quarter of 2017, compared to $737,000, or $0.10 per basic and fully diluted common share in the fourth quarter of 2016 and compares to $719,000, or $0.10 per basic common share and $0.09 per fully diluted common share for the third quarter of 2017.

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For the year ended Dec. 31, 2017, income before income taxes totaled $4.46 million, a 30 percent increase over $3.43 million recorded in 2016.

“Our company’s core operating performance for the current quarter and for the full year of 2017 has increased significantly from the comparable 2016 periods,” said David E. Sparks, First Priority’s Chairman and CEO. “As with most banks, net income recorded in both the full year and fourth quarter of 2017 was negatively impacted by the charge to income tax expense related to the change in corporate tax rates due to the Tax Cuts and Jobs Act enacted in late December.

“This change in tax rates, however, will have a positive impact on future reported earnings beginning in 2018 due to expected tax savings resulting from the reduction of federal income tax rates from 34 percent to 21 percent.”

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