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1347 Property Insurance Holdings reports lower Q4'17 net income YOY

1347 Property Insurance Holdings Inc. reported fourth-quarter 2017 net income of $1.4 million, or 23 cents per share, compared with $1.6 million, or 27 cents per share, in the prior-year period.

Total revenue for the quarter was $11.2 million, up from $8.1 million in the year-ago quarter. The company reported gross premiums written of $23.9 million, up from $11.8 million in the prior-year quarter.

Following the passage of the federal tax overhaul, the company incurred a one-time charge of $500,000 to income tax expense due to the reduction in value of its net deferred tax assets to the new corporate federal income tax rate of 21%.

For full year 2017, the company reported a net income of $294,000, or 5 cents per share. Full-year 2016 net income was $11,000.