ConnectOne Bancorp, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company announced total interest income was $50,475,000 compared to $41,084,000 for the same period a year ago. Net interest income was $38,147,000 compared to $33,141,000 for the same period a year ago. Income before income tax expenses was $4,695,000 compared to $16,794,000 for the same period a year ago. Net income was $4,251,000 compared to $11,880,000 for the same period a year ago. Earnings per common share, basic and diluted were $0.13 compared to $0.37 for the same period a year ago. Net income-adjusted was $17,140,000 compared to $12,278,000 for the same period a year ago. Diluted EPS-adjusted was $0.53 compared to $0.38 for the same period a year ago. Return on average assets (GAAP) was 0.34% compared to 1.10% for the same period a year ago. Return on average assets-adjusted (non-GAAP) was 1.37% compared to 1.14% for the same period a year ago. Return on average common equity (GAAP) was 3.00% compared to 8.93% for the same period a year ago. Return on average common equity-adjusted (non-GAAP) was 12.09% compared to 9.23% for the same period a year ago. Book value per share (GAAP) was $17.54 compared to $16.88 for the same period a year ago. Tangible book value per share (non-GAAP) was $12.93 compared to $12.23 for the same period a year ago.

For the first quarter ended March 31, 2018, the company announced net loan charge-offs of $17,019,000.

The bank is projecting a 2018 effective tax rate of approximately 21%, exclusive of ASU 2016-09 benefits.