ConnectOne Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Announces Net Loan Charge-Offs for the First Quarter Ended March 31, 2018; Provides Effective Tax Rate Guidance for the Full Year 2018
April 26, 2018 at 07:00 am EDT
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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.
ConnectOne Bancorp, Inc. is a financial services company. It operates through its bank subsidiary, ConnectOne Bank. ConnectOne Bank is a commercial bank offering a full suite of deposit and loan products and services to the general public, primarily to small and mid-sized businesses, local professionals and individuals residing, working and conducting business in the New York Metropolitan area and the South Florida market served by its West Palm Beach office. Its products and services include personal and business checking accounts, money market accounts, time and savings accounts, credit cards, wire transfers, safe deposit boxes, access to automated teller services and telephone, Internet and mobile banking. It also offers consumer and commercial business loans on a secured and unsecured basis, revolving lines of credit, commercial mortgage loans, and residential mortgages on both primary and secondary residences, home equity loans, bridge loans and other personal purpose loans.
ConnectOne Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Announces Net Loan Charge-Offs for the First Quarter Ended March 31, 2018; Provides Effective Tax Rate Guidance for the Full Year 2018