ConnectOne Bancorp, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company's net interest income was $35.101 million against $32.394 million a year ago. Income before income tax expense was $9.770 million against $15.862 million a year ago. Net income available to common stockholders was $7.683 million or $0.24 per basic and diluted share against $10.859 million or $0.36 per basic and diluted share a year ago. Return on average assets (GAAP) was 0.69% against 1.04% a year ago. Return on average tangible assets (Non-GAAP) was 0.72% against 1.09% a year ago. Return on average assets-adjusted (non-GAAP) was 1.20% against 1.13% a year ago. Return on average tangible assets-adjusted (non-GAAP) was 1.25% against 1.18% a year ago. Net interest income after provision for loan losses was $33.651 million against $28.644 million a year ago. Net income available to common stockholders-adjusted was $13.402 million or $0.42 per diluted share against $11.828 million or $0.39 per diluted share a year ago. Return on average common equity (GAAP) was 5.61% against 9.03% a year ago. Return on average common equity-adjusted (non-GAAP) was 9.78% against 9.84% a year ago. Return on average tangible common equity (non-GAAP) was 7.80% against 13.23% a year ago. Return on average tangible common equity-adjusted (non-GAAP) was 13.52% against 14.24% a year ago. Operating revenue was $37.261 million against $34.579 million a year ago. Adjusted net interest income was $35.523 million against $31.867 million a year ago.

For the six months, the company's net interest income was $68.242 million against $63.714 million a year ago. Income before income tax expense was $26.564 million against $31.031 million a year ago. Net income available to common stockholders was $19.563 million or $0.60 per diluted share against $21.228 million or $0.70 per diluted share a year ago. Book value per share (GAAP) was $17.06 as on June 30, 2017 against $16.04 as on June 30, 2016. Tangible book value per share (non-GAAP) was $12.42 as on June 30, 2017 against $11.09 as on June 30, 2016. Net interest income after provision for loan losses was $65.692 million against $56.964 million a year ago. The cash flow on adjusted flow value of about $50 million yields in excess of 6%.

For 2017, the company targeting a tax rate of approximately 31.5% on operating earnings. The taxi charges do temporarily reduce the effective tax rate, but on a core basis the company targeting 31.5%. The effective tax rate for 2017 is expected to be maintained in the low 30% range.