ConnectOne Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Effective Tax Rate Guidance for 2017
July 27, 2017 at 07:00 am EDT
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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.
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 Second Quarter and Six Months Ended June 30, 2017; Provides Effective Tax Rate Guidance for 2017