ConnectOne Bancorp, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for 2018
January 25, 2018 at 03:00 pm
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ConnectOne Bancorp, Inc. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest income of $50,211,000 against $41,499,000 a year ago. Income before income tax expense was $23,266,000 against loss before income tax expense of $5,472,000 a year ago. Net income available to common stockholders was $10,580,000 or $0.33 earnings per basic and diluted share against net loss available to common stockholders of $2,024,000 or $0.07 per basic and diluted share a year ago. Adjusted net income of $16.3 million or $0.51 a share up more than 10% sequentially and 28% ahead of last year's fourth quarter. And on that same basis, return on tangible equity cleared the 15% hurdle for the first time at 15.6%. The return on assets was a very impressive 1.37%, up from 1.25% in the sequential quarter. Meanwhile, tangible book value per share increased another $0.23 this quarter to $1.05 for the year to $13.01.
For the full year, the company reported total interest income of $181,324,000 against $161,241,000 a year ago. Income before income tax expense was $68,514,000 against $42,858,000 a year ago. Net income available to common stockholders was $43,220,000 or $1.34 against $31,060,000 or $1.01 per basic and diluted share a year ago.
The company expect that a lower effective tax rate will have a significant positive impact on its earnings in 2018. Estimated tax rate for 2018 is about 22%, approximately 10 percentage point decrease in 2017.
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 Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for 2018