ConnectOne Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016; Reports Net Loan Charge-Offs for the First Quarter of 2016; Provides Effective Tax Rate Guidance for the Year 2016
April 26, 2016 at 01:09 pm
Share
ConnectOne Bancorp, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the period, the company reported net income available to common stockholders of $10.4 million, or $0.34 per diluted share, compared with $10.4 million, or $0.34 per diluted share, for the first quarter of 2015. Fully taxable equivalent net interest income for the first quarter of 2016 was $32.0 million, an increase of $3.1 million, or 10.7%, from the same quarter of 2015. This was a result of a 17.2% increase in average interest-earning assets due to significant organic loan growth, partially offset by a 23 basis-point contraction of the net interest margin. Net interest income was $31,320,000 compared to $30,456,000 a year ago. Income before income tax expense was $15,169,000 compared to $15,391,000 a year ago. Core earnings available to common stockholders (non-GAAP) were $10,905,000 compared to $9,870,000 a year ago. Core net income (non-GAAP) was $10,927,000 compared to $9,898,000 a year ago. Return on avg. assets (GAAP) was 1.04% compared to 1.21% a year ago. Core return on avg. assets (Non-GAAP) was 1.09% compared to 1.16% a year ago. Return on avg. tangible assets (Non-GAAP) was 1.09% compared to 1.29% a year ago. Core return on avg. tangible assets (Non-GAAP) was 1.13% compared to 1.21% a year ago. Return on avg. common equity (GAAP) was 8.80% compared to 9.48% a year ago. Core return on avg. common equity (non-GAAP) was 9.26% compared to 9.04% a year ago. Return on avg. tangible common equity (non-GAAP) was 13.03% compared to 14.56% a year ago. Core return on avg. tangible common equity (non-GAAP) was 13.53% compared to 13.69% a year ago. Adjusted net interest income was $30,650,000 compared to $27,130,000 a year ago. Book value per share (GAAP) was $15.74 compared to $14.90 a year ago. Tangible book value per share (non-GAAP) was $10.78 compared to $9.86 a year ago.
For the first quarter of 2016, the company reported net loan charge-offs of $497,000.
The effective tax rate for the full year 2016 is currently expected to be approximately 31.5%.
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. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016; Reports Net Loan Charge-Offs for the First Quarter of 2016; Provides Effective Tax Rate Guidance for the Year 2016