ConnectOne Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Tax Rate Guidance for 2017
October 26, 2017 at 05:31 pm IST
Share
ConnectOne Bancorp, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported net interest income of $37,019,000 against $33,024,000 a year ago. Income before income tax expense was $18,684,000 against $17,299,000 a year ago. Net income available to common stockholders was $13,077,000 or $0.41 per basic and diluted share against $11,856,000 or $0.39 per basic and diluted share a year ago. Excluding taxi, the company earned $0.46 per share, up 15% from the year-ago quarter on an operating basis. Return on tangible equity surpassing 14% and return on assets of 1.25%.
For the nine months, the company reported net interest income of $105,261,000 against $96,738,000 a year ago. Income before income tax expense was $45,248,000 against $48,330,000 a year ago. Net income available to common stockholders was $32,640,000 or $1.01 per diluted share against $33,084,000 or $1.09 per diluted share a year ago. Book value per share was $17.42 against $16.54 a year ago. Tangible book value per share (non-gaap) was $12.78 against $11.60 a year ago.
Excluding any changes to the taxi medallion valuation allowance, 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 Third Quarter and Nine Months Ended September 30, 2017; Provides Tax Rate Guidance for 2017