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%.