ConnectOne Bancorp, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Year 2017
January 26, 2017 at 07:00 am
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ConnectOne Bancorp, Inc. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total interest income of $41,499,000 against $37,230,000 a year ago. Loss before income tax expense was $5,472,000 against income before income tax expense of $14,185,000 a year ago. Net loss available to common stockholders was $2,024,000 or $0.07 loss per basic and diluted share against net income available to common stockholders of $9,540,000 or $0.31 per basic and diluted share a year ago.
For the full year, the company reported total interest income of $161,241,000 against $140,967,000 a year ago. Income before income tax expense was $42,858,000 against income before income tax expense of $61,237,000 a year ago. Net income available to common stockholders was $31,060,000 or $1.01 loss per basic and diluted share against net income available to common stockholders of $41,199,000 or $0.36 per basic and diluted share a year ago.
The company currently expects an effective corporate income tax rate of approximately 32% for 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, 2016; Provides Earnings Guidance for the Year 2017