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Mar 31, 2020
ConnectOne Bancorp Q1 2020 Earnings Report
Reported net income due to economic uncertainties caused by the COVID-19 pandemic and the acquisition of Bancorp of New Jersey.
Key Takeaways
ConnectOne Bancorp reported a net income of $6.0 million for Q1 2020, a decrease compared to $20.8 million in Q4 2019 and $11.6 million in Q1 2019. The decrease was primarily due to an increase in provision for loan losses of $15.5 million related to COVID-19. The acquisition of Bancorp of New Jersey was completed on January 2, 2020, and the results reflect the operations of the combined entity.
Net income for Q1 2020 was $6.0 million, down from $20.8 million in the previous quarter and $11.6 million year-over-year.
Diluted earnings per share were $0.15 for Q1 2020, compared to $0.59 in Q4 2019 and $0.33 in Q1 2019.
The decrease in net income was primarily due to a $15.5 million increase in provision for loan losses due to COVID-19.
The acquisition of Bancorp of New Jersey was completed on January 2, 2020, and is reflected in the Q1 2020 results.
Forward Guidance
ConnectOne expects to fund a total of approximately $385 million in the initial PPP tranche. Additionally, there are over 1,000 new applications being processed for the second PPP tranche.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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