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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.
ConnectOne Bancorp
ConnectOne Bancorp
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.