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Jun 30, 2021
ConnectOne Bancorp Q2 2021 Earnings Report
Reported strong earnings, net interest margin expansion, and an increase in noninterest income.
Key Takeaways
ConnectOne Bancorp reported a net income of $32.2 million for the second quarter of 2021, with diluted earnings per share of $0.81. The company experienced strong loan growth and continued net interest margin expansion.
Net income was $32.2 million, compared to $14.8 million for the second quarter of 2020.
Diluted earnings per share were $0.81, compared to $0.37 in the second quarter of 2020.
Annualized sequential loan growth, net of PPP forgiveness, exceeded 20%.
Tangible book value per share increased 4% sequentially to $18.76.
ConnectOne Bancorp
ConnectOne Bancorp
Forward Guidance
ConnectOne will continue to pursue attractive opportunities to expand their valuable franchise and remains focused on maintaining an efficiency ratio of approximately 40% or lower.
Positive Outlook
- Continue to pursue attractive opportunities to expand our valuable franchise.
- Remain disciplined in our approach to growth.
- Meaningful opportunities to expand, grow and leverage our franchise organically.
- Continue to invest in building its revenue generating capabilities.
- Remains focused on maintaining an efficiency ratio of approximately 40% or lower.
Challenges Ahead
- Expected increase in non-interest expenses in the second half of 2021.
- Dislocation in our marketplace resulting directly from increased M&A activity.
- Changes in interest rates.
- General economic conditions.
- Legislative/regulatory changes.