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Sep 30, 2020
ConnectOne Bancorp Q3 2020 Earnings Report
Reported a solid operating performance driven by a strong franchise and continued execution on strategic priorities.
Key Takeaways
ConnectOne Bancorp reported a net income of $24.8 million and diluted earnings per share of $0.62 for the third quarter of 2020. The company's performance reflects a continued widening of the net interest margin and an efficiency ratio of 40%.
Net income was $24.8 million for the third quarter of 2020, compared to $14.8 million for the second quarter of 2020 and $21.7 million for the third quarter of 2019.
Diluted earnings per share were $0.62 in the third quarter of 2020, compared to $0.37 in the second quarter of 2020 and $0.61 in the third quarter of 2019.
Fully taxable equivalent net interest income for the third quarter of 2020 was $61.0 million, a decrease of $0.2 million, or 0.4%, from the second quarter of 2020.
The provision for loan losses was $5.0 million for the third quarter of 2020, $15.0 million for the second quarter of 2020 and $2.0 million for the third quarter of 2019.
ConnectOne Bancorp
ConnectOne Bancorp
Forward Guidance
While facing uncertainty, ConnectOne feels strongly about the strength and direction of the Company and is focused on long-term sustainable growth, operating in a disciplined manner, and further utilizing technology to remain one of the most efficient banks in the nation.