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Dec 31, 2019
ConnectOne Bancorp Q4 2019 Earnings Report
Reported net income and earnings per share for the fourth quarter and full year, highlighted by strategic growth and strong deposit and loan growth.
Key Takeaways
ConnectOne Bancorp reported a strong fourth quarter and year-end for 2019, marked by record earnings, strong deposit and loan growth, and solid credit quality. The company also completed the acquisition of Bancorp of New Jersey, enhancing its franchise and growth opportunities.
Net income for the fourth quarter of 2019 was $20.8 million, compared to $18.7 million for the fourth quarter of 2018.
Diluted earnings per share were $0.59 for the fourth quarter of 2019, compared to $0.58 for the fourth quarter of 2018.
Adjusted net income for the fourth quarter of 2019 was $21.4 million, or $0.61 per diluted share.
New loan originations were $243 million for the quarter, with a focus on the C&I segment.
ConnectOne Bancorp
ConnectOne Bancorp
Forward Guidance
ConnectOne remains focused on strategic priorities including organic growth, operating efficiency improvements, and superior returns on investor capital, while also focusing on flawless execution on completed transactions and remaining opportunistic regarding potential future deals.
Positive Outlook
- Solid organic growth in loans and deposits
- Improvements in operating efficiency through use of technology
- Superior returns on investor capital
- Flawless execution on completed transactions
- Opportunistic approach to potential future deals