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Dec 31, 2020
ConnectOne Bancorp Q4 2020 Earnings Report
ConnectOne Bancorp reported net income for the fourth quarter of 2020 compared with the third quarter of 2020 and the fourth quarter of 2019.
Key Takeaways
ConnectOne Bancorp reported a strong finish to the year with record pretax, pre-provision earnings and an improved efficiency ratio. The company's net interest margin widened for the fourth consecutive quarter, and it saw a decrease in COVID-19 related deferrals.
Net income was $25.6 million for the fourth quarter of 2020, compared to $20.8 million for the fourth quarter of 2019.
Diluted earnings per share were $0.64 in the fourth quarter of 2020, compared to $0.59 in the fourth quarter of 2019.
Fully taxable equivalent net interest income for the fourth quarter of 2020 was $61.8 million, an increase of $13.9 million from the fourth quarter of 2019.
The company's tangible book value per share increased by $0.62 per share to $17.49.
ConnectOne Bancorp
ConnectOne Bancorp
Forward Guidance
ConnectOne Bancorp anticipates that the operating environment will continue to improve throughout 2021, resulting in strong growth, favorable lending spreads, and best-in-class performance metrics.
Positive Outlook
- Strong growth
- Favorable lending spreads
- Best-in-class performance metrics
- Capital and reserves have grown significantly
- Flexibility to grow both organically and through opportunistic M&A, and to return excess capital to shareholders
Challenges Ahead
- Potential for increased levels of impaired loans across all segments of the portfolio.