ConnectOne Bancorp, Inc. (CNOB) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $2.02 million, or $ 0.07 a share in the quarter, against a net profit of $9.57 million, or $0.31 a share in the last year period.
Revenue during the quarter plunged 64.77 percent to $9.78 million from $27.76 million in the previous year period. Net interest income for the quarter rose 9.69 percent over the prior year period to $33.41 million. Non-interest income for the quarter fell 33.43 percent over the last year period to $1.57 million.
ConnectOne Bancorp, Inc. has made provision of $25.20 million for loan losses during the quarter, up 398.52 percent from $5.06 million in the same period last year.
Net interest margin contracted 8 basis points to 3.36 percent in the quarter from 3.44 percent in the last year period.
Frank Sorrentino, ConnectOne's chairman and chief executive officer stated, "ConnectOne had another successful year in 2016 and we remain well positioned for increased long-term growth and profitability. Total shareholder return for the year, measured by stock price appreciation and cash dividends, was a healthy 40.4%, reflecting both financial sector and company specific performance. We ended the year with significantly higher capital ratios and tangible book value per share, a lower loan-to-deposit ratio, a widening net interest margin, a robust pipeline of business activity and best-in-class efficiency."
Assets outpace liabilities growth
Total assets stood at $4,426.35 million as on Dec. 31, 2016, up 10.20 percent compared with $4,016.72 million on Dec. 31, 2015. On the other hand, total liabilities stood at $3,895.32 million as on Dec. 31, 2016, up 10.06 percent from $3,539.38 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $3,450.09 million as on Dec. 31, 2016, up 12.29 percent compared with $3,072.44 million on Dec. 31, 2015. Deposits stood at $3,344.27 million as on Dec. 31, 2016, up 19.82 percent compared with $2,790.97 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $694.98 million or 20.78 percent of total deposits on Dec. 31, 2016, compared with $650.78 million or 23.32 percent of total deposits on Dec. 31, 2015.
Investments stood at $353.29 million as on Dec. 31, 2016, down 15.85 percent or $66.54 million from year-ago. Shareholders equity stood at $531.03 million as on Dec. 31, 2016, up 11.25 percent or $53.69 million from year-ago.
Return on average assets was negative at 0.19 percent in the quarter against a positive 0.98 percent in the last year period. Return on average equity was negative at 1.57 percent in the quarter against a positive 8.09 percent in the last year period.
Nonperforming assets moved up 198.05 percent or $46.12 million to $69.40 million on Dec. 31, 2016 from $23.29 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.57 percent in the quarter, up from 0.58 percent in the last year period.
Book value per share was $16.62 for the quarter, up 7.30 percent or $1.13 compared to $15.49 for the same period last year.
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