Quarterly Financial Information of ConnectOne Bancorp, Inc. (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information of ConnectOne Bancorp, Inc. (unaudited)

Note 24 - Quarterly Financial Information of ConnectOne Bancorp, Inc. (unaudited)

	2018
	4th Quarter		3rd Quarter		2nd Quarter		1st Quarter
	(dollars in thousands, except per share data)
Total interest income	$	57,223	$	55,351	$	53,084	$	50,475
Total interest expense		17,062		15,389		14,139		12,328
Net interest income		40,161		39,962		38,945		38,147
Provision for loan losses		1,100		1,100		1,100		17,800
Total other income, net of securities gains		1,515		1,429		1,388		1,407
Other expenses		18,266		18,287		17,108		17,059
Income before income taxes		22,310		22,004		22,125		4,695
Income tax expense		3,638		2,102		4,598		444
Net income		18,672		19,902		17,527		4,251
Earnings per share:
Basic	$	0.58	$	0.62	$	0.54	$	0.13
Diluted		0.58		0.61		0.54		0.13

	2017
	4th Quarter		3rd Quarter		2nd Quarter		1st Quarter
	(dollars in thousands, except per share data)
Total interest income	$	50,211	$	46,338	$	43,691	$	41,084
Total interest expense		10,403		9,319		8,590		7,943
Net interest income		39,808		37,019		35,101		33,141
Provision for loan losses		2,000		1,450		1,450		1,100
Total other income, net of securities gains		2,024		1,756		1,422		1,406
Net securities gains		-		-		-		1,596
Other expenses		16,566		18,641		25,303		18,249
Income before income taxes		23,266		18,684		9,770		16,794
Income tax expense		12,686		5,607		2,087		4,914
Net income		10,580		13,077		7,683		11,880
Earnings per share:
Basic	$	0.33	$	0.41	$	0.24	$	0.37
Diluted		0.33		0.41		0.24		0.37

Note:  Due to rounding, quarterly earnings per share may not sum to reported annual earnings per share.

The provision for loan losses for the first quarter 2018 was a notable increase that was mainly attributable to specific allocations to the taxi medallion loans and concurrent partial charge-off of $17.0 million.

Other expenses for the second quarter of 2017 had a notable increase that was mainly attributable to an increase in valuation allowance for our loans held-for-sale. Income taxes for the fourth quarter of 2017 had a notable increase that was mainly attributable to a charge against the Company’s deferred tax assets of $5.6 million due to the impact of The Tax Cuts and Jobs Act of 2017.