Good day and welcome to the ConnectOne Bancorp, Inc. Second Quarter 2020 Earnings Conference Call. [Operator Instructions]
I would now like to turn the conference over to Ms. Siya Vansia with ConnectOne. Please go ahead.
Good morning and welcome to today's conference call to review ConnectOne's results for the second quarter of 2020 and to update you on recent developments.
On today's conference call will be Frank Sorrentino, Chairman and Chief Executive Officer and Bill Burns, Executive Vice President and Chief Financial Officer. The results as well as notice of this conference call on a listen-only basis over the internet were distributed this morning in a press release that has been covered by the financial media.
At this time, let me remind you that certain statements and assumptions in this conference call contain or are based upon forward-looking information and are being made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to numerous assumptions, uncertainties, and known or unknown risks, which could cause actual results to differ materially from those anticipated. These risk factors are more fully discussed in the Company's filings with the Securities and Exchange Commission. The forward-looking statements included in this conference call are made as of the date of this call and the Company is not obligated to publicly update or revise them.
In addition, certain terms used in this call are non-GAAP financial measures, reconciliations of which are provided in the Company's earnings release and accompanying tables or schedules, which have been filed today on Form 8-K with the SEC and may also be accessed through the Company's website at ir.connectonebank.com. Each listener is encouraged to review those reconciliations provided in the earnings release together with all other information provided in the release.
I will now turn the call over to Frank Sorrentino. Frank, please go ahead.
Frank S. Sorrentino III
Thank you, Siya, and good morning, everyone, and thank you for joining us on our conference call today. I hope you and your families have all been safe and healthy.
We here at ConnectOne had a good second quarter. And I'm proud of how ConnectOne has responded to the current challenges the industry is facing in this uncertain economy. Looking at some of the key quarterly metrics for ConnectOne, we continued to generate very strong earnings, delivering earnings of $0.30 per share, which included $15 million of reserves predominantly due to the uncertainty regarding the pandemic.
The strength of our organization continues to be demonstrated by our strong pre-tax net operating revenue, which was in excess of 1.95% of total average assets, placing us among the strongest in the industry. We also delivered on an improved net interest margin this quarter, resulting in sequential net interest income growth of 10% and over 30% on a year-over-year basis. While many other banks are experiencing margin contraction and in some cases significant compression, we continue to demonstrate the ability to drive exceptionally strong organic earnings power.
In regard to
Vice President, Marketing
Frank S. Sorrentino III
Chairman & Chief Executive Officer
William S. Burns
Executive Vice President/Chief Financial Officer
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