ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 10:00 am ET

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ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Q2 2020 Earnings Conference Call - Final Transcript

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Executive
William S. Burns

as we have more Bank of New Jersey expense saves coming and we are closing four more branches later this year. Having said that, there will likely be more back office expense associated with managing the deferments and processing PPP forgiveness, as well as, as always continued investment in technology and infrastructure.

As far as the efficiency ratio goes. Look, without our typical revenue growth, it will be challenging to improve where we are at the 41% or 42% level. But I feel confident that we can, at the worst, stay at that level.

And I'm going to turn it back over to Frank for closing comments and then we'll have some questions.

Executive
Frank S. Sorrentino III

Great. Thank you, Bill.

So while we've all seen the improvement in reports on businesses reopening -- and the banking industry still face considerable uncertainty about how long this pandemic will persist. The longer it persists, the more pressure there is on borrowers and the higher the expectations may become for loans to become impaired. Nonetheless, we remain disciplined and steadfast in our belief that our experienced management team, strong balance sheet and risk controls will help us successfully navigate this operating environment. We're confident that, together, we'll all get through this. And when we come out on the other side, ConnectOne will get back to executing on prudent growth trends and producing strong metrics, as we've always focused on in the past.

And so with that, we're happy to take your questions. Operator?