Updated from 10:37 a.m. ET, with afternoon market action.
Shares were up 2% in afternoon trading, to $29.52.
ConnectOne Bancorp of Englewood Cliffs, N.J., formerly known as North Jersey Community Bank, completed its IPO on Feb. 15, selling 1,600,000 share at a price of $28.00 a share, for $44.8 million. Net proceeds were $41.5 million.The company reported first-quarter net income of $2.4 million, or 58 cents a share, increasing from $1.7 million, or 76 cents a share, in the first quarter of 2012. ConnectOne Bancorp had $1.0 billion in total assets as of March 31, with eight ConnectOne Bank branches in Bergen, Hudson, and Monmouth Counties, in New Jersey.
|ConnectOne CEO Frank Sorrentino III|
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