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ConnectOne Bancorp Inc. (NASDAQ: CNOB) is a forward-thinking financial services company, operating primarily through its subsidiary, ConnectOne Bank, and the bank's fintech subsidiary, BoeFly, Inc. As a high-performing commercial bank, ConnectOne offers a comprehensive suite of banking and lending products and services tailored to small to middle-market businesses. The company's commitment to building lasting relationships with clients, focusing on their prosperity, and addressing their unique needs is core to its operations.
Headquartered in New Jersey, ConnectOne Bank is recognized for its client-first approach and innovative financial solutions. The bank provides a range of services including lending, depository, and other financial services to commercial, industrial, and governmental customers. Managed as a community bank, it generates revenue primarily through net interest income.
Throughout challenging economic conditions, ConnectOne has demonstrated resilience and steadfast operational performance. As of March 31, 2024, the company reported total assets of $9.854 billion, with loans receivable standing at $8.298 billion, and total deposits at $7.589 billion. The tangible common equity ratio remained robust at 9.25%, while the tangible book value per share increased to $23.26. The bank's strong capital and liquidity positions, alongside prudent expense management, have reinforced its stability and long-term profitability.
Recent achievements include the steady growth in core client deposits, the reduction of brokered and uninsured deposit liabilities, and a stable net interest margin. ConnectOne's loan portfolio saw disciplined growth, with a focus on maintaining sound credit performance. The bank continues to invest in technology, enhancing client experience and operational efficiency, and has successfully expanded its SBA lending platform.
Key financial metrics for the first quarter of 2024 include:
- Net interest income: $61.1 million
- Noninterest income: $3.9 million
- Net interest margin: 2.64%
- Noninterest expenses: $37.1 million
- Provision for credit losses: $4.0 million
- Effective tax rate: 25.5%
ConnectOne's leadership team continues to pursue growth opportunities, optimize staffing, and manage expenses prudently. The company's strategic focus remains on leveraging its results-oriented, client-centric culture while maintaining financial discipline.
The company regularly enhances shareholder value through dividends and share repurchase programs. As part of its commitment to sustainable growth, ConnectOne declared an increased quarterly cash dividend on its common stock, reflecting confidence in its future prospects.
ConnectOne Bancorp, Inc. is traded on the Nasdaq Global Market under the trading symbol “CNOB” and further information about the company can be found at https://www.connectonebank.com.
ConnectOne Bancorp (CNOB) reported a net income of $23.4 million for Q1 2023, down from $31.0 million in Q4 2022 and $29.9 million in Q1 2022. The diluted earnings per share decreased to $0.59, reflecting a $7.6 million drop in net income largely due to a $10.9 million decline in net interest income. Liquidity has been strengthened to nearly $4 billion, covering 250% of uninsured deposits. The tangible common equity ratio stood at 8.9%, while the CET1 ratio was 10.5%. The net interest margin compressed to 3.00%, driven by rising interest costs and increased competition. Despite these challenges, the company increased its quarterly common dividend by 9.7% to $0.17 per share and repurchased 205,000 shares. The outlook for 2023 suggests flat loan and expense growth amid economic uncertainty.
ConnectOne Bancorp, Inc. (NASDAQ: CNOB) will release its first quarter 2023 financial results before the market opens on April 27, 2023. The management team, including CEO Frank Sorrentino III and CFO William S. Burns, will host a conference call at 10:00 a.m. ET the same day to discuss these results. Analysts and investors can participate by dialing 1-412-317-5195 with access code 10177527. A replay of the call will be available starting at 1:00 p.m. ET on April 27, 2023, until May 4, 2023. ConnectOne Bancorp operates through its subsidiary, ConnectOne Bank, and offers various banking and lending services, particularly for small to mid-sized businesses.
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