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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 reported a fourth quarter 2022 net income of $31.0 million, up from $27.4 million in the previous quarter, with diluted earnings per share at $0.79. The rise was attributed to a $6.7 million reduction in credit loss provisions and a $0.2 million increase in noninterest income, despite rising noninterest expenses and income tax expenses. Annual net income for 2022 totaled $119.2 million, declining from $128.6 million in 2021. The company declared a quarterly cash dividend of $0.155 per share to be paid on March 1, 2023.
ConnectOne Bancorp, Inc. (Nasdaq: CNOB) will release its fourth quarter financial results for December 31, 2022, on January 26, 2023, before market opening. CEO Frank Sorrentino III and CFO William S. Burns will discuss the results in a conference call at 10:00 a.m. ET that day. Interested parties can access the call via telephone or through an audio webcast. A replay will be available later in the day until February 2, 2023. ConnectOne Bancorp provides banking services focusing on small to middle-market businesses and operates a fintech subsidiary, BoeFly.
ConnectOne Bancorp reported a net income of $27.4 million for Q3 2022, a decrease from $30.8 million in Q2 2022 and $32.1 million in Q3 2021. Diluted earnings per share fell to $0.70 due to a $7 million increase in credit loss provisions and higher noninterest expenses. However, net interest income rose by $2.6 million. A cash dividend of $0.155 per share is declared, payable on December 1, 2022. Key metrics include a return on assets of 1.27%, and nonperforming assets decreased to $57.7 million. Total deposits grew by 10.5% compared to the previous quarter.
ConnectOne Bancorp, Inc. (Nasdaq: CNOB) announced it will release its third quarter results on October 27, 2022, before market opening. Management will hold a conference call at 10:00 a.m. ET on the same day to discuss financial performance and operating results. The call can be accessed by dialing 1-201-689-8471. A replay will be available from 1:00 p.m. ET on October 27 to November 3, 2022. ConnectOne Bancorp operates ConnectOne Bank and BoeFly, Inc., a fintech marketplace.
ConnectOne Bank, a subsidiary of ConnectOne Bancorp (NASDAQ: CNOB), has partnered with MANTL to enhance its deposit onboarding processes. This collaboration aims to streamline account origination for consumer and commercial clients, driving efficiency and opening new revenue streams. MANTL's technology will replace existing systems, providing a modern digital platform that improves user experience and operational efficiency. With nearly $9 billion in assets, ConnectOne aims to leverage this partnership for geographic expansion and improved banking services.
ConnectOne Bancorp (CNOB) reported net income of $30.8 million for Q2 2022, reflecting an increase from $29.9 million in Q1 2022. Diluted EPS rose to $0.78, up from $0.75 in Q1 2022. Net interest income increased by $5.2 million compared to Q1 2022, offset by higher expenses and credit loss provisions. The company declared a cash dividend of $0.155 per share, payable on September 1, 2022. Total assets reached $8.8 billion, and the tangible book value per share rose to $20.79.
ConnectOne Bancorp (Nasdaq: CNOB) announced the release of its Q2 2022 financial results on July 28, 2022, before market opens. The company will host a conference call at 10:00 a.m. ET on the same day to discuss financial performance. Those interested can access the call via a dial-in number or an online audio webcast, which will also be archived for later access. ConnectOne Bancorp operates through its subsidiary, ConnectOne Bank, and offers a range of banking and lending products.
ConnectOne Bank has partnered with Nymbus to enhance its digital business banking solutions. This collaboration aims to diversify ConnectOne's client list and build niche banking services powered by technology. CEO Frank Sorrentino III emphasized the importance of a client-centric approach, stating that the partnership will facilitate tailored offerings. With total assets exceeding $8 billion, ConnectOne plans to launch this new vertical by the end of 2022, leveraging Nymbus’s robust suite of banking technology to drive meaningful growth.
ConnectOne Bancorp reported a net income of $29.9 million for Q1 2022, down from $31.3 million in Q4 2021 and $33.0 million in Q1 2021. Diluted EPS fell to $0.75 from $0.79 and $0.82 in the prior quarters. The decline was attributed to increased noninterest expenses and a rise in provision for credit losses. However, net interest income rose 15.0% year-over-year to $70.8 million. The company announced a dividend increase to $0.155 per share for June 1, 2022, a 19.2% increase quarter-over-quarter and 40.9% year-over-year.
ConnectOne Bancorp, trading under the symbol CNOB, will release its first quarter results for 2022 before the market opens on April 28, 2022. A conference call will follow at 10:00 a.m. ET the same day, hosted by Chairman Frank Sorrentino III and CFO William S. Burns. Interested parties can join via dial-in at 1-201-689-8471 or access the audio webcast through the Company's website. A replay will be available shortly after the call and remain accessible until May 5, 2022.
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