Connectone Bancorp Inc Stock Price, News & Analysis

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.

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.