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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 Bank has joined the USDF Consortium, a group of FDIC-insured banks aiming to promote USDF, a tokenized deposit system. This membership aligns with ConnectOne's strategy to enhance commercial banking through innovative technology, enabling compliant blockchain transactions. Chairman & CEO, Frank Sorrentino III, emphasized the potential of blockchain in providing secure banking solutions. The Consortium aims to unlock blockchain's advantages, including faster and cost-effective digital transactions. ConnectOne is one of several banks collaborating to broaden the adoption of USDF for improved financial interactions.
ConnectOne Bancorp (Nasdaq: CNOB) reported a net income of $31.3 million for Q4 2021, slightly down from $32.1 million in Q3 2021 but up from $25.6 million in Q4 2020. Diluted EPS was $0.79, a decrease from $0.80 in Q3 2021 but an increase from $0.64 in Q4 2020. The company noted a significant net interest income increase of $9.1 million year-over-year, totaling $70.9 million. Asset quality improved, with nonperforming assets at 0.76% of total assets. Full-year net income reached $128.6 million, significantly higher than 2020. A cash dividend of $0.13 per share is set for March 1, 2022, enhancing shareholder returns.
ConnectOne Bancorp, Inc. (Nasdaq: CNOB) announced it will report its fourth-quarter financial results for 2021 on January 27, 2022, before market opening. A conference call with CEO Frank Sorrentino III and CFO William S. Burns will take place at 10:00 a.m. ET on the same day. Investors can join via dial-in or listen to an audio webcast on the company's website. A replay will be available after the call until February 3, 2022. ConnectOne Bancorp offers comprehensive banking services through ConnectOne Bank in New York and New Jersey.
ConnectOne Bancorp reported a net income of $32.1 million for Q3 2021, slightly down from $32.2 million in Q2 2021, but up from $24.8 million year-over-year. Diluted earnings per share were $0.80, a decrease of $0.01 from the previous quarter but an increase of $0.18 from the same quarter last year. The company also declared an 18% increase in cash dividends to $0.13 per share. Key metrics included a return on assets of 1.62% and a tangible book value per share increase of 4%.
ConnectOne Bancorp, trading under the symbol CNOB, is set to release its third-quarter financial results for the period ending September 30, 2021, on October 28, 2021, before market opening. The management, including Chairman Frank Sorrentino III and CFO William S. Burns, will hold a conference call at 10:00 a.m. ET on the same day to discuss the results. Investors can join the call using the dial-in number 201-689-8471 with access code 13723610, and an audio webcast will also be available on their website. A replay will be accessible after the call until November 4, 2021.
ConnectOne Bancorp, Inc. (NASDAQ: CNOB) has announced a public offering of 4 million depositary shares priced at $25 each, totaling gross proceeds of $100 million. Each share represents a 1/40th interest in its 5.25% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A. An additional 600,000 shares may be purchased by underwriters. The proceeds will support general corporate purposes, including growth initiatives and regulatory capital for its Bank. The offering is expected to close on or about August 19, 2021.
ConnectOne Bancorp reported a net income of $32.2 million for Q2 2021, slightly down from $33.0 million in Q1 2021 but a significant increase from $14.8 million in Q2 2020. Diluted earnings per share were $0.81. The decline in net income was attributed to a $4.1 million decrease in the provision for credit losses, even as net interest income rose by $1.9 million. Additionally, the company declared a dividend of $0.11 per share, payable September 1, 2021.
ConnectOne Bancorp, parent company of ConnectOne Bank, will announce its second-quarter financial results for 2021 on July 29, 2021, prior to market opening. The announcement will be followed by a conference call at 10:00 a.m. ET, hosted by CEO Frank Sorrentino III and CFO William S. Burns. Interested parties can join the call via dial-in or listen to the audio webcast on the company's website. A replay will be available until August 5, 2021. ConnectOne Bancorp is traded on Nasdaq under the ticker CNOB.
ConnectOne Bancorp reported a net income of $33.0 million for Q1 2021, a significant rise from $6.0 million in Q1 2020. Diluted earnings per share increased to $0.82 from $0.15 year-over-year, primarily due to a $5.8 million recapture of credit loss reserves. The Bank also announced a 22.2% increase in its common stock dividend to $0.11 per share, payable June 1, 2021. The total assets of ConnectOne stood at $7.4 billion as of March 31, 2021, with a tangible common equity ratio of 9.91%.
ConnectOne Bancorp, parent company of ConnectOne Bank, will release its first-quarter financial results for the period ending March 31, 2021, on April 29, 2021, before market opening. A conference call will follow at 10:00 a.m. ET, hosted by CEO Frank Sorrentino III and CFO William S. Burns. Investors can join the call by dialing 201-689-8471 (access code 13718388) or listen via the company's website. A replay will be available after the call until May 6, 2021. ConnectOne Bancorp trades on Nasdaq under the symbol CNOB.
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