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ConnectOne Bancorp(CNOB) - 2024 Q2 - Quarterly Results
2024-07-25 11:30
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|-------|-------------------|-------|-------|------------|--------------------|----------------------------------------------------------|-------|-------------------|-------|-----------------| | | | Jun. 30, 2024 | | Mar. | 31, 2024 | Three \n(dollars | Months Ended \nDec. 31, 2023 \n in thousands) | | Sep. 30, 2023 | | Jun. 30, 2023 | | Return on Equity Measures | | | | | | ...
ConnectOne Bancorp, Inc. Reports Second Quarter 2024 Results; Declares Common and Preferred Dividends
Newsfilter· 2024-07-25 11:00
ENGLEWOOD CLIFFS, N.J., July 25, 2024 (GLOBE NEWSWIRE) -- ConnectOne Bancorp, Inc. (NASDAQ:CNOB) (the "Company" or "ConnectOne"), parent company of ConnectOne Bank (the "Bank"), today reported net income available to common stockholders of $17.5 million for the second quarter of 2024 compared with $15.7 million for the first quarter of 2024 and $19.9 million for the second quarter of 2023. Diluted earnings per share were $0.46 for the second quarter of 2024 compared with $0.41 for the first quarter of 2024 ...
ConnectOne Bancorp, Inc. Adds Veteran Banking and Financial Services Consultant Susan O'Donnell to Board of Directors
Newsfilter· 2024-06-11 11:00
ENGLEWOOD CLIFFS, N.J., June 11, 2024 (GLOBE NEWSWIRE) -- ConnectOne Bank ("ConnectOne"), the wholly-owned depository subsidiary of ConnectOne Bancorp, Inc. (NASDAQ:CNOB), today announces the addition of seasoned financial services consultant Susan O'Donnell to its Board of Directors to deepen its bench of industry leaders from the financial services and banking industries. "Susan brings a strategic mindset to our board having advised banks and financial institutions over a 30-year career," said Frank Sorre ...
ConnectOne Bancorp(CNOB) - 2024 Q1 - Quarterly Report
2024-05-03 20:01
[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for ConnectOne Bancorp, Inc. as of March 31, 2024, and for the three months then ended [Consolidated Statements of Condition](index=3&type=section&id=Consolidated%20Statements%20of%20Condition) As of March 31, 2024, total assets were approximately $9.85 billion, remaining stable compared to December 31, 2023 Consolidated Statements of Condition (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $277,583 | $242,714 | | Net loans receivable | $8,215,088 | $8,263,171 | | Investment securities | $619,397 | $617,162 | | **Total assets** | **$9,853,964** | **$9,855,603** | | **Liabilities & Equity** | | | | Total deposits | $7,588,654 | $7,536,202 | | Borrowings | $877,568 | $933,579 | | **Total liabilities** | **$8,637,355** | **$8,638,983** | | **Total stockholders' equity** | **$1,216,609** | **$1,216,620** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) For the three months ended March 31, 2024, net income was $17.2 million, a decrease from $24.9 million in the same period of 2023 Consolidated Statements of Income (in thousands, except per share data) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net interest income | $60,300 | $67,084 | | Provision for credit losses | $4,000 | $1,000 | | Net interest income after provision | $56,300 | $66,084 | | Noninterest income | $3,848 | $2,792 | | Noninterest expenses | $37,065 | $34,870 | | **Net income** | **$17,205** | **$24,929** | | Net income available to common stockholders | $15,696 | $23,420 | | **Diluted EPS** | **$0.41** | **$0.59** | [Consolidated Statements of Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Total comprehensive income for Q1 2024 was $14.2 million, down from $23.4 million in Q1 2023 Comprehensive Income (in thousands) | Component | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net income | $17,205 | $24,929 | | Other comprehensive loss | $(3,023) | $(1,498) | | **Total comprehensive income** | **$14,182** | **$23,431** | [Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity remained stable at approximately $1.217 billion from December 31, 2023, to March 31, 2024 - Key activities affecting stockholders' equity in Q1 2024 included: net income of **$17.2 million**, common stock dividends of **$6.5 million**, preferred stock dividends of **$1.5 million**, and treasury stock repurchases of **$5.8 million**[53](index=53&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the first three months of 2024, cash and cash equivalents increased by $34.9 million Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $20,522 | $16,374 | | Net cash provided by (used in) investing activities | $33,073 | $(26,556) | | Net cash (used in) provided by financing activities | $(18,726) | $304,283 | | **Net change in cash and cash equivalents** | **$34,869** | **$294,101** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed disclosures on accounting policies, financial statement components, and risk management - The Company adopted ASU 2022-03 regarding fair value measurement of equity securities on January 1, 2024, which did not have a material effect[60](index=60&type=chunk) - The Company is managed as a single operating segment: a community bank[85](index=85&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=41&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial results for Q1 2024, highlighting a decrease in net income to $15.7 million from $23.4 million in Q1 2023 [Operating Results Overview](index=43&type=section&id=Operating%20Results%20Overview) Net income available to common stockholders for Q1 2024 was $15.7 million ($0.41 per diluted share), a significant decrease from $23.4 million ($0.59 per diluted share) in Q1 2023 - The **$7.7 million** decrease in net income available to common stockholders was driven by lower net interest income, higher provision for credit losses, and increased noninterest expenses, partially offset by lower income tax expense[196](index=196&type=chunk) [Net Interest Income and Margin](index=43&type=section&id=Net%20Interest%20Income%20and%20Margin) Fully taxable equivalent net interest income decreased by 9.9% to $61.1 million in Q1 2024 from $67.8 million in Q1 2023 Net Interest Margin Analysis | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Interest Income (Tax-Equivalent, in thousands) | $61,111 | $67,828 | | Average Interest-Earning Assets (in thousands) | $9,323,291 | $9,174,167 | | **Net Interest Margin** | **2.64%** | **3.00%** | | Yield on Interest-Earning Assets | 5.63% | 5.17% | | Cost of Interest-Bearing Liabilities | 3.82% | 2.85% | [Financial Condition](index=46&type=section&id=Financial%20Condition) As of March 31, 2024, total gross loans decreased slightly by 0.6% to $8.3 billion from year-end 2023 Loan Portfolio Composition (in thousands) | Loan Segment | March 31, 2024 | Percent of Total | | :--- | :--- | :--- | | Commercial | $1,572,494 | 18.9% | | Commercial real estate | $5,829,950 | 70.2% | | Commercial construction | $646,593 | 7.8% | | Residential real estate | $254,214 | 3.1% | | **Gross loans** | **$8,304,101** | **100.0%** | - The commercial real estate portfolio's largest components are Multifamily (**$2.5 billion**) and Nonowner-occupied (**$2.2 billion**), with overall LTV for the CRE portfolio at **56%**[228](index=228&type=chunk) [Asset Quality](index=49&type=section&id=Asset%20Quality) Asset quality metrics showed minor changes, with nonperforming assets decreasing to $47.4 million (0.48% of total assets) at March 31, 2024 Nonperforming Assets (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Nonaccrual loans | $47,438 | $52,524 | | OREO | $0 | $0 | | **Total nonperforming assets** | **$47,438** | **$52,524** | | Nonperforming assets to total assets | 0.48% | 0.53% | - The allowance for credit losses (ACL) for loans was **$82.9 million** as of March 31, 2024, an increase of **$0.9 million** from December 31, 2023[231](index=231&type=chunk) - One commercial construction loan for **$23.6 million** was past due more than 90 days but still accruing interest, as it is well-secured with a loan-to-value of approximately **60%**[12](index=12&type=chunk)[262](index=262&type=chunk) [Liquidity and Capital Resources](index=53&type=section&id=Liquidity%20and%20Capital%20Resources) The Company maintained adequate liquidity, with liquid assets at $706.2 million (7.2% of total assets), and remains well-capitalized - As of March 31, 2024, the Company had aggregate available and unused credit of approximately **$3.2 billion** from sources including the FHLB and Federal Reserve[246](index=246&type=chunk) - Total deposits increased by **$53 million** (**0.7%**) to **$7.6 billion** in Q1 2024, driven by increases in time, savings, and noninterest-bearing demand deposits[305](index=305&type=chunk) Company Capital Ratios (March 31, 2024) | Ratio | Actual | Minimum for Adequacy | | :--- | :--- | :--- | | Tier 1 leverage capital | 10.73% | 4.00% | | CET I risk-based ratio | 10.70% | 4.50% | | Tier 1 risk-based capital | 12.03% | 6.00% | | Total risk-based capital | 13.88% | 8.00% | - Both the Company and the Bank satisfy the capital conservation buffer requirements, with the lowest ratio for the Company being the Total Risk Based Capital Ratio, which was **3.38%** above the minimum buffer ratio[2](index=2&type=chunk) [Qualitative and Quantitative Disclosures about Market Risks](index=58&type=section&id=Item%203.%20Qualitative%20and%20Quantitative%20Disclosures%20about%20Market%20Risks) The Company's primary market risk is interest rate risk, measured using NII simulation and EVE models Interest Rate Sensitivity Analysis (as of March 31, 2024) | Rate Shock (bps) | Estimated Change in EVE | Estimated Change in 1-Year NII | | :--- | :--- | :--- | | +200 | -12.46% | -6.38% | | +100 | -5.55% | -2.71% | | -100 | +4.44% | +2.66% | - The change in interest rate sensitivity was impacted by changes in market rates, model assumption updates, and a deposit mix shift into certificates of deposit[269](index=269&type=chunk) [Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they are effective - The CEO and CFO concluded that the Company's disclosure controls and procedures are effective[316](index=316&type=chunk) - No changes occurred in the Company's internal controls over financial reporting during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, these controls[4](index=4&type=chunk) [PART II – OTHER INFORMATION](index=59&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=59&type=section&id=Item%201.%20Legal%20Proceedings) The Company reports that it is not subject to any legal proceedings that could have a materially adverse impact on its results of operations and financial condition - The Company is not subject to any legal proceedings which could have a materially adverse impact on its financial condition or results of operations[317](index=317&type=chunk) [Risk Factors](index=59&type=section&id=Item%201a.%20Risk%20Factors) The Company states that there have been no material changes to the risks inherent in its business from those described in its Annual Report on Form 10-K for the year ended December 31, 2023 - There have been no material changes to the risk factors from those described in the 2023 Annual Report on Form 10-K[318](index=318&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=59&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter ended March 31, 2024, the Company repurchased a total of 282,370 shares of its common stock at an average price of approximately $20.28 per share Share Repurchases for Q1 2024 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Feb 1 - Feb 29, 2024 | 207,370 | $20.56 | | Mar 1 - Mar 31, 2024 | 75,000 | $19.66 | | **Total Q1 2024** | **282,370** | **-** | - As of March 31, 2024, **641,118 shares** remained available for repurchase under the company's program[361](index=361&type=chunk) [Exhibits](index=60&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the report, including CEO and CFO certifications pursuant to the Sarbanes-Oxley Act and Inline XBRL documents - The report includes CEO and CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act, as well as various Inline XBRL files[352](index=352&type=chunk)
ConnectOne Bancorp(CNOB) - 2024 Q1 - Earnings Call Transcript
2024-04-25 19:04
ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Q1 2024 Earnings Conference Call April 25, 2024 10:00 AM ET Company Participants Siya Vansia - Chief Brand and Innovation Officer Frank Sorrentino - Chairman and CEO William Burns - SEVP and CFO Conference Call Participants Daniel Tamayo - Raymond James Frank Schiraldi - Piper Sandler Tim Switzer - KBW Matthew Breese - Stephens Operator Thank you for standing by. My name is Marvilou and I will be your conference operator today. At this time, I would like to welcome eve ...
ConnectOne (CNOB) Reports Q1 Earnings: What Key Metrics Have to Say
Zacks Investment Research· 2024-04-25 15:00
For the quarter ended March 2024, ConnectOne Bancorp (CNOB) reported revenue of $64.15 million, down 8.2% over the same period last year. EPS came in at $0.41, compared to $0.59 in the year-ago quarter.The reported revenue represents a surprise of +0.34% over the Zacks Consensus Estimate of $63.93 million. With the consensus EPS estimate being $0.42, the EPS surprise was -2.38%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall St ...
ConnectOne Bancorp (CNOB) Q1 Earnings Lag Estimates
Zacks Investment Research· 2024-04-25 13:16
ConnectOne Bancorp (CNOB) came out with quarterly earnings of $0.41 per share, missing the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.59 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -2.38%. A quarter ago, it was expected that this holding company for ConnectOne Bank would post earnings of $0.47 per share when it actually produced earnings of $0.50, delivering a surprise of 6.38%.Over the la ...
ConnectOne Bancorp(CNOB) - 2024 Q1 - Quarterly Results
2024-04-25 11:31
[Overview of Q1 2024 Performance](index=1&type=section&id=Overview%20of%20Q1%202024%20Performance) ConnectOne Bancorp reported a decline in Q1 2024 net income and EPS due to lower net interest income and higher credit loss provisions, despite client base expansion and stable capital ratios Q1 2024 Performance Summary | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Income to Common Stockholders | $15.7 million | $17.8 million | $23.4 million | | Diluted EPS | $0.41 | $0.46 | $0.59 | - The decline in net income from Q4 2023 was attributed to a **$1.5 million** decrease in net interest income and a **$1.3 million** increase in the provision for credit losses, with year-over-year decreases mainly from a **$6.8 million** drop in net interest income and a **$3.0 million** increase in credit loss provision[2](index=2&type=chunk) - CEO Frank Sorrentino highlighted the company's focus on its relationship-banking model, expanding the client base, and adding new talent, achieving **3.2%** annualized growth in client deposit balances driven by **9.9%** annualized growth in noninterest-bearing demand deposits[5](index=5&type=chunk)[18](index=18&type=chunk) - Pre-tax, pre-provision net revenue (PPNR) as a percentage of average assets was **1.10%** for Q1 2024, down from **1.15%** in Q4 2023 and **1.46%** in Q1 2023[3](index=3&type=chunk) [Dividend Declaration and Share Repurchase](index=1&type=section&id=Dividend%20Declaration%20and%20Share%20Repurchase) The Board declared a **5.9%** increase in the common stock quarterly cash dividend to **$0.18** per share, alongside continued share repurchases - The quarterly cash dividend on common stock was increased by **5.9%** to **$0.18** per share, payable on June 3, 2024, to stockholders of record on May 15, 2024[6](index=6&type=chunk)[7](index=7&type=chunk) - A cash dividend of **$0.328125** per depositary share was declared for the 5.25% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A[7](index=7&type=chunk) - During Q1 2024, the Company repurchased **282,370** shares of common stock at an average price of **$20.24**, leaving **641,118** shares authorized for repurchase under the current program[14](index=14&type=chunk) [Detailed Financial Analysis](index=3&type=section&id=Detailed%20Financial%20Analysis) This section provides an in-depth analysis of operating results, balance sheet composition, capital adequacy, and asset quality metrics for the quarter [Operating Results](index=3&type=section&id=Operating%20Results) Net interest income declined due to NIM compression to **2.64%**, driven by higher deposit costs, while noninterest expenses and credit loss provisions increased - Fully taxable equivalent net interest income was **$61.1 million**, a **2.4%** decrease from Q4 2023, driven by a **7 basis-point** contraction in NIM to **2.64%**, and a **9.9%** year-over-year decrease due to a **36 basis-point** NIM contraction as the cost of deposits rose by **103 basis points**[19](index=19&type=chunk)[8](index=8&type=chunk) - Noninterest expenses totaled **$37.1 million**, a **$2.2 million** increase from Q1 2023, mainly due to higher costs for information technology and communications (+$1.3 million) and FDIC insurance (+$0.9 million)[9](index=9&type=chunk) - The provision for credit losses was **$4.0 million**, an increase from **$2.7 million** in Q4 2023 and **$1.0 million** in Q1 2023, reflecting changes in macroeconomic forecasts and specific reserves[21](index=21&type=chunk) - Adjusted noninterest income (excluding equity securities gains/losses) was **$3.8 million**, up from **$3.7 million** in Q4 2023 and **$3.0 million** in Q1 2023[20](index=20&type=chunk) [Balance Sheet and Capital](index=4&type=section&id=Balance%20Sheet%20and%20Capital) Total assets remained stable at **$9.85 billion**, with slight deposit growth and marginal loan decrease, while maintaining a **9.25%** tangible common equity ratio Balance Sheet Items | Balance Sheet Item | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Assets | $9.854 billion | $9.856 billion | | Loans Receivable | $8.298 billion | $8.345 billion | | Total Deposits | $7.589 billion | $7.536 billion | Capital Metrics | Capital Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Tangible Common Equity Ratio | 9.25% | 9.25% | | Tangible Book Value Per Share | $23.26 | $23.14 | - Total stockholders' equity was stable at **$1.217 billion** at both March 31, 2024, and December 31, 2023, with an increase in retained earnings offset by treasury stock purchases and an increase in accumulated other comprehensive loss[22](index=22&type=chunk) [Asset Quality](index=4&type=section&id=Asset%20Quality) Asset quality improved with nonperforming assets decreasing to **0.48%** and a strengthened allowance for credit losses against nonaccrual loans Asset Quality Metrics | Asset Quality Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Nonperforming Assets / Total Assets | 0.48% | 0.53% | 0.48% | | Nonaccrual Loans / Loans Receivable | 0.57% | 0.63% | 0.59% | | Allowance for Credit Losses / Nonaccrual Loans | 174.7% | 156.1% | 182.5% | - Criticized and classified loans as a percentage of total loans decreased to **1.30%** as of March 31, 2024, compared to **1.35%** at year-end 2023 and **1.74%** a year prior[12](index=12&type=chunk) - The annualized net loan charge-offs ratio was **0.15%** for Q1 2024, a decrease from **0.43%** in Q4 2023 and **0.22%** in Q1 2023[11](index=11&type=chunk) [Financial Statements and Supplemental Data](index=7&type=section&id=Financial%20Statements%20and%20Supplemental%20Data) This section provides detailed consolidated financial statements, net interest margin analysis, key performance ratios, and non-GAAP reconciliations [Consolidated Statements of Financial Condition](index=7&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) This section presents the detailed unaudited consolidated balance sheet, outlining the company's assets, liabilities, and stockholders' equity across periods Consolidated Statements of Financial Condition (in billions) | (in thousands) | March 31, 2024 | December 31, 2023 | March 31, 2023 | | :--- | :--- | :--- | :--- | | **Total Assets** | **$9.854 billion** | **$9.856 billion** | **$9.960 billion** | | Net Loans Receivable | $8.215 billion | $8.263 billion | $8.045 billion | | **Total Liabilities** | **$8.637 billion** | **$8.639 billion** | **$8.769 billion** | | Total Deposits | $7.589 billion | $7.536 billion | $7.753 billion | | **Total Stockholders' Equity** | **$1.217 billion** | **$1.217 billion** | **$1.191 billion** | [Consolidated Statements of Income](index=8&type=section&id=Consolidated%20Statements%20of%20Income) This section presents the detailed unaudited consolidated income statement for the three months ended March 31, 2024, and comparative prior periods Consolidated Statements of Income (in millions) | (in thousands) | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income | $60.3 million | $61.8 million | $67.1 million | | Provision for Credit Losses | $4.0 million | $2.7 million | $1.0 million | | Noninterest Income | $3.8 million | $4.2 million | $2.8 million | | Noninterest Expenses | $37.1 million | $37.8 million | $34.9 million | | **Net Income** | **$17.2 million** | **$19.3 million** | **$24.9 million** | | **Net Income to Common Stockholders** | **$15.7 million** | **$17.8 million** | **$23.4 million** | [Net Interest Margin Analysis](index=16&type=section&id=Net%20Interest%20Margin%20Analysis) This section details net interest margin components, showing Q1 2024 NIM at **2.64%**, a decline from prior periods primarily due to increased cost of funds Net Interest Margin Analysis | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Yield on Interest-Earning Assets | 5.63% | 5.61% | 5.17% | | Cost of Interest-Bearing Liabilities | 3.82% | 3.72% | 2.85% | | Net Interest Spread | 1.80% | 1.89% | 2.31% | | **Net Interest Margin (NIM)** | **2.64%** | **2.71%** | **3.00%** | [Key Performance Ratios and Non-GAAP Reconciliations](index=9&type=section&id=Key%20Performance%20Ratios%20and%20Non-GAAP%20Reconciliations) This section presents key performance, efficiency, and capital adequacy ratios, along with non-GAAP reconciliations, indicating a decline in profitability metrics Performance Ratios | Performance Ratios | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Return on Avg. Assets (ROA) | 0.70% | 0.79% | 1.04% | | Return on Avg. Common Equity | 5.69% | 6.48% | 8.79% | | Return on Avg. Tangible Common Equity (Non-GAAP) | 7.15% | 8.18% | 11.11% | Capital Ratios (Bancorp) | Capital Ratios (Bancorp) | Mar 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Tangible Common Equity Ratio (Non-GAAP) | 9.25% | 9.25% | | Common Equity Tier 1 Risk-Based Ratio | 10.69% | 10.62% | | Risk-Based Total Capital Ratio | 13.88% | 13.77% | - The loan portfolio composition as of March 31, 2024, was led by Commercial Real Estate (**$3.33 billion**) and Multifamily (**$2.51 billion**), followed by Commercial loans (**$1.56 billion**)[40](index=40&type=chunk)
Connectone Bancorp, Inc. Reports First Quarter 2024 Results; Declares Preferred and Increased Common Dividends
Newsfilter· 2024-04-25 11:00
ENGLEWOOD CLIFFS. N.J., April 25, 2024 (GLOBE NEWSWIRE) -- ConnectOne Bancorp, Inc. (NASDAQ:CNOB) (the "Company" or "ConnectOne"), parent company of ConnectOne Bank (the "Bank"), today reported net income available to common stockholders of $15.7 million for the first quarter of 2024 compared with $17.8 million for the fourth quarter of 2023 and $23.4 million for the first quarter of 2023. Diluted earnings per share were $0.41 for the first quarter of 2024 compared with $0.46 for the fourth quarter of 2023 ...
ConnectOne Bancorp, Inc. to Host 2024 First Quarter Results Conference Call on April 25, 2024
Newsfilter· 2024-04-11 11:00
ENGLEWOOD CLIFFS, N.J., April 11, 2024 (GLOBE NEWSWIRE) -- ConnectOne Bancorp, Inc. (NASDAQ:CNOB) (the "Company" or "ConnectOne"), parent company of ConnectOne Bank (the "Bank"), today announced that it plans to release results for the first quarter ended March 31, 2024, before the market opens on Thursday, April 25, 2024. Management will also host a conference call and audio webcast at 10:00 a.m. ET on April 25, 2024, to review the Company's financial performance and operating results. Chairman and Chief E ...