ConnectOne (CNOB) Reports Q3 Earnings: What Key Metrics Have to Say

Core Viewpoint - ConnectOne Bancorp reported a decline in revenue and earnings per share (EPS) for the quarter ended September 2024, missing Wall Street expectations in both metrics [1] Financial Performance Summary - Revenue for the quarter was $65.62 million, down 0.5% year-over-year, and below the Zacks Consensus Estimate of $67.87 million, resulting in a surprise of -3.31% [1] - EPS was reported at $0.42, compared to $0.51 in the same quarter last year, with an EPS surprise of -6.67% against a consensus estimate of $0.45 [1] - Efficiency Ratio was 57%, slightly above the average estimate of 55.9% from two analysts [2] - Net Interest Margin (GAAP) was 2.7%, below the average estimate of 2.8% [2] - Average Balance of Total interest-earning assets was $9.21 billion, slightly below the estimated $9.23 billion [2] - Deposit, loan, and other income totaled $1.82 million, compared to the estimated $1.85 million [2] - Net Interest Income (tax equivalent basis) was $61.71 million, below the average estimate of $64.33 million [2] - Net gains on sale of loans held-for-sale were $0.34 million, significantly lower than the estimated $0.89 million [2] - Income on bank-owned life insurance was $2.15 million, exceeding the average estimate of $1.86 million [2] - Total Noninterest Income was $4.74 million, above the estimated $4.09 million [2] Stock Performance - Shares of ConnectOne have returned +4.6% over the past month, outperforming the Zacks S&P 500 composite's +1.5% change [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]