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.