ConnectOne Bancorp, Inc. reports commercial banking results and corporate updates as the parent company of ConnectOne Bank and the bank’s fintech subsidiary, BoeFly, Inc. ConnectOne Bank offers banking and lending products focused on small to middle-market businesses, while BoeFly connects franchise borrowers with funding solutions through a network of partner banks.
Recurring developments include net interest margin trends, loan growth, credit performance, operating expenses, tangible book value, common and preferred dividends, share repurchases, branch network actions and integration following the completed merger with The First of Long Island Corporation.
ConnectOne Bancorp reported net income of $15.7 million for Q3 2024, down from $17.5 million in Q2 2024 and $19.9 million in Q3 2023. Diluted EPS was $0.41, compared to $0.46 in Q2 and $0.51 in Q3 2023. The decrease was primarily due to increased provision for credit losses, higher noninterest expenses, and decreased net interest income. The company announced a planned merger with The First of Long Island and declared a cash dividend of $0.18 per common share. The net interest margin was 2.67%, with expectations of a 10 basis point increase in Q4 2024.
ConnectOne Bancorp, Inc. (Nasdaq: CNOB), parent company of ConnectOne Bank, has announced plans to release its third quarter 2024 results before market opening on Thursday, October 24, 2024. The company will host a conference call and audio webcast at 10:00 a.m. ET on the same day to discuss financial performance and operating results.
The call will be hosted by Chairman and CEO Frank Sorrentino III and Senior Executive VP and CFO William S. Burns. Interested parties can dial in at 1 (646) 307-1963 with access code 5504182. An audio webcast will be available on the company's website. A replay of the call will be accessible from approximately 1:00 p.m. ET on October 24 until October 31, 2024.
ConnectOne Bancorp (Nasdaq: CNOB) is the subject of an investigation by Monteverde & Associates, a law firm that says it is reviewing the proposed merger with The First of Long Island Corporation (FLIC).
Under the merger terms, ConnectOne shareholders will receive 0.5175 shares of FLIC common stock per ConnectOne share. The firm invites potentially affected shareholders to contact it for a free review and notes no cost or obligation to participate.
ConnectOne Bancorp (Nasdaq: CNOB) and The First of Long Island (Nasdaq: FLIC) have announced a merger agreement. The combined company will operate under the ConnectOne brand, with approximately $14 billion in total assets. First of Long Island shareholders will receive 0.5175 shares of ConnectOne common stock for each FLIC share, valuing the transaction at about $284 million.
The merger will significantly expand ConnectOne's presence on Long Island, with 30% of the pro forma deposit franchise located in Nassau and Suffolk Counties. The transaction is expected to be 36% accretive to ConnectOne's earnings per share in 2025, with a tangible book value per share dilution of 12% and an earnback period of about 2.9 years.
The deal is anticipated to close in mid-2025, subject to shareholder and regulatory approvals. ConnectOne plans to raise approximately $100 million in subordinated debt prior to closing.
ConnectOne Bancorp (Nasdaq: CNOB) reported Q2 2024 net income of $17.5 million, up from $15.7 million in Q1 2024 but down from $19.9 million in Q2 2023. Diluted EPS was $0.46, compared to $0.41 in Q1 2024 and $0.51 in Q2 2023. The increase from Q1 2024 was primarily due to a decrease in provision for credit losses and increases in net interest income and noninterest income. The decrease from Q2 2023 was mainly due to lower net interest income and higher noninterest expenses.
Key highlights include:
- Net interest margin widened to 2.72% from 2.64% in Q1 2024
- Client deposit balances increased ~7% annualized
- Loan portfolio decreased due to higher pay-downs and pay-offs
- Declared cash dividend of $0.18 per common share
- Nonperforming assets decreased to 0.47% of total assets
ConnectOne Bancorp (NASDAQ: CNOB), the parent company of ConnectOne Bank, will release its second quarter financial results on July 25, 2024, before the market opens. A conference call and audio webcast to discuss these results will follow at 10:00 a.m. ET the same day. The call will be hosted by Chairman and CEO Frank Sorrentino III and CFO William S. Burns. The dial-in number is (646) 307-1963 with access code 8868797. An audio webcast will be accessible via the company's website, with a replay available from 1:00 p.m. ET on July 25, 2024, until August 1, 2024. The webcast archive will remain online post-call.
ConnectOne Bank, the wholly-owned depository subsidiary of ConnectOne Bancorp, announced the addition of veteran financial services consultant Susan O'Donnell to its Board of Directors. O'Donnell, with 30 years of experience in advising banks and financial institutions, brings expertise in executive and board compensation, governance, and long-term strategic planning. CEO Frank Sorrentino highlighted her strategic mindset and leadership skills as key assets to drive sustainable growth for ConnectOne. O'Donnell is expected to contribute significantly to the bank's forward-looking strategies and technological innovations aimed at better serving clients.
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