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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 (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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