Business
ConnectOne Bancorp, Inc. Reports Second Quarter 2022 Results; Declares Common and Preferred Dividends
ENGLEWOOD CLIFFS, N.J., July 28, 2022 (GLOBE NEWSWIRE) -- ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of
About this update from Connectone Bancorp, Inc.
[{"type":"text","content":"ENGLEWOOD CLIFFS, N.J., July 28, 2022 (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 $30.8 million for the second quarter of 2022 compared with $29.9 million for the first quarter of 2022 and $32.2 million for the second quarter of 2021. Diluted earnings per share were $0.78 for the second quarter of 2022 compared with $0.75 in the first quarter of 2022 and $0.81 in the second quarter of 2021. The increase in net income available to common stockholders and diluted earnings per share from the first quarter of 2022 was primarily due to an increase in net interest income of $5.2 million and an increase in noninterest income of $0.3 million, partially offset by an increase in provision for credit losses of $1.6 million, an increase in noninterest expenses of $2.5 million, and an increase in income tax expense of $0.5 million. The decrease in net income available to common stockholders and diluted earnings per share from the second quarter of 2021 was primarily due to an increase in provision for credit losses of $4.6 million, an increase in noninterest expenses of $5.4 million, an increase in preferred dividends of $1.5 million, a decrease in noninterest income of $1.1 million, and an increase in income tax expenses of $1.2 million, partially offset by an increase in net interest income of $12.6 million. Frank Sorrentino, ConnectOne’s Chairman and Chief Executive Officer stated, “We again demonstrated the effectiveness of our relationship-banking business model by delivering solid second quarter financial results. Pre-tax, pre-provision earnings as a percent of assets increased to 2.28%, while return on assets was 1.56%, and return on tangible common equity was 15.3%. In addition, our net interest margin expanded, the efficiency ratio remained below 40% and the nonperforming asset ratio declined. Notably, our tangible book value per share has increased by more than 10% over the last twelve months to $20.79, reflecting both strong earnings and prudent management of our available-for-sale securities portfolio.” “Organic growth remains strong at ConnectOne. The loan portfolio increased sequentially by 17% on an annualized basis, reflecting both our strong origination franchise and m...