Business
ConnectOne Bancorp, Inc. Reports Second Quarter 2023 Results; Declares Common and Preferred Dividends
ENGLEWOOD CLIFFS, N.J., July 27, 2023 (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 27, 2023 (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 $19.9 million for the second quarter of 2023 compared with $23.4 million for the first quarter of 2023 and $30.8 million for the second quarter of 2022. Diluted earnings per share were $0.51 for the second quarter of 2023 compared with $0.59 for the first quarter of 2023 and $0.78 for the second quarter of 2022. The decrease in net income available to common stockholders and diluted earnings per share from the first quarter of 2023 was primarily due to a decrease in net interest income of $3.2 million, an increase in provision for credit losses of $2.0 million and an increase in noninterest expenses of $0.6 million, partially offset by an increase in noninterest income of $0.6 million and a decrease in income tax expenses of $1.6 million. The decrease in net income available to common stockholders and diluted earnings per share from the second quarter of 2022 was primarily due to a decrease in net interest income of $11.7 million and an increase in noninterest expenses of $3.7 million, partially offset by an increase of $0.1 million in noninterest income and a decrease in income tax expenses of $4.5 million. Pre-tax, pre-provision net revenue (“PPNR”) as a percent of average assets was 1.31%, 1.46% and 2.28% for the quarters ending June 30, 2023, March 31, 2023 and June 30, 2022, respectively. Frank Sorrentino, ConnectOne’s Chairman and Chief Executive Officer stated, “ConnectOne’s operating performance remains strong and stable during this challenging economic environment, reflecting our core values which include a client-first focus and executing with a sense of urgency. Results include, most importantly, increased client deposits, fortification of liquidity sources and a reduction in brokered deposits and uninsured deposit liabilities. Our loan portfolio remained essentially flat, while our net interest margin, although compressing sequentially by 19 basis points, stabilized during the quarter at the approximate 2.80% level. Similarly, noninterest-bearing demand deposits, although down sequentially, remained relatively stable at their current level over the course of the second quarter. Me...