ConnectOne Bancorp reported a net income available to common stockholders of $23.4 million for Q1 2023, with diluted earnings per share of $0.59. The results were impacted by a decrease in net interest income and an increase in noninterest expenses, though deposit inflows increased by $400 million.
Current liquidity enhanced to nearly $4 billion, representing 250% of uninsured and uncollateralized deposits.
Core client net inflows contributed to a $400 million sequential increase in deposits for the quarter.
TCE ratio of 8.9% and CET1 ratio of 10.5% at quarter-end, largely unaffected by rising interest rates.
Net interest margin compressed to 3.00% due to rising interest costs and liquidity tightening.
ConnectOne Bancorp anticipates relatively flat loan and expense growth for the remainder of 2023 given the current economic outlook.
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