ConnectOne Bancorp reported a net income available to common stockholders of $15.7 million for Q1 2024, a decrease compared to both Q4 2023 ($17.8 million) and Q1 2023 ($23.4 million). Diluted earnings per share were $0.41, down from $0.46 in Q4 2023 and $0.59 in Q1 2023. The results reflect a challenging environment, with a focus on relationship banking and strategic balance sheet management.
Net income available to common stockholders was $15.7 million, and diluted earnings per share were $0.41.
Client deposit balances increased sequentially by an annualized 3.2%, driven by 9.9% annualized noninterest-bearing demand deposit growth.
Loan balances decreased sequentially by an annualized 2.3%, primarily due to intentionally lower multifamily and commercial real estate balances.
The company's tangible common equity ratio remained flat at 9.25%, and tangible book value per share increased to $23.26; the quarterly common stock cash dividend increased by 5.9% to $0.18.
ConnectOne is already seeing a gradual expansion of the NIM, even ahead of potential Fed rate cuts. The company's tangible common equity ratio remained flat, and tangible book value per share increased.
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