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Jun 30, 2022
ConnectOne Bancorp Q2 2022 Earnings Report
Reported solid second quarter financial results driven by relationship-banking business model.
Key Takeaways
ConnectOne Bancorp reported a net income available to common stockholders of $30.8 million and diluted earnings per share of $0.78 for the second quarter of 2022. The company saw an increase in net interest income and noninterest income, offset by increases in provision for credit losses, noninterest expenses, and income tax expense.
Pre-tax, pre-provision earnings as a percent of assets increased to 2.28%.
Return on assets was 1.56%, and return on tangible common equity was 15.3%.
Net interest margin expanded, efficiency ratio remained below 40%, and the nonperforming asset ratio declined.
Tangible book value per share has increased by more than 10% over the last twelve months to $20.79.
ConnectOne Bancorp
ConnectOne Bancorp
Forward Guidance
ConnectOne is building for the future with investments in technology and strategic partnerships, confident in their ability to remain one of the most efficient banks in the industry.
Positive Outlook
- Organic growth remains strong, with loan portfolio increasing sequentially by 17% on an annualized basis.
- Noninterest-bearing deposits grew by 20% on an annualized basis.
- Gaining traction in all markets including Florida, successfully leveraging client-centric culture.
- Capitalizing on disruption caused by industry M&A by hiring experienced bankers.
- Partnership with MANTL to streamline and digitize deposit onboarding processing.