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Jun 30, 2023
ConnectOne Bancorp Q2 2023 Earnings Report
Reported a decrease in net income due to a decrease in net interest income, an increase in provision for credit losses, and an increase in noninterest expenses.
Key Takeaways
ConnectOne Bancorp reported a net income available to common stockholders of $19.9 million for the second quarter of 2023, with diluted earnings per share of $0.51. The decrease in net income was primarily due to a decrease in net interest income, an increase in provision for credit losses, and an increase in noninterest expenses.
Operating performance remained strong and stable despite a challenging economic environment.
Client deposits increased, liquidity sources were fortified, and brokered deposits and uninsured deposit liabilities were reduced.
The loan portfolio remained essentially flat, and the net interest margin stabilized at approximately 2.80%.
The tangible common equity ratio increased to 9.19%, and tangible book value per share increased to $22.34.
ConnectOne Bancorp
ConnectOne Bancorp
Forward Guidance
ConnectOne remains well-positioned for the future with strong capital and liquidity levels, strong credit performance, and a focus on growth opportunities.
Positive Outlook
- Strong capital and liquidity levels
- Strong credit performance
- Focus on growth opportunities
- Results-oriented client-centric culture
- Long-standing financial discipline