Loading...
•
Jun 30, 2024
ConnectOne Bancorp Q2 2024 Earnings Report
Reported solid second quarter performance driven by commitment to relationship-banking business model.
Key Takeaways
ConnectOne Bancorp reported a solid second quarter with net income available to common stockholders of $17.5 million and diluted earnings per share of $0.46. The company saw sequential increases in pre-tax and pre-provision net revenue, net interest margin, and client deposit balances.
Net income available to common stockholders was $17.5 million, compared to $15.7 million in Q1 2024 and $19.9 million in Q2 2023.
Diluted earnings per share were $0.46, up from $0.41 in Q1 2024 but down from $0.51 in Q2 2023.
Client deposit balances increased approximately 7% on an annualized basis.
The company declared a cash dividend on common stock of $0.18 per share, payable on September 3, 2024.
ConnectOne Bancorp
ConnectOne Bancorp
Forward Guidance
ConnectOne is focused on investing in its franchise, strengthening its balance sheet, enhancing core funding, and improving loan mix. The company believes it is poised for sustained growth and long-term profitability.
Positive Outlook
- Banking industry fundamentals may have turned the corner.
- ConnectOne is focused on investing in its valuable franchise.
- The company is strengthening its solid balance sheet.
- ConnectOne is enhancing its core funding.
- The company is improving its loan mix.