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Sep 30, 2021
ConnectOne Bancorp Q3 2021 Earnings Report
ConnectOne Bancorp reported solid results, increased common dividend, and expanded share repurchase program.
Key Takeaways
ConnectOne Bancorp reported a net income of $32.1 million for Q3 2021, with diluted earnings per share of $0.80. The company saw growth in net revenue and core loans, with a widened net interest margin for the eighth consecutive quarter. The board declared an 18% increase in the quarterly common dividend and authorized the repurchase of up to 2 million additional common shares.
Net income was $32.1 million, compared to $24.8 million in Q3 2020.
Diluted earnings per share were $0.80, up from $0.62 in Q3 2020.
Net interest margin widened for the eighth consecutive quarter to 3.73%.
The Board declared a cash dividend of $0.13 per share, an 18% sequential increase.
Forward Guidance
ConnectOne anticipates capitalizing on growth opportunities and scaling operations in 2022.
Positive Outlook
- Well-positioned to capitalize on meaningful growth opportunities.
- Planning for a robust 2022.
- Continued ability to scale.
- Growing capital base.
- Strength and stability of profitability.
Challenges Ahead
- Changes in interest rates.
- General economic conditions.
- Legislative/regulatory changes.
- Monetary and fiscal policies of the U.S. Government.
- Impact of the COVID-19 pandemic.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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