Loading...
•
Sep 30, 2023
ConnectOne Bancorp Q3 2023 Earnings Report
Reported a decrease in net income compared to Q3 2022, but showed resilience in a challenging market with a solid balance sheet and strong capital ratios.
Key Takeaways
ConnectOne Bancorp reported a net income available to common stockholders of $19.9 million for Q3 2023, which is the same as the previous quarter but lower than the $27.4 million reported in Q3 2022. The decrease in net income compared to the previous year was primarily due to a decrease in net interest income and an increase in noninterest expenses. However, the company's balance sheet remains solid, with a strong liquidity position and a tangible common equity ratio well above peer averages.
Net income available to common stockholders was $19.9 million, the same as the prior quarter but down from $27.4 million in Q3 2022.
Diluted earnings per share were $0.51, consistent with Q2 2023 but lower than the $0.70 in Q3 2022.
Fully taxable equivalent net interest income decreased to $63.2 million from $64.6 million in the previous quarter.
Noninterest expenses increased to $35.8 million, up from $35.5 million in the second quarter of 2023.
ConnectOne Bancorp
ConnectOne Bancorp
Forward Guidance
ConnectOne anticipates navigating upcoming challenges by leveraging its efficient operations, client-centric culture, and continued investment in its franchise to capitalize on opportunities in any environment.
Positive Outlook
- Well-positioned to capitalize on opportunities in any environment.
- One of the industry’s most efficient banks nationwide.
- Long-standing financial discipline.
- Leveraging results-oriented client-centric culture.
- Continuing to invest in valuable franchise.
Challenges Ahead
- Challenging market conditions.
- Fierce deposit competition.
- Continued migration out of non-interest-bearing deposit demand balances.
- Potential for additional, albeit modest, contraction in net interest margin near-term.
- Navigating challenges that lie ahead.