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Dec 31, 2022
ConnectOne Bancorp Q4 2022 Earnings Report
Reported net income available to common stockholders with solid organic growth and best-in-class efficiency.
Key Takeaways
ConnectOne Bancorp reported a net income available to common stockholders of $31.0 million for Q4 2022, with diluted earnings per share of $0.79. The company experienced solid organic growth and maintained best-in-class efficiency, with a return on assets of 1.36% and a return on tangible common equity of 14.8%. The loan portfolio increased 19% year-over-year and deposits grew 16%.
Net income available to common stockholders was $31.0 million, with diluted earnings per share of $0.79.
Return on assets was 1.36% and return on tangible common equity was 14.8%.
Loan portfolio increased 19% year-over-year and deposits grew 16%.
Tangible common equity ratio was 9% at year-end.
Forward Guidance
ConnectOne enters 2023 with a strong and resilient balance sheet and remains committed to investing in its franchise to drive results.
Positive Outlook
- Strong and resilient balance sheet.
- Commitment to investing in the franchise to drive results.
- Client-centric culture.
- Commitment to efficiency through investment in technology.
- Well positioned for continued success.
Challenges Ahead
- Challenges with respect to deposit retention and cost as competition significantly increased.
- Compressed net interest margin.
- Continued investment in platform and staff.
- Increased competition due to a contracting U.S. money supply.
- Higher market interest rates
Historical Earnings Impact
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Avg. Return Before/After Earnings
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