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Dec 31, 2023
ConnectOne Bancorp Q4 2023 Earnings Report
Reported a decrease in net income due to FDIC special assessment, increase in provision for credit losses and decrease in net interest income.
Key Takeaways
ConnectOne Bancorp reported net income available to common stockholders of $17.8 million for Q4 2023, with diluted earnings per share of $0.46. The results were impacted by a $2.1 million FDIC special assessment and a decrease in net interest income.
Net income available to common stockholders was $17.8 million, a decrease from both the previous quarter and the same quarter last year.
Diluted earnings per share were $0.46, also down from Q3 2023 and Q4 2022.
C&I loan growth showed a solid sequential increase of 6.8% during the fourth quarter.
Tangible book value per share increased by more than 6% in 2023.
ConnectOne Bancorp
ConnectOne Bancorp
Forward Guidance
ConnectOne anticipates continued gradual growth in 2024, with trends for net interest margin seeming to stabilize and an expectation for margin widening as the Fed eases its interest rate stance.
Positive Outlook
- Company has financial strength.
- Company has balance sheet.
- Company has talent to support our approach.
- Company can capitalize on emerging opportunities.
- Company can enhance ConnectOne’s valuable franchise.