ConnectOne Q1 net income $23.4M ($0.59 EPS) down YoY; NIM compresses to 3.00%

ConnectOne Bancorp, Inc.

2023-Q1 EPS reported $0.59

Diluted EPS $0.59 vs $0.75 Q1 2022; net income available to common $23.4M down 22% YoY.
Net interest margin fell 71 bps YoY to 3.00%; deposit cost up 189 bps to 2.20%.
Deposits up $400M sequentially; liquidity strengthened to ~$4B (250% of uninsured deposits).
Quarterly common dividend raised 9.7% to $0.17; repurchased 205K shares at $22.51.
TCE ratio 8.9%; CET1 10.5%; NPAs $47.7M; provision for credit losses $1.0M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ConnectOne Bancorp, Inc. reported the first quarter of 2023 results: net income net income available to common stockholders of $23.4 million, EPS $0.59.

Period: the first quarter of 2023
Net income: net income available to common stockholders of $23.4 million
EPS: $0.59
Result: reported results

Exact text from the filing

ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of ConnectOne Bank (the “Bank”), today reported net income available to common stockholders of $23.4 million for the first quarter of 2023, compared with $31.0 million for the fourth quarter of 2022 and $29.9 million for the first quarter of 2022. Diluted earnings per share were $0.59 for the first quarter of 2023 compared with $0.79 for the fourth quarter of 2022 and $0.75 for the first quarter of 2022.

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ConnectOne Bancorp, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-011242

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