ConnectOne Q2 2024 EPS $0.46; NIM widens 8 bps; deposit balances up

ConnectOne Bancorp, Inc.

2024-Q2 EPS reported $0.86

Net income available to common $17.5M ($0.46 diluted EPS) vs $15.7M ($0.41) in Q1 and $19.9M ($0.51) a year ago.
Net interest margin widened 8 bps to 2.72% from 2.64% QoQ; PPNR/avg assets improved to 1.17% from 1.10%.
Provision for credit losses fell to $2.5M from $4.0M in Q1; nonperforming assets declined to $46.0M (0.47% of assets) from $52.5M.
Client deposit balances grew ~7% annualized; total deposits $7.576B vs $7.536B at 2023 year-end.
Declared $0.18 common dividend and $0.328125 preferred dividend, payable Sept 3 to holders of record Aug 15.

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