ConnectOne Bancorp reports Q2 EPS 51c, consensus 48c

The Company’s total assets were $9.7 billion as of June 30, 2023, an increase of $79 million from December 31, 2022. The increase in total assets was primarily due to increased cash and cash equivalents which were $264 million, an increase of $57 million from December 31, 2022. Loans receivable were $8.1 billion, an increase of $49 million from December 31, 2022. Total deposits were $7.5 billion, an increase of $182 million from December 31, 2022. Frank Sorrentino, ConnectOne’s Chairman and Chief Executive Officer stated, “ConnectOne’s operating performance remains strong and stable during this challenging economic environment, reflecting our core values which include a client-first focus and executing with a sense of urgency. Results include, most importantly, increased client deposits, fortification of liquidity sources and a reduction in brokered deposits and uninsured deposit liabilities. Our loan portfolio remained essentially flat, while our net interest margin, although compressing sequentially by 19 basis points, stabilized during the quarter at the approximate 2.80% level. Similarly, noninterest-bearing demand deposits, although down sequentially, remained relatively stable at their current level over the course of the second quarter. Meanwhile, our tangible common equity ratio increased to 9.19%, which is well above peer averages, and our tangible book value per share increased for the 13th consecutive quarter to $22.34. We also took advantage of market conditions during the quarter and repurchased 270,000 shares at an attractive average price of $15.32.”