Published on 22 Jan 2024 on GuruFocus.com via Yahoo Finance
ConnectOne Bancorp Inc Reports Mixed Results Amid Industry Challenges
Net Income: Q4 net income available to common stockholders was $17.8 million, a decrease from $19.9 million in Q3 2023 and $31.0 million in Q4 2022.Diluted Earnings Per Share (EPS): Q4 diluted EPS stood at $0.46, down from $0.51 in Q3 2023 and $0.79 in Q4 2022.Net Interest Income: Experienced a decrease to $62.6 million in Q4 2023, compared to the previous year.Dividends: Declared a quarterly cash dividend on common stock of $0.17 and a preferred stock dividend of $0.328125 per depositary share.Asset Quality: Nonperforming assets as a percentage of total assets were 0.53% as of December 31, 2023.Balance Sheet Growth: Total assets increased to $9.856 billion as of December 31, 2023, up from $9.644 billion the previous year.Stock Repurchase: Repurchased 102,200 shares of common stock at an average price of $21.17 during Q4 2023.
Warning! GuruFocus has detected 5 Warning Signs with CNOB.
On January 25, 2024, ConnectOne Bancorp Inc (NASDAQ:CNOB) released its 8-K filing, detailing the financial results for the fourth quarter and full year of 2023. ConnectOne, a community bank holding company providing a range of banking services to commercial, industrial, and governmental customers, faced a challenging year marked by the Federal Reserve's tightening policy which impacted net interest margins and overall earnings.