NASDAQ$CNOB
ConnectOne Bancorp Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Reported a decrease in net income and diluted earnings per share compared to Q4 2023 and Q1 2023, driven by lower net interest income and increased provision for credit losses.
ConnectOne Bancorp reported a net income available to common stockholders of $15.7 million for Q1 2024, a decrease compared to both Q4 2023 ($17.8 million) and Q1 2023 ($23.4 million). Diluted earnings per share were $0.41, down from $0.46 in Q4 2023 and $0.59 in Q1 2023. The results reflect a challenging environment, with a focus on relationship banking and strategic balance sheet management.
- Net income available to common stockholders was $15.7 million, and diluted earnings per share were $0.41.
- Client deposit balances increased sequentially by an annualized 3.2%, driven by 9.9% annualized noninterest-bearing demand deposit growth.
- Loan balances decreased sequentially by an annualized 2.3%, primarily due to intentionally lower multifamily and commercial real estate balances.
- The company's tangible common equity ratio remained flat at 9.25%, and tangible book value per share increased to $23.26; the quarterly common stock cash dividend increased by 5.9% to $0.18.
Headline financials
Revenue & EPS history
ConnectOne Bancorp · Revenue · Quarterly
$64.1M
Forward guidance
ConnectOne is already seeing a gradual expansion of the NIM, even ahead of potential Fed rate cuts. The company's tangible common equity ratio remained flat, and tangible book value per share increased.
Tailwinds
- Sequential client deposit growth.
- Noninterest-bearing demand deposit growth.
- Anticipated NIM expansion.
- Tangible common equity ratio stability.
- Increased quarterly common stock cash dividend.
Headwinds
- Challenging backdrop.
- Decrease in net income compared to previous quarters.
- Decrease in net interest income.
- Increase in the provision for credit losses.
- Decrease in loan balances.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+0.3%
Avg return
Earnings day
+1.1%
Avg return
5 days after
+3.3%
Avg return
30 days after
57%
37 / 65 earnings
Positive
+8.7%
Q1 2010
Best reaction
-12.5%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.7% | +6.2% | +6.2% | |
| Q4 2025 | -0.9% | -1.1% | -4.7% | |
| Q3 2025 | +0.2% | +1.0% | +5.9% | |
| Q1 2025 | +2.0% | +1.7% | +2.0% | |
| Q4 2024 | +5.2% | +10.2% | +7.1% | |
| Q3 2024 | -4.9% | -3.5% | +9.4% | |
| Q2 2024 | +7.2% | +4.6% | +8.9% | |
| Q1 2024 | -7.2% | -9.2% | +2.5% | |
| Q4 2023 | -1.8% | +1.0% | -14.7% | |
| Q3 2023 | -3.1% | +0.4% | +18.1% | |
| Q2 2023 | +1.7% | +3.9% | -6.0% | |
| Q1 2023 | +0.4% | -6.7% | -11.3% | |
| Q4 2022 | -9.3% | -2.7% | +0.2% | |
| Q3 2022 | +0.2% | -0.5% | +6.2% | |
| Q2 2022 | +5.2% | +7.6% | +4.0% | |
| Q1 2022 | -2.0% | -1.2% | -4.0% | |
| Q4 2021 | -3.0% | -5.3% | -3.9% | |
| Q3 2021 | +6.6% | +7.4% | +4.8% | |
| Q2 2021 | +2.0% | +2.4% | +14.2% | |
| Q1 2021 | +0.7% | +4.0% | +2.7% | |
| Q4 2020 | +7.4% | +13.9% | +17.4% | |
| Q3 2020 | +2.9% | +8.9% | +22.9% | |
| Q2 2020 | -1.7% | -1.0% | +9.3% | |
| Q1 2020 | -12.5% | -13.0% | -10.2% | |
| Q4 2019 | -1.7% | -3.6% | -7.3% | |
| Q3 2019 | +6.6% | +8.6% | +9.9% | |
| Q2 2019 | -1.6% | -1.6% | -13.4% | |
| Q1 2019 | +3.8% | +5.1% | +5.0% | |
| Q4 2018 | +0.1% | -0.4% | +8.7% | |
| Q3 2018 | +3.3% | +6.9% | +3.8% | |
| Q2 2018 | +1.0% | +0.6% | +3.2% | |
| Q1 2018 | -6.5% | -10.3% | -8.4% | |
| Q4 2017 | +2.1% | +3.6% | +4.3% | |
| Q3 2017 | +7.8% | +6.8% | +5.2% | |
| Q2 2017 | -0.9% | +0.7% | +0.0% | |
| Q1 2017 | -9.0% | -7.2% | -10.2% | |
| Q4 2016 | +0.2% | -4.3% | -0.8% | |
| Q3 2016 | +2.5% | +1.9% | +34.3% | |
| Q2 2016 | +7.1% | +8.0% | +8.2% | |
| Q1 2016 | +1.9% | — | — | |
| Q4 2015 | -1.1% | — | — | |
| Q3 2015 | +1.7% | — | — | |
| Q2 2015 | -1.6% | — | — | |
| Q1 2015 | -1.1% | — | — | |
| Q4 2014 | +0.8% | — | — | |
| Q3 2014 | -0.1% | — | — | |
| Q2 2014 | -4.5% | — | — | |
| Q1 2014 | -1.7% | — | — | |
| Q4 2013 | +8.0% | — | — | |
| Q3 2013 | +1.2% | — | — | |
| Q2 2013 | +1.3% | — | — | |
| Q1 2013 | -1.9% | — | — | |
| Q4 2012 | +0.4% | — | — | |
| Q3 2012 | +1.1% | — | — | |
| Q2 2012 | -0.8% | — | — | |
| Q1 2011 | +1.5% | — | — | |
| Q1 2012 | +1.0% | — | — | |
| Q4 2009 | +1.9% | — | — | |
| Q4 2011 | +1.9% | — | — | |
| Q3 2010 | -5.5% | — | — | |
| Q3 2011 | -5.5% | — | — | |
| Q4 2010 | -0.1% | — | — | |
| Q2 2011 | -0.1% | — | — | |
| Q2 2010 | -0.1% | — | — | |
| Q1 2010 | +8.7% | — | — |
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