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ConnectOne Bancorp (CNOB)
NASDAQ:CNOB
Earnings Data
Report Date
Apr 24, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
0.46Last Year’s EPS
0.41Same Quarter Last Year
Based on 1 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Jan 30, 2025
|% Change Since: 6.55%
|Next Earnings Date:Apr 24, 2025
Earnings Call Sentiment|Positive
The earnings call reflected a positive outlook with strong financial performance and growth in deposits and loans. The anticipated merger is expected to bring further benefits. While there are some concerns about increasing criticized loans and merger-related expenses, the overall sentiment remains optimistic.Company Guidance
During the fourth quarter of 2024 earnings call, ConnectOne Bancorp, Inc. provided guidance on several key metrics and strategic developments. The company reported a 21% quarter-over-quarter and 6% year-over-year increase in quarterly net income available to common shareholders. They highlighted a 2% quarter-over-quarter loan portfolio growth and a 3% increase in core deposits, with noninterest-bearing demand balances showing notable success. The net interest margin improved by nearly 20 basis points, largely due to a 25 basis point reduction in the cost of deposits. Looking forward, ConnectOne anticipates further margin expansion into 2025, irrespective of potential Fed rate cuts. The company is also proceeding with its merger with First National Bank of Long Island, which is expected to close in the second quarter of 2025. Post-merger, the combined company aims to achieve a net interest margin of approximately 3.10% at closing and 3.20% by 2026, with an operating return on assets projected to be 1.15% and return on tangible common equity between 12% and 13%.Strong Financial Performance
ConnectOne Bancorp reported a 21% quarter-over-quarter and 6% year-over-year increase in net income available to common shareholders, driven by a wider net interest margin.
Deposit and Loan Growth
Core deposits increased by more than 3% quarter-over-quarter, and the loan portfolio grew by 2% quarter-over-quarter, with expectations for continued growth in 2025.
Net Interest Margin Improvement
The bank's net interest margin improved by nearly 20 basis points during the quarter, aided by a 25 basis point reduction in the cost of deposits.
Merger with First National Bank of Long Island
The merger is progressing on schedule with expected closing in the second quarter of 2025, offering significant revenue synergies and operational efficiencies.
Credit Quality Stability
Credit metrics remain sound with charge-offs at reasonable levels and nonaccrual loans trending down, indicating stable credit quality.
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CNOB Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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CNOB Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Jan 30, 2025 | $23.67 | $24.90 | +5.20% |
| Oct 24, 2024 | $25.11 | $24.30 | -3.23% |
| Jul 25, 2024 | $22.74 | $23.85 | +4.88% |
| Apr 25, 2024 | $19.13 | $17.90 | -6.43% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does ConnectOne Bancorp (CNOB) report earnings?
ConnectOne Bancorp (CNOB) is schdueled to report earning on Apr 24, 2025, TBA Not Confirmed.
What is ConnectOne Bancorp (CNOB) earnings time?
ConnectOne Bancorp (CNOB) earnings time is at Apr 24, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CNOB EPS forecast?
CNOB EPS forecast for the fiscal quarter 2025 (Q1) is 0.46.
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