ConnectOne Bancorp, Inc. has reported its second-quarter 2024 results, revealing some significant changes in key financial metrics compared to the previous periods.
The net income available to common stockholders for the second quarter of 2024 was $17.5 million, marking an increase from $15.7 million in the first quarter of 2024. However, there was a decrease from $19.9 million in the second quarter of 2023. Similarly, diluted earnings per share were $0.46 for the second quarter of 2024, up from $0.41 for the first quarter of 2024, but down from $0.51 for the second quarter of 2023.
ConnectOne's pre-tax, pre-provision net revenue as a percent of average assets was 1.17% for the second quarter of 2024, showing a decrease from 1.31% in the same period of 2023.
The company's fully taxable equivalent net interest income for the second quarter of 2024 was $62.3 million, reflecting an increase of $1.1 million from the first quarter of 2024 and a decrease of $2.4 million from the second quarter of 2023.
Noninterest income saw an increase from $3.8 million in the first quarter of 2024 to $4.4 million in the second quarter of 2024, and a further increase from $3.4 million in the second quarter of 2023. Noninterest expenses totaled $37.6 million for the second quarter of 2024, up from $37.1 million for the first quarter of 2024 and $35.5 million for the second quarter of 2023.
The provision for credit losses was $2.5 million for the second quarter of 2024, down from $4.0 million for the first quarter of 2024 and $3.0 million for the second quarter of 2023.
ConnectOne Bancorp, Inc.'s total assets were $9.724 billion as of June 30, 2024, compared to $9.856 billion as of December 31, 2023. Loans receivable were $8.158 billion as of June 30, 2024, down from $8.345 billion as of December 31, 2023. Total deposits were $7.576 billion as of June 30, 2024, up from $7.536 billion as of December 31, 2023.
The company's total stockholders' equity was $1.224 billion as of June 30, 2024, compared to $1.217 billion as of December 31, 2023. The tangible common equity ratio and tangible book value per share also showed slight increases.
ConnectOne Bancorp, Inc. declared a cash dividend on common stock of $0.18 per share and a dividend of $0.328125 per depositary share, representing a 1/40th interest in a share of the company’s 5.25% fixed rate reset non-cumulative perpetual preferred stock, series a.
As a result of these announcements, the company's shares have moved -2.8% on the market, and are now trading at a price of $23.24. For more information, read the company's full 8-K submission here.
