ConnectOne Bancorp's Cash & Equivalents Decrease by 37.1%

By Tamara Parker • Thursday, May 15 15:31 • Permanent Link

Based on the press release, the company's cash and cash equivalents decreased from $60,887,000 in 2023 to $38,330,000 in 2024. This represents a significant decrease of $22,557,000 or approximately 37.1%.

Furthermore, the company's net interest income decreased from $86,865,000 in 2023 to $73,219,000 in 2024, indicating a decrease of $13,646,000 or approximately 15.7%.

The company's provision for credit losses also changed from a credit of $326,000 in 2023 to a provision of $359,000 in 2024, signifying an unfavorable shift of $685,000.

The net income for the company decreased from $26,239,000 in 2023 to $17,076,000 in 2024, showing a decrease of $9,163,000 or approximately 34.9%.

Additionally, the company's cash dividends declared per share remained constant at $0.84 from 2023 to 2024. The market has reacted to these announcements by moving the company's shares 1.03% to a price of $24.54. If you want to know more, read the company's complete 8-K report here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.