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ConnectOne (CNOB) Reports Q1 Earnings: What Key Metrics Have to Say

Zacks Equity Research
·2 min read

For the quarter ended March 2024, ConnectOne Bancorp (CNOB) reported revenue of $64.15 million, down 8.2% over the same period last year. EPS came in at $0.41, compared to $0.59 in the year-ago quarter.

The reported revenue represents a surprise of +0.34% over the Zacks Consensus Estimate of $63.93 million. With the consensus EPS estimate being $0.42, the EPS surprise was -2.38%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

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Here is how ConnectOne performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Efficiency Ratio: 56.6% compared to the 57% average estimate based on two analysts.

  • Average Balance - Total interest-earning assets: $9.32 billion compared to the $9.30 billion average estimate based on two analysts.

  • Net Interest Margin (GAAP): 2.6% versus the two-analyst average estimate of 2.7%.

  • Deposit, loan and other income: $1.59 million versus $1.80 million estimated by two analysts on average.

  • Income on bank owned life insurance: $1.66 million versus the two-analyst average estimate of $1.84 million.

  • Total Noninterest Income: $3.85 million versus the two-analyst average estimate of $3.87 million.

  • Net Interest Income(FTE): $61.11 million versus $61.56 million estimated by two analysts on average.

View all Key Company Metrics for ConnectOne here>>>

Shares of ConnectOne have returned +1.9% over the past month versus the Zacks S&P 500 composite's -3% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

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ConnectOne Bancorp, Inc. (CNOB) : Free Stock Analysis Report

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Zacks Investment Research