Q2 2024 ConnectOne Bancorp Inc Earnings Call Transcript
Key Points
- ConnectOne Bancorp Inc (CNOB) reported solid second-quarter results, reflecting the company's disciplined approach and commitment to relationship banking.
- The company saw continued deposit growth from both existing and new clients across New York, New Jersey, and Florida markets.
- Net interest margin increased by eight basis points sequentially, with expectations for continued expansion.
- Nonaccrual loans declined, and credit metrics remained healthy, with low levels of criticized and classified loans and delinquencies.
- Capital ratios and tangible book value per share increased, providing capital flexibility and a fortified balance sheet.
- Loan portfolio decreased sequentially due to higher-than-usual paydowns and payoffs, driven by the strategy to manage non-relationship loans off the balance sheet.
- Reported deposits remained flat, with a decrease in brokered deposits offsetting the increase in client deposits.
- Operating expenses increased by 1.4% sequentially, with expectations for continued expense growth due to new investments.
- The company is just below the $10 billion asset threshold, which may lead to increased regulatory oversight and potential impacts when crossing this threshold.
- Classified loans increased slightly, although they remain at historically low levels.
Thank you for standing by. And at this time, I'd like to welcome everyone to the connect one Bancorp, Inc. second quarter 2024 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, press star one again. Thank you. I'd now like to turn the call over to Siya Vansia, Chief Brand and Innovation Officer. Please go ahead.
Good morning, and welcome to today's conference call to review ConnectOne's results for the second quarter of 2024 and to update you on recent developments. On today's call will be Frank Sorrentino, Chairman and Chief Executive Officer, and Bill Burns, Senior Executive Vice President and Chief Financial Officer.
I'd also like to caution you that we may make forward-looking statements during today's
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