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ConnectOne Bancorp (CNOB)
NASDAQ:CNOB
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Earnings Data
Report Date
Jan 23, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.45Last Year’s EPS
$0.46Same Quarter Last Year
Based on 0 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 24, 2024
|% Change Since: -8.04%
|Next Earnings Date:Jan 23, 2025
Earnings Call Sentiment|Positive
The earnings call presented a positive outlook with significant strategic developments such as the merger with First of Long Island Corporation, which is expected to drive growth and synergies. While there are challenges in loan growth and an increase in criticized loans, the company has shown resilience with strong core deposit growth and net interest margin management.Company Guidance
During the ConnectOne Bancorp third quarter 2024 earnings call, management provided guidance on the expected merger with First of Long Island Corporation and its implications for the company's financial metrics. The merger is anticipated to close in the first half of 2025, expanding ConnectOne's assets to over $14 billion and loans and deposits to $11 billion. The transaction is expected to enhance the balance sheet mix, increase pro forma market capitalization to $1.3 billion, and improve net interest margin due to the Fed's 50 basis point rate cut. The company is currently experiencing an 8% annualized growth in average client deposits, with noninterest-bearing demand deposit accounts trending upward. Following the merger, the loan-to-deposit ratio and CRE composition are expected to decrease by 5 percentage points each, while the allowance for credit losses will strengthen to 1.33% on a pro forma basis. ConnectOne anticipates a mid- to high single-digit loan growth rate post-merger and expects to leverage synergies and geographical advantages for further revenue opportunities.Merger with First of Long Island Corporation
The merger is expected to close in the first half of 2025, enhancing ConnectOne's platform with $14 billion in assets and $11 billion in loans and deposits. The pro forma market cap will increase to $1.3 billion.
Core Deposit Growth
Average client deposits increased by $130 million or 8% on an annualized basis since the second quarter, with noninterest-bearing DDA continuing to trend upward.
Net Interest Margin Expansion
The net interest margin on a core basis was flat but ended with a spot margin 10 basis points wider. The spot cost of total deposits is nearly 20 basis points lower.
Positive Feedback on Merger
Overwhelmingly positive response from clients, employees, and shareholders regarding the merger. The transaction offers potential revenue synergies with minimal client overlap.
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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 |
|---|---|---|---|
| Oct 24, 2024 | $25.28 | $24.46 | -3.24% |
| Jul 25, 2024 | $22.90 | $24.01 | +4.85% |
| Apr 25, 2024 | $19.26 | $18.02 | -6.44% |
| Jan 25, 2024 | $22.91 | $23.00 | +0.39% |
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 Jan 23, 2025, TBA Not Confirmed.
What is ConnectOne Bancorp (CNOB) earnings time?
ConnectOne Bancorp (CNOB) earnings time is at Jan 23, 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 2024 (Q4) is $0.45.
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