ConnectOne reported third-quarter operating diluted EPS of $0.95, up 13.1% sequentially, as net interest margin widened 2 basis points to 3.44% and operating expenses stayed flat. The bank executed a bulk sale of up to $750 million of rent-stabilized multifamily loans at a 10% discount to par, a move that cuts CRE concentration to 397% pro forma and lowers rent-stabilized exposure to 2% of total loans. Nonperforming assets fell to 0.44% of total assets from 0.55%, and provision for credit losses declined to $5.0 million from $8.3 million. Operating ROTCE reached 15.2%, ahead of the target. The preferred stock's dividend reset to 8.8% from 5.25%, raising the company's cost of capital.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on aol.com ↗
Keywords
Open a keyword to see other news on the same topic.
Related news
- CNB Financial Corporation Reports Third Quarter 2026 Results
CNB Financial Corporation (NASDAQ: CCNE) reported third-quarter 2026 earnings available to common shareholders of $27.0 million, or $0.91 per diluted share, roughly flat from the prior quarter and up from $18.9 million a year earlier; prior-year figures were recast under ASU 2025-08, not restated for errors. Compared with adjusted earnings of $22.5 million for Q3 2025 (excluding ESSA Bancorp merger costs), earnings rose $4.5 million. Total loans excluding $124.1 million of syndicated loans reached $6.5 billion, up $76.5 million or 1.19% from June 30, driven mainly by commercial and residential real estate. Deposits fell $32.6 million (0.46%) as the bank exited about $76.1 million of higher-cost corporate deposits at a 3.69% cost; excluding that, deposits rose about $43.5 million. Net interest margin was 3.89%, nonperforming assets were $56.9 million (0.68% of total assets), and net charge-offs rose to $2.4 million, mainly from about $1.6 million written off on one commercial and industrial relationship.
- Independent Bank ( INDB ) Q3 2026 Earnings Call Transcript
Independent Bank Corp. (INDB) reported net income of $89.7 million for Q3 2026, with diluted earnings per share up 12% from Q2, and a net interest margin of 3.89%. Total loans grew $158 million, or nearly 3.5% annualized, and non-time deposits rose $230 million, while the cost of deposits edged up to 1.42%. Net charge-offs were 0.02% of average loans, below the 20-year average of 0.16%, though a $6.5 million provision was booked for one office real estate loan that became non-performing; non-performing assets totaled $126.2 million, or 0.5% of total assets. The company repurchased $57.4 million of stock and postponed its core system conversion from October 2026 to February 2027.
- Independent Bank ( INDB ) Q3 2026 Earnings Call Transcript
Independent Bank Corp. (INDB) reported record Q3 2026 net income of $89.7 million, with diluted earnings per share up 12% from the prior quarter and a net interest margin of 3.89%. Loans grew by $158 million, led by C&I and commercial real estate, while non-time deposits rose $230 million. The company repurchased $57.4 million of stock and booked a $6.5 million provision for loan losses, mainly for one office loan that moved to non-performing status. The core system conversion was postponed from October 2026 to February 2027, and starting November 2026 the company is consolidating its headquarters into Rockland, Massachusetts, involving nearly 400 employees.
- National Assembly deputy: Clear criteria and timing needed for 0.2% tax on abandoned land
Lạng Sơn Provincial Party Deputy Secretary Đoàn Thu Hà asked for clearer criteria for abandoned land and the timing of the 0.2% tax in the draft law amending three tax laws. The government proposed applying the tax to abandoned, slow-to-develop or unused land without a quota; most deputies supported it to curb hoarding and speculation, but many asked to exclude land left idle for objective reasons and to avoid double-charging with progressive penalties on delayed projects. Agribank Chairman Tô Huy Vũ said bank-held land awaiting disposal from bad-debt recovery could be hit without an exemption. Prime Minister Lê Minh Hưng directed the Ministry of Finance and the Ministry of Agriculture and Environment to review and clearly define abandoned land. The National Assembly will debate the bill on Nov 6; if passed on Nov 20, it takes effect in 2027.
- BIDV to seize more than 18,000 m2 of Trung Nam's land to handle bad debt
BAMC, the asset management and debt recovery unit of BIDV, announced it plans to seize an 18,027 m2 land plot in the Thủy Tú eco-urban area of Da Nang, owned by Trung Nam Joint Stock Company, to recover debt, starting at 8:00 on October 30, 2026. Trung Nam mortgaged the land to secure loans taken by two individuals from BIDV's Quang Trung branch. The bank had requested handover of the collateral since July 24, 2026, but the parties had not carried it out when the notice was issued. The notice does not disclose the outstanding debt or the separate valuation of the collateral. The Golden Hills City project covers a planned area of over 335 ha, and on July 7, 2026, Da Nang's People's Committee raised its total investment from 4,400 billion VND to more than 15,468 billion VND as part of efforts to resolve legal obstacles. Some 2,804 residential plots covering more than 42 ha have been completed and transferred, while the remaining works are scheduled for completion between 2027 and 2034.
- Lotte and Phat Dat Officially Break Ground on VND 60,000 Billion Mega Project in Thu Thiem 'Golden Land'
A joint venture between Lotte Group (South Korea) and Phát Đạt (HoSE: PDR) officially broke ground on 23/10 on Lotte Eco Smart City Thu Thiem in the Thu Thiem New Urban Area, HCMC, with total investment of about VND 60,000 billion. The project covers nearly 7.5 ha and will combine Grade A offices, retail, services, accommodation and housing, adjoining the central plaza and central lake of Thu Thiem. Phát Đạt holds 35% of Lotte Properties HCMC, the project developer, and will develop the housing blocks along with two towers (2-1 and 2-3) with about 219,722 m2 of floor area, while Lotte handles block 2-5. Lotte Properties HCMC paid VND 17,569 billion in land-use fees on 31/7/2026, and Phát Đạt completed its VND 7,666 billion payment to take its 35% stake. MB is funding all of Phát Đạt's capital contribution, while VietinBank and BIDV also support the project.
Related markets
Latest news
- Why Hilltop Holdings Stock Slumped Today
Hilltop Holdings reported quarterly total revenue just under $310 million, down 6% year over year, and GAAP net income down 46% to $24.9 million, or $0.44 per share, both well short of analyst consensus of just under $320 million and $0.64 EPS. The company called the quarter “volatile” and cited the Federal Reserve’s recent rate hike and the broader rate environment. It declared a quarterly dividend of $0.22 per share, matching the prior one, and spent $20 million on buybacks, with about $86 million left under its authorization through year-end. The shares closed down nearly 3% on Thursday, and the article flagged clear weakness at the HilltopSecurities broker-dealer and PrimeLending mortgage units.
- S&P 500, Dow Drop As Elevated Oil Prices Stoke Inflation Fears Ahead Of Fed Meeting Next Week — AAPL, AXP, CART, UBER In Focus
The S&P 500 fell 0.5% and the Dow Jones Industrial Average dropped 1.2% on Friday as oil prices surged amid resurfacing geopolitical concerns, raising inflation and rate-hike worries ahead of the Federal Reserve's meeting next week. West Texas Intermediate rose 3.8% to $103.27 a barrel and Brent gained 3.1% to $116.72, its highest settlement since April, after reports the U.S. and Israel could be preparing fresh strikes on Iran. Market participants were betting on a 91% probability that the Fed will leave rates unchanged. Tech stocks retreated as investors weighed how surging corporate debt and elevated interest rates might affect AI-focused companies, while the Nasdaq 100 was flat. Elsewhere, Instacart (CART) is exploring a potential sale, American Express plans to cut about 5% of its global workforce, and Apple hit record highs after selling out its limited in-store iPhone Duo inventory.
- Neoclouds secure record funds as Nvidia’s Huang says more investment required
Venture investors put $6.6 billion into 58 AI neocloud deals so far this year, according to PitchBook data, more money and deals than any prior year and 51% above last year’s total of $4.4 billion. Neoclouds are companies that sell remote access to GPUs for AI workloads. In an interview with CNBC, Nvidia CEO Jensen Huang said demand for neoclouds is “off the chart” and that more investment is still needed.
- Moody's holds steady on France's credit rating as country grapples with turmoil and higher yields
Moody's kept its credit rating on France at Aa3, which it still considers "high grade," but maintained the negative outlook on the country. The decision came as France, the euro zone's second-largest economy, faced a week of civil unrest and rising political risk. France's 10-year bond yield surpassed 5% this week for the first time since 2002, and investors had been awaiting the rating decision.
- What Is Super Micro Computer (SMCI) Telling The Market With Its New AI Rack?
Super Micro Computer (NasdaqGS: SMCI) introduced its NVIDIA Vera CPU rack, a dense liquid-cooled agentic AI platform for large-scale reinforcement learning that supports up to 22,500 agent sandboxes per rack. The company also launched a Nokia partnership to pair Vera-based gear with AI-RAN edge solutions for telecom operators, and a Nutanix collaboration on integrated rack-scale private AI inference stacks. According to the article, the launch pushes Super Micro deeper into full AI factory builds rather than GPU servers alone. The company upgraded its fiscal Q1 2027 revenue guidance to US$18.5b to US$19.5b, with a 12.0% to 12.5% gross margin guide. The article says the key point to watch is how much of that revenue is tied to Vera racks when the company reports results.
- Elon Musk Says a SpaceX-Tesla Merger Is a “Good Idea.” Here’s What Stands in the Way.
Speculation about a merger between SpaceX and Tesla is growing, with prediction platform Kalshi putting the odds of a deal before next May at 59%. On SpaceX's latest earnings call, Elon Musk said such a deal would be a good idea and that special committees at both companies are exploring a transaction, though they have not agreed on terms. Obstacles include Musk's roughly 85% voting control at SpaceX, the requirement for a 50% vote of all Tesla shares rather than just those that vote, and possible antitrust, national security and cross-border regulatory reviews. Gary Black, managing partner at the Future Fund, expects SpaceX to offer $420 per share for Tesla in an all-stock deal, implying only about 13% upside from current levels, and the article suggests much of the likelihood of a deal may already be reflected in Tesla's stock price.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.