News about ConnectOne

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.