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Here's What Key Metrics Tell Us About ConnectOne (CNOB) Q2 Earnings
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ConnectOne Bancorp (CNOB - Free Report) reported $65.84 million in revenue for the quarter ended June 2024, representing a year-over-year decline of 2.1%. EPS of $0.46 for the same period compares to $0.51 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $64.62 million, representing a surprise of +1.89%. The company delivered an EPS surprise of +15.00%, with the consensus EPS estimate being $0.40.
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.
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: 55.7% versus the two-analyst average estimate of 57.6%.
Net Interest Margin (GAAP): 2.7% compared to the 2.7% average estimate based on two analysts.
Average Balance - Total interest-earning assets: $9.21 billion compared to the $9.34 billion average estimate based on two analysts.
Deposit, loan and other income: $1.65 million versus the two-analyst average estimate of $1.82 million.
Net Interest Income (tax equivalent basis): $62.26 million compared to the $61.81 million average estimate based on two analysts.
Net gains on sale of loans held-for-sale: $1.28 million versus the two-analyst average estimate of $0.79 million.
Income on bank owned life insurance: $1.68 million versus $1.85 million estimated by two analysts on average.
Total Noninterest Income: $4.40 million compared to the $3.96 million average estimate based on two analysts.
Shares of ConnectOne have returned +30.8% over the past month versus the Zacks S&P 500 composite's -0.3% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.
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Here's What Key Metrics Tell Us About ConnectOne (CNOB) Q2 Earnings
ConnectOne Bancorp (CNOB - Free Report) reported $65.84 million in revenue for the quarter ended June 2024, representing a year-over-year decline of 2.1%. EPS of $0.46 for the same period compares to $0.51 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $64.62 million, representing a surprise of +1.89%. The company delivered an EPS surprise of +15.00%, with the consensus EPS estimate being $0.40.
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.
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: 55.7% versus the two-analyst average estimate of 57.6%.
- Net Interest Margin (GAAP): 2.7% compared to the 2.7% average estimate based on two analysts.
- Average Balance - Total interest-earning assets: $9.21 billion compared to the $9.34 billion average estimate based on two analysts.
- Deposit, loan and other income: $1.65 million versus the two-analyst average estimate of $1.82 million.
- Net Interest Income (tax equivalent basis): $62.26 million compared to the $61.81 million average estimate based on two analysts.
- Net gains on sale of loans held-for-sale: $1.28 million versus the two-analyst average estimate of $0.79 million.
- Income on bank owned life insurance: $1.68 million versus $1.85 million estimated by two analysts on average.
- Total Noninterest Income: $4.40 million compared to the $3.96 million average estimate based on two analysts.
View all Key Company Metrics for ConnectOne here>>>Shares of ConnectOne have returned +30.8% over the past month versus the Zacks S&P 500 composite's -0.3% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.