Compared to Estimates, ConnectOne (CNOB) Q3 Earnings: A Look at Key Metrics
ConnectOne Bancorp (CNOB) reported $65.92 million in revenue for the quarter ended September 2023, representing a year-over-year decline of 19.1%. EPS of $0.51 for the same period compares to $0.70 a year ago.
The reported revenue represents a surprise of -2.40% over the Zacks Consensus Estimate of $67.54 million. With the consensus EPS estimate being $0.52, the EPS surprise was -1.92%.
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: 52.9% versus the two-analyst average estimate of 52.7%.
Net Interest Margin (GAAP): 2.8% compared to the 2.8% average estimate based on two analysts.
Average Balance - Total interest-earning assets: $9.09 billion versus the two-analyst average estimate of $9.22 billion.
Deposit, loan and other income: $1.61 million versus $1.74 million estimated by two analysts on average.
Net gains on sale of loans held-for-sale: $0.63 million versus $0.81 million estimated by two analysts on average.
Income on bank owned life insurance: $1.60 million compared to the $1.80 million average estimate based on two analysts.
Total Noninterest Income: $3.56 million versus the two-analyst average estimate of $3.85 million.
View all Key Company Metrics for ConnectOne here>>>
Shares of ConnectOne have returned -8.8% over the past month versus the Zacks S&P 500 composite's -3.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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ConnectOne Bancorp, Inc. (CNOB) : Free Stock Analysis Report
