Overview

* ConnectOne Q2 net loss $21.8 mln, impacted by merger expenses and credit provisions

* Operating net income $23.1 mln, reflecting strong core performance

* Merger with FLIC boosts assets, loans, and deposits, forming $14 bln institution

Outlook

* Company expects long-term benefits from FLIC merger integration

* ConnectOne anticipates continued momentum in client onboarding

Result Drivers

* MERGER EXPENSES - $30.7 mln in merger expenses impacted Q2 results, contributing to net loss

* CREDIT LOSS PROVISION - $27.4 mln initial provision for credit losses due to FLIC merger

* NET INTEREST INCOME - $13.1 mln increase in net interest income partially offset higher expenses

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 EPS -$0.52

Q2 Net -$20.29

Income mln

Q2 Net $78.88

Interest mln

Income

Q2 Loan $35.70

Loss mln

Provisio

n

Analyst Coverage

* The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy."

* Wall Street's median 12-month price target for ConnectOne Bancorp Inc ( CNOB ) is $30.00, about 18.3% above its July 28 closing price of $24.52

* The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)