ConnectOne Bancorp Q3 net income falls on restructuring charge

ConnectOne Bancorp

22/10/2026 12:16

Overview
US commercial bank's Q3 net income and EPS fell due to $23 mln restructuring charge
Company agreed to sell up to $750 mln in multifamily loans to reduce CRE exposure

Outlook
Company expects $7-8 mln in restructuring costs in Q4 2026 from loan sale

Result Drivers
RESTRUCTURING CHARGE - Q3 net income and EPS declined due to $23 mln pretax loss on loans held-for-sale from balance sheet restructuring
NET INTEREST INCOME - Operating results benefited from a $3.7 mln increase in net interest income, driven by loan repricing and higher yields
CREDIT QUALITY - Provision for credit losses fell $3.3 mln sequentially, reflecting transfer of loans to held-for-sale and improved credit metrics

Company press release: ID:nGNX2q6h7f

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 EPS
 
$0.59
 
Q3 Net Interest Income
 
$117.30 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 1 "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. is $36.00, about 16.6% above its October 21 closing price of $30.88
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads
Oct 20 - KeyCorp Q3 revenue rises 8% to record, profit up 24%
Oct 19 - Zions Bancorp Q3 EPS rises 20% on improved credit quality
Oct 20 - East West Bancorp Q3 revenue beats estimates on loan and deposit growth

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(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.)