ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Q2 2023 Earnings Conference Call July 27, 2023 10:00 AM ET

Company Participants

Siya Vansia - Chief Brand and Innovation Officer

Frank Sorrentino - Chairman and Chief Executive Officer

William Burns - Senior Executive Vice President and Chief Financial Officer

Elizabeth Magennis - President of ConnectOne Bank

Conference Call Participants

Michael Perito - KBW

Daniel Tamayo - Raymond James

Frank Schiraldi - Piper Sandler

Matthew Breese - Stephens Inc.

Operator

Good morning, and welcome to the ConnectOne Bancorp, Inc. Second Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation there will be an opportunity to ask questions. [Operator Instructions] Please note, today's event is being recorded.

I'd now like to turn the conference over to Siya Vansia. Please go ahead, ma'am.

Siya Vansia

Good morning, and welcome to today's conference call to review ConnectOne's results for the second quarter 2023 and to update you on recent developments. On today's call will be Frank Sorrentino, Chairman and Chief Executive Officer; Bill Burns, Senior Executive Vice President and Chief Financial Officer. Also with us is Elizabeth Magennis, President of ConnectOne Bank and Steve Primiano, EVP and Treasurer.

I'd also like to caution you that we may make forward-looking statements during today's conference call that are subject to risks and uncertainties. Factors that may cause actual results to differ materially from expectations are detailed in our SEC filings. The forward-looking statements included in this conference call are only made as of the date of this call and the company is not obligated to publicly update or revise them.

In addition, certain terms used in this call are non-GAAP financial measures, reconciliations of which are provided in the company's earnings release and accompanying tables or schedules, which have been filed today on Form 8-K with the SEC and may also be accessed through the company's website.

I will now turn the call over to Frank Sorrentino. Frank, please go ahead.

Frank Sorrentino

Thank you, Siya and good morning, everyone. We appreciate everyone joining us this morning for this call. As you saw in this morning's earnings release, ConnectOne's performance, while negatively impacted by Fed policy, continues to demonstrate strong and stable qualities in this challenging operating environment.

Beginning of the year and throughout the turmoil in March, we have maintained and even increased client deposits as we have diligently supported and deepened our client relationships along with adding new ones. Further, we continue to fortify our sources of liquidity while maximizing our insured deposits, leading to a top tier uninsured deposit coverage ratio of about 250%.