ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Q1 2023 Earnings Conference Call April 27, 2023 10:00 AM ET

Company Participants

Siya Vansia - Chief Brand and Innovation Officer

Frank Sorrentino - Chairman and Chief Executive Officer

Bill Burns - Senior Executive Vice President and Chief Financial Officer

Conference Call Participants

Daniel Tamayo - Raymond James

Frank Schiraldi - Piper Sandler

Matthew Breese - Steven

Operator

Good morning and welcome to the ConnectOne Bancorp, Inc First 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 question. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Siya Vansia, Chief Brand and Innovation Officer. Please go ahead.

Siya Vansia

Good morning and welcome to today's conference call to review ConnectOne's results for the First Quarter 2023 and to update you on recent developments. On today's conference call, we bring Sorrentino, Chairman and Chief Executive Officer and 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 you joining our earnings call today. Let's get it started and kick it off with what you've seen in our earnings release this morning. We're in a strong and solid position today, reflecting continued success in growing our deposits and enhancing our liquidity base with over 250% coverage of uninsured uncollateralized deposits. I began last earnings call by reiterating ConnectOne's commitment to serving our clients despite the cyclical ups and downs of the economy and never before has our focus on client relationship banking has been so important while the industry was surprised by the specific events of mid-March, we at ConnectOne anticipated the repercussions of quantitative tightening and our team began to take intentional actions as early as the fourth quarter of last year. Those efforts have positioned us well with a relationship driven deposit base, increased total available liquidity, a diversified loan portfolio of quality assets and sponsors, solid credit metrics and a strong overall balance sheet and capital position.