ConnectOne Bancorp(CNOB) - 2025 Q1 - Quarterly Results

Financial Performance - Net income available to common stockholders for Q1 2025 was $18.7 million, compared to$18.9 million in Q4 2024 and $15.7 million in Q1 2024, reflecting a year-over-year increase of 18.9$0.49, unchanged from Q4 2024 and up from $0.41 in Q1 2024[2] - Operating net income for Q1 2025 was$19.7 million, down from $20.2 million in Q4 2024 but up from$15.9 million in Q1 2024[3] - Net income for the three months ended March 31, 2025, was $20,242, slightly down from$20,371 in the previous quarter, indicating a decrease of 0.6%[24] - Earnings per common share for the three months ended March 31, 2025, remained stable at $0.49, consistent with the previous quarter[24] - Operating net income available to common stockholders was$19,710,000 in Q1 2025, compared to $20,220,000 in Q4 2024, a decline of 2.5$65.8 million, an increase of $1.0 million or 1.6$5.5 million or 9.0% from Q1 2024[7][9] - Net interest income for the three months ended March 31, 2025, was $65,756, an increase of 2.4$64,711 for the previous quarter[24] - The net interest margin widened by 7 basis points to 2.93% in Q1 2025, driven by a decrease in average costs of deposits[7] - The net interest margin (GAAP) rose to 2.93% in Q1 2025, compared to 2.86% in Q4 2024[30] - The net interest spread improved to 2.17%, up from 2.05% year-over-year[35] Noninterest Income and Expenses - Noninterest income increased to $4.5 million in Q1 2025, compared to$3.7 million in Q4 2024 and $3.8 million in Q1 2024[10] - Noninterest income totaled$4,451,000 in Q1 2025, up from $3,744,000 in Q4 2024, reflecting a growth of 18.9$39.3 million in Q1 2025, up from $38.5 million in Q4 2024 and$37.1 million in Q1 2024, primarily due to increased merger expenses[11] - Total noninterest expenses rose to $39,305 for the three months ended March 31, 2025, compared to$38,498 in the previous quarter, an increase of 2.1%[24] Assets and Liabilities - Total assets as of March 31, 2025, were $9.759 billion, a decrease from$9.880 billion as of December 31, 2024[15] - Total assets as of March 31, 2025, were $9,759,255, a decrease of 1.2$9,879,600 on December 31, 2024[23] - Net loans receivable decreased to $8,118,731 as of March 31, 2025, from$8,192,125 on December 31, 2024, reflecting a decline of 0.9%[23] - Total deposits were $7,767,230 as of March 31, 2025, down from$7,820,114 on December 31, 2024, representing a decrease of 0.7%[23] - Total stockholders' equity of $1,252,939 as of March 31, 2025, up from$1,241,704 on December 31, 2024, representing an increase of 0.9%[23] Credit Quality - The provision for credit losses was $3.5 million for Q1 2025, consistent with Q4 2024 and down from$4.0 million in Q1 2024[13] - Net loan charge-offs for the quarter were $3,400,000, slightly up from$3,334,000 in the previous quarter, indicating a 2% increase[32] - Nonaccrual loans decreased to $49,860,000 from$57,310,000, a reduction of 13%[32] - The allowance for credit losses on loans stood at $82,403,000, consistent with the previous quarter's$82,685,000[32] Future Plans - The Company plans to finalize its merger with The First of Long Island Corporation in Q2 2025, aiming to create a premier community bank in the New York Metro area[5]