ConnectOne Bancorp(CNOB) - 2024 Q3 - Quarterly Results

Financial Performance - Net income available to common stockholders for Q3 2024 was $15.7 million, down from $17.5 million in Q2 2024 and $19.9 million in Q3 2023[1]. - Diluted earnings per share decreased to $0.41 in Q3 2024 from $0.46 in Q2 2024 and $0.51 in Q3 2023[1]. - Operating net income for Q3 2024 was $16.1 million, compared to $17.9 million in Q2 2024 and $20.4 million in Q3 2023[2]. - Net income for the three months ended September 30, 2024, was $17,161,000, a decrease of 20.8% compared to $21,407,000 for the same period last year[20]. - Earnings per common share (diluted) for the quarter was $0.41, down from $0.51 in the prior year, a decline of 19.6%[20]. - Net interest income for the quarter ended September 30, 2024, was $60,887 thousand, a decrease of 0.9% from $61,439 thousand in the previous quarter[24]. - Operating revenue for the quarter was $66,015 thousand, a decrease of 1.27% compared to $66,863 thousand in the previous quarter[26]. Income and Expenses - Noninterest income increased to $4.7 million in Q3 2024, up from $4.4 million in Q2 2024 and $3.6 million in Q3 2023[8]. - Noninterest expenses rose to $38.6 million in Q3 2024, compared to $37.6 million in Q2 2024 and $35.8 million in Q3 2023[9]. - The company reported a total noninterest expense of $38,641,000, an increase of 8.1% from $35,784,000 in the prior year[20]. - Total noninterest expenses rose to $38,641 thousand, an increase of 2.79% from $37,594 thousand in the previous quarter[26]. Credit Losses - The provision for credit losses was $3.8 million in Q3 2024, up from $2.5 million in Q2 2024 and $1.5 million in Q3 2023[11]. - Provision for credit losses increased to $3,800,000 from $1,500,000, representing a significant rise of 153.3%[20]. - Provision for credit losses increased to $3,800 thousand from $2,500 thousand in the previous quarter, indicating a rise in expected credit losses[24]. - Nonaccrual loans increased to $51,300 thousand from $46,026 thousand in the previous quarter, indicating a rise of 11.67%[27]. - Nonaccrual loans as a percentage of loans receivable increased to 0.63%, up from 0.56% in the prior quarter[28]. Assets and Liabilities - Total assets decreased to $9.639 billion as of September 30, 2024, from $9.856 billion as of December 31, 2023[13]. - Total assets as of September 30, 2024, were $9,639,603,000, a decrease of 2.2% from $9,855,603,000 on December 31, 2023[19]. - Total deposits were $7,524,105,000, down slightly from $7,536,202,000, a decrease of 0.2%[19]. - Total assets as of September 30, 2024, were $9,639,603, a decrease of 0.87% from $9,723,731 on June 30, 2024[22]. - Total interest-earning assets amounted to $9,206,038, with net interest income on a tax equivalent basis reported at $61,710[30]. - Total interest-bearing liabilities were $7,171,426, with an interest expense of $69,356[29]. Loans and Deposits - Net loans receivable decreased to $8,029,482,000 from $8,263,171,000, reflecting a decline of 2.8%[19]. - Gross loans decreased to $8,116,332 as of September 30, 2024, down 0.56% from $8,162,500 on June 30, 2024[22]. - Total deposits were $7,524,105 as of September 30, 2024, a decrease of 0.69% from $7,576,014 on June 30, 2024[22]. - Time deposits were $2,614,187 as of September 30, 2024, an increase from $2,593,165 on June 30, 2024[23]. - Commercial loans increased to $1,505,743 as of September 30, 2024, up from $1,491,079 on June 30, 2024[22]. Mergers and Future Plans - The company announced a planned merger with The First of Long Island Corporation, aiming to enhance growth across markets[4]. Dividends - A cash dividend of $0.18 per share on common stock will be paid on December 2, 2024[5].