ConnectOne Bancorp(US:CNOB)2025-04-24 11:30Financial 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%[2] - Diluted earnings per share for Q1 2025 were $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%[30] Interest Income and Margin - Fully taxable equivalent net interest income for Q1 2025 was $65.8 million, an increase of $1.0 million or 1.6% from Q4 2024, and up $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% compared to $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%[28] - Noninterest expenses were $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% from $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]