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%[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 Q1 2025 was $20,242, representing a 17.7% increase from $17,205 in Q1 2024[24] - Net income for Q1 2025 was $20,242,000, slightly down from $20,371,000 in Q4 2024, a decrease of 0.6%[28] - 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 Q1 2025 was $65,756, an increase of 8.1% compared to $60,300 in Q1 2024[24] - Net interest income for Q1 2025 was $65,756,000, an increase of 1.6% from $64,711,000 in Q4 2024[28] - 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] - Net interest margin (GAAP) increased to 2.93% in Q1 2025, up from 2.86% in Q4 2024[30] - The net interest spread improved to 2.17%, up from 2.05% in the prior period[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 increased to $4,451 in Q1 2025, up from $3,848 in Q1 2024, a growth of 15.7%[24] - Total noninterest expenses for Q1 2025 were $39,305, an increase of 6.0% from $37,065 in Q1 2024[24] - 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 income increased to $4,451,000 in Q1 2025, up from $3,744,000 in Q4 2024, representing a growth of 18.9%[28] - Noninterest expenses rose to $39,305,000 in Q1 2025, compared to $38,498,000 in Q4 2024, reflecting an increase of 2.1%[28] Assets and Liabilities - Total assets decreased to $9.759 billion as of March 31, 2025, 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] - Total deposits decreased to $7,767,230 as of March 31, 2025, down from $7,820,114 at the end of 2024, a decline of 0.7%[23] - Total deposits were $7,767,230 as of March 31, 2025, a slight decrease from $7,820,114 on December 31, 2024, reflecting a 0.7% decline[26] - Gross loans decreased to $8,206,343 as of March 31, 2025, down from $8,280,482 on December 31, 2024, representing a decline of 0.9%[26] - Borrowings decreased to $613,053 as of March 31, 2025, down from $688,064 on December 31, 2024, a decline of 10.9%[26] Credit Losses and Risk Ratios - The provision for credit losses was stable at $3.5 million for Q1 2025, consistent with Q4 2024 and down from $4.0 million in Q1 2024[13] - Provision for credit losses remained stable at $3,500 for both Q1 2025 and Q4 2024[24] - Net loan charge-offs for the quarter were $3,400 thousand, slightly up from $3,334 thousand in the previous quarter, indicating a 2% increase[32] - Nonaccrual loans decreased to $49,860 thousand from $57,310 thousand, a reduction of 13%[32] - The common equity Tier 1 risk-based ratio improved to 11.14% from 10.97% in the previous quarter, showing a positive trend in capital adequacy[32] Capital Position - The company maintains a strong capital position with total stockholders' equity of $1,252,939 as of March 31, 2025[23] - Total stockholders' equity increased to $1,252,939 as of March 31, 2025, compared to $1,241,704 on December 31, 2024, marking a growth of 0.9%[27] - Tangible common equity rose to $929,280 thousand, compared to $917,766 thousand in the previous quarter, reflecting a 0.6% increase[32] - Book value per share (GAAP) increased to $29.69 from $29.47, marking a rise of 0.7%[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]
CONNECTONE BN(CNOBP) - 2025 Q1 - Quarterly Results