ConnectOne Bancorp(CNOB) - 2025 Q3 - Quarterly Results

Financial Performance - Net income available to common stockholders for Q3 2025 was $39.5 million, a significant increase from $(21.8) million in Q2 2025 and $15.7 million in Q3 2024[1] - Diluted earnings per share for Q3 2025 were $0.78, compared to $(0.52) in Q2 2025 and $0.41 in Q3 2024[1] - Operating net income for Q3 2025 was $35.5 million, up from $23.1 million in Q2 2025 and $16.1 million in Q3 2024[2] - Net income available to common stockholders for the three months ended September 30, 2025, was $39,467 thousand, up 152.5% from $15,652 thousand in the same quarter of 2024[25] - Earnings per common share for the three months ended September 30, 2025, were $0.79, up from $0.41 in the same quarter of 2024, representing a growth of 92.7%[25] - Net income for the latest quarter was $40,976,000, a significant increase from a loss of $20,293,000 in the previous quarter[30] - Operating net income available to common stockholders reached $35,509,000, up from $23,097,000 year-over-year, representing a growth of 54.5%[30] Income and Revenue - Net interest income for Q3 2025 increased by $23.3 million, or 29.3%, from Q2 2025, totaling $103.2 million[8] - Noninterest income for Q3 2025 was $19.4 million, up from $5.2 million in Q2 2025 and $4.7 million in Q3 2024[10] - Net interest income for the three months ended September 30, 2025, was $102,017 thousand, a 67.5% increase compared to $60,887 thousand for the same period in 2024[25] - Noninterest income for the three months ended September 30, 2025, was $19,409 thousand, significantly higher than $4,737 thousand in the same quarter of 2024, indicating a growth of approximately 310.5%[25] - Operating revenue for the quarter was $110,781,000, up from $84,648,000, representing a growth of 30.8%[32] Assets and Deposits - Total assets as of September 30, 2025, were $14.0 billion, compared to $9.9 billion as of December 31, 2024[16] - Total assets increased to $14,023,585 thousand as of September 30, 2025, up from $9,639,603 thousand a year earlier, representing a growth of approximately 45.5%[24] - Loans receivable increased to $11,303,636 thousand as of September 30, 2025, compared to $8,111,976 thousand a year earlier, reflecting a growth of approximately 39.5%[24] - Total deposits increased to $11.4 billion as of September 30, 2025, from $7.8 billion as of December 31, 2024[16] - Total deposits rose to $11,369,295 thousand as of September 30, 2025, compared to $7,524,105 thousand in the same period of 2024, marking an increase of about 51.5%[24] Credit Losses and Nonperforming Assets - The provision for credit losses was $5.5 million for Q3 2025, down from $35.7 million in Q2 2025[13] - Nonperforming assets as a percentage of total assets were 0.28% as of September 30, 2025, down from 0.53% as of September 30, 2024[14] - Provision for credit losses for the three months ended September 30, 2025, was $5,500 thousand, compared to $3,800 thousand in the same period of 2024, reflecting an increase of 44.7%[25] - Nonaccrual loans decreased to $39,671,000 from $39,228,000 in the previous quarter, indicating a reduction of 1.1%[35] - Allowance for credit losses (ACL) stood at $156,499,000, slightly up from $156,190,000 in the previous quarter, reflecting a marginal increase of 0.2%[35] Capital and Equity - Total stockholders' equity increased to $1,538,344 thousand from $1,496,431 thousand in the previous quarter, representing a growth of 2.8%[27] - Stockholders' equity reached $1,513,892 thousand, reflecting growth from $1,344,254 thousand in the previous quarter[36] - Common equity ratio (GAAP) improved to 10.18% from 9.96% in the previous quarter, showing a positive trend in capital adequacy[34] - Book value per share (GAAP) increased to $28.39 from $27.56 in the previous quarter, marking a growth of 3.0%[34] Operational Efficiency - Noninterest expenses decreased to $58,673 thousand from $73,649 thousand in the previous quarter, a reduction of 20.3%[29] - The operating efficiency ratio (non-GAAP) improved to 47.5%, down from 49.2% in the previous quarter, indicating enhanced operational efficiency[32] Interest Margin and Yield - The net interest margin (non-GAAP) was reported at 3.11%, slightly up from 3.06% in the previous quarter[32] - Average interest-earning assets rose to $13,172,443 thousand, with total interest income of $188,847 thousand, resulting in an average yield of 5.69%[36] - The net interest spread for the quarter was 2.28%, slightly up from 2.27% in the previous quarter[37]