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 for the three months ended September 30, 2025, was $40,976 thousand, compared to $17,161 thousand for the same period in 2024, reflecting an increase of 138.7%[25] - Earnings per common share for the three months ended September 30, 2025, were $0.79, up from $0.41 for the same period in 2024, an increase 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[30] Asset and Equity Growth - Total assets reached $14.0 billion as of September 30, 2025, up from $9.9 billion as of December 31, 2024, primarily due to the merger with FLIC[16] - Total stockholders' equity increased to $1.5 billion as of September 30, 2025, from $1.2 billion as of December 31, 2024[17] - 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] - Average assets increased to $14,050,585,000, reflecting a growth from $11,108,430,000 in the previous quarter[30] - Stockholders' equity increased to $1,538,344,000 as of September 30, 2025, up from $1,496,431,000 in the previous quarter, representing a growth of 2.4%[34] Interest Income and Margin - Net interest income for Q3 2025 increased by $23.3 million, or 29.3%, from Q2 2025, totaling $103.2 million[8] - The net interest margin expanded to 3.11% in Q3 2025, a 5 basis point increase from Q2 2025 and a 44 basis point increase from Q3 2024[9] - 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] - Net interest income for the quarter was $102,017 thousand, up from $78,883 thousand in the previous quarter, representing a significant increase of 29.4%[29] - Net interest income (tax equivalent basis) rose to $103,155,000, compared to $79,810,000 in the previous quarter[32] - The net interest margin improved to 3.11% for the three months ended September 30, 2025, compared to 3.06% in the previous quarter[37] Loan and Deposit Growth - Loans receivable rose to $11,303,636 thousand as of September 30, 2025, compared to $8,111,976 thousand a year earlier, marking a growth of 39.5%[24] - Total deposits increased to $11,369,295 thousand as of September 30, 2025, up from $7,524,105 thousand a year earlier, indicating a growth of 51.5%[24] - Gross loans reached $11,308,131 thousand, reflecting an increase from $11,169,138 thousand in the prior quarter[27] - Total deposits rose to $11,369,295 thousand, compared to $11,278,487 thousand in the previous quarter, marking a growth of 0.8%[27] Noninterest Income and Expenses - Noninterest income for the three months ended September 30, 2025, was $19,409 thousand, significantly higher than $4,737 thousand for the same period in 2024, representing an increase of 309.5%[25] - Noninterest expenses decreased to $58,673 thousand from $73,649 thousand in the previous quarter, indicating a reduction of 20.3%[29] - Total noninterest expenses decreased to $58,673,000 from $73,649,000 in the previous quarter[32] Credit Quality and Allowance - Nonperforming assets were 0.28% of total assets as of September 30, 2025, down from 0.53% in Q3 2024[14] - The allowance for credit losses increased to $156.5 million as of September 30, 2025, representing 1.38% of loans receivable[15] - Provision for credit losses for the three months ended September 30, 2025, was $5,500 thousand, compared to $3,800 thousand for the same period in 2024, reflecting a 44.7% increase[25] - The company reported a provision for credit losses of $5,500 thousand, compared to $35,700 thousand in the previous quarter, showing a decrease of 84.6%[29] - Nonaccrual loans amounted to $39,671,000, slightly up from $39,228,000 in the previous quarter, indicating a marginal increase of 1.1%[35] - Allowance for credit losses (ACL) stood at $156,499,000, a slight increase from $156,190,000 in the previous quarter, showing a growth of 0.2%[35] Strategic Focus - ConnectOne Bancorp, Inc. operates through its subsidiary ConnectOne Bank and focuses on small to middle-market businesses, enhancing its market position through fintech solutions[21] - The company plans to continue expanding its commercial real estate and multifamily loan portfolios, which have shown strong growth trends[27]
CONNECTONE BN(CNOBP) - 2025 Q3 - Quarterly Results