ConnectOne Bancorp(US:CNOB) Globenewswireยท2025-04-24 11:00Core Points - ConnectOne Bancorp reported net income available to common stockholders of $18.7 million for Q1 2025, slightly down from $18.9 million in Q4 2024 but up from $15.7 million in Q1 2024 [1][3] - Diluted earnings per share remained stable at $0.49 for Q1 2025, consistent with Q4 2024 and an increase from $0.41 in Q1 2024 [1][3] - The company experienced a return on average assets of 0.84% for Q1 2025, compared to 0.84% in Q4 2024 and 0.70% in Q1 2024 [1] Financial Performance - Operating net income, excluding non-operating items, was $19.7 million for Q1 2025, down from $20.2 million in Q4 2024 and up from $15.9 million in Q1 2024 [2] - Operating diluted earnings per share were $0.51 for Q1 2025, compared to $0.52 in Q4 2024 and $0.41 in Q1 2024 [2] - The net interest income for Q1 2025 was $65.8 million, a 1.6% increase from Q4 2024, driven by a widening net interest margin of 2.93% [6][7] Income and Expenses - Noninterest income increased to $4.5 million in Q1 2025 from $3.7 million in Q4 2024 and $3.8 million in Q1 2024, primarily due to gains on equity securities [8] - Noninterest expenses rose to $39.3 million in Q1 2025 from $38.5 million in Q4 2024 and $37.1 million in Q1 2024, largely due to increased merger expenses [9] - Income tax expense was $7.2 million for Q1 2025, up from $6.1 million in Q4 2024 and $5.9 million in Q1 2024, with an effective tax rate of 26.1% [10] Asset Quality - The provision for credit losses was stable at $3.5 million for Q1 2025 and Q4 2024, down from $4.0 million in Q1 2024 [11] - Nonperforming assets decreased to $49.9 million as of March 31, 2025, from $57.3 million at the end of Q4 2024 [12] - The allowance for credit losses represented 1.00% of loans receivable as of March 31, 2025, consistent with previous quarters [13] Balance Sheet Highlights - Total assets were $9.759 billion as of March 31, 2025, down from $9.880 billion at the end of Q4 2024 [14] - Loans receivable decreased to $8.201 billion as of March 31, 2025, from $8.275 billion at the end of Q4 2024 [14] - Total stockholders' equity increased to $1.253 billion as of March 31, 2025, primarily due to an increase in retained earnings [15] Strategic Outlook - The company is preparing for a merger with The First of Long Island Corporation, expected to enhance its market position in the New York Metro area [4] - Management anticipates continued margin expansion supported by a robust loan pipeline and stable credit quality trends [4]