ConnectOne Bancorp Inc. ( (CNOB) ) has released its Q2 earnings. Here is a breakdown of the information ConnectOne Bancorp Inc. presented to its investors.
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ConnectOne Bancorp, Inc. is a financial services company operating through its subsidiary, ConnectOne Bank, and its fintech subsidiary, BoeFly, Inc., focusing on providing banking and lending products to small and middle-market businesses. The company is listed on the Nasdaq Global Market under the symbol CNOB.
In its latest earnings report for the second quarter of 2025, ConnectOne Bancorp, Inc. announced a net loss of $21.8 million for common stockholders, a significant decline from the previous quarter’s net income of $18.7 million. This quarter’s results were impacted by the completion of a merger with The First of Long Island Corporation (FLIC), which brought about substantial merger-related expenses.
Key financial metrics revealed a $34.3 million increase in noninterest expenses, largely due to merger costs and a $32.2 million rise in credit loss provisions. Despite these expenses, the company saw a $13.1 million increase in net interest income and a $12.1 million decrease in income tax expenses. The merger has expanded ConnectOne’s asset base to $13.9 billion, with total loans and deposits reaching $11.2 billion and $11.3 billion, respectively.
Looking forward, ConnectOne’s management remains optimistic about the merger’s long-term benefits, emphasizing improved loan and deposit mix, enhanced credit metrics, and profitability ratios. The company continues to focus on client retention and new client onboarding, aiming to leverage the merger’s synergies for future growth.