ConnectOne Bancorp Inc. ( (CNOB) ) has released its Q1 earnings. Here is a breakdown of the information ConnectOne Bancorp Inc. presented to its investors.
ConnectOne Bancorp, Inc., headquartered in Englewood Cliffs, New Jersey, operates as a commercial bank offering a comprehensive range of banking and lending services, primarily targeting small to middle-market businesses, with a notable fintech subsidiary, BoeFly, Inc., that connects borrowers with funding solutions.
ConnectOne Bancorp, Inc. has reported its financial results for the first quarter of 2025, showcasing stable net income and a consistent earnings per share compared to the previous quarter. The company also declared dividends on both common and preferred stocks, reflecting its commitment to returning value to shareholders.
The first quarter of 2025 saw ConnectOne Bancorp achieving a net income of $18.7 million available to common stockholders, maintaining a steady diluted earnings per share of $0.49 from the previous quarter. The bank’s net interest income increased by $5.5 million compared to the first quarter of 2024, driven by a widened net interest margin and a decrease in the average cost of deposits. Despite a slight contraction in the loan portfolio, the bank reported a robust loan pipeline with stable credit quality, as evidenced by a decrease in nonaccrual loans and a stable allowance for credit losses.
Strategically, ConnectOne is preparing for a merger with The First of Long Island Corporation, aiming to enhance its market presence in the New York Metro area. The merger is expected to create a premier community bank, offering expanded opportunities for clients and markets served.
Looking ahead, ConnectOne Bancorp remains optimistic about its financial trajectory, supported by favorable interest rate positioning and a strong balance sheet. The management anticipates continued margin expansion and stable credit quality, despite potential industry-wide challenges, underscoring confidence in the bank’s strategic direction and resilience.