- ConnectOne Bancorp (CNOB, Financial) reports Q1 2025 net income of $18.7 million, stable from Q4 2024 but up 19% year-over-year.
- Net interest margin improved to 2.93%, a 7 basis point increase from the previous quarter.
- Merger with The First of Long Island expected to close in Q2 2025.
ConnectOne Bancorp, Inc. (CNOB) announced its Q1 2025 financial results, highlighting a net income of $18.7 million. This figure shows a slight decrease from $18.9 million in Q4 2024, but a notable increase from $15.7 million in Q1 2024. The diluted earnings per share (EPS) stood at $0.49, consistent with the previous quarter, yet up from $0.41 a year earlier.
The bank's return on average assets was 0.84%, and its return on average tangible common equity was 8.25%. Notably, the net interest margin expanded to 2.93%, attributed to a strengthened balance sheet and favorable interest rate conditions.
In terms of credit quality, nonaccrual loans decreased to 0.61% of total loans, down from 0.69% in the preceding quarter. Quarterly charge-offs remained below 0.18%, reflecting stable credit metrics.
Looking ahead, ConnectOne declared a cash dividend of $0.18 per common share, payable on June 2, 2025, to shareholders of record as of May 15, 2025. Additionally, the company is on track to complete its merger with The First of Long Island in Q2 2025, a strategic move expected to enhance its presence in the New York Metro market.
