ConnectOne Bancorp Reports Significant Growth in Quarterly Net Income and Total Assets

ConnectOne Bancorp, Inc. reported significant financial growth in its latest quarterly results, with net income available to common stockholders reaching $39.5 million for the three months ended September 30, 2025, compared to $15.7 million for the same period in 2024. This translates to diluted earnings per share of $0.78, up from $0.41 year-over-year. The increase in profitability was driven by a $41.1 million rise in net interest income and a $14.7 million increase in noninterest income, although these gains were partially offset by a $20 million rise in noninterest expenses and a $10.3 million increase in income tax expenses.

For the nine months ending September 30, 2025, net income available to common stockholders was $36.4 million, down from $48.9 million in the prior year. The diluted earnings per share for this period was $0.83, compared to $1.27 in 2024. The decline in net income was attributed to a $58.3 million increase in noninterest expenses and a $34.4 million rise in the provision for credit losses, despite a $64 million increase in net interest income and a $16.1 million rise in noninterest income.

The company’s total assets surged to $14.0 billion as of September 30, 2025, a substantial increase from $9.9 billion at the end of 2024. This growth was largely fueled by the acquisition of The First of Long Island Corporation (FLIC), which added significant assets and branches to ConnectOne's portfolio. The merger, completed on June 1, 2025, resulted in a notable increase in the loan portfolio, which reached $11.3 billion, up 36.6% from the previous year. The company also reported a significant increase in total deposits, which rose to $11.4 billion, reflecting a 45.4% increase compared to December 31, 2024.

Operationally, ConnectOne Bancorp has expanded its customer base and product offerings, with a notable increase in interest-bearing deposits and time deposits. The company reported a total of 50,273,089 common shares outstanding as of September 30, 2025, compared to 38,370,317 shares at the end of 2024. The increase in employee headcount and operational expenses was primarily linked to the integration of FLIC's operations.

Looking ahead, ConnectOne Bancorp anticipates continued growth driven by the integration of FLIC and the expansion of its service offerings. However, the company also acknowledges potential challenges, including rising interest rates and competitive pressures in the banking sector. The management remains focused on maintaining a strong capital position, with a tangible common equity ratio of 8.36% as of September 30, 2025, and plans to navigate the evolving market conditions effectively.