ConnectOne Bancorp, Inc. reported significant financial growth for the first quarter of 2026, with net income available to common stockholders reaching $36.3 million, a substantial increase from $18.7 million in the same period last year. This growth translated to diluted earnings per share of $0.72, up from $0.49 in the prior year. The increase in net income was primarily driven by a $43 million rise in net interest income, which totaled $108.8 million, and a $2.3 million increase in noninterest income, totaling $6.8 million. However, these gains were partially offset by a $18.6 million rise in noninterest expenses, which amounted to $57.9 million, and a $7.5 million increase in income tax expenses.
The company's total assets increased to $14.2 billion as of March 31, 2026, compared to $14.0 billion at the end of 2025. This growth was largely attributed to the full impact of the acquisition of The First of Long Island Corporation (FLIC), which was completed in June 2025. The merger added significant scale to ConnectOne's operations, contributing to a 2.5% increase in gross loans, which reached $11.7 billion. The commercial real estate portfolio was a key driver of this growth, reflecting continued lending activity within the expanded market footprint.
Operationally, ConnectOne Bancorp saw a notable increase in its deposit base, with total deposits rising to $11.5 billion, up from $11.2 billion at the end of 2025. This increase was primarily due to a $0.2 billion rise in time deposits and a $0.1 billion increase in demand deposits. The company also reported a significant rise in average total deposits, which increased by $3.6 billion, or 47%, compared to the prior-year period, largely due to the FLIC merger. The average cost of deposits decreased to 2.36% from 2.85% year-over-year, reflecting a favorable shift in the deposit mix.
Looking ahead, ConnectOne Bancorp remains optimistic about its growth trajectory, bolstered by the strategic benefits of the FLIC acquisition and ongoing operational enhancements. The company is focused on managing its interest rate risk and maintaining a solid capital foundation, with a tangible common equity ratio of 8.64% as of March 31, 2026. Management anticipates that the integration of FLIC will continue to yield operational efficiencies and revenue growth, positioning the company favorably in the competitive banking landscape.
About ConnectOne Bancorp, Inc.
ConnectOne Bancorp, Inc. is a bank holding company primarily operating through its subsidiary, ConnectOne Bank, a commercial bank serving small and mid-sized businesses, professionals, and individuals in the New York metropolitan area and South Florida. It offers a broad range of deposit, loan, and banking services, leveraging technology and a branch-lite model to provide efficient, relationship-based banking and fintech solutions like BoeFly.
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