ConnectOne Bancorp, Inc. reported a net income of $74.4 million for the fiscal year ending December 31, 2025, reflecting a 9.8% increase from the previous year's net income of $67.8 million. The diluted earnings per share decreased by 7.4% to $1.63, down from $1.76 in 2024. The increase in net income was primarily driven by a significant rise in net interest income, which increased by $105.9 million to $353.3 million, attributed to a 39 basis-point expansion in the net interest margin to 3.11% and a 24.9% increase in average interest-earning assets, largely due to the acquisition of The First of Long Island Corporation (FLIC).
The company's total assets grew to $14.0 billion, a $4.1 billion increase from the previous year, with total loans reaching $11.5 billion, up $3.2 billion. Deposits also saw a substantial increase of $3.4 billion, totaling $11.2 billion. The growth in these figures was significantly influenced by the FLIC merger, which added 36 branch offices and expanded the company's market presence in New York and Long Island. The merger also resulted in an increase in the allowance for credit losses, which rose to $154.3 million from $82.7 million, primarily due to the initial provision for credit losses associated with the acquired loans.
Operationally, ConnectOne Bancorp has focused on enhancing its service offerings and expanding its geographic footprint. The company operates 59 banking offices across New Jersey, New York, and Florida, with a strategic emphasis on serving small to mid-sized businesses and local professionals. The integration of FLIC's operations has been a key focus, with efforts to retain clients and streamline operations post-merger. As of December 31, 2025, the company employed 750 full-time employees, reflecting a 28% increase due to the merger.
Looking ahead, ConnectOne Bancorp anticipates continued growth driven by its strategic initiatives and the integration of FLIC. The company aims to leverage its enhanced asset base and market presence to improve profitability while managing credit risk associated with its commercial real estate loan portfolio, which constitutes a significant portion of its lending activities. The management remains cautious about potential economic challenges that could impact borrowers' repayment capabilities, particularly as a significant portion of the loan portfolio is set to reprice in the coming years.
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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