Quarterly ResultMay 5, 2026, 04:09 PM
ConnectOne Bancorp Q1 Net Income $36.3M, EPS $0.72
AI Summary
ConnectOne Bancorp, Inc. reported strong financial results for the first quarter ended March 31, 2026, with net income available to common stockholders increasing significantly to $36.3 million, or $0.72 per diluted share, compared to $18.7 million, or $0.49 per diluted share, in the prior year. This growth was primarily driven by a substantial rise in net interest income. The company also provided updates on its acquisition of The First of Long Island Corporation, completed in June 2025, noting that measurement period adjustments for the business combination are substantially complete.
Key Highlights
- Net income available to common stockholders increased to $36.313 million for Q1 2026, up from $18.733 million in Q1 2025.
- Diluted earnings per common share rose to $0.72 for Q1 2026, compared to $0.49 in Q1 2025.
- Net interest income grew to $108.804 million for Q1 2026, from $65.756 million in Q1 2025.
- Total assets reached $14.209 billion as of March 31, 2026, up from $14.002 billion as of December 31, 2025.
- Total deposits increased to $11.513 billion as of March 31, 2026, from $11.240 billion as of December 31, 2025.
- Loans receivable, net of allowance, grew to $11.582 billion as of March 31, 2026, from $11.298 billion as of December 31, 2025.
- Provision for credit losses was $5.200 million for Q1 2026, compared to $3.500 million in Q1 2025.
- Total noninterest expenses were $57.869 million for Q1 2026, up from $39.305 million in Q1 2025.