ConnectOne Bancorp, Inc. has reported a net loss available to common stockholders of $(21.8) million for the second quarter of 2025, compared with net income available to common stockholders of $18.7 million for the first quarter of 2025 and $17.5 million for the second quarter of 2024. Diluted earnings per share were $(0.52) for the second quarter of 2025, compared with $0.49 for the first quarter of 2025 and $0.46 for the second quarter of 2024.
Operating net income available to common stockholders, which excludes non-operating items, was $23.1 million for the second quarter of 2025, $19.7 million for the first quarter of 2025, and $17.9 million for the second quarter of 2024. Operating diluted earnings per share were $0.55 for the second quarter of 2025, $0.51 for the first quarter of 2025, and $0.47 for the second quarter of 2024.
Fully taxable equivalent net interest income for the second quarter of 2025 was $79.8 million, an increase of $13.2 million from the first quarter of 2025 and $17.6 million from the second quarter of 2024. This was due to a 13 basis-point widening of the net interest margin to 3.06% from 2.93% in the first quarter of 2025, and 34 basis-point widening from 2.72% in the second quarter of 2024. Average interest-earning assets increased due to the merger with Flic.
Noninterest expenses were $73.6 million for the second quarter of 2025, an increase of $34.3 million from the first quarter of 2025 and $36.1 million from the second quarter of 2024. This increase was primarily due to a $29.4 million increase in merger expenses and other factors related to the merger with Flic.
The provision for credit losses was $35.7 million for the second quarter of 2025, compared to $3.5 million for the first quarter of 2025 and $2.5 million for the second quarter of 2024. This increase was due to an initial provision for credit losses related to the merger with Flic.
Total assets were $13.9 billion as of June 30, 2025, compared to $9.9 billion as of December 31, 2024. Loans receivable were $11.2 billion as of June 30, 2025, and total deposits were $11.3 billion as of June 30, 2025. Total stockholders' equity was $1.5 billion as of June 30, 2025, compared to $1.2 billion as of December 31, 2024.
The company's tangible common equity ratio and tangible book value per share were 8.09% and $21.95, respectively, as of June 30, 2025, compared to 9.49% and $23.92, respectively, as of December 31, 2024.
ConnectOne announced a cash dividend on common stock of $0.18 per share to be paid on September 2, 2025, to common stockholders of record on August 15, 2025. A dividend of $0.328125 per depositary share, representing a 1/40th interest in a share of the company’s 5.25% fixed rate reset non-cumulative perpetual preferred stock, series a, will also be paid on September 2, 2025, to holders of record on August 15, 2025. Today the company's shares have moved 1.11% to a price of $24.52. Check out the company's full 8-K submission here.
