ConnectOne Bancorp, Inc. reported net income available to common stockholders of $15.7 million for the third quarter of 2024, a decrease from $17.5 million in the second quarter of 2024 and $19.9 million in the third quarter of 2023. Diluted earnings per share were $0.41, compared to $0.46 in the prior quarter and $0.51 in the same quarter last year. Operating diluted earnings per share, which exclude non-operating items, were $0.42 for the quarter.
The company's fully taxable equivalent net interest income was $61.7 million, a slight decrease of $0.5 million from the second quarter of 2024, with the net interest margin contracting by five basis points to 2.67%. Noninterest income increased to $4.7 million, up $0.3 million from the previous quarter, while noninterest expenses rose to $38.6 million, including $0.7 million in merger and restructuring expenses. The provision for credit losses increased to $3.8 million.
ConnectOne's management noted that the planned merger with The First of Long Island Corporation was announced in September, with integration planning and the initial regulatory process underway. The company anticipates its net interest margin to increase by 10 basis points or more in the fourth quarter of 2024, driven by expected Federal Reserve rate cuts and the deployment of excess cash-on-hand. The tangible common equity ratio improved to 9.71%, and tangible book value per share reached $23.85.
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