Financial Performance - Net income available to common stockholders for Q4 2024 was 18.9million,a20.50.49, compared to 0.41inQ32024and0.46 in Q4 2023[1] - Full-year 2024 net income available to common stockholders was 67.8million,downfrom81.0 million in 2023[1] - Operating net income for Q4 2024 was 20.2million,upfrom16.1 million in Q3 2024 and 19.1millioninQ42023[2]−NetincomefortheyearendedDecember31,2024,was73,793 thousand, a decrease of 15.1% from 87,003thousandin2023[24]−EarningspercommonsharefortheyearendedDecember31,2024,were1.77, down from 2.08in2023,reflectingadecreaseof14.964.7 million, a 6.3% increase from Q3 2024[6] - The bank's net interest margin improved to 2.86% in Q4 2024, up from 2.67% in Q3 2024[6] - Net interest income after provision for credit losses was 233,537thousandfortheyearendedDecember31,2024,downfrom246,906 thousand in 2023, representing a decline of 5.4%[24] - The company reported a net interest income of 517,889thousandfortheyearendedDecember31,2024,comparedto490,065 thousand in 2023, showing an increase of 5.7%[24] - Net interest income for Q4 2024 was 64,711thousand,anincreaseof3.060,887 thousand in Q3 2024[28] - Net interest income (tax equivalent basis) increased to 65,593thousandfrom62,627 thousand, showing a growth of 4.73%[31] Assets and Liabilities - Total assets as of December 31, 2024, were 9.880billion,anincreasefrom9.856 billion a year earlier[14] - Total assets increased to 9,879,600thousandasofDecember31,2024,comparedto9,855,603 thousand as of December 31, 2023, reflecting a growth of approximately 0.24%[23] - The company’s total liabilities were 8,637,896thousandasofDecember31,2024,slightlydownfrom8,638,983 thousand in 2023, indicating a marginal decrease of 0.01%[23] - Total assets decreased slightly to 9,653,446thousandfrom9,742,853 thousand[36] Deposits and Loans - Total deposits rose to 7,820,114thousandasofDecember31,2024,upfrom7,536,202 thousand a year earlier, indicating an increase of 3.77%[23] - Total loans reached 8,275,553thousand,reflectinganincreaseof2.08,111,976 thousand in the previous quarter[26] - Loans receivable increased to 8,345,145thousandfrom8,297,957 thousand, reflecting a growth of 0.6% quarter-over-quarter[34] Credit Quality - Nonperforming assets were 57.3millionasofDecember31,2024,representing0.5813,800 thousand for the year ended December 31, 2024, compared to 8,200thousandin2023,markingariseof68.357,310 thousand from 52,524thousand,indicatingariseinassetqualityconcerns[33]−Nonaccrualloansasapercentageofloansreceivableroseto0.63151,798 thousand for the year ended December 31, 2024, an increase of 5.4% from 143,949thousandin2023[24]−Noninterestexpensestotaled38,498 thousand in Q4 2024, a decrease from 38,641thousandinQ32024[28]−Theoperatingefficiencyratio(non−GAAP)improvedto52.91,241,704 thousand as of December 31, 2024, up from 1,239,496thousandinthepreviousquarter[26]−Bookvaluepershare(GAAP)increasedto29.47 from $28.70, reflecting a positive trend in shareholder equity[33] - Common equity ratio (GAAP) decreased slightly to 11.45% from 11.71%, reflecting a minor decline in capital adequacy[33] Future Outlook - The proposed merger with The First of Long Island Corporation is expected to close in Q2 2025, enhancing ConnectOne's presence on Long Island[3]
