ConnectOne Bancorp(CNOB) - 2024 Q4 - Annual Results

Financial Performance - Net income available to common stockholders for Q4 2024 was $18.9 million, a 20.5% increase quarter-over-quarter and a 6.2% increase year-over-year[1]. - Diluted earnings per share for Q4 2024 were $0.49, compared to $0.41 in Q3 2024 and $0.46 in Q4 2023[1]. - Operating net income for Q4 2024 was $20.2 million, with operating diluted earnings per share at $0.52[2]. - Net income for the year ended December 31, 2024, was $73,793 thousand, a decrease of 15.1% from $87,003 thousand in 2023[24]. - Earnings per common share for the year ended December 31, 2024, was $1.77, a decrease of 14.9% from $2.08 in 2023[24]. - Noninterest income for the year ended December 31, 2024, was $16,728 thousand, an increase of 19.4% from $14,001 thousand in 2023[24]. Income and Expenses - Noninterest income for Q4 2024 was $3.7 million, a decrease from $4.7 million in Q3 2024 and $4.2 million in Q4 2023[8]. - Noninterest expenses totaled $151,798 thousand for the year ended December 31, 2024, an increase of 5.4% from $143,949 thousand in 2023[24]. - Total noninterest expenses were $38,498 thousand in Q4 2024, a decrease of 0.4% compared to $38,641 thousand in Q3 2024[28]. Interest Income and Margin - Fully taxable equivalent net interest income for Q4 2024 was $64.7 million, a 6.3% increase from Q3 2024, driven by a 19 basis-point widening of the net interest margin to 2.86%[6]. - Net interest income for Q4 2024 was $64,711 thousand, an increase of 3.0% compared to $60,887 thousand in Q3 2024[28]. - The company reported a net interest income of $247,337 thousand for the year ended December 31, 2024, down from $255,106 thousand in 2023, a decrease of 3.1%[24]. - Net interest income after provision for credit losses was $233,537 thousand for the year ended December 31, 2024, down from $246,906 thousand in 2023, representing a decline of 5.4%[24]. Assets and Liabilities - Total assets as of December 31, 2024, were $9.880 billion, an increase from $9.856 billion as of December 31, 2023[14]. - The company’s total liabilities were $8,637,896 thousand as of December 31, 2024, slightly down from $8,638,983 thousand in 2023[23]. - Total assets increased to $9,879,600 thousand as of December 31, 2024, compared to $9,855,603 thousand as of December 31, 2023, reflecting a growth of 0.24%[23]. Deposits and Loans - Total deposits increased to $7.820 billion as of December 31, 2024, up from $7.536 billion as of December 31, 2023[14]. - Total deposits rose to $7,820,114 thousand as of December 31, 2024, up 3.77% from $7,536,202 thousand in 2023[23]. - Total loans reached $8,275,553 thousand as of December 31, 2024, reflecting an increase of 2.0% from $8,111,976 thousand in the previous quarter[26]. Credit Losses and Asset Quality - The provision for credit losses for Q4 2024 was $3.5 million, compared to $3.8 million in Q3 2024 and $2.7 million in Q4 2023[12]. - The provision for credit losses increased to $13,800 thousand for the year ended December 31, 2024, compared to $8,200 thousand in 2023, indicating a rise of 68.3%[24]. - Nonperforming assets increased to $57,310 thousand from $52,524 thousand, reflecting a rise in asset quality concerns[33]. - Nonperforming assets as a percentage of total assets increased to 0.53%, compared to 0.48% in the previous quarter[34]. Merger and Future Outlook - The proposed merger with The First of Long Island Corporation is expected to close in Q2 2025, enhancing ConnectOne's presence in Long Island[3].