Financial Performance - Net income available to common stockholders for Q4 2024 was $18.9 million, a 20.5% increase from Q3 2024 and a 6.2% increase from Q4 2023[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] - Full-year 2024 net income available to common stockholders was $67.8 million, down from $81.0 million in 2023[1] - Operating net income for Q4 2024 was $20.2 million, up from $16.1 million in Q3 2024 and $19.1 million in Q4 2023[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, were $1.77, down from $2.08 in 2023, reflecting a decrease of 14.9%[24] Interest Income and Margin - Fully taxable equivalent net interest income for Q4 2024 was $64.7 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 $233,537 thousand for the year ended December 31, 2024, down from $246,906 thousand in 2023, representing a decline of 5.4%[24] - The company reported a net interest income of $517,889 thousand for the year ended December 31, 2024, compared to $490,065 thousand in 2023, showing an increase of 5.7%[24] - Net interest income for Q4 2024 was $64,711 thousand, an increase of 3.0% compared to $60,887 thousand in Q3 2024[28] - Net interest income (tax equivalent basis) increased to $65,593 thousand from $62,627 thousand, showing a growth of 4.73%[31] Assets and Liabilities - Total assets as of December 31, 2024, were $9.880 billion, an increase from $9.856 billion a year earlier[14] - 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 approximately 0.24%[23] - The company’s total liabilities were $8,637,896 thousand as of December 31, 2024, slightly down from $8,638,983 thousand in 2023, indicating a marginal decrease of 0.01%[23] - Total assets decreased slightly to $9,653,446 thousand from $9,742,853 thousand[36] Deposits and Loans - Total deposits rose to $7,820,114 thousand as of December 31, 2024, up from $7,536,202 thousand a year earlier, indicating an increase of 3.77%[23] - Total loans reached $8,275,553 thousand, reflecting an increase of 2.0% from $8,111,976 thousand in the previous quarter[26] - Loans receivable increased to $8,345,145 thousand from $8,297,957 thousand, reflecting a growth of 0.6% quarter-over-quarter[34] Credit Quality - Nonperforming assets were $57.3 million as of December 31, 2024, representing 0.58% of total assets[13] - The allowance for credit losses was 1.00% of loans receivable as of December 31, 2024, compared to 0.98% a year earlier[13] - The provision for credit losses increased to $13,800 thousand for the year ended December 31, 2024, compared to $8,200 thousand in 2023, marking a rise of 68.3%[24] - Nonperforming assets increased to $57,310 thousand from $52,524 thousand, indicating a rise in asset quality concerns[33] - Nonaccrual loans as a percentage of loans receivable rose to 0.63% from 0.57% in the previous quarter[34] Operational Efficiency - 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] - Noninterest expenses totaled $38,498 thousand in Q4 2024, a decrease from $38,641 thousand in Q3 2024[28] - The operating efficiency ratio (non-GAAP) improved to 52.9%, down from 53.4%, indicating enhanced operational efficiency[31] Equity and Shareholder Value - The company reported a total stockholders' equity of $1,241,704 thousand as of December 31, 2024, up from $1,239,496 thousand in the previous quarter[26] - Book value per share (GAAP) increased to $29.47 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]
CONNECTONE BN(CNOBP) - 2024 Q4 - Annual Results