ConnectOne Bancorp, Inc. has reported its fourth-quarter and full-year 2024 results, showcasing various financial metrics compared to the previous periods.
In the fourth quarter of 2024, the net income available to common stockholders was $18.9 million, representing a significant increase from $15.7 million in the third quarter of 2024 and $17.8 million in the fourth quarter of 2023. The diluted earnings per share also saw a notable increase to $0.49 in the fourth quarter of 2024 from $0.41 in the third quarter of 2024 and $0.46 in the fourth quarter of 2023.
For the full-year 2024, the net income available to common stockholders decreased to $67.8 million from $81.0 million in 2023. The diluted earnings per share for the full-year 2024 were $1.76, down from $2.07 for the full-year 2023.
Return on average assets was 0.84% for the fourth quarter of 2024, compared to 0.70% for the third quarter of 2024 and 0.79% for the fourth quarter of 2023. Return on average tangible common equity also saw fluctuations, standing at 8.27% for the fourth quarter of 2024, 6.93% for the third quarter of 2024, and 8.18% for the fourth quarter of 2023.
Operating net income available to common stockholders, excluding non-operating items, was $20.2 million for the fourth quarter of 2024, $16.1 million for the third quarter of 2024, and $19.1 million for the fourth quarter of 2023. Similarly, operating diluted earnings per share were $0.52 for the fourth quarter of 2024, $0.42 for the third quarter of 2024, and $0.49 for the fourth quarter of 2023.
ConnectOne Bancorp's fully taxable equivalent net interest income for the fourth quarter of 2024 increased by $3.8 million, or 6.3%, from the third quarter of 2024, reaching $64.7 million. The company also reported an increase of $3.0 million, or 4.7%, in net interest income for the fourth quarter of 2024 compared to the same period in 2023.
Noninterest income, however, saw fluctuations, standing at $3.7 million in the fourth quarter of 2024, $4.7 million in the third quarter of 2024, and $4.2 million in the fourth quarter of 2023. Noninterest expenses amounted to $38.5 million for the fourth quarter of 2024, slightly lower than the $38.6 million for the third quarter of 2024 but higher than the $37.8 million for the fourth quarter of 2023.
The provision for credit losses increased to $3.5 million for the fourth quarter of 2024 from $3.8 million in the third quarter of 2024 and $2.7 million in the fourth quarter of 2023.
ConnectOne Bancorp's total assets remained stable at $9.880 billion as of December 31, 2024, compared to $9.856 billion as of December 31, 2023. Loans receivable were $8.275 billion as of December 31, 2024, slightly decreasing from $8.345 billion as of December 31, 2023. Total deposits increased to $7.820 billion as of December 31, 2024, from $7.536 billion as of December 31, 2023.
The company's total stockholders' equity increased to $1.242 billion as of December 31, 2024, compared to $1.217 billion as of December 31, 2023.
Today the company's shares have moved 3.6% to a price of $24.69. For the full picture, make sure to review ConnectOne Bancorp's 8-K report.
