ConnectOne Bancorp Inc. ( (CNOB) ) has released its Q4 earnings. Here is a breakdown of the information ConnectOne Bancorp Inc. presented to its investors.
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ConnectOne Bancorp, Inc. is a commercial bank operating in the New York Metro area, offering a range of financial services primarily to small and middle-market businesses. The bank also operates BoeFly, a fintech platform connecting franchise borrowers with lenders.
ConnectOne Bancorp, Inc. has reported its financial results for the fourth quarter and full year of 2024, noting a rise in quarterly net income and an increase in diluted earnings per share compared to the previous quarter and the same quarter last year. The company also declared dividends on both common and preferred stocks.
The company saw a 20.5% increase in quarterly net income available to common stockholders, driven by a 2.0% growth in the loan portfolio and a 3.2% increase in core deposits. The net interest margin expanded by 19 basis points, aided by a decrease in deposit costs. Despite these gains, the full-year net income was lower than the previous year, reflecting a challenging economic environment.
Further strategic initiatives include a planned merger with The First of Long Island Corporation, expected to enhance ConnectOne’s presence and growth potential in the New York Metro area. This merger is anticipated to close in the second quarter of 2025.
Looking ahead, ConnectOne Bancorp remains focused on its client-first culture and relationship banking model, positioning itself for continued growth and strengthening its franchise value in the coming year.
