ConnectOne Bancorp Reports Steady Growth Amid Market Changes, Declares Dividends
ENGLEWOOD CLIFFS, N.J.On January 30, 2025, ConnectOne Bancorp, Inc.(Nasdaq: CNOB), parent company of ConnectOne Bank, released its financial results for the fourth quarter and full-year 2024, showcasing a steady performance amid evolving market conditions.The report revealed significant figures in net income and earnings per share, underscoring the institution s resilience and strategic direction.
For the fourth quarter, net income available to common stockholders reached $18.9 million, a respectable increase from $15.7 million in the third quarter of 2024 and an increase from $17.8 million in the same quarter last year.Diluted earnings per share also rose to $0.49 for the fourth quarter, compared to $0.41 in the prior quarter and $0.46 in the year-ago quarter.The firm reported a full-year net income by common stockholders of $67.8 million, down from $81.0 million for the full year 2023, with diluted earnings per share at $1.76 compared to $2.07 in 2023.
Return on average assets showed an upward trend, reflecting the bank s operational efficiency, with figures of 0.84%, 0.70%, and 0.79% for the last three months of 2024, the previous quarter, and the same period of 2023, respectively.Additionally, the return on average tangible common equity demonstrated a similar growth, highlighting the bank s robust financial position.
These results come in context with ConnectOne Bancorp s recent announcement made on September 5, 2024, regarding its plans to bolster its presence on Long Island through a merger with The First of Long Island Corporation.This strategic move indicates the bank s commitment to expanding its footprint, providing new opportunities for growth, and strengthening its market position amidst an increasingly competitive banking environment.
As of now, ConnectOne Bancorp Inc.stock is trading on the NASDAQ at 7.8% above its 52-week average.With a year-to-date performance of 3.26%, the stock reflects an optimistic outlook among investors, reinforcing confidence in the company’s future direction.
In a further show of confidence in its financial health and commitment to its shareholders, ConnectOne Bancorp declared common and preferred dividends, cementing its dedication to returning value to investors even in a shifting economic climate.
Overall, ConnectOne Bancorp s fourth quarter and full-year results signal a determination to navigate the intricacies of the current financial landscape while continuing to seek growth opportunities, making it an institution to watch in the evolving banking sector.
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