ConnectOne Bancorp, Inc. reported net income available to common stockholders of $18.9 million for the fourth quarter of 2024, an increase from $15.7 million in the third quarter of 2024 and $17.8 million in the fourth quarter of 2023. Diluted earnings per share for the quarter were $0.49, up from $0.41 in the previous quarter. Operating diluted earnings per share for the fourth quarter stood at $0.52.
For the full year 2024, ConnectOne Bancorp reported total revenue of $250.3 million. Management highlighted that the fourth-quarter results demonstrated continued momentum, with the net interest margin widening meaningfully as anticipated. The company also noted a robust loan pipeline, indicating potential for future growth.
Credit quality trends remained stable during the quarter, and the tangible book value per share continued to build. The loan to deposit ratio declined to 105.6%, and the regulatory Commercial Real Estate (CRE) concentration ratio improved to 420%. The Board of Directors declared a cash dividend of $0.18 per common share and $0.328125 per preferred share.
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