NASDAQ$CNOB
ConnectOne Bancorp Inc · Q4 2024 earnings
Q4 2024 earnings · · Before market open · Investor relations
Briefing
Reported net income increase, margin expansion, and growth in loans and core deposits.
ConnectOne Bancorp reported a strong fourth quarter in 2024, with a significant increase in net income available to common stockholders, margin expansion, and growth in loans and core deposits. The company is also progressing with its merger with The First of Long Island Corporation.
- Net income available to common stockholders increased by 20.5% quarter-over-quarter and 6.2% year-over-year.
- Loan portfolio grew by 2.0% and core deposits grew by 3.2% quarter-over-quarter.
- Net interest margin improved by nearly 20 basis points due to a decrease in the average costs of deposits.
- Merger with The First of Long Island Corporation is expected to close in the second quarter of 2025.
Headline financials
Revenue & EPS history
ConnectOne Bancorp · Revenue · Quarterly
$64.7M
Forward guidance
ConnectOne expects the net interest margin, excluding any non-operating items, is expected to increase to more than 2.90% in the first quarter of 2025 as a result of further improvement in the cost of funds and the deployment of excess cash-on-hand. The projected tax rate for 2025 is in the range of 26%-27%.
Tailwinds
- Net interest margin expected to increase to more than 2.90% in Q1 2025.
- Improvement in the cost of funds.
- Deployment of excess cash-on-hand.
- Strong operating momentum bolstered by improving industry fundamentals.
- Favorable economic conditions.
Headwinds
- Projected tax rate for 2025 is in the range of 26%-27%.
- Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, those factors set forth in Item 1A – Risk Factors of the Company’s Annual Report on Form 10-K.
- Noninterest income decreased by $1.0 million compared to the third quarter of 2024 due to a decrease in net gains on equity securities and BOLI income.
- Criticized and classified loans as a percentage of loans receivable was 2.66% as of December 31, 2024, up from 2.23% as of September 30, 2024 and 1.35% as of December 31, 2023.
- The merger with The First of Long Island Corporation is subject to regulatory approval and other closing conditions.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2024
+0.3%
Avg return
Earnings day
+1.1%
Avg return
5 days after
+3.3%
Avg return
30 days after
57%
37 / 65 earnings
Positive
+8.7%
Q1 2010
Best reaction
-12.5%
Q1 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.7% | +6.2% | +6.2% | |
| Q4 2025 | -0.9% | -1.1% | -4.7% | |
| Q3 2025 | +0.2% | +1.0% | +5.9% | |
| Q1 2025 | +2.0% | +1.7% | +2.0% | |
| Q4 2024 | +5.2% | +10.2% | +7.1% | |
| Q3 2024 | -4.9% | -3.5% | +9.4% | |
| Q2 2024 | +7.2% | +4.6% | +8.9% | |
| Q1 2024 | -7.2% | -9.2% | +2.5% | |
| Q4 2023 | -1.8% | +1.0% | -14.7% | |
| Q3 2023 | -3.1% | +0.4% | +18.1% | |
| Q2 2023 | +1.7% | +3.9% | -6.0% | |
| Q1 2023 | +0.4% | -6.7% | -11.3% | |
| Q4 2022 | -9.3% | -2.7% | +0.2% | |
| Q3 2022 | +0.2% | -0.5% | +6.2% | |
| Q2 2022 | +5.2% | +7.6% | +4.0% | |
| Q1 2022 | -2.0% | -1.2% | -4.0% | |
| Q4 2021 | -3.0% | -5.3% | -3.9% | |
| Q3 2021 | +6.6% | +7.4% | +4.8% | |
| Q2 2021 | +2.0% | +2.4% | +14.2% | |
| Q1 2021 | +0.7% | +4.0% | +2.7% | |
| Q4 2020 | +7.4% | +13.9% | +17.4% | |
| Q3 2020 | +2.9% | +8.9% | +22.9% | |
| Q2 2020 | -1.7% | -1.0% | +9.3% | |
| Q1 2020 | -12.5% | -13.0% | -10.2% | |
| Q4 2019 | -1.7% | -3.6% | -7.3% | |
| Q3 2019 | +6.6% | +8.6% | +9.9% | |
| Q2 2019 | -1.6% | -1.6% | -13.4% | |
| Q1 2019 | +3.8% | +5.1% | +5.0% | |
| Q4 2018 | +0.1% | -0.4% | +8.7% | |
| Q3 2018 | +3.3% | +6.9% | +3.8% | |
| Q2 2018 | +1.0% | +0.6% | +3.2% | |
| Q1 2018 | -6.5% | -10.3% | -8.4% | |
| Q4 2017 | +2.1% | +3.6% | +4.3% | |
| Q3 2017 | +7.8% | +6.8% | +5.2% | |
| Q2 2017 | -0.9% | +0.7% | +0.0% | |
| Q1 2017 | -9.0% | -7.2% | -10.2% | |
| Q4 2016 | +0.2% | -4.3% | -0.8% | |
| Q3 2016 | +2.5% | +1.9% | +34.3% | |
| Q2 2016 | +7.1% | +8.0% | +8.2% | |
| Q1 2016 | +1.9% | — | — | |
| Q4 2015 | -1.1% | — | — | |
| Q3 2015 | +1.7% | — | — | |
| Q2 2015 | -1.6% | — | — | |
| Q1 2015 | -1.1% | — | — | |
| Q4 2014 | +0.8% | — | — | |
| Q3 2014 | -0.1% | — | — | |
| Q2 2014 | -4.5% | — | — | |
| Q1 2014 | -1.7% | — | — | |
| Q4 2013 | +8.0% | — | — | |
| Q3 2013 | +1.2% | — | — | |
| Q2 2013 | +1.3% | — | — | |
| Q1 2013 | -1.9% | — | — | |
| Q4 2012 | +0.4% | — | — | |
| Q3 2012 | +1.1% | — | — | |
| Q2 2012 | -0.8% | — | — | |
| Q1 2011 | +1.5% | — | — | |
| Q1 2012 | +1.0% | — | — | |
| Q4 2009 | +1.9% | — | — | |
| Q4 2011 | +1.9% | — | — | |
| Q3 2010 | -5.5% | — | — | |
| Q3 2011 | -5.5% | — | — | |
| Q4 2010 | -0.1% | — | — | |
| Q2 2011 | -0.1% | — | — | |
| Q2 2010 | -0.1% | — | — | |
| Q1 2010 | +8.7% | — | — |
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