ConnectOne Bancorp (NASDAQ: CNOB), a leading New York Metro community bank, saw its stock surge 5.04% in pre-market trading on Thursday, January 30, 2025, following the release of its impressive fourth quarter 2024 financial results.

The bank reported a 20.5% quarter-over-quarter and a 6.2% year-over-year increase in net income available to common stockholders. The strong performance was driven by significant margin expansion, loan growth of 2.0%, and core deposit growth of 3.2%.

ConnectOne's net interest margin improved by nearly 20 basis points to 2.86%, benefiting from a more than 25 basis-point improvement in its cost of deposits. The company's credit quality metrics remained solid, with stable levels of charge-offs, nonaccruals, delinquencies, and classified loans expected to continue.

In addition to the robust financial results, ConnectOne's proposed merger with The First of Long Island Corporation, announced earlier, is progressing as planned. The strategic rationale behind this financially attractive transaction remains compelling, positioning the combined entity as a premier New York Metro community bank with enhanced presence on Long Island and sustainable growth prospects.

ConnectOne's Chairman and CEO, Frank Sorrentino, expressed optimism about the company's operating momentum, bolstered by improving industry fundamentals, favorable economic conditions, and a potentially more supportive regulatory environment. The bank remains focused on its client-first culture and relationship banking model, well-positioned to grow and strengthen its valuable franchise.