ConnectOne Bancorp, Inc.

Listed Company

CNOBPCIK 0000712771NasdaqLarge AcceleratedState Commercial BanksNew JerseyFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$80.44M

Total Assets

$14.00B

Equity

$1.57B

Shares Out

50.27M

Op. Cash Flow

$106.40M

Business

ConnectOne Bancorp, Inc. is a one-bank holding company that operates primarily through its commercial banking subsidiary, ConnectOne Bank, and other wholly owned subsidiaries. It offers a full suite of deposit, loan and cash-management products and services, including commercial and consumer loans, residential mortgages, SBA lending, treasury services, digital banking and a fintech lending marketplace (BoeFly). Key business components include the Bank, BoeFly, a REIT, investment subsidiaries and a statutory trust. The company serves the New York metropolitan market and surrounding regions, Long Island, the Hudson Valley, New Jersey and extends reach via digital channels and a South Florida office.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and fees on loans	581	478	454	353	294
Taxable	36	19	17	13	4
Tax-exempt	7	5	5	4	2
Dividends	4	4	4	2	971,000
Interest on federal funds sold and other short-term investments	17	13	11	2	405,000
Total interest income	645	518	490	374	302
Deposits	260	245	206	51	25
Borrowings	31	26	29	21	—
Total interest expense	292	271	235	72	—
Net interest income	353	247	255	302	263
Provision for credit losses	47	14	8	18	−6
Net interest income after provision for credit losses	306	234	247	284	268
Deposit, loan and other income	12	7	6	7	7
Defined benefit pension plan curtailment gain	4	0	0	—	—
Employee retention tax credit	7	0	0	—	—
Income on bank owned life insurance	10	7	6	6	5
Net gains on sale of loans held-for-sale	2	3	2	2	4
Net gains (losses) on equity securities	2	2,000	−117,000	−2	−373,000
Total noninterest income	35	17	14	13	16
Salaries and employee benefits	111	90	88	81	64
Occupancy and equipment	17	12	11	10	12
FDIC insurance	9	7	8	3	3
Professional and consulting	11	8	8	8	8
Marketing and advertising	3	2	2	2	1
Information technology and communications	20	18	14	11	11
Restructuring and exit charges	994,000	0	0	—	—
Merger expenses	34	2	0	0	0
Branch closing expenses	1	477,000	0	0	—
Bank owned life insurance restructuring charge	327,000	0	0	—	—
Amortization of core deposit intangible	8	1	1	2	2
Other expenses	13	11	11	9	8
Total noninterest expenses	229	152	144	126	109
Income before income tax expense	113	98	117	171	175
Income tax expense (benefit)	32	25	30	46	45
Net income	80	74	87	125	130
Preferred dividends	6	6	6	6	2
Net income available to common stockholders	74	68	81	119	129
Basic (in dollars per share)	1.64	1.77	2.08	3.03	3.24
Diluted (in dollars per share)	1.63	1.76	2.07	3.01	3.22

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	92	58	61	62	54
Interest-bearing deposits with banks	288	299	181	207	211
Cash and cash equivalents	381	356	243	268	266
Investment securities	1,251	613	—	—	—
Equity securities	19	20	19	16	14
Loans held-for-sale	391,000	743,000	0	14	250,000
Loans receivable	11,453	8,275	—	—	—
Less: Allowance for credit losses - loans	154	83	82	91	—
Net loans receivable	11,299	8,192	—	—	—
Investment in restricted stock, at cost	55	40	51	47	28
Bank premises and equipment, net	55	28	31	28	29
Accrued interest receivable	61	45	49	46	34
Bank owned life insurance	371	244	238	231	196
Right of use operating lease assets	30	14	12	10	11
Goodwill	220	208	208	208	208
Other assets	201	112	119	125	50
Total assets	14,003	9,880	9,856	9,645	8,129
Noninterest-bearing	2,420	1,422	1,259	1,502	1,617
Interest-bearing	8,820	6,398	6,277	5,855	4,716
Total deposits	11,241	7,820	7,536	7,357	6,333
Borrowings	903	688	934	858	468
Subordinated debentures, net of debt issuance costs	202	80	79	153	153
Operating lease liabilities	32	15	13	11	12
Other Liabilities	51	34	77	87	39
Total liabilities	12,429	8,638	8,639	8,466	7,005
COMMITMENTS AND CONTINGENCIES	—	—	—	—	—
$1,000 per share liquidation preference; Authorized 5,000,000 shares; issued 115,000 shares as of December 31, 2025 and as of December 31, 2024; outstanding 115,000 shares as of December 31, 2025 and as of December 31, 2024	111	111	111	111	111
Authorized 100,000,000 shares; issued 54,157,402 shares as of December 31, 2025 and 42,255,865 shares as of December 31, 2024; outstanding 50,271,854 shares as of December 31, 2025 and 38,370,317 as of December 31, 2024	858	587	587	587	587
Additional paid-in capital	39	36	33	30	27
Retained earnings	674	631	591	536	440
Treasury stock, at cost: 3,885,548 common shares as of December 31, 2025 and December 31, 2024	−76	−76	−70	−53	—
Accumulated other comprehensive loss	−32	−48	−35	−32	−1
Total stockholders equity	1,573	1,242	1,217	1,179	1,124
Total liabilities and stockholders equity	14,003	9,880	9,856	9,645	8,129

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization of premises and equipment	6	4	5	4	4
Net accretion of loans	−24	−879,000	−2	−3	−5
Accretion on bank premises	0	−49,000	−49,000	−49,000	−73,000
Amortization (accretion) on deposits	1	−88,000	−279,000	−777,000	−2
Amortization on borrowings	22,000	22,000	21,000	40,000	−36,000
Net deferred income tax (benefit) expense	−3	−2	4	−403,000	16,000
Loss on bank owned life insurance policy exchange	327,000	0	0	—	—
Stock-based compensation	5	5	5	5	5
(Gain) loss on equity securities, net	−2	−2,000	117,000	—	—
Loans originated for resale	−30	−29	−26	−21	−52
Proceeds from sale of loans held-for-sale	33	31	37	28	72
Net loss on disposition of fixed assets	1	477,000	0	22,000	65,000
Net loss on sale of other real estate owned	0	0	22,000	6,000	−18,000
Accretion of cash surrender value of bank owned life insurance	−10	−7	−6	−6	−5
Accretion of discounts and amortization of premium on securities available-for-sale	−746,000	793,000	1	2	6
Amortization of subordinated debt issuance costs	645,000	505,000	1	304,000	303,000
(Increase) decrease in accrued interest receivable	−1	4	−3	−12	1
Net change in operating leases	−1	−155,000	−54,000	−182,000	−769,000
(Increase) decrease in other assets	−11	9	−8	−12	46
Increase (decrease) in other liabilities	8	−40	−9	48	11
Net cash provided by operating activities	106	61	93	177	202
Purchases	−441	−81	−42	−339	−350
Sales	277	0	0	0	0
Maturities, calls and principal repayments	162	70	65	150	286
Purchases of equity securities	−2	−2	−3	−4	−780,000
Proceeds from equity securities sold	4	0	0	—	—
Net redemptions (purchases) of restricted investment in bank stocks	10	11	−5	−19	−3
Loans held-for-sale payments	0	0	25,000	54,000	38,000
Net (increase) decrease in loans	−246	58	−256	−1,293	−596
Proceeds from sale of other real estate owned	0	0	242,000	309,000	321,000
Proceeds from bank owned life insurance	278,000	1	0	0	0
Purchases of premises and equipment	−5	−4	−7	−3	−3
Proceeds from disposition of fixed assets	0	1	0	697,000	113,000
Cash acquired, net of cash consideration paid in acquisition	55	0	0	—	—
Net cash (used in) provided by investing activities	−186	55	−248	−1,543	−690
Net increase in deposits	168	284	180	1,024	376
Proceeds from issuance of subordinated debt	200	0	0	—	—
Redemption of subordinated debt	−75	0	−75	0	−50
Payment of subordinated debt issuance costs	−4	0	0	—	—
Proceeds from FHLB borrowings	966	867	2,947	4,203	340
Repayment of FHLB borrowings	−1,111	−1,112	−2,871	−3,814	−298
Cash dividends paid on preferred stock	−6	−6	−6	−6	−2
Cash dividends paid on common stock	−32	−27	−26	−23	−17
Purchase of treasury stock	0	−6	−17	−13	−9
Proceeds from exercise of stock options	0	0	96,000	124,000	106,000
Share redemption for tax withholdings on performance units and deferred stock units earned	−2	−1	−2	−2	−1
Net cash provided by (used in) financing activities	104	−2	130	1,369	449
Net change in cash and cash equivalents	24	114	−26	3	−38
Interest paid	286	271	231	68	42
Income taxes paid	44	24	32	49	45
Transfer of loans held-for-sale to loans held-for-investment	0	0	16	8	4
Transfer of loans held-for-investment to loans held-for-sale	0	0	11	27	17

Filings

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