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About ConnectOne Bancorp Inc. (CNOB)
ConnectOne Bancorp Inc., traded on the Nasdaq Global Market under the symbol CNOB, is a modern financial services company headquartered in New Jersey. The company operates through its primary subsidiary, ConnectOne Bank, a New Jersey-chartered commercial bank, and its fintech subsidiary, BoeFly, Inc.. ConnectOne Bank provides a comprehensive suite of banking and lending products tailored to meet the needs of small to middle-market businesses, entrepreneurs, and individuals. BoeFly, Inc., on the other hand, serves as a fintech marketplace connecting franchise borrowers with funding solutions via a network of partner banks, showcasing the company's commitment to leveraging technology for financial innovation.
Core Business Model
ConnectOne Bancorp’s business model is centered around its relationship-banking approach, which prioritizes personalized financial solutions and long-term client partnerships. The bank generates revenue primarily through interest income from loans and investments, complemented by non-interest income from services such as SBA loan sales, deposit-related fees, and wealth management offerings. Its loan portfolio is diversified across commercial real estate, multifamily properties, business loans, and consumer lending, with a focus on maintaining strong asset quality and risk management practices.
Industry Context and Market Position
Operating within the highly competitive financial services industry, ConnectOne Bancorp distinguishes itself through its focus on client-centric banking, innovative fintech solutions, and a commitment to community development. The company serves as a critical financial partner for small and medium-sized businesses in the New York Metro area and beyond. Its strategic expansion into Long Island through the planned merger with The First of Long Island Corporation underscores its ambition to strengthen its geographic footprint and broaden its client base.
Competitive Advantages
- Relationship-Banking Model: ConnectOne emphasizes personalized client service, fostering trust and loyalty among its customers.
- Diversified Revenue Streams: The company balances traditional banking income with fintech-driven non-interest income sources, such as loan sales and technology-driven solutions.
- Technological Innovation: Through its fintech subsidiary BoeFly, ConnectOne integrates digital capabilities to streamline lending processes and enhance client experiences.
- Strong Asset Quality: The company maintains disciplined credit risk management, ensuring a sound loan portfolio and stable financial performance.
Client-Centric Philosophy
ConnectOne Bancorp operates with a mission to be “a better place to be” for its clients, communities, employees, and shareholders. This philosophy drives its efforts to provide creative financial solutions, invest in technology, and support community development initiatives. As an Equal Housing and Equal Opportunity Lender and a member of the Federal Deposit Insurance Corporation (FDIC), the company upholds high standards of trust and reliability.
Future Outlook
While ConnectOne Bancorp faces industry challenges such as interest rate fluctuations and regulatory pressures, its strategic focus on relationship banking, geographic expansion, and fintech innovation positions it for sustained growth. The planned merger with The First of Long Island Corporation is expected to create a stronger platform for growth, enhancing its presence in the New York Metro area and delivering value to clients and shareholders alike.
ConnectOne Bancorp (CNOB) and The First of Long Island (FLIC) shareholders have approved their proposed merger at separate special meetings. The transaction is expected to close in Q2 2025, pending regulatory approval. The combined entity will operate under the ConnectOne brand, creating a premier New York-metro community bank with approximately $14 billion in total assets, $11 billion in total deposits, and $11 billion in total loans.
The merger will position ConnectOne among the top 5 banks on Long Island by deposit market share. Chris Becker, current CEO of First of Long Island, will become Vice Chairman of ConnectOne following the transaction's completion.
ConnectOne Bancorp (CNOB) reported Q4 2024 net income of $18.9 million, up from $15.7 million in Q3 2024 and $17.8 million in Q4 2023. Diluted EPS reached $0.49, compared to $0.41 in Q3 2024 and $0.46 in Q4 2023.
The bank showed strong performance with a 2.0% quarterly loan portfolio growth and 3.2% core deposits growth. The net interest margin improved by nearly 20 basis points, benefiting from reduced deposit costs. The company maintained stable credit quality and increased tangible book value.
Full-year 2024 net income was $67.8 million ($1.76 per share), down from $81.0 million ($2.07 per share) in 2023. The Board declared a quarterly cash dividend of $0.18 per common share and $0.328125 per preferred share depositary share.
The company's planned merger with The First of Long Island is progressing as expected, with closing anticipated in Q2 2025.
ConnectOne Bancorp (Nasdaq: CNOB) has announced it will release its fourth quarter 2024 financial results before market opening on Thursday, January 30, 2025. The company will host a conference call and audio webcast at 10:00 a.m. ET on the same day to discuss the results.
The earnings call will be led by Chairman and CEO Frank Sorrentino III and CFO William S. Burns. Investors can join via phone at 1 (646) 307-1963 using access code 1691400. An audio webcast will be available through the company's website. A replay of the call will be accessible from 1:00 p.m. ET on January 30 until February 6, 2025.
ConnectOne Bancorp reported net income of $15.7 million for Q3 2024, down from $17.5 million in Q2 2024 and $19.9 million in Q3 2023. Diluted EPS was $0.41, compared to $0.46 in Q2 and $0.51 in Q3 2023. The decrease was primarily due to increased provision for credit losses, higher noninterest expenses, and decreased net interest income. The company announced a planned merger with The First of Long Island and declared a cash dividend of $0.18 per common share. The net interest margin was 2.67%, with expectations of a 10 basis point increase in Q4 2024.
ConnectOne Bancorp, Inc. (Nasdaq: CNOB), parent company of ConnectOne Bank, has announced plans to release its third quarter 2024 results before market opening on Thursday, October 24, 2024. The company will host a conference call and audio webcast at 10:00 a.m. ET on the same day to discuss financial performance and operating results.
The call will be hosted by Chairman and CEO Frank Sorrentino III and Senior Executive VP and CFO William S. Burns. Interested parties can dial in at 1 (646) 307-1963 with access code 5504182. An audio webcast will be available on the company's website. A replay of the call will be accessible from approximately 1:00 p.m. ET on October 24 until October 31, 2024.
ConnectOne Bancorp (Nasdaq: CNOB) and The First of Long Island (Nasdaq: FLIC) have announced a merger agreement. The combined company will operate under the ConnectOne brand, with approximately $14 billion in total assets. First of Long Island shareholders will receive 0.5175 shares of ConnectOne common stock for each FLIC share, valuing the transaction at about $284 million.
The merger will significantly expand ConnectOne's presence on Long Island, with 30% of the pro forma deposit franchise located in Nassau and Suffolk Counties. The transaction is expected to be 36% accretive to ConnectOne's earnings per share in 2025, with a tangible book value per share dilution of 12% and an earnback period of about 2.9 years.
The deal is anticipated to close in mid-2025, subject to shareholder and regulatory approvals. ConnectOne plans to raise approximately $100 million in subordinated debt prior to closing.
ConnectOne Bancorp (Nasdaq: CNOB) reported Q2 2024 net income of $17.5 million, up from $15.7 million in Q1 2024 but down from $19.9 million in Q2 2023. Diluted EPS was $0.46, compared to $0.41 in Q1 2024 and $0.51 in Q2 2023. The increase from Q1 2024 was primarily due to a decrease in provision for credit losses and increases in net interest income and noninterest income. The decrease from Q2 2023 was mainly due to lower net interest income and higher noninterest expenses.
Key highlights include:
- Net interest margin widened to 2.72% from 2.64% in Q1 2024
- Client deposit balances increased ~7% annualized
- Loan portfolio decreased due to higher pay-downs and pay-offs
- Declared cash dividend of $0.18 per common share
- Nonperforming assets decreased to 0.47% of total assets
ConnectOne Bancorp (NASDAQ: CNOB), the parent company of ConnectOne Bank, will release its second quarter financial results on July 25, 2024, before the market opens. A conference call and audio webcast to discuss these results will follow at 10:00 a.m. ET the same day. The call will be hosted by Chairman and CEO Frank Sorrentino III and CFO William S. Burns. The dial-in number is (646) 307-1963 with access code 8868797. An audio webcast will be accessible via the company's website, with a replay available from 1:00 p.m. ET on July 25, 2024, until August 1, 2024. The webcast archive will remain online post-call.
ConnectOne Bank, the wholly-owned depository subsidiary of ConnectOne Bancorp, announced the addition of veteran financial services consultant Susan O'Donnell to its Board of Directors. O'Donnell, with 30 years of experience in advising banks and financial institutions, brings expertise in executive and board compensation, governance, and long-term strategic planning. CEO Frank Sorrentino highlighted her strategic mindset and leadership skills as key assets to drive sustainable growth for ConnectOne. O'Donnell is expected to contribute significantly to the bank's forward-looking strategies and technological innovations aimed at better serving clients.
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