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ConnectOne Bancorp Inc. (NASDAQ: CNOB) is a forward-thinking financial services company, operating primarily through its subsidiary, ConnectOne Bank, and the bank's fintech subsidiary, BoeFly, Inc. As a high-performing commercial bank, ConnectOne offers a comprehensive suite of banking and lending products and services tailored to small to middle-market businesses. The company's commitment to building lasting relationships with clients, focusing on their prosperity, and addressing their unique needs is core to its operations.
Headquartered in New Jersey, ConnectOne Bank is recognized for its client-first approach and innovative financial solutions. The bank provides a range of services including lending, depository, and other financial services to commercial, industrial, and governmental customers. Managed as a community bank, it generates revenue primarily through net interest income.
Throughout challenging economic conditions, ConnectOne has demonstrated resilience and steadfast operational performance. As of March 31, 2024, the company reported total assets of $9.854 billion, with loans receivable standing at $8.298 billion, and total deposits at $7.589 billion. The tangible common equity ratio remained robust at 9.25%, while the tangible book value per share increased to $23.26. The bank's strong capital and liquidity positions, alongside prudent expense management, have reinforced its stability and long-term profitability.
Recent achievements include the steady growth in core client deposits, the reduction of brokered and uninsured deposit liabilities, and a stable net interest margin. ConnectOne's loan portfolio saw disciplined growth, with a focus on maintaining sound credit performance. The bank continues to invest in technology, enhancing client experience and operational efficiency, and has successfully expanded its SBA lending platform.
Key financial metrics for the first quarter of 2024 include:
- Net interest income: $61.1 million
- Noninterest income: $3.9 million
- Net interest margin: 2.64%
- Noninterest expenses: $37.1 million
- Provision for credit losses: $4.0 million
- Effective tax rate: 25.5%
ConnectOne's leadership team continues to pursue growth opportunities, optimize staffing, and manage expenses prudently. The company's strategic focus remains on leveraging its results-oriented, client-centric culture while maintaining financial discipline.
The company regularly enhances shareholder value through dividends and share repurchase programs. As part of its commitment to sustainable growth, ConnectOne declared an increased quarterly cash dividend on its common stock, reflecting confidence in its future prospects.
ConnectOne Bancorp, Inc. is traded on the Nasdaq Global Market under the trading symbol “CNOB” and further information about the company can be found at https://www.connectonebank.com.
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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