Welcome to our dedicated page for Connectone Bancorp news (Ticker: CNOB), a resource for investors and traders seeking the latest updates and insights on Connectone Bancorp stock.
ConnectOne Bancorp Inc. (CNOB) delivers innovative banking solutions through its ConnectOne Bank and BoeFly fintech platforms. This news hub provides investors and business clients with essential updates on the company's financial performance, strategic initiatives, and market developments.
Access timely reports on earnings announcements, merger activity, and regulatory filings alongside insights into commercial lending trends and technology-driven banking solutions. Our curated news collection helps stakeholders monitor CNOB's relationship-banking model, geographic expansion efforts, and commitment to small business support.
Key coverage areas include quarterly financial results, leadership changes, SBA loan program updates, and fintech innovation through BoeFly's lending marketplace. Bookmark this page for reliable updates on CNOB's position in the competitive New York Metro banking landscape and its FDIC-insured services.
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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