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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, parent company of ConnectOne Bank, will announce its second-quarter financial results for 2021 on July 29, 2021, prior to market opening. The announcement will be followed by a conference call at 10:00 a.m. ET, hosted by CEO Frank Sorrentino III and CFO William S. Burns. Interested parties can join the call via dial-in or listen to the audio webcast on the company's website. A replay will be available until August 5, 2021. ConnectOne Bancorp is traded on Nasdaq under the ticker CNOB.
ConnectOne Bancorp reported a net income of $33.0 million for Q1 2021, a significant rise from $6.0 million in Q1 2020. Diluted earnings per share increased to $0.82 from $0.15 year-over-year, primarily due to a $5.8 million recapture of credit loss reserves. The Bank also announced a 22.2% increase in its common stock dividend to $0.11 per share, payable June 1, 2021. The total assets of ConnectOne stood at $7.4 billion as of March 31, 2021, with a tangible common equity ratio of 9.91%.
ConnectOne Bancorp, parent company of ConnectOne Bank, will release its first-quarter financial results for the period ending March 31, 2021, on April 29, 2021, before market opening. A conference call will follow at 10:00 a.m. ET, hosted by CEO Frank Sorrentino III and CFO William S. Burns. Investors can join the call by dialing 201-689-8471 (access code 13718388) or listen via the company's website. A replay will be available after the call until May 6, 2021. ConnectOne Bancorp trades on Nasdaq under the symbol CNOB.
ConnectOne Bancorp reported a net income of $25.6 million for Q4 2020, up from $24.8 million in Q3 2020 and $20.8 million in Q4 2019. Diluted earnings per share were $0.64 in Q4 2020. Full-year net income was $71.3 million, down from $73.4 million in 2019. The net interest margin increased to 3.50%, with total assets rising to $7.6 billion. The Board reinstated a share repurchase program and declared a $0.09 dividend per share. The loan loss provision for Q4 stood at $5.0 million, consistent with previous quarters.
ConnectOne Bancorp (Nasdaq: CNOB) plans to announce its fourth quarter results for the period ending December 31, 2020, on January 28, 2021, before market opening. A conference call hosted by CEO Frank Sorrentino III and CFO William S. Burns will take place at 10:00 a.m. ET on the same day to discuss financial performance and operating results. The public can access the audio webcast via their website. A replay will be available after the call until February 4, 2021.
ConnectOne Bancorp (Nasdaq: CNOB) announced key appointments at ConnectOne Bank, elevating Elizabeth Magennis to President and hiring Michael O’Malley as Executive Vice President and Chief Risk Officer, along with Siya Vansia as Senior Vice President and Chief Brand and Innovation Officer. CEO Frank Sorrentino praised the leadership team, emphasizing its role in supporting future growth through technology and fintech partnerships. The Bank also promoted nine employees to Senior Vice President, further reinforcing its commitment to a people-first culture aimed at enhancing market competitiveness.
ConnectOne Bancorp (Nasdaq: CNOB) reported a net income of $24.8 million for Q3 2020, up from $14.8 million in Q2 2020 and $21.7 million in Q3 2019. Diluted earnings per share rose to $0.62 from $0.37 in Q2 2020. Provisions for loan losses decreased to $5 million from $15 million in Q2, while noninterest expenses dropped to $26.5 million from $33.1 million. Total assets increased to $7.4 billion driven by a surge in loans and the acquisition of BNJ. A cash dividend of $0.09 per share was declared for December 1, 2020.
ConnectOne Bancorp, Inc. (NASDAQ: CNOB) has agreed to sell two leased branch offices in Orange County, NY, to Rhinebeck Bancorp, Inc. The transaction is expected to add over $50 million in deposits for Rhinebeck Bank, enhancing its presence in the region. The deal aligns with ConnectOne's strategy to streamline operations by focusing on banking hubs supported by digital tools. The acquisition is anticipated to close between late Q4 2020 and early Q1 2021, pending regulatory approvals. Financial terms of the deal remain undisclosed.
ConnectOne Bancorp, the parent company of ConnectOne Bank, plans to release its third-quarter financial results on October 29, 2020, before the market opens. Management, including CEO Frank Sorrentino III and CFO William S. Burns, will conduct a conference call at 10:00 a.m. ET on the same day to discuss these results. Investors can access the call by dialing 201-689-8471, access code 13711169, or listen via the company's website. A replay of the call will be available from 1:00 p.m. ET on October 29 until November 5, 2020.
Michael Kempner, Founder and CEO of MWWPR, has been inducted into PRWeek's 2020 Hall of Fame for his significant contributions to the public relations field since founding the agency in 1986. MWWPR has evolved into a major independent firm with a diverse client base. Kempner is recognized for innovative leadership, including implementing a single P&L model and unlimited PTO benefits. He has received numerous accolades, including PR Professional of the Year, and is involved in various community and political initiatives. The induction ceremony will take place on December 3.
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