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. reports commercial banking results and corporate updates as the parent company of ConnectOne Bank and the bank’s fintech subsidiary, BoeFly, Inc. ConnectOne Bank offers banking and lending products focused on small to middle-market businesses, while BoeFly connects franchise borrowers with funding solutions through a network of partner banks.
Recurring developments include net interest margin trends, loan growth, credit performance, operating expenses, tangible book value, common and preferred dividends, share repurchases, branch network actions and integration following the completed merger with The First of Long Island Corporation.
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.
ConnectOne Bancorp, Inc. (Nasdaq: CNOB) will announce its second quarter results on July 30, 2020, before market opening. A conference call hosted by Chairman Frank Sorrentino III and CFO William S. Burns will take place at 10:00 a.m. ET on the same day to discuss the company's financial performance. Interested parties can join the call by dialing 412-317-6026, access code 10146235. A replay will be available later that day and until August 6, 2020. ConnectOne Bancorp offers a wide range of banking services in New York and New Jersey, and more information can be found on their website.
ConnectOne Bancorp (Nasdaq: CNOB) announced the pricing of a public offering of $75 million in 5.750% Fixed-to-Floating Rate Subordinated Notes due 2030. The public will purchase the Notes at 100% of their principal amount, with interest accruing at 5.750% until June 15, 2025, and a floating rate thereafter. The offering is expected to close on June 15, 2020. The estimated net proceeds of approximately $73.6 million will be used to redeem existing subordinated notes and support growth initiatives for ConnectOne Bank.
Summary not available.