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On January 23, 2020, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Exhibit 99.1. Press release dated January 23, 2020
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ConnectOne Bancorp, Inc. | ||
| Date: January 23, 2020 | By: | /s/ William S. Burns |
| William S. Burns | ||
| Executive Vice President and Chief Financial Officer | ||
EXHIBIT 99.1
ConnectOne Bancorp, Inc. Reports Fourth Quarter and Year-End 2019 Results
ENGLEWOOD CLIFFS, N.J., Jan. 23, 2020 (GLOBE NEWSWIRE) -- ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of ConnectOne Bank (the “Bank”), today reported net income of $20.8 million for the fourth quarter of 2019 compared with $21.7 million for the third quarter of 2019 and $18.7 million for the fourth quarter of 2018. Diluted earnings per share were $0.59 for the fourth quarter of 2019 compared with $0.61 for in the third quarter of 2019 and $0.58 for in the fourth quarter of 2018. Full-year 2019 net income was $73.4 million, compared with $60.4 million for the full-year 2018. Diluted earnings per share for the full-year 2019 was $2.07, compared with $1.86 for the full-year 2018.
Adjusted net income amounted to $21.4 million, or $0.61 per diluted share, for the fourth quarter of 2019; $21.1 million, or $0.60 per diluted share, for the third quarter of 2019; and $19.1 million, or $0.59 per diluted share, for the fourth quarter of 2018. Adjusted net income excludes $0.6 million, $0.1 million, and $0.7 million in after-tax merger-related expenses for the fourth quarter of 2019, third quarter of 2019 and fourth quarter of 2018, respectively. In addition, adjusted net income excludes $0.9 million in after-tax FDIC small bank assessment credits for the third quarter 2019. See supplemental tables for a complete reconciliation of GAAP earnings to adjusted earnings.
Frank Sorrentino, ConnectOne’s Chairman and Chief Executive Officer, stated, “This past year was one of strategic growth and outstanding execution for ConnectOne. We delivered record earnings and achieved strong deposit and loan growth. Credit quality remains solid while we also continue to be one of the most efficient banks in the country. We’re also pleased with the groundwork we're laying for our continued long-term success and recently crossed over the $7 billion mark in total assets. On January 2, 2020, we completed the acquisition of the approximately $1.0 billion Bancorp of New Jersey, Inc. A financially savvy acquisition, this in-market transaction enhances our desirable franchise and provides attractive in-market growth opportunities. We’re on track to meet, or exceed, all financial metrics disclosed when the transaction was announced and expect to achieve cost savings in excess of the previously announced 60%.”
Mr. Sorrentino added, “We’re very pleased with our fourth quarter results, which reflected continued strong core performance and excellent execution across the organization. We continue to operate with a return on tangible common equity in excess of 15% and a return on assets of approximately 1.40%. New loan originations were $243 million for the quarter, reflecting strong activity in our C&I segment. The strong originations, however, were largely offset by elevated loan payoffs, especially in our construction portfolio, which served to reduce sequential growth in total loans to only 2.1% annualized, which is well below our historical trend. Our pipeline remains strong and we continue to target a future growth rate in the 7.5%-10.0% range. On the funding side, we were particularly pleased with a very much improved deposit mix -- average noninterest-bearing demand deposits increased by more than 16% annualized and time deposits fell by a similar percentage -- and our loan to deposit ratio declined to 107%. Our efficiency ratio was 41.8% and tangible book value per share increased by $0.46 during the quarter to $16.06. Tangible book value per share has increased by 11.3% over the past year. Looking ahead, we remain diligently focused on our strategic priorities, which include solid organic growth in loans and deposits, improvements in operating efficiency through use of technology and superior returns on investor capital. On the M&A front, we are focused on flawless execution on completed transactions and remain opportunistic regarding potential future deals.”
Operating Results
Fully taxable equivalent net interest income for the fourth quarter of 2019 was $47.9 million, a decrease of $1.0 million, or 2.0%, from the third quarter of 2019, resulting primarily from an 8 basis-point contraction of the net interest margin to 3.36% from 3.44%. Included in net interest income were purchase accounting adjustments of $1.5 million during the fourth quarter of 2019 and $1.6 million during the third quarter of 2019. Excluding purchase accounting adjustments, the adjusted net interest margin was 3.26% for the fourth quarter of 2019, 7 basis points lower than the adjusted net interest margin of 3.33% for the third quarter of 2019. The adjusted net interest margin contracted primarily due to lower prepayment and other fees on loans, while the decline in adjusted asset yields was largely offset by a lower cost of deposits and an improved funding mix.
Noninterest income was essentially unchanged at $2.2 million for the fourth quarter of 2019 versus $2.1 million in the third quarter of 2019 and higher than the $1.6 million recorded in the fourth quarter of 2018. The increases from 2018 were due to the acquisitions of Greater Hudson and BoeFly, higher deposit fees, additional BOLI income and increases in gains on the sale of loans.
Noninterest expenses totaled $22.2 million for fourth quarter of 2019, $20.4 million for the third quarter of 2019 and $18.3 million for the fourth quarter of 2018. Included in noninterest expenses were merger-related expenses of $0.9 million and $0.2 million, during the fourth quarter of 2019 and third quarter of 2019, respectively. The third quarter of 2019 included an FDIC assessment credit of $1.3 million. Excluding merger-related expenses and the effect of the FDIC credit, noninterest expenses decreased $0.2 million when compared to the third quarter of 2019. The decrease versus the third quarter 2019 was primarily attributable to decreases in marketing and advertising, occupancy and equipment and FDIC insurance expense, offset by increases in compensation expenses related to a larger staff and higher cash and equity-based compensation accruals. The increase versus the year-ago fourth quarter of 2018 was largely due to the aforementioned acquisitions.
Income tax expense was $6.2 million for the fourth quarter of 2019, $6.4 million for the third quarter of 2019 and $3.6 million for the fourth quarter of 2018. The effective tax rates for the fourth quarter of 2019, third quarter of 2019 and fourth quarter of 2018 were 23.0%, 22.9% and 16.3%, respectively. The effective tax rate for the full-year 2019 was 21.9%, compared with 15.2% for the full-year 2018. The increase in 2019 effective tax rates were primarily due an increase in taxable income and the negative impact of recent tax legislation in New Jersey.
Asset Quality
The provision for loan losses was $0.5 million for the fourth quarter of 2019, while the provision for loan losses was $1.1 million for both the third quarter of 2019 and the fourth quarter of 2018. The decrease in the provision for loan losses was primarily attributable to a decrease in net loan growth.
Nonperforming assets, which includes nonaccrual loans and other real estate owned, were $49.2 million at December 31, 2019, $52.2 million at September 30, 2019 and $51.9 million at December 31, 2018. Included in nonperforming assets were taxi medallion loans totaling $23.4 million at December 31, 2019, $25.8 million at September 30, 2019 and $28.0 million at December 31, 2018. Nonperforming assets (including taxi medallion loans) as a percentage of total assets were 0.80% at December 31, 2019, 0.85% at September 30, 2019 and 0.95% at December 31, 2018. Excluding the taxi medallion loans, nonaccrual loans were $25.8 million at December 31, 2019, $25.5 million at September 30, 2019 and $23.8 million at December 31, 2018, representing a ratio of nonaccrual loans (excluding taxi medallion loans) to loans receivable of 0.51%, 0.50% and 0.53%, respectively. The annualized net loan charge-off ratio was 0.08% for the fourth quarter of 2019, 0.07% for the third quarter of 2019 and 0.08% for the fourth quarter of 2018. The allowance for loan losses represented 0.75%, 0.76%, and 0.77% of loans receivable as of December 31, 2019, September 30, 2019 and December 31, 2018, respectively. The allowance for loan losses as a percentage of nonaccrual loans, excluding taxi medallion loans, was 147.0% as of December 31, 2019, 151.9% as of September 30, 2019 and 146.8% as of December 31, 2018.
Selected Balance Sheet Items
At December 31, 2019, the balance sheet reflected the acquisition of Greater Hudson Bank. The Company’s total assets were $6.2 billion, an increase of $712 million from December 31, 2018. Total loans were $5.1 billion, an increase of $606 million from December 31, 2018. Included in total loans were loans held-for-sale of $33.2 million. The Company’s stockholders’ equity was $731 million at December 31, 2019, an increase of $117 million from December 31, 2018. The increase in stockholders’ equity was primarily attributable to the acquisition of Greater Hudson Bank, which increased capital by $56 million, as well as an additional $60 million in retained earnings. As of December 31, 2019, the Company’s tangible common equity ratio and tangible book value per share were 9.37% and $16.06, respectively. As of December 31, 2018, the tangible common equity ratio and tangible book value per share were 8.77% and $14.42, respectively. Tangible book value per share increased $0.45, or 2.9%, from the third quarter of 2019. Total goodwill and other intangible assets were approximately $168 million as of December 31, 2019 and $148 million and December 31, 2018.
Use of Non-GAAP Financial Measures
In addition to the results presented in accordance with Generally Accepted Accounting Principles ("GAAP"), ConnectOne routinely supplements its evaluation with an analysis of certain non-GAAP/adjusted financial measures including an adjusted net income available to common shareholders. ConnectOne believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors in understanding our operating performance and trends. These non-GAAP measures have inherent limitations and are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for an analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of non-GAAP/adjusted financial measures disclosed in this earnings release to the comparable GAAP measures are provided in the accompanying tables.
Fourth Quarter 2019 Results Conference Call
Management will also host a conference call and audio webcast at 10:00 a.m. ET on January 23, 2020 to review the Company's financial performance and operating results. The conference call dial-in number is 201-689-8471, access code 13697726. Please dial in at least five minutes before the start of the call to register. An audio webcast of the conference call will be available to the public, on a listen-only basis, via the "Investor Relations" link on the Company's website https://www.connectonebank.com or at http://ir.connectonebank.com.
A replay of the conference call will be available beginning at approximately 1:00 p.m. ET on Thursday, January 23, 2020 and ending on Thursday, January 30, 2020 by dialing 412-317-6671, access code 13697726. An online archive of the webcast will be available following the completion of the conference call at https://www.connectonebank.com or at http://ir.connectonebank.com.
About ConnectOne Bancorp, Inc.
ConnectOne Bancorp, Inc., through its subsidiary, ConnectOne Bank offers a full suite of both commercial and consumer banking and lending products and services through its 37 banking offices located in New York and New Jersey. ConnectOne Bancorp, Inc. is traded on the Nasdaq Global Market under the trading symbol "CNOB," and information about ConnectOne may be found at https://www.connectonebank.com.
Forward-Looking Statements
This news release contains certain forward-looking statements which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, those factors set forth in Item 1A – Risk Factors of the Company’s Annual Report on Form 10-K, as filed with the Securities Exchange Commission, and changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company's market area and accounting principles and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Investor Contact:
William S. Burns
Executive VP & CFO
201.816.4474; bburns@cnob.com
Media Contact:
Thomas Walter, MWWPR
202.600.4532; twalter@mww.com
| CONNECTONE BANCORP, INC. AND SUBSIDIARIES | |||||||
| CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION | |||||||
| (in thousands) | |||||||
| December 31, | December 31, | ||||||
| 2019 | 2018 | ||||||
| (unaudited) | |||||||
| ASSETS | |||||||
| Cash and due from banks | $ | 65,717 | $ | 39,161 | |||
| Interest-bearing deposits with banks | 135,766 | 133,205 | |||||
| Cash and cash equivalents | 201,483 | 172,366 | |||||
| Securities available-for-sale | 404,701 | 412,034 | |||||
| Equity securities | 11,185 | 11,460 | |||||
| Loans held-for-sale | 33,250 | - | |||||
| Loans receivable | 5,113,527 | 4,541,092 | |||||
| Less: Allowance for loan losses | 38,293 | 34,954 | |||||
| Net loans receivable | 5,075,234 | 4,506,138 | |||||
| Investment in restricted stock, at cost | 27,397 | 31,136 | |||||
| Bank premises and equipment, net | 19,236 | 19,062 | |||||
| Accrued interest receivable | 20,949 | 18,214 | |||||
| Bank owned life insurance | 137,961 | 113,820 | |||||
| Right of use operating lease assets | 15,137 | - | |||||
| Goodwill | 162,574 | 145,909 | |||||
| Core deposit intangibles | 5,460 | 1,737 | |||||
| Other assets | 59,465 | 30,216 | |||||
| Total assets | $ | 6,174,032 | $ | 5,462,092 | |||
| LIABILITIES | |||||||
| Deposits: | |||||||
| Noninterest-bearing | $ | 861,728 | $ | 768,584 | |||
| Interest-bearing | 3,905,814 | 3,323,508 | |||||
| Total deposits | 4,767,542 | 4,092,092 | |||||
| Borrowings | 500,293 | 600,001 | |||||
| Operating lease liabilities | 16,449 | - | |||||
| Subordinated debentures | 128,885 | 128,556 | |||||
| Other liabilities | 29,673 | 27,516 | |||||
| Total liabilities | 5,442,842 | 4,848,165 | |||||
| COMMITMENTS AND CONTINGENCIES | |||||||
| STOCKHOLDERS' EQUITY | |||||||
| Common stock | 468,571 | 412,546 | |||||
| Additional paid-in capital | 21,344 | 15,542 | |||||
| Retained earnings | 271,782 | 211,345 | |||||
| Treasury stock | (29,360 | ) | (16,717 | ) | |||
| Accumulated other comprehensive loss | (1,147 | ) | (8,789 | ) | |||
| Total stockholders' equity | 731,190 | 613,927 | |||||
| Total liabilities and stockholders' equity | $ | 6,174,032 | $ | 5,462,092 | |||
| CONNECTONE BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||
| (dollars in thousands, except for per share data) | ||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||
| 12/31/19 | 12/31/18 | 12/31/19 | 12/31/18 | |||||||||||
| Interest income | ||||||||||||||
| Interest and fees on loans | $ | 64,833 | $ | 53,306 | $ | 255,479 | $ | 201,524 | ||||||
| Interest and dividends on investment securities: | ||||||||||||||
| Taxable | 1,700 | 2,291 | 9,131 | 8,482 | ||||||||||
| Tax-exempt | 824 | 899 | 3,929 | 3,276 | ||||||||||
| Dividends | 409 | 495 | 1,778 | 2,012 | ||||||||||
| Interest on federal funds sold and other short-term investments | 242 | 232 | 1,167 | 839 | ||||||||||
| Total interest income | 68,008 | 57,223 | 271,484 | 216,133 | ||||||||||
| Interest expense | ||||||||||||||
| Deposits | 16,272 | 12,398 | 65,570 | 39,936 | ||||||||||
| Borrowings | 4,305 | 4,664 | 19,595 | 18,982 | ||||||||||
| Total interest expense | 20,577 | 17,062 | 85,165 | 58,918 | ||||||||||
| Net interest income | 47,431 | 40,161 | 186,319 | 157,215 | ||||||||||
| Provision for loan losses | 500 | 1,100 | 8,100 | 21,100 | ||||||||||
| Net interest income after provision for loan losses | 46,931 | 39,061 | 178,219 | 136,115 | ||||||||||
| Noninterest income | ||||||||||||||
| Income on bank owned life insurance | 914 | 794 | 3,484 | 3,094 | ||||||||||
| Net gains on sales of loans held-for-sale | 169 | 30 | 512 | 61 | ||||||||||
| Deposit, loan and other income | 1,209 | 691 | 4,025 | 2,584 | ||||||||||
| Net gains (losses) on equity securities | (46 | ) | 58 | 294 | (266 | ) | ||||||||
| Net losses on sales of securities available-for-sale | - | - | (280 | ) | - | |||||||||
| Total noninterest income | 2,246 | 1,573 | 8,035 | 5,473 | ||||||||||
| Noninterest expenses | ||||||||||||||
| Salaries and employee benefits | 12,881 | 9,988 | 49,135 | 39,584 | ||||||||||
| Occupancy and equipment | 2,380 | 2,001 | 9,712 | 8,312 | ||||||||||
| FDIC insurance | 795 | 765 | 2,011 | 3,115 | ||||||||||
| Professional and consulting | 1,428 | 1,129 | 5,506 | 3,568 | ||||||||||
| Marketing and advertising | 273 | 244 | 1,353 | 980 | ||||||||||
| Data processing | 1,151 | 1,080 | 4,503 | 4,421 | ||||||||||
| Merger expenses | 871 | 936 | 8,955 | 1,335 | ||||||||||
| Loss on extinguishment of debt | - | - | 1,047 | - | ||||||||||
| Amortization of core deposit intangibles | 340 | 144 | 1,408 | 627 | ||||||||||
| Other expenses | 2,078 | 2,037 | 8,598 | 8,512 | ||||||||||
| Total noninterest expenses | 22,197 | 18,324 | 92,228 | 70,454 | ||||||||||
| Income before income tax expense | 26,980 | 22,310 | 94,026 | 71,134 | ||||||||||
| Income tax expense | 6,197 | 3,638 | 20,631 | 10,782 | ||||||||||
| Net income | $ | 20,783 | $ | 18,672 | $ | 73,395 | $ | 60,352 | ||||||
| Earnings per common share: | ||||||||||||||
| Basic | $ | 0.59 | $ | 0.58 | $ | 2.08 | $ | 1.87 | ||||||
| Diluted | 0.59 | 0.58 | 2.07 | 1.86 | ||||||||||
| ConnectOne's management believes that the supplemental financial information, including non-GAAP measures provided below, is useful to investors. The non-GAAP measures should not be viewed as a substitute for financial results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP financial measures presented by other companies. | |||||||||||||||||||
| CONNECTONE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||
| SUPPLEMENTAL GAAP AND NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
| As of | |||||||||||||||||||
| Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | |||||||||||||||
| 2019 | 2019 | 2019 | 2019 | 2018 | |||||||||||||||
| Selected Financial Data | (dollars in thousands) | ||||||||||||||||||
| Total assets | $ | 6,174,032 | $ | 6,161,269 | $ | 6,109,066 | $ | 6,048,976 | $ | 5,462,092 | |||||||||
| Loans receivable: | |||||||||||||||||||
| Commercial | $ | 1,096,224 | $ | 1,079,071 | $ | 1,018,951 | $ | 1,012,930 | $ | 925,229 | |||||||||
| Commercial real estate | 1,559,354 | 1,551,182 | 1,555,542 | 1,483,852 | 1,279,502 | ||||||||||||||
| Multifamily | 1,518,400 | 1,513,216 | 1,589,340 | 1,608,613 | 1,562,195 | ||||||||||||||
| Commercial construction | 620,969 | 647,261 | 602,213 | 548,039 | 465,389 | ||||||||||||||
| Residential | 320,019 | 322,307 | 326,661 | 319,214 | 309,991 | ||||||||||||||
| Consumer | 3,328 | 2,436 | 2,041 | 4,157 | 2,593 | ||||||||||||||
| Gross loans | 5,118,294 | 5,115,473 | 5,094,748 | 4,976,805 | 4,544,899 | ||||||||||||||
| Unearned net origination fees | (4,767 | ) | (5,002 | ) | (4,256 | ) | (4,154 | ) | (3,807 | ) | |||||||||
| Loans receivable | 5,113,527 | 5,110,471 | 5,090,492 | 4,972,651 | 4,541,092 | ||||||||||||||
| Loans held-for-sale | 33,250 | 33,245 | - | 368 | - | ||||||||||||||
| Total loans | $ | 5,146,777 | $ | 5,143,716 | $ | 5,090,492 | $ | 4,973,019 | $ | 4,541,092 | |||||||||
| Investment securities | $ | 415,886 | $ | 437,080 | $ | 453,063 | $ | 528,103 | $ | 423,494 | |||||||||
| Goodwill and other intangible assets | 168,034 | 168,374 | 168,714 | 162,747 | 147,646 | ||||||||||||||
| Deposits: | |||||||||||||||||||
| Noninterest-bearing demand | $ | 861,728 | $ | 828,190 | $ | 813,635 | $ | 833,090 | $ | 768,584 | |||||||||
| Time deposits | 1,553,721 | 1,573,736 | 1,623,948 | 1,544,247 | 1,366,054 | ||||||||||||||
| Other interest-bearing deposits | 2,352,093 | 2,349,308 | 2,203,560 | 2,216,661 | 1,957,454 | ||||||||||||||
| Total deposits | $ | 4,767,542 | $ | 4,751,234 | $ | 4,641,143 | $ | 4,593,998 | $ | 4,092,092 | |||||||||
| Borrowings | $ | 500,293 | $ | 512,456 | $ | 597,317 | $ | 603,412 | $ | 600,001 | |||||||||
| Subordinated debentures (net of debt issuance costs) | 128,885 | 128,802 | 128,720 | 128,638 | 128,556 | ||||||||||||||
| Total stockholders' equity | 731,190 | 720,160 | 699,224 | 682,395 | 613,927 | ||||||||||||||
| Quarterly Average Balances | |||||||||||||||||||
| Total assets | $ | 6,084,607 | $ | 6,059,413 | $ | 6,001,669 | $ | 5,909,061 | $ | 5,261,493 | |||||||||
| Loans receivable: | |||||||||||||||||||
| Commercial | $ | 1,085,640 | $ | 1,040,355 | $ | 1,024,617 | $ | 1,035,874 | $ | 896,032 | |||||||||
| Commercial real estate (including multifamily) | 3,074,889 | 3,144,978 | 3,088,231 | 3,011,692 | 2,771,239 | ||||||||||||||
| Commercial construction | 642,476 | 617,106 | 571,130 | 524,952 | 464,556 | ||||||||||||||
| Residential | 318,413 | 325,188 | 322,517 | 335,574 | 304,954 | ||||||||||||||
| Consumer | 4,165 | 3,525 | 3,252 | 3,397 | 4,292 | ||||||||||||||
| Gross loans | 5,125,583 | 5,131,152 | 5,009,747 | 4,911,489 | 4,441,073 | ||||||||||||||
| Unearned net origination fees | (5,031 | ) | (4,778 | ) | (4,463 | ) | (3,930 | ) | (3,340 | ) | |||||||||
| Loans receivable | 5,120,552 | 5,126,374 | 5,005,284 | 4,907,559 | 4,437,733 | ||||||||||||||
| Loans held-for-sale | 33,163 | 991 | 225 | 124 | 211 | ||||||||||||||
| Total loans | $ | 5,153,715 | $ | 5,127,365 | $ | 5,005,509 | $ | 4,907,683 | $ | 4,437,944 | |||||||||
| Investment securities | $ | 427,973 | $ | 448,618 | $ | 513,814 | $ | 524,394 | $ | 421,316 | |||||||||
| Goodwill and other intangible assets | 168,257 | 168,598 | 164,709 | 162,814 | 147,741 | ||||||||||||||
| Deposits: | |||||||||||||||||||
| Noninterest-bearing demand deposits | $ | 844,332 | $ | 810,248 | $ | 800,856 | $ | 824,115 | $ | 775,824 | |||||||||
| Time deposits | 1,533,425 | 1,598,378 | 1,551,014 | 1,515,249 | 1,329,743 | ||||||||||||||
| Other interest-bearing deposits | 2,348,752 | 2,300,886 | 2,183,384 | 2,236,630 | 1,915,353 | ||||||||||||||
| Total deposits | $ | 4,726,509 | $ | 4,709,512 | $ | 4,535,254 | $ | 4,575,994 | $ | 4,020,920 | |||||||||
| Borrowings | $ | 452,837 | $ | 467,230 | $ | 603,260 | $ | 486,687 | $ | 477,800 | |||||||||
| Subordinated debentures (net of debt issuance costs) | 128,830 | 128,747 | 128,666 | 128,585 | 128,502 | ||||||||||||||
| Total stockholders' equity | 732,173 | 714,002 | 694,978 | 680,168 | 606,378 | ||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | |||||||||||||||
| 2019 | 2019 | 2019 | 2019 | 2018 | |||||||||||||||
| (dollars in thousands, except for per share data) | |||||||||||||||||||
| Net interest income | $ | 47,431 | $ | 48,406 | $ | 45,530 | $ | 44,952 | $ | 40,161 | |||||||||
| Provision for loan losses | 500 | 2,000 | 1,100 | 4,500 | 1,100 | ||||||||||||||
| Net interest income after provision for loan losses | 46,931 | 46,406 | 44,430 | 40,452 | 39,061 | ||||||||||||||
| Noninterest income | |||||||||||||||||||
| Income on bank owned life insurance | 914 | 915 | 833 | 822 | 794 | ||||||||||||||
| Net gains on sales of loans held-for-sale | 169 | 278 | 46 | 19 | 30 | ||||||||||||||
| Deposit, loan and other income | 1,209 | 1,116 | 914 | 786 | 691 | ||||||||||||||
| Net gains (losses) on equity securities | (46 | ) | 79 | 158 | 103 | 58 | |||||||||||||
| Net (losses) gains on sales of securities available-for-sale | - | (279 | ) | (9 | ) | 8 | - | ||||||||||||
| Total noninterest income | 2,246 | 2,109 | 1,942 | 1,738 | 1,573 | ||||||||||||||
| Noninterest expenses | |||||||||||||||||||
| Salaries and employee benefits | 12,881 | 12,449 | 11,822 | 11,983 | 9,988 | ||||||||||||||
| Occupancy and equipment | 2,380 | 2,480 | 2,357 | 2,495 | 2,001 | ||||||||||||||
| FDIC insurance | 795 | (364 | ) | 825 | 755 | 765 | |||||||||||||
| Professional and consulting | 1,428 | 1,499 | 1,370 | 1,209 | 1,129 | ||||||||||||||
| Marketing and advertising | 273 | 473 | 397 | 210 | 244 | ||||||||||||||
| Data processing | 1,151 | 1,058 | 1,139 | 1,155 | 1,080 | ||||||||||||||
| Merger expenses | 871 | 191 | 331 | 7,562 | 936 | ||||||||||||||
| Loss on extinguishment of debt | - | - | 1,047 | - | - | ||||||||||||||
| Amortization of core deposit intangibles | 340 | 340 | 364 | 364 | 144 | ||||||||||||||
| Other expenses | 2,078 | 2,253 | 1,938 | 2,329 | 2,037 | ||||||||||||||
| Total noninterest expenses | 22,197 | 20,379 | 21,590 | 28,062 | 18,324 | ||||||||||||||
| Income before income tax expense | 26,980 | 28,136 | 24,782 | 14,128 | 22,310 | ||||||||||||||
| Income tax expense | 6,197 | 6,440 | 5,501 | 2,493 | 3,638 | ||||||||||||||
| Net income | $ | 20,783 | $ | 21,696 | $ | 19,281 | $ | 11,635 | $ | 18,672 | |||||||||
| Reconciliation of GAAP Earnings to Earnings Excluding the Following Items: | |||||||||||||||||||
| Net income | $ | 20,783 | $ | 21,696 | $ | 19,281 | $ | 11,635 | $ | 18,672 | |||||||||
| Merger expenses (after taxes) | 631 | 134 | 274 | 5,597 | 739 | ||||||||||||||
| Loss on extinguishment of debt (after taxes) | - | - | 732 | - | - | ||||||||||||||
| FDIC small bank assessment credit (after taxes) | - | (916 | ) | - | - | - | |||||||||||||
| Net losses (gains) on sales of securities available-for-sale (after taxes) | - | 195 | 2 | (6 | ) | - | |||||||||||||
| Net (gains) losses on equity securities (after taxes) | 32 | (53 | ) | (110 | ) | (74 | ) | (40 | ) | ||||||||||
| Tax benefit on employee share-based awards (ASU 2016-09) | - | - | - | (20 | ) | (223 | ) | ||||||||||||
| Net income-adjusted | $ | 21,446 | $ | 21,056 | $ | 20,179 | $ | 17,132 | $ | 19,148 | |||||||||
| Weighted average diluted shares outstanding | 35,245,285 | 35,262,565 | 35,397,362 | 35,309,503 | 32,378,739 | ||||||||||||||
| Diluted EPS (GAAP) | $ | 0.59 | $ | 0.61 | $ | 0.54 | $ | 0.33 | $ | 0.58 | |||||||||
| Diluted EPS-adjusted (Non-GAAP) (1) | 0.61 | 0.60 | 0.57 | 0.49 | 0.59 | ||||||||||||||
| Return on Assets Measures | |||||||||||||||||||
| Net income-adjusted | $ | 21,446 | $ | 21,056 | $ | 20,179 | $ | 17,132 | $ | 19,148 | |||||||||
| Average assets | $ | 6,084,607 | $ | 6,059,413 | $ | 6,001,669 | $ | 5,909,061 | $ | 5,261,493 | |||||||||
| Less: average intangible assets | (168,257 | ) | (168,598 | ) | (164,709 | ) | (162,814 | ) | (147,741 | ) | |||||||||
| Average tangible assets | $ | 5,916,350 | $ | 5,890,815 | $ | 5,836,960 | $ | 5,746,247 | $ | 5,113,752 | |||||||||
| Return on avg. assets (GAAP) | 1.36 | % | 1.42 | % | 1.29 | % | 0.80 | % | 1.41 | % | |||||||||
| Return on avg. assets-adjusted (non-GAAP) (2) | 1.40 | 1.38 | 1.35 | 1.18 | 1.44 | ||||||||||||||
| (1) Represents adjusted net income divided by weighted average diluted shares outstanding. | |||||||||||||||||||
| (2) Adjusted net income divided by average assets. | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | |||||||||||||||
| 2019 | 2019 | 2019 | 2019 | 2018 | |||||||||||||||
| Return on Equity Measures | (dollars in thousands) | ||||||||||||||||||
| Net income-adjusted | $ | 21,446 | $ | 21,056 | $ | 20,179 | $ | 17,132 | $ | 19,148 | |||||||||
| Average common equity | $ | 732,173 | $ | 714,002 | $ | 694,978 | $ | 680,168 | $ | 606,378 | |||||||||
| Less: average intangible assets | (168,257 | ) | (168,598 | ) | (164,709 | ) | (162,814 | ) | (147,741 | ) | |||||||||
| Average tangible common equity | $ | 563,916 | $ | 545,404 | $ | 530,269 | $ | 517,354 | $ | 458,637 | |||||||||
| Return on avg. common equity (GAAP) | 11.26 | % | 12.06 | % | 11.13 | % | 6.94 | % | 12.22 | % | |||||||||
| Return on avg. common equity-adjusted (non-GAAP) (3) | 11.62 | 11.70 | 11.65 | 10.22 | 12.53 | ||||||||||||||
| Return on avg. tangible common equity (non-GAAP) (4) | 14.79 | 15.96 | 14.78 | 9.33 | 16.24 | ||||||||||||||
| Return on avg. tangible common equity-adjusted (non-GAAP) (5) | 15.26 | 15.49 | 15.46 | 13.63 | 16.65 | ||||||||||||||
| Efficiency Measures | |||||||||||||||||||
| Total noninterest expenses | $ | 22,197 | $ | 20,379 | $ | 21,590 | $ | 28,062 | $ | 18,324 | |||||||||
| Amortization of core deposit intangibles | (340 | ) | (340 | ) | (364 | ) | (364 | ) | (144 | ) | |||||||||
| Merger expenses | (871 | ) | (191 | ) | (331 | ) | (7,562 | ) | (936 | ) | |||||||||
| FDIC small bank assessment credit | - | 1,310 | - | - | - | ||||||||||||||
| Loss on extinguishment of debt | - | - | (1,047 | ) | - | - | |||||||||||||
| Foreclosed property expense | 8 | (90 | ) | - | 1 | (8 | ) | ||||||||||||
| Operating noninterest expense | $ | 20,994 | $ | 21,068 | $ | 19,848 | $ | 20,137 | $ | 17,236 | |||||||||
| Net interest income (tax equivalent basis) | $ | 47,929 | $ | 48,918 | $ | 46,092 | $ | 45,523 | $ | 40,678 | |||||||||
| Noninterest income | 2,246 | 2,109 | 1,942 | 1,738 | 1,573 | ||||||||||||||
| Net (gains) losses on equity securities | 46 | (79 | ) | (158 | ) | (103 | ) | (58 | ) | ||||||||||
| Net losses (gains) on sales of securities available-for-sale | - | 279 | 9 | (8 | ) | - | |||||||||||||
| Operating revenue | $ | 50,221 | $ | 51,227 | $ | 47,885 | $ | 47,150 | $ | 42,193 | |||||||||
| Operating efficiency ratio (non-GAAP) (6) | 41.8 | % | 41.1 | % | 41.4 | % | 42.7 | % | 40.9 | % | |||||||||
| Net Interest Margin | |||||||||||||||||||
| Average interest-earning assets | $ | 5,663,538 | $ | 5,649,058 | $ | 5,607,086 | $ | 5,522,934 | $ | 4,941,425 | |||||||||
| Net interest income (tax equivalent basis) | $ | 47,929 | $ | 48,918 | $ | 46,092 | $ | 45,523 | $ | 40,678 | |||||||||
| Impact of purchase accounting fair value marks | (1,455 | ) | (1,566 | ) | (1,742 | ) | (1,233 | ) | (148 | ) | |||||||||
| Adjusted net interest income (tax equivalent basis) | $ | 46,474 | $ | 47,352 | $ | 44,350 | $ | 44,290 | $ | 40,530 | |||||||||
| Net interest margin (GAAP) | 3.36 | % | 3.44 | % | 3.30 | % | 3.34 | % | 3.27 | % | |||||||||
| Adjusted net interest margin (non-GAAP) (7) | 3.26 | 3.33 | 3.17 | 3.25 | 3.25 | ||||||||||||||
| (3) Adjusted net income divided by average common equity. | |||||||||||||||||||
| (4) Earnings available to common stockholders excluding amortization of intangible assets divided by average tangible common equity. | |||||||||||||||||||
| (5) Adjusted net income excluding amortization of intangible assets divided by average tangible common equity. | |||||||||||||||||||
| (6) Operating noninterest expense divided by operating revenue. | |||||||||||||||||||
| (7) Adjusted net interest margin excludes impact of purchase accounting fair value marks. | |||||||||||||||||||
| As of | |||||||||||||||||||
| Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | |||||||||||||||
| 2019 | 2019 | 2019 | 2019 | 2018 | |||||||||||||||
| Capital Ratios and Book Value per Share | (dollars in thousands, except for per share data) | ||||||||||||||||||
| Common equity | $ | 731,190 | $ | 720,160 | $ | 699,224 | $ | 682,395 | $ | 613,927 | |||||||||
| Less: intangible assets | (168,034 | ) | (168,374 | ) | (168,714 | ) | (162,747 | ) | (147,646 | ) | |||||||||
| Tangible common equity | $ | 563,156 | $ | 551,786 | $ | 530,510 | $ | 519,648 | $ | 466,281 | |||||||||
| Total assets | $ | 6,174,032 | $ | 6,161,269 | $ | 6,109,066 | $ | 6,048,976 | $ | 5,462,092 | |||||||||
| Less: intangible assets | (168,034 | ) | (168,374 | ) | (168,714 | ) | (162,747 | ) | (147,646 | ) | |||||||||
| Tangible assets | $ | 6,005,998 | $ | 5,992,895 | $ | 5,940,352 | $ | 5,886,229 | $ | 5,314,446 | |||||||||
| Common shares outstanding | 35,072,066 | 35,364,845 | 35,352,806 | 35,432,468 | 32,328,542 | ||||||||||||||
| Common equity ratio (GAAP) | 11.84 | % | 11.69 | % | 11.45 | % | 11.28 | % | 11.24 | % | |||||||||
| Tangible common equity ratio (non-GAAP) (8) | 9.38 | 9.21 | 8.93 | 8.83 | 8.77 | ||||||||||||||
| Regulatory capital ratios (Bancorp): | |||||||||||||||||||
| Leverage ratio | 9.54 | % | 9.39 | % | 9.14 | % | 9.12 | % | 9.34 | % | |||||||||
| Common equity Tier 1 risk-based ratio | 9.95 | 9.78 | 9.65 | 9.68 | 9.75 | ||||||||||||||
| Risk-based Tier 1 capital ratio | 10.04 | 9.87 | 9.74 | 9.78 | 9.86 | ||||||||||||||
| Risk-based total capital ratio | 12.95 | 12.80 | 12.72 | 12.80 | 13.15 | ||||||||||||||
| Regulatory capital ratios (Bank): | |||||||||||||||||||
| Leverage ratio | 10.80 | % | 10.56 | % | 10.42 | % | 10.43 | % | 10.78 | % | |||||||||
| Common equity Tier 1 risk-based ratio | 11.37 | 10.68 | 11.12 | 11.18 | 11.37 | ||||||||||||||
| Risk-based Tier 1 capital ratio | 11.37 | 11.23 | 11.12 | 11.18 | 11.37 | ||||||||||||||
| Risk-based total capital ratio | 12.63 | 11.23 | 12.40 | 12.47 | 12.75 | ||||||||||||||
| Book value per share (GAAP) | $ | 20.85 | $ | 20.36 | $ | 19.78 | $ | 19.26 | $ | 18.99 | |||||||||
| Tangible book value per share (non-GAAP) (9) | 16.06 | 15.60 | 15.01 | 14.67 | 14.42 | ||||||||||||||
| Net Loan Charge-Off (Recoveries) Detail | |||||||||||||||||||
| Net loan charge-offs (recoveries) : | |||||||||||||||||||
| Charge-offs | $ | 1,029 | $ | 964 | $ | 406 | $ | 2,676 | $ | 920 | |||||||||
| Recoveries | (22 | ) | (37 | ) | (146 | ) | (80 | ) | (25 | ) | |||||||||
| Net loan charge-offs (recoveries) | $ | 1,007 | $ | 927 | $ | 260 | $ | 2,596 | $ | 895 | |||||||||
| Net loan charge-offs (recoveries) as a % of average loans receivable (annualized) | 0.08 | % | 0.07 | % | 0.02 | % | 0.21 | % | 0.08 | % | |||||||||
| Asset Quality | |||||||||||||||||||
| Nonaccrual taxi medallion loans | $ | 23,431 | $ | 25,802 | $ | 26,498 | $ | 27,287 | $ | 28,043 | |||||||||
| Nonaccrual loans (excluding taxi medallion loans) | 26,050 | 25,519 | 23,419 | 20,393 | 23,812 | ||||||||||||||
| Other real estate owned | - | 907 | - | - | - | ||||||||||||||
| Total nonperforming assets | $ | 49,481 | $ | 52,228 | $ | 49,917 | $ | 47,680 | $ | 51,855 | |||||||||
| Performing troubled debt restructurings | $ | 21,410 | $ | 19,681 | $ | 16,332 | $ | 8,191 | $ | 11,165 | |||||||||
| Allowance for loan losses ("ALLL") | $ | 38,293 | $ | 38,771 | $ | 37,698 | $ | 36,858 | $ | 34,954 | |||||||||
| Loans receivable | $ | 5,113,527 | $ | 5,110,471 | $ | 5,090,492 | $ | 4,972,651 | $ | 4,541,092 | |||||||||
| Less: taxi medallion loans | 24,977 | 27,353 | 28,054 | 28,911 | 28,043 | ||||||||||||||
| Loans receivable (excluding taxi medallion loans) | $ | 5,088,550 | $ | 5,083,118 | $ | 5,062,438 | $ | 4,943,740 | $ | 4,513,049 | |||||||||
| Nonaccrual loans (excluding taxi medallion loans) as a % of loans receivable (excluding taxi medallion loans) | 0.51 | % | 0.50 | % | 0.46 | % | 0.41 | % | 0.53 | % | |||||||||
| Nonaccrual loans as a % of loans receivable | 0.97 | 1.00 | 0.98 | 0.96 | 1.14 | ||||||||||||||
| Nonperforming assets as a % of total assets | 0.80 | 0.85 | 0.82 | 0.79 | 0.95 | ||||||||||||||
| ALLL as a % of loans receivable | 0.75 | 0.76 | 0.74 | 0.74 | 0.77 | ||||||||||||||
| ALLL as a % of nonaccrual loans (excluding taxi medallion loans) | 147.0 | 151.9 | 161.0 | 180.7 | 146.8 | ||||||||||||||
| ALLL as a % of nonaccrual loans | 77.4 | 75.5 | 75.5 | 77.3 | 67.4 | ||||||||||||||
| (8) Tangible common equity divided by tangible assets. | |||||||||||||||||||
| (9) Tangible common equity divided by common shares outstanding at period-end. | |||||||||||||||||||
| CONNECTONE BANCORP, INC. | |||||||||||||||||||||||||||||||||||
| NET INTEREST MARGIN ANALYSIS | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||||||||||||||
| For the Three Months Ended | |||||||||||||||||||||||||||||||||||
| December 31, 2019 | September 30, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||||
| Average | Average | Average | |||||||||||||||||||||||||||||||||
| Interest-earning assets: | Balance | Interest | Rate (8) | Balance | Interest | Rate (8) | Balance | Interest | Rate (8) | ||||||||||||||||||||||||||
| Investment securities (1) (2) | $ | 423,857 | $ | 2,737 | 2.56 | % | $ | 445,492 | $ | 3,053 | 2.72 | % | $ | 433,686 | $ | 3,429 | 3.14 | % | |||||||||||||||||
| Total loans (2) (3) (4) | 5,153,715 | 65,118 | 5.01 | 5,127,365 | 67,068 | 5.19 | 4,437,944 | 53,584 | 4.79 | ||||||||||||||||||||||||||
| Federal funds sold and interest- | |||||||||||||||||||||||||||||||||||
| bearing deposits with banks | 60,705 | 242 | 1.58 | 50,289 | 278 | 2.19 | 44,163 | 232 | 2.08 | ||||||||||||||||||||||||||
| Restricted investment in bank stock | 25,261 | 409 | 6.42 | 25,912 | 502 | 7.69 | 25,632 | 495 | 7.66 | ||||||||||||||||||||||||||
| Total interest-earning assets | 5,663,538 | 68,506 | 4.80 | 5,649,058 | 70,901 | 4.98 | 4,941,425 | 57,740 | 4.64 | ||||||||||||||||||||||||||
| Allowance for loan losses | (39,094 | ) | (37,704 | ) | (35,036 | ) | |||||||||||||||||||||||||||||
| Noninterest-earning assets | 460,163 | 448,059 | 355,104 | ||||||||||||||||||||||||||||||||
| Total assets | $ | 6,084,607 | $ | 6,059,413 | $ | 5,261,493 | |||||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
| Time deposits | $ | 1,533,425 | 9,573 | 2.48 | $ | 1,598,378 | 9,934 | 2.47 | $ | 1,329,743 | 7,062 | 2.11 | |||||||||||||||||||||||
| Other interest-bearing deposits | 2,348,752 | 6,699 | 1.13 | 2,300,886 | 7,416 | 1.28 | 1,915,353 | 5,336 | 1.11 | ||||||||||||||||||||||||||
| Total interest-bearing deposits | 3,882,177 | 16,272 | 1.66 | 3,899,264 | 17,350 | 1.77 | 3,245,096 | 12,398 | 1.52 | ||||||||||||||||||||||||||
| Borrowings | 452,837 | 2,431 | 2.13 | 467,230 | 2,754 | 2.34 | 477,800 | 2,783 | 2.31 | ||||||||||||||||||||||||||
| Subordinated debentures (5) | 128,830 | 1,839 | 5.66 | 128,747 | 1,843 | 5.68 | 128,502 | 1,843 | 5.69 | ||||||||||||||||||||||||||
| Capital lease obligation | 2,348 | 35 | 5.91 | 2,393 | 36 | 5.97 | 2,520 | 38 | 5.98 | ||||||||||||||||||||||||||
| Total interest-bearing liabilities | 4,466,192 | 20,577 | 1.83 | 4,497,634 | 21,983 | 1.94 | 3,853,918 | 17,062 | 1.76 | ||||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 844,332 | 810,247 | 775,824 | ||||||||||||||||||||||||||||||||
| Other liabilities | 41,910 | 37,530 | 25,373 | ||||||||||||||||||||||||||||||||
| Total noninterest-bearing liabilities | 886,242 | 847,777 | 801,197 | ||||||||||||||||||||||||||||||||
| Stockholders' equity | 732,173 | 714,002 | 606,378 | ||||||||||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 6,084,607 | $ | 6,059,413 | $ | 5,261,493 | |||||||||||||||||||||||||||||
| Net interest income (tax equivalent basis) | 47,929 | 48,918 | 40,678 | ||||||||||||||||||||||||||||||||
| Net interest spread (6) | 2.97 | % | 3.04 | % | 2.88 | % | |||||||||||||||||||||||||||||
| Net interest margin (7) | 3.36 | % | 3.44 | % | 3.27 | % | |||||||||||||||||||||||||||||
| Tax equivalent adjustment | (498 | ) | (512 | ) | (517 | ) | |||||||||||||||||||||||||||||
| Net interest income | $ | 47,431 | $ | 48,406 | $ | 40,161 | |||||||||||||||||||||||||||||
| (1) Average balances are calculated on amortized cost and includes equity securities. | |||||||||||||||||||||||||||||||||||
| (2) Interest income is presented on a tax equivalent basis using a 21% federal tax rate. | |||||||||||||||||||||||||||||||||||
| (3) Includes loan fee income. | |||||||||||||||||||||||||||||||||||
| (4) Loans include loans held-for-sale and nonaccrual loans. | |||||||||||||||||||||||||||||||||||
| (5) Average balances are net of debt issuance costs of $1,325, $1,407, and $1,652 for the three months ended December 31, 2019, September 30, 2019 abd December 31, 2018, respectively. Amortization expense related to debt issuance costs included in interest expense was $82, $82 and $82 for the three months ended December 31, 2019, September 30, 2019 and December 31 2018, respectively. | |||||||||||||||||||||||||||||||||||
| (6) Represents difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities and is presented on a tax equivalent basis. | |||||||||||||||||||||||||||||||||||
| (7) Represents net interest income on a tax equivalent basis divided by average total interest-earning assets. | |||||||||||||||||||||||||||||||||||
| (8) Rates are annualized. | |||||||||||||||||||||||||||||||||||
XB>ONBJ
Cover |
Jan. 23, 2020 |
|---|---|
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Jan. 23, 2020 |
| Entity File Number | 001-11486 |
| Entity Registrant Name | ConnectOne Bancorp, Inc. |
| Entity Central Index Key | 0000712771 |
| Entity Tax Identification Number | 52-1273725 |
| Entity Incorporation, State or Country Code | NJ |
| Entity Address, Address Line One | 301 Sylvan Avenue |
| Entity Address, City or Town | Englewood Cliffs |
| Entity Address, State or Province | NJ |
| Entity Address, Postal Zip Code | 07632 |
| City Area Code | 201 |
| Local Phone Number | 816-8900 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common stock |
| Trading Symbol | CNOB |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |