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On January 28, 2021, 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 28, 2021
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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 28, 2021 | 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 Full-Year 2020 Results
ENGLEWOOD CLIFFS, N.J., Jan. 28, 2021 (GLOBE NEWSWIRE) -- ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of ConnectOne Bank (the “Bank”), today reported net income of $25.6 million for the fourth quarter of 2020 compared with $24.8 million for the third quarter of 2020 and $20.8 million for the fourth quarter of 2019. Diluted earnings per share were $0.64 in the fourth quarter of 2020 compared with $0.62 in the third quarter of 2020 and $0.59 in the fourth quarter of 2019. Full-year 2020 net income was $71.3 million, compared to $73.4 million for the full-year 2019. Diluted earnings per share for the full-year 2020 was $1.79, compared with $2.07 for the full-year 2019.
Included in net income were provisions for loan losses of $5.0 million for both the fourth and third quarters of 2020 and $2.0 million for the fourth quarter of 2019. Also included in net income were merger and restructuring expenses of $0.9 million for the fourth quarter of 2019, while there were no such charges in both the fourth and third quarters of 2020. On a pre-tax, pre-provision and pre-merger charges basis, earnings were $38.0 million for the fourth quarter of 2020, $37.6 million for the third quarter of 2020, and $28.4 million for the fourth quarter of 2019.
Frank Sorrentino, ConnectOne’s Chairman and Chief Executive Officer, stated, “ConnectOne had a great finish to the year and I’m extremely pleased with the continued execution of our operating strategies. We reported record pretax, pre-provision earnings, our net interest margin widened for the fourth consecutive quarter, we have begun to reengage in organic loan growth, and our efficiency ratio improved to 39.5%. Even with an additional $5 million in loan loss provisioning, we delivered outstanding performance metrics for the quarter. Return on assets was 1.4% and our return on tangible common equity exceeded 15% while our tangible book value per share increased by $0.62 per share, or nearly 4%, in just one quarter to $17.49. Consistent with the progression we have anticipated, total COVID-19 related deferrals as of year-end fell to $210 million, or approximately 3.5% of total loans.”
“Our hearts go out to those who were impacted by the virus as we also watched our communities demonstrate resilience and strength. I’m equally proud of the role the ConnectOne team played in supporting our clients during this challenging time and grateful to our Board of Directors for their unwavering commitment and guidance,” Mr. Sorrentino added. “We continue to operate our Bank efficiently and effectively and are optimistic that the operating environment will continue to improve throughout 2021, resulting in strong growth, favorable lending spreads, and best-in-class performance metrics for ConnectOne. Over the past year, our capital and reserves have grown significantly, providing us the flexibility to grow both organically and through opportunistic M&A, and to return excess capital to shareholders. As a technology-forward bank, we look forward to furthering our investments in infrastructure, communication tools and digital channels as we position our bank for growth in a post-pandemic environment.”
“Underscoring our solid capital position and our continued confidence in ConnectOne’s future performance, we are pleased to announce that our Board of Directors has reinstated our previously suspended share repurchase program,” Mr. Sorrentino concluded. The Company has approximately 0.6 million shares remaining of the total authorized 1.2 million shares to repurchase.
Dividend Declaration
The Company announced that its Board of Directors declared a cash dividend on its common stock of $0.09 per share. The dividend will be paid on March 1, 2021, to all shareholders of record on February 15, 2021.
Operating Results
Fully taxable equivalent net interest income for the fourth quarter of 2020 was $61.8 million, an increase of $0.8 million, or 1.4%, from the third quarter of 2020. The increase from the third quarter of 2020 resulted from a 1.1% increase in average interest-earning assets and a 1 basis-point widening of the net interest margin to 3.50% from 3.49%. The net interest margin widened despite the negative impact of additional liquidity in the quarter, reflecting continued improvement in the Bank’s cost and mix of funding sources as well as the resiliency of our asset yields. Included in interest income in the fourth quarter of 2020 was Paycheck Protection Program (“PPP”) fee income of approximately $2.4 million, compared to $3.5 million in the third quarter of 2020. Deferred PPP fees were $5.7 million as of December 31, 2020.
Fully taxable equivalent net interest income for the fourth quarter of 2020 increased by $13.9 million, or 29.0%, from the fourth quarter of 2019. The increase from the fourth quarter of 2019 resulted primarily from a 24.3% increase in average interest-earning assets, largely due to PPP originations and the Bancorp of New Jersey (“BNJ”) acquisition, and a 14 basis-point widening of the net interest margin to 3.50% from 3.36%. The widening of the net interest margin resulted from a 76 basis-point reduction in the cost of funding interest-earning assets, partially offset by a 50 basis-point reduction in the yield on average interest-earning assets.
Noninterest income totaled $3.4 million in the fourth quarter of 2020, $3.5 million in the third quarter of 2020 and $2.2 million in the fourth quarter of 2019. The decrease in noninterest income of $0.1 million from the third quarter of 2020 was primarily attributable to a decrease in BOLI income of $0.3 million, which resulted from a third quarter 2020 death benefit, offset by an increase in net gains on sale of commercial and residential loans. The increase in noninterest income of $1.2 million from the fourth quarter of 2019 was primarily attributable to an increase in BOLI income and an increase in gains on sale of loans.
Noninterest expenses totaled $26.4 million for the fourth quarter of 2020, $26.5 million for the third quarter of 2020 and $22.2 million for the fourth quarter of 2019. Included in noninterest expenses were merger-related charges totaling $0.9 million during the fourth quarter of 2019, while there were no such charges in the fourth and third quarters of 2020. Noninterest expenses decreased by $0.1 million from the third quarter of 2020. The decrease was primarily the result of lower salaries and employee benefits of $0.5 million due to the final realization of cost saves related to the BNJ acquisition and lower incentive compensation accruals, and a $0.2 million decrease in FDIC insurance expense, partially offset by a $0.6 million increase in professional and consulting, occupancy and other expenses. Noninterest expenses increased by $5.1 million, excluding merger-related charges, from the fourth quarter of 2019. The increase was primarily the result of the BNJ acquisition which contributed to increases of $1.7 million in salaries and employee benefits, $1.3 million in occupancy and equipment, $0.8 million in professional and consulting and $0.3 million in data processing.
Income tax expense was $7.8 million for both the fourth and third quarters of 2020 and $6.2 million for the fourth quarter of 2019. The effective tax rates for the fourth quarter of 2020, third quarter of 2020 and fourth quarter of 2019 were 23.5%, 23.9% and 23.0%, respectively. The currently estimated effective tax rate for core earnings in 2021 is in the 23%-24% range, assuming no change in statutory rates.
Asset Quality
The Company has postponed the adoption of the current expected credit losses (“CECL”) accounting standard as permitted under the accounting relief provisions of the CARES Act. While management is still evaluating its options, we currently anticipate CECL adoption to occur as of January 1, 2021.
The provision for loan losses was $5.0 million for both the fourth and third quarters of 2020, and $0.5 million for the fourth quarter of 2019. We continue to work with our borrowers, where necessary, to provide additional support and guidance during this unprecedented difficult operating environment. The Bank has relatively low exposure to perceived at-risk industries, such as energy and hospitality and, consistent with our extensive experience and low loss history in real estate lending, a large portion of our loan portfolio is well-secured and was underwritten with prudent loan-to-value ratios, debt service coverage ratios and cap rates. Meanwhile, our well-managed commercial lending program, which has avoided higher risk industries, is virtually all full recourse. Nevertheless, as the pandemic crisis persists, there remains potential for increased levels of impaired loans across all segments of the portfolio.
Nonperforming assets, which includes nonaccrual loans and other real estate owned, were $61.7 million as of December 31, 2020, $65.5 million as of September 30, 2020 and $49.5 million as of December 31, 2019. Included in nonperforming assets were taxi medallion loans totaling $23.0 million as of December 31, 2020 and September 30, 2020 and $23.4 million as of December 31, 2019. Nonperforming assets (including taxi medallion loans) as a percentage of total assets were 0.82% as of December 31, 2020, 0.88% as of September 30, 2020 and 0.80% as of December 31, 2019. Excluding the taxi medallion loans, nonaccrual loans were $38.2 million as of December 31, 2020, $42.5 million as of September 30, 2020 and $26.1 million as of December 31, 2019, representing a ratio of nonaccrual loans (excluding taxi medallion loans) to loans receivable of 0.62%, 0.68% and 0.51%, respectively.
The annualized net loan charge-off (recovery) ratio was 0.00% for the fourth quarter of 2020, (0.03)% for the third quarter of 2020 and 0.08% for the fourth quarter of 2019. During the third quarter of 2020, the Bank received a $0.8 million recovery on a previously charged-off commercial real estate credit. The allowance for loan losses represented 1.27%, 1.19%, and 0.75% of loans receivable as of December 31, 2020, September 30, 2020 and December 31, 2019, respectively. Excluding PPP loans, the allowance for loan losses represented 1.36%, 1.29%, and 0.75% of loans receivable as of December 31, 2020, September 30, 2020 and December 31, 2019, respectively. The allowance for loan losses as a percentage of nonaccrual loans, excluding taxi medallion loans, was 204.9% as of December 31, 2020, 174.9% as of September 30, 2020 and 147.0% as of December 31, 2019.
Selected Balance Sheet Items
The Company’s total assets were $7.6 billion, an increase of $1.4 billion from December 31, 2019. Loans receivable were $6.2 billion, an increase of $1.1 billion from December 31, 2019. The increase in total assets and loans receivable were primarily attributable to the acquisition of BNJ and the origination of PPP loans. As of December 31, 2020, PPP loans totaled $398 million.
The Company’s stockholders’ equity was $915 million as of December 31, 2020, an increase of $184 million from December 31, 2019. The increase in stockholders’ equity was primarily attributable to the acquisition of BNJ, which increased capital by $118 million, and an increase of $60 million in retained earnings. As of December 31, 2020, the Company’s tangible common equity ratio and tangible book value per share were 9.50% and $17.49, respectively. As of December 31, 2019, the tangible common equity ratio and tangible book value per share were 9.38% and $16.06, respectively. Total goodwill and other intangible assets were approximately $219 million as of December 31, 2020 and $168 million and December 31, 2019.
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 measures. 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 financial measures disclosed in this earnings release to the comparable GAAP measures are provided in the accompanying tables.
Fourth Quarter 2020 Results Conference Call
Management will also host a conference call and audio webcast at 10:00 a.m. ET on January 28, 2021 to review the Company's financial performance and operating results. The conference call dial-in number is 201-689-8471, access code 13714733. 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 28, 2021 and ending on Thursday, February 4, 2021 by dialing 412-317-6671, access code 13714733. 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 banking offices located across 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, as supplemented by the Company’s subsequent filings with the Securities and 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, changes in accounting principles and guidelines and the impact of the COVID-19 pandemic on the Company, its employees and operations, and its customers. 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:
Emily Holtzman, MWWPR
631.742.9568; eholtzman@mww.com
CONNECTONE BANCORP, INC. AND SUBSIDIARIES | |||||||
CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION | |||||||
(in thousands) | |||||||
December 31, | December 31, | ||||||
2020 | 2019 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 63,637 | $ | 65,717 | |||
Interest-bearing deposits with banks | 240,119 | 135,766 | |||||
Cash and cash equivalents | 303,756 | 201,483 | |||||
Securities available-for-sale | 487,955 | 404,701 | |||||
Equity securities | 13,387 | 11,185 | |||||
Loans held-for-sale | 4,710 | 33,250 | |||||
Loans receivable | 6,236,307 | 5,113,527 | |||||
Less: Allowance for loan losses | 79,226 | 38,293 | |||||
Net loans receivable | 6,157,081 | 5,075,234 | |||||
Investment in restricted stock, at cost | 25,099 | 27,397 | |||||
Bank premises and equipment, net | 30,108 | 19,236 | |||||
Accrued interest receivable | 35,317 | 20,949 | |||||
Bank owned life insurance | 165,960 | 137,961 | |||||
Right of use operating lease assets | 16,159 | 15,137 | |||||
Goodwill | 208,372 | 162,574 | |||||
Core deposit intangibles | 10,977 | 5,460 | |||||
Other assets | 88,458 | 59,465 | |||||
Total assets | $ | 7,547,339 | $ | 6,174,032 | |||
LIABILITIES | |||||||
Deposits: | |||||||
Noninterest-bearing | $ | 1,339,108 | $ | 861,728 | |||
Interest-bearing | 4,620,116 | 3,905,814 | |||||
Total deposits | 5,959,224 | 4,767,542 | |||||
Borrowings | 425,954 | 500,293 | |||||
Operating lease liabilities | 18,026 | 16,449 | |||||
Subordinated debentures, net of debt issuance costs | 202,648 | 128,885 | |||||
Other liabilities | 26,177 | 29,673 | |||||
Total liabilities | 6,632,029 | 5,442,842 | |||||
COMMITMENTS AND CONTINGENCIES | |||||||
STOCKHOLDERS' EQUITY | |||||||
Common stock | 586,946 | 468,571 | |||||
Additional paid-in capital | 23,887 | 21,344 | |||||
Retained earnings | 331,951 | 271,782 | |||||
Treasury stock | (30,271 | ) | (29,360 | ) | |||
Accumulated other comprehensive income (loss) | 2,797 | (1,147 | ) | ||||
Total stockholders' equity | 915,310 | 731,190 | |||||
Total liabilities and stockholders' equity | $ | 7,547,339 | $ | 6,174,032 |
CONNECTONE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
(dollars in thousands, except for per share data) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
12-31-20 | 12-31-19 | 12-31-20 | 12-31-19 | ||||||||||||
Interest income | |||||||||||||||
Interest and fees on loans | $ | 73,123 | $ | 64,833 | $ | 296,611 | $ | 255,479 | |||||||
Interest and dividends on investment securities: | |||||||||||||||
Taxable | 1,373 | 1,700 | 6,456 | 9,131 | |||||||||||
Tax-exempt | 649 | 824 | 2,797 | 3,929 | |||||||||||
Dividends | 374 | 409 | 1,642 | 1,778 | |||||||||||
Interest on federal funds sold and other short-term investments | 69 | 242 | 694 | 1,167 | |||||||||||
Total interest income | 75,588 | 68,008 | 308,200 | 271,484 | |||||||||||
Interest expense | |||||||||||||||
Deposits | 9,630 | 16,272 | 52,386 | 65,570 | |||||||||||
Borrowings | 4,587 | 4,305 | 17,823 | 19,595 | |||||||||||
Total interest expense | 14,217 | 20,577 | 70,209 | 85,165 | |||||||||||
Net interest income | 61,371 | 47,431 | 237,991 | 186,319 | |||||||||||
Provision for loan losses | 5,000 | 500 | 41,000 | 8,100 | |||||||||||
Net interest income after provision for loan losses | 56,371 | 46,931 | 196,991 | 178,219 | |||||||||||
Noninterest income | |||||||||||||||
Income on bank owned life insurance | 1,314 | 914 | 5,007 | 3,484 | |||||||||||
Net gains on sale of loans held-for-sale | 841 | 169 | 2,085 | 512 | |||||||||||
Deposit, loan and other income | 1,300 | 1,209 | 7,077 | 4,025 | |||||||||||
Net (losses) gains on equity securities | (13 | ) | (46 | ) | 202 | 294 | |||||||||
Net (losses) gains on sale of securities available-for-sale | - | - | 29 | (280 | ) | ||||||||||
Total noninterest income | 3,442 | 2,246 | 14,400 | 8,035 | |||||||||||
Noninterest expenses | |||||||||||||||
Salaries and employee benefits | 14,581 | 12,881 | 58,758 | 49,135 | |||||||||||
Occupancy and equipment | 3,689 | 2,380 | 13,882 | 9,712 | |||||||||||
FDIC insurance | 948 | 795 | 4,002 | 2,011 | |||||||||||
Professional and consulting | 2,210 | 1,428 | 7,383 | 5,506 | |||||||||||
Marketing and advertising | 256 | 273 | 1,200 | 1,353 | |||||||||||
Data processing | 1,479 | 1,151 | 6,008 | 4,503 | |||||||||||
Merger and restructuring expenses | - | 871 | 14,640 | 8,955 | |||||||||||
Loss on extinguishment of debt | - | - | - | 1,047 | |||||||||||
Amortization of core deposit intangibles | 628 | 340 | 2,559 | 1,408 | |||||||||||
Increase in value of acquisition price | - | 2,333 | - | ||||||||||||
Other expenses | 2,611 | 2,078 | 10,236 | 8,598 | |||||||||||
Total noninterest expenses | 26,402 | 22,197 | 121,001 | 92,228 | |||||||||||
Income before income tax expense | 33,411 | 26,980 | 90,390 | 94,026 | |||||||||||
Income tax expense | 7,770 | 6,197 | 19,101 | 20,631 | |||||||||||
Net income | $ | 25,641 | $ | 20,783 | $ | 71,289 | $ | 73,395 | |||||||
Earnings per common share: | |||||||||||||||
Basic | $ | 0.64 | $ | 0.59 | $ | 1.80 | $ | 2.08 | |||||||
Diluted | 0.64 | 0.59 | 1.79 | 2.07 |
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. | |||||||||||||||||||
SUPPLEMENTAL GAAP AND NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
As of | |||||||||||||||||||
Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | |||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | |||||||||||||||
Selected Financial Data | (dollars in thousands) | ||||||||||||||||||
Total assets | $ | 7,547,339 | $ | 7,449,559 | $ | 7,617,184 | $ | 7,279,327 | $ | 6,174,032 | |||||||||
Loans receivable: | |||||||||||||||||||
Commercial | $ | 1,092,404 | $ | 1,125,273 | $ | 1,151,025 | $ | 1,203,818 | $ | 1,096,224 | |||||||||
PPP loans | 397,492 | 474,022 | 473,999 | - | - | ||||||||||||||
Commercial real estate | 2,103,468 | 2,001,311 | 1,987,695 | 1,981,149 | 1,559,354 | ||||||||||||||
Multifamily | 1,712,153 | 1,703,290 | 1,723,273 | 1,762,651 | 1,518,400 | ||||||||||||||
Commercial construction | 617,747 | 614,112 | 673,893 | 676,836 | 620,969 | ||||||||||||||
Residential | 322,564 | 343,376 | 366,315 | 387,400 | 320,019 | ||||||||||||||
Consumer | 1,853 | 1,876 | 2,001 | 1,965 | 3,328 | ||||||||||||||
Gross loans | 6,247,681 | 6,263,260 | 6,378,201 | 6,013,819 | 5,118,294 | ||||||||||||||
Unearned net origination fees | (11,374 | ) | (12,209 | ) | (14,934 | ) | (4,509 | ) | (4,767 | ) | |||||||||
Loans receivable | 6,236,307 | 6,251,051 | 6,363,267 | 6,009,310 | 5,113,527 | ||||||||||||||
Loans held-for-sale | 4,710 | 8,508 | 11,212 | 32,425 | 33,250 | ||||||||||||||
Total loans | $ | 6,241,017 | $ | 6,259,559 | $ | 6,374,479 | $ | 6,041,735 | $ | 5,146,777 | |||||||||
Investment securities | $ | 501,342 | $ | 466,415 | $ | 431,833 | $ | 460,101 | $ | 415,886 | |||||||||
Goodwill and other intangible assets | 219,349 | 219,977 | 220,605 | 221,263 | 168,034 | ||||||||||||||
Deposits: | |||||||||||||||||||
Noninterest-bearing demand | $ | 1,339,108 | $ | 1,270,021 | $ | 1,276,070 | $ | 979,778 | $ | 861,728 | |||||||||
Time deposits | 1,464,133 | 1,619,609 | 1,807,864 | 1,974,400 | 1,553,721 | ||||||||||||||
Other interest-bearing deposits | 3,155,983 | 2,909,126 | 2,742,927 | 2,555,014 | 2,352,093 | ||||||||||||||
Total deposits | $ | 5,959,224 | $ | 5,798,756 | $ | 5,826,861 | $ | 5,509,192 | $ | 4,767,542 | |||||||||
Borrowings | $ | 425,954 | $ | 506,225 | $ | 667,062 | $ | 726,856 | $ | 500,293 | |||||||||
Subordinated debentures (net of debt issuance costs) | 202,648 | 202,552 | 202,476 | 128,967 | 128,885 | ||||||||||||||
Total stockholders' equity | 915,310 | 890,736 | 867,741 | 853,710 | 731,190 | ||||||||||||||
Quarterly Average Balances | |||||||||||||||||||
Total assets | $ | 7,547,651 | $ | 7,474,002 | $ | 7,684,403 | $ | 7,106,027 | $ | 6,084,607 | |||||||||
Loans receivable: | |||||||||||||||||||
Commercial | $ | 1,557,303 | $ | 1,610,423 | $ | 1,539,749 | $ | 1,146,773 | $ | 1,085,640 | |||||||||
Commercial real estate (including multifamily) | 3,704,197 | 3,679,297 | 3,722,966 | 3,723,991 | 3,074,889 | ||||||||||||||
Commercial construction | 615,439 | 646,281 | 675,698 | 663,036 | 642,476 | ||||||||||||||
Residential | 332,403 | 352,426 | 374,283 | 390,655 | 318,413 | ||||||||||||||
Consumer | 3,309 | 2,536 | 1,898 | 3,007 | 4,165 | ||||||||||||||
Gross loans | 6,212,651 | 6,290,963 | 6,314,594 | 5,927,462 | 5,125,583 | ||||||||||||||
Unearned net origination fees | (12,023 | ) | (13,292 | ) | (13,420 | ) | (4,648 | ) | (5,031 | ) | |||||||||
Loans receivable | 6,200,628 | 6,277,671 | 6,301,174 | 5,922,814 | 5,120,552 | ||||||||||||||
Loans held-for-sale | 9,003 | 10,772 | 31,329 | 33,655 | 33,163 | ||||||||||||||
Total loans | $ | 6,209,631 | $ | 6,288,443 | $ | 6,332,503 | $ | 5,956,469 | $ | 5,153,715 | |||||||||
Investment securities | $ | 469,820 | $ | 429,947 | $ | 452,224 | $ | 458,642 | $ | 427,973 | |||||||||
Goodwill and other intangible assets | 219,761 | 220,391 | 221,039 | 221,075 | 168,257 | ||||||||||||||
Deposits: | |||||||||||||||||||
Noninterest-bearing demand | $ | 1,294,447 | $ | 1,253,235 | $ | 1,277,428 | $ | 955,358 | $ | 844,332 | |||||||||
Time deposits | 1,577,338 | 1,728,129 | 1,905,165 | 1,962,714 | 1,533,425 | ||||||||||||||
Other interest-bearing deposits | 3,094,536 | 2,881,592 | 2,639,052 | 2,660,755 | 2,348,752 | ||||||||||||||
Total deposits | $ | 5,966,321 | $ | 5,862,956 | $ | 5,821,645 | $ | 5,578,827 | $ | 4,726,509 | |||||||||
Borrowings | $ | 410,098 | $ | 467,399 | $ | 798,648 | $ | 477,121 | $ | 452,837 | |||||||||
Subordinated debentures (net of debt issuance costs) | 202,595 | 202,502 | 141,904 | 128,913 | 128,830 | ||||||||||||||
Total stockholders' equity | 906,153 | 883,364 | 868,796 | 864,241 | 732,173 |
Three Months Ended | |||||||||||||||||||
Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | |||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | |||||||||||||||
(dollars in thousands, except for per share data) | |||||||||||||||||||
Net interest income | $ | 61,371 | $ | 60,549 | $ | 60,790 | $ | 55,281 | $ | 47,431 | |||||||||
Provision for loan losses | 5,000 | 5,000 | 15,000 | 16,000 | 500 | ||||||||||||||
Net interest income after provision for loan losses | 56,371 | 55,549 | 45,790 | 39,281 | 46,931 | ||||||||||||||
Noninterest income | |||||||||||||||||||
Income on bank owned life insurance | 1,314 | 1,598 | 1,128 | 967 | 914 | ||||||||||||||
Net gains on sale of loans held-for-sale | 841 | 614 | 237 | 393 | 169 | ||||||||||||||
Deposit, loan and other income | 1,300 | 1,278 | 3,212 | 1,287 | 1,209 | ||||||||||||||
Net (losses) gains on equity securities | (13 | ) | (7 | ) | 44 | 178 | (46 | ) | |||||||||||
Net gains (losses) on sale of investment securities | - | - | - | 29 | - | ||||||||||||||
Total noninterest income | 3,442 | 3,483 | 4,621 | 2,854 | 2,246 | ||||||||||||||
Noninterest expenses | |||||||||||||||||||
Salaries and employee benefits | 14,581 | 15,114 | 14,500 | 14,563 | 12,881 | ||||||||||||||
Occupancy and equipment | 3,689 | 3,566 | 3,156 | 3,471 | 2,380 | ||||||||||||||
FDIC insurance | 948 | 1,105 | 1,093 | 856 | 795 | ||||||||||||||
Professional and consulting | 2,210 | 1,926 | 1,673 | 1,574 | 1,428 | ||||||||||||||
Marketing and advertising | 256 | 214 | 426 | 304 | 273 | ||||||||||||||
Data processing | 1,479 | 1,470 | 1,586 | 1,473 | 1,151 | ||||||||||||||
Merger expenses | - | - | 5,146 | 9,494 | 871 | ||||||||||||||
Amortization of core deposit intangible | 628 | 627 | 652 | 652 | 340 | ||||||||||||||
Increase in value of acquisition price | - | - | 2,333 | - | - | ||||||||||||||
Other expenses | 2,611 | 2,456 | 2,498 | 2,671 | 2,078 | ||||||||||||||
Total noninterest expenses | 26,402 | 26,478 | 33,063 | 35,058 | 22,197 | ||||||||||||||
Income before income tax expense | 33,411 | 32,554 | 17,348 | 7,077 | 26,980 | ||||||||||||||
Income tax expense | 7,770 | 7,768 | 2,516 | 1,047 | 6,197 | ||||||||||||||
Net income | $ | 25,641 | $ | 24,786 | $ | 14,832 | $ | 6,030 | $ | 20,783 | |||||||||
Weighted average diluted shares outstanding | 39,726,791 | 39,653,832 | 39,611,712 | 39,510,810 | 35,245,285 | ||||||||||||||
Diluted EPS | $ | 0.64 | $ | 0.62 | $ | 0.37 | $ | 0.15 | $ | 0.59 | |||||||||
Reconciliation of GAAP Earnings to Pre-tax, Pre-provision and Pre-merger charges Earnings | |||||||||||||||||||
Net income | $ | 25,641 | $ | 24,786 | $ | 14,832 | $ | 6,030 | $ | 20,783 | |||||||||
Income tax expense | 7,770 | 7,768 | 2,516 | 1,047 | 6,197 | ||||||||||||||
Merger charges | - | - | 5,146 | 9,494 | 871 | ||||||||||||||
Provision for loan losses | 5,000 | 5,000 | 15,000 | 16,000 | 500 | ||||||||||||||
Pre-tax, pre-provision and pre-merger charges earnings | $ | 38,411 | $ | 37,554 | $ | 37,494 | $ | 32,571 | $ | 28,351 | |||||||||
Return on Assets Measures | |||||||||||||||||||
Average assets | $ | 7,547,651 | $ | 7,474,002 | $ | 7,684,403 | $ | 7,106,027 | $ | 6,084,607 | |||||||||
Return on avg. assets | 1.35 | % | 1.32 | % | 0.78 | % | 0.34 | % | 1.36 | % | |||||||||
Return on avg. assets (pre tax, pre-provision and pre-merger charges) | 2.02 | 2.00 | 1.96 | 1.84 | 1.85 |
Three Months Ended | |||||||||||||||||||
Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | |||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | |||||||||||||||
Return on Equity Measures | (dollars in thousands) | ||||||||||||||||||
Average common equity | $ | 906,153 | $ | 883,364 | $ | 868,796 | $ | 864,241 | $ | 732,173 | |||||||||
Less: average intangible assets | (219,761 | ) | (220,391 | ) | (221,039 | ) | (221,075 | ) | (168,257 | ) | |||||||||
Average tangible common equity | $ | 686,392 | $ | 662,973 | $ | 647,757 | $ | 643,166 | $ | 563,916 | |||||||||
Return on avg. common equity (GAAP) | 11.26 | % | 11.16 | % | 6.87 | % | 2.81 | % | 11.26 | % | |||||||||
Return on avg. tangible common equity (non-GAAP) (1) | 15.12 | 15.14 | 9.50 | 4.06 | 14.79 | ||||||||||||||
Efficiency Measures | |||||||||||||||||||
Total noninterest expenses | $ | 26,402 | $ | 26,478 | $ | 33,063 | $ | 35,058 | $ | 22,197 | |||||||||
Amortization of core deposit intangibles | (628 | ) | (627 | ) | (652 | ) | (652 | ) | (340 | ) | |||||||||
Merger expenses | - | - | (5,146 | ) | (9,494 | ) | (871 | ) | |||||||||||
FDIC small bank assessment credit | - | - | - | - | - | ||||||||||||||
Foreclosed property expense | (2 | ) | - | (5 | ) | 10 | 8 | ||||||||||||
Operating noninterest expense | $ | 25,772 | $ | 25,851 | $ | 27,260 | $ | 24,922 | $ | 20,994 | |||||||||
Net interest income (tax equivalent basis) | $ | 61,840 | $ | 61,005 | $ | 61,253 | $ | 55,781 | $ | 47,929 | |||||||||
Noninterest income | 3,442 | 3,483 | 4,621 | 2,854 | 2,246 | ||||||||||||||
Net losses (gains) on equity securities | 13 | 7 | (44 | ) | (178 | ) | 46 | ||||||||||||
Net (gains) losses on sales of securities | - | - | - | (29 | ) | - | |||||||||||||
Operating revenue | $ | 65,295 | $ | 64,495 | $ | 65,830 | $ | 58,428 | $ | 50,221 | |||||||||
Operating efficiency ratio (non-GAAP) (2) | 39.5 | % | 40.1 | % | 41.4 | % | 42.7 | % | 41.8 | % | |||||||||
Net Interest Margin | |||||||||||||||||||
Average interest-earning assets | $ | 7,031,662 | $ | 6,962,499 | $ | 7,164,545 | $ | 6,584,508 | $ | 5,663,538 | |||||||||
Net interest income (tax equivalent basis) | $ | 61,840 | $ | 61,005 | $ | 61,253 | $ | 55,781 | $ | 47,929 | |||||||||
Impact of purchase accounting fair value marks | (2,237 | ) | (2,403 | ) | (3,073 | ) | (3,457 | ) | (1,455 | ) | |||||||||
Adjusted net interest income (tax equivalent basis) | $ | 59,603 | $ | 58,602 | $ | 58,180 | $ | 52,324 | $ | 46,474 | |||||||||
Net interest margin (GAAP) | 3.50 | % | 3.49 | % | 3.44 | % | 3.41 | % | 3.36 | % | |||||||||
Adjusted net interest margin (non-GAAP) (3) | 3.37 | 3.35 | 3.27 | 3.20 | 3.26 | ||||||||||||||
(1) Earnings available to common stockholders excluding amortization of intangible assets divided by average tangible common equity. | |||||||||||||||||||
(2) Operating noninterest expense divided by operating revenue. | |||||||||||||||||||
(3) Adjusted net interest margin excludes impact of purchase accounting fair value marks. |
As of | |||||||||||||||||||
Dec. 31, | Sept. 30, | June 30, | Mar. 31, | Dec. 31, | |||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | |||||||||||||||
Capital Ratios and Book Value per Share | (dollars in thousands, except for per share data) | ||||||||||||||||||
Common equity | $ | 915,310 | $ | 890,736 | $ | 867,741 | $ | 853,710 | $ | 731,190 | |||||||||
Less: intangible assets | (219,349 | ) | (219,977 | ) | (220,605 | ) | (221,263 | ) | (168,034 | ) | |||||||||
Tangible common equity | $ | 695,961 | $ | 670,759 | $ | 647,136 | $ | 632,447 | $ | 563,156 | |||||||||
Total assets | $ | 7,547,339 | $ | 7,449,559 | $ | 7,617,184 | $ | 7,279,327 | $ | 6,174,032 | |||||||||
Less: intangible assets | (219,349 | ) | (219,977 | ) | (220,605 | ) | (221,263 | ) | (168,034 | ) | |||||||||
Tangible assets | $ | 7,327,990 | $ | 7,229,582 | $ | 7,396,579 | $ | 7,058,064 | $ | 6,005,998 | |||||||||
Common shares outstanding | 39,785,398 | 39,753,033 | 39,753,033 | 39,704,921 | 35,072,066 | ||||||||||||||
Common equity ratio (GAAP) | 12.13 | % | 11.96 | % | 11.39 | % | 11.73 | % | 11.84 | % | |||||||||
Tangible common equity ratio (non-GAAP) (4) | 9.50 | 9.28 | 8.75 | 8.96 | 9.38 | ||||||||||||||
Regulatory capital ratios (Bancorp): | |||||||||||||||||||
Leverage ratio | 9.51 | % | 9.30 | % | 8.99 | % | 9.20 | % | 9.54 | % | |||||||||
Common equity Tier 1 risk-based ratio | 10.79 | 10.63 | 10.04 | 9.63 | 9.95 | ||||||||||||||
Risk-based Tier 1 capital ratio | 10.87 | 10.72 | 10.12 | 9.71 | 10.04 | ||||||||||||||
Risk-based total capital ratio | 15.08 | 14.94 | 14.32 | 12.46 | 12.95 | ||||||||||||||
Regulatory capital ratios (Bank): | |||||||||||||||||||
Leverage ratio | 10.63 | % | 10.41 | % | 10.12 | % | 10.36 | % | 10.81 | % | |||||||||
Common equity Tier 1 risk-based ratio | 12.24 | 12.00 | 11.38 | 10.93 | 11.37 | ||||||||||||||
Risk-based Tier 1 capital ratio | 12.24 | 12.00 | 11.38 | 10.93 | 11.37 | ||||||||||||||
Risk-based total capital ratio | 10.00 | 13.70 | 12.96 | 12.25 | 12.63 | ||||||||||||||
Book value per share (GAAP) | $ | 23.01 | $ | 22.41 | $ | 21.83 | $ | 21.50 | $ | 20.85 | |||||||||
Tangible book value per share (non-GAAP) (5) | 17.49 | 16.87 | 16.28 | 15.93 | 16.06 | ||||||||||||||
Net Loan (Recoveries) Charge-Off Detail | |||||||||||||||||||
Net loan charge-offs (recoveries) : | |||||||||||||||||||
Charge-offs | $ | 900 | $ | 257 | $ | 462 | $ | 115 | $ | 1,029 | |||||||||
Recoveries | (833 | ) | (800 | ) | (4 | ) | (3 | ) | (22 | ) | |||||||||
Net loan (recoveries) charge-offs | $ | 67 | $ | (543 | ) | $ | 458 | $ | 112 | $ | 1,007 | ||||||||
Net loan (recoveries) charge-offs as a % of average loans receivable (annualized) | 0.00 | % | (0.03 | )% | 0.03 | % | 0.01 | % | 0.08 | % | |||||||||
Asset Quality | |||||||||||||||||||
Nonaccrual taxi medallion loans | $ | 23,024 | $ | 23,024 | $ | 23,024 | $ | 23,024 | $ | 23,431 | |||||||||
Nonaccrual loans (excluding taxi medallion loans) | 38,672 | 42,470 | 41,556 | 39,349 | 26,050 | ||||||||||||||
Total nonperforming assets | $ | 61,696 | $ | 65,494 | $ | 64,580 | $ | 62,373 | $ | 49,481 | |||||||||
Performing troubled debt restructurings | $ | 23,655 | $ | 18,241 | $ | 20,418 | $ | 21,293 | $ | 21,410 | |||||||||
Allowance for loan losses ("ALLL") | $ | 79,226 | $ | 74,267 | $ | 68,724 | $ | 54,169 | $ | 38,293 | |||||||||
Loans receivable | $ | 6,236,307 | $ | 6,251,051 | $ | 6,363,267 | $ | 6,009,310 | $ | 5,113,527 | |||||||||
Less: taxi medallion loans | 24,659 | 24,634 | 24,603 | 24,575 | 24,977 | ||||||||||||||
Loans receivable (excluding taxi medallion loans) | $ | 6,211,648 | $ | 6,226,417 | $ | 6,338,664 | $ | 5,984,735 | $ | 5,088,550 | |||||||||
Loans receivable | $ | 6,236,307 | $ | 6,251,051 | $ | 6,363,267 | $ | 6,009,310 | $ | 5,113,527 | |||||||||
Less: PPP loans | 397,492 | 474,022 | 473,999 | - | - | ||||||||||||||
Loans receivable (excluding PPP loans) | $ | 5,838,815 | $ | 5,777,029 | $ | 5,889,268 | $ | 6,009,310 | $ | 5,113,527 | |||||||||
Nonaccrual loans (excluding taxi medallion loans) as a % of loans receivable (excluding taxi medallion loans) | 0.62 | % | 0.68 | % | 0.66 | % | 0.66 | % | 0.51 | % | |||||||||
Nonaccrual loans as a % of loans receivable | 0.99 | 1.05 | 1.01 | 1.04 | 0.97 | ||||||||||||||
Nonperforming assets as a % of total assets | 0.82 | 0.88 | 0.85 | 0.86 | 0.80 | ||||||||||||||
ALLL as a % of loans receivable | 1.27 | 1.19 | 1.08 | 0.90 | 0.75 | ||||||||||||||
ALLL as a % of loans receivable (excluding PPP loans) | 1.36 | 1.29 | 1.17 | 0.90 | 0.75 | ||||||||||||||
ALLL as a % of nonaccrual loans (excluding taxi medallion loans) | 204.9 | 174.9 | 165.4 | 137.7 | 147.0 | ||||||||||||||
ALLL as a % of nonaccrual loans | 128.4 | 113.4 | 106.4 | 86.8 | 77.4 | ||||||||||||||
(4) Tangible common equity divided by tangible assets. | |||||||||||||||||||
(5) Tangible common equity divided by common shares outstanding at period-end. |
CONNECTONE BANCORP, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
NET INTEREST MARGIN ANALYSIS | |||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||||||
Interest-earning assets: | Balance | Interest | Rate (7) | Balance | Interest | Rate (7) | Balance | Interest | Rate (7) | ||||||||||||||||||||
Investment securities (1) (2) | $ | 460,471 | $ | 2,194 | 1.90 | % | $ | 420,362 | $ | 2,176 | 2.06 | % | $ | 423,857 | $ | 2,737 | 2.56 | % | |||||||||||
Loans receivable and loans held-for-sale (2) (3) (4) | 6,209,631 | 73,420 | 4.70 | 6,288,443 | 75,028 | 4.75 | 5,153,715 | 65,118 | 5.01 | ||||||||||||||||||||
Federal funds sold and interest- | |||||||||||||||||||||||||||||
bearing deposits with banks | 337,172 | 69 | 0.08 | 227,617 | 47 | 0.08 | 60,705 | 242 | 1.58 | ||||||||||||||||||||
Restricted investment in bank stock | 24,388 | 374 | 6.10 | 26,077 | 426 | 6.50 | 25,261 | 409 | 6.42 | ||||||||||||||||||||
Total interest-earning assets | 7,031,662 | 76,057 | 4.30 | 6,962,499 | 77,677 | 4.44 | 5,663,538 | 68,506 | 4.80 | ||||||||||||||||||||
Allowance for loan losses | (74,943 | ) | (69,381 | ) | (39,094 | ) | |||||||||||||||||||||||
Noninterest-earning assets | 584,145 | 580,884 | 460,163 | ||||||||||||||||||||||||||
Total assets | $ | 7,540,864 | $ | 7,474,002 | $ | 6,084,607 | |||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||
Time deposits | $ | 1,577,338 | $ | 6,682 | 1.69 | $ | 1,728,129 | $ | 8,174 | 1.88 | $ | 1,533,425 | $ | 9,573 | 2.48 | ||||||||||||||
Other interest-bearing deposits | 3,094,536 | 2,948 | 0.38 | 2,881,592 | 3,773 | 0.52 | 2,348,752 | 6,699 | 1.13 | ||||||||||||||||||||
Total interest-bearing deposits | 4,671,874 | 9,630 | 0.82 | 4,609,721 | 11,947 | 1.03 | 3,882,177 | 16,272 | 1.66 | ||||||||||||||||||||
Borrowings | 410,098 | 1,856 | 1.80 | 467,399 | 1,992 | 1.70 | 452,837 | 2,431 | 2.13 | ||||||||||||||||||||
Subordinated debentures, net of debt issuance costs | 202,595 | 2,699 | 5.30 | 202,502 | 2,700 | 5.30 | 128,830 | 1,839 | 5.66 | ||||||||||||||||||||
Capital lease obligation | 2,164 | 32 | 5.88 | 2,211 | 33 | 5.94 | 2,348 | 35 | 5.91 | ||||||||||||||||||||
Total interest-bearing liabilities | 5,286,731 | 14,217 | 1.07 | 5,281,833 | 16,672 | 1.26 | 4,466,192 | 20,577 | 1.83 | ||||||||||||||||||||
Noninterest-bearing demand deposits | 1,294,447 | 1,253,235 | 844,332 | ||||||||||||||||||||||||||
Other liabilities | 53,533 | 55,570 | 41,910 | ||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 1,347,980 | 1,308,805 | 886,242 | ||||||||||||||||||||||||||
Stockholders' equity | 906,153 | 883,364 | 732,173 | ||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 7,540,864 | $ | 7,474,002 | $ | 6,084,607 | |||||||||||||||||||||||
Net interest income (tax equivalent basis) | 61,840 | 61,005 | 47,929 | ||||||||||||||||||||||||||
Net interest spread (5) | 3.23 | % | 3.18 | % | 2.97 | % | |||||||||||||||||||||||
Net interest margin (6) | 3.50 | % | 3.49 | % | 3.36 | % | |||||||||||||||||||||||
Tax equivalent adjustment | (469 | ) | (456 | ) | (498 | ) | |||||||||||||||||||||||
Net interest income | $ | 61,371 | $ | 60,549 | $ | 47,431 | |||||||||||||||||||||||
______________________________ | |||||||||||||||||||||||||||||
(1) Average balances are calculated on amortized cost. | |||||||||||||||||||||||||||||
(2) Interest income is presented on a tax equivalent basis using 21% federal tax rate. | |||||||||||||||||||||||||||||
(3) Includes loan fee income. | |||||||||||||||||||||||||||||
(4) Loans include nonaccrual loans. | |||||||||||||||||||||||||||||
(5) 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. | |||||||||||||||||||||||||||||
(6) Represents net interest income on a tax equivalent basis divided by average total interest-earning assets. | |||||||||||||||||||||||||||||
(7) Rates are annualized. |
Cover |
Jan. 28, 2021 |
---|---|
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jan. 28, 2021 |
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 |
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