ConnectOne Bancorp, Inc. CNOB
ConnectOne Bancorp, Inc., (the "Company" and with ConnectOne Bank, "we" or "us") a one-bank holding company, was incorporated in the State of New Jersey on November 12, 1982 as Center Bancorp, Inc. and commenced operations on May 1, 1983 upon the acquisition of all outstanding shares of capital stock of Union Center National Bank, its then principal subsidiary.
On January 20, 2014, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with ConnectOne Bancorp, Inc., a New Jersey corporation ("Legacy ConnectOne"). Effective July 1, 2014, the Company completed the merger contemplated by the Merger Agreement (the "Merger") with Legacy ConnectOne merging with and into the Company, with the Company as the surviving corporation. Also, at closing, the Company changed its name to "ConnectOne Bancorp, Inc." and changed its NASDAQ trading symbol to "CNOB". Immediately following the consummation of the Merger, Union Center National Bank merged with and into ConnectOne Bank, a New Jersey-chartered commercial bank ("ConnectOne Bank" or the "Bank") and a wholly-owned subsidiary of Legacy ConnectOne, with ConnectOne Bank continuing as the surviving bank.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $644.9M | $517.9M | $490.1M | $373.7M | $301.7M | $308.2M | $271.5M | $216.1M | $181.3M | $161.2M |
| Interest expense | $353.3M | $247.3M | $255.1M | $302.1M | $38.9M | $70.2M | $85.2M | $58.9M | $36.3M | $31.1M |
| Pre-tax income | $112.7M | $98.5M | $117.0M | $171.2M | $175.1M | $90.4M | $94.0M | $71.1M | $68.5M | $42.9M |
| Income tax | $32.3M | $24.7M | $30.0M | $46.0M | $44.7M | $19.1M | $20.6M | $10.8M | $25.3M | $11.8M |
| Net income | $80.4M | $73.8M | $87.0M | $125.2M | $130.4M | $71.3M | $73.4M | $60.4M | $43.2M | $31.1M |
| EPS, basic | 1.64 | 1.77 | 2.08 | 3.03 | 3.24 | 1.80 | 2.08 | 1.87 | 1.35 | 1.02 |
| EPS, diluted | 1.63 | 1.76 | 2.07 | 3.01 | 3.22 | 1.79 | 2.07 | 1.86 | 1.34 | 1.01 |
| Shares, diluted (wtd. avg.) | $45.4M | $38.5M | $39.0M | $39.5M | $39.9M | $39.6M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $380.9M | $356.5M | $242.7M | $268.3M | $265.5M | $303.8M | $201.5M | $172.4M | $149.6M | $200.4M |
| Property, plant and equipment | $55.3M | $28.4M | $30.8M | $27.8M | $29.0M | $30.1M | $19.2M | $19.1M | $21.7M | $22.1M |
| Goodwill | $220.2M | $208.4M | $208.4M | $208.4M | $208.4M | $208.4M | $162.6M | $145.9M | $145.9M | $145.9M |
| Total assets | $14.00B | $9.88B | $9.86B | $9.64B | $8.13B | $7.55B | $6.17B | $5.46B | $5.11B | $4.43B |
| Long-term debt | — | — | — | — | — | — | $500.3M | $600.0M | $670.1M | $476.3M |
| Total liabilities | $12.43B | $8.64B | $8.64B | $8.47B | $7.01B | $6.63B | $5.44B | $4.85B | $4.54B | $3.90B |
| Retained earnings | $673.9M | $631.4M | $591.0M | $535.9M | $440.2M | $332.0M | $271.8M | $211.3M | $160.0M | $126.5M |
| Total equity | $1.57B | $1.24B | $1.22B | $1.18B | $1.12B | $915.3M | $731.2M | $613.9M | $565.4M | $531.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $106.4M | $60.7M | $92.9M | $176.8M | $202.3M | $81.1M | $60.7M | $89.1M | $131.1M | $49.7M |
| Depreciation and amortisation | $6.1M | $4.4M | $4.5M | $3.9M | $3.8M | $4.2M | $3.1M | $3.1M | $3.2M | $2.7M |
| Stock-based compensation | $4.6M | $4.6M | $4.9M | $4.9M | $4.5M | $2.9M | $2.9M | $1.9M | $1.8M | $2.1M |
| Capital expenditure | $5.4M | $3.8M | $7.4M | $3.3M | $2.8M | $2.2M | $1.5M | $2.1M | $2.7M | $2.7M |
| Investing cash flow | -$186.2M | $55.2M | -$248.0M | -$1.54B | -$689.9M | -$323.4M | -$102.5M | -$357.2M | -$817.7M | -$427.7M |
| Financing cash flow | $104.2M | -$2.1M | $129.5M | $1.37B | $449.4M | $344.5M | $70.9M | $290.9M | $635.8M | $377.5M |
| Dividends paid | $32.0M | $27.3M | $25.9M | $23.4M | $17.5M | $14.3M | $12.2M | $9.7M | $9.6M | $9.1M |
| Buybacks | $0 | $5.8M | $17.5M | $13.1M | $9.4M | $911.0K | — | — | $180.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-011892.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |