ConnectOne Bancorp Inc
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 23, 2024
CNOB$32.82-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Income
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (dollars in thousands, except for per share data) | |||
| Interest income: | |||
| Interest and fees on loans | $453,992 | $352,993 | $293,546 |
| Interest and dividends on investment securities: | |||
| Taxable | 16,666 | 12,712 | 4,413 |
| Tax-exempt | 4,641 | 3,893 | 2,403 |
| Dividends | 3,662 | 1,655 | 971 |
| Interest on federal funds sold and other short-term investments | 11,104 | 2,493 | 405 |
| Total interest income | 490,065 | 373,746 | 301,738 |
| Interest expense: | |||
| Deposits | 206,176 | 50,561 | 24,768 |
| Borrowings | 28,783 | 21,066 | 14,092 |
| Total interest expense | 234,959 | 71,627 | 38,860 |
| Net interest income | 255,106 | 302,119 | 262,878 |
| Provision for (reversal of) credit losses | 8,200 | 17,750 | (5,500) |
| Net interest income after provision for credit losses | 246,906 | 284,369 | 268,378 |
| Noninterest income: | |||
| Deposit, loan and other income | 6,098 | 7,472 | 6,617 |
| Income on bank owned life insurance | 6,316 | 5,597 | 4,771 |
| Net gains on sale of loans held-for-sale | 1,704 | 1,695 | 3,807 |
| Gain on sale of branches | - | - | 674 |
| Net losses on equity securities | (117) | (1,521) | (373) |
| Net gains on sale/redemption of investment securities | - | - | 195 |
| Total noninterest income | 14,001 | 13,243 | 15,691 |
| Noninterest expense: | |||
| Salaries and employee benefits | 88,325 | 81,289 | 64,341 |
| Occupancy and equipment | 10,884 | 9,865 | 11,638 |
| FDIC insurance | 8,365 | 2,881 | 2,665 |
| Professional and consulting | 7,547 | 8,053 | 8,286 |
| Marketing and advertising | 1,965 | 1,692 | 1,318 |
| Information technology and communications | 14,340 | 11,108 | 11,267 |
| Amortization of core deposit intangible | 1,438 | 1,685 | 1,981 |
| Net periodic pension income | (102) | (572) | (269) |
| Increase in value of acquisition price | - | 1,516 | - |
| Other expenses | 11,187 | 8,871 | 7,784 |
| Total noninterest expenses | 143,949 | 126,388 | 109,011 |
| Income before income tax expense | 116,958 | 171,224 | 175,058 |
| Income tax expense | 29,955 | 46,013 | 44,705 |
| Net income | 87,003 | 125,211 | 130,353 |
| Preferred dividends | 6,036 | 6,037 | 1,717 |
| Net income available to common stockholders | $80,967 | $119,174 | $128,636 |
| Earnings per common share: | |||
| Basic | $2.08 | $3.03 | $3.24 |
| Diluted | 2.07 | 3.01 | 3.22 |
-72-
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.