ConnectOne Bancorp Inc
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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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.
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Item 8. Consolidated Statements of Cash Flows
| . | Years Ended December 31, | |||
|---|---|---|---|---|
| 2023 · 2022 · 2021 | ||||
| Cash flows from operating activities | ||||
| Net income | $87,003 | $125,211 | $130,353 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation and amortization of premises and equipment | 4,503 | 3,863 | 3,757 | |
| Provision for (reversal of) credit losses | 8,200 | 17,750 | (5,500) | |
| Amortization of intangibles | 1,438 | 1,685 | 1,980 | |
| Net accretion of loans | (1,904) | (3,178) | (5,350) | |
| Accretion on bank premises | (49) | (49) | (73) | |
| Accretion on deposits | (279) | (777) | (2,224) | |
| Amortization (accretion) on borrowings | 21 | 40 | (36) | |
| Net deferred income tax expense (benefit) | 4,135 | (403) | 16 | |
| Stock-based compensation | 4,860 | 4,889 | 4,536 | |
| Gains on sales/redemptions of investment securities, net | - | - | (195) | |
| Change in fair value of equity securities, net | 117 | 1,521 | 373 | |
| Gain on sale of loans held-for-sale, net | (1,704) | (1,695) | (3,807) | |
| Gain on sale of branches | - | - | (674) | |
| Net losses on disposition of other fixed assets | - | 22 | 65 | |
| Gain (loss) on sale of other real estate owned | 22 | 6 | (18) | |
| Loans originated for resale | (26,153) | (21,128) | (51,669) | |
| Proceeds from sale of loans held-for-sale | 36,645 | 28,341 | 72,233 | |
| Increase in cash surrender value of bank owned life insurance | (6,316) | (5,597) | (4,771) | |
| Amortization of premiums and accretion of discounts on investments securities, net | 1,030 | 2,155 | 5,966 | |
| Amortization of subordinated debt issuance costs | 1,184 | 304 | 303 | |
| (Increase) decrease in accrued interest receivable | (3,046) | (11,910) | 1,165 | |
| Net change in operating leases | (54) | (182) | (769) | |
| (Increase) decrease in other assets | (7,514) | (12,413) | 46,086 | |
| Increase (decrease) in other liabilities | (9,248) | 48,322 | 10,526 | |
| Net cash provided by operating activities | 92,891 | 176,777 | 202,273 | |
| Cash flows from investing activities | ||||
| Investment securities available-for-sale: | ||||
| Purchases | (42,143) | (339,059) | (349,500) | |
| Maturities, calls and principal repayments | 64,550 | 150,287 | 285,873 | |
| Net (purchases)/redemptions of restricted investment in bank stocks | (4,853) | (18,778) | (2,727) | |
| Purchases of equity securities | (2,870) | (3,538) | (780) | |
| Loans held-for-sale payments | 25 | 54 | 38 | |
| Net increase in loans | (255,556) | (1,292,938) | (596,389) | |
| Cash flow hedge premium payment | - | (6,965) | - | |
| Purchases of premises and equipment | (7,433) | (3,301) | (2,783) | |
| Purchases of bank owned life insurance | - | (30,000) | (25,000) | |
| Proceeds from disposition of fixed assets | - | 697 | 113 | |
| Proceeds from sale of branches | - | - | 974 | |
| Proceeds from sale of other real estate owned | 242 | 309 | 321 | |
| Net cash used in investing activities | (248,038) | (1,543,232) | (689,860) | |
| Cash flows from financing activities | ||||
| Net increase in deposits | 179,859 | 1,024,446 | 375,953 | |
| Repayment of subordinated debt | (75,000) | - | (50,000) | |
| Advances of Federal Holme Loan Bank ("FHLB") borrowings | 2,946,500 | 4,203,181 | 340,000 | |
| Repayments of FHLB borrowings | (2,870,564) | (3,813,792) | (297,725) | |
| Cash dividends paid on preferred stock | (6,036) | (6,037) | (1,717) | |
| Cash dividends paid on common stock | (25,912) | (23,428) | (17,493) | |
| Proceeds from preferred stock offering | - | - | 110,927 | |
| Purchase of treasury stock | (17,497) | (13,127) | (9,401) | |
| Proceeds from exercise of stock options | 96 | 124 | 106 | |
| Share redemption for tax withholdings on performance units and deferred stock units earned | (1,900) | (2,133) | (1,283) | |
| Net cash provided by financing activities | 129,546 | 1,369,234 | 449,367 | |
| Net change in cash and cash equivalents | (25,601) | 2,779 | (38,220) | |
| Cash and cash equivalents at beginning of period | 268,315 | 265,536 | 303,756 | |
| Cash and cash equivalents at end of period | $242,714 | $268,315 | $265,536 | |
| Supplemental disclosures of cash flow information: | ||||
| Cash payments for: | ||||
| Interest paid | $230,806 | $67,850 | $41,787 | |
| Income taxes paid | 31,647 | 49,234 | 45,431 | |
| Supplemental disclosures of noncash investing activities: | ||||
| Transfer of loans to other real estate owned | $ | - | $579 | $304 |
| Transfer of loans held-for-sale to loans held-for-investment | 16,156 | 8,043 | 4,293 | |
| Transfer of loans held-for-investment to loans held-for-sale | 11,197 | 27,137 | 16,628 | |
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