Form 8-K

8-K — ConnectOne Bancorp, Inc.

Accession: 0001437749-26-013080

Filed: 2026-04-23

Period: 2026-04-23

CIK: 0000712771

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — cnob20260224c_8k.htm (Primary)

EX-99 — EXHIBIT 99.1 (ex_924680.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

April 23, 2026

_______________________________

CONNECTONE BANCORP, INC.

(Exact name of registrant as specified in its charter)

_______________________________

New Jersey

001-40751

52-1273725

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

301 Sylvan Avenue

Englewood Cliffs, New Jersey 07632

(Address of Principal Executive Offices) (Zip Code)

(844) 266-2548

(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock

CNOB

NASDAQ

Depositary Shares (each representing a 1/40th interest in a share of 5.25% Series A Non-Cumulative, perpetual preferred stock)

CNOBP

NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 23, 2026, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

99.1

Press Release dated April 23, 2026

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: April 23, 2026

By:

/s/ William S. Burns

William S. Burns

Senior Executive Vice President and Chief Financial Officer

EX-99 — EXHIBIT 99.1

EX-99

Filename: ex_924680.htm · Sequence: 2

ex_924680.htm

Exhibit 99.1

CONNECTONE BANCORP, INC.

REPORTS FIRST QUARTER 2026 RESULTS

NET INTEREST MARGIN WIDENS BY 12 BASIS POINTS; TREND CONFIRMED

10% ANNUALIZED LOAN GROWTH

OPERATING PERFORMANCE ACCELERATES

TANGIBLE BOOK VALUE PER SHARE INCREASES

8.3% INCREASE IN COMMON DIVIDEND PER SHARE DECLARED

Englewood Cliffs, N.J., April 23, 2026 (GLOBE NEWSWIRE) – ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of ConnectOne Bank (the “Bank”), today reported net income available to common stockholders of $36.3 million for the first quarter of 2026 compared with $38.0 million for the fourth quarter of 2025 and $18.7 million for the first quarter of 2025. Diluted earnings per share were $0.72 for the first quarter of 2026 compared with $0.75 for the fourth quarter of 2025 and $0.49 for the first quarter of 2025. Return on average assets was 1.10%, 1.12% and 0.84% for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively. Return on average tangible common equity was 12.89%, 13.66% and 8.25% for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

Pre-provision net operating revenue ("Operating PPNR") as a percentage of average assets was 1.81%, 1.75% and 1.34% for the quarters ending March 31, 2026, December 31, 2025 and March 31, 2025, respectively. The sequential increase in Operating PPNR was primarily due to a $2.2 million increase in net interest income, partially offset by a $0.9 million increase in operating expenses. Operating net income available to common stockholders was $39.6 million for the first quarter of 2026, $42.0 million for the fourth quarter of 2025 and $19.7 million for the first quarter of 2025. Operating diluted earnings per share were $0.79 for the first quarter of 2026, $0.83 for the fourth quarter of 2025 and $0.51 for the first quarter of 2025. Operating return on average assets was 1.19%, 1.24% and 0.88% for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively. Operating return on average tangible common equity was 13.35%, 14.27% and 8.59% for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively. See supplemental tables for a complete reconciliation of GAAP earnings to operating earnings, and other non-GAAP measures.

The decrease in net income available to common stockholders during the first quarter of 2026 when compared to the fourth quarter of 2025 was primarily due to a $2.9 million increase in the provision for credit losses, a $0.9 million increase in noninterest expenses and a $0.9 million increase in income tax expense, which were partially offset by a $2.2 million increase in net interest income and a $0.8 million increase in noninterest income. The first quarter of 2026 included restructuring charges related to the merger with the First of Long Island Corporation ("FLIC") of $2.0 million reflecting our ongoing commitment to streamlining operations and enhancing organizational efficiency. The increase in net income available to common stockholders and diluted earnings per share during the first quarter of 2026 when compared to the first quarter of 2025 was primarily due to a $43.0 million increase in net interest income and a $2.3 million increase in noninterest income, which was partially offset by an increase in noninterest expense of $18.6 million and an increase in income tax expense of $7.5 million. The variances from the first quarter of 2026 to the first quarter of 2025 were primarily due to the merger with FLIC.

"ConnectOne began 2026 with robust momentum, positioning us for what we expect to be a strong year," commented Frank Sorrentino, ConnectOne's Chairman and Chief Executive Officer. "Loans and deposits both grew sequentially at an annualized rate of approximately 10%, while our net interest margin expanded by 12 basis points. Accelerating portfolio loan yields are expected to support continued net interest margin expansion in the quarters ahead, even without further rate cuts."

"Expenses remain well-controlled as we continue to leverage merger synergies and drive additional productivity gains through increasing use of AI workflow across the organization." Mr. Sorrentino added, "During the first quarter, our strong retained earnings supported loan growth, share repurchases, and a 1.7% increase in tangible book value per share; we are now approximately one quarter away from returning to our pre-merger tangible book value per share of $24.16."

"Our credit quality remained solid this quarter. Although 30-59 day delinquencies increased due to one isolated credit relationship, net charge-offs (excluding PCD loans) declined to just 8 basis points annualized, a recent low. The nonaccrual loan ratio also decreased, while criticized and classified asset metrics remained at historically low levels, underscoring our continued portfolio management strength."

"Subsequent to quarter-end, noninterest income continued to build momentum, driven by accelerating SBA loan sale activity. We generated an additional $1.1 million in gains in April, and the pipeline remains robust." Mr. Sorrentino concluded, "Looking ahead to the remainder of the year, we're executing against our strategic priorities and remain well positioned to deliver long-term value for our shareholders in 2026 and beyond."

Dividend Declarations

The Company announced that its Board of Directors declared an increased quarterly cash dividend on its common stock and declared a cash dividend on its outstanding preferred stock. A cash dividend on common stock of $0.195 per share, reflecting an increase of $0.015, or 8.3%, will be paid on June 1, 2026, to common stockholders of record on May 15, 2026. A dividend of $0.328125 per depositary share, representing a 1/40th interest in a share of the Company’s 5.25% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, will also be paid on June 1, 2026 to holders of record on May 15, 2026.

Operating Results

Fully taxable equivalent net interest income for the first quarter of 2026 was $110.0 million, an increase of $2.2 million, or 2.1%, from the fourth quarter of 2025, largely due to a 12 basis-point widening of the net interest margin to 3.39% from 3.27%. The margin benefited from an increase in the yield on interest-earning assets, primarily due to loan repricing, combined with a 12 basis-point decrease in the average costs of deposits, including noninterest-bearing deposits, and partially offset by an increased cost in borrowed funds.

Fully taxable equivalent net interest income for the first quarter of 2026 increased $43.4 million, or 65.2%, from the first quarter of 2025, due to a 46 basis-point widening of the net interest margin to 3.39% from 2.93%, and a 42.7% increase in average interest-earning assets. The increase in average interest-earning assets was primarily due to the merger with FLIC. The margin benefited from a 20 basis-point increase in the yield on interest-earning assets and a 49 basis-point decrease in the average costs of deposits, including noninterest-bearing deposits.

Noninterest income was $6.8 million in the first quarter of 2026, $6.0 million in the fourth quarter of 2025 and $4.5 million in the first quarter of 2025. The increase compared to the fourth quarter of 2025 was primarily due to a $1.0 million increase in net gains (losses) on equity securities. The increase compared to the first quarter of 2025 was primarily due to a $1.4 million increase in BOLI income and a $1.3 million increase in deposit, loan and other income, which was partially offset by a $0.4 million decrease in net gains (losses) on equity securities. The year-over-year increases in BOLI income and deposit, loan and other income were primarily due to the merger with FLIC. Extending this positive momentum into the second quarter, the Company realized an additional $1.1 million in SBA loan sale gains in April 2026.

Noninterest expenses were $57.9 million for the first quarter of 2026, $56.9 million for the fourth quarter of 2025 and $39.3 million for the first quarter of 2025. Excluding merger expenses and restructuring charges and branch closing expenses, noninterest expenses totaled $55.7 million in the first quarter of 2026, $55.2 million in the fourth quarter of 2025 and $38.0 million in the first quarter of 2025. The increase of $0.6 million during the first quarter of 2026 when compared to the fourth quarter of 2025 was primarily due to a $1.6 million increase in salaries and employee benefits, which was partially offset by a $0.4 million decrease in FDIC insurance expense and a $0.4 million decrease in amortization of core deposit intangible. The $17.8 million increase in noninterest expenses for the first quarter of 2026 when compared to the first quarter of 2025 was primarily due to a $10.2 million increase in salaries and employee benefits, a $2.7 million increase in occupancy and equipment expenses, a $2.6 million increase in amortization of core deposit intangibles, a $0.8 million increase in other expenses, a $0.7 million increase in professional and consulting expense, and a $0.6 million increase in information technology and communication expenses. The variances from the first quarter of 2026 to the first quarter of 2025 were primarily due to the merger with FLIC.

Income tax expense was $14.7 million for the first quarter of 2026, $13.9 million for the fourth quarter of 2025 and $7.2 million for the first quarter of 2025. The effective tax rates were 28.0%, 26.0% and 26.1% for the first quarter of 2026, fourth quarter of 2025 and first quarter of 2025, respectively. The increase in effective rates when compared to 2025 was primarily due to state and local apportionment factors associated with the FLIC merger.

Asset Quality

The provision for credit losses was $5.2 million for the first quarter of 2026, $2.3 million for the fourth quarter of 2025 and $3.5 million for the first quarter of 2025. In each of the quarters presented, the provision for credit losses reflected net portfolio growth, charges related to individually evaluated loans, and changing macroeconomic forecasts and conditions. The current quarter's provision was driven by higher loan growth and increased qualitative factors, which were partially offset by improved loss drivers within our quantitative CECL model reflecting improved economic forecasts.

Nonperforming assets, which includes nonaccrual loans and other real estate owned (the Bank had no other real estate owned during the periods reported), were $41.6 million as of March 31, 2026, $45.9 million as of December 31, 2025 and $49.9 million as of March 31, 2025. Nonperforming assets as a percentage of total assets improved to 0.29% as of March 31, 2026, versus 0.33% as of December 31, 2025 and 0.51% as of March 31, 2025. The ratio of nonaccrual loans to loans receivable also improved to 0.35%, as of March 31, 2026, versus 0.40% and 0.61%, at December 31, 2025 and March 31, 2025, respectively. The annualized net loan charge-offs ratio (excluding PCD loans) was 0.08% for the first quarter of 2026, 0.17% for the fourth quarter of 2025 and 0.17% for the first quarter of 2025.

The allowance for credit losses ("ACL") represented 1.30%, 1.35% and 1.00% of loans receivable as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively. The ACL decreased $1.2 million to $153.1 million as of March 31, 2026, compared to $154.3 million as of December 31, 2025. The ACL as a percentage of nonaccrual loans was 368.1% as of March 31, 2026, 336.1% as of December 31, 2025 and 165.3% as of March 31, 2025.

Criticized and classified loans as a percentage of loans receivable improved to 2.26% as of March 31, 2026, down from 2.49% as of December 31, 2025 and from 2.79% as of March 31, 2025. Loans past due 30-59 days were 0.81% of loans receivable as of March 31, 2026, 0.19% as of December 31, 2025 and 0.18% as of March 31, 2025. This rise is predominantly due to an interrelated series of credits totaling $63.8 million secured by 19 multifamily NYC rent-regulated properties. We are working with our client to resolve these credits; however, the resulting financial impact cannot be determined at this time.

The Bank maintains a solid reserve position, particularly within its rent-regulated multifamily portfolio, which includes significant credit and fair value marks applicable to the portfolio acquired from FLIC, in addition to qualitative ACL allocations applicable to its legacy portfolio. The following table provides additional information on the Bank's New York City ("NYC") rent-regulated portfolio as of March 31, 2026:

($millions)

Portfolio Composition

% of Total Loans

Unpaid Principal Balance

Offsets (3)

Offset %

Avg. Loan Size

Acquired Portfolio (1)

61.0

3.5

412.5

(66.1

)

16.0

2.4

Legacy ConnectOne (2)

39.0

2.2

263.4

(14.8

)

5.6

2.9

Total Rent-Regulated

100.0

5.7

675.9

(80.9

)

12.0

2.6

Note: Rent-regulated includes loans secured by multifamily properties with 50% or greater units subject to NYC rent-stabilization guidelines.

(1) Portfolio acquired in merger with FLIC on June 1, 2025.

(2) Loans originated by the Bank.

(3) Offsets include (i) general reserves plus (ii) for the Acquired Portfolio, the applicable nonaccretable and accretable purchase accounting loan marks and (iii) for Legacy ConnectOne, an additional qualitative reserve applicable to rent-regulated multifamily.

Selected Balance Sheet Items

The Company’s total assets were $14.2 billion as of March 31, 2026, compared to $14.0 billion as of December 31, 2025. Loans receivable were $11.7 billion as of March 31, 2026 and $11.5 billion as of December 31, 2025. Total deposits were $11.5 billion as of March 31, 2026 and $11.2 billion as of December 31, 2025.

The Company’s total stockholders’ equity increased to $1.592 billion as of March 31, 2026 from $1.573 billion as of December 31, 2025. Retained earnings increased $27.3 million, partially offset by an increase in the accumulated other comprehensive loss of $6.2 million. As of March 31, 2026, the Company’s tangible common equity ratio and tangible book value per share were 8.64% and $23.93, respectively, compared to 8.62% and $23.52, respectively, as of December 31, 2025. Total goodwill and other intangible assets were $277.3 million as of March 31, 2026, and $280.2 million as of December 31, 2025.

Share Repurchase Program

During the first quarter of 2026, the Company repurchased 90,000 shares of common stock at an average price of $26.21, leaving 551,118 shares authorized for repurchase under the current Board approved repurchase program. The Company may repurchase shares from time to time in the open market, in privately negotiated stock purchases or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission and applicable federal securities laws. The share repurchase plan does not obligate the Company to acquire any particular amount of common stock and the plan may be modified or suspended at any time at the Company's discretion.

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.

First Quarter 2026 Results Conference Call

Management will also host a conference call and audio webcast at 10:00 a.m. ET on April 23, 2026, to review the Company's financial performance and operating results. The conference call dial-in number is 1 (646) 307-1963, access code 8368502. 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, April 23, 2026 and ending on Thursday, April 30, 2026, by dialing 1 (609) 800-9909, access code 8368502. 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., is a modern financial services company that operates, through its subsidiary, ConnectOne Bank, and the Bank’s fintech subsidiary, BoeFly, Inc. ConnectOne Bank is a high-performing commercial bank offering a full suite of banking & lending products and services that focus on small to middle-market businesses. BoeFly, Inc. is a fintech marketplace that connects borrowers in the franchise space with funding solutions through a network of partner banks. 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.

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 U.S. Securities and Exchange Commission, as supplemented by the Company’s subsequent filings with the U.S. 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 health emergencies and natural disasters 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

Senior Executive Vice President & CFO

201.816.4474; bill.burns@cnob.com

Media Contact:

Shannan Weeks

MikeWorldWide

732.299.7890; sweeks@mww.com

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION

(in thousands)

March 31,

December 31,

March 31,

2026

2025

(unaudited)

ASSETS

Cash and due from banks

39,472

92,406

49,759

Interest-bearing deposits with banks

304,999

288,489

242,844

Cash and cash equivalents

344,471

380,895

292,603

Investment securities

1,196,384

1,250,938

636,806

Equity securities

19,422

19,287

18,859

Loans held-for-sale

10,222

391

202

Loans receivable

11,735,596

11,453,280

8,201,134

Less: Allowance for credit losses - loans

153,056

154,305

82,403

Net loans receivable

11,582,540

11,298,975

8,118,731

Investment in restricted stock, at cost

51,464

54,722

37,031

Bank premises and equipment, net

54,765

55,285

27,624

Accrued interest receivable

62,473

60,761

46,740

Bank owned life insurance

373,664

370,713

244,651

Right of use operating lease assets

27,960

29,603

13,755

Goodwill

220,235

208,372

Core deposit intangibles

57,078

59,923

4,360

Other assets

208,883

200,972

109,521

Total assets

14,209,561

14,002,700

9,759,255

LIABILITIES

Deposits:

Noninterest-bearing

2,393,938

2,420,397

1,319,196

Interest-bearing

9,119,115

8,820,218

6,448,034

Total deposits

11,513,053

11,240,615

7,767,230

Borrowings

827,477

903,489

613,053

Subordinated debentures, net

202,050

201,864

80,071

Operating lease liabilities

30,560

32,446

14,737

Other liabilities

44,874

50,946

31,225

Total liabilities

12,618,014

12,429,360

8,506,316

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY

Preferred stock

110,927

Common stock

857,765

586,946

Additional paid-in capital

38,257

38,763

36,007

Retained earnings

701,154

673,897

643,265

Treasury stock

(78,507

)

(76,116

)

(76,116

)

Accumulated other comprehensive loss

(38,049

)

(31,896

)

(48,090

)

Total stockholders' equity

1,591,547

1,573,340

1,252,939

Total liabilities and stockholders' equity

14,209,561

14,002,700

9,759,255

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except for per share data)

Three Months Ended

03/31/26

12/31/25

03/31/25

Interest income

Interest and fees on loans

168,298

167,532

115,351

Interest and dividends on investment securities:

Taxable

10,799

11,628

4,987

Tax-exempt

1,978

1,995

1,097

Dividends

935

936

889

Interest on federal funds sold and other short-term investments

2,387

4,249

2,465

Total interest income

184,397

186,340

124,789

Interest expense

Deposits

65,682

70,854

53,992

Borrowings

9,911

8,891

5,041

Total interest expense

75,593

79,745

59,033

Net interest income

108,804

106,595

65,756

Provision for credit losses

5,200

2,300

3,500

Net interest income after provision for credit losses

103,604

104,295

62,256

Noninterest income

Deposit, loan and other income

3,283

3,289

2,006

Income on bank owned life insurance

2,951

2,946

1,584

Net gains on sale of loans held-for-sale

427

631

332

Net gains (losses) on equity securities

135

(846

)

529

Total noninterest income

6,796

6,020

4,451

Noninterest expenses

Salaries and employee benefits

32,768

31,211

22,578

Occupancy and equipment

5,345

5,265

2,680

FDIC insurance

2,000

2,400

1,800

Professional and consulting

3,108

2,908

2,366

Marketing and advertising

926

974

595

Information technology and communications

5,243

5,366

4,604

Merger expenses and restructuring charges

2,125

498

1,320

Branch closing expenses

—

1,275

—

Bank owned life insurance restructuring charge

—

327

Amortization of core deposit intangibles

2,845

3,196

279

Other expenses

3,509

3,853

2,756

Total noninterest expenses

57,869

56,946

39,305

Income before income tax expense

52,531

53,369

27,402

Income tax expense

14,709

13,851

7,160

Net income

37,822

39,518

20,242

Preferred dividends

1,509

Net income available to common stockholders

36,313

38,009

18,733

Earnings per common share:

Basic

0.72

0.76

0.49

Diluted

0.72

0.75

0.49

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

Mar. 31,

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

2026

2025

Selected Financial Data

(dollars in thousands)

Total assets

14,209,561

14,002,700

14,023,585

13,915,738

9,759,255

Loans receivable:

Commercial

1,638,836

1,558,436

1,613,421

1,597,590

1,483,392

Commercial real estate

4,750,508

4,625,143

4,310,159

4,285,663

3,356,943

Multifamily

3,574,336

3,437,080

3,420,465

3,348,308

2,490,256

Commercial construction

571,073

623,902

728,615

681,222

617,593

Residential

1,202,539

1,210,980

1,233,305

1,254,646

256,555

Consumer

1,801

2,017

2,166

1,709

1,604

Gross loans

11,739,093

11,457,558

11,308,131

11,169,138

8,206,343

Net deferred loan fees

(3,497

)

(4,278

)

(4,495

)

(4,661

)

(5,209

)

Loans receivable

11,735,596

11,453,280

11,303,636

11,164,477

8,201,134

Loans held-for-sale

10,222

391

—

1,027

202

Total loans

11,745,818

11,453,671

11,303,636

11,165,504

8,201,336

Investment and equity securities

1,215,806

1,270,225

1,272,335

1,246,907

655,665

Goodwill and other intangible assets

277,313

280,158

278,730

281,926

212,732

Deposits:

Noninterest-bearing demand

2,393,938

2,420,397

2,513,102

2,424,529

1,319,196

Time deposits

3,010,971

2,796,877

2,977,952

3,065,015

2,550,223

Other interest-bearing deposits

6,108,144

6,023,341

5,878,241

5,788,943

3,897,811

Total deposits

11,513,053

11,240,615

11,369,295

11,278,487

7,767,230

Borrowings

827,477

903,489

833,443

783,859

613,053

Subordinated debentures (net of debt issuance costs)

202,050

201,864

201,677

276,500

80,071

Total stockholders' equity

1,591,547

1,573,340

1,538,344

1,496,431

1,252,939

Quarterly Average Balances

Total assets

13,999,581

13,963,138

14,050,585

11,108,430

9,748,605

Loans receivable:

Commercial

1,579,368

1,597,123

1,583,673

1,486,245

1,488,962

Commercial real estate (including multifamily)

8,137,515

7,822,943

7,630,195

6,404,302

5,852,342

Commercial construction

613,661

646,414

704,170

643,115

610,859

Residential

1,204,082

1,221,171

1,241,375

587,118

256,430

Consumer

6,851

5,473

6,747

5,759

5,687

Gross loans

11,541,477

11,293,124

11,166,160

9,126,539

8,214,280

Net deferred loan fees

(4,042

)

(4,708

)

(4,418

)

(5,097

)

(5,525

)

Loans receivable

11,537,435

11,288,416

11,161,742

9,121,442

8,208,755

Loans held-for-sale

335

230

318

352

259

Total loans

11,537,770

11,288,646

11,162,060

9,121,794

8,209,014

Investment and equity securities

1,256,147

1,269,275

1,274,000

845,614

655,191

Goodwill and other intangible assets

279,158

279,165

280,814

235,848

212,915

Deposits:

Noninterest-bearing demand

2,384,883

2,473,596

2,486,993

1,680,653

1,305,722

Time deposits

2,901,327

2,946,459

3,019,848

2,662,411

2,480,990

Other interest-bearing deposits

5,996,487

5,907,547

5,889,230

4,463,648

3,888,131

Total deposits

11,282,697

11,327,602

11,396,071

8,806,712

7,674,843

Borrowings

833,551

781,388

783,994

723,303

686,391

Subordinated debentures (net of debt issuance costs)

201,928

201,741

263,511

170,802

79,988

Total stockholders' equity

1,594,699

1,558,366

1,513,892

1,344,254

1,254,373

Three Months Ended

Mar. 31,

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

2026

2025

(dollars in thousands, except for per share data)

Net interest income

108,804

106,595

102,017

78,883

65,756

Provision for credit losses

5,200

2,300

5,500

35,700

3,500

Net interest income after provision for credit losses

103,604

104,295

96,517

43,183

62,256

Noninterest income

Deposit, loan and other income

3,283

3,289

3,836

2,570

2,006

Defined benefit pension plan curtailment gain

—

3,501

—

Employee retention tax credit

—

6,608

—

Income on bank owned life insurance

2,951

2,946

2,931

2,087

1,584

Net gains on sale of loans held-for-sale

427

631

859

181

332

Net gains (losses) on equity securities

135

(846

)

1,674

347

529

Total noninterest income

6,796

6,020

19,409

5,185

4,451

Noninterest expenses

Salaries and employee benefits

32,768

31,211

32,401

25,233

22,578

Occupancy and equipment

5,345

5,265

5,122

3,478

2,680

FDIC insurance

2,000

2,400

2,000

1,800

Professional and consulting

3,108

2,908

2,929

2,598

2,366

Marketing and advertising

926

974

771

840

595

Information technology and communications

5,243

5,366

5,243

4,792

4,604

Restructuring and exit charges

—

994

—

Merger expenses and restructuring charges

2,125

498

1,898

30,745

1,320

Branch closing expenses

—

1,275

—

Bank owned life insurance restructuring charge

—

327

Amortization of core deposit intangible

2,845

3,196

1,251

279

Other expenses

3,509

3,853

3,719

2,712

2,756

Total noninterest expenses

57,869

56,946

58,673

73,649

39,305

Income (loss) before income tax expense

52,531

53,369

57,253

(25,281

)

27,402

Income tax expense (benefit)

14,709

13,851

16,277

(4,988

)

7,160

Net income (loss)

37,822

39,518

40,976

(20,293

)

20,242

Preferred dividends

1,509

Net income (loss) available to common stockholders

36,313

38,009

39,467

(21,802

)

18,733

Weighted average diluted common shares outstanding

50,382,297

50,414,115

50,462,030

42,173,758

38,511,237

Diluted EPS

0.72

0.75

0.78

(0.52

)

0.49

Reconciliation of GAAP Net Income to Operating Net Income:

Net income (loss)

37,822

39,518

40,976

(20,293

)

20,242

Restructuring and exit charges

—

994

—

Merger expenses and restructuring charges

2,125

498

1,898

30,745

1,320

Estimated state tax liability on intercompany dividends

—

3,000

—

Initial provision for credit losses related to merger

—

27,418

—

Branch closing expenses

—

1,275

—

Bank owned life insurance restructuring charge

—

327

Amortization of core deposit intangibles

2,845

3,196

1,251

279

Net (gains) losses on equity securities

(135

)

846

(1,674

)

(347

)

(529

)

Defined benefit pension plan curtailment gain

—

(3,501

)

—

Employee retention tax credit

—

(6,608

)

—

Tax impact of adjustments

(1,499

)

(1,802

)

1,737

(17,168

)

(420

)

Operating net income

41,158

43,531

37,018

24,606

21,219

Preferred dividends

1,509

Operating net income available to common stockholders

39,649

42,022

35,509

23,097

19,710

Operating diluted EPS (non-GAAP) (1)

0.79

0.83

0.70

0.55

0.51

Return on Assets Measures

Average assets

13,999,581

13,963,138

14,050,585

11,108,430

9,748,605

Return on avg. assets

1.10

1.12

1.16

(0.73

0.84

Operating return on avg. assets (non-GAAP) (2)

1.19

1.24

1.05

0.89

0.88

Pre-provision net operating revenue ("PPNR") return on avg. assets (non-GAAP) (3)

1.81

1.75

1.61

1.52

1.34

(1)

Operating net income available to common stockholders divided by weighted average diluted shares outstanding.

(2)

Operating net income divided by average assets.

(3)

Net income before income tax expense, provision for credit losses, merger expenses and restructuring charges, branch closing expenses, BOLI restructuring charges, restructuring and exit charges, employee retention tax credit, defined benefit pension plan curtailment gain, amortization of core deposit intangibles and net gains on equity securities divided by average assets.

Three Months Ended

Mar. 31,

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

2026

2025

Return on Equity Measures

(dollars in thousands)

Average stockholders' equity

1,594,699

1,558,366

1,513,892

1,344,254

1,254,373

Less: average preferred stock

(110,927

)

(110,927

)

(110,927

)

(110,927

)

(110,927

)

Average common equity

1,483,772

1,447,439

1,402,965

1,233,327

1,143,446

Less: average intangible assets

(279,158

)

(279,165

)

(280,814

)

(235,848

)

(212,915

)

Average tangible common equity

1,204,614

1,168,274

1,122,151

997,479

930,531

Return on avg. common equity (GAAP)

9.93

10.42

11.16

(7.09

6.64

Operating return on avg. common equity (non-GAAP) (4)

10.84

11.52

10.04

7.51

6.99

Return on avg. tangible common equity (non-GAAP) (5)

12.89

13.66

14.74

(8.42

)

8.25

Operating return on avg. tangible common equity (non-GAAP) (6)

13.35

14.27

12.55

9.29

8.59

Efficiency Measures

Total noninterest expenses

57,869

56,946

58,673

73,649

39,305

Restructuring and exit charges

—

(994

)

—

Merger expenses and restructuring charges

(2,125

)

(498

)

(1,898

)

(30,745

)

(1,320

)

Branch closing expenses

—

(1,275

)

—

Bank owned life insurance restructuring charge

—

(327

)

Amortization of core deposit intangibles

(2,845

)

(3,196

)

(3,196

)

(1,251

)

(279

)

Operating noninterest expense

52,899

51,977

52,585

41,653

37,379

Net interest income (tax equivalent basis)

109,976

107,761

103,155

79,810

66,580

Noninterest income

6,796

6,020

19,409

5,185

4,451

Defined benefit pension plan curtailment gain

—

(3,501

)

—

Employee retention tax credit

—

(6,608

)

—

Net (gains) losses on equity securities

(135

)

846

(1,674

)

(347

)

(529

)

Operating revenue

116,637

114,627

110,781

84,648

70,502

Operating efficiency ratio (non-GAAP) (7)

45.4

45.3

47.5

49.2

53.0

Net Interest Margin

Average interest-earning assets

13,160,794

13,093,053

13,172,443

10,468,589

9,224,712

Net interest income (tax equivalent basis)

109,976

107,761

103,155

79,810

66,580

Net interest margin (non-GAAP)

3.39

3.27

3.11

3.06

2.93

(4)

Operating net income available to common stockholders divided by average common equity.

(5)

Net income available to common stockholders, excluding amortization of intangible assets, divided by average tangible common equity.

(6)

Operating net income available to common stockholders, divided by average tangible common equity.

(7)

Operating noninterest expense divided by operating revenue.

As of

Mar. 31,

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

2026

2025

Capital Ratios and Book Value per Share

(dollars in thousands, except for per share data)

Stockholders equity

1,591,547

1,573,340

1,538,344

1,496,431

1,252,939

Less: preferred stock

(110,927

)

(110,927

)

(110,927

)

(110,927

)

(110,927

)

Common equity

1,480,620

1,462,413

1,427,417

1,385,504

1,142,012

Less: intangible assets

(277,313

)

(280,158

)

(278,730

)

(281,926

)

(212,732

)

Tangible common equity

1,203,307

1,182,255

1,148,687

1,103,578

929,280

Total assets

14,209,561

14,002,700

14,023,585

13,915,738

9,759,255

Less: intangible assets

(277,313

)

(280,158

)

(278,730

)

(281,926

)

(212,732

)

Tangible assets

13,932,248

13,722,542

13,744,855

13,633,812

9,546,523

Common shares outstanding

50,288,494

50,271,854

50,273,089

50,270,162

38,469,975

Common equity ratio (GAAP)

10.42

10.44

10.18

9.96

11.70

Tangible common equity ratio (non-GAAP) (8)

8.64

8.62

8.36

8.09

9.73

Regulatory capital ratios (Bancorp):

Leverage ratio

9.79

9.61

9.35

11.58

11.33

Common equity Tier 1 risk-based ratio

10.23

10.24

10.17

10.04

11.14

Risk-based Tier 1 capital ratio

11.19

11.22

11.17

11.06

12.46

Risk-based total capital ratio

13.81

13.88

14.35

14.29

Regulatory capital ratios (Bank):

Leverage ratio

10.81

10.59

10.35

12.81

11.67

Common equity Tier 1 risk-based ratio

12.36

12.37

12.22

12.82

Risk-based Tier 1 capital ratio

12.36

12.37

12.22

12.82

Risk-based total capital ratio

13.34

13.33

13.38

13.24

13.79

Book value per share (GAAP)

29.44

29.09

28.39

27.56

29.69

Tangible book value per share (non-GAAP) (9)

23.93

23.52

22.85

21.95

24.16

(8)

Tangible common equity divided by tangible assets.

(9)

Tangible common equity divided by common shares outstanding at period-end.

As of

Mar. 31,

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

2026

2025

Net Loan Charge-offs (Recoveries) (10):

(dollars in thousands)

Net loan charge-offs (recoveries):

Charge-offs

2,758

5,613

5,174

5,039

3,555

Recoveries

(467

)

(836

)

(38

)

(118

)

(155

)

Net loan charge-offs

2,291

4,777

5,136

4,921

3,400

Net loan charge-offs as a % of average loans receivable (annualized)

0.08

0.17

0.18

0.22

0.17

(10)

Includes only non-PCD loans.

As of

Mar. 31,

Dec. 31,

Sept. 30,

Jun. 30,

Mar. 31,

2026

2025

Asset Quality

(dollars in thousands)

Nonaccrual loans

41,579

45,915

39,671

39,228

49,860

Other real estate owned

—

Nonperforming assets

41,579

45,915

39,671

39,228

49,860

Allowance for credit losses - loans (excluding nonaccretable credit marks)

115,398

112,282

113,163

112,854

82,230

Add: nonaccretable credit marks

37,658

42,023

43,336

173

Allowance for credit losses - loans ("ACL")

153,056

154,305

156,499

156,190

82,403

Loans receivable

11,735,596

11,453,280

11,303,636

11,164,477

8,201,134

Nonaccrual loans as a % of loans receivable

0.35

0.40

0.35

0.61

Nonperforming assets as a % of total assets

0.29

0.33

0.28

0.51

ACL as a % of loans receivable

1.30

1.35

1.38

1.40

1.00

ACL as a % of nonaccrual loans

368.1

336.1

394.5

398.2

165.3

CONNECTONE BANCORP, INC.

NET INTEREST MARGIN ANALYSIS

(dollars in thousands)

For the Three Months Ended

March 31, 2026

December 31, 2025

March 31, 2025

Average

Interest-earning assets:

Balance

Interest

Rate (7)

Balance

Interest

Rate (7)

Balance

Interest

Rate (7)

Investment securities (1) (2)

1,307,184

13,302

4.13

1,329,393

14,154

4.22

745,873

6,375

3.47

Loans receivable and loans held-for-sale (2) (3) (4)

11,537,770

168,945

5.94

11,288,646

168,167

5.91

8,209,014

115,883

5.73

Federal funds sold and interest-

bearing deposits with banks

264,232

2,387

3.66

425,840

4,249

3.96

229,491

2,466

4.36

Restricted investment in bank stock

51,608

935

7.35

49,174

936

7.55

40,334

889

8.94

Total interest-earning assets

13,160,794

185,569

5.72

13,093,053

187,506

5.68

9,224,712

125,613

5.52

Allowance for loan losses

(154,481

)

(158,576

)

(84,027

)

Noninterest-earning assets

993,268

1,028,661

607,920

Total assets

13,999,581

13,963,138

9,748,605

Interest-bearing liabilities:

Money market deposits

2,903,419

20,146

2.81

2,919,230

21,882

2.97

1,572,287

11,287

2.91

Savings deposits

1,014,568

6,304

2.52

1,012,567

7,233

2.83

656,789

5,227

3.23

Time deposits

2,901,327

26,713

3.73

2,946,459

28,520

3.84

2,480,990

25,154

4.11

Other interest-bearing deposits

2,078,500

12,519

2.44

1,975,750

13,219

2.65

1,659,055

12,324

3.01

Total interest-bearing deposits

8,897,814

65,682

2.99

8,854,006

70,854

3.17

6,369,121

53,992

3.44

Borrowings

833,551

5,513

2.68

781,388

4,582

2.33

686,391

3,725

2.20

Subordinated debentures

201,928

4,385

8.81

201,741

4,294

8.44

79,988

1,298

6.58

Finance lease

921

5.72

995

5.98

1,210

6.03

Total interest-bearing liabilities

9,934,214

75,593

3.09

9,838,130

79,745

3.22

7,136,710

59,033

3.35

Noninterest-bearing demand deposits

2,384,883

2,473,596

1,305,722

Other liabilities

85,785

93,046

51,800

Total noninterest-bearing liabilities

2,470,668

2,566,642

1,357,522

Stockholders' equity

1,594,699

1,558,366

1,254,373

Total liabilities and stockholders' equity

13,999,581

13,963,138

9,748,605

Net interest income (tax equivalent basis)

109,976

107,761

66,580

Net interest spread (5)

2.63

2.46

2.17

Net interest margin (6)

3.39

3.27

2.93

Tax equivalent adjustment

(1,172

)

(1,166

)

(824

)

Net interest income

108,804

106,595

65,756

(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.

GRAPHIC

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v3.26.1

Document And Entity Information

Apr. 23, 2026

Document Information [Line Items]

Entity, Registrant Name

CONNECTONE BANCORP, INC.

Document, Type

8-K

Document, Period End Date

Apr. 23, 2026

Entity, Incorporation, State or Country Code

Entity, File Number

001-40751

Entity, Tax Identification Number

52-1273725

Entity, Address, Address Line One

301 Sylvan Avenue

Entity, Address, City or Town

Englewood Cliffs

Entity, Address, State or Province

Entity, Address, Postal Zip Code

07632

City Area Code

844

Local Phone Number

266-2548

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity, Emerging Growth Company

false

Amendment Flag

false

Entity, Central Index Key

0000712771

CommonStock Custom [Member]

Document Information [Line Items]

Title of 12(b) Security

Common stock

Trading Symbol

CNOB

Security Exchange Name

NASDAQ

DepositaryShares Custom [Member]

Document Information [Line Items]

Title of 12(b) Security

Depositary Shares

Trading Symbol

CNOBP

Security Exchange Name

NASDAQ

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Name of the City or Town

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Code for the postal or zip code

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- Definition

Name of the state or province.

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Indicate if registrant meets the emerging growth company criteria.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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-Publisher SEC

-Name Exchange Act

-Number 240

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Local phone number for entity.

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No definition available.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Name of the Exchange on which a security is registered.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

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-Publisher SEC

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-Number 240

-Section 14a

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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