Profile: ConnectOne Bancorp Inc (CNOB.OQ)
27 Oct 2016
ConnectOne Bancorp, Inc., incorporated on November 12, 1982, is a bank holding company of ConnectOne Bank (the Bank), a New Jersey-chartered commercial bank. The Company operates in community bank segment. The Bank offers a range of deposit and loan products, and services to the general public, small and middle-sized businesses, local professionals, and individuals residing, working and conducting business in its trade area. The Bank, through its subsidiary, Center Financial Group LLC, provides financial services, including brokerage services, insurance and annuities, mutual funds and financial planning. The Bank's products and services include personal and business checking accounts, retirement accounts, money market accounts, time and savings accounts, credit cards, wire transfers, access to automated teller services, Internet banking, Treasury Direct, ACH origination, lockbox services and mobile banking by phone. It offers safe deposit boxes. The Bank also offers remote deposit capture banking for both retail and business customers, providing the ability to electronically scan and transmit checks for deposit. The Company's banking offices are located in Bergen, Union, Morris, Essex, Hudson, Mercer and Monmouth Counties in New Jersey and in the borough of Manhattan, in New York City, which include some markets in the United States.
The Bank's loan portfolio is made up largely of commercial real estate loans. Its commercial real estate loans include loans secured by multifamily, owner occupied and non-owner occupied properties for commercial uses. Commercial loans are loans made for business purposes and are primarily secured by collateral, such as cash balances with the Bank, marketable securities held by or under the control of the Bank, business assets, including accounts receivable, taxi medallions, inventory and equipment and liens on commercial and residential real estate. The Bank's gross loans total approximately $3.07 billion.
The principal components of the investment portfolio are the United States Treasury and Government Agency Obligations, Federal Agency Obligations, including mortgage-backed securities, Obligations of the United States and political subdivision, corporate bonds and notes, and other debt and equity securities. The Bank's total investment securities total approximately $418.68 million.
Sources of Funds
Deposits are the Bank's primary source of funds. The Bank's borrowings consist of long and short-term advances from the Federal Home Loan Bank and securities sold under agreements to repurchase. The Bank's total deposits amount to approximately $2.8 billion.
ConnectOne Bancorp Inc
301 Sylvan Ave
ENGLEWOOD CLIFFS NJ 07632-2539