Profile: ConnectOne Bancorp Inc (CNOB.OQ)

CNOB.OQ on NASDAQ Stock Exchange Global Select Market

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1 Jun 2015
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ConnectOne Bancorp Inc, formerly Center Bancorp, Inc., incorporated on November 12, 1982, is a bank holding company of Union Center National Bank (the Bank), its principal subsidiary. The Bank offers a range of lending, depository and related financial services to commercial, industrial and governmental customers. In the lending area, the Bank’s services include short and medium term loans, lines of credit, letters of credit, working capital loans, real estate construction loans and mortgage loans. In the depository area, the Bank offers demand deposits, savings accounts and time deposits. In addition, the Bank offers collection services, wire transfers, night depository and lock box services. The Bank offers a range of consumer banking services, including interest bearing and non-interest bearing checking accounts, savings accounts, money market accounts, certificates of deposit, individual retirement account (IRA), automated teller machine (ATM) accessibility using Star Systems, Inc. service, secured and unsecured loans, mortgage loans, home equity lines of credit, safe deposit boxes, Christmas club accounts, vacation club accounts, money orders and travelers’ checks. 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 offers various money market services. It deals in the United States Treasury and the United States Governmental agency securities, certificates of deposit, commercial paper and repurchase agreements.

Lending Activities

The Bank’s loan portfolio consists of both retail and commercial loans, serving the diverse customer base in its market area. As of December 31, 2013, the Company’s net loan portfolio amounted to $950.6 million. The Bank’s commercial loan portfolio includes, in addition to real estate development, loans to manufacturing, automobile, professional and retail trade sectors, and to specialized borrowers, such as operators of private educational facilities. Loans to individuals include personal loans, student loans, and home improvement loans, as well as financing for automobiles.

Investment Activities

At December 31, 2013, the total investment portfolio amounted to $538.4 million. The principal components of the investment portfolio are United States Treasury and Government Agency Obligations, Federal Agency Obligations including mortgage-backed securities, Obligations of United States states and political subdivision, corporate bonds and notes, and other debt and equity securities.

Sources of Funds

As of December 31, 2013, the Bank’s total deposits amounted to $1.342 billion. Total non-interest-bearing deposits amounted to $227.4 million at December 31, 2013. Time, savings and interest-bearing transaction accounts amounted to $1.015 billion at December 31, 2013. The Company’s principal short-term funding sources are Federal Funds purchased and securities sold under agreements to repurchase.Long-term borrowings consist of Federal Home Loan Bank of New York (FHLB) advances and securities sold under agreements to repurchase that have contractual maturities over one year.

Company Address

ConnectOne Bancorp Inc

301 Sylvan Ave
ENGLEWOOD CLIFFS   NJ   07632-2539
P: +1201.8168900

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