Profile: ConnectOne Bancorp Inc (CNOB.OQ)
24 Dec 2014
ConnectOne Bancorp Inc, formerly Center Bancorp, Inc., incorporated on November 12, 1982, is a one-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. The Bank has full trust powers, enabling it to offer a variety of trust services to its 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. On August 1, 2012, its wholly owned subsidiary, Union Center National Bank, acquired Saddle River Valley Bank. In July 2014, Center Bancorp Inc merged with ConnectOne Bancorp Inc.
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, 2011, total loans amounted to $756.0 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. Such loans averaged $363,000 during the year ended December 31, 2011.
As of December 31, 2011, the total investment portfolio amounted to $486.7 million. At December 31, 2011, the principal components of the investment portfolio were the United States Government Agency Obligations, Federal Agency Obligations including mortgage-backed securities, Obligations of the United States states and political subdivision, corporate bonds and notes, and other debt and equity securities. The Company owns two pooled trust preferred securities (Pooled TRUPS), which consists of securities issued by financial institutions and insurance companies.
Sources of Funds
As of December 31, 2011, the Bank’s total deposits amounted to $1.121 billion. Total non-interest-bearing deposits were $167.2 million at December 31, 2011. Time, savings and interest-bearing transaction accounts were $954.3 million at December 31, 2011. The Company’s principal short-term funding sources are Federal Funds purchased and securities sold under agreements to repurchase. Short-term borrowings, including Federal Funds purchased and securities sold under agreements to repurchase, amounted to $0 during 2011. 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. Long-term borrowings amounted to $161.0 million at December 31, 2011.
ConnectOne Bancorp Inc
301 Sylvan Ave
ENGLEWOOD CLIFFS NJ 07632-2539