Profile: ConnectOne Bancorp Inc (CNOB.OQ)
ConnectOne Bancorp, Inc., incorporated on November 12, 1982, is a bank holding company of ConnectOne Bank (the Bank). The Bank is a community-based, full-service New Jersey-chartered commercial bank. The Bank offers a range of deposit and loan products. In addition, to attract the business of consumer and business customers, it also provides an array of other banking services. Products and services provided 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, automated clearing house (ACH) origination, lockbox services and mobile banking by phone. In addition, it offers safe deposit boxes. The Bank also offers remote deposit capture banking for both retail and business customers. The Company offers a range of deposit and loan products and services to the general public and, in particular, to small and mid-sized businesses, local professionals and individuals residing, working and conducting business in its trade area.
The Company's noninterest demand deposit products include totally free checking and simply better checking for retail clients and small business checking and analysis checking for commercial clients. The Bank's subsidiaries include Union Investment Company, Inc. and Twin Bridge Investments, LLC, which are investment companies; ConnectOne Preferred Funding Corp., which is a real estate investment trust; Center Financial Group, LLC, which is a financial services company; Center Advertising, Inc., which is an advertising company, and Morris Property Company, LLC, Volosin Holdings, LLC and NJCB Spec-1, LLC, which are real estate companies.
The Bank's lending activities are generally oriented to small-to-medium sized businesses, high net worth individuals, professional practices and consumer and retail customers living and working in the Bank's market area of Bergen, Union, Morris, Essex, Hudson, Mercer and Monmouth counties, New Jersey, as well as New York City's five boroughs. The Bank's loan portfolio is made up of commercial real estate loans. 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, inventory and equipment and liens on commercial and residential real estate. Commercial real estate loans include loans secured by first liens on completed commercial properties, including multi-family properties, to purchase or refinance such properties. Residential mortgages include loans secured by first liens on residential real estate, and are generally made to existing customers of the Bank to purchase or refinance primary and secondary residences. Home equity loans and lines of credit include loans secured by first or second liens on residential real estate for primary or secondary residences. Consumer loans are made to individuals qualifing for auto loans, cash reserve, credit cards and installment loans. As of December 31, 2016, the Bank's net loans amounted to $3.4 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' states and political subdivision, corporate bonds and notes, and other debt and equity securities. As of December 31, 2016, the Bank's total securities available-for-sale amounted to $353 million.
Sources of Funds
Deposits are the Bank's primary source of funds. Borrowings consist of long and short term advances from the Federal Home Loan Bank and securities sold under agreements to repurchase. As of December 31, 2016, the Bank's total deposits amounted to $3.3 billion.
ConnectOne Bancorp Inc
301 Sylvan Ave
ENGLEWOOD CLIFFS NJ 07632-2539