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Table of Contents

UNITED STATES OF AMERICA

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended June 30, 2021

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

     For the transition period from __________ to __________

Commission File Number: 000-11486

CONNECTONE BANCORP, INC.

(Exact Name of Registrant as Specified in Its Charter)

New Jersey

52-1273725

(State or Other Jurisdiction of

Incorporation or Organization)

(IRS Employer

Identification No.)

301 Sylvan Avenue

Englewood Cliffs, New Jersey  07632

(Address of Principal Executive Offices) (Zip Code)

201-816-8900

(Registrant’s Telephone Number, Including Area Code)

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

 Title of each class

 Trading symbol

 Name of each exchange on  which registered

Common stock

CNOB

NASDAQ

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or emerging growth company. See definition of “large accelerated filer”, “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer

Accelerated filer ☐

Non-accelerated filer ☐

(Do not check if smaller

reporting company)

Smaller reporting company ☐

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 7(a)(2)(B) of the Securities Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, no par value:

39,794,815 shares

(Title of Class)

(Outstanding as of August 6, 2021)


Table of Contents

Table of Contents

Page

PART I – FINANCIAL INFORMATION

3

Item 1.Financial Statements

3

Consolidated Statements of Condition as of June 30, 2021 (unaudited) and December 31, 2020

3

Consolidated Statements of Income for the three and six months ended June 30, 2021 and 2020(unaudited)

4

Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2021 and 2020(unaudited)

5

Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2021 and 2020 (unaudited)

6

Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 (unaudited)

8

Notes to Consolidated Financial Statements (unaudited)

10

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

46

Item 3.Qualitative and Quantitative Disclosures about Market Risks

60

Item 4.Controls and Procedures

61

PART II – OTHER INFORMATION

62

Item 1.Legal Proceedings

62

Item 1a.Risk Factors

62

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

62

Item 3.Defaults Upon Senior Securities

62

Item 4.Mine Safety Disclosures

62

Item 5.Other Information

62

Item 6.Exhibits

63

SIGNATURES

64

 

 


2


Table of Contents

 

Item 1. Financial Statements

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION

 

 

June 30,

 

 

December 31,

(in thousands, except for share data)

 

2021

 

 

2020

 

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

59,148

 

 

$

63,637

 

Interest-bearing deposits with banks

 

 

290,269

 

 

 

240,119

 

Cash and cash equivalents

 

 

349,417

 

 

303,756

 

 

Investment securities

 

 

458,933

 

 

487,955

 

Equity securities

 

 

13,223

 

 

13,387

 

 

Loans held-for-sale

 

 

6,159

 

 

 

4,710

 

 

Loans receivable

 

 

6,407,904

 

 

 

6,236,307

 

Less: Allowance for credit losses - loans

 

 

78,684

 

 

 

79,226

 

Net loans receivable

 

 

6,329,220

 

 

 

6,157,081

 

 

Investment in restricted stock, at cost

 

 

22,563

 

 

 

25,099

 

Bank premises and equipment, net

 

 

28,811

 

 

 

30,108

 

Accrued interest receivable

 

 

34,001

 

 

 

35,317

 

Bank owned life insurance

 

 

193,209

 

 

 

165,960

 

Right of use operating lease assets

 

 

12,504

 

 

 

16,159

 

Goodwill

 

 

208,372

 

 

208,372

 

Core deposit intangibles

 

 

9,963

 

 

10,977

 

Other assets

 

 

43,707

 

 

 

88,458

 

Total assets

 

$

7,710,082

 

 

$

7,547,339

 

LIABILITIES

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing

 

$

1,485,952

 

 

$

1,339,108

 

Interest-bearing

 

 

4,706,561

 

 

 

4,620,116

 

Total deposits

 

 

6,192,513

 

 

5,959,224

 

Borrowings

 

 

353,462

 

 

425,954

 

Subordinated debentures, net

 

 

152,800

 

 

202,648

 

Operating lease liabilities

14,235

18,026

Other liabilities

 

 

32,112

 

 

 

26,177

 

Total liabilities

 

 

6,745,122

 

 

 

6,632,029

 

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Preferred Stock:

 

 

 

 

 

 

Authorized 5,000,000 shares

 

 

-

 

 

-

 

Common stock, no par value:

 

 

 

 

 

 

Authorized 50,000,000 shares; issued 42,547,077 shares as of June 30, 2021 and 42,444,031 shares as of December 31, 2020; outstanding 39,794,815 shares as of June 30, 2021 and 39,785,398 as of December 31, 2020

 

 

586,946

 

 

586,946

 

Additional paid-in capital

 

 

24,606

 

 

23,887

 

Retained earnings

 

 

386,280

 

 

331,951

 

Treasury stock, at cost 2,752,262 common shares as of June 30, 2021 and 2,658,633 as of December 31, 2020

 

 

(32,682

)

 

(30,271

)

Accumulated other comprehensive (loss) income

 

 

(190

)

 

 

2,797

Total stockholders’ equity

 

 

964,960

 

 

 

915,310

 

Total liabilities and stockholders’ equity

 

$

7,710,082

 

 

$

7,547,339

 

See accompanying notes to unaudited consolidated financial statements.


3


Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

(in thousands, except for per share data)

2021

2020

2021

2020

Interest income

Interest and fees on loans

$

71,101

 

$

75,797

 

$

141,563

 

$

148,733

 

Interest and dividends on investment securities:

 

 

 

 

 

 

 

 

 

 

Taxable

 

995

 

1,712

 

 

2,083

 

3,778

 

Tax-exempt

 

608

 

647

 

 

1,374

 

1,460

 

Dividends

 

263

 

442

 

 

519

 

842

 

Interest on federal funds sold and other short-term investments

 

84

 

 

79

 

 

133

 

 

578

 

Total interest income

 

73,051

 

 

78,677

 

 

145,672

 

 

155,391

 

Interest expense

 

 

 

 

 

 

 

 

 

 

Deposits

 

6,424

 

13,597

 

 

14,009

 

30,809

 

Borrowings

 

3,618

 

 

4,290

 

 

7,491

 

 

8,511

 

Total interest expense

 

10,042

 

 

17,887

 

 

21,500

 

 

39,320

 

Net interest income

 

63,009

 

60,790

 

 

124,172

 

116,071

 

(Reversal of) provision for credit losses

 

(1,649

)

 

15,000

 

 

(7,415

)

 

31,000

 

Net interest income after (reversal of) provision for credit losses

 

64,658

 

 

45,790

 

 

131,587

 

 

85,071

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

Deposit, loan and other income

 

2,222

 

3,212

 

 

3,390

 

4,499

 

Income on bank owned life insurance

 

1,185

 

1,128

 

 

2,249

 

2,095

 

Net gains on sale of loans held-for-sale

 

847

 

237

 

 

1,554

 

630

 

Gain on sale of branches

 

-

 

-

 

 

674

 

-

 

Net gains (losses) on equity securities

 

23

 

44

 

 

(164

)

222

 

Net gains on sales/redemption of securities available-for-sale

 

195

 

 

-

 

 

195

 

 

29

 

Total noninterest income

 

4,472

 

 

4,621

 

 

7,898

 

 

7,475

 

Noninterest expenses

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

15,351

 

14,529

 

 

30,983

 

29,122

 

Occupancy and equipment

 

3,187

 

3,156

 

 

6,591

 

6,627

 

FDIC insurance

 

580

 

1,093

 

 

1,515

 

1,949

 

Professional and consulting

 

2,117

 

1,673

 

 

4,073

 

3,247

 

Marketing and advertising

 

278

 

426

 

 

519

 

730

 

Data processing

 

1,603

 

1,586

 

 

3,139

 

3,059

 

Merger and restructuring expenses

 

-

 

5,146

 

 

-

 

14,640

 

Amortization of core deposit intangibles

 

508

 

652

 

 

1,015

 

1,304

 

Increase in value of acquisition price

 

-

 

2,333

 

 

-

 

2,333

 

Other components of net periodic pension expense

 

(67

)

(29

)

 

(134

)

(59

)

Other expenses

 

2,702

 

2,498

 

 

5,043

 

5,169

 

Total noninterest expenses

 

26,259

 

 

33,063

 

 

52,744

 

 

68,121

 

Income before income tax expense

 

42,871

 

17,348

 

 

86,741

 

24,425

 

Income tax expense

 

10,652

 

 

2,516

 

 

21,523

 

 

3,563

 

Net income

$

32,219

 

$

14,832

 

$

65,218

 

$

20,862

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

Basic

$

0.81

 

$

0.37

 

$

1.64

 

$

0.53

 

Diluted

 

0.81

 

0.37

 

 

1.63

 

0.52

 

See accompanying notes to unaudited consolidated financial statements.


4


Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

(in thousands)

 

2021

 

2020

 

2021

 

2020

Net income

 

$

32,219

 

 

$

14,832

 

 

$

65,218

 

 

$

20,862

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains and losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) on available-for-sale securities arising during the period

 

 

271

 

 

(1,423

)

 

 

(5,169

)

 

 

4,829

 

Tax effect

 

 

(68

)

 

 

392

 

 

1,364

 

 

(1,299

)

Net of tax

 

 

203

 

 

(1,031

)

 

 

(3,805

)

 

 

3,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification adjustment for realized gains included in net income

 

 

(195

)

 

 

-

 

 

(195

)

 

 

(29

)

Tax effect

 

 

48

 

 

 

-

 

 

 

48

 

 

 

6

 

Net of tax

 

 

(147

)

 

 

-

 

 

(147

)

 

 

(23

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized losses on cash flow hedges

 

 

(42

)

 

 

(566

)

 

 

(18

)

 

 

(3,315

)

Tax effect

 

 

15

 

 

 

140

 

 

 

4

 

 

 

913

 

Net of tax

 

 

(27

)

 

 

(426

)

 

 

(14

)

 

 

(2,402

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification adjustment for realized losses on cash flow hedges included in net income

 

 

584

 

 

318

 

 

1,215

 

 

311

Tax effect

 

 

(167

)

 

 

(71

)

 

 

(344

)

 

 

(69

)

Net of tax

 

 

417

 

 

247

 

 

871

 

 

242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification adjustment for pension plan amortization included in net income

 

 

75

 

 

 

76

 

 

 

150

 

 

 

151

 

Tax effect

 

 

(22

)

 

 

(21

)

 

 

(42

)

 

 

(42

)

Net of tax

 

 

53

 

 

 

55

 

 

 

108

 

 

 

109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other comprehensive income (loss)

 

 

499

 

 

(1,155

)

 

 

(2,987

)

 

 

1,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income

 

$

32,718

 

 

$

13,677

 

 

$

62,231

 

 

$

22,318

 

See accompanying notes to unaudited consolidated financial statements.


5


Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(unaudited)

 

 

Six Months Ended June 30, 2021

 

(dollars in thousands, except for per share data)

 

Preferred

Stock

 

Common

Stock

 

Additional

Paid-In

Capital

 

Retained

Earnings

 

Treasury

Stock

 

Accumulated

Other

Comprehensive

(Loss) Income

 

Total

Stockholders’

Equity

 

Balance as of December 31, 2020

 

$

-

 

$

586,946

 

$

23,887

 

$

331,951

 

 

$

(30,271

)

 

$

2,797

 

 

$

915,310

 

Cumulative effect of change in accounting principle (see note 1b. “Authoritative Accounting Guidance Presentation”), net of tax

 

 

-

 

 

-

 

 

-

 

 

(2,925

)

 

 

-

 

 

 

-

 

 

 

(2,925

)

 

Balance as of January 1, 2021 as adjusted for changes in accounting principle

 

 

-

 

 

586,946

 

 

23,887

 

 

329,026

 

 

 

(30,271

)

 

 

2,797

 

 

 

912,385

 

 

Net income

 

 

-

 

 

-

 

 

-

 

 

65,218

 

 

 

-

 

 

 

-

 

 

 

65,218

 

 

Other comprehensive loss,  net of tax

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

 

(2,987

)

 

 

(2,987

)

 

Cash dividends declared on common stock  ($0.20 per share)

 

 

-

 

 

-

 

 

-

 

 

(7,964

)

 

 

-

 

 

 

-

 

 

 

(7,964

)

 

Exercise of stock options  (5,449 shares)

 

 

-

 

 

-

 

 

45

 

 

-

 

 

 

-

 

 

 

-

 

 

 

45

 

 

Restricted stock grants, net of forfeitures  (47,982 shares)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Stock grants (446 shares)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Net shares issued in satisfaction of restricted stock units earned (14,711 shares)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Net shares issued in satisfaction of performance units earned  (34,458 shares)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Share redemption for tax withholdings on performance units and restricted stock units earned

 

 

-

 

 

-

 

 

(1,283

)

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,283

)

 

Repurchase of treasury stock (93,629 shares)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

(2,411

)

 

 

-

 

 

 

(2,411

)

 

Stock-based compensation expense

 

 

-

 

 

-

 

 

1,957

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,957

 

 

 

 

Balance as of June 30, 2021

 

$

-

 

$

586,946

 

$

24,606

 

$

386,280

 

 

$

(32,682

)

 

$

(190

)

 

$

964,960

 

 

 

Three Months Ended June 30, 2021

 

 

 

 

 

 

Total

 

(dollars in thousands, except for per share data)

 

Preferred

Stock

 

Common

Stock

 

Additional

Paid-In

Capital

 

Retained

Earnings

 

Treasury

Stock

 

Accumulated

Other

(Loss) Income

 

Stockholders’ Comprehensive

Equity

 

Balance as of March 31, 2021

 

$

-

 

$

586,946

 

$

23,621

 

 

$

358,441

 

 

$

(32,682

)

 

$

(689

)

 

$

935,637

 

 

Net income

 

 

-

 

 

-

 

 

-

 

 

 

32,219

 

 

 

-

 

 

 

-

 

 

 

32,219

 

 

Other comprehensive income, net of tax

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

499

 

 

499

 

Cash dividends declared on common stock ($0.11 per share)

 

 

-

 

 

-

 

 

-

 

 

 

(4,380

)

 

 

-

 

 

 

-

 

 

 

(4,380

)

 

Restricted stock grants, net of forfeitures (21,213 shares)

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

Stock-based compensation expense

 

 

-

 

 

-

 

 

985

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

985

 

 

Balance as of June 30, 2021

 

$

-

 

$

586,946

 

$

24,606

 

 

$

386,280

 

 

$

(32,682

)

 

$

(190

)

 

$

964,960

 

 


6


Table of Contents

(continued)

 

 

Six Months Ended June 30, 2020

(dollars in thousands, except for per share data)

 

Preferred

Stock

 

Common

Stock

 

Additional

Paid-In

Capital

 

Retained

Earnings

 

Treasury

Stock

 

Accumulated

Other

Comprehensive

(Loss) Income

 

Total

Stockholders’

Equity

Balance as of December 31, 2019

 

$

-

 

$

468,571

 

$

21,344

 

$

271,782

 

 

$

(29,360

)

 

$

(1,147

)

 

$

731,190

 

Net income

 

 

-

 

 

-

 

 

-

 

 

20,862

 

 

 

-

 

 

 

-

 

 

 

20,862

 

Other comprehensive income,  net of tax

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

 

1,456

 

 

 

1,456

 

Cash dividends declared on common stock  ($0.090 per share)

 

 

-

 

 

-

 

 

-

 

 

(3,956

)

 

 

-

 

 

 

-

 

 

 

(3,956

)

Exercise of stock options  (25,413 shares)

 

 

-

 

 

-

 

 

163

 

 

-

 

 

 

-

 

 

 

-

 

 

 

163

 

Restricted stock grants  (68,853 shares)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net shares issued in satisfaction of restricted stock units earned

 (16,541 shares)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net shares issued in satisfaction of performance units earned  (22,402 shares)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Share redemption for tax withholdings on performance units and restricted stock units earned

 

 

-

 

 

-

 

 

(639

)

 

-

 

 

 

-

 

 

 

-

 

 

 

(639

)

Repurchase of treasury stock (54,693 shares)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

 

(911

)

 

 

-

 

 

 

(911

)

Stock issued (4,602,450 shares) in acquisition of Bancorp of New Jersey

 

 

-

 

 

118,375

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

118,375

 

Stock-based compensation expense

 

 

-

 

 

-

 

 

1,201

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,201

 

 

Balance as of June 30, 2020

 

$

-

 

$

586,946

 

$

22,069

 

$

288,688

 

 

$

(30,271

)

 

$

309

 

 

$

867,741

 

 

Three Months Ended June 30, 2020

(dollars in thousands, except for per share data)

 

Preferred

Stock

 

Common

Stock

 

Additional

Paid-In

Capital

 

Retained

Earnings

 

Treasury

Stock

 

Accumulated

Other

Comprehensive

(Loss) Income

 

Total

Stockholders’ Comprehensive

Equity

 

Balance as of March 31, 2020

 

$

-

 

$

586,946

 

$

21,746

 

 

$

273,825

 

 

$

(30,271

)

 

$

1,464

 

$

853,710

 

 

Net income

 

 

-

 

 

-

 

 

-

 

 

 

14,832

 

 

 

-

 

 

 

-

 

 

 

14,832

 

 

Other comprehensive loss, net of tax

 

 

-

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,155

)

 

 

(1,155

)

 

Cash dividends adjustment

 

 

-

 

 

-