ConnectOne Bancorp, Inc. (CNOB): History, Ownership, Mission, How It Works & Makes Money

ConnectOne Bancorp, Inc. is now a regional powerhouse with $14.0 billion in total assets following its June 2025 merger, but does that scale defintely translate into sustainable profitability for investors?

You've seen the Q3 2025 results, where net income available to common stockholders jumped to $39.5 million and the Net Interest Margin (NIM)-the core profit engine-widened to 3.11%, plus institutional giants like BlackRock, Inc. are among the largest shareholders.

As a financially-literate decision-maker, you need to know if this momentum is driven by their relationship-focused business model, which holds $11.3 billion in loans, or if it's just a one-time merger bounce, so let's unpack the history, ownership, and how this bank really makes money.

ConnectOne Bancorp, Inc. (CNOB) History

You're looking for the bedrock of ConnectOne Bancorp, Inc. (CNOB), and honestly, it's a story of two banks merging into one powerful, client-focused entity. The company you see today is the result of a strategic 2014 merger, but its roots go back over four decades. The key takeaway is that ConnectOne's history is a deliberate, M&A-driven path to becoming a $14 billion regional financial institution as of 2025, built on a 'branch-lite' model and a fintech-forward approach.

Given Company's Founding Timeline

Year established

The original entity, Center Bancorp, Inc., was incorporated in New Jersey on November 12, 1982, and began operations on May 1, 1983, by acquiring Union Center National Bank, a bank originally chartered in 1923.

Original location

The company's original operations were centered in New Jersey, stemming from the Union Center National Bank in Union County. Today, the headquarters for ConnectOne Bancorp, Inc. is in Englewood Cliffs, New Jersey.

Founding team members

The modern-day ConnectOne Bank traces its roots to Joseph Parisi, who founded the bank in 1982. The strategic direction and growth that led to the current structure are heavily credited to Chairman and CEO Frank Sorrentino III, who led the 2014 merger that created the unified ConnectOne Bancorp, Inc.

Initial capital/funding

While the exact initial capital for the 1983 acquisition is not publicly detailed, the company's strategy has always been capital-efficient. By December 31, 2013, prior to the major merger, the combined pro forma assets of the merging entities were approximately $3.0 billion, showing the scale achieved before the name change.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory is defined by a few calculated, big swings. The 2014 merger set the stage, but the 2025 merger with The First of Long Island Corporation is the most recent and significant shift, immediately changing the scale and market position.

• The 2014 Rebranding and Consolidation: Merging Center Bancorp and Legacy ConnectOne was more than a name change; it was a commitment to a modern, technology-driven commercial bank model, positioning the company as a key New Jersey-headquartered institution.
• The Fintech Edge (2019): Buying BoeFly showed a clear vision that a community bank could also be a tech-enabled national player. This fintech marketplace connects borrowers in the franchise space with funding, helping the bank grow without relying on a costly, sprawling branch network.
• The 2025 Scale Leap: The merger with The First of Long Island Corporation, completed on June 1, 2025, was a game-changer. It immediately created a regional financial institution with total assets near $14 billion, total loans of $11.2 billion, and deposits of $11.3 billion.
• The Post-Merger Financial Turnaround: The second quarter of 2025 saw a net loss of $(21.8) million and diluted EPS of $(0.52) due to merger-related expenses, which is a common, short-term risk. But the third quarter of 2025 showed the immediate benefit, with net income available to common stockholders soaring to $39.5 million and diluted EPS at $0.78. That's a fast, defintely positive return on a difficult integration.

The company is projecting the merger will generate earnings accretion of approximately $9.8 million per quarter in 2025, and they are targeting a net interest margin of 3.25% for the full year. This growth is a direct result of their strategy to expand scale while maintaining a focus on commercial expertise and a strong client-first culture. To understand the principles guiding these decisions, you should review the Mission Statement, Vision, & Core Values of ConnectOne Bancorp, Inc. (CNOB).

ConnectOne Bancorp, Inc. (CNOB) Ownership Structure

ConnectOne Bancorp, Inc. (CNOB) is a publicly traded company, meaning its ownership is distributed among a diverse group of institutional, insider, and retail investors, not concentrated in a single private entity.

This structure ensures governance is subject to the scrutiny of the Nasdaq Global Market and the Securities and Exchange Commission (SEC), but it also means large institutional funds wield significant influence over strategic decisions.

ConnectOne Bancorp's Current Status

ConnectOne Bancorp, Inc. is a publicly listed financial holding company, trading on the Nasdaq Global Market under the ticker symbol CNOB.

As of November 2025, the company's market capitalization is built upon approximately 50.27 million common shares outstanding. This public status subjects the company to rigorous reporting standards, providing transparency into its operations, especially following its significant merger with The First of Long Island Corporation in June 2025, which expanded its total assets to roughly $14.0 billion.

You need to know who is in the room when big decisions get made.

ConnectOne Bancorp's Ownership Breakdown

The majority of ConnectOne Bancorp's shares are held by institutional investors-large firms like mutual funds and asset managers-who collectively control the company's direction. This is typical for a regional bank holding company of this size.

Here's the quick math on who owns the common stock, based on filings closest to the end of the 2025 fiscal year:

For example, FMR LLC is one of the largest institutional owners, holding over 6.40% of the company's shares as of August 2025. This level of institutional control means their voting power is defintely a key factor in any major corporate action.

ConnectOne Bancorp's Leadership

The company is steered by a seasoned executive team and an expanded Board of Directors, a change that came after the June 2025 merger with The First of Long Island Corporation. This leadership is responsible for managing the combined entity's $11.3 billion loan portfolio and $11.4 billion in deposits as of Q3 2025.

The key executive officers, who collectively own a significant stake in the company, include:

• Frank S. Sorrentino III: Chairman & CEO. He has a long tenure and directly owns about 1.59% of the company's shares.
• William S. Burns: Senior Executive Vice President and Chief Financial Officer (CFO).
• Elizabeth Magennis: President, ConnectOne Bank.
• Laura Criscione: Executive Vice President and Corporate Secretary.
• Robert A. Schwartz: General Counsel (appointed in June 2025), a strategic move to reinforce legal and regulatory expertise post-merger.

This team's strategy focuses on maintaining a high-performing commercial bank model, which you can read more about in the Mission Statement, Vision, & Core Values of ConnectOne Bancorp, Inc. (CNOB).

ConnectOne Bancorp, Inc. (CNOB) Mission and Values

ConnectOne Bancorp, Inc. operates on the foundational belief that prioritizing people-clients, employees, and community-is the most effective way to drive business and financial success. This philosophy is the cultural DNA that has helped the company grow its total assets to $14.0 billion as of the third quarter of 2025.

You're looking for what truly separates a bank from a financial utility, and for ConnectOne Bancorp, it's a commitment to relationship-based banking (commercial banking) in the New Jersey/New York metro area. This focus is what allowed them to report a net income available to common stockholders of $39.5 million in Q3 2025.

ConnectOne Bancorp's Core Purpose

Official Mission Statement

The company's mission is a clear, actionable statement that guides every decision, from commercial real estate lending to fintech integration (financial technology, like their subsidiary BoeFly, Inc.). It's a simple promise: put the client first, and the profits will follow. That's a good trade-off.

• ConnectOne's mission is to prove that putting people first is a better way to do business.

Vision Statement

The vision at ConnectOne Bancorp is about redefining the banking experience, moving beyond transactional services to become a true financial partner for small and mid-sized businesses. It's a vision that inspires them to build something meaningful-something better.

• Redefine banking by prioritizing relationships over transactions.
• Ensure clients and communities are at the heart of every decision.
• Create a workplace where team members can thrive, innovate, and make an impact.
• Deliver excellent service and build strong, lasting relationships within the communities served.

This commitment to a 'people first' model is directly tied to their strong capital position, with a tangible common equity ratio of 8.36% in Q3 2025.

Core Values

ConnectOne Bancorp's core values represent the cultural foundation, the DNA that drives their approach to a high-performing commercial bank model. They are the non-negotiables that ensure consistency across all 61 locations post-merger.

• People First: Putting the client at the heart of every decision.
• Sense of Urgency: Move fast and get things done; ignite passion to action.
• We Connect: Building relationships with clients, employees, shareholders, and the community.

The company's guiding principle, which functions as its de-facto slogan, is the core of its mission: proving that putting people first is a defintely better way to do business. You can find a more detailed breakdown of these principles at Mission Statement, Vision, & Core Values of ConnectOne Bancorp, Inc. (CNOB).

ConnectOne Bancorp, Inc. (CNOB) How It Works

ConnectOne Bancorp, Inc. operates as a high-performing, technology-driven commercial bank, primarily serving small to middle-market businesses and high-net-worth individuals across the greater New York Metro area. The company generates value by funding its loan portfolio, which stood at $11.3 billion as of Q3 2025, with a stable deposit base that exceeded $11.4 billion, maintaining a highly efficient, relationship-first model.

ConnectOne Bancorp, Inc.'s Product/Service Portfolio

The core of ConnectOne Bancorp's revenue comes from its commercial lending and deposit-gathering activities, supplemented by a focused fintech offering and wealth management services.

ConnectOne Bancorp, Inc.'s Operational Framework

The operational framework is built on a 'branch-lite' model, which means you won't see a branch on every corner. Instead, the focus is on a high-touch, relationship-driven approach, backed by significant technology investment for efficiency. That's how they keep costs down and service quality high.

• Relationship-First Model: The company relies on experienced relationship officers who often go to the client, rather than waiting for the client to come to a branch.
• Digital Efficiency: Continuous investment in financial technologies allows for a highly efficient business model and online account opening, which is a key factor in their best-in-class efficiency.
• Strategic Integration: The successful merger with First of Long Island Bank, completed in June 2025, expanded the geographic footprint significantly, especially on Long Island, and was followed by a full system conversion in just two weeks. This shows a defintely strong capacity for operational integration.
• Value Creation Loop: A strong relationship focus attracts core client deposits, which grew by over $500 million in Q2 2025, funding the high-quality commercial loan portfolio and driving net interest income.

If you want to understand the core philosophy driving these operations, you should review their Mission Statement, Vision, & Core Values of ConnectOne Bancorp, Inc. (CNOB).

ConnectOne Bancorp, Inc.'s Strategic Advantages

ConnectOne Bancorp's market success stems from a clear strategy: be a better, more efficient commercial bank in a specific, high-value geographic region. The recent merger has amplified these advantages, giving them the scale to compete without sacrificing their nimbleness.

• Post-Merger Scale and Market Penetration: The merger with First of Long Island Bank created a combined entity with nearly $14 billion in total assets, significantly enhancing its presence in the New York Metro area, particularly on Long Island.
• Superior Efficiency: The company is recognized as one of the most efficient banks in the U.S. due to its 'branch-lite' structure and operating philosophy, with quarterly expenses projected near $55 million for the combined company in 2025, targeting a 35% efficiency ratio in 2026.
• Strong Core Funding and Liquidity: The loan-to-deposit ratio improved to 99% in Q2 2025, which is a much healthier funding position than the 106% seen earlier in the year. This shift reduces reliance on more expensive wholesale funding.
• Net Interest Margin (NIM) Expansion: Management is actively driving margin improvement, reporting a NIM of 3.11% in Q3 2025 and projecting a further increase, which directly boosts profitability.

Here's the quick math: the projected earnings accretion from the merger is approximately $9.8 million per quarter for 2025, which is a material boost to the bottom line, demonstrating the financial power of the strategic move.

ConnectOne Bancorp, Inc. (CNOB) How It Makes Money

ConnectOne Bancorp, Inc. primarily makes money the way most commercial banks do: by borrowing money from depositors at a lower interest rate and lending it out to businesses and individuals at a higher rate, a process known as net interest income (NII). The company supplements this core function with non-interest income from fee-based services like loan sales and service charges.

ConnectOne Bancorp's Revenue Breakdown

For the third quarter of 2025, the company's revenue engine was overwhelmingly driven by its core lending activities, which saw a significant boost following the June 2025 merger with The First of Long Island Corporation (FLIC). Here's the quick math on the revenue mix for Q3 2025, which totaled $207.1 million before interest expense.

Business Economics

The core economic fundamental for ConnectOne Bancorp is its Net Interest Margin (NIM), which is the difference between the interest income generated and the amount of interest paid out to depositors. The post-merger NIM for Q3 2025 widened to 3.11%, up from 3.06% in the previous quarter, which is a clear sign of improved profitability on their interest-earning assets. This widening is critical because it means the bank is managing its deposit costs effectively, even in a higher-rate environment. Honestly, that 5 basis-point jump in NIM shows real operational discipline right after a major integration.

The merger with FLIC on June 1, 2025, was a game-changer, expanding the bank's total assets to $14.0 billion and its geographic footprint. The combined entity's loan portfolio reached $11.3 billion and deposits hit $11.4 billion in Q3 2025. The business focuses on commercial clients, with new loan originations exceeding $465 million in Q3 2025, primarily in Commercial and Industrial (C&I), Commercial Real Estate (CRE), and Small Business Administration (SBA) lending. This focus on commercial lending is key, as it often carries higher yields than residential lending.

• Loan Growth: Loans grew at an annualized rate of over 5.0% since the end of June 2025, outpacing the deposit growth.
• Deposit Cost Optimization: The merger helped reduce the average cost of deposits, which directly contributes to NIM expansion.
• Fee Income Driver: Recurring non-interest income is typically around $7 million per quarter, but Q3 2025 saw a boost from non-recurring items like a $6.6 million Employee Retention Tax Credit and gains from SBA loan sales.

For a deeper dive into the strategic direction driving these numbers, you should review the Mission Statement, Vision, & Core Values of ConnectOne Bancorp, Inc. (CNOB).

ConnectOne Bancorp's Financial Performance

The third quarter of 2025 marked a significant turnaround in profitability, demonstrating the immediate financial benefits of the FLIC merger. The company reported net income available to common stockholders of $39.5 million for Q3 2025, a substantial improvement from a net loss in the previous quarter. This translated to diluted earnings per share (EPS) of $0.78 for the quarter.

Looking at the full-year picture, analyst estimates for 2025 project a stable Earnings Per Share of approximately $1.45 and total revenue of $354.49 million. What this estimate hides is the one-time impact of merger costs in Q2 2025 that temporarily depressed the year-to-date figures, making the Q3 rebound even more significant.

• Credit Quality: Credit risk remains low, with nonperforming assets at just 0.28% of total assets as of Q3 2025.
• Capital Ratios: The bank maintains strong capital with a total risk-based capital ratio of 13.88% and a tangible common equity ratio of 8.36%.
• Future Outlook: Management is targeting an operating Return on Assets (ROA) of 1.2%+ and a Return on Tangible Common Equity (ROTCE) of 15% as they head into 2026, signaling confidence in sustained post-merger profitability.

The bank is defintely positioned for profitable growth, driven by a widening margin and a clean balance sheet, which is exactly what you want to see from a regional bank after a major acquisition.

ConnectOne Bancorp, Inc. (CNOB) Market Position & Future Outlook

ConnectOne Bancorp, Inc. is strategically positioned as a high-tech, relationship-driven commercial bank focused on the lucrative New York-New Jersey metropolitan corridor, now significantly scaled following its 2025 merger with The First of Long Island Corporation (FLIC). This expansion has boosted its total assets to nearly $14 billion as of mid-2025, setting the stage for accelerated earnings accretion and a stronger regional presence.

Competitive Landscape

In the crowded regional banking space, ConnectOne Bancorp differentiates itself with a 'branch-lite' model that prioritizes technology and high-touch commercial relationship officers. The table below shows its size relative to two key peers, illustrating its position as a mid-sized but potent regional player. Since a definitive market share for the entire NY/NJ commercial market is elusive, this represents a relative share based on the combined total assets of this peer group, offering a clear comparative scale.

Opportunities & Challenges

The successful integration of the FLIC merger is the single most important near-term driver, but it also introduces the largest new risks. The bank's ability to execute its digital-first strategy while navigating a volatile interest rate environment will defintely determine its trajectory.

Industry Position

ConnectOne Bancorp holds a solid position as a high-performing regional bank, characterized by its focus on commercial clients and its tech-forward approach. The merger has elevated it from a sub-$10 billion asset institution to nearly $14 billion in total assets, significantly improving its competitive standing and operational efficiency.

• Efficiency: The 'branch-lite' model, coupled with the merger's scale, is designed to keep the efficiency ratio competitive against larger peers.
• Capital Strength: The bank maintains strong capital ratios, with a total risk-based capital ratio of 13.88% and a tangible common equity ratio of 8.36% as of Q3 2025.
• Credit Health: Credit quality remains robust, with nonperforming assets at just 0.28% of total assets in Q3 2025, which is a strong indicator of underwriting discipline.

The market is clearly rewarding the post-merger performance, with Q3 2025 net income hitting $39.5 million, a sharp turnaround from the prior quarter's loss caused by merger expenses. To dive deeper into the balance sheet and income statement dynamics, you should read Breaking Down ConnectOne Bancorp, Inc. (CNOB) Financial Health: Key Insights for Investors.