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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 September 30, 2025

☐

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: 001-40751

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)

844-266-2548

(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
Depositary Shares (each representing a 1/40^th interest in a share of 5.25% Series A Non-Cumulative, perpetual preferred stock)	CNOBP	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 ☐

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:	50,273,089 shares
(Title of Class)	(Outstanding as of November 3, 2025)

Table of Contents

Table of Contents

		Page

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements	3
	Consolidated Statements of Condition as of September 30, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024 (unaudited)	4
	Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 (unaudited)	5
	Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024 (unaudited)	6
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)	8
	Notes to Consolidated Financial Statements (unaudited)	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	55

Item 3.	Qualitative and Quantitative Disclosures about Market Risks	75

Item 4.	Controls and Procedures	75

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	76

Item 1a.	Risk Factors	76

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	76

Item 3.	Defaults Upon Senior Securities	76

Item 4.	Mine Safety Disclosures	76

Item 5.	Other Information	76

Item 6.	Exhibits	77

SIGNATURES		78

Table of Contents

Item 1. Financial Statements

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION

(in thousands, except for share data)	September 30,			December 31,
	2025			2024
	(unaudited)
ASSETS
Cash and due from banks	$	96,990		$	57,816
Interest-bearing deposits with banks		445,744			298,672
Cash and cash equivalents		542,734			356,488

Investment securities		1,252,202			612,847
Equity securities		20,133			20,092

Loans held-for-sale		-			743

Loans receivable		11,303,636			8,274,810
Less: Allowance for credit losses - loans		156,499			82,685
Net loans receivable		11,147,137			8,192,125

Investment in restricted stock, at cost		51,516			40,449
Bank premises and equipment, net		55,888			28,447
Accrued interest receivable		60,630			45,498
Bank owned life insurance		367,767			243,672
Right of use operating lease assets		29,283			14,489
Goodwill		215,611			208,372
Core deposit intangibles		63,119			4,639
Other assets		217,565			111,739
Total assets	$	14,023,585		$	9,879,600
LIABILITIES
Deposits:
Noninterest-bearing	$	2,513,102		$	1,422,044
Interest-bearing		8,856,193			6,398,070
Total deposits		11,369,295			7,820,114
Borrowings		833,443			688,064
Subordinated debentures, net		201,677			79,944
Operating lease liabilities		33,185			15,498
Other liabilities		47,641			34,276
Total liabilities		12,485,241			8,637,896

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY
Preferred Stock, no par value: 1,000 per share liquidation preference; Authorized 5,000,000 shares; issued 115,000 shares as of September 30, 2025 and as of December 31, 2024; outstanding 115,000 shares as of September 30, 2025 and as of December 31, 2024		110,927			110,927
Common stock, no par value: Authorized 100,000,000 shares; issued 54,158,637 shares as of September 30, 2025 and 42,255,865 shares as of December 31, 2024; outstanding 50,273,089 shares as of September 30, 2025 and 38,370,317 as of December 31, 2024		857,765			586,946
Additional paid-in capital		37,934			36,347
Retained earnings		644,944			631,446
Treasury stock, at cost: 3,885,548 common shares as of September 30, 2025 and December 31, 2024		(76,116	)		(76,116	)
Accumulated other comprehensive loss		(37,110	)		(47,846	)
Total stockholders’ equity		1,538,344			1,241,704
Total liabilities and stockholders’ equity	$	14,023,585		$	9,879,600

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
(dollars in thousands, except for per share data)
Interest income
Interest and fees on loans	$	165,937	$	119,280	$	413,604	$	359,513
Interest and dividends on investment securities:
Taxable		12,033		4,740		24,457		13,757
Tax-exempt		2,014		1,119		4,530		3,394
Dividends		1,081		1,048		2,758		3,390
Interest on federal funds sold and other short-term investments		6,644		4,055		13,179		9,802
Total interest income		187,709		130,242		458,528		389,856
Interest expense
Deposits		75,209		63,785		189,440		186,278
Borrowings		10,483		5,570		22,432		20,952
Total interest expense		85,692		69,355		211,872		207,230
Net interest income		102,017		60,887		246,656		182,626
Provision for credit losses		5,500		3,800		44,700		10,300
Net interest income after provision for credit losses		96,517		57,087		201,956		172,326
Noninterest income
Deposit, loan and other income		3,836		1,817		8,412		5,063
Defined benefit pension plan curtailment gain		3,501		-		3,501		-
Employee retention tax credit		6,608		-		6,608		-
Income on bank owned life insurance		2,931		2,145		6,602		5,486
Net gains on sale of loans held-for-sale		859		343		1,372		2,126
Net gains on equity securities		1,674		432		2,550		309
Total noninterest income		19,409		4,737		29,045		12,984
Noninterest expenses
Salaries and employee benefits		32,401		22,957		80,212		67,809
Occupancy and equipment		5,122		2,889		11,280		8,797
FDIC insurance		2,400		1,800		6,200		5,400
Professional and consulting		2,929		2,147		7,893		5,998
Marketing and advertising		771		635		2,206		1,925
Information technology and communications		5,243		4,464		14,639		13,051
Restructuring and exit charges		994		-		994		-
Merger expenses		1,898		742		33,963		742
Bank owned life insurance restructuring charge		-		-		327		-
Amortization of core deposit intangibles		3,196		297		4,726		939
Other expenses		3,719		2,710		9,187		8,639
Total noninterest expenses		58,673		38,641		171,627		113,300
Income before income tax expense		57,253		23,183		59,374		72,010
Income tax expense		16,277		6,022		18,449		18,588
Net income		40,976		17,161		40,925		53,422
Preferred dividends		1,509		1,509		4,527		4,527
Net income available to common stockholders	$	39,467	$	15,652	$	36,398	$	48,895
Earnings per common share
Basic	$	0.79	$	0.41	$	0.83	$	1.27
Diluted		0.78		0.41		0.83		1.27

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(dollars in thousands)	2025			2024			2025			2024
Net income	$	40,976		$	17,161		$	40,925		$	53,422

Other comprehensive income (loss), net of tax:
Net unrealized holding gains on available-for-sale securities arising during the period		13,060			18,894			22,418			6,665
Net unrealized losses on cash flow hedges		(2,765	)		(13,433	)		(11,682	)		(8,401	)
Pension plan adjustments		-			30			-			92
Total other comprehensive income (loss), net of tax		10,295			5,491			10,736			(1,644	)
Total comprehensive income	$	51,271		$	22,652		$	51,661		$	51,778

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(unaudited)

	*Three Months Ended September 30, 2025*
														Accumulated
					Additional									Other			Total
	Preferred		Common		Paid-In			Retained			Treasury			Comprehensive			Stockholders’
(in thousands, except share data)	Stock		Stock		Capital			Earnings			Stock			(Loss) Income			Equity
Balance as of June 30, 2025	$	110,927	$	857,765	$	36,728		$	614,532		$	(76,116	)	$	(47,405	)	$	1,496,431
Net income		-		-		-			40,976			-			-			40,976
Other comprehensive income, net of tax		-		-		-			-			-			10,295			10,295
Cash dividends paid on preferred stock ($0.328125 per depositary share)		-		-		-			(1,509	)		-			-			(1,509	)
Cash dividends paid on common stock ($0.18 per share)		-		-		-			(9,055	)		-			-			(9,055	)
Net forfeitures of restricted stock grants (1,221 shares)		-		-		-			-			-			-			-
Net shares issued in satisfaction of deferred stock units earned (3,938 shares)		-		-		-			-			-			-			-
Share redemption for tax withholdings on performance units and deferred stock units earned		-		-		(98	)		-			-			-			(98	)
Stock-based compensation expense		-		-		1,304			-			-			-			1,304
Balance as of September 30, 2025	$	110,927	$	857,765	$	37,934		$	644,944		$	(76,116	)	$	(37,110	)	$	1,538,344

	*Three Months Ended September 30, 2024*
														Accumulated
					Additional									Other			Total
	Preferred		Common		Paid-In			Retained			Treasury			Comprehensive			Stockholders’
(in thousands, except share data)	Stock		Stock		Capital			Earnings			Stock			(Loss) Income			Equity
Balance as of June 30, 2024	$	110,927	$	586,946	$	33,955		$	610,759		$	(76,116	)	$	(42,244	)	$	1,224,227
Net income		-		-		-			17,161			-			-			17,161
Other comprehensive income, net of tax		-		-		-			-			-			5,491			5,491
Cash dividends declared on preferred stock ($0.328125 per depositary share)		-		-		-			(1,509	)		-			-			(1,509	)
Cash dividends declared on common stock ($0.18 per share)		-		-		-			(6,914	)		-			-			(6,914	)
Net shares issued in satisfaction of deferred stock units earned (3,938 shares)		-		-		-			-			-			-			-
Forfeitures of restricted stock grants (790 shares)		-		-		-			-			-			-			-
Share redemption for tax withholdings on performance units and deferred stock units earned		-		-		(79	)		-			-			-			(79	)
Stock-compensation expense		-		-		1,119			-			-			-			1,119
Balance as of September 30, 2024	$	110,927	$	586,946	$	34,995		$	619,497		$	(76,116	)	$	(36,753	)	$	1,239,496

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(unaudited)

(continued)

	*Nine Months Ended September 30, 2025*
														Accumulated
					Additional									Other			Total
	Preferred		Common		Paid-In			Retained			Treasury			Comprehensive			Stockholders’
(in thousands, except share data)	Stock		Stock		Capital			Earnings			Stock			(Loss) Income			Equity
Balance as of December 31, 2024	$	110,927	$	586,946	$	36,347		$	631,446		$	(76,116	)	$	(47,846	)	$	1,241,704
Net income		-		-		-			40,925			-			-			40,925
Other comprehensive income, net of tax		-		-		-			-			-			10,736			10,736
Cash dividends paid on preferred stock ($0.984375 per depositary share)		-		-		-			(4,527	)		-			-			(4,527	)
Cash dividends paid on common stock ($0.54 per share)		-		-		-			(22,900	)		-			-			(22,900	)
Restricted stock grants, net of forfeitures (71,768 shares)		-		-		-			-			-			-			-
Stock grants (1,328 shares)		-		-		-			-			-			-			-
Net shares issued in satisfaction of deferred stock units earned (42,621 shares)		-		-		-			-			-			-			-
Net shares issued in satisfaction of performance units earned (19,577 shares)		-		-		-			-			-			-			-
Share redemption for tax withholdings on restricted stock units for FLIC (22,638 shares)		-		-		(507	)		-			-			-			(507	)
Share redemption for tax withholdings on performance units and deferred stock units earned		-		-		(1,725	)		-			-			-			(1,725	)
Stock-based compensation		-		-		3,819			-			-			-			3,819
Stock issued in connection with FLIC merger (11,790,116 shares)		-		270,819		-			-			-			-			270,819
Balance as of September 30, 2025	$	110,927	$	857,765	$	37,934		$	644,944		$	(76,116	)	$	(37,110	)	$	1,538,344

	*Nine Months Ended September 30, 2024*
														Accumulated
					Additional									Other			Total
	Preferred		Common		Paid-In			Retained			Treasury			Comprehensive			Stockholders’
(in thousands, except share data)	Stock		Stock		Capital			Earnings			Stock			(Loss) Income			Equity
Balance as of December 31, 2023	$	110,927	$	586,946	$	33,182		$	590,970		$	(70,296	)	$	(35,109	)	$	1,216,620
Net income		-		-		-			53,422			-			-			53,422
Other comprehensive loss, net of tax		-		-		-			-			-			(1,644	)		(1,644	)
Cash dividends declared on preferred stock ($0.984375 per depositary share)		-		-		-			(4,527	)		-			-			(4,527	)
Cash dividends declared on common stock ($0.53 per share)		-		-		-			(20,368	)		-			-			(20,368	)
Restricted stock grants, net of forfeitures (67,672 shares)		-		-		-			-			-			-			-
Stock grants (1,533 shares)		-		-		-			-			-			-			-
Net shares issued in satisfaction of deferred stock units earned (37,542 shares)		-		-		-			-			-			-			-
Net shares issued in satisfaction of performance units earned (24,070 shares)		-		-		-			-			-			-			-
Share redemption for tax withholdings on performance units and deferred stock units earned		-		-		(1,403	)		-			-			-			(1,403	)
Repurchase of common stock (282,370 shares)		-		-		-			-			(5,820	)		-			(5,820	)
Stock-compensation expense		-		-		3,216			-			-			-			3,216
Balance as of September 30, 2024	$	110,927	$	586,946	$	34,995		$	619,497		$	(76,116	)	$	(36,753	)	$	1,239,496

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	Nine Months Ended
	September 30,
(dollars in thousands)	2025			2024
Cash flows from operating activities
Net income	$	40,925		$	53,422
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment		4,264			3,284
Provision for credit losses		44,700			10,300
Loss on bank owned life insurance policy exchange		327			-
Amortization of intangibles		4,726			939
Net accretion of loan purchase discounts		(13,955	)		(692	)
Accretion on bank premises		-			(37	)
Amortization (accretion) on time deposits		880			(81	)
Amortization on borrowings, net		17			16
Stock-based compensation		3,819			3,216
Gains on equity securities, net		(2,550	)		(309	)
Gains on sale of loans held-for-sale, net		(1,372	)		(2,126	)
Loans originated for resale		(21,352	)		(18,202	)
Proceeds from sale of loans held-for-sale		23,467			20,328
Net loss on disposition of premises and equipment		87			-
Increase in cash surrender value of bank owned life insurance		(6,602	)		(5,486	)
Accretion of discounts and amortization of premium on securities available-for-sale		(481	)		598
Amortization of subordinated debentures issuance costs		459			379
(Increase) decrease in accrued interest receivable		(1,196	)		2,157
Net change in operating leases		910			(123	)
Increase in other assets		(20,981	)		(1,617	)
Increase (decrease) in other liabilities		2,606			(37,505	)
Net cash provided by operating activities		58,698			28,461

Cash flows from investing activities
Investment securities available-for-sale:
Purchases		(391,666	)		(66,743	)
Sales		277,477			-
Maturities, calls and principal repayments		102,982			47,753
Purchase of equity securities		(1,825	)		(1,526	)
Proceeds from equity securities sold		4,334			-
Net redemptions of restricted investment in bank stocks		13,209			8,685
Net (increase) decrease in loans		(102,041	)		223,922
Proceeds from bank owned life insurance		278			1,114
Purchases of premises and equipment		(3,787	)		(1,536	)
Cash acquired, net of cash consideration paid in acquisition		54,861			-
Net cash (used in) provided by investing activities		(46,178	)		211,669

Cash flows from financing activities
Net increase (decrease) in deposits		297,154			(12,016	)
Proceeds from issuance of subordinated debt		200,000			-
Redemption of subordinated debt		(75,000	)		-
Payment of subordinated debt issuance costs		(3,726	)		-
Proceeds from FHLB borrowings		790,000			630,587
Repayment of FHLB borrowings		(1,005,043	)		(822,049	)
Cash dividends on preferred stock		(4,527	)		(4,527	)
Cash dividends paid on common stock		(22,900	)		(20,368	)
Repurchase of common stock		-			(5,820	)
Share redemption for tax withholdings on performance units, deferred stock units earned and restricted stock units		(2,232	)		(1,403	)
Net cash provided by (used in) financing activities		173,726			(235,596	)
Net change in cash and cash equivalents		186,246			4,534
Cash and cash equivalents at beginning of period		356,488			242,714
Cash and cash equivalents at end of period	$	542,734		$	247,248

Table of Contents

(continued)

Supplemental disclosures of cash flow information
Cash payments for:
Interest paid on deposits and borrowings	$	201,801	$	205,762
Income taxes		36,173		21,084

Supplemental disclosures of noncash activities
Business Combination
Fair value of assets acquired	$	3,905,094	-
Fair value of liabilities assumed		3,641,505	-
Stock issued in connection with FLIC merger		270,819	-

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1a. Nature of Operations, Principles of Consolidation and Risk and Uncertainties

Nature of Operations

ConnectOne Bancorp, Inc. (the “Parent Corporation”) is incorporated under the laws of the State of New Jersey and is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHCA”). The Parent Corporation’s business currently consists of the operation of its wholly-owned subsidiary, ConnectOne Bank (the “Bank” and, collectively with the Parent Corporation and the Parent Corporation’s subsidiaries, the “Company”) and making certain limited investments. The Bank’s direct and indirect subsidiaries include Union Investment Co. (a New Jersey investment company), Twin Bridge Investment Co. (a Delaware investment company), ConnectOne Preferred Funding Corp. (a New Jersey real estate investment trust), Center Financial Group, LLC (a New Jersey financial services company), Center Advertising, Inc. (a New Jersey advertising company), Morris Property Company, LLC, (a New Jersey limited liability company), Volosin Holdings, LLC, (a New Jersey limited liability company), NJCB Spec-1, LLC (a New Jersey limited liability company), Port Jervis Holdings, LLC (a New Jersey limited liability company), BONJ Special Properties, LLC (a New Jersey limited liability company), The First of Long Island REIT (a New York real estate investment trust), FNY Service Corp (a New York investment company) and BoeFly, Inc. (a New Jersey financial technology company).

The Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. The Bank operates from its headquarters located at 301 Sylvan Avenue in the Borough of Englewood Cliffs, Bergen County, New Jersey and through its 59 other banking offices. On June 1, 2025, the Company completed its acquisition of The First of Long Island Corporation (“FLIC”), and The First National Bank of Long Island ("FNBLI"), FLIC’s wholly owned subsidiary depository institution, was merged into the Bank. See Note 2.

Substantially all loans are secured with various types of collateral, including business assets, consumer assets and commercial/residential real estate. Each borrower’s ability to repay their loans is dependent on the conversion of assets, cash flows generated from the borrowers’ business, real estate rental and consumer wages.

Basis of Presentation and Principles of Consolidation

The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP"). The consolidated financial statements of the Parent Corporation are prepared on an accrual basis and include the accounts of the Parent Corporation and the Bank. All significant intercompany accounts and transactions have been eliminated from the accompanying consolidated financial statements.

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1a. Nature of Operations, Principles of Consolidation and Risk and Uncertainties - (continued)

Segment Reporting

The Company’s operations are solely in the financial services industry. The Company provides a range of regional community banking services to commercial and retail clients.

The Company's reportable segment is determined by the Chief Executive Officer, who is designated the Chief Operating Decision Maker ("CODM"), based upon information about the Company's products and services offered, primarily its banking operations. The segment is also distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business (such as branches and the subsidiary bank), which are then aggregated if operating performance, products/services, and customers are similar. The CODM will evaluate the financial performance of the Company's business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company's segment and in the determination of allocating resources. The CODM uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The CODM uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment of performance and in establishing compensation. Loans, investments, and deposits provide the revenues in the banking operation. Interest expense, provision for credit losses, and payroll provide the significant expenses in the banking operation. All operations are domestic. See Note 14 for disclosures related to the reportable segment.

Employee Benefit Plans

The Company has a noncontributory pension plan that covered all eligible employees up until September 30, 2007, at which time the Company froze its defined benefit pension plan. As such, all future benefit accruals in this pension plan were discontinued and all retirement benefits that employees would have earned as of September 30, 2007 were preserved.

In the FLIC merger, the Company acquired a defined benefit pension plan that covered all former eligible FLIC employees. The Bank made contributions to the plan, which together with participant contributions equal to 2% of their compensation, fund these benefits. Effective September 30, 2025, the plan was frozen and all retirement benefits that employees earned through that date were preserved.

The Company’s policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. Pension expense is the sum of service cost, interest cost, amortization of actuarial gains and losses and plan expenses, net of the expected return on plan assets and participant contributions. The costs associated with the plans are accrued based on actuarial assumptions and included in salaries and employee benefits expense.

The Company accounts for its defined benefit pension plans in accordance with Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") 715-30. This standard requires that the funded status of defined benefit postretirement plans be recognized on the Company’s statement of financial condition and changes in the funded s

tatus be reflected in other comprehensive income ("OCI"). This standard also requires companies to measure the funded status of the plans as of the date of the company's fiscal year-end.

Use of Estimates

In preparing the consolidated financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the consolidated statements of condition and that affect the results of operations for the periods presented. Actual results could differ significantly from those estimates.

Reclassifications

Certain reclassifications have been made to amounts reported in prior periods to conform to the current period presentation. The reclassifications had no material effect on net income or total stockholders' equity.

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1b. Authoritative Accounting Guidance

Adoption of New Accounting Standards in 2025

In December 2023, the FASB issued Accounting Standard Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. These amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The amendments require that all entities disclose on an annual basis the following information about income taxes paid: 1) The amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes; and 2) The amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5% of total income taxes paid (net of refunds received). The amendments also require that all entities disclose the following information: 1) Income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign; and 2) Income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. The Company adopted ASU 2023-09 on January 1, 2025.

Newly Issued, But Not Yet Effective Accounting Standards

In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)" ("ASU 2024-03"). ASU 2024-03 requires public entities to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 is effective for the Company on January 1, 2027. The Company is currently not expecting the ASU to have a material effect on the consolidated financial statements and footnotes.

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 2. Business Combination

On June 1, 2025 (the “Acquisition Date”), the Company completed the acquisition of FLIC, the parent company for the FNBLI, in accordance with the definitive Agreement and Plan of Merger dated as of September 4, 2024 (the “Merger Agreement”). Pursuant to the Merger Agreement, on the Acquisition Date, FLIC merged with and into the Company, with the Company continuing as the surviving corporation, and FNBLI merged with and into the Bank, with the Bank as the surviving bank (collectively, the “merger”). As part of this merger, the Company acquired 36 branch offices located in Nassau and Suffolk Counties of Long Island, and the boroughs of New York City.

In connection with the completion of the merger, former FLIC shareholders received 0.5175 shares of the Company’s common stock for each share of FLIC common stock they held. The value of the total transaction consideration was approximately $270.8 million. The consideration included the issuance of 11,790,116 shares of the Company’s common stock, valued at $22.97 per share, which was the closing price of the Company’s common stock on May 30, 2025, the last trading day prior to the consummation of the merger. Also included in the total consideration was cash in lieu of any fractional shares, which was effectively settled upon closing.

The acquisition of FLIC was accounted for as a business combination using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration paid were recorded at estimated fair values on the Acquisition Date. The excess consideration paid over the estimated fair value of the net assets acquired has been reported as goodwill in the Company’s consolidated statements of financial condition. The $7.2 million of goodwill created from the merger is not amortizable or deductible for tax purposes. The amount of goodwill represents an asset attributed to the future economic benefits arising from other assets acquired in a business combination. Future economic benefits consist largely of the synergies and economies of scale expected from combining the operations of FLIC and the Company.

The Company considers its valuations of acquired loans and other assets to be preliminary, as management continues to identify and assess information regarding the nature of these assets acquired and liabilities assumed, including extended information gathering, management review procedures, and any new information that may arise as a result of integration activities. Accordingly, the amounts recorded for current and deferred taxes are also considered preliminary, as the Company continues to evaluate the federal, state and local combined statutory tax rate for the merged entity and the nature and extent of permanent and temporary differences between the book and tax bases of these other assets acquired and other liabilities assumed.

In connection with the acquisition, the consideration paid, and the fair value of identifiable assets acquired and liabilities assumed as of the Acquisition Date are summarized in the following tables:

	As of
	June 1, 2025
(dollars in thousands, except for per share data)
Purchase Price Consideration
FLIC common shares settled for stock		22,783,572
Exchange Ratio		0.5175
ConnectOne shares entitlement		11,790,499
Fractional shares subject to cash in lieu		(383	)
ConnectOne whole shares issued		11,790,116
Price per share of ConnectOne common stock on June 1, 2025	$	22.97
Total fair value of stock consideration issued	$	270,819
Cash consideration paid		9
Total purchase price consideration	$	270,828

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 2. Business Combination – (continued)

	As of
	June 1, 2025
	(in thousands)

Total purchase price consideration	$	270,828

Fair Value of Assets Acquired:
Cash and cash equivalents		54,869
Securities available-for-sale		596,702
Loans receivables, net		2,882,951
Restricted stock, at cost		24,276
Premises and equipment, net		45,895
Bank-owned life insurance		118,098
Pension plan assets		11,617
Core deposit intangible		63,206
Other assets		107,480
Total assets acquired	$	3,905,094

Fair Value of Liabilities Assumed:
Deposits		3,251,147
Borrowings		360,405
Other liabilities		29,953
Total liabilities assumed	$	3,641,505

Net assets acquired	$	263,589

Goodwill recorded in acquisition	$	7,239

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 2. Business Combination – (continued)

The following is a description of the valuation methodologies used to estimate the fair values of significant assets and liabilities presented above.

Cash and cash equivalents – The carrying amount of these items is a reasonable estimate of their fair value based on the short-term nature of these assets.

Investment securities – Fair values for investment securities available-for-sale were based on quoted market prices, where available. If quoted market prices were not available, fair value estimates are based on observable inputs, including quoted market prices for similar instruments. Fair value estimates also reflect an adjustment related to certain securities that were sold shortly after closing and were determined by the current market price. Additional information is included in Note 4 - Investments.

Loans – The fair value of the loan portfolio was calculated on a pooled loan basis using discounted cash flow analysis for accruing loans and on an individual basis for nonaccrual loans. This analysis took into consideration the contractual terms of the loans and assumptions related to the credit risk, expected lifetime losses, qualitative factors, collateral values, discount rates, and other liquidity considerations to estimate projected cash flows. The assumptions used in determining the fair value of the loan portfolio were considered reasonable from a market-participant viewpoint.

Acquired loans are classified into two categories: purchased credit deteriorated (“PCD”) and non-PCD loans. PCD loans are defined as a loan or group of loans that have experienced more-than-insignificant credit deterioration since origination. The Company considers various factors in connection with the identification of more-than-insignificant deterioration in credit, including but not limited to nonperforming status, delinquency, risk ratings, and other qualitative factors that indicate deterioration in credit quality since origination. Non-PCD loans will have an allowance established subsequent to the Acquisition Date, which is recognized as an expense through the provision for credit losses. For PCD loans, the loans were recorded at their amortized cost, less an allowance for credit losses ("ACL") of $43.3 million on the Acquisition Date. There is no provision for credit loss expense recognized on PCD loans because the initial allowance is established by grossing-up the amortized cost of the PCD loans. The remaining difference between the net of the amortized cost basis and the ACL and the fair value allocated to the loans on the date of acquisition is recognized as a non-credit-related discount that will be accreted into interest income over the life of the loans.

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 2. Business Combination – (continued)

The following table provides details related to the fair value of PCD loans that were acquired on June 1, 2025.

						Gross-up for PCD
	Unpaid Principal		Total Discount at			Allowance for Credit			Fair Value of PCD
(dollars in thousands)	Balance		Acquisition			Losses at Acquisition			Loans at Acquisition
Total PCD Loans	$	271,904	$	(34,394	)	$	(43,336	)	$	194,174

Premises and equipment – The estimated fair value of premises was measured based upon appraisals from independent third parties. The estimated fair value of equipment was determined to approximate the carrying amount of these assets.

Deferred Tax Benefit – The Company recorded a net deferred income tax benefit of $51.1 million related to tax attributes of FLIC, along with the effects of fair value adjustments resulting from applying the purchase method of accounting.

Deposits – The fair values used for the demand and savings deposits equal the amount payable on demand at the Acquisition Date. The fair value of time deposits is estimated by discounting the estimated future cash flows using current rates offered for deposits with similar remaining maturities.

Borrowings – The fair value of Federal Home Loan Bank ("FHLB") advances were estimated by discounting the estimated future cash flows using rates currently available to the Company for debt with similar remaining maturities.

As a result of the integration of operations of FLIC, the Company recognized net interest income and net income of $35.5 million and $25.6 million, respectively, from the Acquisition Date through and including September 30, 2025 and is included in the Company’s Consolidated Statements of Income.

Costs related to the acquisition totaled $34.0 million for the nine months ended September 30, 2025. These amounts were expensed as incurred and are recorded as merger expenses in the Company’s Consolidated Statements of Income.

The following table presents unaudited supplemental pro forma information as if the merger had occurred on January 1, 2024. The unaudited pro forma information includes adjustments for (i) accreting and amortizing the discounts and premiums associated with the estimated fair value adjustments to acquired loans, investment securities, deposits, and borrowings, (ii) the amortization of recognized intangible assets arising from the merger, (iii) depreciation expense on premises and equipment, and (iv) the related estimated income tax effects. The pro forma amounts below do not reflect the Company's expectations as of the date of the pro forma information of further operating cost savings and other business synergies expected to be achieved, including revenue growth as a result of the merger. As a result, actual amounts differed from the unaudited pro forma information presented.

	Nine Months Ended September 30,
(in thousands)	2025		2024
Net interest income	$	300,771	$	262,608
Net income	$	104,766	$	58,690

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 3. Earnings per Common Share

FASB ASC No. 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”). The restricted stock awards granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities.

Earnings per common share have been computed based on the following:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(dollars in thousands, except for per share data)	2025			2024			2025			2024
Net income available to common stockholders	$	39,467		$	15,652		$	36,398		$	48,895
Earnings allocated to participating securities		(88	)		(44	)		(87	)		(133	)
Income attributable to common stock	$	39,379		$	15,608		$	36,311		$	48,762

Weighted average common shares outstanding, including participating securities		50,273			38,427			43,628			38,377
Weighted average participating securities		(112	)		(108	)		(105	)		(104	)
Weighted average common shares outstanding		50,161			38,319			43,523			38,273
Incremental shares from assumed conversions of options, performance units and restricted shares		302			206			223			185
Weighted average common and equivalent shares outstanding		50,463			38,525			43,746			38,458

Earnings per common share:
Basic	$	0.79		$	0.41		$	0.83		$	1.27
Diluted		0.78			0.41			0.83			1.27

There were no antidilutive share equivalents during the nine months ended September 30, 2025 and September 30, 2024.

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 4. Investment Securities

Immediately after the merger, the Company sold a significant portion of the available-for-sale investments acquired from FLIC for proceeds of $277.5 million, with no gross gains or losses realized upon sale.

All of the Company’s investment securities are classified as available-for-sale as of September 30, 2025 and December 31, 2024. Investment securities available-for-sale are reported at fair value with unrealized gains or losses included in stockholders’ equity, net of tax. Accordingly, the carrying value of such securities reflects their fair value as of September 30, 2025 and December 31, 2024. Fair value is based upon either quoted market prices, or in certain cases where there is limited activity in the market for a particular instrument, assumptions are made to determine their fair value. See Note 7 of the Notes to Consolidated Financial Statements for further discussion.

The following tables present information related to the Company’s portfolio of securities available-for-sale as of September 30, 2025 and December 31, 2024.

										Allowance
										for
			Gross		Gross					Investment
	Amortized		Unrealized		Unrealized			Fair		Credit
	Cost		Gains		Losses			Value		Losses
	(dollars in thousands)
September 30, 2025
Investment securities available-for-sale:
Federal agency obligations	$	406,606	$	2,636	$	(10,114	)	$	399,128	$	-
Residential mortgage pass-through securities		649,730		4,026		(45,857	)		607,899		-
Commercial mortgage pass-through securities		30,180		-		(3,373	)		26,807		-
Obligations of U.S. states and political subdivisions		223,707		4,008		(15,950	)		211,765		-
Corporate bonds and notes		6,000		-		(1	)		5,999		-
Asset-backed securities		551		1		(2	)		550		-
Other securities		54		-		-			54		-
Total investment securities available-for-sale	$	1,316,828	$	10,671	$	(75,297	)	$	1,252,202	$	-

December 31, 2024
Investment securities available-for-sale:
Federal agency obligations	$	96,165	$	179	$	(11,674	)	$	84,670	$	-
Residential mortgage pass-through securities		439,445		211		(60,818	)		378,838		-
Commercial mortgage pass-through securities		24,989		-		(4,097	)		20,892		-
Obligations of U.S. states and political subdivisions		141,775		89		(19,460	)		122,404		-
Corporate bonds and notes		5,000		5		(18	)		4,987		-
Asset-backed securities		892		-		(7	)		885		-
Other securities		171		-		-			171		-
Total investment securities available-for-sale	$	708,437	$	484	$	(96,074	)	$	612,847	$	-

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 4. Investment Securities – (continued)

Investment securities having a carrying value of approximately $834.7 million and $184.0 million as of September 30, 2025 and December 31, 2024, respectively, were pledged to secure public deposits, borrowings, repurchase agreements, access to unutilized Federal Reserve Discount Window borrowings and FHLB advances and for other purposes required or permitted by law. As of September 30, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

The following table presents information for investments in securities available-for-sale as of September 30, 2025, based on scheduled maturities. Actual maturities can be expected to differ from scheduled maturities due to prepayment or early call options of the issuer. Securities not due at a single maturity date are shown separately.

	September 30, 2025
	Amortized		Fair
	Cost		Value
	(dollars in thousands)
Investment securities available-for-sale:
Due in one year or less	$	5,557	$	5,558
Due after one year through five years		26,255		26,784
Due after five years through ten years		61,179		61,995
Due after ten years		543,873		523,105
Residential mortgage pass-through securities		649,730		607,899
Commercial mortgage pass-through securities		30,180		26,807
Other securities		54		54
Total investment securities available-for-sale	$	1,316,828	$	1,252,202

There were no realized gains or losses on investment securities available for sale during the nine months ended September 30, 2025 and September 30, 2024.

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 4. Investment Securities – (continued)

The following tables indicate securities in an unrealized loss position for which an ACL has not been recorded, aggregated by investment category and by the length of continuous time individual securities have been in an unrealized loss position as of September 30, 2025 and December 31, 2024.

	September 30, 2025
	Total					Less than 12 Months					12 Months or Longer
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(dollars in thousands)
Investment securities available-for-sale:
Federal agency obligations	$	140,370	$	(10,114	)	$	106,573	$	(484	)	$	33,797	$	(9,630	)
Residential mortgage pass-through securities		343,660		(45,857	)		8,843		(49	)		334,817		(45,808	)
Commercial mortgage pass-through securities		26,807		(3,373	)		5,422		(42	)		21,385		(3,331	)
Obligations of U.S. states and political subdivisions		108,288		(15,950	)		10,867		(248	)		97,421		(15,702	)
Corporate bonds and notes		3,999		(1	)		3,999		(1	)		-		-
Asset-backed securities		293		(2	)		-		-			293		(2	)
Total investment securities available for sale	$	623,417	$	(75,297	)	$	135,704	$	(824	)	$	487,713	$	(74,473	)

	December 31, 2024
	Total					Less than 12 Months					12 Months or Longer
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(dollars in thousands)
Investment securities available-for-sale:
Federal agency obligations	$	53,467	$	(11,674	)	$	18,471	$	(60	)	$	34,996	$	(11,614	)
Residential mortgage pass-through securities		364,971		(60,818	)		26,809		(604	)		338,162		(60,214	)
Commercial mortgage pass-through securities		20,892		(4,097	)		-		-			20,892		(4,097	)
Obligations of U.S. states and political subdivisions		112,523		(19,460	)		13,281		(322	)		99,242		(19,138	)
Corporate bonds and notes		1,982		(18	)		1,982		(18	)		-		-
Asset-backed securities		885		(7	)		-		-			885		(7	)
Total investment securities available for sale	$	554,720	$	(96,074	)	$	60,543	$	(1,004	)	$	494,177	$	(95,070	)

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 4. Investment Securities – (continued)

The Company has elected to exclude accrued interest from the amortized cost of its investment securities available-for-sale. Accrued interest receivable for investment securities available-for-sale totaled $5.2 million and $2.3 million as of September 30, 2025 and December 31, 2024.

The Company evaluates securities in an unrealized loss position for impairment related to credit losses on at least a quarterly basis. Securities in unrealized loss positions are first assessed as to whether we intend to sell, or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If one of the criteria is met, the security’s amortized cost basis is written down to fair value through current earnings. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value resulted from credit losses or other factors. If this assessment indicates that a credit loss exists, we compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an ACL is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Unrealized losses on asset backed securities and state and municipal securities have not been recognized into income because the issuers are of high credit quality and we do not intend to sell and it is likely that we will not be required to sell the securities prior to their anticipated recovery. The decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the securities. Any impairment that has not been recorded through an ACL is recognized in OCI, net of applicable taxes. No ACL for available-for-sale securities was recorded as of September 30, 2025.

Federal agency obligations, residential mortgage-backed pass-through securities and commercial mortgage-backed pass-through securities are issued by U.S. Government agencies and U.S. Government sponsored enterprises. Although a government guarantee exists on these investments, these entities are not legally backed by the full faith and credit of the federal government, and the current support they receive is subject to a cap as part of the agreement entered into in 2008. Nonetheless, at this time we do not foresee any set of circumstances in which the government would not fund its commitments on these investments as the issuers are an integral part of the U.S. housing market in providing liquidity and stability. Therefore, we concluded that a zero-allowance approach for these investment securities is appropriate.

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 5. Derivatives

As part of our overall asset liability management strategy the Company uses derivative instruments, which can include interest rate swaps, collars, caps, and floors. The notional amount does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual agreements. Derivative instruments are recognized on the balance sheet at their fair value and are not reported on a net basis.

Derivatives Designated as Hedges

Subsequent changes in fair value for a hedging instrument that has been designated and qualifies as part of a hedging relationship are accounted for in the following manner:

1) Cash flow hedges: changes in fair value are recognized as a component in OCI

2) Fair value hedges: changes in fair value are recognized concurrently in earnings

As long as a hedging instrument is designated and the results of the effectiveness testing support that the instrument qualifies for hedge accounting treatment, 100% of the periodic changes in fair value of the hedging instrument are accounted for as outlined above. This is the case whether or not economic mismatches exist in the hedging relationship. As a result, there is no periodic measurement or recognition of ineffectiveness. Rather, the full impact of hedge gains and losses is recognized in the period in which the hedged transactions impact earnings. The change in fair value of the hedging instrument that is included in the assessment of hedge effectiveness is presented in the same income statement line item that is used to present the earnings effect of the hedged item. As of September 30, 2025, the Bank was not utilizing fair value hedges.

Cash Flow Hedges

The Company during 2021, 2022, 2024 and 2025 entered into fourteen pay fixed-rate interest rate swaps, with a total notional amount of $750 million. These are designated as cash flow hedges of outstanding FHLB advances. We are required to pay fixed rates of interest ranging from 0.63% to 3.72% and receive variable rates of interest that reset quarterly based on the daily compounding secured overnight financing rate (“SOFR”). The fourteen swaps carry expiration dates ranging from December 2025 to May 2028. The swaps are determined to be fully effective during the period presented and therefore no amount of ineffectiveness has been included in net income. Therefore, the aggregate fair value of the swap is recorded in other assets (liabilities) with changes in fair value recorded in OCI (loss). The amount included in accumulated OCI (loss) would be reclassified to current earnings should the hedges no longer be considered effective. The Company expects the hedges to remain fully effective during the remaining term of the swaps.

The Company previously entered into two forward starting interest rate cap spread transactions, one with a total notional amount of $150 million, which became effective on October 1, 2022 and which matures in October of 2027 and one interest rate cap spread transaction, with a total notional amount of $75 million, which became effective in November 2022 and which matures in November of 2027. These are designated as cash flow hedges of brokered certificates of deposit, and the interest rate cap spread is indexed to a benchmark of fed funds with payment required on a monthly basis. The structure of these instruments is such that the Company entered into a total of $225 million in notional amount of sold interest rate cap agreements, in which we are required to pay the counterparty an incremental amount if the index rate exceeds a set cap rate. Simultaneously, the Company purchased a total of $225 million notional amount of interest rate cap agreements in which we receive an incremental amount if the index rate is above a set cap rate. No payments are required if the index rate is at, or below, the cap rate on the sold or purchased interest rate cap agreements.

Interest income recorded on these swap and interest rate cap transactions totaled approximately $4.7 million and $13.3 million and $5.6 million and $16.9 million during the three and nine months ended September 30, 2025 and September 30, 2024, respectively, and is recorded as a component of either interest expense on FHLB advances or on brokered certificates of deposit.

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 5. Derivatives – (continued)

The following table presents the gross gains (losses) recorded in OCI and the Consolidated Statements of Income relating to the cash flow hedge derivative instruments for the periods indicated:

	Three Months Ended September 30, 2025
	Amount of gain (loss) recognized in OCI (Effective Portion)		Amount of (gain) loss reclassified from OCI to interest expense			Amount of gain recognized in other Noninterest income (Ineffective Portion)
	(dollars in thousands)
Interest rate contracts	$	863	$	(4,709	)	$	-

	Three Months Ended September 30, 2024
	Amount of gain (loss) recognized in OCI (Effective Portion)			Amount of (gain) loss reclassified from OCI to interest expense			Amount of gain recognized in other Noninterest income (Ineffective Portion)
	(dollars in thousands)
Interest rate contracts	$	(13,061	)	$	(5,624	)	$	-

	Nine Months Ended September 30, 2025
	Amount of gain (loss) recognized in OCI (Effective Portion)			Amount of (gain) loss reclassified from OCI to interest expense			Amount of gain recognized in other Noninterest income (Ineffective Portion)
	(dollars in thousands)
Interest rate contracts	$	(2,930	)	$	(13,319	)	$	-

	Nine Months Ended September 30, 2024
	Amount of gain (loss) recognized in OCI (Effective Portion)		Amount of (gain) loss reclassified from OCI to interest expense			Amount of gain recognized in other Noninterest income (Ineffective Portion)
	(dollars in thousands)
Interest rate contracts	$	4,276	$	(16,936	)	$	-

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 5. Derivatives - (continued)

The following table reflects the cash flow hedges included in the consolidated statements of condition as of September 30, 2025 and December 31, 2024:

	September 30, 2025				December 31, 2024
	Notional Amount		Fair Value		Notional Amount		Fair Value
			(dollars in thousands)
Interest rate contracts	$	1,200,000	$	19,505	$	1,000,000	$	37,398

Derivatives Not Designated as Hedges

As part of the merger with FLIC, the Bank acquired interest rate swap agreements (each, a “back-to-back swap”) that are not designated as hedging instruments. A back-to-back swap allows a borrower to effectively convert a variable rate loan to a fixed rate. The Bank originates a variable rate loan with a borrower and simultaneously enters into offsetting back-to-back swaps with the borrower and an unaffiliated dealer counterparty to minimize interest rate risk. In connection with each swap transaction, the Bank agrees to pay interest to the borrower on a notional amount at a variable interest rate and receives interest from the borrower on a similar notional amount at a fixed interest rate. Concurrently, the Bank agrees to pay the dealer counterparty the same fixed interest rate on the same notional amount and receives the same variable interest rate on the same notional amount. Because the Bank acts as an intermediary for its borrower, changes in the fair value of the underlying derivative contracts offset each other and do not impact the Bank’s results of operations.

	September 30, 2025
			Notional		Fair Value		Fair Value
(in thousands)	Positions		Amount		Asset		Liabilities
Derivatives not designated as hedging instruments included in other assets / other liabilities:
Interest rate swaps with borrowers		3	$	36,071	$	355	$	-
Interest rate swaps with offsetting counterparties		3		36,071		-		355

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 6. Loans and the Allowance for Credit Losses

Loans Receivable – The following table sets forth the composition of the Company’s loan portfolio segments, including net deferred loan fees, as of September 30, 2025 and December 31, 2024:

	September 30, 2025			December 31, 2024
	(dollars in thousands)
Commercial	$	1,622,975		$	1,532,730
Commercial real estate		7,721,070			5,880,679
Commercial construction		728,615			616,246
Residential real estate		1,233,305			249,691
Consumer		2,166			1,136
Gross loans		11,308,131			8,280,482
Net deferred loan fees		(4,495	)		(5,672	)
Total loans receivable	$	11,303,636		$	8,274,810

As of September 30, 2025 and December 31, 2024, loans totaling approximately $7,979.6 million and $5,788.2 million, respectively, were pledged to secure borrowings from the FHLB of New York and the Federal Reserve Bank of New York.

Loans held-for-sale – The following table sets forth the composition of the Company's loans held-for-sale portfolio as of September 30, 2025 and December 31, 2024.

	September 30, 2025		December 31, 2024
	(dollars in thousands)
Residential real estate	$	-	$	743

Loans Receivable on Nonaccrual Status - The following tables present the carrying value of nonaccrual loans with an ACL and the carrying value of nonaccrual loans without an ACL as of September 30, 2025 and December 31, 2024:

	September 30, 2025
	Nonaccrual loans with ACL		Nonaccrual loans without ACL		Total nonaccrual loans
	(dollars in thousands)
Commercial	$	1,804	$	11,428	$	13,232
Commercial real estate		670		20,460		21,130
Commercial construction		-		2,204		2,204
Residential real estate		251		2,854		3,105
Total	$	2,725	$	36,946	$	39,671

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 6. Loans and the Allowance for Credit Losses – (continued)

	December 31, 2024
	Nonaccrual loans with ACL		Nonaccrual loans without ACL		Total nonaccrual loans
	(dollars in thousands)
Commercial	$	1,744	$	14,487	$	16,231
Commercial real estate		3,822		32,664		36,486
Commercial construction		-		2,204		2,204
Residential real estate		333		2,056		2,389
Total	$	5,899	$	51,411	$	57,310

Nonaccrual loans include both smaller balance homogeneous loans that are collectively evaluated and loans that are individually evaluated.

Purchased Credit-Deteriorated Loans ("PCD") - PCD loans are defined as a loan or group of loans that have experienced more-than-insignificant credit deterioration since origination. The following table presents the recorded investment of those loans as of September 30, 2025.

(dollars in thousands)	September 30, 2025
Commercial	$	6,494
Commercial real estate		260,951
Commercial construction		-
Residential real estate		2,259
Consumer		-
Total purchased credit-deteriorated loans	$	269,704

The majority of these loans are associated with multifamily properties located in the five boroughs of New York City, most of which are entirely or predominantly rent-regulated. This specific pool is subject to unique stressors, primarily due to the 2019 New York rent laws, which restricted rent increases while operating in an environment of escalating expenses.

Credit Quality Indicators - The Company continuously monitors the credit quality of its loans receivable. In addition to its internal monitoring, the Company utilizes the services of a third-party loan review firm to periodically validate the credit quality of its loans receivable on a sample basis. Credit quality is monitored by reviewing certain credit quality indicators. Assets classified as “Pass” are deemed to possess average to superior credit quality, requiring no more than normal attention. Assets classified as “Special Mention” have generally acceptable credit quality yet possess higher risk characteristics/circumstances than satisfactory assets. Such conditions include strained liquidity, slow pay, stale financial statements, or other conditions that require more stringent attention from the lending staff. These conditions, if not corrected, may weaken the credit quality or inadequately protect the Company’s credit position at some future date. Assets are classified as "Substandard” if the asset has a well-defined weakness that requires management’s attention to a greater degree than for loans classified as special mention. Such weakness, if left uncorrected, could possibly result in the compromised ability of the loan to perform to contractual requirements. An asset is classified as “Doubtful” if it is inadequately protected by the net worth and/or paying capacity of the obligor or of the collateral, if any, that secures the obligation. Assets classified as doubtful include assets for which there is a “distinct possibility” that a degree of loss will occur if the inadequacies are not corrected.

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 6. Loans and the Allowance for Credit Losses – (continued)

We evaluate whether a modification, extension or renewal of a loan is a current period origination in accordance with GAAP. Generally, loans up for renewal are subject to a full credit evaluation before the renewal is granted and such loans are considered current period originations for purposes of the table below. The following table presents loans by origination, risk designation and gross charge-offs as of and during the nine months ended September 30, 2025 (dollars in thousands):

	*Term loans amortized cost basis by origination year*
	*2025*		*2024*		*2023*		*2022*		*2021*		*Prior*		*Revolving Loans*		*Total Gross Loans*
Commercial
Pass	$	113,951	$	202,793	$	132,072	$	243,675	$	202,373	$	172,658	$	495,039	$	1,562,561
Special mention		-		-		-		8,106		-		2,937		2,161		13,204
Substandard		-		-		1,386		3,089		2,563		11,948		28,224		47,210
Doubtful		-		-		-		-		-		-		-		-
Total commercial	$	113,951	$	202,793	$	133,458	$	254,870	$	204,936	$	187,543	$	525,424	$	1,622,975
YTD gross charge-offs	$	-	$	-	$	-	$	1,669	$	-	$	854	$	961	$	3,484

Commercial real estate
Pass	$	527,032	$	426,516	$	309,085	$	1,549,904	$	1,433,923	$	1,788,633	$	1,466,701	$	7,501,794
Special mention		-		4,038		-		43,800		832		77,255		10,178		136,103
Substandard		-		-		-		15,027		6,440		42,748		18,958		83,173
Doubtful		-		-		-		-		-		-		-		-
Total commercial real estate	$	527,032	$	430,554	$	309,085	$	1,608,731	$	1,441,195	$	1,908,636	$	1,495,837	$	7,721,070
YTD gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	10,282	$	-	$	10,282

Commercial construction
Pass	$	39,599	$	114,221	$	79,679	$	30,526	$	116,812	$	59,786	$	285,788	$	726,411
Special mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		2,204		-		-		-		2,204
Doubtful		-		-		-		-		-		-		-		-
Total commercial construction	$	39,599	$	114,221	$	79,679	$	32,730	$	116,812	$	59,786	$	285,788	$	728,615
YTD gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Residential real estate
Pass	$	21,574	$	22,564	$	34,296	$	202,460	$	116,617	$	411,418	$	416,230	$	1,225,159
Special mention		-		-		-		-		-		-		3,360		3,360
Substandard		-		-		-		-		821		1,299		2,666		4,786
Doubtful		-		-		-		-		-		-		-		-
Total residential real estate	$	21,574	$	22,564	$	34,296	$	202,460	$	117,438	$	412,717	$	422,256	$	1,233,305
YTD gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Consumer
Pass	$	2,013	$	10	$	-	$	-	$	-	$	52	$	91	$	2,166
Special mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		-
Doubtful		-		-		-		-		-		-		-		-
Total consumer	$	2,013	$	10	$	-	$	-	$	-	$	52	$	91	$	2,166
YTD gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	1	$	1

Total
Pass	$	704,169	$	766,104	$	555,132	$	2,026,565	$	1,869,725	$	2,432,547	$	2,663,849	$	11,018,091
Special mention		-		4,038		-		51,906		832		80,192		15,699		152,667
Substandard		-		-		1,386		20,320		9,824		55,995		49,848		137,373
Doubtful		-		-		-		-		-		-		-		-
Grand total	$	704,169	$	770,142	$	556,518	$	2,098,791	$	1,880,381	$	2,568,734	$	2,729,396	$	11,308,131
YTD gross charge-offs	$	-	$	-	$	-	$	1,669	$	-	$	11,136	$	962	$	13,767

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 6. Loans and the Allowance for Credit Losses – (continued)

The following table presents loans by origination, risk designation and gross charge-offs as of and for the year ended December 31, 2024 (dollars in thousands):

	*Term loans amortized cost basis by origination year*
	*2024*		*2023*		*2022*		*2021*		*2020*		*Prior*		*Revolving Loans*		*Total Gross Loans*
Commercial
Pass	$	67,298	$	157,067	$	194,602	$	237,065	$	29,717	$	111,841	$	678,206	$	1,475,796
Special mention		1,908		-		2,817		2,538		1,643		6,209		17,491		32,606
Substandard		-		3,019		3,705		217		-		15,844		1,543		24,328
Doubtful		-		-		-		-		-		-		-		-
Total commercial	$	69,206	$	160,086	$	201,124	$	239,820	$	31,360	$	133,894	$	697,240	$	1,532,730
YTD gross charge-offs	$	-	$	-	$	1,003	$	49	$	-	$	316	$	1,918	$	3,286

Commercial real estate
Pass	$	408,314	$	268,533	$	1,424,209	$	1,510,087	$	339,553	$	1,357,858	$	415,286	$	5,723,840
Special mention		-		-		53,642		-		-		59,719		-		113,361
Substandard		-		-		3,822		1,846		1,752		36,058		-		43,478
Doubtful		-		-		-		-		-		-		-		-
Total commercial real estate	$	408,314	$	268,533	$	1,481,673	$	1,511,933	$	341,305	$	1,453,635	$	415,286	$	5,880,679
YTD gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	10,416	$	-	$	10,416

Commercial construction
Pass	$	15,390	$	-	$	2,137	$	8,995	$	6,518	$	-	$	581,002	$	614,042
Special mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		2,204		2,204
Doubtful		-		-		-		-		-		-		-		-
Total commercial construction	$	15,390	$	-	$	2,137	$	8,995	$	6,518	$	-	$	583,206	$	616,246
YTD gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Residential real estate<

ConnectOne Bancorp, Inc. 10-Q