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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 March 31, 2026

☐

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:	50,288,494 shares
(Title of Class)	(Outstanding as of May 5, 2026)

Table of Contents

Table of Contents

		Page

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements	3
	Consolidated Statements of Condition as of March 31, 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Income for the three months ended March 31, 2026 and 2025 (unaudited)	4
	Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025 (unaudited)	5
	Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2026 and 2025 (unaudited)	6
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	7
	Notes to Consolidated Financial Statements (unaudited)	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	52

Item 3.	Qualitative and Quantitative Disclosures about Market Risks	71

Item 4.	Controls and Procedures	71

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	72

Item 1a.	Risk Factors	72

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	72

Item 3.	Defaults Upon Senior Securities	72

Item 4.	Mine Safety Disclosures	72

Item 5.	Other Information	72

Item 6.	Exhibits	73

SIGNATURES		74

Table of Contents

Item 1. Financial Statements

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION

(in thousands, except for share data)	March 31,			December 31,
	2026			2025
	(unaudited)
ASSETS
Cash and due from banks	$	39,472		$	92,406
Interest-bearing deposits with banks		304,999			288,489
Cash and cash equivalents		344,471			380,895

Investment securities		1,196,384			1,250,938
Equity securities		19,422			19,287

Loans held-for-sale		10,222			391

Loans receivable		11,735,596			11,453,280
Less: Allowance for credit losses - loans		153,056			154,305
Net loans receivable		11,582,540			11,298,975

Investment in restricted stock, at cost		51,464			54,722
Bank premises and equipment, net		54,765			55,285
Accrued interest receivable		62,473			60,761
Bank owned life insurance		373,664			370,713
Right of use operating lease assets		27,960			29,603
Goodwill		220,235			220,235
Core deposit intangibles		57,078			59,923
Other assets		208,883			200,972
Total assets	$	14,209,561		$	14,002,700
LIABILITIES
Deposits:
Noninterest-bearing	$	2,393,938		$	2,420,397
Interest-bearing		9,119,115			8,820,218
Total deposits		11,513,053			11,240,615
Borrowings		827,477			903,489
Subordinated debentures, net		202,050			201,864
Operating lease liabilities		30,560			32,446
Other liabilities		44,874			50,946
Total liabilities		12,618,014			12,429,360

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 March 31, 2026 and as of December 31, 2025; outstanding 115,000 shares as of March 31, 2026 and as of December 31, 2025		110,927			110,927
Common stock, no par value: Authorized 100,000,000 shares; issued 54,264,042 shares as of March 31, 2026 and 54,157,402 shares as of December 31, 2025; outstanding 50,288,494 shares as of March 31, 2026 and 50,271,854 as of December 31, 2025		857,765			857,765
Additional paid-in capital		38,257			38,763
Retained earnings		701,154			673,897
Treasury stock, at cost: 3,975,548 shares as of March 31, 2026 and 3,885,548 shares as of December 31, 2025		(78,507	)		(76,116	)
Accumulated other comprehensive loss		(38,049	)		(31,896	)
Total stockholders’ equity		1,591,547			1,573,340
Total liabilities and stockholders’ equity	$	14,209,561		$	14,002,700

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

	Three Months Ended
	March 31,
	2026		2025
(dollars in thousands, except for per share data)
Interest income
Interest and fees on loans	$	168,298	$	115,351
Interest and dividends on investment securities:
Taxable		10,799		4,987
Tax-exempt		1,978		1,097
Dividends		935		889
Interest on federal funds sold and other short-term investments		2,387		2,465
Total interest income		184,397		124,789
Interest expense
Deposits		65,682		53,992
Borrowings		9,911		5,041
Total interest expense		75,593		59,033
Net interest income		108,804		65,756
Provision for credit losses		5,200		3,500
Net interest income after provision for credit losses		103,604		62,256
Noninterest income
Deposit, loan and other income		3,283		2,006
Income on bank owned life insurance		2,951		1,584
Net gains on sale of loans held-for-sale		427		332
Net gains on equity securities		135		529
Total noninterest income		6,796		4,451
Noninterest expenses
Salaries and employee benefits		32,768		22,578
Occupancy and equipment		5,345		2,680
FDIC insurance		2,000		1,800
Professional and consulting		3,108		2,366
Marketing and advertising		926		595
Information technology and communications		5,243		4,604
Merger expenses and restructuring charges		2,125		1,320
Bank owned life insurance restructuring charge		-		327
Amortization of core deposit intangibles		2,845		279
Other expenses		3,509		2,756
Total noninterest expenses		57,869		39,305
Income before income tax expense		52,531		27,402
Income tax expense		14,709		7,160
Net income		37,822		20,242
Preferred dividends		1,509		1,509
Net income available to common stockholders	$	36,313	$	18,733
Earnings per common share
Basic	$	0.72	$	0.49
Diluted		0.72		0.49

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
	March 31,
(dollars in thousands)	2026			2025
Net income	$	37,822		$	20,242

Other comprehensive (loss) income, net of tax:
Net unrealized holding (losses) gains on available-for-sale securities arising during the period		(7,504	)		5,462
Net unrealized gains (losses) on cash flow hedges		1,351			(5,706	)
Total other comprehensive (loss) income, net of tax		(6,153	)		(244	)
Total comprehensive income	$	31,669		$	19,998

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 March 31, 2026*
														Accumulated
					Additional									Other			Total
	Preferred		Common		Paid-In			Retained			Treasury			Comprehensive			Stockholders’
(in thousands, except share data)	Stock		Stock		Capital			Earnings			Stock			Loss			Equity
Balance as of December 31, 2025	$	110,927	$	857,765	$	38,763		$	673,897		$	(76,116	)	$	(31,896	)	$	1,573,340
Net income		-		-		-			37,822			-			-			37,822
Other comprehensive loss, net of tax		-		-		-			-			-			(6,153	)		(6,153	)
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)		-		-		-			(9,056	)		-			-			(9,056	)
Net forfeitures of restricted stock grants (41,099 shares)		-		-		-			-			-			-			-
Stock grants (1,528 shares)		-		-		-			-			-			-			-
Net shares issued in satisfaction of deferred stock units earned (42,849 shares)		-		-		-			-			-			-			-
Net shares issued in satisfaction of performance units earned (21,164 shares)		-		-		-			-			-			-			-
Share redemption for tax withholdings on performance units and deferred stock units earned		-		-		(1,937	)		-			-			-			(1,937	)
Repurchase of stock (90,000 shares)		-		-		-			-			(2,391	)		-			(2,391	)
Stock-based compensation expense		-		-		1,431			-			-			-			1,431
Balance as of March 31, 2026	$	110,927	$	857,765	$	38,257		$	701,154		$	(78,507	)	$	(38,049	)	$	1,591,547

	*Three Months Ended March 31, 2025*
														Accumulated
					Additional									Other			Total
	Preferred		Common		Paid-In			Retained			Treasury			Comprehensive			Stockholders’
(in thousands, except share data)	Stock		Stock		Capital			Earnings			Stock			Loss			Equity
Balance as of December 31, 2024	$	110,927	$	586,946	$	36,347		$	631,446		$	(76,116	)	$	(47,846	)	$	1,241,704
Net income		-		-		-			20,242			-			-			20,242
Other comprehensive loss, net of tax		-		-		-			-			-			(244	)		(244	)
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	)
Restricted stock grants, net of forfeitures (40,070 shares)		-		-		-			-			-			-			-
Stock grants (1,328 shares)		-		-		-			-			-			-			-
Net shares issued in satisfaction of deferred stock units earned (38,683 shares)		-		-		-			-			-			-			-
Net shares issued in satisfaction of performance units earned (19,577 shares)		-		-		-			-			-			-			-
Share redemption for tax withholdings on performance units and deferred stock units earned		-		-		(1,627	)		-			-			-			(1,627	)
Stock-based compensation expense		-		-		1,287			-			-			-			1,287
Balance as of March 31, 2025	$	110,927	$	586,946	$	36,007		$	643,265		$	(76,116	)	$	(48,090	)	$	1,252,939

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	Three Months Ended
	March 31,
(dollars in thousands)	2026			2025
Cash flows from operating activities
Net income	$	37,822		$	20,242
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment		1,806			1,098
Provision for credit losses		5,200			3,500
Amortization of intangibles		2,845			279
Net accretion of loans		(9,701	)		(175	)
Accretion on bank premises		-			(12	)
Amortization on deposits		188			-
Amortization on borrowings, net		5			6
Loss on bank owned life insurance policy exchange		-			327
Stock-based compensation expense		1,431			1,287
Gains on equity securities, net		(135	)		(529	)
Gains on sale of loans held-for-sale, net		(427	)		(332	)
Loans originated for resale		(16,949	)		(6,215	)
Proceeds from sale of loans held-for-sale		7,545			7,088
Increase in cash surrender value of bank owned life insurance		(2,951	)		(1,584	)
Accretion of discounts and amortization of premium on available-for-sale securities		(224	)		185
Amortization of subordinated debentures issuance costs		186			127
Increase in accrued interest receivable		(1,712	)		(1,242	)
Net change in operating leases		(243	)		(27	)
Increase in other assets		(3,502	)		(5,699	)
Decrease in other liabilities		(5,865	)		(3,433	)
Net cash provided by operating activities		15,319			14,891

Cash flows from investing activities
Available-for-sale securities
Purchases		(45,336	)		(33,453	)
Maturities, calls and principal repayments		89,552			16,982
Purchase of equity securities		-			(612	)
Proceeds from equity securities sold		-			2,374
Net redemptions of restricted investment in bank stocks		3,258			3,418
Net (increase) decrease in loans		(279,271	)		70,451
Proceeds from bank owned life insurance		-			278
Purchases of premises and equipment		(1,286	)		(263	)
Net cash (used in) provided by investing activities		(233,083	)		59,175

Cash flows from financing activities
Net increase (decrease) in deposits		272,250			(52,884	)
Proceeds from FHLB borrowings		698,003			365,000
Repayment of FHLB borrowings		(774,020	)		(440,017	)
Cash dividends on preferred stock		(1,509	)		(1,509	)
Cash dividends paid on common stock		(9,056	)		(6,914	)
Repurchase of treasury stock		(2,391	)		-
Share redemption for tax withholdings on performance units, deferred stock units earned and restricted stock units		(1,937	)		(1,627	)
Net cash provided by (used in) financing activities		181,340			(137,951	)
Net change in cash and cash equivalents		(36,424	)		(63,885	)
Cash and cash equivalents at beginning of period		380,895			356,488
Cash and cash equivalents at end of period	$	344,471		$	292,603

Table of Contents

(continued)

Supplemental disclosures of cash flow information
Cash payments for:
Interest paid on deposits and borrowings	$	72,803	$	58,696
Income taxes		8,616		1,513

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 55 other banking offices located in New Jersey, New York and Florida. 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.

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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, providing 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. Prior to the freezing of the Plan 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 deposit, loan and other income.

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 status 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.

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CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1b. Authoritative Accounting Guidance

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.

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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. Accordingly, assets acquired, liabilities assumed, and consideration paid were recorded at estimated fair values on the Acquisition Date. During the measurement period, the Company updated its assessment of the fair value of net assets acquired, resulting in a net increase of $4.6 million to goodwill from the amount originally reported as June 30, 2025. This adjustment was primarily related to finalizing the assessment of deferred tax assets and Section 382 valuation allowances. As of March 31, 2026, total goodwill recorded from the merger is $11.9 million. This goodwill is not amortizable or deductible for tax purposes and represents the future economic benefits and synergies expected from the combined operations.

There have been no adjustments to the preliminary purchase price allocation during the three months ended March 31, 2026. While the measurement period remains open until June 1, 2026, the Company’s valuation and assessment are substantially complete. The Company does not anticipate any further material adjustments to the preliminary valuations before the expiration of the measurement period.

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

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CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 2. Business Combination – (continued)

	As of		Measurement			As of
	June 1, 2025		Period Adjustments			June 1, 2025
	(dollars in thousands)

Total purchase price consideration	$	270,828				$	270,828

Fair Value of Assets Acquired:
Cash and cash equivalents		54,869		-			54,869
Available-for-sale Securities		596,702		-			596,702
Loans receivables, net		2,882,951		-			2,882,951
Restricted stock, at cost		24,276		-			24,276
Premises and equipment, net		45,895		-			45,895
Bank-owned life insurance		118,098		-			118,098
Pension plan assets		11,617		-			11,617
Core deposit intangible		63,206		-			63,206
Other assets		107,480		(4,624	)		102,856
Total assets acquired	$	3,905,094	$	(4,624	)	$	3,900,470

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

Net assets acquired	$	263,589	$	(4,624	)	$	258,965

Goodwill recorded in acquisition	$	7,239	$	4,624		$	11,863

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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 available-for-sale securities 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.

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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
PCD Loans	$	271,904	$	(34,394	)	$	(43,336	)	$	194,174
Non-PCD Loans		2,860,661		(171,884	)		-			2,688,777
Total PCD Loans	$	3,132,565	$	(206,278	)	$	(43,336	)	$	2,882,951

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 $46.5 million related to the tax attributes of FLIC, along with the effects of fair value adjustments resulting from applying the purchase method of accounting. This amount represents a measurement period adjustment from the preliminary $51.1 million benefit previously reported. The current estimate reflects the $4.6 million net decrease in deferred tax assets described above, which accounts for the true-up of tax attributes, the application of the finalized 30.9% blended statutory tax rate, and the recognition of a valuation allowance related to Section 382 limitations.

No changes were made to these estimates during the three months ended March 31, 2026. While the measurement period remains open until June 1, 2026, the Company’s assessment of the combined statutory tax rates and the differences between the book and tax bases of acquired assets and assumed liabilities is substantially complete. Although these amounts remain preliminary until the expiration of the measurement period, the Company believes the current values reflect the final fair value of these attributes in all material respects and does not anticipate further adjustments.

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.

Costs related to the acquisition and subsequent integration totaled $2.1 million for the three months ended March 31, 2026. These costs consisted of $0.1 million in direct merger-related expenses and $2.0 million in restructuring charges. These amounts were expensed as incurred and are recorded within "Merger Expenses and Restructuring Charges" in the Company’s Consolidated Statements of Income.

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CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 2. Business Combination – (continued)

The following table presents unaudited supplemental pro forma information as if the merger had occurred on January 1, 2025. 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. Material non-recurring adjustments directly attributable to the merger, including the "Day 1" provision for credit losses and direct merger-related expenses, have been excluded from the 2025 pro forma results. 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.

	Three Months Ended
(dollars in thousands)	March 31, 2025
Net interest income	$	94,066
Noninterest income		6,842
Net income		29,443
Net income available to common stockholders		27,934
Basic EPS	$	0.56
Diluted EPS	$	0.56

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CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 3. Earnings per Common Share

The Company calculates earnings per share (“EPS”) in accordance with FASB ASC 260-10-45. The restricted stock awards granted by the Company contain non-forfeitable rights to dividends and are therefore considered participating securities. Under the two-class method, basic EPS is calculated by excluding dividends paid to participating securities and any undistributed earnings attributable to those securities.

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

	Three Months Ended
	March 31,
(dollars in thousands, except for per share data)	2026			2025
Net income available to common stockholders	$	36,313		$	18,733
Earnings allocated to participating securities		(76	)		(50	)
Income attributable to common stock	$	36,237		$	18,683

Weighted average common shares outstanding, including participating securities		50,251			38,373
Weighted average participating securities		(106	)		(103	)
Weighted average common shares outstanding		50,145			38,270
Incremental shares from assumed conversions of options, performance units and restricted shares		237			241
Weighted average common and equivalent shares outstanding		50,382			38,511

Earnings per common share:
Basic	$	0.72		$	0.49
Diluted		0.72			0.49

There were no antidilutive share equivalents during the three months ended March 31, 2026 and March 31, 2025.

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CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 4. Investment Securities

All of the Company’s investment securities were classified as available-for-sale as of March 31, 2026 and December 31, 2025. Available-for-sale securities are reported at fair value, with unrealized gains and losses, net of tax, included in accumulated other comprehensive income within stockholders’ equity. Fair value is determined using quoted market prices or, in instances of limited market activity, based on various assumptions. See Note 7 of the Notes to Consolidated Financial Statements for further discussion regarding the valuation of the Company’s investment securities.

The following tables present the amortized cost and estimated fair value of the Company’s portfolio of available-for-sale securities as of the dates indicated.

										Allowance
										for
			Gross		Gross					Investment
	Amortized		Unrealized		Unrealized			Fair		Credit
	Cost		Gains		Losses			Value		Losses
	(dollars in thousands)
March 31, 2026
Available-for-sale securities:
Federal agency obligations	$	362,898	$	2,088	$	(10,183	)	$	354,803	$	-
Residential mortgage pass-through securities		637,699		3,883		(45,424	)		596,158		-
Commercial mortgage pass-through securities		29,963		-		(3,335	)		26,628		-
Obligations of U.S. states and political subdivisions		219,262		2,697		(17,396	)		204,563		-
Corporate bonds and notes		13,500		8		(42	)		13,466		-
Asset-backed securities		508		1		(3	)		506		-
Other securities		260		-		-			260		-
Total available-for-sale securities	$	1,264,090	$	8,677	$	(76,383	)	$	1,196,384	$	-

December 31, 2025
Available-for-sale securities:
Federal agency obligations	$	398,392	$	2,467	$	(9,669	)	$	391,190	$	-
Residential mortgage pass-through securities		644,811		5,391		(43,058	)		607,144		-
Commercial mortgage pass-through securities		30,124		-		(3,155	)		26,969		-
Obligations of U.S. states and political subdivisions		221,545		5,385		(14,521	)		212,409		-
Corporate bonds and notes		12,500		22		(3	)		12,519		-
Asset-backed securities		528		-		(3	)		525		-
Other securities		182		-		-			182		-
Total available-for-sale securities	$	1,308,082	$	13,265	$	(70,409	)	$	1,250,938	$	-

The Company did not have any securities classified as held-to-maturity at March 31, 2026 and December 31, 2025.

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CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 4. Investment Securities – (continued)

Investment securities with a carrying value of approximately $782.7 million and $771.2 million at March 31, 2026 and December 31, 2025, respectively, were pledged to secure public deposits, borrowings and for other purposes required or permitted by law. As of March 31, 2026 and December 31, 2025, there were no holdings 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 the amortized cost and fair value of available-for-sale securities by contractual maturity as of March 31, 2026. Actual maturities can be expected to differ from contractual maturities due to prepayment or early call options of the issuer. Securities not due at a single maturity date, such as mortgage-backed securities, are shown separately.

	March 31, 2026
	Amortized		Fair
	Cost		Value
	(dollars in thousands)
Available-for-sale securities
Due in one year or less	$	4,592	$	4,600
Due after one year through five years		28,739		29,011
Due after five years through ten years		68,144		68,218
Due after ten years		494,693		471,509
Residential mortgage pass-through securities		637,699		596,158
Commercial mortgage pass-through securities		29,963		26,628
Other securities		260		260
Total available-for-sale securities	$	1,264,090	$	1,196,384

There were no realized gains or losses on available-for-sale securities during the three months ended March 31, 2026 and March 31, 2025.

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CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 4. Investment Securities – (continued)

The following tables set forth securities with unrealized losses at the dates indicated presented by the length of time the securities have been in a continuous unrealized loss position.

	March 31, 2026
	Total					Less than 12 Months					12 Months or Longer
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(dollars in thousands)
Available-for-sale securities:
Federal agency obligations	$	77,588	$	(10,183	)	$	45,048	$	(433	)	$	32,540	$	(9,750	)
Residential mortgage pass-through securities		386,362		(45,424	)		83,827		(1,200	)		302,535		(44,224	)
Commercial mortgage pass-through securities		26,628		(3,335	)		5,267		(188	)		21,361		(3,147	)
Obligations of U.S. states and political subdivisions		100,319		(17,396	)		15,319		(406	)		85,000		(16,990	)
Corporate bonds and notes		6,958		(42	)		6,958		(42	)		-		-
Asset-backed securities		270		(3	)		-		-			270		(3	)
Total available-for-sale securities	$	598,125	$	(76,383	)	$	156,419	$	(2,269	)	$	441,706	$	(74,114	)

	December 31, 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)
Available-for-sale securities:
Federal agency obligations	$	135,103	$	(9,669	)	$	101,610	$	(246	)	$	33,493	$	(9,423	)
Residential mortgage pass-through securities		331,799		(43,058	)		5,547		(45	)		326,252		(43,013	)
Commercial mortgage pass-through securities		26,969		(3,155	)		5,421		(96	)		21,548		(3,059	)
Obligations of U.S. states and political subdivisions		103,918		(14,521	)		4,276		(20	)		99,642		(14,501	)
Corporate bonds and notes		1,997		(3	)		1,997		(3	)		-		-
Asset-backed securities		525		(3	)		242		-			283		(3	)
Total available-for-sale securities	$	600,311	$	(70,409	)	$	119,093	$	(410	)	$	481,218	$	(69,999	)

The Company has elected to exclude accrued interest from the amortized cost of its available-for-sale securities. Accrued interest receivable for available-for-sale securities totaled $4.9 million and $5.2 million as of March 31, 2026 and December 31, 2025.

There were no sales of available-for-sale securities during the three months ended March 31, 2026 and 2025.

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CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 4. Investment Securities – (continued)

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. The Company has not recognized an ACL for available-for-sale securities as of March 31, 2026 and December 31, 2025.

Federal agency obligations, residential 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 utilizes interest rate swaps to help manage its interest rate risk position. The notional amount of an interest rate swap does not represent amounts exchanged by the parties. The exchange of cash flow is determined by reference to the notional amount and the other terms of the interest rate swap agreements. Derivative instruments are recognized on the balance sheet at their fair value. The Company’s cash flow hedges are reported on a gross basis as they are not subject to master netting arrangements. Conversely, interest rate caps are reported on a net basis in the balance sheet, as these instruments are subject to enforceable master netting agreements that allow for the offsetting of assets and liabilities with the same counterparty.

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 March 31, 2026, the Bank was not utilizing fair value hedges.

Cash Flow Hedges

The Company has entered into twelve pay fixed-rate interest rate swaps, with a total notional amount of $675 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 swaps carry expiration dates ranging from August 2026 to November 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 other comprehensive income (loss) ("OCI"). The amount included in accumulated other comprehensive income (loss) ("AOCI") 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 $2.6 million and $4.1 million during the three months ended March 31, 2026 and March 31, 2025, 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 March 31, 2026
	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	$	4,605	$	(2,634	)	$	-

	Three Months Ended March 31, 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	$	(3,795	)	$	(4,142	)	$	-

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 March 31, 2026 and December 31, 2025:

	March 31, 2026				December 31, 2025
	Notional Amount		Fair Value		Notional Amount		Fair Value
			(dollars in thousands)
Interest rate contracts	$	1,125,000	$	16,793	$	1,150,000	$	15,370

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.

The following table reflects the back-to-back swaps that are not designated as hedging instruments as of March 31, 2026:

	March 31, 2026
			Notional		Fair Value		Fair Value
(dollars in thousands)	Positions		Amount		Asset		Liabilities
Derivatives not designated as hedging instruments included in other assets / other liabilities:
Interest rate swaps with borrowers		3	$	35,752	$	-	$	47
Interest rate swaps with offsetting counterparties		3		35,752		47		-

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 March 31, 2026 and December 31, 2025:

	March 31, 2026			December 31, 2025
	(dollars in thousands)
Commercial	$	1,644,836		$	1,565,963
Commercial real estate		8,318,844			8,054,696
Commercial construction		571,073			623,902
Residential real estate		1,202,539			1,210,980
Consumer		1,801			2,017
Gross loans		11,739,093			11,457,558
Net deferred loan fees		(3,497	)		(4,278	)
Total loans receivable	$	11,735,596		$	11,453,280

As of March 31, 2026 and December 31, 2025, loans totaling approximately $8.5 billion and $8.2 billion, 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 March 31, 2026 and December 31, 2025.

	March 31, 2026		December 31, 2025
	(dollars in thousands)
Commercial	$	10,222	$	-
Residential		-		391
Total	$	10,222	$	391

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 March 31, 2026 and December 31, 2025:

	March 31, 2026
	Nonaccrual loans with ACL		Nonaccrual loans without ACL		Total nonaccrual loans
	(dollars in thousands)
Commercial	$	1,996	$	10,802		12,798
Commercial real estate		9,411		15,524		24,935
Residential real estate		528		3,318		3,846
Total	$	11,935	$	29,644	$	41,579

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, 2025
	Nonaccrual loans with ACL		Nonaccrual loans without ACL		Total nonaccrual loans
	(dollars in thousands)
Commercial	$	1,987	$	11,052	$	13,039
Commercial real estate		207		28,354		28,561
Residential real estate		549		3,766		4,315
Total	$	2,743	$	43,172	$	45,915

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 March 31, 2026 and December 31, 2025:

(dollars in thousands)	March 31, 2026		December 31, 2025
Commercial	$	4,617	$	5,398
Commercial real estate		201,147		213,770
Residential real estate		1,857		1,962
Total purchased credit-deteriorated loans	$	207,621	$	221,130

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. In addition, the current city administration has supported a rent freeze on rent stabilized apartments, while proposing other policy initiatives which could have an adverse impact on rent stabilized properties.

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 three months ended March 31, 2026 (dollars in thousands):

	*Term loans amortized cost basis by origination year*
	*2026*		*2025*		*2024*		*2023*		*2022*		*Prior*		*Revolving Loans*		*Total Gross Loans*
Commercial
Pass	$	46,817	$	181,268	$	207,276	$	116,226	$	218,823	$	342,707	$	487,902	$	1,601,019
Special mention		-		-		-		-		692		76		44		812
Substandard		5,893		146		-		3,023		3,098		17,075		13,770		43,005
Doubtful		-		-		-		-		-		-		-		-
Total commercial	$	52,710	$	181,414	$	207,276	$	119,249	$	222,613	$	359,858	$	501,716	$	1,644,836
YTD gross charge-offs	$	-	$	-	$	39	$	-	$	-	$	-	$	437	$	476

Commercial real estate
Pass	$	328,358	$	1,135,353	$	389,184	$	296,057	$	1,469,396	$	2,939,126	$	1,548,996	$	8,106,470
Special mention		-		-		-		-		35,939		74,535		192		110,666
Substandard		-		-		4,010		-		21,929		47,940		27,829		101,708
Doubtful		-		-		-		-		-		-		-		-
Total commercial real estate	$	328,358	$	1,135,353	$	393,194	$	296,057	$	1,527,264	$	3,061,601	$	1,577,017	$	8,318,844
YTD gross charge-offs	$	-	$	-	$	-	$	-	$	1,005	$	5,642	$	-	$	6,647

Commercial construction
Pass	$	10,565	$	111,171	$	121,603	$	17,858	$	8,007	$	84,078	$	217,791	$	571,073
Special mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		-
Doubtful		-		-		-		-		-		-		-		-
Total commercial construction	$	10,565	$	111,171	$	121,603	$	17,858	$	8,007	$	84,078	$	217,791	$	571,073
YTD gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Residential real estate
Pass	$	18,788	$	37,414	$	19,543	$	90,386	$	145,326	$	524,160	$	358,390	$	1,194,007
Special mention		-		-		-		-		-		-		3,326		3,326
Substandard		-		-		-		-		-		2,865		2,341		5,206
Doubtful		-		-		-		-		-		-		-		-
Total residential real estate	$	18,788	$	37,414	$	19,543	$	90,386	$	145,326	$	527,025	$	364,057	$	1,202,539
YTD gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Consumer
Pass	$	1,632	$	9	$	8	$	-	$	-	$	74	$	78	$	1,801
Special mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		-
Doubtful		-		-		-		-		-		-		-		-
Total consumer	$	1,632	$	9	$	8	$	-	$	-	$	74	$	78	$	1,801
YTD gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Total
Pass	$	406,160	$	1,465,215	$	737,614	$	520,527	$	1,841,552	$	3,890,145	$	2,613,157	$	11,474,370
Special mention		-		-		-		-		36,631		74,611		3,562		114,804
Substandard		5,893		146		4,010		3,023		25,027		67,880		43,940		149,919
Doubtful		-		-		-		-		-		-		-		-
Grand total	$	412,053	$	1,465,361	$	741,624	$	523,550	$	1,903,210	$	4,032,636	$	2,660,659	$	11,739,093
YTD gross charge-offs	$	-	$	-	$	39	$	-	$	1,005	$	5,642	$	437	$	7,123

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, 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	$	165,942	$	194,070	$	137,181	$	217,504	$	177,715	$	145,173	$	479,906	$	1,517,491
Special mention		-		-		-		694		-		2,927		44		3,665
Substandard		146		539		3,048		3,120		2,599		10,625		24,730		44,807
Doubtful		-		-		-		-		-		-		-		-
Total commercial	$	166,088	$	194,609	$	140,229	$	221,318	$	180,314	$	158,725	$	504,680	$	1,565,963
YTD gross charge-offs	$	-	$	-	$	32	$	1,669	$	-	$	854	$	1,961	$	4,516

Commercial real estate
Pass	$	1,129,223	$	416,806	$	303,121	$	1,487,034	$	1,391,743	$	1,648,135	$	1,451,710	$	7,827,772
Special mention		-		-		-		39,271		3,741		71,452		6,998		121,462
Substandard		-		4,024		-		22,193		9,066		54,778		15,401		105,462
Doubtful		-		-		-		-		-		-		-		-
Total commercial real estate	$	1,129,223	$	420,830	$	303,121	$	1,548,498	$	1,404,550	$	1,774,365	$	1,474,109	$	8,054,696
YTD gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	13,839	$	-	$	13,839

Commercial construction
Pass	$	108,660	$	120,104	$	36,316	$	17,912	$	63,727	$	44,193	$	232,990	$	623,902
Special mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		-
Doubtful		-		-		-		-		-		-		-		-
Total commercial construction	$	108,660	$	120,104	$	36,316	$	17,912	$	63,727	$	44,193	$	232,990	$	623,902
YTD gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Residential real estate
Pass	$	36,615	$	26,638	$	33,577	$	201,351	$	114,215	$	416,017	$	373,244	$	1,201,657
Special mention		-		-		-		-		-		-		3,343		3,343
Substandard		-		-		-		-		798		2,516		2,666		5,980
Doubtful		-		-		-		-		-		-		-		-
Total residential real estate	$	36,615	$	26,638	$	33,577	$	201,351	$	115,013	$	418,533	$	379,253	$	1,210,980
YTD gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	1,000	$	1,000

Consumer
Pass	$	1,863	$	-	$	-	$	-	$	-	$	63	$	91	$	2,017
Special mention		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		-
Doubtful		-		-		-		-		-		-		-		-
Total consumer	$	1,863	$	-	$	-	$	-	$	-	$	63	$	91	$	2,017
YTD gross charge-offs	$	25	$	-	$	-	$	-	$	-	$	-	$	1	$	26

Total
Pass	$	1,442,303	$	757,618	$	510,195	$	1,923,801	$	1,747,400	$	2,253,581	$	2,537,941	$	11,172,839
Special mention		-		-		-		39,965		3,741		74,379		10,385		128,470
Substandard		146		4,563		3,048		25,313		12,463		67,919		42,797		156,249
Doubtful		-		-		-		-		-		-		-		-
Grand total	$	1,442,449	$	762,181	$	513,243	$	1,989,079	$	1,763,604	$	2,395,879	$	2,591,123	$	11,457,558
YTD gross charge-offs	$	25	$	-	$	32	$	1,669	$	-	$	14,693	$	2,962	$	19,381

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

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

Collateral Dependent Loans: The following tables present the amortized cost basis of collateral dependent loans by loan segment as of March 31, 2026 and December 31, 2025:

	March 31, 2026
	Real Estate		Other		Total
	(dollars in thousands)
Commercial	$	6,124	$	8,676	$	14,800
Commercial real estate		225,669		-		225,669
Residential real estate		5,069		-		5,069
Total	$	236,862	$	8,676	$	245,538

	December 31, 2025
	Real Estate		Other		Total
	(dollars in thousands)
Commercial	$	6,948	$	8,783	$	15,731
Commercial real estate		242,125		-		242,125
Residential real estate		5,637		-		5,637
Total	$	254,710	$	8,783	$	263,493

Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

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

Aging Analysis - The following tables present the aging of the amortized cost in past due loans as of March 31, 2026 and December 31, 2025:

	March 31, 2026
	30-59 Days Past Due		60-89 Days Past Due		90 Days or Greater Past Due and Still Accruing		Nonaccrual		Total Past Due and Nonaccrual		Current		Gross Loans
	(dollars in thousands)
Commercial	$	2,881	$	-	$	426	$	12,798	$	16,105	$	1,628,731	$	1,644,836
Commercial real estate		82,614		-		6,765		24,935		114,314		8,204,530		8,318,844
Commercial construction		-		-		-		-		-		571,073		571,073
Residential real estate		9,660		-		769		3,846		14,275		1,188,264		1,202,539
Consumer		-		-		-		-		-		1,801		1,801
Total	$	95,155	$	-	$	7,960	$	41,579	$	144,694	$	11,594,399	$	11,739,093

	December 31, 2025
	30-59 Days Past Due		60-89 Days Past Due		90 Days or Greater Past Due and Still Accruing		Nonaccrual		Total Past Due and Nonaccrual		Current		Gross Loans
	(dollars in thousands)
Commercial	$	875	$	539	$	427	$	13,039	$	14,880	$	1,551,083	$	1,565,963
Commercial real estate		13,602		6,098		16,276		28,561		64,537		7,990,159		8,054,696
Commercial construction		-		-		-		-		-		623,902		623,902
Residential real estate		7,405		1,372		769		4,315		13,861		1,197,119		1,210,980
Consumer		-		-		-		-		-		2,017		2,017
Total	$	21,882	$	8,009	$	17,472	$	45,915	$	93,278	$	11,364,280	$	11,457,558

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 tables detail the amount of gross loans that are individually analyzed, collectively evaluated, and loans acquired with deteriorated quality, and the related portion of the ACL for loans that are allocated to each loan portfolio segment.

	March 31, 2026
	Commercial		Commercial real estate		Commercial construction		Residential real estate		Consumer		Total
	(dollars in thousands)
Allowance for credit losses – loans
Individually analyzed	$	314	$	187	$	-	$	-	$	-	$	501
Collectively evaluated		15,291		82,865		4,680		12,253		19		115,108
Acquired with deteriorated credit quality		584		36,748		-		115		-		37,447
Total	$	16,189	$	119,800	$	4,680	$	12,368	$	19	$	153,056

Gross loans
Individually analyzed	$	11,885	$	24,522	$	-	$	3,212	$	-	$	39,619
Collectively evaluated		1,628,334		8,093,175		571,073		1,197,470		1,801		11,491,853
Acquired with deteriorated credit quality		4,617		201,147		-		1,857		-		207,621
Total	$	1,644,836	$	8,318,844	$	571,073	$	1,202,539	$	1,801	$	11,739,093

	December 31, 2025
	Commercial			Commercial real estate		Commercial construction		Residential real estate		Consumer		Total
	(dollars in thousands)
Allowance for credit losses – loans
Individually analyzed	$	314		$	125	$	-	$	-	$	-	$	439
Collectively evaluated		15,392			79,046		5,303		12,084		18		111,843
Acquired with deteriorated credit quality		(348	)		42,256		-		115		-		42,023
Total	$	15,358		$	121,427	$	5,303

ConnectOne Bancorp, Inc. 10-Q