ConnectOne Bancorp Inc
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
CNOB$32.82-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| . | Years Ended December 31, | ||||
|---|---|---|---|---|---|
| 2024 · 2023 · 2022 | |||||
| Cash flows from operating activities | |||||
| Net income | $73,793 | $87,003 | $125,211 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||
| Depreciation and amortization of premises and equipment | 4,422 | 4,503 | 3,863 | ||
| Provision for credit losses | 13,800 | 8,200 | 17,750 | ||
| Amortization of intangibles | 1,235 | 1,438 | 1,685 | ||
| Net accretion of loans | (879) | (1,904) | (3,178) | ||
| Accretion on bank premises | (49) | (49) | (49) | ||
| Accretion on deposits | (88) | (279) | (777) | ||
| Amortization on borrowings | 22 | 21 | 40 | ||
| Net deferred income tax (benefit) expense | (2,040) | 4,135 | (403) | ||
| Stock-based compensation | 4,568 | 4,860 | 4,889 | ||
| Change in fair value of equity securities, net | (2) | 117 | 1,521 | ||
| Gain on sale of loans held-for-sale, net | (2,723) | (1,704) | (1,695) | ||
| Net losses on disposition of fixed assets | 477 | - | 22 | ||
| Gain on sale of other real estate owned | - | 22 | 6 | ||
| Loans originated for resale | (29,340) | (26,153) | (21,128) | ||
| Proceeds from sale of loans held-for-sale | 31,320 | 36,645 | 28,341 | ||
| Increase in cash surrender value of bank owned life insurance | (7,142) | (6,316) | (5,597) | ||
| Amortization of premiums on investment securities, net | 793 | 1,030 | 2,155 | ||
| Amortization of subordinated debt issuance costs | 505 | 1,184 | 304 | ||
| Decrease (increase) in accrued interest receivable | 3,610 | (3,046) | (11,910) | ||
| Net change in operating leases | (155) | (54) | (182) | ||
| Decrease (increase) in other assets | 8,691 | (7,514) | (12,413) | ||
| (Increase) decrease in other liabilities | (40,118) | (9,248) | 48,322 | ||
| Net cash provided by operating activities | 60,700 | 92,891 | 176,777 | ||
| Cash flows from investing activities | |||||
| Investment securities available-for-sale: | |||||
| Purchases | (80,519) | (42,143) | (339,059) | ||
| Maturities, calls and principal repayments | 69,651 | 64,550 | 150,287 | ||
| Net redemptions (purchases) of restricted investment in bank stocks | 11,008 | (4,853) | (18,778) | ||
| Purchases of equity securities | (1,526) | (2,870) | (3,538) | ||
| Loans held-for-sale payments | - | 25 | 54 | ||
| Net decrease (increase) in loans | 57,941 | (255,556) | (1,292,938) | ||
| Cash flow hedge premium payment | - | - | (6,965) | ||
| Purchases of premises and equipment | (3,793) | (7,433) | (3,301) | ||
| Purchases of bank owned life insurance | - | - | (30,000) | ||
| Proceeds from BOLI death benefits | 1,114 | - | - | ||
| Proceeds from disposition of fixed assets | 1,275 | - | 697 | ||
| Proceeds from sale of other real estate owned | - | 242 | 309 | ||
| Net cash provided by (used in) investing activities | 55,151 | (248,038) | (1,543,232) | ||
| Cash flows from financing activities | |||||
| Net increase in deposits | 284,000 | 179,859 | 1,024,446 | ||
| Repayment of subordinated debt | - | (75,000) | - | ||
| Advances of Federal Holme Loan Bank ("FHLB") borrowings | 866,529 | 2,946,500 | 4,203,181 | ||
| Repayments of FHLB borrowings | (1,112,066) | (2,870,564) | (3,813,792) | ||
| Cash dividends paid on preferred stock | (6,036) | (6,036) | (6,037) | ||
| Cash dividends paid on common stock | (27,281) | (25,912) | (23,428) | ||
| Purchase of treasury stock | (5,820) | (17,497) | (13,127) | ||
| Proceeds from exercise of stock options | - | 96 | 124 | ||
| Share redemption for tax withholdings on performance units and deferred stock units earned | (1,403) | (1,900) | (2,133) | ||
| Net cash (used in) provided by financing activities | (2,077) | 129,546 | 1,369,234 | ||
| Net change in cash and cash equivalents | 113,774 | (25,601) | 2,779 | ||
| Cash and cash equivalents at beginning of period | 242,714 | 268,315 | 265,536 | ||
| Cash and cash equivalents at end of period | $356,488 | $242,714 | $268,315 | ||
| Supplemental disclosures of cash flow information: | |||||
| Cash payments for: | |||||
| Interest paid | $270,946 | $230,806 | $67,850 | ||
| Income taxes paid | 24,001 | 31,647 | 49,234 | ||
| Supplemental disclosures of noncash investing activities: | |||||
| Transfer of loans to other real estate owned | $ | - | $ | - | $579 |
| Transfer of loans held-for-sale to loans held-for-investment | - | 16,156 | 8,043 | ||
| Transfer of loans held-for-investment to loans held-for-sale | - | 11,197 | 27,137 | ||
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