ConnectOne Bancorp, Inc. Reports First Quarter 2026 Results
Rhea-AI Summary
ConnectOne Bancorp (Nasdaq: CNOB) reported Q1 2026 net income available to common stockholders of $36.3 million and diluted EPS of $0.72. Net interest margin widened 12 basis points to 3.39%. Loans and deposits grew at an annualized ~10%. Quarterly common dividend raised 8.3% to $0.195 per share.
Provision for credit losses was $5.2 million; tangible book value per share rose to $23.93. The quarter included $2.0 million of merger-related restructuring charges.
Positive
- Net income of $36.3 million in Q1 2026
- Net interest margin widened 12 bps to 3.39%
- Loans and deposits grew ~10% annualized sequentially
- Dividend increased 8.3% to $0.195 per common share
- Tangible book value per share rose to $23.93
- SBA loan sale gains added $1.1 million in April 2026
Negative
- Provision for credit losses rose to $5.2 million in Q1 2026
- Noninterest expenses increased to $57.9 million (merger-related)
- Loans 30-59 days past due rose to 0.81% mainly from $63.8M NYC credits
- Restructuring charges of $2.0 million related to the FLIC merger
News Market Reaction – CNOB
On the day this news was published, CNOB gained 3.28%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CNOB slipped 0.21% while peers were mixed: BFC (-0.89%), BY (-0.57%), CLBK (-0.28%), DCOM (-1.67%), WABC (+0.75%). This points to stock-specific trading.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 30 | Quarterly earnings | Positive | +0.2% | Q3 2025 earnings with higher net income, wider NIM and larger balance sheet. |
Limited earnings history in this window: the last earnings release saw a small positive price reaction alongside stronger profitability metrics.
Recent news flow has centered on financial performance and the integration of The First of Long Island (FLIC). In Q3 2025, CNOB reported higher net income, a widened NIM of 3.11%, and balance sheet growth to $14.0B in assets, with loans at $11.3B and deposits at $11.4B. The current Q1 2026 release continues this trajectory, highlighting further NIM expansion, loan and deposit growth, rising tangible book value, and an increased common dividend.
Historical Comparison
In the past 12 months, CNOB had one earnings release, moving the stock +0.17%. That Q3 2025 report emphasized NIM gains and balance sheet growth, themes echoed in this Q1 2026 update.
From Q3 2025 to Q1 2026, NIM expanded from 3.11% to 3.39%, total assets edged from $14.0B to $14.2B, loans grew from $11.3B to $11.7B, and deposits from $11.4B to $11.5B. The tangible common equity ratio improved from 8.36% to 8.64%, with tangible book value per share rising from prior levels to $23.93.
Market Pulse Summary
This announcement highlights stronger core earnings, with net income of $36.3M, NIM expanding to 3.39%, and loans and deposits each growing at about 10% annualized. Tangible book value per share rose to $23.93, and the common dividend increased 8.3%. Offsetting this, the provision for credit losses climbed to $5.2M, and a $63.8M NYC rent‑regulated relationship drove higher 30–59 day delinquencies, making ongoing credit quality metrics important to watch.
Key Terms
net interest margin financial
basis points financial
pre-provision net operating revenue financial
cecl financial
nonaccrual loans financial
tangible common equity financial
rule 10b5-1 regulatory
AI-generated analysis. Not financial advice.
NET INTEREST MARGIN WIDENS BY 12 BASIS POINTS; TREND CONFIRMED
OPERATING PERFORMANCE ACCELERATES
TANGIBLE BOOK VALUE PER SHARE INCREASES
ENGLEWOOD CLIFFS, N.J., April 23, 2026 (GLOBE NEWSWIRE) -- ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of ConnectOne Bank (the “Bank”), today reported net income available to common stockholders of
Pre-provision net operating revenue ("Operating PPNR") as a percentage of average assets was
The decrease in net income available to common stockholders during the first quarter of 2026 when compared to the fourth quarter of 2025 was primarily due to a
"ConnectOne began 2026 with robust momentum, positioning us for what we expect to be a strong year," commented Frank Sorrentino, ConnectOne's Chairman and Chief Executive Officer. "Loans and deposits both grew sequentially at an annualized rate of approximately
"Expenses remain well-controlled as we continue to leverage merger synergies and drive additional productivity gains through increasing use of AI workflow across the organization." Mr. Sorrentino added, "During the first quarter, our strong retained earnings supported loan growth, share repurchases, and a
"Our credit quality remained solid this quarter. Although 30-59 day delinquencies increased due to one isolated credit relationship, net charge-offs (excluding PCD loans) declined to just 8 basis points annualized, a recent low. The nonaccrual loan ratio also decreased, while criticized and classified asset metrics remained at historically low levels, underscoring our continued portfolio management strength."
"Subsequent to quarter-end, noninterest income continued to build momentum, driven by accelerating SBA loan sale activity. We generated an additional
Dividend Declarations
The Company announced that its Board of Directors declared an increased quarterly cash dividend on its common stock and declared a cash dividend on its outstanding preferred stock. A cash dividend on common stock of
Operating Results
Fully taxable equivalent net interest income for the first quarter of 2026 was
Fully taxable equivalent net interest income for the first quarter of 2026 increased
Noninterest income was
Noninterest expenses were
Income tax expense was
Asset Quality
The provision for credit losses was
Nonperforming assets, which includes nonaccrual loans and other real estate owned (the Bank had no other real estate owned during the periods reported), were
The allowance for credit losses ("ACL") represented
Criticized and classified loans as a percentage of loans receivable improved to
The Bank maintains a solid reserve position, particularly within its rent-regulated multifamily portfolio, which includes significant credit and fair value marks applicable to the portfolio acquired from FLIC, in addition to qualitative ACL allocations applicable to its legacy portfolio. The following table provides additional information on the Bank's New York City ("NYC") rent-regulated portfolio as of March 31, 2026:
| ($millions) | Portfolio Composition | % of Total Loans | Unpaid Principal Balance | Offsets (3) | Offset % | Avg. Loan Size | ||||||||||||||||||
| Acquired Portfolio (1) | 61.0 | % | 3.5 | % | $ | 412.5 | $ | (66.1 | ) | 16.0 | % | $ | 2.4 | |||||||||||
| Legacy ConnectOne (2) | 39.0 | 2.2 | 263.4 | (14.8 | ) | 5.6 | 2.9 | |||||||||||||||||
| Total Rent-Regulated | 100.0 | % | 5.7 | % | $ | 675.9 | $ | (80.9 | ) | 12.0 | 2.6 | |||||||||||||
| Note: Rent-regulated includes loans secured by multifamily properties with | |
| (1) Portfolio acquired in merger with FLIC on June 1, 2025. | |
| (2) Loans originated by the Bank. | |
| (3) Offsets include (i) general reserves plus (ii) for the Acquired Portfolio, the applicable nonaccretable and accretable purchase accounting loan marks and (iii) for Legacy ConnectOne, an additional qualitative reserve applicable to rent-regulated multifamily. | |
Selected Balance Sheet Items
The Company’s total assets were
The Company’s total stockholders’ equity increased to
Share Repurchase Program
During the first quarter of 2026, the Company repurchased 90,000 shares of common stock at an average price of
Use of Non-GAAP Financial Measures
In addition to the results presented in accordance with Generally Accepted Accounting Principles ("GAAP"), ConnectOne routinely supplements its evaluation with an analysis of certain non-GAAP measures. ConnectOne believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors in understanding our operating performance and trends. These non-GAAP measures have inherent limitations and are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for an analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of non-GAAP financial measures disclosed in this earnings release to the comparable GAAP measures are provided in the accompanying tables.
First Quarter 2026 Results Conference Call
Management will also host a conference call and audio webcast at 10:00 a.m. ET on April 23, 2026, to review the Company's financial performance and operating results. The conference call dial-in number is 1 (646) 307-1963, access code 8368502. Please dial in at least five minutes before the start of the call to register. An audio webcast of the conference call will be available to the public, on a listen-only basis, via the "Investor Relations" link on the Company's website https://www.ConnectOneBank.com or at http://ir.connectonebank.com.
A replay of the conference call will be available beginning at approximately 1:00 p.m. ET on Thursday, April 23, 2026 and ending on Thursday, April 30, 2026, by dialing 1 (609) 800-9909, access code 8368502. An online archive of the webcast will be available following the completion of the conference call at https://www.ConnectOneBank.com or at http://ir.connectonebank.com.
About ConnectOne Bancorp, Inc.
ConnectOne Bancorp, Inc., is a modern financial services company that operates, through its subsidiary, ConnectOne Bank, and the Bank’s fintech subsidiary, BoeFly, Inc. ConnectOne Bank is a high-performing commercial bank offering a full suite of banking & lending products and services that focus on small to middle-market businesses. BoeFly, Inc. is a fintech marketplace that connects borrowers in the franchise space with funding solutions through a network of partner banks. ConnectOne Bancorp, Inc. is traded on the Nasdaq Global Market under the trading symbol "CNOB," and information about ConnectOne may be found at https://www.connectonebank.com.
This news release contains certain forward-looking statements which are based on certain assumptions and describe future plans, strategies, and expectations of the Company. These forward-looking statements are generally identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, those factors set forth in Item 1A – Risk Factors of the Company’s Annual Report on Form 10-K, as filed with the U.S. Securities and Exchange Commission, as supplemented by the Company’s subsequent filings with the U.S. Securities and Exchange Commission, and changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company's market area, changes in accounting principles and guidelines and the impact of the health emergencies and natural disasters on the Company, its employees and operations, and its customers. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Investor Contact:
William S. Burns
Senior Executive Vice President & CFO
201.816.4474; bill.burns@cnob.com
Media Contact:
Shannan Weeks
MikeWorldWide
732.299.7890; sweeks@mww.com
| CONNECTONE BANCORP, INC. AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION | |||||||||||
| (in thousands) | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2026 | 2025 | 2025 | |||||||||
| (unaudited) | (unaudited) | ||||||||||
| ASSETS | |||||||||||
| Cash and due from banks | $ | 39,472 | $ | 92,406 | $ | 49,759 | |||||
| Interest-bearing deposits with banks | 304,999 | 288,489 | 242,844 | ||||||||
| Cash and cash equivalents | 344,471 | 380,895 | 292,603 | ||||||||
| Investment securities | 1,196,384 | 1,250,938 | 636,806 | ||||||||
| Equity securities | 19,422 | 19,287 | 18,859 | ||||||||
| Loans held-for-sale | 10,222 | 391 | 202 | ||||||||
| Loans receivable | 11,735,596 | 11,453,280 | 8,201,134 | ||||||||
| Less: Allowance for credit losses - loans | 153,056 | 154,305 | 82,403 | ||||||||
| Net loans receivable | 11,582,540 | 11,298,975 | 8,118,731 | ||||||||
| Investment in restricted stock, at cost | 51,464 | 54,722 | 37,031 | ||||||||
| Bank premises and equipment, net | 54,765 | 55,285 | 27,624 | ||||||||
| Accrued interest receivable | 62,473 | 60,761 | 46,740 | ||||||||
| Bank owned life insurance | 373,664 | 370,713 | 244,651 | ||||||||
| Right of use operating lease assets | 27,960 | 29,603 | 13,755 | ||||||||
| Goodwill | 220,235 | 220,235 | 208,372 | ||||||||
| Core deposit intangibles | 57,078 | 59,923 | 4,360 | ||||||||
| Other assets | 208,883 | 200,972 | 109,521 | ||||||||
| Total assets | $ | 14,209,561 | $ | 14,002,700 | $ | 9,759,255 | |||||
| LIABILITIES | |||||||||||
| Deposits: | |||||||||||
| Noninterest-bearing | $ | 2,393,938 | $ | 2,420,397 | $ | 1,319,196 | |||||
| Interest-bearing | 9,119,115 | 8,820,218 | 6,448,034 | ||||||||
| Total deposits | 11,513,053 | 11,240,615 | 7,767,230 | ||||||||
| Borrowings | 827,477 | 903,489 | 613,053 | ||||||||
| Subordinated debentures, net | 202,050 | 201,864 | 80,071 | ||||||||
| Operating lease liabilities | 30,560 | 32,446 | 14,737 | ||||||||
| Other liabilities | 44,874 | 50,946 | 31,225 | ||||||||
| Total liabilities | 12,618,014 | 12,429,360 | 8,506,316 | ||||||||
| COMMITMENTS AND CONTINGENCIES | |||||||||||
| STOCKHOLDERS' EQUITY | |||||||||||
| Preferred stock | 110,927 | 110,927 | 110,927 | ||||||||
| Common stock | 857,765 | 857,765 | 586,946 | ||||||||
| Additional paid-in capital | 38,257 | 38,763 | 36,007 | ||||||||
| Retained earnings | 701,154 | 673,897 | 643,265 | ||||||||
| Treasury stock | (78,507 | ) | (76,116 | ) | (76,116 | ) | |||||
| Accumulated other comprehensive loss | (38,049 | ) | (31,896 | ) | (48,090 | ) | |||||
| Total stockholders' equity | 1,591,547 | 1,573,340 | 1,252,939 | ||||||||
| Total liabilities and stockholders' equity | $ | 14,209,561 | $ | 14,002,700 | $ | 9,759,255 | |||||
| CONNECTONE BANCORP, INC. AND SUBSIDIARIES | ||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
| (dollars in thousands, except for per share data) | ||||||||||
| Three Months Ended | ||||||||||
| 03/31/26 | 12/31/25 | 03/31/25 | ||||||||
| Interest income | ||||||||||
| Interest and fees on loans | $ | 168,298 | $ | 167,532 | $ | 115,351 | ||||
| Interest and dividends on investment securities: | ||||||||||
| Taxable | 10,799 | 11,628 | 4,987 | |||||||
| Tax-exempt | 1,978 | 1,995 | 1,097 | |||||||
| Dividends | 935 | 936 | 889 | |||||||
| Interest on federal funds sold and other short-term investments | 2,387 | 4,249 | 2,465 | |||||||
| Total interest income | 184,397 | 186,340 | 124,789 | |||||||
| Interest expense | ||||||||||
| Deposits | 65,682 | 70,854 | 53,992 | |||||||
| Borrowings | 9,911 | 8,891 | 5,041 | |||||||
| Total interest expense | 75,593 | 79,745 | 59,033 | |||||||
| Net interest income | 108,804 | 106,595 | 65,756 | |||||||
| Provision for credit losses | 5,200 | 2,300 | 3,500 | |||||||
| Net interest income after provision for credit losses | 103,604 | 104,295 | 62,256 | |||||||
| Noninterest income | ||||||||||
| Deposit, loan and other income | 3,283 | 3,289 | 2,006 | |||||||
| Income on bank owned life insurance | 2,951 | 2,946 | 1,584 | |||||||
| Net gains on sale of loans held-for-sale | 427 | 631 | 332 | |||||||
| Net gains (losses) on equity securities | 135 | (846 | ) | 529 | ||||||
| Total noninterest income | 6,796 | 6,020 | 4,451 | |||||||
| Noninterest expenses | ||||||||||
| Salaries and employee benefits | 32,768 | 31,211 | 22,578 | |||||||
| Occupancy and equipment | 5,345 | 5,265 | 2,680 | |||||||
| FDIC insurance | 2,000 | 2,400 | 1,800 | |||||||
| Professional and consulting | 3,108 | 2,908 | 2,366 | |||||||
| Marketing and advertising | 926 | 974 | 595 | |||||||
| Information technology and communications | 5,243 | 5,366 | 4,604 | |||||||
| Merger expenses and restructuring charges | 2,125 | 498 | 1,320 | |||||||
| Branch closing expenses | — | 1,275 | — | |||||||
| Bank owned life insurance restructuring charge | — | — | 327 | |||||||
| Amortization of core deposit intangibles | 2,845 | 3,196 | 279 | |||||||
| Other expenses | 3,509 | 3,853 | 2,756 | |||||||
| Total noninterest expenses | 57,869 | 56,946 | 39,305 | |||||||
| Income before income tax expense | 52,531 | 53,369 | 27,402 | |||||||
| Income tax expense | 14,709 | 13,851 | 7,160 | |||||||
| Net income | 37,822 | 39,518 | 20,242 | |||||||
| Preferred dividends | 1,509 | 1,509 | 1,509 | |||||||
| Net income available to common stockholders | $ | 36,313 | $ | 38,009 | $ | 18,733 | ||||
| Earnings per common share: | ||||||||||
| Basic | $ | 0.72 | $ | 0.76 | $ | 0.49 | ||||
| Diluted | 0.72 | 0.75 | 0.49 | |||||||
| ConnectOne's management believes that the supplemental financial information, including non-GAAP measures provided below, is useful to investors. The non-GAAP measures should not be viewed as a substitute for financial results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP financial measures presented by other companies. | ||||||||||||||||||||
| CONNECTONE BANCORP, INC. | ||||||||||||||||||||
| SUPPLEMENTAL GAAP AND NON-GAAP FINANCIAL MEASURES | ||||||||||||||||||||
| As of | ||||||||||||||||||||
| Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | ||||||||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||
| Selected Financial Data | (dollars in thousands) | |||||||||||||||||||
| Total assets | $ | 14,209,561 | $ | 14,002,700 | $ | 14,023,585 | $ | 13,915,738 | $ | 9,759,255 | ||||||||||
| Loans receivable: | ||||||||||||||||||||
| Commercial | 1,638,836 | 1,558,436 | 1,613,421 | 1,597,590 | 1,483,392 | |||||||||||||||
| Commercial real estate | 4,750,508 | 4,625,143 | 4,310,159 | 4,285,663 | 3,356,943 | |||||||||||||||
| Multifamily | 3,574,336 | 3,437,080 | 3,420,465 | 3,348,308 | 2,490,256 | |||||||||||||||
| Commercial construction | 571,073 | 623,902 | 728,615 | 681,222 | 617,593 | |||||||||||||||
| Residential | 1,202,539 | 1,210,980 | 1,233,305 | 1,254,646 | 256,555 | |||||||||||||||
| Consumer | 1,801 | 2,017 | 2,166 | 1,709 | 1,604 | |||||||||||||||
| Gross loans | 11,739,093 | 11,457,558 | 11,308,131 | 11,169,138 | 8,206,343 | |||||||||||||||
| Net deferred loan fees | (3,497 | ) | (4,278 | ) | (4,495 | ) | (4,661 | ) | (5,209 | ) | ||||||||||
| Loans receivable | 11,735,596 | 11,453,280 | 11,303,636 | 11,164,477 | 8,201,134 | |||||||||||||||
| Loans held-for-sale | 10,222 | 391 | — | 1,027 | 202 | |||||||||||||||
| Total loans | $ | 11,745,818 | $ | 11,453,671 | $ | 11,303,636 | $ | 11,165,504 | $ | 8,201,336 | ||||||||||
| Investment and equity securities | $ | 1,215,806 | $ | 1,270,225 | $ | 1,272,335 | $ | 1,246,907 | $ | 655,665 | ||||||||||
| Goodwill and other intangible assets | 277,313 | 280,158 | 278,730 | 281,926 | 212,732 | |||||||||||||||
| Deposits: | ||||||||||||||||||||
| Noninterest-bearing demand | $ | 2,393,938 | $ | 2,420,397 | $ | 2,513,102 | $ | 2,424,529 | $ | 1,319,196 | ||||||||||
| Time deposits | 3,010,971 | 2,796,877 | 2,977,952 | 3,065,015 | 2,550,223 | |||||||||||||||
| Other interest-bearing deposits | 6,108,144 | 6,023,341 | 5,878,241 | 5,788,943 | 3,897,811 | |||||||||||||||
| Total deposits | $ | 11,513,053 | $ | 11,240,615 | $ | 11,369,295 | $ | 11,278,487 | $ | 7,767,230 | ||||||||||
| Borrowings | $ | 827,477 | $ | 903,489 | $ | 833,443 | $ | 783,859 | $ | 613,053 | ||||||||||
| Subordinated debentures (net of debt issuance costs) | 202,050 | 201,864 | 201,677 | 276,500 | 80,071 | |||||||||||||||
| Total stockholders' equity | 1,591,547 | 1,573,340 | 1,538,344 | 1,496,431 | 1,252,939 | |||||||||||||||
| Quarterly Average Balances | ||||||||||||||||||||
| Total assets | $ | 13,999,581 | $ | 13,963,138 | $ | 14,050,585 | $ | 11,108,430 | $ | 9,748,605 | ||||||||||
| Loans receivable: | ||||||||||||||||||||
| Commercial | $ | 1,579,368 | $ | 1,597,123 | $ | 1,583,673 | $ | 1,486,245 | $ | 1,488,962 | ||||||||||
| Commercial real estate (including multifamily) | 8,137,515 | 7,822,943 | 7,630,195 | 6,404,302 | 5,852,342 | |||||||||||||||
| Commercial construction | 613,661 | 646,414 | 704,170 | 643,115 | 610,859 | |||||||||||||||
| Residential | 1,204,082 | 1,221,171 | 1,241,375 | 587,118 | 256,430 | |||||||||||||||
| Consumer | 6,851 | 5,473 | 6,747 | 5,759 | 5,687 | |||||||||||||||
| Gross loans | 11,541,477 | 11,293,124 | 11,166,160 | 9,126,539 | 8,214,280 | |||||||||||||||
| Net deferred loan fees | (4,042 | ) | (4,708 | ) | (4,418 | ) | (5,097 | ) | (5,525 | ) | ||||||||||
| Loans receivable | 11,537,435 | 11,288,416 | 11,161,742 | 9,121,442 | 8,208,755 | |||||||||||||||
| Loans held-for-sale | 335 | 230 | 318 | 352 | 259 | |||||||||||||||
| Total loans | $ | 11,537,770 | $ | 11,288,646 | $ | 11,162,060 | $ | 9,121,794 | $ | 8,209,014 | ||||||||||
| Investment and equity securities | $ | 1,256,147 | $ | 1,269,275 | $ | 1,274,000 | $ | 845,614 | $ | 655,191 | ||||||||||
| Goodwill and other intangible assets | 279,158 | 279,165 | 280,814 | 235,848 | 212,915 | |||||||||||||||
| Deposits: | ||||||||||||||||||||
| Noninterest-bearing demand | 2,384,883 | 2,473,596 | 2,486,993 | 1,680,653 | 1,305,722 | |||||||||||||||
| Time deposits | 2,901,327 | 2,946,459 | 3,019,848 | 2,662,411 | 2,480,990 | |||||||||||||||
| Other interest-bearing deposits | 5,996,487 | 5,907,547 | 5,889,230 | 4,463,648 | 3,888,131 | |||||||||||||||
| Total deposits | $ | 11,282,697 | $ | 11,327,602 | $ | 11,396,071 | $ | 8,806,712 | $ | 7,674,843 | ||||||||||
| Borrowings | $ | 833,551 | $ | 781,388 | $ | 783,994 | $ | 723,303 | $ | 686,391 | ||||||||||
| Subordinated debentures (net of debt issuance costs) | 201,928 | 201,741 | 263,511 | 170,802 | 79,988 | |||||||||||||||
| Total stockholders' equity | 1,594,699 | 1,558,366 | 1,513,892 | 1,344,254 | 1,254,373 | |||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | ||||||||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||
| (dollars in thousands, except for per share data) | ||||||||||||||||||||
| Net interest income | $ | 108,804 | $ | 106,595 | $ | 102,017 | $ | 78,883 | $ | 65,756 | ||||||||||
| Provision for credit losses | 5,200 | 2,300 | 5,500 | 35,700 | 3,500 | |||||||||||||||
| Net interest income after provision for credit losses | 103,604 | 104,295 | 96,517 | 43,183 | 62,256 | |||||||||||||||
| Noninterest income | ||||||||||||||||||||
| Deposit, loan and other income | 3,283 | 3,289 | 3,836 | 2,570 | 2,006 | |||||||||||||||
| Defined benefit pension plan curtailment gain | — | — | 3,501 | — | — | |||||||||||||||
| Employee retention tax credit | — | — | 6,608 | — | — | |||||||||||||||
| Income on bank owned life insurance | 2,951 | 2,946 | 2,931 | 2,087 | 1,584 | |||||||||||||||
| Net gains on sale of loans held-for-sale | 427 | 631 | 859 | 181 | 332 | |||||||||||||||
| Net gains (losses) on equity securities | 135 | (846 | ) | 1,674 | 347 | 529 | ||||||||||||||
| Total noninterest income | 6,796 | 6,020 | 19,409 | 5,185 | 4,451 | |||||||||||||||
| Noninterest expenses | ||||||||||||||||||||
| Salaries and employee benefits | 32,768 | 31,211 | 32,401 | 25,233 | 22,578 | |||||||||||||||
| Occupancy and equipment | 5,345 | 5,265 | 5,122 | 3,478 | 2,680 | |||||||||||||||
| FDIC insurance | 2,000 | 2,400 | 2,400 | 2,000 | 1,800 | |||||||||||||||
| Professional and consulting | 3,108 | 2,908 | 2,929 | 2,598 | 2,366 | |||||||||||||||
| Marketing and advertising | 926 | 974 | 771 | 840 | 595 | |||||||||||||||
| Information technology and communications | 5,243 | 5,366 | 5,243 | 4,792 | 4,604 | |||||||||||||||
| Restructuring and exit charges | — | — | 994 | — | — | |||||||||||||||
| Merger expenses and restructuring charges | 2,125 | 498 | 1,898 | 30,745 | 1,320 | |||||||||||||||
| Branch closing expenses | — | 1,275 | — | — | — | |||||||||||||||
| Bank owned life insurance restructuring charge | — | — | — | — | 327 | |||||||||||||||
| Amortization of core deposit intangible | 2,845 | 3,196 | 3,196 | 1,251 | 279 | |||||||||||||||
| Other expenses | 3,509 | 3,853 | 3,719 | 2,712 | 2,756 | |||||||||||||||
| Total noninterest expenses | 57,869 | 56,946 | 58,673 | 73,649 | 39,305 | |||||||||||||||
| Income (loss) before income tax expense | 52,531 | 53,369 | 57,253 | (25,281 | ) | 27,402 | ||||||||||||||
| Income tax expense (benefit) | 14,709 | 13,851 | 16,277 | (4,988 | ) | 7,160 | ||||||||||||||
| Net income (loss) | 37,822 | 39,518 | 40,976 | (20,293 | ) | 20,242 | ||||||||||||||
| Preferred dividends | 1,509 | 1,509 | 1,509 | 1,509 | 1,509 | |||||||||||||||
| Net income (loss) available to common stockholders | $ | 36,313 | $ | 38,009 | $ | 39,467 | $ | (21,802 | ) | $ | 18,733 | |||||||||
| Weighted average diluted common shares outstanding | 50,382,297 | 50,414,115 | 50,462,030 | 42,173,758 | 38,511,237 | |||||||||||||||
| Diluted EPS | $ | 0.72 | $ | 0.75 | $ | 0.78 | $ | (0.52 | ) | $ | 0.49 | |||||||||
| Reconciliation of GAAP Net Income to Operating Net Income: | ||||||||||||||||||||
| Net income (loss) | $ | 37,822 | $ | 39,518 | $ | 40,976 | $ | (20,293 | ) | $ | 20,242 | |||||||||
| Restructuring and exit charges | — | — | 994 | — | — | |||||||||||||||
| Merger expenses and restructuring charges | 2,125 | 498 | 1,898 | 30,745 | 1,320 | |||||||||||||||
| Estimated state tax liability on intercompany dividends | — | — | — | 3,000 | — | |||||||||||||||
| Initial provision for credit losses related to merger | — | — | — | 27,418 | — | |||||||||||||||
| Branch closing expenses | — | 1,275 | — | — | — | |||||||||||||||
| Bank owned life insurance restructuring charge | — | — | — | — | 327 | |||||||||||||||
| Amortization of core deposit intangibles | 2,845 | 3,196 | 3,196 | 1,251 | 279 | |||||||||||||||
| Net (gains) losses on equity securities | (135 | ) | 846 | (1,674 | ) | (347 | ) | (529 | ) | |||||||||||
| Defined benefit pension plan curtailment gain | — | — | (3,501 | ) | — | — | ||||||||||||||
| Employee retention tax credit | — | — | (6,608 | ) | — | — | ||||||||||||||
| Tax impact of adjustments | (1,499 | ) | (1,802 | ) | 1,737 | (17,168 | ) | (420 | ) | |||||||||||
| Operating net income | $ | 41,158 | $ | 43,531 | $ | 37,018 | $ | 24,606 | $ | 21,219 | ||||||||||
| Preferred dividends | 1,509 | 1,509 | 1,509 | 1,509 | 1,509 | |||||||||||||||
| Operating net income available to common stockholders | $ | 39,649 | $ | 42,022 | $ | 35,509 | $ | 23,097 | $ | 19,710 | ||||||||||
| Operating diluted EPS (non-GAAP) (1) | $ | 0.79 | $ | 0.83 | $ | 0.70 | $ | 0.55 | $ | 0.51 | ||||||||||
| Return on Assets Measures | ||||||||||||||||||||
| Average assets | $ | 13,999,581 | $ | 13,963,138 | $ | 14,050,585 | $ | 11,108,430 | $ | 9,748,605 | ||||||||||
| Return on avg. assets | 1.10 | % | 1.12 | % | 1.16 | % | (0.73 | ) | % | 0.84 | % | |||||||||
| Operating return on avg. assets (non-GAAP) (2) | 1.19 | 1.24 | 1.05 | 0.89 | 0.88 | |||||||||||||||
| Pre-provision net operating revenue ("PPNR") return on avg. assets (non-GAAP) (3) | 1.81 | 1.75 | 1.61 | 1.52 | 1.34 | |||||||||||||||
| (1) Operating net income available to common stockholders divided by weighted average diluted shares outstanding. | ||||||||||||||||||||
| (2) Operating net income divided by average assets. | ||||||||||||||||||||
| (3) Net income before income tax expense, provision for credit losses, merger expenses and restructuring charges, branch closing expenses, BOLI restructuring charges, restructuring and exit charges, employee retention tax credit, defined benefit pension plan curtailment gain, amortization of core deposit intangibles and net gains on equity securities divided by average assets. | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | ||||||||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||
| Return on Equity Measures | (dollars in thousands) | |||||||||||||||||||
| Average stockholders' equity | $ | 1,594,699 | $ | 1,558,366 | $ | 1,513,892 | $ | 1,344,254 | $ | 1,254,373 | ||||||||||
| Less: average preferred stock | (110,927 | ) | (110,927 | ) | (110,927 | ) | (110,927 | ) | (110,927 | ) | ||||||||||
| Average common equity | $ | 1,483,772 | $ | 1,447,439 | $ | 1,402,965 | $ | 1,233,327 | $ | 1,143,446 | ||||||||||
| Less: average intangible assets | (279,158 | ) | (279,165 | ) | (280,814 | ) | (235,848 | ) | (212,915 | ) | ||||||||||
| Average tangible common equity | $ | 1,204,614 | $ | 1,168,274 | $ | 1,122,151 | $ | 997,479 | $ | 930,531 | ||||||||||
| Return on avg. common equity (GAAP) | 9.93 | % | 10.42 | % | 11.16 | % | (7.09 | ) | % | 6.64 | % | |||||||||
| Operating return on avg. common equity (non-GAAP) (4) | 10.84 | 11.52 | 10.04 | 7.51 | 6.99 | |||||||||||||||
| Return on avg. tangible common equity (non-GAAP) (5) | 12.89 | 13.66 | 14.74 | (8.42 | ) | 8.25 | ||||||||||||||
| Operating return on avg. tangible common equity (non-GAAP) (6) | 13.35 | 14.27 | 12.55 | 9.29 | 8.59 | |||||||||||||||
| Efficiency Measures | ||||||||||||||||||||
| Total noninterest expenses | $ | 57,869 | $ | 56,946 | $ | 58,673 | $ | 73,649 | $ | 39,305 | ||||||||||
| Restructuring and exit charges | — | — | (994 | ) | — | — | ||||||||||||||
| Merger expenses and restructuring charges | (2,125 | ) | (498 | ) | (1,898 | ) | (30,745 | ) | (1,320 | ) | ||||||||||
| Branch closing expenses | — | (1,275 | ) | — | — | — | ||||||||||||||
| Bank owned life insurance restructuring charge | — | — | — | — | (327 | ) | ||||||||||||||
| Amortization of core deposit intangibles | (2,845 | ) | (3,196 | ) | (3,196 | ) | (1,251 | ) | (279 | ) | ||||||||||
| Operating noninterest expense | $ | 52,899 | $ | 51,977 | $ | 52,585 | $ | 41,653 | $ | 37,379 | ||||||||||
| Net interest income (tax equivalent basis) | $ | 109,976 | $ | 107,761 | $ | 103,155 | $ | 79,810 | $ | 66,580 | ||||||||||
| Noninterest income | 6,796 | 6,020 | 19,409 | 5,185 | 4,451 | |||||||||||||||
| Defined benefit pension plan curtailment gain | — | — | (3,501 | ) | — | — | ||||||||||||||
| Employee retention tax credit | — | — | (6,608 | ) | — | — | ||||||||||||||
| Net (gains) losses on equity securities | (135 | ) | 846 | (1,674 | ) | (347 | ) | (529 | ) | |||||||||||
| Operating revenue | $ | 116,637 | $ | 114,627 | $ | 110,781 | $ | 84,648 | $ | 70,502 | ||||||||||
| Operating efficiency ratio (non-GAAP) (7) | 45.4 | % | 45.3 | % | 47.5 | % | 49.2 | % | 53.0 | % | ||||||||||
| Net Interest Margin | ||||||||||||||||||||
| Average interest-earning assets | $ | 13,160,794 | $ | 13,093,053 | $ | 13,172,443 | $ | 10,468,589 | $ | 9,224,712 | ||||||||||
| Net interest income (tax equivalent basis) | $ | 109,976 | $ | 107,761 | $ | 103,155 | $ | 79,810 | $ | 66,580 | ||||||||||
| Net interest margin (non-GAAP) | 3.39 | % | 3.27 | % | 3.11 | % | 3.06 | % | 2.93 | % | ||||||||||
| (4) Operating net income available to common stockholders divided by average common equity. | ||||||||||||||||||||
| (5) Net income available to common stockholders, excluding amortization of intangible assets, divided by average tangible common equity. | ||||||||||||||||||||
| (6) Operating net income available to common stockholders, divided by average tangible common equity. | ||||||||||||||||||||
| (7) Operating noninterest expense divided by operating revenue. | ||||||||||||||||||||
| As of | ||||||||||||||||||||
| Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | ||||||||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||
| Capital Ratios and Book Value per Share | (dollars in thousands, except for per share data) | |||||||||||||||||||
| Stockholders equity | $ | 1,591,547 | $ | 1,573,340 | $ | 1,538,344 | $ | 1,496,431 | $ | 1,252,939 | ||||||||||
| Less: preferred stock | (110,927 | ) | (110,927 | ) | (110,927 | ) | (110,927 | ) | (110,927 | ) | ||||||||||
| Common equity | $ | 1,480,620 | $ | 1,462,413 | $ | 1,427,417 | $ | 1,385,504 | $ | 1,142,012 | ||||||||||
| Less: intangible assets | (277,313 | ) | (280,158 | ) | (278,730 | ) | (281,926 | ) | (212,732 | ) | ||||||||||
| Tangible common equity | $ | 1,203,307 | $ | 1,182,255 | $ | 1,148,687 | $ | 1,103,578 | $ | 929,280 | ||||||||||
| Total assets | $ | 14,209,561 | $ | 14,002,700 | $ | 14,023,585 | $ | 13,915,738 | $ | 9,759,255 | ||||||||||
| Less: intangible assets | (277,313 | ) | (280,158 | ) | (278,730 | ) | (281,926 | ) | (212,732 | ) | ||||||||||
| Tangible assets | $ | 13,932,248 | $ | 13,722,542 | $ | 13,744,855 | $ | 13,633,812 | $ | 9,546,523 | ||||||||||
| Common shares outstanding | 50,288,494 | 50,271,854 | 50,273,089 | 50,270,162 | 38,469,975 | |||||||||||||||
| Common equity ratio (GAAP) | 10.42 | % | 10.44 | % | 10.18 | % | 9.96 | % | 11.70 | % | ||||||||||
| Tangible common equity ratio (non-GAAP) (8) | 8.64 | 8.62 | 8.36 | 8.09 | 9.73 | |||||||||||||||
| Regulatory capital ratios (Bancorp): | ||||||||||||||||||||
| Leverage ratio | 9.79 | % | 9.61 | % | 9.35 | % | 11.58 | % | 11.33 | % | ||||||||||
| Common equity Tier 1 risk-based ratio | 10.23 | 10.24 | 10.17 | 10.04 | 11.14 | |||||||||||||||
| Risk-based Tier 1 capital ratio | 11.19 | 11.22 | 11.17 | 11.06 | 12.46 | |||||||||||||||
| Risk-based total capital ratio | 13.81 | 13.88 | 13.88 | 14.35 | 14.29 | |||||||||||||||
| Regulatory capital ratios (Bank): | ||||||||||||||||||||
| Leverage ratio | 10.81 | % | 10.59 | % | 10.35 | % | 12.81 | % | 11.67 | % | ||||||||||
| Common equity Tier 1 risk-based ratio | 12.36 | 12.36 | 12.37 | 12.22 | 12.82 | |||||||||||||||
| Risk-based Tier 1 capital ratio | 12.36 | 12.36 | 12.37 | 12.22 | 12.82 | |||||||||||||||
| Risk-based total capital ratio | 13.34 | 13.33 | 13.38 | 13.24 | 13.79 | |||||||||||||||
| Book value per share (GAAP) | $ | 29.44 | $ | 29.09 | $ | 28.39 | $ | 27.56 | $ | 29.69 | ||||||||||
| Tangible book value per share (non-GAAP) (9) | 23.93 | 23.52 | 22.85 | 21.95 | 24.16 | |||||||||||||||
| (8) Tangible common equity divided by tangible assets | ||||||||||||||||||||
| (9) Tangible common equity divided by common shares outstanding at period-end | ||||||||||||||||||||
| As of | ||||||||||||||||||||
| Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | ||||||||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||
| Net Loan Charge-offs (Recoveries) (10): | (dollars in thousands) | |||||||||||||||||||
| Net loan charge-offs (recoveries): | ||||||||||||||||||||
| Charge-offs | $ | 2,758 | $ | 5,613 | $ | 5,174 | $ | 5,039 | $ | 3,555 | ||||||||||
| Recoveries | (467 | ) | (836 | ) | (38 | ) | (118 | ) | (155 | ) | ||||||||||
| Net loan charge-offs | $ | 2,291 | $ | 4,777 | $ | 5,136 | $ | 4,921 | $ | 3,400 | ||||||||||
| Net loan charge-offs as a % of average loans receivable (annualized) | 0.08 | % | 0.17 | % | 0.18 | % | 0.22 | % | 0.17 | % | ||||||||||
| (10) Includes only non-PCD loans | ||||||||||||||||||||
| As of | ||||||||||||||||||||
| Mar. 31, | Dec. 31, | Sept. 30, | Jun. 30, | Mar. 31, | ||||||||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||
| Asset Quality | (dollars in thousands) | |||||||||||||||||||
| Nonaccrual loans | $ | 41,579 | $ | 45,915 | $ | 39,671 | $ | 39,228 | $ | 49,860 | ||||||||||
| Other real estate owned | — | — | — | — | — | |||||||||||||||
| Nonperforming assets | $ | 41,579 | $ | 45,915 | $ | 39,671 | $ | 39,228 | $ | 49,860 | ||||||||||
| Allowance for credit losses - loans (excluding nonaccretable credit marks) | $ | 115,398 | $ | 112,282 | $ | 113,163 | $ | 112,854 | $ | 82,230 | ||||||||||
| Add: nonaccretable credit marks | 37,658 | 42,023 | 43,336 | 43,336 | 173 | |||||||||||||||
| Allowance for credit losses - loans ("ACL") | $ | 153,056 | $ | 154,305 | $ | 156,499 | $ | 156,190 | $ | 82,403 | ||||||||||
| Loans receivable | $ | 11,735,596 | $ | 11,453,280 | $ | 11,303,636 | $ | 11,164,477 | $ | 8,201,134 | ||||||||||
| Nonaccrual loans as a % of loans receivable | 0.35 | % | 0.40 | % | 0.35 | % | 0.35 | % | 0.61 | % | ||||||||||
| Nonperforming assets as a % of total assets | 0.29 | 0.33 | 0.28 | 0.28 | 0.51 | |||||||||||||||
| ACL as a % of loans receivable | 1.30 | 1.35 | 1.38 | 1.40 | 1.00 | |||||||||||||||
| ACL as a % of nonaccrual loans | 368.1 | 336.1 | 394.5 | 398.2 | 165.3 | |||||||||||||||
| CONNECTONE BANCORP, INC. | ||||||||||||||||||||||||||||||||
| NET INTEREST MARGIN ANALYSIS | ||||||||||||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||||||||||
| For the Three Months Ended | ||||||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||||||||||||||||||
| Average | Average | Average | ||||||||||||||||||||||||||||||
| Interest-earning assets: | Balance | Interest | Rate (7) | Balance | Interest | Rate (7) | Balance | Interest | Rate (7) | |||||||||||||||||||||||
| Investment securities (1) (2) | $ | 1,307,184 | $ | 13,302 | 4.13 | % | $ | 1,329,393 | $ | 14,154 | 4.22 | % | $ | 745,873 | $ | 6,375 | 3.47 | % | ||||||||||||||
| Loans receivable and loans held-for-sale (2) (3) (4) | 11,537,770 | 168,945 | 5.94 | 11,288,646 | 168,167 | 5.91 | 8,209,014 | 115,883 | 5.73 | |||||||||||||||||||||||
| Federal funds sold and interest- | ||||||||||||||||||||||||||||||||
| bearing deposits with banks | 264,232 | 2,387 | 3.66 | 425,840 | 4,249 | 3.96 | 229,491 | 2,466 | 4.36 | |||||||||||||||||||||||
| Restricted investment in bank stock | 51,608 | 935 | 7.35 | 49,174 | 936 | 7.55 | 40,334 | 889 | 8.94 | |||||||||||||||||||||||
| Total interest-earning assets | 13,160,794 | 185,569 | 5.72 | 13,093,053 | 187,506 | 5.68 | 9,224,712 | 125,613 | 5.52 | |||||||||||||||||||||||
| Allowance for loan losses | (154,481 | ) | (158,576 | ) | (84,027 | ) | ||||||||||||||||||||||||||
| Noninterest-earning assets | 993,268 | 1,028,661 | 607,920 | |||||||||||||||||||||||||||||
| Total assets | $ | 13,999,581 | $ | 13,963,138 | $ | 9,748,605 | ||||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||
| Money market deposits | 2,903,419 | 20,146 | 2.81 | 2,919,230 | 21,882 | 2.97 | 1,572,287 | 11,287 | 2.91 | |||||||||||||||||||||||
| Savings deposits | 1,014,568 | 6,304 | 2.52 | 1,012,567 | 7,233 | 2.83 | 656,789 | 5,227 | 3.23 | |||||||||||||||||||||||
| Time deposits | 2,901,327 | 26,713 | 3.73 | 2,946,459 | 28,520 | 3.84 | 2,480,990 | 25,154 | 4.11 | |||||||||||||||||||||||
| Other interest-bearing deposits | 2,078,500 | 12,519 | 2.44 | 1,975,750 | 13,219 | 2.65 | 1,659,055 | 12,324 | 3.01 | |||||||||||||||||||||||
| Total interest-bearing deposits | 8,897,814 | 65,682 | 2.99 | 8,854,006 | 70,854 | 3.17 | 6,369,121 | 53,992 | 3.44 | |||||||||||||||||||||||
| Borrowings | 833,551 | 5,513 | 2.68 | 781,388 | 4,582 | 2.33 | 686,391 | 3,725 | 2.20 | |||||||||||||||||||||||
| Subordinated debentures | 201,928 | 4,385 | 8.81 | 201,741 | 4,294 | 8.44 | 79,988 | 1,298 | 6.58 | |||||||||||||||||||||||
| Finance lease | 921 | 13 | 5.72 | 995 | 15 | 5.98 | 1,210 | 18 | 6.03 | |||||||||||||||||||||||
| Total interest-bearing liabilities | 9,934,214 | 75,593 | 3.09 | 9,838,130 | 79,745 | 3.22 | 7,136,710 | 59,033 | 3.35 | |||||||||||||||||||||||
| Noninterest-bearing demand deposits | 2,384,883 | 2,473,596 | 1,305,722 | |||||||||||||||||||||||||||||
| Other liabilities | 85,785 | 93,046 | 51,800 | |||||||||||||||||||||||||||||
| Total noninterest-bearing liabilities | 2,470,668 | 2,566,642 | 1,357,522 | |||||||||||||||||||||||||||||
| Stockholders' equity | 1,594,699 | 1,558,366 | 1,254,373 | |||||||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 13,999,581 | $ | 13,963,138 | $ | 9,748,605 | ||||||||||||||||||||||||||
| Net interest income (tax equivalent basis) | 109,976 | 107,761 | 66,580 | |||||||||||||||||||||||||||||
| Net interest spread (5) | 2.63 | % | 2.46 | % | 2.17 | % | ||||||||||||||||||||||||||
| Net interest margin (6) | 3.39 | % | 3.27 | % | 2.93 | % | ||||||||||||||||||||||||||
| Tax equivalent adjustment | (1,172 | ) | (1,166 | ) | (824 | ) | ||||||||||||||||||||||||||
| Net interest income | $ | 108,804 | $ | 106,595 | $ | 65,756 | ||||||||||||||||||||||||||
| (1) Average balances are calculated on amortized cost. | ||||||||||||||||||||||||||||||||
| (2) Interest income is presented on a tax equivalent basis using | ||||||||||||||||||||||||||||||||
| (3) Includes loan fee income. | ||||||||||||||||||||||||||||||||
| (4) Loans include nonaccrual loans. | ||||||||||||||||||||||||||||||||
| (5) Represents difference between the average yield on interest-earning assets and the average cost of interest-bearing | ||||||||||||||||||||||||||||||||
| liabilities and is presented on a tax equivalent basis. | ||||||||||||||||||||||||||||||||
| (6) Represents net interest income on a tax equivalent basis divided by average total interest-earning assets. | ||||||||||||||||||||||||||||||||
| (7) Rates are annualized. | ||||||||||||||||||||||||||||||||
