Connectone Bank Mortgage Rates, Fees & Info
Englewood Cliffs, NJ
LEI: 549300X03SL4SM0F3U87
Tax ID: 20-1172127
Jump to:
Mortgage Data
Bank Data
Overview
Connectone Bank is a
small
bank
specializing in
Refi and Home Purchase loans.
Connectone Bank has a high proportion of conventional loans.
Their top markets include New York, Philadelphia, Allentown, Poughkeepsie, and Norwich among others. Connectone Bank has
an above average
approval rate for mortages when compared nationally.
They have
a below average
pick rate when compared to the same sample of other lendors.
Originations
422
Origination Dollar Volume (All Markets)
$1,169,320,000
Employee count
443
Top Markets
| Market |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
|
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA)
|
380
|
$1,062,800,000 |
$2,796,842 |
$0 |
0.00% |
|
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA)
|
21
|
$63,605,000 |
$3,028,810 |
$0 |
0.00% |
|
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA)
|
4
|
$14,910,000 |
$3,727,500 |
$0 |
0.00% |
|
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA)
|
7
|
$14,205,000 |
$2,029,286 |
$0 |
0.00% |
|
NORWICH-NEW LONDON, CT (FHA|USDA|VA)
|
2
|
$3,910,000 |
$1,955,000 |
$0 |
0.00% |
|
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA)
|
1
|
$3,235,000 |
$3,235,000 |
$0 |
0.00% |
|
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA)
|
3
|
$2,815,000 |
$938,333 |
$0 |
0.00% |
|
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA)
|
1
|
$1,705,000 |
$1,705,000 |
$0 |
0.00% |
|
GLENS FALLS, NY (FHA|USDA|VA)
|
1
|
$805,000 |
$805,000 |
$0 |
0.00% |
|
Torrington, CT (FHA|USDA|VA)
|
1
|
$725,000 |
$725,000 |
$0 |
0.00% |
|
TRENTON-PRINCETON, NJ (FHA|USDA|VA)
|
1
|
$605,000 |
$605,000 |
$0 |
0.00% |
Connectone Bank's top markets include New York, Philadelphia, Allentown, Poughkeepsie, and Norwich among others.
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
422 |
$1,169,320,000 |
$2,770,900 |
$0 |
0.00% |
For the 2021 period, Connectone Bank's most frequently
originated loan type
of loans were Conventional, with 422 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Refi |
208 |
$552,810,000 |
$2,657,740 |
$0 |
0.00% |
| Home Purchase |
192 |
$569,440,000 |
$2,965,833 |
$0 |
0.00% |
| Cash Out Refi |
11 |
$5,845,000 |
$531,364 |
$0 |
0.00% |
| Home Improvement |
10 |
$41,020,000 |
$4,102,000 |
$0 |
0.00% |
| Other |
1 |
$205,000 |
$205,000 |
$0 |
0.00% |
For the 2021, Connectone Bank's most frequently cited loan
purpose
of loans were Refi, with 208
originations.
The 2nd most popular reason of loans were Home Purchase,
with 192 originations.
Loan Duration/Length
| Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Other |
422 |
$1,169,320,000 |
$2,770,900 |
$0 |
0.00% |
For the 2021, Connectone Bank's most frequently cited loan
length
of loans were Other, with 422 originations.
Loan Sizing
| Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $1MM+ |
286 |
$1,086,280,000 |
$3,798,182 |
$0 |
0.00% |
| $600k-1MM |
80 |
$63,330,000 |
$791,625 |
$0 |
0.00% |
| $400k-600k |
24 |
$12,160,000 |
$506,667 |
$0 |
0.00% |
| $200k-400k |
20 |
$6,090,000 |
$304,500 |
$0 |
0.00% |
| $100k-200k |
8 |
$1,210,000 |
$151,250 |
$0 |
0.00% |
| $100,000 or less |
4 |
$250,000 |
$62,500 |
$0 |
0.00% |
2021 saw Connectone Bank place emphasis on
$1MM+ loans
with 286 originations, totaling
$1,086,280,000 in origination value.
Applicant Income
| Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $250k+ |
22 |
$22,220,000 |
$1,010,000 |
$0 |
0.00% |
| $100k-150k |
9 |
$1,895,000 |
$210,556 |
$0 |
0.00% |
| $150k-250k |
8 |
$2,470,000 |
$308,750 |
$0 |
0.00% |
| $50k-75k |
3 |
$515,000 |
$171,667 |
$0 |
0.00% |
| $50k or less |
1 |
$105,000 |
$105,000 |
$0 |
0.00% |
| $75k-100k |
1 |
$285,000 |
$285,000 |
$0 |
0.00% |
Connectone Bank lent most frequently to those with incomes in the
$250k+ range, with
22 originations.
The second most popular income band? $100k-150k,
with 9 originations.
Applicant Debt to Income Ratio
| DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Exempt% |
422 |
$1,169,320,000 |
$2,770,900 |
$0 |
0.00% |
Connectone Bank lent most frequently to those with DTI ratios
of Exempt%, with
422 originations.
Ethnicity Mix
| Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Not applicable |
378 |
$1,141,830,000 |
$3,020,714 |
$0 |
0.00% |
| White |
33 |
$21,025,000 |
$637,121 |
$0 |
0.00% |
| Not provided |
7 |
$5,825,000 |
$832,143 |
$0 |
0.00% |
| Asian |
4 |
$640,000 |
$160,000 |
$0 |
0.00% |
Approval Rates
Total approvals of all applications
92.71%
Connectone Bank has an average approval rate.
Pick Rate
Approvals leading to origination
85.45%
Connectone Bank has an average pick rate.
Points and Fees
| Points |
Originations |
Total Value |
Average Loan |
| Exempt |
422 |
$1,169,320,000 |
$2,770,900 |
Occupancy Type Mix
| Dwelling Type |
Originations |
Total Value |
Average Loan |
|
422 |
$1,169,320,000 |
$2,770,900 |
Bank Details
Branches
| Bank Name |
Branch |
Branch Type |
Deposits (000's) |
| Connectone Bank |
48 South Service Road Melville, NY 11747 |
Full Service B&M
|
$325,452 |
| Connectone Bank |
1 Union Avenue Cresskill, NJ 7626 |
Full Service B&M
|
$92,968 |
| Connectone Bank |
12 East Palisades Avenue Englewood, NJ 7631 |
Full Service B&M
|
$96,704 |
| Connectone Bank |
1365 Palisade Avenue Fort Lee, NJ 7024 |
Full Service B&M
|
$354,773 |
| Connectone Bank |
142 John Street Hackensack, NJ 7601 |
Full Service B&M
|
$175,695 |
| Connectone Bank |
155 White Plains Road, Suite 200 Tarrytown, NY 10591 |
Full Service B&M
|
$38,505 |
| Connectone Bank |
170 East Erie Street Blauvelt, NY 10913 |
Full Service B&M
|
$35,130 |
| Connectone Bank |
171 East Ridgewood Avenue Ridgewood, NJ 7450 |
Full Service B&M
|
$140,006 |
| Connectone Bank |
171 East Saddle River Road Saddle River, NJ 7458 |
Full Service B&M
|
$180,626 |
| Connectone Bank |
214 South Street Morristown, NJ 7960 |
Full Service B&M
|
$299,434 |
| Connectone Bank |
217 Chestnut Street Newark, NJ 7105 |
Full Service B&M
|
$307,677 |
| Connectone Bank |
2455 Morris Avenue Union, NJ 7083 |
Full Service B&M
|
$399,218 |
| Connectone Bank |
301 Sylvan Avenue Englewood Cliffs, NJ 7632 |
Full Service B&M
|
$2,377,893 |
| Connectone Bank |
320 Haworth Avenue Haworth, NJ 7641 |
Full Service B&M
|
$76,030 |
| Connectone Bank |
356 Chestnut Street Union, NJ 7083 |
Full Service B&M
|
$123,854 |
| Connectone Bank |
36-19 Broadway Astoria, NY 11106 |
Full Service B&M
|
$196,644 |
| Connectone Bank |
485 Schutt Road Ext Middletown, NY 10940 |
Full Service B&M
|
$90,356 |
| Connectone Bank |
512 Springfield Avenue Berkeley Heights, NJ 7922 |
Full Service B&M
|
$78,428 |
| Connectone Bank |
545 Morris Ave Summit, NJ 7901 |
Full Service B&M
|
$120,025 |
| Connectone Bank |
551 Madison Avenue New York, NY 10022 |
Full Service B&M
|
$97,677 |
| Connectone Bank |
567 North Broadway White Plains, NY 10603 |
Full Service B&M
|
$50,139 |
| Connectone Bank |
5914 Park Avenue West New York, NJ 7093 |
Full Service B&M
|
$44,663 |
| Connectone Bank |
715 Route 304 Bardonia, NY 10954 |
Full Service B&M
|
$158,913 |
| Connectone Bank |
783 Mountain Avenue Springfield, NJ 7081 |
Full Service B&M
|
$161,863 |
| Connectone Bank |
899 Palisades Avenue Fort Lee, NJ 7024 |
Full Service B&M
|
$93,731 |
| Connectone Bank |
963 Holmdel Road Holmdel, NJ 7733 |
Full Service B&M
|
$108,432 |
For 2021, Connectone Bank had 26 branches.
Yearly Performance Overview
Bank Income
Connectone Bank's gross interest income from loans was $301,739,000.
Connectone Bank's net interest income from loans was $269,871,000.
Connectone Bank's fee based income from loans was $2,587,000.
Connectone Bank's net income from loans was $137,467,000.
Bank Expenses
| Item |
Value (in 000's) |
| Total interest expense |
$31,868 |
| Provision for credit losses |
$-5,500 |
| Total noninterest expense |
$108,944 |
| Salaries and employee benefits |
$64,072 |
| Premises and equipment expense |
$12,342 |
| Additional noninterest expense |
$32,530 |
| Applicable income taxes |
$44,705 |
| Net charge-offs |
$1,992 |
| Cash dividends |
$23,958 |
Connectone Bank's interest expense for loans was $31,868,000.
Connectone Bank's payroll and benefits expense were $64,072,000.
Connectone Bank's property, plant and equipment expenses $12,342,000.
Deposits
| Type |
Value (in 000's) |
| Total deposits |
$6,466,601 |
| Deposits held in domestic offices |
$6,466,601 |
| Deposits by Individuals, partnerships, and corporations |
$5,490,463 |
| Deposits by U.S. Government |
$0 |
| Deposits by States and political subdivisions in the U.S. |
$691,869 |
| Deposits by Commercial banks and other depository institutions in U.S. |
$284,269 |
| Deposits by Banks in foreign countries |
$0 |
| Deposits by Foreign governments and official institutions |
$0 |
| Transaction accounts |
$3,307,572 |
| Demand deposits |
$2,305,598 |
| Nontransaction accounts |
$3,159,029 |
| Money market deposit accounts (MMDAs) |
$1,570,477 |
| Other savings deposits (excluding MMDAs) |
$438,441 |
| Total time deposits |
$1,150,111 |
| Total time and savings deposits |
$4,161,003 |
| Noninterest-bearing deposits |
$1,750,697 |
| Interest-bearing deposits |
$4,715,904 |
| Retail deposits |
$5,471,726 |
| IRAs and Keogh plan accounts |
$72,683 |
| Brokered deposits |
$744,351 |
| Deposits held in foreign offices |
$0 |
Assets
| Asset |
Value (in 000's) |
| Total Assets |
$8,128,599 |
| Cash & Balances due from depository institutions |
$265,686 |
| Interest-bearing balances |
$211,334 |
| Total securities |
$547,426 |
| Federal funds sold & reverse repurchase |
$0 |
| Net loans and leases |
$6,750,099 |
| Loan and leases loss allowance |
$78,773 |
| Trading account assets |
$0 |
| Bank premises and fixed assets |
$27,846 |
| Other real estate owned |
$0 |
| Goodwill and other intangibles |
$217,369 |
| All other assets |
$320,173 |
Liabilities
| Liabilities |
Value (in 000's) |
| Total liabilities and capital |
$8,128,599 |
| Total Liabilities |
$7,017,079 |
| Total deposits |
$6,466,601 |
| Interest-bearing deposits |
$4,715,904 |
| Deposits held in domestic offices |
$6,466,601 |
| % insured (estimated) |
$50 |
| Federal funds purchased and repurchase agreements |
$0 |
| Trading liabilities |
$0 |
| Other borrowed funds |
$470,128 |
| Subordinated debt |
$32,250 |
| All other liabilities |
$48,100 |
Issued Loan Types
| Type |
Value (in 000's) |
| Net loans and leases |
$6,750,099 |
| Loan and leases loss allowance |
$78,773 |
| Total loans and leases (domestic) |
$6,828,872 |
| All real estate loans |
$5,790,749 |
| Real estate loans in domestic offices |
$5,790,749 |
| Construction and development loans |
$688,091 |
| Residential 1-4 family construction |
$88,154 |
| Other construction, all land development and other land |
$599,937 |
| Loans secured by nonfarm nonresidential properties |
$2,186,220 |
| Nonfarm nonresidential secured by owner-occupied properties |
$710,164 |
| Commercial real estate & other non-farm, non-residential |
$1,476,056 |
| Multifamily residential real estate |
$2,337,712 |
| 1-4 family residential loans |
$578,726 |
| Farmland loans |
$0 |
| Loans held in foreign offices |
$0 |
| Farm loans |
$0 |
| Commercial and industrial loans |
$850,680 |
| To non-U.S. addressees |
$0 |
| Loans to individuals |
$667 |
| Credit card loans |
$373 |
| Related Plans |
$116 |
| Consumer Auto Loans |
$0 |
| Other loans to individuals |
$178 |
| All other loans & leases |
$196,504 |
| Loans to foreign governments and official institutions |
$0 |
| Other loans |
$170,070 |
| Loans to depository institutions and acceptances of other banks |
$0 |
| Loans not secured by real estate |
$37,910 |
| Loans secured by real estate to non-U.S. addressees |
$0 |
| Restructured Loans & leases |
$42,095 |
| Non 1-4 family restructured loans & leases |
$34,699 |
| Total loans and leases (foreign) |
$0 |
ConnectOne Bank had $6,750,099,000 of loans outstanding in 2021. $5,790,749,000 of loans were in real estate loans.
$688,091,000 of loans were in development loans. $2,337,712,000 of loans were in multifamily mortgage loans.
$578,726,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $373,000
of loans were in credit card loans. $0 of loans were in the auto loan category.
Small Business Loans
| Categorization |
# of Loans in Category |
$ amount of loans (in 000's) |
Average $/loan |
| Nonfarm, nonresidential loans - <$1MM |
557 |
$250,537 |
$449,797 |
| Nonfarm, nonresidential loans - <$100k |
19 |
$1,120 |
$58,947 |
| Nonfarm, nonresidential loans - $100-250k |
79 |
$10,492 |
$132,810 |
| Nonfarm, nonresidential loans - $250k-1MM |
459 |
$238,925 |
$520,534 |
| Commercial & Industrial, US addressed loans - <$1MM |
965 |
$183,902 |
$190,572 |
| Commercial & Industrial, US addressed loans - <$100k |
402 |
$14,411 |
$35,848 |
| Commercial & Industrial, US addressed loans - $100-250k |
233 |
$30,919 |
$132,700 |
| Commercial & Industrial, US addressed loans - $250k-1MM |
330 |
$138,572 |
$419,915 |
