Connectone Bank Mortgage Rates, Fees & Info

Englewood Cliffs, NJ

LEI: 549300X03SL4SM0F3U87

Tax ID: 20-1172127

2021 Data | 2020 Data | 2019 Data | 2018 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

Item Value (in 000's)
Total interest income $301,739
Net interest income $269,871
Total noninterest income $15,868
Gross Fiduciary activities income $0
Service charges on deposit accounts $2,587
Trading account gains and fees $0
Additional Noninterest Income $13,281
Pre-tax net operating income $182,295
Securities gains (or losses, -) $-123
Income before extraordinary items $137,467
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $137,467
Minority interest net income $0
Net income $137,467
Sale, conversion, retirement of capital stock, net $4,419
Net operating income $137,564

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.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 2.0%
HELOC loans 1.0%
All other family 2.0%
Commercial & industrial loans 3.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

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