Connectone Bank Mortgage Rates, Fees & Info

Englewood Cliffs, NJ

LEI: 549300X03SL4SM0F3U87

Tax ID: 20-1172127

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Connectone Bank is a smaller bank specializing in Home Purchase and Refi loans. Connectone Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: New York, Philadelphia, Miami, North Port, and Trenton among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Connectone Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    253

    Origination Dollar Volume (All Markets)

    $339,935,000

    Employee count

    311

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 240 $331,090,000 $1,379,542 $0 0.00%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $3,905,000 $3,905,000 $0 0.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 5 $2,235,000 $447,000 $0 0.00%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $705,000 $705,000 $0 0.00%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $645,000 $645,000 $0 0.00%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $540,000 $270,000 $0 0.00%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $365,000 $365,000 $0 0.00%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
    Outside of Metro Areas 1 $225,000 $225,000 $0 0.00%
    Connectone Bank's top markets include New York, Philadelphia, Miami, North Port, and Trenton among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 251 $339,605,000 $1,353,008 $0 0.00%
    FHA 2 $330,000 $165,000 $0 0.00%

    For 2018, Connectone Bank's most frequently originated type of loan was Conventional, with 251 originations. Their 2nd most popular type was FHA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 137 $205,455,000 $1,499,672 $0 0.00%
    Refi 66 $107,220,000 $1,624,545 $0 0.00%
    Cash Out Refi 49 $26,255,000 $535,816 $0 0.00%
    Home Improvement 1 $1,005,000 $1,005,000 $0 0.00%

    For 2018, Connectone Bank's most frequently cited loan purpose was Home Purchase, with 137 originations. The 2nd most popular reason was Refi, with 66 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 253 $339,935,000 $1,343,617 $0 0.00%

    For 2018, Connectone Bank's most frequently cited loan duration was Other, with 253 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 75 $262,235,000 $3,496,467 $0 0.00%
    $200k-400k 49 $14,965,000 $305,408 $0 0.00%
    $600k-1MM 48 $36,200,000 $754,167 $0 0.00%
    $400k-600k 47 $22,425,000 $477,128 $0 0.00%
    $100k-200k 23 $3,305,000 $143,696 $0 0.00%
    $100,000 or less 11 $805,000 $73,182 $0 0.00%

    2018 saw Connectone Bank place emphasis on $1MM+ loans with 75 originations, totaling $262,235,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 42 $15,960,000 $380,000 $0 0.00%
    $250k+ 38 $35,660,000 $938,421 $0 0.00%
    $100k-150k 32 $9,920,000 $310,000 $0 0.00%
    $75k-100k 11 $2,475,000 $225,000 $0 0.00%
    $50k-75k 10 $1,460,000 $146,000 $0 0.00%
    $50k or less 3 $495,000 $165,000 $0 0.00%

    Connectone Bank lent most frequently to those with incomes in the $150k-250k range, with 42 originations. The second most popular income band? $250k+, with 38 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 253 $339,935,000 $1,343,617 $0 0.00%

    Connectone Bank lent most frequently to those with DTI ratios of Exempt%, with 253 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 117 $273,965,000 $2,341,581 $0 0.00%
    White 114 $59,540,000 $522,281 $0 0.00%
    Asian 12 $3,690,000 $307,500 $0 0.00%
    Not provided 7 $2,195,000 $313,571 $0 0.00%
    Black 3 $545,000 $181,667 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.97%

    Connectone Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.49%

    Connectone Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 253 $339,935,000 $1,343,617

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 97 $261,175,000 $2,692,526
    Single Family (1-4 Units):Site-Built 156 $78,760,000 $504,872

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    ConnectOne Bank 1 Union Avenue Cresskill, NJ 7626 Full Service B&M $84,594
    ConnectOne Bank 104 Ely Place Boonton, NJ 7005 Full Service B&M $52,904
    ConnectOne Bank 12 East Palisades Avenue Englewood, NJ 7631 Full Service B&M $51,465
    ConnectOne Bank 142 John Street Hackensack, NJ 7601 Full Service B&M $63,216
    ConnectOne Bank 171 East Ridgewood Avenue Ridgewood, NJ 7450 Full Service B&M $121,649
    ConnectOne Bank 171 East Saddle River Road Saddle River, NJ 7458 Full Service B&M $66,479
    ConnectOne Bank 2003 Morris Avenue Union, NJ 7083 Full Service B&M $203,135
    ConnectOne Bank 214 South Street Morristown, NJ 7960 Full Service B&M $224,365
    ConnectOne Bank 217 Chestnut Street Newark, NJ 7105 Full Service B&M $197,577
    ConnectOne Bank 2455 Morris Avenue Union, NJ 7083 Full Service B&M $141,818
    ConnectOne Bank 300 Main Street Madison, NJ 7940 Full Service B&M $54,873
    ConnectOne Bank 301 Sylvan Avenue Englewood Cliffs, NJ 7632 Full Service B&M $1,998,351
    ConnectOne Bank 344 Nassau Street Princeton, NJ 8540 Full Service B&M $24,294
    ConnectOne Bank 356 Chestnut Street Union, NJ 7083 Full Service B&M $97,263
    ConnectOne Bank 48 South Service Road Melville, NY 11747 Full Service B&M $56,375
    ConnectOne Bank 512 Springfield Avenue Berkeley Heights, NJ 7922 Full Service B&M $73,154
    ConnectOne Bank 545 Morris Ave Summit, NJ 7901 Full Service B&M $39,487
    ConnectOne Bank 551 Madison Avenue New York, NY 10022 Full Service B&M $53,590
    ConnectOne Bank 5914 Park Avenue West New York, NJ 7093 Full Service B&M $44,123
    ConnectOne Bank 783 Mountain Avenue Springfield, NJ 7081 Full Service B&M $126,703
    ConnectOne Bank 899 Palisades Avenue Fort Lee, NJ 7024 Full Service B&M $89,517
    ConnectOne Bank 963 Holmdel Road Holmdel, NJ 7733 Full Service B&M $59,617

    For 2018, Connectone Bank had 22 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $216,126
    Net interest income $162,794
    Total noninterest income $5,739
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,524
    Trading account gains and fees $0
    Additional Noninterest Income $4,215
    Pre-tax net operating income $76,980
    Securities gains (or losses, -) $-263
    Income before extraordinary items $65,935
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $65,935
    Minority interest net income $0
    Net income $65,935
    Sale, conversion, retirement of capital stock, net $1,064
    Net operating income $66,161

    Connectone Bank's gross interest income from loans was $216,126,000.
    Connectone Bank's net interest income from loans was $162,794,000.
    Connectone Bank's fee based income from loans was $1,524,000.
    Connectone Bank's net income from loans was $65,935,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $53,332
    Provision for credit losses $21,100
    Total noninterest expense $70,453
    Salaries and employee benefits $39,584
    Premises and equipment expense $8,312
    Additional noninterest expense $22,557
    Applicable income taxes $10,782
    Net charge-offs $17,894
    Cash dividends $16,700

    Connectone Bank's interest expense for loans was $53,332,000.
    Connectone Bank's payroll and benefits expense were $39,584,000.
    Connectone Bank's property, plant and equipment expenses $8,312,000.

    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 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 1.0%
    All other family 0.0%
    Commercial & industrial loans 4.0%
    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 $4,114,163
    Deposits held in domestic offices $4,114,163
    Deposits by Individuals, partnerships, and corporations $3,457,178
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $446,067
    Deposits by Commercial banks and other depository institutions in U.S. $210,918
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $440,556
    Demand deposits $161,434
    Nontransaction accounts $3,673,607
    Money market deposit accounts (MMDAs) $951,276
    Other savings deposits (excluding MMDAs) $1,356,281
    Total time deposits $1,366,050
    Total time and savings deposits $3,952,729
    Noninterest-bearing deposits $790,655
    Interest-bearing deposits $3,323,508
    Retail deposits $3,132,568
    IRAs and Keogh plan accounts $47,105
    Brokered deposits $723,224
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $5,461,570
    Cash & Balances due from depository institutions $172,688
    Interest-bearing balances $133,527
    Total securities $422,545
    Federal funds sold & reverse repurchase $0
    Net loans and leases $4,506,138
    Loan and leases loss allowance $34,954
    Trading account assets $0
    Bank premises and fixed assets $18,295
    Other real estate owned $0
    Goodwill and other intangibles $147,646
    All other assets $194,258

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $5,461,570
    Total Liabilities $4,769,054
    Total deposits $4,114,163
    Interest-bearing deposits $3,323,508
    Deposits held in domestic offices $4,114,163
    % insured (estimated) $58
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $602,495
    Subordinated debt $32,250
    All other liabilities $20,146

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $4,506,138
    Loan and leases loss allowance $34,954
    Total loans and leases (domestic) $4,541,092
    All real estate loans $3,778,878
    Real estate loans in domestic offices $3,778,878
    Construction and development loans $613,968
    Residential 1-4 family construction $211,615
    Other construction, all land development and other land $402,353
    Loans secured by nonfarm nonresidential properties $1,134,962
    Nonfarm nonresidential secured by owner-occupied properties $374,650
    Commercial real estate & other non-farm, non-residential $760,312
    Multifamily residential real estate $1,562,195
    1-4 family residential loans $467,753
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $624,462
    To non-U.S. addressees $0
    Loans to individuals $1,197
    Credit card loans $843
    Related Plans $139
    Consumer Auto Loans $8
    Other loans to individuals $207
    All other loans & leases $140,362
    Loans to foreign governments and official institutions $0
    Other loans $123,622
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $39,372
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $8,104
    Non 1-4 family restructured loans & leases $7,475
    Total loans and leases (foreign) $0

    ConnectOne Bank had $4,506,138,000 of loans outstanding in 2018. $3,778,878,000 of loans were in real estate loans. $613,968,000 of loans were in development loans. $1,562,195,000 of loans were in multifamily mortgage loans. $467,753,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $843,000 of loans were in credit card loans. $8,000 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 355 $137,027 $385,992
    Nonfarm, nonresidential loans - <$100k 24 $1,139 $47,458
    Nonfarm, nonresidential loans - $100-250k 72 $10,293 $142,958
    Nonfarm, nonresidential loans - $250k-1MM 259 $125,595 $484,923
    Commercial & Industrial, US addressed loans - <$1MM 498 $98,117 $197,022
    Commercial & Industrial, US addressed loans - <$100k 183 $6,017 $32,880
    Commercial & Industrial, US addressed loans - $100-250k 130 $18,518 $142,446
    Commercial & Industrial, US addressed loans - $250k-1MM 185 $73,582 $397,741