Connectone bancorp, inc. (CNOB)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash flows from operating activities
Cash flows from operating activities
Net income

73,395

60,352

43,220

31,082

41,311

18,565

19,925

17,507

13,926

7,004

3,771

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment

3,053

3,062

3,151

2,704

2,309

2,045

886

914

983

1,165

1,451

Provision for loan losses

8,100

21,100

6,000

38,700

12,605

4,683

350

325

-

-

-

Increase to valuation allowance, loans held-for-sale

-

-

15,592

-

0

-

-

-

-

-

-

Amortization of intangibles

1,408

627

724

820

917

-

-

-

-

-

-

Net accretion of loans

5,056

1,127

2,073

4,280

5,052

-

-

-

-

-

-

Accretion on bank premises

86

67

74

132

108

-

-

-

-

-

-

Accretion on deposits

1,149

57

31

172

470

-

-

-

-

-

-

Amortization on borrowings, net

-209

76

203

307

441

-

-

-

-

-

-

Net deferred income tax expense

104

926

3,699

1,969

-3,493

184

1,739

1,912

3,406

51

819

Provision for loan and lease losses

-

-

-

-

-

-

-

-

2,448

5,076

4,597

Stock-based compensation

2,942

1,884

1,778

2,113

747

223

59

39

35

51

77

Net other-than-temporary impairment losses

-

-

-

-

-

-

652

870

342

5,576

4,238

Gains on sales of securities available-for-sale, net

-280

-

1,596

4,234

3,931

2,818

2,363

2,882

3,976

4,237

4,729

Gains on equity securities, net

-294

267

-

-

-

-

-

-

-

-

-

Gains on sale of loans held-for-sale, net

512

61

708

232

327

261

294

484

251

-140

-5

Loans originated for resale

20,499

4,121

9,083

10,004

20,834

10,994

14,816

22,013

14,357

8,347

3,453

Proceeds from sale of loans held-for-sale

21,011

4,552

63,731

-

-

-

-

-

-

-

-

Proceeds from sale of loans held-for-sale

-

-

-

10,048

21,161

11,445

16,601

22,024

13,923

8,154

3,458

Net (gains) losses on disposition of premises and equipment

8

-26

8

57

0

-

2

-

0

-427

-

Net loss on sale of other real estate owned

8

-192

-82

182

-164

-23

-75

-9

-5

207

905

Loss on extinguishment of debt

-1,047

-

-

-

-2,397

-

-

-

-

-

-

Life insurance death benefit

-

-

-

-

-

-

-291

-

0

-

-136

Decrease in prepaid FDIC insurance assessments

-

-

-

-

-

-

-

-

-1,698

-1,792

-

Increase in cash surrender value of bank owned life insurance

3,484

3,094

2,952

2,559

1,782

1,303

1,073

1,018

1,038

1,226

1,020

Amortization of premiums and accretion of discounts on securities available-for-sale

-4,299

-3,233

-2,631

-1,692

-1,793

-2,074

-3,316

-4,589

-4,012

2,979

-793

Amortization of subordinated debentures issuance costs

329

332

165

191

89

-

-

-

-

-

-

Increase in accrued interest receivable

301

2,744

2,505

420

845

428

233

241

2,085

101

-121

Net change in operating leases

1,312

-

-

-

-

-

-

-

-

-

-

Decrease in other assets

22,619

1,134

-5,706

15,006

-1,101

-2,200

-414

1,465

402

-1,642

1,732

Decrease in other liabilities

-2,785

4,988

3,887

-2,022

-1,080

377

-1,792

980

-585

-2,426

-480

Net cash provided by operating activities

60,688

89,060

131,133

49,712

46,231

26,015

23,153

21,066

18,084

17,647

8,675

Cash flows from investing activities
Cash flows from investing activities
Securities available-for-sale:
Purchases

225,853

140,013

224,621

165,527

37,403

37,886

155,464

207,880

400,644

791,156

785,044

Sales

183,728

-

29,543

85,253

65,231

80,449

122,165

130,059

254,821

644,075

665,828

Maturities, calls and principal repayments

178,116

141,859

109,104

137,587

62,007

33,496

46,378

48,406

48,029

67,960

58,206

Sales of equity securities

569

-

-

-

-

-

-

-

-

-

-

Investment securities held-to-maturity:
Purchases

-

-

-

1,000

17,531

20,860

23,531

16,606

13,118

0

-

Maturities and principal repayments

-

-

-

14,757

17,520

10,766

3,830

30,258

7,475

0

-

Net purchases of restricted investment in bank stocks

-3,739

-2,361

9,187

-8,302

9,077

903

22

-319

-363

-1,076

442

Payments on loans held-for-sale

47

159

3,122

-

0

-

-

-

-

-

-

Net increase in loans

243,430

362,625

714,159

490,777

557,881

279,270

71,761

83,478

49,223

-8,348

45,543

Purchases of bank owned life insurance

10,000

-

10,000

16,999

24,501

-

-

5,000

0

6,000

2,475

Purchases of premises and equipment

1,527

2,051

2,661

2,702

3,881

2,037

973

842

316

300

742

Proceeds from sale of OREO

915

884

1,124

2,992

769

1,544

1,230

500

33

1,720

3,520

Capital Leases, Income Statement, Direct Financing Lease Revenue

-

-

-

-

-

-

-

-

-

3,700

-

Bargain gain on acquisition

-

-

-

-

-

-

-

899

0

0

-

Net cash and cash equivalents acquired

-

-

-

-

-

70,318

-

6,195

0

-

-

Cash consideration paid in acquisition

-

-

-

-

-

-

-

10,251

0

0

-

Redemption of bank-owned life insurance

-

-

-

-

-

-

-

-

-

5,610

-

Proceeds from life insurance death benefits

-

585

-

-

-

-

592

-

0

15

266

Capital expenditure addition to other real estate owned

-

-

-

-

-

-

-

-

-

-

-476

Proceeds from sale of premises and equipment

18

1,627

8

445

0

-

2

-

0

1

1

Net cash used in investing activities

-102,467

-357,214

-817,727

-427,669

-504,747

-144,383

-77,554

-108,320

-152,580

-68,651

-106,901

Cash flows from financing activities
Cash flows from financing activities
Net (decrease) increase in deposits

260,489

297,021

450,888

553,477

315,829

82,260

35,083

100,271

261,083

46,627

154,168

Increase in subordinated debentures

-

73,525

-

-

50,000

-

-

-

-

-

-

Advances of Federal Home Loan Bank ("FHLB") borrowings

2,597,000

1,733,000

1,280,000

375,000

848,875

-

-

-

-

-

-

Repayments of FHLB borrowings

2,762,150

1,803,000

1,071,000

570,000

656,400

-

-

-

-

-

-

Repayment of repurchase agreement

-

-

15,000

-

18,397

-

-

-

-

-

-

Payments on borrowings

-

-

-

-

-

75,000

-

15,000

10,000

52,144

153

Cash dividends paid on common stock

12,160

9,664

9,612

9,067

8,996

6,940

4,254

2,778

1,955

1,800

3,166

Net increase in borrowings

-

-

-

-

-

161,183

-

-

-

-

-

Net decrease in short-term borrowings

-

-

-

-

-

-

-

-

-41,855

-4,254

966

Cash dividends paid on preferred stock

-

-

-

22

112

140

141

363

417

500

425

Proceeds from issuance of shares from stock offering

-

-

-

-

-

-

-

-

-

12,148

-

Proceeds from issuance of Series A preferred stock and warrants

-

-

-

-

-

-

-

-

-

-

10,000

Proceeds from issuance of shares from stock offering or rights offering

-

-

-

-

-

-

-

-

-

-

11,000

Common stock issuance costs

-

-

-

-

-

7

13

8

-

770

-

Redemption of preferred stock

-

-

-

11,250

0

-

-

-

-

-

-

Issuance cost of common stock

-

-

180

-

0

-

-

-

5

6

11

Repurchase of treasury stock

12,643

-

-

-

-

-

-

-

-

-

-

Secondary offering of common stock

-

-

-

-38,439

0

-

-

-

-

-

-

Proceeds from issuance of Series B preferred stock

-

-

-

-

-

-

-

-

11,250

-

-

Redemption of Series A preferred stock

-

-

-

-

-

-

-

-

-10,000

-

-

Warrant repurchased

-

-

-

-

-

-

-

-

245

0

-

Issuance cost of Series B preferred stock

-

-

-

-

-

-

-

-

84

-

-

Tax benefit of options exercised

-

-

264

117

341

282

16

28

0

7

-73

Issuance of restricted stock award

-

-

-

-

-

-

-243

-

0

-

-

Proceeds from exercise of stock options

360

875

417

767

1,424

885

21

141

328

0

57

Net shares issued in satisfaction of performance units earned

-

819

-

-

-

-

-

-

-

-

-

Net cash provided by financing activities

70,896

290,938

635,777

377,461

532,564

162,523

30,955

82,291

208,100

-667

172,363

Net change in cash and cash equivalents

29,117

22,784

-50,817

-496

74,048

44,155

-23,446

-4,963

73,604

-51,671

74,137

Cash payments for:
Supplemental disclosures of cash flow information
Cash payments for:
Interest paid on deposits and borrowings

88,522

55,662

36,721

30,862

23,357

14,785

10,993

-

-

15,569

23,021

Interest paid

88,522

55,662

36,721

30,862

23,357

14,785

10,993

11,894

12,226

15,569

23,021

Income taxes

18,497

9,092

16,205

22,945

17,880

4,993

4,727

6,280

4,484

2,479

344

Supplemental disclosures of noncash investing activities
Investing:
Trade date accounting settlement for investments

-

-

-

-

-

-

8,759

-

0

8

1,979

Transfer of loans to other real estate owned

907

538

1,118

887

2,374

352

236

1,300

629

1,927

-

Transfer of loans from held-for-investment to held-for-sale

33,297

21,236

73,916

77,817

0

-

-

-

-

-

-

Transfer of loans held-for-sale to held-for-investment

-

45,552

54,422

-

0

-

-

-

-

-

-

Transfer from investment securities held-to-maturity to investment securities available-for-sale

-

-

-

209,855

0

-

138,800

-

66,833

0

-

Dividends declared, not paid

-

-

-

-

-

2,250

1,256

899

-

-

-

Business combinations:
Fair value of net assets acquired, net of cash and cash equivalents

534,146

-

-

-

-

-

-

-

-

-

-

Fair value of liabilities assumed

488,475

-

-

-

-

-

-

-

-

-

-

Cash consideration paid in acquisition

-

-

-

-

-

-

-

-

0

0

-