Futures point higher; AMD reports; Novo to cut costs - what’s moving markets
ConnectOne Bancorp, Inc. (NASDAQ:CNOB), a commercial bank headquartered in New Jersey with a market capitalization of $939 million and a P/E ratio of 12.8, has received the final regulatory approval needed for its merger with The First of Long (NASDAQ:FLIC) Island Corporation (FLIC), as per its latest SEC filing. According to InvestingPro analysis, the bank currently appears undervalued based on its Fair Value calculations. The New Jersey Department of Banking and Insurance granted the approval on Monday, paving the way for the merger’s completion, expected around June 1, 2025.
The merger, initially announced on September 4, 2024, will see FLIC merge into ConnectOne Bancorp, with the latter emerging as the surviving entity. This strategic move was detailed in a previous 8-K filing on September 5, 2024. The bank has demonstrated strong financial performance, maintaining a healthy 2.96% dividend yield and showing consistent profitability over the last twelve months.
In addition to the merger update, the filing included FLIC’s historical audited consolidated financial statements for the years ending December 31, 2024, and 2023, as well as interim unaudited financial statements as of March 31, 2025. These documents, attached as Exhibits 99.1 and 99.2 respectively, have been incorporated by reference into the company’s registration statements.
The merger is a significant step for ConnectOne Bancorp as it continues to expand its footprint and service offerings. With all required bank regulatory approvals now received, the focus shifts to the final stages of the merger process. Analysts maintain a bullish outlook on the stock, with InvestingPro data showing price targets ranging from $27.50 to $31.00. For deeper insights and additional ProTips about CNOB’s financial health and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro.
This news is based on a press release statement and the reader should note that this article does not serve as financial advice or an endorsement of ConnectOne Bancorp or its services.
In other recent news, ConnectOne Bancorp Inc . reported its first-quarter 2025 earnings, revealing an earnings per share (EPS) of $0.51, which surpassed the forecast of $0.44. However, the company faced challenges as its revenue of $70.21 million fell short of the projected $70.98 million. ConnectOne Bancorp is also moving forward with its pending merger with First of Long Island, expected to close in late Q2, which could expand its assets to $15 billion post-merger. Analysts noted the company’s net interest margin expanded to 2.93%, and they project it could reach 3.20% or greater following the merger. The firm also saw a nearly 20% year-over-year increase in net income available to common shareholders. In terms of analyst activity, ConnectOne Bancorp did not receive any notable upgrades or downgrades. The company continues to manage risks such as tariff policies and hiring challenges in the competitive New York Metro market while maintaining a strong focus on credit quality and regulatory approvals for its merger.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.