Kroll Bond Rating Agency Assigns BBB/K3 Senior Long-Term and Short-Term Debt Ratings to ConnectOne Bancorp, Inc.

NEW YORK--()--Kroll Bond Rating Agency (KBRA) has assigned a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and short-term rating of K3 to ConnectOne Bancorp, Inc. (NASDAQ: CNOB) (CNOB or the “Company”), a bank holding company headquartered in Englewood Cliffs, NJ. In addition, KBRA has assigned a senior unsecured debt/deposit rating of BBB+ and short-term rating of K2 to ConnectOne Bank (“the Bank”). The outlook on all ratings is stable.

Ratings            
Entity     Type     Rating     Action
ConnectOne Bancorp, Inc.     Senior Unsecured Debt     BBB     Assigned
RSSD ID: 1048764     Subordinated Debt     BBB-     Assigned
      Short-Term     K3     Assigned
ConnectOne Bank     Senior Deposit     BBB+     Assigned
FDIC Certificate #: 22683     Senior Unsecured Debt     BBB+     Assigned
      Short-Term     K2     Assigned

The ratings are supported by CNOB’s strong management and infrastructure, sound asset quality, and loan diversification. Ratings are tempered by CNOB’s comparatively low capital levels and by extension, relatively weak but still satisfactory performance on KBRA’s stress test. CNOB is the product of a mid-2014 merger of equals between Center Bancorp, Inc. and ConnectOne Bancorp, Inc. and their subsidiary banks, Union Center National Bank and ConnectOne Bank. CNOB, with $3.5 billion in consolidated assets, is primarily a relationship focused business bank which operates a retail banking network as a source of low cost funding. The Company defines its target market as a 50 mile radius around New York City.

To view the report, please use the following link: https://www.krollbondratings.com/show_report/2394

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

Contacts

Analytical:
Kroll Bond Rating Agency
Ben Stewart, Associate
240-394-4145
bstewart@kbra.com
or
Chris Whalen, Senior Managing Director
646-731-2366
cwhalen@kbra.com
or
Joe Scott, Senior Director
646-731-2438
jscott@kbra.com
or
Follow us on Twitter!
@KrollBondRating

Contacts

Analytical:
Kroll Bond Rating Agency
Ben Stewart, Associate
240-394-4145
bstewart@kbra.com
or
Chris Whalen, Senior Managing Director
646-731-2366
cwhalen@kbra.com
or
Joe Scott, Senior Director
646-731-2438
jscott@kbra.com
or
Follow us on Twitter!
@KrollBondRating