Liquidity management remains a primary focus, evidenced by the tactical $308.8 million in securities sales during 2025Q2 to offset earnings pressure and support operational cash flow.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 106.83M | 106.4M | 60.7M | 92.89M | 176.78M | 202.27M | 81.13M | 60.69M | 89.06M | 131.13M | 49.71M | 46.23M | 25.19M | 23.15M | 21.07M | 18.08M | 17.65M | 8.68M | -704K | 1.89M | 5.55M | 7.27M | 10.18M | 12.66M | 10.53M | 10.25M | 7.31M | 3.82M | 7M | 7.8M | 300K |
| Operating CF Growth % | 339.92% | 75.28% | -34.65% | -47.45% | -12.6% | 149.34% | 33.68% | -31.86% | -32.08% | 163.79% | 7.53% | 83.54% | 8.79% | 9.91% | 16.49% | 2.48% | 103.42% | 1332.24% | -137.33% | -66% | -23.66% | -28.59% | -19.63% | 20.21% | 2.77% | 40.25% | 91.23% | -45.41% | -10.26% | 2500% | -95.71% |
| Net Income | 98.02M | 80.44M | 73.79M | 87M | 125.21M | 130.35M | 71.29M | 73.39M | 60.35M | 43.22M | 31.08M | 41.31M | 18.57M | 19.93M | 17.51M | 13.93M | 7M | 3.77M | 5.84M | 3.86M | 3.9M | 7.65M | 7.62M | 6.42M | 8M | 6.01M | 5M | 4.63M | 4.2M | 4.5M | 4.2M |
| Depreciation & Amortization | 17.28M | 14.01M | 5.66M | 5.94M | 5.5M | 5.74M | 6.8M | 4.46M | 3.69M | 3.88M | 3.52M | 3.23M | 2.04M | 886K | 914K | 983K | 1.17M | 1.45M | 1.83M | 1.86M | 2.06M | 2.28M | 2.24M | 7.47M | 3.48M | 1.98M | 1.58M | 1.47M | 1.6M | 1.7M | 1.1M |
| Deferred Taxes | 0 | -2.77M | -2.04M | 4.13M | -403K | 16K | -7.5M | 104K | 926K | 3.7M | 1.97M | -3.49M | 184K | 1.74M | 1.91M | 3.41M | 51K | 819K | 1.22M | -4.94M | 5.28M | 4.63M | 106K | -411K | -46K | -286K | -326K | -267K | 100K | 400K | -300K |
| Other Non-Cash Items | -7.46M | 14.96M | 6.69M | 10.81M | 17.76M | 4.62M | 45.67M | 4.18M | 21.17M | 71.55M | 28.41M | 5.26M | 2.02M | 2.15M | 1.42M | 1.11M | 8.47M | 4.65M | 2.63M | -399K | 2M | -1.09M | -130K | 256K | -232K | 524K | 514K | 106K | 100K | 400K | 400K |
| Working Capital Changes | -5.81M | -4.89M | -27.97M | -19.86M | 23.82M | 57.01M | -38.09M | -24.39M | 1.11M | 7.09M | -17.45M | -824K | 2.15M | -1.61M | -726K | -1.37M | 907K | -2.09M | -12.36M | 1.51M | -7.7M | -6.2M | 341K | -1.07M | -669K | 2.02M | 532K | -2.12M | 1M | 800K | -5.1M |
| Cash from Investing | -478.42M | -186.16M | 55.15M | -248.04M | -1.54B | -689.86M | -323.37M | -102.47M | -357.21M | -817.73M | -427.67M | -504.75M | -140M | -77.55M | -108.32M | -152.58M | -68.65M | -106.9M | -58.62M | 53.74M | 98.31M | -3.11M | -92.76M | -113.3M | -141.32M | -114.75M | -55.71M | -39.46M | -8.5M | -33.2M | -94.6M |
| Purchase of Investments | -454.54M | -443.27M | -82.05M | -45.01M | -349.56M | -350.28M | -340.09M | -225.85M | -140.01M | -224.62M | -166.53M | -54.93M | -58.75M | -179M | -224.49M | -413.76M | -791.16M | -785.49M | -317.66M | -206.9M | -275.74M | -344.81M | -300.04M | -468.39M | -527.81M | -332.51M | -92.89M | -102.02M | -133.7M | -124.7M | -172M |
| Sale/Maturity of Investments | 513.77M | 443.58M | 69.65M | 64.55M | 150.29M | 285.87M | 276.41M | 362.41M | 141.86M | 138.65M | 237.6M | 144.76M | 124.71M | 172.37M | 208.72M | 310.72M | 713.11M | 724.03M | 383.51M | 262.22M | 422.89M | 392.28M | 240.38M | 479.62M | 406.94M | 246.38M | 68.66M | 83.05M | 144.4M | 106.3M | 101M |
| Net Investment Activity | 59.24M | 313K | -12.39M | 19.54M | -199.28M | -64.41M | -63.68M | 136.56M | 1.85M | -85.97M | 71.07M | 89.82M | 65.97M | -6.62M | -15.76M | -103.04M | -78.05M | -61.45M | 65.85M | 55.32M | 147.15M | 47.47M | -59.66M | 11.23M | -120.87M | -86.13M | -24.23M | -18.97M | 10.7M | -18.4M | -71M |
| Acquisitions | 8K | 54.87M | 0 | 0 | 0 | 974K | 87.39M | 11.21M | 0 | 0 | 0 | 0 | 70.32M | 0 | -4.06M | 0 | 0 | 0 | 0 | 0 | 0 | -10.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -531.25M | -235.95M | 71.34M | -260.14M | -1.34B | -623.64M | -344.88M | -248.71M | -357.01M | -729.09M | -496.04M | -590.69M | -274.3M | -69.96M | -87.66M | -48.83M | 10.77M | -44.71M | -121.59M | -1.4M | -46.62M | -37.74M | -29.5M | -120.49M | -17.82M | -25.41M | -29.99M | -19M | -17.8M | -14.6M | -20M |
| Cash from Financing | 423.46M | 104.17M | -2.08M | 129.55M | 1.37B | 449.37M | 344.51M | 70.9M | 290.94M | 635.78M | 377.46M | 531.65M | 158.97M | 30.95M | 82.29M | 208.1M | -667K | 172.36M | 4.33M | -29.95M | -78.83M | 3.16M | 78.11M | 93.93M | 124.34M | 111.89M | 52M | 38.34M | -8.6M | 8.5M | 107.1M |
| Dividends Paid | -40.13M | -37.99M | -33.32M | -31.95M | -29.46M | -19.21M | -14.32M | -12.16M | -9.66M | -9.61M | -9.09M | -9.11M | -7.08M | -4.39M | -3.14M | -2.37M | -2.3M | -3.59M | -4.67M | -4.88M | -4.81M | -4.52M | -3.24M | -3.01M | -2.75M | -2.34M | -2.27M | -2.21M | -2M | -1.9M | -1.8M |
| Share Repurchases | -3M | -2.23M | -7.22M | -19.4M | -15.26M | -10.68M | -1.55M | -12.64M | -819K | 0 | 0 | 0 | 0 | 0 | 100.42M | -10M | 0 | 0 | -1.94M | -10.05M | -3.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 417K | 38.44M | 0 | 0 | -13K | -8K | 11.25M | 12.15M | 11M | 0 | -21K | -16K | 19.5M | 10.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -3M | -2.23M | -7.22M | -19.4M | -15.26M | -10.68M | -1.55M | -12.64M | -819K | 417K | 38.44M | 0 | 0 | -13K | 100.41M | 1.25M | 12.15M | 11M | -1.94M | -10.07M | -3.4M | 19.5M | 10.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | -1000K | -1000K | 936K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 0 | -1000K | -1000K | -1000K | 813K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 700K | -1000K |
| Other Financing | 487.59M | 164.39M | 284M | 179.96M | 1.02B | 376.06M | 410.84M | 260.85M | 297.9M | 436.39M | 554.36M | 298.29M | 84.12M | 35.35M | 100.43M | 261.08M | 45.88M | 154.14M | -39.39M | -27.45M | 26.52M | -72.35M | 69.35M | 16.57M | 118.52M | 82.54M | 36.04M | 12.09M | -58.8M | 9.4M | 130.9M |
| Net Change in Cash | 51.87M | 24.41M | 113.77M | -25.6M | 2.78M | -38.22M | 102.27M | 29.12M | 22.78M | -50.82M | -496K | 74.05M | 44.16M | -23.45M | -4.96M | 73.6M | -51.67M | 74.14M | -55M | 25.67M | 25.02M | 7.31M | -4.48M | -6.71M | -6.45M | 7.39M | 3.6M | 2.7M | -10.1M | -17M | -30.2M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 380.89M | 356.49M | 242.71M | 268.31M | 265.54M | 303.76M | 201.48M | 172.37M | 149.58M | 200.4M | 200.9M | 126.85M | 82.69M | 106.14M | 111.1M | 37.5M | 89.17M | 15.03M | 70.03M | 44.36M | 19.34M | 12.03M | 16.51M | 23.22M | 29.67M | 22.27M | 18.68M | 15.97M | 26.1M | 43.1M | 30.2M |
| Cash at End | 344.47M | 380.89M | 356.49M | 242.71M | 268.31M | 265.54M | 303.76M | 201.48M | 172.37M | 149.58M | 200.4M | 200.9M | 126.85M | 82.69M | 106.14M | 111.1M | 37.5M | 89.17M | 15.03M | 70.03M | 44.36M | 19.34M | 12.03M | 16.51M | 23.22M | 29.67M | 22.27M | 18.68M | 16M | 26.1M | 137.3M |
| Interest Paid | 300.4M | 286.29M | 270.95M | 230.81M | 67.85M | 41.79M | 74.7M | 88.52M | 55.66M | 36.72M | 30.86M | 23.36M | 14.79M | 10.99M | 11.89M | 12.23M | 15.57M | 23.02M | 23.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 50.84M | 43.74M | 24M | 31.65M | 49.23M | 45.43M | 26.55M | 18.5M | 9.09M | 16.2M | 22.95M | 17.88M | 4.99M | 4.73M | 6.28M | 4.48M | 2.48M | 344K | 2.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 101.42M | 101.01M | 56.91M | 85.46M | 173.48M | 199.49M | 78.93M | 59.16M | 87.01M | 128.47M | 47.01M | 42.35M | 23.2M | 22.18M | 20.22M | 17.77M | 17.35M | 7.93M | -3.59M | 1.7M | 3.33M | 5.27M | 6.58M | 8.61M | 7.9M | 7.04M | 5.82M | 2.33M | 5.6M | 7.6M | -3.3M |
| FCF Growth % | 98.28% | 77.5% | -33.41% | -50.74% | -13.04% | 152.76% | 33.41% | -32.01% | -32.27% | 173.29% | 11% | 82.52% | 4.61% | 9.67% | 13.82% | 2.43% | 118.67% | 321.22% | -310.45% | -48.81% | -36.82% | -19.96% | -23.58% | 9.01% | 12.29% | 20.93% | 150.06% | -58.45% | -26.32% | 330.3% | -152.38% |
CRE concentration and funding
According to reported financial data, ConnectOne's net income volatility, highlighted by the $20.3 million loss in 2025Q2, suggests that organic capital generation remains sensitive to credit provisioning cycles, which may constrain the bank's ability to fund aggressive balance sheet expansion without impacting its regulatory capital ratios.
The inconsistency in net income generation complicates the bank's ability to rely solely on retained earnings for capital growth. Investors should monitor whether the bank's current earnings trajectory can support both dividend obligations and the capital requirements necessitated by its commercial real estate exposure.
As reported in recent filings, ConnectOne has actively utilized its investment securities portfolio to manage liquidity, evidenced by the $308.8 million in proceeds from sales during 2025Q2, which appears to be a tactical response to the significant credit-related earnings pressure experienced during that same period.
The bank's willingness to liquidate securities suggests a proactive approach to maintaining liquidity during periods of credit stress. However, this reliance on portfolio turnover may indicate that core operating cash flows are insufficient to cover loan loss provisions and dividend payments during cyclical downturns.
Based on the provided cash flow statements, ConnectOne has maintained a consistent quarterly dividend of approximately $10.6 million, even during periods of negative net income, which warrants further investigation into the long-term sustainability of these payouts relative to the bank's fluctuating internal capital generation capacity.
The decision to maintain dividends despite the 2025Q2 loss suggests a commitment to shareholder returns, yet this strategy may limit the bank's flexibility to absorb future credit shocks. Analysts should evaluate whether the current payout ratio is appropriate given the inherent risks in the bank's concentrated commercial lending model.
Data from the cash flow statements reveals that loan loss provisions reached a peak of $35.7 million in 2025Q2, a figure that significantly impacted operating cash flow and underscores the bank's vulnerability to credit quality deterioration within its specialized middle-market commercial real estate loan portfolio.
The sharp spike in provisions during 2025Q2 highlights the potential for lumpy credit costs to disrupt cash flow stability. This volatility suggests that the bank's cash position is highly susceptible to the underlying health of its regional property market, necessitating a cautious outlook on future earnings quality.
Quick answers to the most common questions about buying CNOB stock.
ConnectOne Bancorp, Inc. (CNOB) generated $106.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ConnectOne Bancorp, Inc. (CNOB) generated $101.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
ConnectOne Bancorp, Inc. (CNOB) spent $5.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, ConnectOne Bancorp, Inc. (CNOB) returned $38.0M to shareholders via cash dividends and spent $2.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.