v3.26.1
Note 2 - Business Combination (Tables)
3 Months Ended
Mar. 31, 2026
Notes Tables  
Business Combination [Table Text Block]
  

As of

 
  

June 1, 2025

 

(dollars in thousands, except for per share data)

    

Purchase Price Consideration

    

FLIC common shares settled for stock

  22,783,572 

Exchange Ratio

  0.5175 

ConnectOne shares entitlement

  11,790,499 

Fractional shares subject to cash in lieu

  (383)

ConnectOne whole shares issued

  11,790,116 

Price per share of ConnectOne common stock on June 1, 2025

 $22.97 

Total fair value of stock consideration issued

 $270,819 

Cash consideration paid

  9 

Total purchase price consideration

 $270,828 
  

As of

  

Measurement

  

As of

 
  

June 1, 2025

  

Period Adjustments

  

June 1, 2025

 
  

(dollars in thousands)

 
             

Total purchase price consideration

 $270,828      $270,828 
             

Fair Value of Assets Acquired:

            

Cash and cash equivalents

  54,869   -   54,869 

Available-for-sale Securities

  596,702   -   596,702 

Loans receivables, net

  2,882,951   -   2,882,951 

Restricted stock, at cost

  24,276   -   24,276 

Premises and equipment, net

  45,895   -   45,895 

Bank-owned life insurance

  118,098   -   118,098 

Pension plan assets

  11,617   -   11,617 

Core deposit intangible

  63,206   -   63,206 

Other assets

  107,480   (4,624)  102,856 

Total assets acquired

 $3,905,094  $(4,624) $3,900,470 
             

Fair Value of Liabilities Assumed:

            

Deposits

  3,251,147   -   3,251,147 

Borrowings

  360,405   -   360,405 

Other liabilities

  29,953   -   29,953 

Total liabilities assumed

 $3,641,505  $-  $3,641,505 
             

Net assets acquired

 $263,589  $(4,624) $258,965 
             

Goodwill recorded in acquisition

 $7,239  $4,624  $11,863 
Schedule of Receivables Acquired [Table Text Block]
    
          

Gross-up for PCD

     
  

Unpaid Principal

  

Total Discount at

  

Allowance for Credit

  

Fair Value of PCD

 

(dollars in thousands)

 

Balance

  

Acquisition

  

Losses at Acquisition

  

Loans at Acquisition

 

PCD Loans

 $271,904  $(34,394) $(43,336) $194,174 

Non-PCD Loans

  2,860,661   (171,884)  -   2,688,777 

Total PCD Loans

 $3,132,565  $(206,278) $(43,336) $2,882,951 
Business Combination, Pro Forma Information [Table Text Block]
  

Three Months Ended

 

(dollars in thousands)

 

March 31, 2025

 

Net interest income

 $94,066 

Noninterest income

  6,842 

Net income

  29,443 

Net income available to common stockholders

  27,934 

Basic EPS

 $0.56 

Diluted EPS

 $0.56