filecrux
Oct 22, 11:15 AM
$CNOB ConnectOne to sell up to ~
$750M of multifamily loans, 61% NYC rent-stabilized.
🏢 NJ commercial bank,
$14.8B in assets at Sept 30
🤝 Pool is ~6% of June 30 loans; CNOB market value ~
$1.68B at
$30.88 (16:00 ET, Oct 21, 2026)
🧾 Marking it to
$678.9M cost a
$23.0M pretax Q3 loss: GAAP EPS
$0.59, operating EPS
$0.95 vs
$0.84 in Q2
📈 In return, rent-stabilized loans fall to ~2% of total from 6%; TCE ratio 8.83% pro forma vs 8.38% at Sept 30
📅 Next: Sale expected to close in late October, 2026; ~
$7 to
$8M of transaction costs hit Q4
Source: GlobeNewswire release, Oct 22
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