CONNECTONE BANCORP, INC. (NASDAQ:CNOB) Files An 8-K Other Events

Item 8.01 Other Events.

The Registrant announced the commencement of an offering of $35.0
million (or $40.25 million if the underwriters exercise their
option to purchase additional shares in full) of shares of its
common stock. The Registrant expects to use the net proceeds of
the offering for general corporate purposes, which will include
providing working capital to support additional opportunities for
additional organic growth at its bank subsidiary, ConnectOne
Bank. Keefe Bruyette Woods, A Stifel Company and Raymond James
Associates, Inc. are serving as joint book running managers for
the offering.

Separately, the Registrant announced that based upon continued
weakness in the New York City taxi medallion market, the
Registrant believes that the valuation of its impaired loans
secured by New York City corporate medallions will likely
substantially decline at December 31, 2016 from the September 30,
2016 valuation. Based upon the latest current information and
conditions available to the Registrant, the Registrant believes
that the reduction in the valuation will result in a substantial
increase in the provision for loan losses recorded in the fourth
quarter of 2016. Management currently estimates the additional
provision will range from $18 million to $24 million on a pre-tax
basis, and could result in the Registrant reporting a loss for
the fourth quarter of 2016.

Based on the Registrants prior period methodology for determining
specific reserves for the medallion portfolio, these additional
reserves imply a per corporate medallion value range of
approximately $500,000 to $550,000. The above mentioned
additional provisions would bring the total provisioning related
to the portfolio to approximately $31 million to $37 million, or
approximately 30% to 36% of such portfolio.

Management is currently considering several actions with regard
to the Registrants taxi medallion portfolio, including a sale of
all or part of the portfolio, restructuring of individual loans,
charge-offs, placing loans on non-accrual and other steps. A
portion of the capital raised in the offering described above may
be used to support any actions management may take with regard to
the taxi medallion portfolio.

No assurance can be provided that the actual amount of the
additional provision taken with regard to the medallion portfolio
for the fourth quarter of 2016 will not be higher or lower than
as reflected herein and thus, the loss that could be incurred by
the Registrant for the fourth quarter may be greater or less than
predicted.

On December 13, 2016, the Company issued a press release
regarding the commencement of an underwritten public offering of
shares of its common stock. A copy of the press release is
attached hereto as Exhibit 99.1 to this Current Report on Form
8-K and incorporated by reference herein.

Forward-Looking Statements

This filing contains certain forward-looking statements
which are based on certain assumptions and describe future plans,
strategies and expectations of the Registrant. These
forward-looking statements are generally identified by use of the
words “believe,” “expect,” “intend,” “anticipate,”
“estimate,” “project,” or similar expressions. The
Registrant’s ability to predict results or the actual effect of
future plans or strategies is inherently uncertain. Factors which
could have a material adverse effect on the operations of the
Registrant and its subsidiaries include, but are not limited to,
those factors set forth in Item 1A Risk Factors of the
Registrant’s Annual Report on Form 10-K for the year ended
December 31, 2015, as filed with the Securities and Exchange
Commission, and changes in interest rates, general economic
conditions, legislative/regulatory changes, monetary and fiscal
policies of the U.S. Government, including policies of the U.S.
Treasury and the Federal Reserve Board, the quality or
composition of the loan or investment portfolios, demand for loan
products, deposit flows, competition, demand for financial
services in the Registrant’s market area and accounting
principles and guidelines. These risks and uncertainties should
be considered in evaluating forward-looking statements and undue
reliance should not be placed on such statements. The Registrant
does not undertake, and specifically disclaims any obligation, to
publicly release the result of any revisions which may be made to
any forward-looking statements to reflect events or circumstances
after the date of such statements or to reflect the occurrence of
anticipated or unanticipated events.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit

About CONNECTONE BANCORP, INC. (NASDAQ:CNOB)

ConnectOne Bancorp, Inc. is a bank holding company of ConnectOne Bank (the Bank), a New Jersey-chartered commercial bank. The Company operates in community bank segment. The Bank offers a range of deposit and loan products, and services to the general public, small and middle-sized businesses, local professionals, and individuals residing, working and conducting business in its trade area. The Bank, through its subsidiary, Center Financial Group LLC, provides financial services, including brokerage services, insurance and annuities, mutual funds and financial planning. The Bank’s products and services include personal and business checking accounts, retirement accounts, money market accounts, time and savings accounts, credit cards, wire transfers, access to automated teller services, Internet banking, Treasury Direct, ACH origination, lockbox services and mobile banking by phone. It offers safe deposit boxes.

CONNECTONE BANCORP, INC. (NASDAQ:CNOB) Recent Trading Information

CONNECTONE BANCORP, INC. (NASDAQ:CNOB) closed its last trading session down -0.35 at 25.50 with 79,988 shares trading hands.