Form 4: ConnectOne Bancorp CEO Frank Sorrentino III Reports Stock Transactions

Frank Sorrentino III, Chairman & CEO of ConnectOne Bancorp, Inc., reports acquisition and disposal of company stock due to tax withholding and vesting of performance units.

Summary

• On March 20, 2024, Frank Sorrentino III disposed of 9,883 shares of ConnectOne Bancorp, Inc. common stock at a price of $19.57 due to tax withholding related to vested deferred stock units.
• On March 22, 2024, Mr. Sorrentino acquired 24,515 shares of common stock at $0 pursuant to earned performance units granted on March 22, 2021.
• Also on March 22, 2024, 14,709 shares were disposed of for tax withholding at $19.01.
• Mr. Sorrentino's total direct holdings after these transactions amount to 560,380 shares.
• Additionally, Mr. Sorrentino indirectly owns 416 shares through an IRA for his spouse and 263,773 shares through a trust for the benefit of his spouse.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The transactions are related to compensation and tax obligations, which are normal business operations. The acquisition of shares through performance units is a slightly positive signal.

Positives

• The acquisition of 24,515 shares indicates that performance targets were met, resulting in the vesting of performance units.

Industry Context

Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders. These filings are closely watched by investors to gauge management's sentiment and confidence in the company's prospects.

Comparison to Industry Standards

• Comparing ConnectOne Bancorp to similar regional banks, insider transactions are a common occurrence.
• Analyzing the frequency and nature of these transactions (acquisitions vs. disposals) can provide insights into management's view of the company's valuation and future performance.
• For example, if multiple executives at a peer bank like New York Community Bancorp (NYCB) were consistently purchasing shares, it might signal strong confidence, while consistent selling could raise concerns.

Stakeholder Impact

• The transactions may have a minor impact on shareholders as they reflect insider activity, but the overall impact is likely minimal given the nature of the transactions.

Key Dates