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Northfield Bancorp, Inc. (symbol: NFBK) is a bank holding company based in Staten Island, New York, serving as the parent company for Northfield Bank. Northfield Bank provides a comprehensive range of banking services primarily targeting individuals and corporate customers across New York's Richmond and Kings Counties, as well as New Jersey's Hunterdon, Mercer, Union, and Middlesex counties.
The bank offers various deposit products, including certificates of deposit, passbook, statement, and money market savings accounts. Customers can also utilize transaction accounts such as negotiable orders of withdrawal (NOW) accounts, interest and non-interest bearing checking accounts, individual retirement accounts (IRAs), and brokered deposits.
In lending, Northfield Bank provides an array of options, including multifamily and other commercial real estate loans, construction and land loans, commercial and industrial loans, one-to-four family residential real estate loans, and home equity loans and lines of credit. Additionally, the company invests in mortgage-backed securities, corporate bonds, and deposits funds with other financial institutions.
As of recent reports, Northfield Bancorp has demonstrated robust financial health with net income of $8.2 million for the quarter ended December 31, 2023, and cash and cash equivalents increasing significantly to $80.6 million as of September 30, 2023. These achievements underscore the company's solid liquidity position and prudent financial management amid market volatility.
The company maintains an ongoing commitment to enhancing its service offerings and maintaining strong customer relationships. This includes the recent reduction in non-interest expenses by $208,000, achieved primarily through strategic cuts in compensation and employee benefits.
Northfield Bancorp continues to exhibit resilience and adaptability, focusing on optimizing its asset portfolio and navigating economic challenges effectively. For more detailed financial data and recent updates, stakeholders can reach out to the company’s Chief Financial Officer, William R. Jacobs, at (732) 499-7200 ext. 2519.
Northfield Bank (NASDAQ: NFBK) announced that Steven M. Klein, Chairman and CEO, has been elected to the Board of Directors of the Federal Home Loan Bank of New York (FHLBNY). His four-year term will run from January 1, 2025, to December 31, 2028. Klein, who leads Northfield's strategic planning in lending, deposits, technology, risk management, and customer experience, will contribute to FHLBNY's mission of providing liquidity to members for housing and community development. He currently serves on multiple industry boards, including the New York Bankers Association and New Jersey Bankers Association, and holds leadership positions in various community organizations.
Northfield Bancorp (Nasdaq:NFBK) reported Q3 2024 net income of $6.5 million, or $0.16 per diluted share, compared to $6.0 million ($0.14/share) in Q2 2024 and $8.2 million ($0.19/share) in Q3 2023. Net interest margin remained stable at 2.08% compared to 2.09% in the previous quarter. Deposits decreased modestly by $5.1 million, while loan balances declined by $27.2 million. Asset quality showed some pressure with non-performing loans increasing to 0.75% of total loans from 0.42%. The company maintained strong liquidity with $597 million in unpledged securities and $699 million in loans available for pledge.
The Northfield Bank Foundation has announced John P. Connors, Jr. as the new Chair of its Board of Directors. Connors, an attorney practicing in New York, New Jersey, and D.C., has been a board member since 2008. He also serves on various other boards, including Northfield Bank and Notre Dame Academy.
Steven M. Klein, CEO of the Foundation, expressed gratitude for Connors' leadership. The outgoing Chair, Timothy C. Harrison, will continue serving on the board. During Harrison's five-year tenure, the Foundation granted approximately $4 million to 260 organizations across Staten Island, Brooklyn, and New Jersey.
The Northfield Bank Foundation, established in 2007, supports non-profits in Northfield Bank's operational areas. Since its inception, it has issued over $11.4 million in grants focusing on education, health and human services, and youth programs.
Northfield Bancorp (NFBK) reported its Q2 2024 results with diluted earnings per share (EPS) of $0.14, down from $0.15 in Q1 2024 and $0.22 in Q2 2023. Net interest income increased by 2.9% QoQ to $28.7 million, while net interest margin expanded to 2.09%. However, deposits excluding brokered decreased by $24 million QoQ. Loan balances declined due to reductions in most categories, despite increases in home equity and construction loans. Asset quality remained strong, with non-performing loans stable at 0.42% of total loans. The company repurchased 988,758 shares, costing $8.7 million, and declared a $0.13 per share dividend payable on August 21, 2024. For the six months ended June 30, 2024, net income was $12.2 million, significantly lower than $21.3 million in the same period last year, mainly due to a 14.4% decrease in net interest income. Higher interest expenses, severance costs, and tax expenses affected overall profitability.
Northfield Bank, a subsidiary of Northfield Bancorp, Inc. (NASDAQ: NFBK), announced that its President and CEO, Steven M. Klein, has been elected to the Board of Directors of the Federal Home Loan Bank of New York (FHLBNY). Klein expressed honor in joining the board and supporting FHLBNY's commitment to members and communities.
Klein's extensive experience includes leading strategic planning in various banking aspects. He is active in several banking associations and serves on multiple boards, including the New Jersey Bankers Association and the Staten Island Economic Development . Klein is also involved in charitable activities through the Northfield Bank Foundation.
Northfield Bank, founded in 1887, operates 39 full-service banking offices across New York and New Jersey. The FHLBNY, part of a national wholesale banking network, serves 336 member institutions across four regions as of March 31, 2024.
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