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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 BANCORP, INC. (Nasdaq:NFBK) reported diluted earnings per share of $0.33 for Q3 2021, compared to $0.40 in Q2 2021 and $0.17 a year earlier. Net interest margin rose to 2.99%, up from 2.96% in Q2 2021 and 2.50% in Q3 2020. Total loans increased by $59.4 million, a 6.5% annualized growth, while deposits grew by $98.8 million, or 9.9% annualized. The Board declared a cash dividend of $0.13 per share. As of September 30, 2021, non-performing loans were at 0.20%, showing strong credit quality. Total assets decreased to $5.40 billion from $5.51 billion at year-end 2020.
NORTHFIELD BANCORP, INC. reported a diluted EPS of $0.40 for Q2 2021, a 5% increase from Q1 2021 and a 73% rise year-over-year. Net interest income rose by $8.5 million, or 28%, from Q2 2020, thanks to a strong increase in interest-earning assets. Non-performing loans fell to 0.23%. The company repurchased 900,771 shares totaling $14.7 million and declared a cash dividend of $0.13 per share. Total assets decreased to $5.43 billion, driven by a drop in loans and debt securities. Northfield's CBLR ratio stood at 12.77%, indicating a strong capital position despite economic uncertainties.
Northfield Bancorp (Nasdaq:NFBK) reported a 46% increase in diluted earnings per share to $0.38 for Q1 2021, up from $0.26 the previous quarter and $0.10 a year earlier. Net interest income rose $3.1 million (8.5%) and $10.2 million (34.2%) compared to prior periods, with net interest margin increasing 27 basis points to 3.10%. The company declared an 18.2% cash dividend increase to $0.13 per share. Total assets grew 1.1% to $5.58 billion as of March 31, 2021, with net loans up 11.5% annualized.
NORTHFIELD BANCORP, INC. (NasdaqGS: NFBK) announced that John W. Alexander will retire from the Board after the Annual Meeting of Stockholders on May 26, 2021. Steven M. Klein will succeed him as Chairman. Annette Catino, Lead Independent Director, praised Alexander's record and emphasized the company's strong succession plan. Klein expressed gratitude for Alexander's leadership and looks forward to a smooth transition. The Board also approved reducing its size to nine members following the retirement.
NORTHFIELD BANCORP reported a diluted earnings per share of $0.26 for Q4 2020, up from $0.21 in Q4 2019. Full-year earnings per share were $0.76. The increase in quarterly earnings was driven by a 30.1% rise in net interest income, totaling $37 million. However, expenses included $1.6 million in occupancy costs and $3.3 million in merger-related expenses. The net interest margin improved to 2.83%. The company declared a cash dividend of $0.11 per share for distribution on February 24, 2021.
Northfield Bank announced its participation in the new round of the Paycheck Protection Program (PPP) aimed at assisting small businesses, particularly those with 10 or fewer employees and those in low-to-moderate income areas. Since the PPP's inception, Northfield has originated nearly $150 million in loans for over 1,400 businesses, supporting more than 10,000 employees. Northfield will utilize its dedicated teams to help navigate the application process, with applications opening after the Small Business Administration releases new guidelines.
Northfield Bancorp reported diluted earnings per share of $0.17 for Q3 2020, down from $0.23 in Q2 2020 and $0.28 in Q3 2019. This reflects a net decrease of $0.06 per share due to $3.9 million in merger-related expenses from the acquisition of VSB Bancorp. Net interest income increased 7.9% from Q2 2020. Total assets rose 10.6% to $5.59 billion as of September 30, 2020. The bank declared a cash dividend of $0.11 per share, payable on November 25, 2020. Stock repurchase program reinstated for 1.45 million shares.
Northfield Bank announced the retirement of Michael J. Widmer, Executive Vice President of Operations, effective October 2020. With over 35 years in community banking, Widmer has been with Northfield since its acquisition of Liberty Bank in 2002. His leadership has significantly contributed to the bank's growth. CEO Steven M. Klein expressed gratitude for Widmer's dedication and noted his agreement to delay retirement until mid-September to assist with the conversion of systems related to the recent acquisition of Victory State Bank. Northfield Bank operates 43 branches across New York and New Jersey.
Northfield Bancorp reported a diluted earnings per share of $0.23 for Q2 2020, an increase from $0.10 in Q1 2020 and $0.17 in Q2 2019. The quarter included a $1.8 million provision for loan losses due to COVID-19. Loans grew by $80.2 million, or 9.0% annualized. The bank originated over 900 loans under the Paycheck Protection Program, benefiting 13,000 employees. Additionally, deposits rose $279.5 million, or 34.5% annualized. A cash dividend of $0.11 per share was declared, payable on August 19, 2020.
Northfield Bancorp, Inc. (Nasdaq: NFBK) has completed its acquisition of VSB Bancorp, Inc. (OTCQX: VSBN), significantly enhancing its presence in Staten Island, NY, with a total of 18 service locations. The merger is set to integrate Victory's systems and branding into Northfield by September 2020. Shareholders of Victory will receive 2.0463 shares of Northfield stock for each Victory share. Northfield aims to leverage this merger to improve service offerings and expand its market reach, while the integration process may pose challenges.
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