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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from __________ to __________ Commission File Number: 001-35791 Northfield Bancorp, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of in ...

EXHIBIT 99.1 PRESS RELEASE DATED APRIL 23, 2025 Company Contact: William R. Jacobs Chief Financial Officer Tel: (732) 499-7200 ext. 2519 FOR IMMEDIATE RELEASE NORTHFIELD BANCORP, INC. ANNOUNCES FIRST QUARTER 2025 RESULTS NOTABLE ITEMS FOR THE QUARTER INCLUDE: WOODBRIDGE, N.J., APRIL 23, 2025 -- NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (the "Company"), the holding company for Northfield Bank, reported net income of $7.9 million, or $0.19 per diluted share, for the three months ended March 31, 2025, compared to ...

Company Performance - Northfield Bancorp (NFBK) reported quarterly earnings of $0.19 per share, exceeding the Zacks Consensus Estimate of $0.18 per share, and up from $0.15 per share a year ago, representing an earnings surprise of 5.56% [1] - The company posted revenues of $34.81 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.51%, compared to year-ago revenues of $31.27 million [2] - Over the last four quarters, Northfield has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Stock Outlook - Northfield shares have declined approximately 14.3% since the beginning of the year, while the S&P 500 has decreased by 10.1% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.20 on revenues of $34.11 million, and for the current fiscal year, it is $0.82 on revenues of $138.46 million [7] Industry Context - The Financial - Savings and Loan industry, to which Northfield belongs, is currently ranked in the top 32% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

NOTABLE ITEMS FOR THE QUARTER INCLUDE: DILUTED EARNINGS PER SHARE WERE $0.19 FOR THE CURRENT QUARTER COMPARED TO $0.27 FOR THE TRAILING QUARTER, AND $0.15 FOR THE FIRST QUARTER OF 2024. Fourth Quarter 2024 earnings included a gain of $3.4 million, or $0.06 per share, on the sale and consolidation of a branch in December 2024. NET INTEREST MARGIN INCREASED TO 2.38% FOR THE CURRENT QUARTER AS COMPARED TO 2.18% FOR THE TRAILING QUARTER AND 2.03% FOR THE FIRST QUARTER OF 2024, REFLECTING LOWER FUNDING COSTS AND ...

Credit Losses and Provisions - The allowance for credit losses decreased to $35.183 million in 2024 from $37.535 million in 2023, reflecting a reduction in the overall loan portfolio[82]. - Total charge-offs for 2024 amounted to $7.009 million, compared to $6.580 million in 2023, indicating an increase in credit losses[82]. - The provision for credit losses increased to $4.281 million in 2024 from $1.353 million in 2023, suggesting a more conservative approach to potential future losses[82]. - The allowance for credit losses to total non-performing loans ratio decreased to 227.72% in 2024 from 328.30% in 2023, indicating a decline in coverage for non-performing loans[82]. - The allowance for credit losses allocated to commercial mortgage loans was $20.949 million, representing 86.71% of total loans in that category as of December 31, 2024[85]. - The provision for credit losses was $4,281,000 in 2024, compared to $1,353,000 in 2023, reflecting a substantial increase in credit loss provisions[385]. - The allowance for credit losses on loans is determined based on historical portfolio loss experience, current borrower-specific risk characteristics, and forecasts of future economic conditions[418]. - The Company has identified key economic variables that correlate with historical credit performance, including Gross Domestic Product and unemployment rates[421]. - The allowance for credit losses for off-balance sheet credit exposures is adjusted for an average historical funding rate[425]. - The Company has ceased to recognize or measure new TDRs since the adoption of ASU 2022-02, but existing TDRs remain until settled[428]. Financial Performance - Net income for 2024 was $29,945,000, down from $37,669,000 in 2023, indicating a decrease of about 20.5%[385]. - Total assets increased to $5,666,378,000 in 2024 from $5,598,396,000 in 2023, reflecting a growth of approximately 1.22%[383]. - Net interest income after provision for credit losses decreased to $110,204,000 in 2024 from $123,314,000 in 2023, a decline of about 10.65%[385]. - Total interest income rose to $237,908,000 in 2024, up from $208,795,000 in 2023, representing an increase of approximately 13.93%[385]. - Non-interest income grew to $16,822,000 in 2024 from $11,896,000 in 2023, an increase of approximately 41.3%[385]. - Comprehensive income for 2024 was $41,505,000, a decline of 22.4% compared to $53,558,000 in 2023[387]. - The company reported a basic net income per common share of $0.72 in 2024, down from $0.86 in 2023, a decrease of about 16.28%[385]. Deposits and Funding - Brokered deposits increased significantly to $263.4 million in 2024 from $100.0 million in 2023, representing a 163.4% rise[100]. - Municipal deposits totaled $859.3 million at the end of 2024, accounting for 20.8% of total deposits, up from $768.6 million or 19.8% in 2023[100]. - Estimated uninsured deposits reached $1.82 billion in 2024, with adjusted uninsured deposits at $896.5 million, representing 21.7% of total deposits[101]. - Total deposits as of December 31, 2024, amounted to $3,890.2 million, with a year-over-year increase of 2.23% from $3,805.4 million in 2023[103]. - Non-interest bearing demand deposits decreased to $694.5 million, representing 17.85% of total deposits, down from 20.26% in 2023[103]. - NOW and interest-bearing demand deposits increased to $1,280.9 million, accounting for 32.93% of total deposits, with an average interest rate of 2.16%[103]. - The net increase in deposits for 2024 was $260,042,000, contrasting with a net decrease of $271,784,000 in 2023[392]. Securities and Investments - The corporate bond portfolio consisted mostly of investment-grade securities with remaining maturities generally shorter than ten years as of December 31, 2024[94]. - The fair value of the trading portfolio increased to $13.9 million in 2024 from $12.5 million in 2023, reflecting growth in mutual fund investments[95]. - As of December 31, 2024, total debt securities available-for-sale amounted to $1,129.8 million, an increase from $1,100.8 million in 2023, reflecting a growth of approximately 2.6%[96]. - The weighted average yield for securities available-for-sale was 4.26% based on fair value as of December 31, 2024[98]. - The company’s total debt securities available-for-sale included $734.1 million in GSE REMICs, showing stability compared to $727.3 million in 2023[96]. - The estimated fair value of mortgage-backed securities was $989.0 million as of December 31, 2024, down from $550.6 million in 2023[458]. - The Company recognized a total of $1,366 thousand in gross unrealized gains on debt securities available-for-sale as of December 31, 2024[458]. - The Company held nine pass-through mortgage-backed debt securities held-to-maturity in a continuous unrealized loss position of twelve months or greater at December 31, 2024[471]. Capital and Regulatory Compliance - The company exceeded all capital adequacy requirements as of December 31, 2024, and is categorized as a well-capitalized institution[126]. - Federal law requires federal bank regulators to take "prompt corrective action" for institutions not meeting minimum capital requirements, with five capital categories defined[128]. - An institution is deemed "well capitalized" if it has a total risk-based capital ratio of 10.0% or greater and a Tier 1 risk-based capital ratio of 8.0% or greater[128]. - Northfield Bancorp exceeded the FRB's consolidated capital requirements as of December 31, 2024[147]. - The FRB's "source of strength" doctrine requires holding companies to support their subsidiary depository institutions during financial stress[148]. - Northfield Bank is a member of the Deposit Insurance Fund, with deposit accounts insured by the FDIC up to $250,000 per account ownership category[137]. Stockholder Information - The total stockholders' equity increased to $704,696,000 in 2024 from $699,445,000 in 2023, a slight increase of approximately 0.36%[383]. - The company declared cash dividends of $0.52 per common share in both 2023 and 2024, totaling $21,826,000 in 2024[390]. - The number of shares outstanding decreased to 42,903,598 in 2024 from 44,524,929 in 2023[390]. - The average cost of treasury stock repurchased in 2024 was $10.24 per share, with a total repurchase of 1,802,072 shares[390]. - Stock compensation expense for 2024 was $2,341,000, compared to $2,383,000 in 2023, reflecting a slight decrease[390]. Cash Flow and Liquidity - Net cash provided by operating activities for 2024 was $31,105,000, down from $46,970,000 in 2023, a decrease of about 34%[392]. - Total cash and cash equivalents at the end of 2024 were $167,744,000, compared to $229,506,000 at the end of 2023, reflecting a decrease of approximately 27%[392]. - The company reported a net cash used in investing activities of $118,491,000 in 2024, compared to a net cash provided of $193,869,000 in 2023[392]. - The company experienced a net cash provided by financing activities of $25,624,000 in 2024, compared to a net cash used of $57,132,000 in 2023[392]. - The company reported a net decrease in cash and cash equivalents of $61,762,000 in 2024, compared to an increase of $183,707,000 in 2023[392].

Financial Performance - Net income for Q4 2024 was $11.3 million, or $0.27 per diluted share, compared to $6.5 million, or $0.16 per diluted share in Q3 2024, and $8.2 million, or $0.19 per diluted share in Q4 2023[3]. - Non-interest income increased by $4.9 million, or 41.4%, to $16.8 million for the year ended December 31, 2024, from $11.9 million in 2023[9]. - Net interest income for the year ended December 31, 2024, decreased by $10.2 million, or 8.2%, to $114.5 million from $124.7 million in 2023[6]. - Net interest income increased by $1.5 million, or 5.2%, to $29.7 million for the quarter ended December 31, 2024, driven by a decrease in interest expense on deposits and borrowings[19]. - Non-interest income rose by $3.4 million, or 93.1%, to $7.0 million for the quarter ended December 31, 2024, primarily due to a $3.4 million gain on the sale of property[16]. - Net income for the quarter was $11,251 thousand, up from $8,222 thousand in the previous year, an increase of 37.06%[64]. - Basic net income per common share increased to $0.28, compared to $0.19 for the same period last year, an increase of 47.37%[64]. Asset and Liability Management - Total assets increased by $68.0 million, or 1.2%, to $5.67 billion at December 31, 2024, from $5.60 billion at December 31, 2023[25]. - Total liabilities increased by $62.7 million, or 1.3%, to $4.96 billion at December 31, 2024, compared to $4.90 billion at December 31, 2023[34]. - Total stockholders' equity increased by $5.3 million to $704.7 million at December 31, 2024, from $699.4 million at December 31, 2023[39]. - Total interest-earning assets increased to $5,413,769 million for the three months ended December 31, 2024, compared to $5,275,357 million for the same period in 2023, reflecting a growth of 2.63%[66]. - Total interest-bearing liabilities rose to $4,239,982 million for the year ended December 31, 2024, up from $3,990,894 million in 2023, an increase of 6.23%[70]. Credit Quality - The provision for credit losses on loans increased by $2.9 million to $4.3 million for the year ended December 31, 2024, compared to $1.4 million in 2023[8]. - Asset quality remains strong with non-performing loans to total loans at 0.51% compared to 0.75% at September 30, 2024[4]. - Non-performing loans totaled $20.3 million, or 0.51%, of total loans at December 31, 2024, down from $30.4 million, or 0.75%, at September 30, 2024[43]. - The allowance for credit losses remained stable at $35,183 thousand, compared to $35,197 thousand in the previous quarter[62]. - Net charge-offs were $2.0 million for the quarter ended December 31, 2024, compared to $1.2 million for the same quarter in 2023[15]. Interest Rates and Margins - Net interest margin increased by 10 basis points to 2.18% for Q4 2024, compared to 2.08% for Q3 2024[4]. - The average cost of interest-bearing liabilities increased by 80 basis points to 2.91% for the year ended December 31, 2024, from 2.11% in 2023[6]. - The net interest rate spread for the year ended December 31, 2024, was 1.45%, down from 1.82% in 2023[70]. - The net interest margin improved to 2.18% for the three months ended December 31, 2024, compared to 2.17% for the same period in 2023[68]. Dividends and Taxation - Cash dividend of $0.13 per share declared, payable February 19, 2025, to stockholders of record as of February 5, 2025[4]. - The effective tax rate for the year ended December 31, 2024, was 26.1%, compared to 27.2% for the year ended December 31, 2023[11]. - The effective tax rate for the quarter ended December 31, 2024, was 19.2%, down from 27.2% for the same quarter in 2023[17]. Loan Portfolio - Loans held for investment, net, decreased by $181.4 million to $4.02 billion at December 31, 2024, primarily due to a decrease in multifamily and commercial real estate loans[27]. - The multifamily loan portfolio reached $2.60 billion, representing 65% of the total loan portfolio, with $437.7 million (11%) collateralized by rent-regulated properties in New York[49]. - The small business unsecured commercial and industrial loan portfolio amounted to $28.9 million at December 31, 2024, down from $39.1 million at September 30, 2024, and $37.4 million at December 31, 2023[47]. - Average loans outstanding decreased to $4,106,641 million for the year ended December 31, 2024, from $4,248,355 million in 2023, a decline of 3.34%[70].

Core Insights - Northfield Bancorp (NFBK) reported quarterly earnings of $0.21 per share, exceeding the Zacks Consensus Estimate of $0.19 per share, and showing an increase from $0.19 per share a year ago, resulting in an earnings surprise of 10.53% [1] - The company posted revenues of $36.69 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 13.24% and increasing from $32.55 million year-over-year [2] - Northfield has surpassed consensus EPS estimates two times over the last four quarters and topped consensus revenue estimates three times in the same period [2] Earnings Outlook - The sustainability of Northfield's stock price movement will depend on management's commentary during the earnings call and future earnings expectations [3] - The current consensus EPS estimate for the upcoming quarter is $0.19 on revenues of $32.51 million, while for the current fiscal year, it is $0.95 on revenues of $135.93 million [7] Industry Context - The Financial - Savings and Loan industry, to which Northfield belongs, is currently ranked in the top 12% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Northfield's stock performance [5]

Core Viewpoint - Northfield Bancorp, Inc. reported solid financial performance for the fourth quarter and the year ended December 31, 2024, with net income increasing compared to the previous quarter and year, despite challenges in the economic environment [2][3]. Financial Performance - Net income for the fourth quarter of 2024 was $11.3 million, or $0.27 per diluted share, compared to $6.5 million, or $0.16 per diluted share for the third quarter of 2024, and $8.2 million, or $0.19 per diluted share for the fourth quarter of 2023 [2][6][13]. - For the year ended December 31, 2024, net income totaled $29.9 million, or $0.72 per diluted share, down from $37.7 million, or $0.86 per diluted share for 2023 [2][4]. Revenue and Expenses - Net interest income for the fourth quarter of 2024 increased by $767,000, or 2.7%, to $29.7 million, driven by a $5.3 million increase in interest income, partially offset by a $4.5 million increase in interest expense [14][21]. - For the year ended December 31, 2024, net interest income decreased by $10.2 million, or 8.2%, to $114.5 million, primarily due to a $39.3 million increase in interest expense [5][8]. - Non-interest income increased by $4.9 million, or 41.4%, to $16.8 million for the year ended December 31, 2024, mainly due to a $3.4 million gain on the sale of property [10][11]. Asset Quality and Credit Losses - The provision for credit losses on loans increased by $2.9 million to $4.3 million for the year ended December 31, 2024, compared to $1.4 million for 2023 [9]. - Non-performing loans to total loans stood at 0.51% as of December 31, 2024, down from 0.75% at the end of the previous quarter [6]. Capital and Liquidity - The Company maintained strong liquidity with approximately $683 million in unpledged available-for-sale securities and loans readily available for pledge of approximately $935 million [6]. - Total stockholders' equity increased by $5.3 million to $704.7 million at December 31, 2024, from $699.4 million at December 31, 2023 [41]. Deposits and Borrowings - Total deposits increased by $260.0 million, or 6.7%, to $4.14 billion at December 31, 2024, with brokered deposits increasing significantly [39][40]. - Borrowed funds decreased to $727.8 million at December 31, 2024, from $920.5 million at December 31, 2023, primarily due to a decrease in other borrowings [40]. Dividend Declaration - The Board of Directors declared a cash dividend of $0.13 per share, payable on February 19, 2025, to stockholders of record on February 5, 2025 [3].

Core Points - Northfield Bank's CEO, Steven M. Klein, has been elected to the Board of Directors of the Federal Home Loan Bank of New York for a four-year term starting January 1, 2025 [1][2] - Klein expressed gratitude for the support from New York members and emphasized the importance of the FHLBNY's mission to provide liquidity for housing and community development [2] - Northfield Bank operates 38 full-service banking offices across New York and New Jersey, focusing on community support and development [3][4] Company Overview - Northfield Bank was founded in 1887 and has a presence in Staten Island, Brooklyn, and several counties in New Jersey [3] - The bank's leadership under Klein includes strategic planning in lending, technology, risk management, and community engagement [2] Federal Home Loan Bank of New York Overview - The FHLBNY is a wholesale bank that is part of a national network of 11 regional banks, serving 338 financial institutions and housing associates [4] - Its mission is to provide reliable liquidity to support housing and local community development [4]