Financial Performance - Net income for the nine months ended September 30, 2024, was $18.7 million, down from $29.4 million for the same period in 2023, primarily due to a decrease in net interest income [165]. - Basic and diluted earnings per common share were $0.45 for the nine months ended September 30, 2024, down from $0.67 for the same period in 2023 [165]. - The company reported a net income of $18.7 million for the nine months ended September 30, 2024, a decrease from $29.4 million in the same period of 2023 [186]. - Net income for the quarter ended September 30, 2024, was $6.5 million, down from $8.2 million for the same quarter in 2023, reflecting a decrease in net interest income and an increase in the provision for credit losses [199]. Interest Income and Expense - Interest income increased by $23.9 million, or 15.5%, to $178.2 million for the nine months ended September 30, 2024, primarily due to a rise in interest-earning assets [187]. - Interest expense rose by $34.8 million, or 59.4%, to $93.4 million for the nine months ended September 30, 2024, driven by higher costs of deposits and borrowings [188]. - Interest income for the quarter ended September 30, 2024, increased by $6.6 million, or 12.5%, to $59.3 million, primarily due to a 38 basis point increase in the yield on interest-earning assets [200]. - Interest expense increased by $8.0 million, or 34.9%, to $31.1 million for the quarter ended September 30, 2024, from $23.0 million for the same quarter in 2023 [201]. Asset and Liability Management - Total assets increased by $132.5 million, or 2.4%, to $5.73 billion at September 30, 2024, from $5.60 billion at December 31, 2023 [166]. - Total liabilities increased by $132.3 million, or 2.7%, to $5.03 billion at September 30, 2024, mainly due to increased borrowings [179]. - The Bank's total short-term borrowed funds were $983 million at September 30, 2024, with a weighted average interest rate of 3.92% [224]. - The Company borrowed $300 million under the Bank Term Funding Program (BTFP) as of September 30, 2024 [224]. Loan Portfolio - Loans held-for-investment, net, decreased by $139.7 million, or 3.3%, to $4.06 billion at September 30, 2024, primarily due to decreases in multifamily and commercial real estate loans [170]. - Multifamily loans decreased by $110.1 million, or 4.0%, to $2.64 billion at September 30, 2024 [170]. - Total commercial real estate loans amounted to $878.2 million as of September 30, 2024, with a loan-to-value (LTV) ratio monitoring system in place [173]. - The multifamily loan portfolio totaled $2.64 billion, representing 65% of the total loan portfolio, with $447.5 million (11%) collateralized by rent-regulated properties in New York [219]. Credit Losses and Provisions - The allowance for credit losses on loans decreased to $35.2 million at September 30, 2024, from $37.5 million at December 31, 2023 [178]. - The provision for credit losses on loans increased by $1.3 million to $2.3 million for the nine months ended September 30, 2024, compared to $1.1 million for the same period in 2023, driven by a specific reserve related to a single commercial relationship totaling $12.5 million [190]. - Net charge-offs for the nine months ended September 30, 2024, were $4.7 million, primarily due to $3.9 million in net charge-offs on small business unsecured commercial and industrial loans [190]. - Provision for credit losses on loans increased by $2.4 million to $2.5 million for the quarter ended September 30, 2024, from $188,000 for the same quarter in 2023 [203]. Non-Interest Income and Expense - Non-interest income increased by $1.5 million, or 18.7%, to $9.8 million for the nine months ended September 30, 2024, compared to $8.3 million for the same period in 2023, primarily due to increases in fees and service charges [191]. - Non-interest expense increased by $3.2 million, or 5.2%, to $65.7 million for the nine months ended September 30, 2024, compared to $62.5 million for the same period in 2023, mainly due to higher employee compensation and benefits [193]. - Non-interest income increased by $1.5 million, or 68.7%, to $3.6 million for the quarter ended September 30, 2024, from $2.1 million for the same quarter in 2023 [204]. - Non-interest expense decreased by $189,000, or 0.9%, to $20.4 million for the quarter ended September 30, 2024, from $20.6 million for the same quarter in 2023 [205]. Regulatory Compliance and Risk Management - Northfield Bank and Northfield Bancorp, Inc. exceeded all regulatory capital requirements as of September 30, 2024 [232]. - The company has been in compliance with all Board-approved policies regarding interest rate risk management as of September 30, 2024 [243]. - The Management Asset-Liability Committee is responsible for evaluating interest rate risk and managing it according to guidelines approved by the Board of Directors [240]. - The company concluded that its disclosure controls and procedures were effective as of September 30, 2024 [249]. Market and Economic Conditions - The estimated change in net present value (NPV) of assets would decrease by $67,431, or 8.80%, with a 400 basis point increase in interest rates [245]. - A 100 basis point increase in interest rates would result in a 4.09% increase in net interest income [245]. - In the event of a 400 basis point decrease in interest rates, the estimated net portfolio value would increase by 19.60%, with a 2.07% increase in net interest income in year one and an 11.68% decrease in year two [243]. - The company's policies state that in the event of a 200 basis point decrease or less in interest rates, the net present value ratio should decrease by no more than 300 basis points and 10% [243]. Internal Controls and Legal Matters - There were no changes in the company's internal control over financial reporting that materially affected its effectiveness during the three months ended September 30, 2024 [250]. - Legal actions arising in the normal course of business are not expected to have a material adverse effect on the company's consolidated financial condition or results of operations [252].

Earnings Performance - Diluted earnings per share for Q3 2024 were $0.16, an increase from $0.14 in Q2 2024 and a decrease from $0.19 in Q3 2023[1] - Net income for the nine months ended September 30, 2024, was $18.7 million, down from $29.4 million for the same period in 2023[4] - Net income for the three months ended September 30, 2024, was $6,523,000, a decrease from $8,181,000 in the same period of 2023, representing a decline of 20%[65] Interest Income and Margin - Net interest income for the nine months ended September 30, 2024, decreased by $10.9 million, or 11.4%, to $84.8 million compared to $95.7 million for the same period in 2023[5] - Total interest income for the three months ended September 30, 2024, was $59,318,000, an increase from $52,736,000 in the same period of 2023, representing a growth of 12%[65] - The net interest margin for the nine months ended September 30, 2024, was 2.07%, down from 2.41% in the same period of 2023[67] Non-Interest Income and Expense - Non-interest income increased by $1.5 million, or 18.7%, to $9.8 million for the nine months ended September 30, 2024[9] - Non-interest income totaled $3,578,000 for the three months ended September 30, 2024, up from $2,121,000 in the same period of 2023, reflecting a growth of 69%[65] - Total non-interest expense was $20,378,000 for the three months ended September 30, 2024, slightly down from $20,567,000 in the same period of 2023[65] Loan and Deposit Trends - Loan balances declined by $27.2 million, or 2.7% annualized, from June 30, 2024, with decreases in commercial, multifamily, and residential real estate loans[1] - Deposits (excluding brokered) decreased by $5.1 million, or less than 1% annualized, from June 30, 2024, but increased by $15.0 million, or 0.5% annualized, from December 31, 2023[1] - Total deposits increased to $3.88 billion in September 2024 from $3.80 billion in June 2024[63] Asset and Liability Management - Total assets increased by $132.5 million, or 2.4%, to $5.73 billion at September 30, 2024, from $5.60 billion at December 31, 2023[26] - Total liabilities increased by $132.3 million, or 2.7%, to $5.03 billion at September 30, 2024, primarily due to an increase in borrowings of $131.6 million[34] - Borrowed funds increased to $1.05 billion at September 30, 2024, from $920.5 million at December 31, 2023, primarily due to a $205.5 million increase in borrowings under the Federal Reserve Bank Term Funding Program[38] Credit Quality - Non-performing loans to total loans increased to 0.75% at September 30, 2024, from 0.42% at June 30, 2024[1] - Provision for credit losses on loans increased by $2.4 million to $2.5 million for the quarter ended September 30, 2024, from a provision of $188,000 for the same quarter in 2023[15] - Non-performing loans totaled $30.4 million, or 0.75% of total loans, an increase from $11.4 million, or 0.27%, at December 31, 2023[46] Shareholder Returns - A cash dividend of $0.13 per share was declared, payable on November 20, 2024, to stockholders of record as of November 6, 2024[3] - The company repurchased 560,683 shares for a cost of $6.3 million, with no remaining capacity under the current repurchase program[1] - The company repurchased 1.8 million shares of its common stock at an average price of $10.03 for a total of $18.1 million during the nine months ended September 30, 2024[41] Efficiency and Ratios - The efficiency ratio improved to 64.07% in September 2024 from 64.65% in June 2024[61] - Return on assets for September 2024 was 0.46%, down from 0.59% in June 2024[61] - Return on equity decreased to 3.74% in September 2024 from 4.74% in June 2024[61]

Core Viewpoint - Northfield Bancorp reported quarterly earnings of $0.16 per share, matching the Zacks Consensus Estimate, but down from $0.19 per share a year ago [1] - The company posted revenues of $31.81 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 1.53% [1] Earnings Performance - Northfield's earnings of $0.16 per share were in line with expectations, while the previous quarter's earnings were $0.17, exceeding the estimate by 21.43% [1][2] - Over the last four quarters, Northfield has surpassed consensus EPS estimates two times [1] Revenue Analysis - The company's revenues of $31.81 million for the recent quarter were unchanged from the previous year and missed the consensus estimate [1] - Northfield has topped consensus revenue estimates three times over the last four quarters [1] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.18 on revenues of $32.85 million, and for the current fiscal year, it is $0.67 on revenues of $127.27 million [4] - The estimate revisions trend for Northfield is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [4] Industry Context - The Financial - Savings and Loan industry, to which Northfield belongs, is currently in the top 22% of over 250 Zacks industries, suggesting a positive outlook for stocks in this sector [5] - Another company in the same industry, Provident Financial, is expected to report quarterly earnings of $0.46 per share, reflecting a year-over-year increase of 21.1% [5]

Northfield Bancorp (NFBK) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. Since a ch ...

STATEN ISLAND, N.Y., Sept. 18, 2024 (GLOBE NEWSWIRE) -- The Northfield Bank Foundation announced today that John P. Connors, Jr. has been named Chair of the Foundation's Board of Directors. Mr. Connors is an attorney admitted to practice in the State and Federal Courts in the States of New York and New Jersey and the District of Columbia, and has been a member of the Northfield Bank Foundation's Board of Directors since 2008. Mr. Connors also serves as a director and former Lead Independent Director of Nort ...

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 June 30, 2024 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) Delaware 80-0882592 (State or other ...

None of the loans that are rent-regulated in New York are interest only. During the remainder of 2024, eight loans with an aggregate principal balance of $13.3 million will re-price. 12 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------|-------------------------------|------------------------------|-----------------------------|---------------------------------------------|------------------------------------------------|---- ...

While Northfield has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.17 on $32.3 million in revenues for the coming quarter and $0.65 on $127.49 million in revenues for the current fiscal year. Riverview Bancorp's revenues are expected to be $12.2 million, down 10.6% from the year- ...

Core Viewpoint - Northfield Bancorp, Inc. reported a decrease in net income and net interest income for the second quarter of 2024, primarily due to rising interest expenses and a decline in loan balances, while maintaining strong asset quality and liquidity. Financial Performance - Net income for the three months ended June 30, 2024, was $6.0 million, or $0.14 per diluted share, compared to $9.6 million, or $0.22 per diluted share, for the same period in 2023 [24][44] - Net interest income decreased by $2.5 million, or 7.9%, to $28.7 million for the quarter ended June 30, 2024, due to an $11.0 million increase in interest expense [45][50] - The net interest margin increased by six basis points to 2.09% from the previous quarter, primarily due to higher yields on interest-earning assets [34][31] Loan and Deposit Trends - Total loans held-for-investment decreased by $112.4 million, or 2.7%, to $4.09 billion at June 30, 2024, reflecting a strategic focus on managing loan concentrations and disciplined pricing [54] - Deposits (excluding brokered) decreased by $24 million, or 2.5% annualized, compared to the trailing quarter [20] Asset Quality - Non-performing loans to total loans remained stable at 0.42% at June 30, 2024, indicating strong asset quality [20][24] - The provision for credit losses on loans decreased to a benefit of $618,000 for the quarter ended June 30, 2024, compared to a provision of $30,000 for the same period in 2023 [46] Capital and Liquidity - The company maintained strong liquidity with approximately $622 million in unpledged available-for-sale securities and loans readily available-for-pledge of approximately $790 million [20] - Borrowed funds increased to $1.15 billion at June 30, 2024, from $920.5 million at December 31, 2023, primarily due to favorable terms under the Federal Reserve Bank Term Funding Program [5][39] Non-Interest Income and Expenses - Non-interest income decreased by $522,000, or 15.4%, to $2.9 million for the quarter ended June 30, 2024, primarily due to a decrease in gains on sales of trading securities [36] - Non-interest expense increased by $2.2 million, or 10.7%, to $23.0 million for the quarter ended June 30, 2024, primarily due to higher compensation and employee benefits [48]

WOODBRIDGE, N.J., July 16, 2024 (GLOBE NEWSWIRE) -- Northfield Bank, wholly-owned subsidiary of Northfield Bancorp, Inc. (NASDAQ: NFBK), announced today that Steven M. Klein, President and Chief Executive Officer, has been named to the Board of Directors of the Federal Home Loan Bank of New York (the "FHLBNY"). Mr. Klein stated, "The FHLBNY has stood strong for nearly a century, and I am honored to join the Board and work closely with my fellow Directors to support the FHLBNY's commitment to our Members and ...