Northfield Bancorp, Inc. Announces Fourth Quarter and Year End 2024 Results

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$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$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$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$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].