Business
Northfield Bancorp, Inc. Announces First Quarter 2022 Results
NOTABLE ITEMS FOR THE QUARTER INCLUDE: DILUTED EARNINGS PER SHARE WERE $0.30 FOR THE CURRENT QUARTER AS COMPARED TO $0.34 FOR THE TRAILING QUARTER, AND $0.38
About this update from Northfield Bancorp, Inc.
[{"type":"text","content":"NOTABLE ITEMS FOR THE QUARTER INCLUDE: DILUTED EARNINGS PER SHARE WERE $0.30 FOR THE CURRENT QUARTER AS COMPARED TO $0.34 FOR THE TRAILING QUARTER, AND $0.38 FOR THE FIRST QUARTER OF 2021.NET INTEREST MARGIN DECREASED BY NINE BASIS POINTS TO 2.87% COMPARED TO 2.96% FOR THE TRAILING QUARTER, AND BY 23 BASIS POINTS COMPARED TO 3.10% FOR THE FIRST QUARTER OF 2021. LOANS HELD-FOR-INVESTMENT, EXCLUDING PAYCHECK PROTECTION PROGRAM (“PPP”) LOANS, INCREASED $108.1 MILLION, OR 11.5% ANNUALIZED, DURING THE QUARTER. CREDIT QUALITY REMAINS STRONG WITH NON-PERFORMING LOANS TO TOTAL LOANS REMAINING AT 0.21%.DEPOSITS, EXCLUDING BROKERED, INCREASED $143.5 MILLION, OR 13.9% ANNUALIZED, DURING THE QUARTER. TRANSACTION ACCOUNTS REPRESENT 51% OF TOTAL DEPOSITS AT QUARTER END. THE AVERAGE COST OF DEPOSITS DECREASED TO 11 BASIS POINTS FROM 12 BASIS POINTS FOR THE TRAILING QUARTER. AT MARCH 31, 2022 OUR COST OF DEPOSITS WAS 0.10%.REPURCHASED 528,122 SHARES TOTALING APPROXIMATELY $8.2 MILLION.CASH DIVIDEND DECLARED OF $0.13 PER SHARE OF COMMON STOCK, PAYABLE MAY 25, 2022, TO STOCKHOLDERS OF RECORD AS OF MAY 11, 2022. WOODBRIDGE, N.J., April 27, 2022 (GLOBE NEWSWIRE) -- NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (or the “Company”), the holding company for Northfield Bank, reported diluted earnings per common share of $0.30 for the quarter ended March 31, 2022, as compared to $0.38 per diluted share for the quarter ended March 31, 2021. Earnings for the quarter ended March 31, 2021 included a benefit for credit losses of $2.4 million ($1.7 million after tax, or $0.03 per share) reflecting an improvement in the forecasted economic outlook during the quarter and approximately $1.9 million ($1.4 million after tax, or $0.03 per share) of accretable income related to the payoffs of purchased credit-deteriorated (“PCD”) loans. Commenting on the quarter, Steven M. Klein, the Company’s Chairman, President and Chief Executive Officer stated, “I’m pleased to announce Northfield has reported a strong quarter of financial performance as a result of our pristine credit quality, prudent management of expenses, and growth in loan and deposit balances.” Mr. Klein continued, “Our locally grown approach to community banking, focused on delivering the products our business and retail customers want, with the personal service they deserve, is demonstrated by our loan and deposi...