Business
Northfield Bancorp, Inc. Announces First Quarter 2024 Results
NOTABLE ITEMS FOR THE QUARTER INCLUDE: DILUTED EARNINGS PER SHARE WERE $0.15 FOR THE CURRENT QUARTER COMPARED TO $0.19 FOR THE TRAILING QUARTER, AND $0.26 FOR
About this update from Northfield Bancorp, Inc.
[{"type":"text","content":"NOTABLE ITEMS FOR THE QUARTER INCLUDE: DILUTED EARNINGS PER SHARE WERE $0.15 FOR THE CURRENT QUARTER COMPARED TO $0.19 FOR THE TRAILING QUARTER, AND $0.26 FOR THE FIRST QUARTER OF 2023.NET INTEREST INCOME OF $27.9 MILLION, DECREASED $1.0 MILLION, OR 3.6%, PRIMARILY REFLECTING INCREASED FUNDING COSTS AND LOWER LOAN BALANCES. AVERAGE YIELDS ON INTEREST-EARNING ASSETS INCREASED 17 BASIS POINTS TO 4.27%, WHILE THE AVERAGE COST OF INTEREST-BEARING LIABILITIES INCREASED 37 BASIS POINTS TO 2.89% FOR THE CURRENT QUARTER COMPARED TO THE TRAILING QUARTER. NET INTEREST MARGIN DECREASED TO 2.03%, OR 14 BASIS POINTS, FOR THE CURRENT QUARTER COMPARED TO THE TRAILING QUARTER.TOTAL DEPOSITS (EXCLUDING BROKERED) INCREASED BY APPROXIMATELY $44 MILLION, OR 4.7% ANNUALIZED, DRIVEN BY INCREASES IN CERTIFICATES OF DEPOSITS AND TRANSACTION ACCOUNTS. COST OF DEPOSITS AT QUARTER END WAS 2.03%, AN INCREASE OF 28 BASIS POINTS OVER THE TRAILING QUARTER.LOAN BALANCES DECLINED MODESTLY WITH INCREASES IN COMMERCIAL AND INDUSTRIAL LOANS OFFSET BY DECREASES IN ALL OTHER LOAN CATEGORIES.OVERALL ASSET QUALITY REMAINS STRONG. NON-PERFORMING LOANS TO TOTAL LOANS INCREASED TO 0.41% AT MARCH 31, 2024 FROM 0.27% AT DECEMBER 31, 2023, DUE TO AN INCREASE IN COMMERCIAL MORTGAGE AND COMMERCIAL AND INDUSTRIAL NON-PERFORMING LOANS. MAINTAINED STRONG LIQUIDITY WITH APPROXIMATELY $569 MILLION IN UNPLEDGED AVAILABLE-FOR-SALE SECURITIES AND LOANS READILY AVAILABLE FOR PLEDGE OF APPROXIMATELY $821 MILLION.THE COMPANY REPURCHASED 252,631 SHARES FOR A COST OF $3.1 MILLION. THE BOARD OF DIRECTORS APPROVED A NEW $5.0 MILLION REPURCHASE PLAN ON APRIL 24, 2024. CASH DIVIDEND DECLARED OF $0.13 PER SHARE OF COMMON STOCK, PAYABLE MAY 22, 2024, TO STOCKHOLDERS OF RECORD AS OF MAY 8, 2024. WOODBRIDGE, N.J., April 24, 2024 (GLOBE NEWSWIRE) -- NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (the “Company”), the holding company for Northfield Bank, reported net income of $6.2 million, or $0.15 per diluted share, for the three months ended March 31, 2024, compared to $8.2 million, or $0.19 per diluted share, for the three months ended December 31, 2023, and $11.7 million, or $0.26 per diluted share, for the three months ended March 31, 2023. The decrease in net income for the three months ended March 31, 2024, compared to the trailing quarter and comparable prior year quarter, was primarily the result ...