Business
Northfield Bancorp, Inc. Announces Fourth Quarter and Year End 2019 Results
NOTABLE ITEMS INCLUDE: FOURTH QUARTER 2019 DILUTED EARNINGS PER COMMON SHARE OF $0.21 FOR THE FOURTH QUARTER OF 2019, COMPARED TO $0.28 FOR THE THIRD QUARTER
About this update from Northfield Bancorp, Inc.
[{"type":"text","content":"NOTABLE ITEMS INCLUDE:\n FOURTH QUARTER 2019 DILUTED EARNINGS PER COMMON SHARE OF $0.21 FOR THE FOURTH QUARTER OF 2019, COMPARED TO $0.28 FOR THE THIRD QUARTER OF 2019, AND $0.21 FOR THE FOURTH QUARTER OF 2018. Earnings for the current quarter reflect the benefit of $1.0 million, or $0.02 per diluted share, of tax-exempt income from bank owned life insurance proceeds, offset by $755,000 after tax in occupancy costs, related to the consolidation of three branches, and $125,000 of merger-related costs, for a total of $0.02 per diluted share.Earnings for the trailing quarter reflect the benefit of $2.4 million, or $0.05 per diluted share, of tax-exempt income from bank owned life insurance proceeds, and $1.6 million, after tax, or $0.03 per diluted share, of income related to recoveries on loans previously charged-off.Earnings for the fourth quarter of 2018 reflect excess tax benefits related to the exercise or vesting of equity awards of $514,000, or $0.01 per diluted share. ORIGINATED LOANS, NET INCREASED $127.4 MILLION, OR 17.8% ANNUALIZEDDEPOSITS, EXCLUDING BROKERED, INCREASED $65.6 MILLION, OR 8.5% ANNUALIZEDCONSOLIDATED THREE BRANCHES, EFFECTIVE DECEMBER 31, 2019ANNOUNCED THE PROPOSED ACQUISITION OF VSB BANCORP, INC. ON DECEMBER 23, 2019, WITH APPROXIMATELY $376 MILLION OF ASSETS, $157 MILLION OF LOANS, AND $325 MILLION OF DEPOSITSCASH DIVIDEND OF $0.11 PER SHARE OF COMMON STOCK DECLARED PAYABLE FEBRUARY 26, 2020, TO STOCKHOLDERS OF RECORD AS OF FEBRUARY 12, 2020 FULL YEAR 2019 DILUTED EARNINGS PER COMMON SHARE OF $0.85 FOR BOTH 2019 AND 2018 2019 full year earnings reflect $3.4 million, or $0.07 per diluted share, of tax-exempt income from bank owned life insurance proceeds, and $1.6 million, after tax, or $0.03 per diluted share, of income related to recoveries on loans previously charged-off, partially offset by $755,000 after tax in occupancy costs, related to the consolidation of three branches, and $125,000 of merger-related costs, for a total of $0.02 per diluted share.2018 full year earnings reflect excess tax benefits of $2.7 million, or $0.06 per diluted share. ORIGINATED LOANS, NET INCREASED $308.2 MILLION, OR 11.5%DEPOSITS, EXCLUDING BROKERED, INCREASED $138.1 MILLION, OR 4.6%REPURCHASED 1.0 MILLION SHARES IN THE AMOUNT OF $15.8 MILLION UNDER A STOCK REPURCHASE PROGRAM WOODBRIDGE, N.J., Jan. 29, 2020 (GLOBE NEWSWI...