Business
Northfield Bancorp, Inc. Announces Fourth Quarter and Year End 2021 Results
NOTABLE ITEMS INCLUDE: FOURTH QUARTER 2021 DILUTED EARNINGS PER SHARE OF $0.34 FOR THE FOURTH QUARTER OF 2021, COMPARED TO $0.33 FOR THE TRAILING QUARTER, AND
About this update from Northfield Bancorp, Inc.
[{"type":"text","content":"NOTABLE ITEMS INCLUDE: FOURTH QUARTER 2021 DILUTED EARNINGS PER SHARE OF $0.34 FOR THE FOURTH QUARTER OF 2021, COMPARED TO $0.33 FOR THE TRAILING QUARTER, AND $0.26 FOR THE FOURTH QUARTER OF 2020.NET INTEREST MARGIN DECREASED BY THREE BASIS POINTS TO 2.96% COMPARED TO 2.99% FOR THE TRAILING QUARTER, AND INCREASED BY 13 BASIS POINTS COMPARED TO 2.83% FOR THE FOURTH QUARTER OF 2020. LOANS HELD-FOR-INVESTMENT, EXCLUDING PAYCHECK PROTECTION PROGRAM (“PPP”) LOANS, INCREASED $22.1 MILLION, OR 2.4% ANNUALIZED, DURING THE QUARTER. CREDIT QUALITY REMAINS STRONG WITH NON-PERFORMING LOANS TO TOTAL LOANS AT 0.21% COMPARED TO 0.20% AT THIRD QUARTER 2021.DEPOSITS, EXCLUDING BROKERED, INCREASED $34.8 MILLION, OR 3.4% ANNUALIZED, DURING THE QUARTER. TRANSACTION ACCOUNTS REPRESENT 48% OF TOTAL DEPOSITS AT YEAR END. THE AVERAGE COST OF DEPOSITS DECREASED TO 12 BASIS POINTS FROM 14 BASIS POINTS FOR THE TRAILING QUARTER. AT DECEMBER 31, 2021 OUR COST OF DEPOSITS WAS 0.10%.REPURCHASED 375,999 SHARES TOTALING APPROXIMATELY $6.3 MILLION.CASH DIVIDEND OF $0.13 PER SHARE DECLARED ON COMMON STOCK, PAYABLE FEBRUARY 23, 2022, TO STOCKHOLDERS OF RECORD AS OF FEBRUARY 9, 2022. FULL-YEAR 2021 DILUTED EARNINGS PER SHARE OF $1.45 COMPARED TO $0.76.LOANS HELD-FOR-INVESTMENT, EXCLUDING PPP LOANS, INCREASED $69.4 MILLION, OR 1.9%. LOAN SALES (EXCLUDING HELD-FOR-SALE AT YEAR END 2020) TOTALED $131.9 MILLION.DEPOSITS, EXCLUDING BROKERED, INCREASED $209.6 MILLION, OR 5.3%. WOODBRIDGE, N.J., Jan. 26, 2022 (GLOBE NEWSWIRE) -- NORTHFIELD BANCORP, INC. (Nasdaq:NFBK), the holding company for Northfield Bank, reported diluted earnings per common share of $0.34 and $1.45 for the quarter and year ended December 31, 2021, respectively, as compared to $0.26 and $0.76 per diluted share for the quarter and year ended December 31, 2020, respectively. Major factors impacting 2021 earnings included a benefit for credit losses on loans, an increase in the accelerated recognition of fees related to the forgiveness of PPP loans, higher loan prepayment income, and higher accretable income related to the payoffs of purchased credit deteriorated (“PCD”) loans. Earnings for the quarter and year ended December 31, 2021, included a provision of $39,000 and a benefit of $6.2 million, respectively, for credit losses on loans, reflecting continued improvement in the economic forecast and asset...