Business
Northfield Bancorp, Inc. Announces Fourth Quarter and Year End 2023 Results
NOTABLE ITEMS INCLUDE: FOURTH QUARTER 2023 DILUTED EARNINGS PER SHARE OF $0.19 FOR THE FOURTH QUARTER OF 2023, COMPARED TO $0.19 FOR THE TRAILING QUARTER, AND
About this update from Northfield Bancorp, Inc.
[{"type":"text","content":"NOTABLE ITEMS INCLUDE: FOURTH QUARTER 2023 DILUTED EARNINGS PER SHARE OF $0.19 FOR THE FOURTH QUARTER OF 2023, COMPARED TO $0.19 FOR THE TRAILING QUARTER, AND $0.31 FOR THE FOURTH QUARTER OF 2022.NET INTEREST MARGIN COMPRESSION SLOWED TO EIGHT BASIS POINTS COMPARED TO A NINE BASIS POINT DECREASE FOR THE QUARTER ENDED SEPTEMBER 30, 2023.TOTAL DEPOSITS (EXCLUDING BROKERED) INCREASED BY APPROXIMATELY $110 MILLION, OR 12% ANNUALIZED, FROM SEPTEMBER 30, 2023.COST OF DEPOSITS WAS 175 BASIS POINTS FOR THE CURRENT QUARTER AS COMPARED TO 146 BASIS POINTS FOR THE TRAILING QUARTER.LOAN BALANCES DECLINED MODESTLY FROM SEPTEMBER 2023 WITH DECREASES IN MULTIFAMILY, COMMERCIAL MORTGAGE, ONE-TO FOUR FAMILY, AND CONSTRUCTION AND LAND LOANS BEING PARTIALLY OFFSET BY INCREASES IN HOME EQUITY LOANS AND LINES OF CREDIT, AND COMMERCIAL AND INDUSTRIAL LOANS.CREDIT QUALITY REMAINS STRONG WITH NON-PERFORMING LOANS TO TOTAL LOANS AT 0.27% COMPARED TO 0.24% AT SEPTEMBER 30, 2023.MAINTAINING STRONG LIQUIDITY WITH OVER $795 MILLION IN AVAILABLE-FOR-SALE SECURITIES AND LOANS READILY AVAILABLE FOR PLEDGE OF APPROXIMATELY $931 MILLION.THE COMPANY REPURCHASED 430,521 SHARES FOR A COST OF $4.4 MILLION.OUR 39TH BRANCH LOCATION IN ELIZABETH, NJ, OPENED IN DECEMBER 2023.CASH DIVIDEND OF $0.13 PER SHARE DECLARED ON COMMON STOCK, PAYABLE FEBRUARY 21, 2024, TO STOCKHOLDERS OF RECORD AS OF FEBRUARY 7, 2024. FULL-YEAR 2023 DILUTED EARNINGS PER SHARE OF $0.86 COMPARED TO $1.32 FOR 2022.NET INTEREST MARGIN DECREASED BY 62 BASIS POINTS TO 2.35% COMPARED TO 2.97% FOR 2022.THE COMPANY REPURCHASED 3.1 MILLION SHARES TOTALING $36.9 MILLION. APPROXIMATELY $3.1 MILLION REMAINS TO BE REPURCHASED AS OF DECEMBER 31, 2023. WOODBRIDGE, N.J., Jan. 24, 2024 (GLOBE NEWSWIRE) -- NORTHFIELD BANCORP, INC. (The “Company”) (Nasdaq:NFBK), the holding company for Northfield Bank, reported net income of $8.2 million, or $0.19 per diluted share, for the quarter ended December 31, 2023, as compared to $8.2 million, or $0.19 per diluted share, for the quarter ended September 30, 2023, and $14.1 million, or $0.31 per diluted share, for the quarter ended December 31, 2022. For the year ended December 31, 2023, net income totaled $37.7 million, or $0.86 per diluted share, compared to $61.1 million, or $1.32 per diluted share, for the year ended December 31, 2022. The decrease in net income for both t...