Business
Northfield Bancorp, Inc. Announces Fourth Quarter and Year End 2024 Results
NOTABLE ITEMS FOR THE QUARTER: DILUTED EARNINGS PER SHARE OF $0.27 FOR THE FOURTH QUARTER OF 2024, COMPARED TO $0.16 FOR THE TRAILING QUARTER, AND $0.19 FOR
About this update from Northfield Bancorp, Inc.
[{"type":"text","content":"NOTABLE ITEMS FOR THE QUARTER: DILUTED EARNINGS PER SHARE OF $0.27 FOR THE FOURTH QUARTER OF 2024, COMPARED TO $0.16 FOR THE TRAILING QUARTER, AND $0.19 FOR THE FOURTH QUARTER OF 2023. Fourth Quarter 2024 results included a gain of $0.06 per share on the sale and consolidation of a Staten Island branch in December 2024. NET INTEREST MARGIN INCREASED BY 10 BASIS POINTS TO 2.18% FOR THE CURRENT QUARTER, AS COMPARED TO 2.08% FOR THE TRAILING QUARTER.THE AVERAGE COST OF INTEREST-BEARING LIABILITIES DECREASED 10 BASIS POINTS TO 2.85% FOR THE CURRENT QUARTER AS COMPARED TO 2.95% FOR THE TRAILING QUARTER.DEPOSITS (EXCLUDING BROKERED) INCREASED BY $81.6 MILLION, OR 8.6% ANNUALIZED, COMPARED TO SEPTEMBER 30, 2024, AND INCREASED $96.6 MILLION, OR 2.6%, FROM DECEMBER 31, 2023. COST OF DEPOSITS (EXCLUDING BROKERED) AT DECEMBER 31, 2024 WAS 1.95% AS COMPARED TO 2.07% AT SEPTEMBER 30, 2024.LOANS DECLINED BY $36.9 MILLION, OR 3.6% ON AN ANNUALIZED BASIS, FROM SEPTEMBER 30, 2024, WITH DECREASES IN MULTIFAMILY AND COMMERCIAL AND INDUSTRIAL LOANS, OFFSET BY INCREASES IN COMMERCIAL REAL ESTATE, HOME EQUITY, AND CONSTRUCTION AND LAND LOANS. ASSET QUALITY REMAINS STRONG WITH NON-PERFORMING LOANS TO TOTAL LOANS AT 0.51% COMPARED TO 0.75% AT SEPTEMBER 30, 2024.THE COMPANY MAINTAINED STRONG LIQUIDITY WITH APPROXIMATELY $683 MILLION IN UNPLEDGED AVAILABLE-FOR-SALE SECURITIES AND LOANS READILY AVAILABLE-FOR-PLEDGE OF APPROXIMATELY $935 MILLION.CASH DIVIDEND OF $0.13 PER SHARE, PAYABLE FEBRUARY 19, 2025, TO STOCKHOLDERS OF RECORD AS OF FEBRUARY 5, 2025. WOODBRIDGE, N.J., Jan. 22, 2025 (GLOBE NEWSWIRE) -- NORTHFIELD BANCORP, INC. (the “Company”) (Nasdaq:NFBK), the holding company for Northfield Bank, reported net income of $11.3 million, or $0.27 per diluted share, for the quarter ended December 31, 2024, as compared to $6.5 million, or $0.16 per diluted share, for the quarter ended September 30, 2024, and $8.2 million, or $0.19 per diluted share, for the quarter ended December 31, 2023. For the year ended December 31, 2024, net income totaled $29.9 million, or $0.72 per diluted share, compared to $37.7 million, or $0.86 per diluted share, for the year ended December 31, 2023. For the quarter ended December 31, 2024, net income reflected a $3.4 million, or $0.06 per share, gain on sale of property. The year ended December 31, 2024 also included additional ...