Business
Northfield Bancorp, Inc. Announces Second Quarter 2020 Results
NOTABLE ITEMS FOR THE QUARTER INCLUDE: DILUTED EARNINGS PER SHARE OF $0.23 FOR THE SECOND QUARTER OF 2020, COMPARED TO $0.10 FOR THE FIRST QUARTER OF 2020,
About this update from Northfield Bancorp, Inc.
[{"type":"text","content":"NOTABLE ITEMS FOR THE QUARTER INCLUDE:\n DILUTED EARNINGS PER SHARE OF $0.23 FOR THE SECOND QUARTER OF 2020, COMPARED TO $0.10 FOR THE FIRST QUARTER OF 2020, AND $0.17 FOR THE SECOND QUARTER OF 2019 Results for the second quarter of 2020 included a $0.01 net decrease in diluted earnings per share related to: $1.8 million in incremental loan loss provisions related to the impact of the COVID-19 pandemic, due primarily to an increase in estimated loss factors related to overall unemployment, and downgrades in loan ratings for forbearance loans; and$205,000 in merger related expenses, partially offset by:$665,000 in gains on loans sold, and a$618,000 reduction in the allowance for loan losses related to the sale of loans. COMPLETED ACQUISITION OF VSB BANCORP, INC. ON JULY 1, 2020LOANS INCREASED $80.2 MILLION, OR 9.0% ANNUALIZED, AS COMPARED TO MARCH 31, 2020 Originated over 900 loans totaling over $109 million under the Paycheck Protection Program, helping our small business customers retain over 13,000 employees.Sold approximately $48 million in longer duration loans. IMPLEMENTED LOAN RELIEF PROGRAMS FOR BORROWERS AFFECTED BY COVID-19 TO DEFER INTEREST AND/OR PRINCIPAL PAYMENTS GENERALLY FOR A 90-DAY PERIOD As of June 30, 2020, 262 deferral requests approved or executed, totaling $345.9 million, or 9.7%, of total loans.As of July 21, 2020, $150.5 million of COVID-19 modified loans reached their forbearance expiration. $86.5 million, or 58% have returned to contractual monthly payments, $51.4 million, or 34%, have requested or been approved for a second 90-day forbearance period, and $12.6 million, or 8%, are past due for their July payment. In addition, two loans, totaling $2.9 million, have been granted initial forbearance since June 30, 2020. NET INTEREST INCOME INCREASED $297,000, OR 1.0%, OVER THE TRAILING QUARTER, AND $3.1 MILLION, OR 11.3%, COMPARED TO THE PRIOR YEAR QUARTERNON-PERFORMING LOANS TO TOTAL LOANS WAS 0.27% AT JUNE 30, 2020, COMPARED TO 0.29% AT DECEMBER 31, 2019DEPOSITS, EXCLUDING BROKERED, INCREASED $279.5 MILLION, OR 34.5% ANNUALIZED, AS COMPARED TO MARCH 31, 2020CASH DIVIDEND DECLARED OF $0.11 PER SHARE OF COMMON STOCK, PAYABLE AUGUST 19, 2020, TO STOCKHOLDERS OF RECORD AS OF AUGUST 5, 2020 WOODBRIDGE, N.J., July 22, 2020 (GLOBE NEWSWIRE) -- NORTHFIELD BANCORP, INC. (Nasdaq:NFBK), the holding company for Nort...