Business
Northfield Bancorp, Inc. Announces Second Quarter 2022 Results
Notable Items for the Quarter Include: DILUTED EARNINGS PER SHARE WERE $0.34 FOR THE CURRENT QUARTER AS COMPARED TO $0.30 FOR THE TRAILING QUARTER, AND $0.40
About this update from Northfield Bancorp, Inc.
[{"type":"text","content":"Notable Items for the Quarter Include:\nDILUTED EARNINGS PER SHARE WERE $0.34 FOR THE CURRENT QUARTER AS COMPARED TO $0.30 FOR THE TRAILING QUARTER, AND $0.40 FOR THE SECOND QUARTER OF 2021.NET INTEREST MARGIN INCREASED BY 16 BASIS POINTS TO 3.03% COMPARED TO 2.87% FOR THE TRAILING QUARTER, AND BY SEVEN BASIS POINTS COMPARED TO 2.96% FOR THE SECOND QUARTER OF 2021. LOANS HELD-FOR-INVESTMENT, EXCLUDING PAYCHECK PROTECTION PROGRAM (“PPP”) LOANS, INCREASED $225.7 MILLION, OR 23.3% ANNUALIZED, DURING THE QUARTER. CREDIT QUALITY REMAINS STRONG WITH NON-PERFORMING LOANS TO TOTAL LOANS AT 0.25%.TOTAL TRANSACTION DEPOSITS INCREASED $28.3 MILLION, OR 5.2% ANNUALIZED, DURING THE QUARTER. TRANSACTION ACCOUNTS REPRESENT 50% OF TOTAL DEPOSITS AT QUARTER END. ISSUED $62.0 MILLION OF SUBORDINATED DEBT AT AN INITIAL FIXED RATE OF 5.0% FOR THE FIRST FIVE YEARS.BOARD OF DIRECTORS APPROVED A $45.0 MILLION STOCK REPURCHASE PROGRAM. THE COMPANY REPURCHASED 211,579 SHARES FOR A COST OF $2.7 MILLION THROUGH JUNE 30, 2022.CASH DIVIDEND DECLARED OF $0.13 PER SHARE OF COMMON STOCK, PAYABLE AUGUST 24, 2022, TO STOCKHOLDERS OF RECORD AS OF AUGUST 10, 2022. WOODBRIDGE, N.J., July 27, 2022 (GLOBE NEWSWIRE) -- NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (or the “Company”), the holding company for Northfield Bank, reported diluted earnings per common share of $0.34 and $0.64 for the three and six months ended June 30, 2022, respectively, as compared to $0.40 and $0.78 per diluted share for the three and six months ended June 30, 2021, respectively. Net earnings for the three and six months ended June 30, 2022, were down from the comparative prior year periods primarily due to a benefit in the provision for credit losses on loans in the prior year. Earnings for the three and six months ended June 30, 2021, included a benefit for credit losses of $3.7 million and $6.1 million, respectively, reflecting continued improvement in the economic forecast as well as an improvement in asset quality and a decline in loan balances, as compared to a provision for credit loss of $149,000 and $552,000, for the three and six months ended June 30, 2022. Earnings for the three and six months ended June 30, 2021, also included a gain on sale of loans of $1.4 million, and earnings for the six months ended June 30, 2021, included approximately $1.9 million of accretable income related t...