Business
Northfield Bancorp, Inc. Announces Second Quarter 2023 Results
NOTABLE ITEMS FOR THE QUARTER INCLUDE: DILUTED EARNINGS PER SHARE WERE $0.22 FOR THE CURRENT QUARTER AS COMPARED TO $0.26 FOR THE TRAILING QUARTER, AND $0.34
About this update from Northfield Bancorp, Inc.
[{"type":"text","content":"NOTABLE ITEMS FOR THE QUARTER INCLUDE: DILUTED EARNINGS PER SHARE WERE $0.22 FOR THE CURRENT QUARTER AS COMPARED TO $0.26 FOR THE TRAILING QUARTER, AND $0.34 FOR THE SECOND QUARTER OF 2022.NET INTEREST MARGIN DECREASED BY 29 BASIS POINTS TO 2.34% FOR THE CURRENT QUARTER AS COMPARED TO 2.63% FOR THE TRAILING QUARTER, AND BY 69 BASIS POINTS COMPARED TO 3.03% FOR THE SECOND QUARTER OF 2022. LOANS HELD-FOR-INVESTMENT INCREASED BY $32.1 MILLION, OR 3.0% ANNUALIZED, FROM MARCH 31, 2023, PRIMARILY IN MULTIFAMILY AND COMMERCIAL REAL ESTATE.CREDIT QUALITY REMAINS STRONG WITH NON-PERFORMING LOANS TO TOTAL LOANS AT 0.24% AS COMPARED TO 0.22% AT MARCH 31, 2023.TOTAL DEPOSITS (EXCLUDING BROKERED) DECREASED FOR THE CURRENT QUARTER BY $102.5 MILLION, OR 2.8%: COST OF DEPOSITS WAS 113 BASIS POINTS FOR THE CURRENT QUARTER AS COMPARED TO 79 BASIS POINTS FOR THE TRAILING QUARTER.DIVERSIFIED DEPOSIT BASE (EXCLUDING BROKERED DEPOSITS) AT JUNE 30, 2023: RETAIL DEPOSITS APPROXIMATE 55% BUSINESS DEPOSITS APPROXIMATE 28% GOVERNMENTAL DEPOSITS APPROXIMATE 17% AVERAGE DEPOSIT BALANCE IS $36,000 ADDITIONAL COLLATERALIZED BORROWING CAPACITY ESTIMATED AT APPROXIMATELY $1.3 BILLION.THE COMPANY REINSTATED SHARE REPURCHASES ON MAY 1, 2023, AND ON JUNE 1, 2023, AUTHORIZED A NEW $10.0 MILLION SHARE REPURCHASE PROGRAM. THE COMPANY REPURCHASED 1.3 MILLION SHARES FOR A COST OF $13.3 MILLION DURING THE QUARTER. NORTHFIELD BANK RECENTLY EXECUTED A LEASE AGREEMENT FOR A NEW BRANCH IN ELIZABETH, NJ, EXPECTED TO OPEN IN THE FALL OF 2023.CASH DIVIDEND DECLARED OF $0.13 PER SHARE OF COMMON STOCK, PAYABLE AUGUST 23, 2023, TO STOCKHOLDERS OF RECORD AS OF AUGUST 9, 2023. WOODBRIDGE, N.J., , July 26, 2023 (GLOBE NEWSWIRE) -- NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (the “Company”), the holding company for Northfield Bank, reported net income of $9.6 million, or $0.22 per diluted share (including severance cost of $440,000, or $0.01, per share), for the three months ended June 30, 2023, as compared to $11.7 million, or $0.26 per diluted share, for the three months ended March 31, 2023, and $15.9 million, or $0.34 per diluted share, for the three months ended June 30, 2022. For the six months ended June 30, 2023, net income totaled $21.3 million, or $0.48 per diluted share (including severance cost of $440,000, or $0.01, per share), compared to $30.0 million, or $0.64 per diluted ...