Business
Northfield Bancorp, Inc. Announces Third Quarter 2020 Results
NOTABLE ITEMS FOR THE QUARTER INCLUDE: DILUTED EARNINGS PER SHARE OF $0.17 FOR THE THIRD QUARTER OF 2020, COMPARED TO $0.23 FOR THE SECOND 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 $0.17 FOR THE THIRD QUARTER OF 2020, COMPARED TO $0.23 FOR THE SECOND QUARTER OF 2020, AND $0.28 FOR THE THIRD QUARTER OF 2019 Current quarter results reflect a net decrease of $0.06 per diluted share related to $3.9 million ($2.9 million after-tax) in merger-related expenses, primarily change in control payments, legal and advisory fees, and technology contract termination charges associated with the acquisition of VSB BANCORP, INC. (\"Victory'') as compared to: A net decrease of $0.01 per diluted share in the second quarter of 2020 related to: $1.8 million ($1.3 million after-tax) in incremental loan loss provisions related to an increase in estimated loss factors related to the COVID-19 pandemic; and$205,000 in merger-related expenses, partially offset by: $665,000 ($479,000 after tax) in gains on loans sold; and a $618,000 ($445,000 after-tax) reduction in the allowance for loan losses related to the sale of loans; and A net increase of $0.08 per diluted share, in the third quarter of 2019, related to $2.4 million of tax-exempt income from bank owned life insurance proceeds in excess of the cash surrender value of the policies, and $1.8 million ($1.6 million after-tax) of income related to a recovery on a loan previously charged off ACQUISITION OF VICTORY COMPLETED ON JULY 1, 2020, WHICH ADDED TOTAL ASSETS OF $403.0 MILLION, LOANS OF $180.4 MILLION, AND DEPOSITS OF $354.6 MILLIONNET INTEREST INCOME INCREASED $2.4 MILLION, OR 7.9%, OVER THE SECOND QUARTER OF 2020, AND $3.8 MILLION, OR 13.1%, COMPARED TO THE PRIOR YEAR QUARTER REDUCED LOAN DEFERRALS FROM $345.9 MILLION, OR 9.7%, OF TOTAL LOANS AT JUNE 30, 2020, TO $105.6 MILLION, OR 2.8%, AT SEPTEMBER 30, 2020THROUGH SEPTEMBER 30, 2020, ORIGINATED OVER 1,000 PAYCHECK PROTECTION PROGRAM (\"PPP\") LOANS TOTALING $118.5 MILLION (AND ACQUIRED 395 PPP LOANS FROM VICTORY TOTALING $30.0 MILLION). We received loan processing fees of approximately $5.3 million ($1.1 million related to Victory) of which $818,000 has been recognized in earnings through September 30, 2020. The remaining fees will be amortized over the remaining lives of the loans. NON-PERFORMING LOANS TO TOTAL LOANS WAS 0.30% AT SEPTEMBER 30, 2020, COMPARED TO 0.29% AT DECEMBER 31, 2019CASH DIVIDEND DECLARED OF $0.11 PER SHARE OF COMMON STOCK, PAYABLE ...