Business
Northfield Bancorp, Inc. Announces Third Quarter 2021 Results
NOTABLE ITEMS FOR THE QUARTER INCLUDE: DILUTED EARNINGS PER SHARE WERE $0.33 FOR THE CURRENT QUARTER AS COMPARED TO $0.40 FOR THE TRAILING QUARTER, AND $0.17
About this update from Northfield Bancorp, Inc.
[{"type":"text","content":"NOTABLE ITEMS FOR THE QUARTER INCLUDE: DILUTED EARNINGS PER SHARE WERE $0.33 FOR THE CURRENT QUARTER AS COMPARED TO $0.40 FOR THE TRAILING QUARTER, AND $0.17 FOR THE THIRD QUARTER OF 2020.NET INTEREST MARGIN INCREASED BY THREE BASIS POINTS TO 2.99% COMPARED TO 2.96% FOR THE TRAILING QUARTER, AND BY 49 BASIS POINTS COMPARED TO 2.50% FOR THE THIRD QUARTER OF 2020. TOTAL LOANS, EXCLUDING PAYCHECK PROTECTION PROGRAM (\"PPP\") LOANS, INCREASED $59.4 MILLION, OR 6.5% ANNUALIZED, DURING THE QUARTER. DEPOSITS, EXCLUDING BROKERED, INCREASED $98.8 MILLION, OR 9.9% ANNUALIZED DURING THE QUARTER. THE AVERAGE COST OF DEPOSITS DECREASED TO 14 BASIS POINTS FROM 16 BASIS POINTS FOR THE TRAILING QUARTER. AT SEPTEMBER 30, 2021 OUR COST OF DEPOSITS WAS 0.11%.CREDIT QUALITY AT SEPTEMBER 30, 2021, REMAINS STRONG WITH NON-PERFORMING LOANS TO TOTAL LOANS AND TOTAL ASSETS AT 0.20% AND 0.14%, RESPECTIVELY, COMPARED TO 0.23% AND 0.17%, RESPECTIVELY, AT JUNE 30, 2021.REPURCHASED 1,323,607 SHARES TOTALING APPROXIMATELY $22.0 MILLION.CASH DIVIDEND DECLARED OF $0.13 PER SHARE OF COMMON STOCK, PAYABLE NOVEMBER 24, 2021, TO STOCKHOLDERS OF RECORD AS OF NOVEMBER 10, 2021. WOODBRIDGE, N.J., Oct. 27, 2021 (GLOBE NEWSWIRE) -- NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (or the “Company”), the holding company for Northfield Bank, reported diluted earnings per common share of $0.33 and $1.11 for the three and nine months ended September 30, 2021, respectively, as compared to $0.17 and $0.50 per diluted share for the three and nine months ended September 30, 2020, respectively. Major factors impacting 2021 earnings include a negative provision for credit losses for loans and the acceleration of income earned on Paycheck Protection Program (“PPP”) loans. Earnings for the three and nine months ended September 30, 2021, included a negative provision for credit losses on loans of $148,000 and $6.2 million, respectively, reflecting continued improvement in the economic forecast and asset quality, as compared to a provision for loan losses of $165,000 and $10.3 million for the three and nine months ended September 30, 2020, respectively, under the incurred loss methodology. The provision for loan losses for the three and nine months ended September 30, 2020, included incremental loss provisions of $1.8 million and $8.0 million, respectively, related to additional factors consid...