NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (the
“Company”), the holding company for Northfield Bank,
reported net income of $6.2 million, or $0.15 per diluted share,
for the three months ended March 31, 2024, compared to $8.2
million, or $0.19 per diluted share, for the three months ended
December 31, 2023, and $11.7 million, or $0.26 per diluted
share, for the three months ended March 31, 2023. The decrease in
net income for the three months ended March 31, 2024, compared to
the trailing quarter and comparable prior year quarter, was
primarily the result of a decrease in net interest income, which
was negatively impacted by higher funding costs.
Commenting on the quarter, Steven M. Klein, the
Company’s Chairman, President and Chief Executive Officer, stated,
“The Northfield team continued to successfully manage through the
challenges presented by elevated market interest rates and an
inverted yield curve. During the quarter we remained focused on
deposit gathering, and maintaining non-interest bearing and other
lower cost deposit relationships.” Mr. Klein continued, “We
delivered solid financial performance during the quarter prudently
managing our loan portfolio, maintaining strong asset quality, and
managing our expenses. While significant risks remain, including
the level of inflation and interest rate movements, we will
continue to prudently manage our strong capital and liquidity and
focus on our Locally Grown approach to community commercial
banking.”
Mr. Klein further noted, “I am pleased to
announce that the Board of Directors has declared a cash dividend
of $0.13 per common share, payable May 22, 2024, to stockholders of
record on May 8, 2024.”
Results of Operations
Comparison of Operating Results for the Three
Months Ended March 31, 2024 and 2023
Net income was $6.2 million and $11.7 million
for the three months ended March 31, 2024 and March 31,
2023, respectively. Significant variances from the comparable prior
year period are as follows: a $7.0 million decrease in net interest
income, a $449,000 decrease in the provision for credit losses on
loans, a $1.2 million increase in non-interest expense, and a $2.2
million decrease in income tax expense.
Net interest income for the three months ended
March 31, 2024, decreased $7.0 million, or 20.1%, to $27.9
million, from $34.9 million for the three months ended
March 31, 2023. The decrease in net interest income was
primarily attributable to an increase in the cost of
interest-bearing liabilities due to the increase in market interest
rates (as further discussed below) including a $15.7 million
increase in interest expense on deposits and borrowings, which was
partially offset by an $8.7 million increase in interest income.
The increase in interest expense on deposits and borrowings was
largely driven by the impact of rising market interest rates and a
$316.4 million, or 8.0%, increase in the average balance of
interest-bearing liabilities, including an increase of $346.0
million in the average balance of borrowed funds, partially offset
by a $29.8 million decrease in average interest-bearing deposits.
The increase in interest income was primarily due to a $135.1
million, or 2.5%, increase in the average balance of
interest-earning assets coupled with a 51 basis point increase in
yields on interest-earning assets due to the rising rate
environment. The increase in the average balance of
interest-earning assets was primarily due to increases in the
average balance of interest-earning deposits in financial
institutions of $185.6 million and the average balance of other
securities of $116.0 million, partially offset by decreases in the
average balance of loans of $70.1 million and the average balance
of mortgage-backed securities of $97.9 million.
Net interest margin decreased by 60 basis points
to 2.03% from 2.63% for the three months ended March 31, 2023.
The decrease in net interest margin was primarily due to
interest-bearing liabilities repricing at a faster rate than
interest-earning assets. The net interest margin was negatively
affected by approximately eight basis points for the three months
ending March 31, 2024, due to a $300 million low risk leverage
strategy. The cost of interest-bearing liabilities increased by 136
basis points to 2.89% for the three months ended March 31,
2024, from 1.53% for the three months ended March 31, 2023,
driven primarily by a 47 basis point increase in the cost of
borrowings from 3.40% to 3.87% and a 148 basis point increase in
the cost of interest-bearing deposits from 1.01% to 2.49% for the
three months ended March 31, 2024, due to rising market
interest rates and a shift in the composition of the deposit
portfolio towards higher-costing certificates of deposit and a
greater reliance on borrowings. The increase in the cost of
interest-bearing liabilities was partially offset by an increase in
the yield on interest-earning assets, which increased 51 basis
points to 4.27% for the three months ended March 31, 2024,
from 3.76% for the three months ended March 31, 2023,
primarily due to an increase in yields on loans from 4.18% to
4.44%, or 26 basis points. The Company accreted interest income
related to purchased credit-deteriorated (“PCD”) loans of $426,000
for the three months ended March 31, 2024, as compared to
$341,000 for the three months ended March 31, 2023. Net
interest income for the three months ended March 31, 2024,
included loan prepayment income of $351,000 as compared to $961,000
for the three months ended March 31, 2023.
The provision for credit losses on loans
decreased by $449,000 to $415,000 for the three months ended
March 31, 2024, compared to $864,000 for the three months
ended March 31, 2023, primarily due to a decline in loan
balances, lower net charge-offs and an improvement in the economic
forecast for the current period within our Current Expected Credit
Loss ("CECL") model. Partially offsetting the decrease was an
increase in reserves in the commercial and industrial and home
equity and lines of credit portfolios related to an increase in
non-performing loans in these portfolios. Net charge-offs were
$911,000 for the three months ended March 31, 2024, primarily
due to $894,000 in net charge-offs on small business unsecured
commercial and industrial loans, as compared to net charge-offs of
$2.0 million for the three months ended March 31, 2023.
Management continues to monitor the small business unsecured
commercial and industrial loan portfolio, which totaled $35.6
million at March 31, 2024.
Non-interest income remained stable at $3.4
million for the three months ended March 31, 2024 as compared
to $3.3 million for the three months ended March 31, 2023.
Fees and service charges increased by $235,000, primarily due to
increases in overdraft fees. Gains on trading securities, net,
increased by $187,000. Partially offsetting these increases was a
decrease in other non-interest income of $466,000, primarily due to
lower swap fee income. For the three months ended March 31,
2024, gains on trading securities were $699,000, as compared to
gains of $512,000 for the three months ended March 31, 2023.
The trading portfolio is utilized to fund the Company’s deferred
compensation obligation to certain employees and directors of the
Company's deferred compensation plan (the “Plan”). The participants
of this Plan, at their election, defer a portion of their
compensation. Gains and losses on trading securities have no effect
on net income since participants benefit from, and bear the full
risk of, changes in the trading securities market values.
Therefore, the Company records an equal and offsetting amount in
compensation expense, reflecting the change in the Company’s
obligations under the Plan.
Non-interest expense increased $1.2 million, or
5.7%, to $22.3 million for the three months ended March 31,
2024, compared to $21.1 million for the three months ended
March 31, 2023. The increase was primarily due to a $1.7
million increase in employee compensation and benefits, primarily
attributable to higher salary expense, related to annual merit
increases, an increase in medical expense and an increase in the
mark to market expense of the Company's deferred compensation plan,
which as discussed above has no effect on net income. Additionally,
there was a $181,000 increase in occupancy expense, primarily due
to higher repair and maintenance costs. Partially offsetting the
increases was a $162,000 decrease in professional fees, and a
$329,000 decrease in advertising expense due to timing of certain
campaigns.
The Company recorded income tax expense of $2.3
million for the three months ended March 31, 2024, compared to
$4.5 million for the three months ended March 31, 2023, with
the decrease due to lower taxable income. The effective tax rate
for the three months ended March 31, 2024, was 27.0% compared
to 27.9% for the three months ended March 31, 2023.
The Company expects that in the second quarter
of 2024, options granted in 2014 will expire and this will result
in additional tax expense of approximately $700,000 in the second
quarter.
Comparison of Operating Results for the Three
Months Ended March 31, 2024 and December 31, 2023
Net income was $6.2 million and $8.2 million for
the quarters ended March 31, 2024, and December 31, 2023,
respectively. Significant variances from the prior quarter are as
follows: a $1.0 million decrease in net interest income, a $144,000
increase in the provision for credit losses on loans, a $246,000
decrease in non-interest income, a $1.4 million increase in
non-interest expense, and a $768,000 decrease in income tax
expense.
Net interest income for the quarter ended
March 31, 2024, decreased by $1.0 million, or 3.6%, to $27.9
million, from $28.9 million for the quarter ended December 31,
2023. The decrease in net interest income was primarily
attributable to a $5.2 million increase in interest expense on
deposits and borrowings, partially offset by a $4.2 million
increase in interest income. The increase in interest expense on
deposits and borrowings was primarily due to an increase in the
cost of funds (as discussed further below) as well as a $264.5
million, or 6.6%, increase in the average balance of
interest-bearing liabilities, including an increase of $236.1
million in the average balance of borrowed funds and a $28.3
million increase in the average balance of interest-bearing
deposits. The increase in interest income was primarily due to a 17
basis point increase in the yield on interest-earning assets and a
$242.6 million, or 4.6%, increase in the average balance of
interest-earning assets. The increase in the average balance of
interest-earning assets was primarily due to increases in the
average balance of other securities of $160.8 million, the average
balance of interest-earning deposits in financial institutions of
$89.9 million, and the average balance of mortgage-backed
securities of $28.4 million, partially offset by a decrease in the
average balance of loans outstanding of $36.7 million.
Net interest margin decreased by 14 basis points
to 2.03% from 2.17% for the quarter ended December 31, 2023,
primarily due to the increase in the cost of interest-bearing
liabilities outpacing the increase in yields on interest-earning
assets. The net interest margin was negatively affected by
approximately eight basis points for the three months ending March
31, 2024, due to a $300 million low risk leverage strategy. The
cost of interest-bearing liabilities increased by 37 basis points
to 2.89% for the quarter ended March 31, 2024, from 2.52% for
the quarter ended December 31, 2023, driven by both higher
costs of deposits and borrowed funds, due to rising market interest
rates and the continued shift in the composition of the deposit
portfolio towards higher-costing certificates of deposit and a
greater reliance on borrowings. This was partially offset by higher
yields on interest-earning assets, which increased by 17 basis
points to 4.27% for the quarter ended March 31, 2024, from
4.10% for the quarter ended December 31, 2023. Net interest
income for the quarter ended March 31, 2024, included loan
prepayment income of $351,000 as compared to $253,000 for the
quarter ended December 31, 2023. The Company accreted interest
income related to PCD loans of $426,000 for the quarter ended
March 31, 2024, as compared to $330,000 for the quarter ended
December 31, 2023.
The provision for credit losses on loans
increased by $144,000 to $415,000 for the quarter ended
March 31, 2024, from $271,000 for the quarter ended
December 31, 2023. The increase in the provision was primarily
attributable to an increase in reserves in the commercial and
industrial and home equity and lines of credit portfolios, related
to an increase in non-performing loans, partially offset by lower
net charge-offs, an improvement in the economic forecast for the
current quarter within our CECL model, and a decrease in loan
balances. Net charge-offs were $911,000 for the quarter ended
March 31, 2024, primarily due to $894,000 in net charge-offs
on small business unsecured commercial and industrial loans, as
compared to net charge-offs of $1.2 million for the quarter ended
December 31, 2023.
Non-interest income decreased by $246,000, or
6.8%, to $3.4 million for the quarter ended March 31, 2024,
from $3.6 million for the quarter ended December 31, 2023. The
decrease was primarily due to a $299,000 decrease in gains on sales
of trading securities, net. For the quarter ended March 31,
2024, gains on trading securities, net, were $699,000, compared to
gains of $998,000 for the quarter ended December 31, 2023.
Gains and losses on trading securities have no effect on net income
since participants benefit from, and bear the full risk of, changes
in the trading securities market values.
Non-interest expense increased by $1.4 million,
or 6.4%, to $22.3 million for the quarter ended March 31,
2024, from $21.0 million for the quarter ended December 31,
2023. The increase was primarily due to a $579,000 increase in
compensation and employee benefits, primarily attributable to
higher salary expense, related to annual merit increases, and an
increase in medical expense, partially offset by a $300,000
decrease related to the mark to market expense of the Company's
deferred compensation plan, which as previously discussed has no
effect on net income. Also contributing to the increase were
increases of $326,000 in occupancy expense, $317,000 in data
processing, and $248,000 in credit loss expense/(benefit) for
off-balance sheet exposures. The increase in credit loss
expense/(benefit) for off-balance sheet exposure was due to a
provision of $83,000 recorded during the quarter ended
March 31, 2024, compared to a benefit of $165,000 for the
quarter ended December 31, 2023, attributed to an increase in
the pipeline of loans committed and awaiting closing. Partially
offsetting the increases was a decrease of $353,000 in other
non-interest miscellaneous office expense.
The Company recorded income tax expense of $2.3
million for the quarter ended March 31, 2024, compared to $3.1
million for the quarter ended December 31, 2023 with the
decrease due to lower taxable income. The effective tax rate for
the quarter ended March 31, 2024 was 27.0%, compared to 27.2%
for the quarter ended December 31, 2023.
Financial Condition
Total assets increased by $253.2 million, or
4.5%, to $5.85 billion at March 31, 2024, from $5.60 billion
at December 31, 2023. The increase was primarily due to an
increase in available-for-sale debt securities of $280.3 million,
or 35.2%, an increase in cash and cash equivalents of $9.3 million,
or 4.0%, and an increase in other assets of $2.4 million, or 4.9%,
partially offset by a decrease in loans receivable of $41.2
million.
Cash and cash equivalents increased by $9.3
million, or 4.0%, to $238.8 million at March 31, 2024, from
$229.5 million at December 31, 2023, primarily due to an
increase in Federal Reserve Bank of New York (“FRB”) balances
driven by excess cash from borrowings. Balances fluctuate based on
the timing of receipt of security and loan repayments and the
redeployment of cash into higher-yielding assets such as loans and
securities, or the funding of deposit outflows or borrowing
maturities. During 2023 and continuing into the first quarter of
2024, management believed it was prudent to increase balance sheet
liquidity given general market volatility and uncertainty.
Loans held-for-investment, net, decreased by
$41.2 million, or 1.0%, to $4.16 billion at March 31, 2024
from $4.20 billion at December 31, 2023, primarily due to
decreases in multifamily and commercial real estate loans,
partially offset by an increase in commercial and industrial loans.
The decrease in loan balances reflects the Company remaining
strategically focused on both managing the concentration of its
commercial and multifamily real estate loan portfolios and
disciplined loan pricing, as well as lower customer demand in the
current elevated interest rate environment. Multifamily loans
decreased $35.1 million, or 1.3%, to $2.72 billion at
March 31, 2024 from $2.75 billion at December 31, 2023,
commercial real estate loans decreased $13.5 million, or 1.5%,
to $916.1 million at March 31, 2024 from
$929.6 million at December 31, 2023, one-to-four family
residential loans decreased $4.5 million, or 2.8%, to
$156.3 million at March 31, 2024 from $160.8 million
at December 31, 2023, construction and land loans decreased
$453,000, or 1.5%, to $30.5 million at March 31, 2024
from $31.0 million at December 31, 2023, and other loans
decreased $944,000, or 36.5%, to $1.6 million at March 31,
2024 from $2.6 million at December 31, 2023. Partially
offsetting these decreases was an increase in commercial and
industrial loans of $13.3 million, or 8.6%, to $168.6 million at
March 31, 2024 from $155.3 million at December 31,
2023.
As of March 31, 2024, non-owner occupied
commercial real estate loans (as defined by regulatory guidance) to
total risk-based capital was estimated at approximately 446%.
Management believes that Northfield Bank (the “Bank”) has
implemented appropriate risk management practices including risk
assessments, board-approved underwriting policies and related
procedures, which include monitoring Bank portfolio performance,
performing market analysis (economic and real estate), and
stressing of the Bank’s commercial real estate portfolio under
severe, adverse economic conditions. Although management believes
the Bank has implemented appropriate policies and procedures to
manage its commercial real estate concentration risk, the Bank’s
regulators could require it to implement additional policies and
procedures or could require it to maintain higher levels of
regulatory capital, which might adversely affect its loan
originations, the Company's ability to pay dividends, and overall
profitability.
Our real estate portfolio includes credit risk
exposure to loans collateralized by office buildings and
multifamily properties in New York State subject to some form of
rent regulation limiting rent increases for rent stabilized
multifamily properties. At March 31, 2024, office-related
loans represented $206.1 million, or approximately 5% of our total
loan portfolio, with an average balance of $1.8 million (although
we have originated these type of loans in amounts substantially
greater than this average) and a weighted average loan-to-value
ratio of 58%. Approximately 43% were owner-occupied. The geographic
locations of the properties collateralizing our office-related
loans are as follows: 54.3% in New York and 45.7% in New Jersey. At
March 31, 2024, our largest office-related loan had a
principal balance of $90.0 million (with a net active principal
balance for the Bank of $30.0 million as we have a 33.3%
participation interest), was secured by an office facility located
in Staten Island, New York, and was performing in accordance with
its original contractual terms. At March 31, 2024, multifamily
loans that have some form of rent stabilization or rent control
totaled approximately $444.4 million, or approximately 11% of our
total loan portfolio, with an average balance of $1.7 million
(although we have originated these type of loans in amounts
substantially greater than this average) and a weighted average
loan-to-value ratio of 52%. At March 31, 2024, our largest
rent-regulated loan had a principal balance of $17.1 million, was
secured by an apartment building located in Staten Island, New
York, and was performing in accordance with its original
contractual terms. Management continues to closely monitor its
office and rent-regulated portfolios. For further details on our
rent-regulated multifamily portfolio see “Asset Quality”.
PCD loans totaled $10.0 million and
$9.9 million at March 31, 2024 and December 31,
2023, respectively. The majority of the remaining PCD loan balance
consists of loans acquired as part of a Federal Deposit Insurance
Corporation-assisted transaction. The Company accreted interest
income of $426,000 attributable to PCD loans for the three months
ended March 31, 2024, as compared to $341,000 for the three months
ended March 31, 2023. PCD loans had an allowance for credit losses
of approximately $3.1 million at March 31, 2024.
Loan balances are summarized as follows (dollars
in thousands):
|
March 31, 2024 |
|
December 31, 2023 |
Real estate loans: |
|
|
|
Multifamily |
$ |
2,715,919 |
|
$ |
2,750,996 |
Commercial mortgage |
|
916,112 |
|
|
929,595 |
One-to-four family residential mortgage |
|
156,276 |
|
|
160,824 |
Home equity and lines of credit |
|
163,493 |
|
|
163,520 |
Construction and land |
|
30,514 |
|
|
30,967 |
Total real estate loans |
|
3,982,314 |
|
|
4,035,902 |
Commercial and industrial
loans |
|
168,321 |
|
|
154,984 |
PPP loans |
|
243 |
|
|
284 |
Other loans |
|
1,641 |
|
|
2,585 |
Total commercial and industrial, PPP, and other loans |
|
170,205 |
|
|
157,853 |
Loans held-for-investment, net (excluding PCD) |
|
4,152,519 |
|
|
4,193,755 |
PCD loans |
|
9,953 |
|
|
9,899 |
Total loans held-for-investment, net |
$ |
4,162,472 |
|
$ |
4,203,654 |
|
|
|
|
|
|
The Company’s available-for-sale debt securities
portfolio increased by $280.3 million, or 35.2%, to $1.08 billion
at March 31, 2024, from $795.5 million at December 31,
2023. The increase was primarily attributable to purchases of
securities, partially offset by paydowns and maturities. At
March 31, 2024, $716.0 million of the portfolio consisted of
residential mortgage-backed securities issued or guaranteed by
Fannie Mae, Freddie Mac, or Ginnie Mae. In addition, the Company
held $174.3 million in U.S. Treasuries, $73.7 million in U.S.
Government agency securities, $111.0 million in corporate bonds,
substantially all of which were considered investment grade, and
$762,000 in municipal bonds at March 31, 2024. Unrealized
losses, net of tax, on available-for-sale debt securities and
held-to-maturity securities approximated $32.3 million and
$359,000, respectively, at March 31, 2024, and $32.5 million
and $279,000, respectively, at December 31, 2023.
Equity securities were $11.0 million at
March 31, 2024 and $10.6 million at December 31, 2023.
Equity securities are primarily comprised of an investment in a
Small Business Administration Loan Fund. This investment is
utilized by the Bank as part of its Community Reinvestment Act
program.
Total liabilities increased $254.2 million, or
5.2%, to $5.15 billion at March 31, 2024, from $4.90 billion
at December 31, 2023. The increase was primarily attributable
to increases in borrowings of $205.3 million and total deposits of
$42.9 million. The Company routinely utilizes brokered deposits and
borrowed funds to manage interest rate risk, the cost of
interest-bearing liabilities, and funding needs related to loan
originations and deposit activity.
Deposits increased $42.9 million, or 1.1%, to
$3.92 billion at March 31, 2024, as compared to $3.88 billion
at December 31, 2023. Brokered deposits decreased by $1.3
million, or 1.3%. Deposits, excluding brokered deposits, increased
$44.2 million, or 1.2%. The increase in deposits, excluding
brokered deposits, was primarily attributable to increases of $30.8
million in time deposits, $44.0 million in transaction accounts and
$5.0 million in savings accounts. Transaction growth was
attributable to dedicated business development efforts, including
targeted marketing mailings, while growth in time deposits was
attributable to the current interest rate environment and offering
competitive interest rates to attract deposits. These increases
were partially offset by decreases of $35.7 million in money market
accounts. Estimated gross uninsured deposits at March 31, 2024
were $1.73 billion. This total includes fully collateralized
uninsured governmental deposits and intercompany deposits of $890.4
million, leaving estimated uninsured deposits of approximately
$842.4 million, or 21.5%, of total deposits. At December 31, 2023,
estimated uninsured deposits totaled $869.9 million, or 22.4% of
total deposits.
Deposit account balances are summarized as
follows (dollars in thousands):
|
March 31, 2024 |
|
December 31, 2023 |
Transaction: |
|
|
|
Non-interest bearing checking |
$ |
693,671 |
|
$ |
694,903 |
Negotiable orders of withdrawal and interest-bearing checking |
|
1,277,161 |
|
|
1,231,943 |
Total transaction |
|
1,970,832 |
|
|
1,926,846 |
Savings and money market: |
|
|
|
Savings |
|
930,766 |
|
|
925,744 |
Money market |
|
266,464 |
|
|
302,122 |
Brokered money market |
|
— |
|
|
50,000 |
Total savings |
|
1,197,230 |
|
|
1,277,866 |
Certificates of deposit: |
|
|
|
$250,000 and under |
|
546,192 |
|
|
525,454 |
Over $250,000 |
|
108,358 |
|
|
98,269 |
Brokered deposits |
|
98,711 |
|
|
50,000 |
Total certificates of deposit |
|
753,261 |
|
|
673,723 |
Total deposits |
$ |
3,921,323 |
|
$ |
3,878,435 |
|
|
|
|
|
|
Included in the table above are business and municipal deposit
account balances as follows (dollars in thousands):
|
March 31, 2024 |
|
December 31, 2023 |
|
|
|
|
Business customers |
$ |
870,004 |
|
$ |
893,296 |
Municipal (governmental)
customers |
$ |
827,468 |
|
$ |
768,556 |
|
|
|
|
|
|
Borrowed funds increased to $1.13 billion at
March 31, 2024, from $920.5 million at December 31, 2023.
The increase in borrowings for the period was primarily due to a
$205.5 million increase in borrowings under the Federal Reserve
Bank Term Funding Program which included favorable terms and
conditions as compared to FHLB advances. Management utilizes
borrowings to mitigate interest rate risk, for short-term
liquidity, and to a lesser extent from time to time, as part of
leverage strategies.
The following table sets forth borrowing maturities (excluding
overnight borrowings and subordinated debt) and the weighted
average rate by year at March 31, 2024 (dollars in
thousands):
Year |
|
Amount (1) |
|
Weighted Average Rate |
2024 |
|
$100,765 |
|
3.58% |
2025 |
|
482,500 |
|
3.99% |
2026 |
|
148,000 |
|
4.36% |
2027 |
|
173,000 |
|
3.19% |
2028 |
|
154,288 |
|
3.96% |
|
|
$1,058,553 |
|
3.87% |
|
|
|
|
|
(1)
Borrowings maturing in 2025 include $300.0 million of FRB
borrowings that can be repaid without any penalty. |
|
Total stockholders’ equity decreased by $1.0
million to $698.4 million at March 31, 2024, from $699.4
million at December 31, 2023. The decrease was attributable to
$3.1 million in stock repurchases and $5.6 million in dividend
payments, partially offset by net income of $6.2 million for the
three months ended March 31, 2024, a $743,000 increase in
accumulated other comprehensive income associated with an increase
in the estimated fair value of our debt securities
available-for-sale portfolio, and a $700,000 increase in equity
award activity. During the three months ended March 31, 2024,
the Company repurchased 252,631 of its common stock outstanding at
an average price of $12.17 for a total of $3.1 million pursuant to
approved stock repurchase plans. As of March 31, 2024, the
Company had no remaining capacity under its current repurchase
program.
The Company's most liquid assets are cash and
cash equivalents, corporate bonds, and unpledged mortgage-related
securities issued or guaranteed by the U.S. Government, Fannie Mae,
or Freddie Mac, that we can either borrow against or sell. We also
have the ability to surrender bank-owned life insurance contracts.
The surrender of these contracts would subject the Company to
income taxes and penalties for increases in the cash surrender
values over the original premium payments. We also have the ability
to obtain additional funding from the FHLB and Federal Reserve Bank
of New York utilizing unencumbered and unpledged securities and
multifamily loans. The Company expects to have sufficient funds
available to meet current commitments in the normal course of
business.
The Company had the following primary sources of liquidity at
March 31, 2024 (dollars in thousands):
Cash and cash equivalents(1) |
|
$ |
225,231 |
Corporate bonds(2) |
|
$ |
108,403 |
Multifamily loans(2) |
|
$ |
820,697 |
Mortgage-backed securities
(issued or guaranteed by the U.S. Government, Fannie Mae, or
Freddie Mac)(2) |
|
$ |
460,357 |
|
|
|
(1) Excludes $13.6
million of cash at Northfield Bank. |
(2) Represents
estimated remaining borrowing potential. |
|
The Company and the Bank utilize the Community
Bank Leverage Ratio (“CBLR”) framework. The CBLR replaces the
risk-based and leverage capital requirements in the generally
applicable capital rules. At March 31, 2024, the Company
and the Bank's estimated CBLR ratios were 12.00% and 12.35%,
respectively, which exceeded the minimum requirement to be
considered well-capitalized of 9%.
Asset Quality
The following table details total non-accrual
loans (excluding PCD), non-performing assets, loans over 90 days
delinquent on which interest is accruing, and accruing loans 30 to
89 days delinquent at March 31, 2024 and
December 31, 2023 (dollars in thousands):
|
March 31, 2024 |
|
December 31, 2023 |
Non-accrual loans: |
|
|
|
Held-for-investment |
|
|
|
Real estate loans: |
|
|
|
Multifamily |
$ |
2,676 |
|
|
$ |
2,709 |
|
Commercial |
|
10,680 |
|
|
|
6,491 |
|
One-to-four family residential |
|
101 |
|
|
|
104 |
|
Home equity and lines of credit |
|
1,125 |
|
|
|
499 |
|
Commercial and industrial |
|
2,200 |
|
|
|
305 |
|
Other |
|
6 |
|
|
|
7 |
|
Total non-accrual
loans |
|
16,788 |
|
|
|
10,115 |
|
Loans delinquent 90 days or
more and still accruing: |
|
|
|
Held-for-investment |
|
|
|
Real estate loans: |
|
|
|
Multifamily |
|
192 |
|
|
|
201 |
|
One-to-four family residential |
|
137 |
|
|
|
406 |
|
Home equity and lines of credit |
|
124 |
|
|
|
711 |
|
Total loans
held-for-investment delinquent 90 days or more and still
accruing |
|
453 |
|
|
|
1,318 |
|
Total non-performing
assets |
$ |
17,241 |
|
|
$ |
11,433 |
|
Non-performing loans to total loans |
|
0.41 |
% |
|
|
0.27 |
% |
Non-performing assets to total assets |
|
0.29 |
% |
|
|
0.20 |
% |
Accruing loans 30 to
89 days delinquent |
$ |
8,266 |
|
|
$ |
8,683 |
|
|
|
|
|
|
|
|
|
The increase in non-accrual commercial real
estate loans from December 31, 2023, was primarily attributable to
one loan with a balance of $4.4 million which was put on
non-accrual status during the current quarter. Based on the results
of the impairment analysis for this loan as of March 31, 2024, no
impairment reserve was necessary as the loan is adequately covered
by collateral (a private residence and retail property, both
located in Monmouth County, New Jersey), with aggregate appraised
values totaling $8.7 million. The increase in non-accrual
commercial and industrial loans was primarily due to an increase in
non-performing unsecured small business loans. Unsecured small
business loans totaled $35.6 million and $37.4 million at March 31,
2024 and December 31, 2023, respectively. Management continues to
monitor the small business unsecured commercial and industrial loan
portfolio.
Accruing Loans 30 to 89 Days Delinquent
Loans 30 to 89 days delinquent and on accrual
status totaled $8.3 million and $8.7 million at March 31, 2024
and December 31, 2023, respectively. The following table sets
forth delinquencies for accruing loans by type and by amount at
March 31, 2024 and December 31, 2023 (dollars in
thousands):
|
March 31, 2024 |
|
December 31, 2023 |
Held-for-investment |
|
|
|
Real estate loans: |
|
|
|
Multifamily |
$ |
171 |
|
$ |
740 |
Commercial |
|
2,106 |
|
|
1,010 |
One-to-four family residential |
|
1,171 |
|
|
3,339 |
Home equity and lines of credit |
|
1,029 |
|
|
817 |
Construction and land |
|
1,727 |
|
|
— |
Commercial and industrial loans |
|
2,062 |
|
|
2,767 |
Other loans |
|
— |
|
|
10 |
Total delinquent accruing loans held-for-investment |
$ |
8,266 |
|
$ |
8,683 |
|
|
|
|
|
|
PCD Loans (Held-for-Investment)
The Company accounts for PCD loans at estimated
fair value using discounted expected future cash flows deemed to be
collectible on the date acquired. Based on its detailed review of
PCD loans and experience in loan workouts, management believes it
has a reasonable expectation about the amount and timing of future
cash flows and accordingly has classified PCD loans ($10.0 million
at March 31, 2024 and $9.9 million at December 31, 2023,
respectively) as accruing, even though they may be contractually
past due. At March 31, 2024, 2.0% of PCD loans were past
due 30 to 89 days, and 27.0% were past due 90 days or more, as
compared to 2.9% and 27.1%, respectively, at December 31,
2023.
Our multifamily loan portfolio at March 31, 2024
totaled $2.72 billion, or 65% of our total loan portfolio, of which
$444.4 million, or 11%, included loans collateralized by properties
in New York with units subject to some percentage of rent
regulation. The table below sets forth details about our
multifamily loan portfolio in New York (dollars in thousands).
% Rent Regulated |
|
Number of Loans |
|
Balance |
|
% Portfolio Total NY Multifamily Portfolio |
|
Average Balance |
|
Largest Loan |
|
LTV* |
|
DSCR* |
|
30-89 Days Delinquent |
|
Non-Accrual |
|
Special Mention |
|
Substandard |
0 |
|
256 |
|
$ |
314,582 |
|
41.4 |
% |
|
$ |
1,229 |
|
$ |
16,757 |
|
52.1 |
% |
|
1.58x |
|
$ |
363 |
|
$ |
375 |
|
$ |
788 |
|
$ |
1,075 |
>0-10 |
|
3 |
|
|
4,797 |
|
0.6 |
|
|
|
1,599 |
|
|
2,148 |
|
52.0 |
|
|
1.46 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
>10-20 |
|
13 |
|
|
18,958 |
|
2.5 |
|
|
|
1,458 |
|
|
2,896 |
|
49.7 |
|
|
1.57 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
>20-30 |
|
8 |
|
|
18,067 |
|
2.4 |
|
|
|
2,258 |
|
|
5,573 |
|
55.4 |
|
|
1.41 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
>30-40 |
|
12 |
|
|
15,392 |
|
2.0 |
|
|
|
1,283 |
|
|
3,136 |
|
48.9 |
|
|
1.73 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
>40-50 |
|
17 |
|
|
22,456 |
|
3.0 |
|
|
|
1,321 |
|
|
2,772 |
|
48.7 |
|
|
1.62 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
>50-60 |
|
6 |
|
|
9,600 |
|
1.3 |
|
|
|
1,600 |
|
|
2,368 |
|
40.3 |
|
|
2.03 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
>60-70 |
|
5 |
|
|
16,803 |
|
2.2 |
|
|
|
3,361 |
|
|
11,493 |
|
55.2 |
|
|
1.47 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
>70-80 |
|
7 |
|
|
15,526 |
|
2.1 |
|
|
|
2,218 |
|
|
4,765 |
|
47.5 |
|
|
1.59 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
>80-90 |
|
18 |
|
|
21,109 |
|
2.8 |
|
|
|
1,173 |
|
|
3,170 |
|
47.1 |
|
|
1.68 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
>90-100 |
|
167 |
|
|
301,691 |
|
39.7 |
|
|
|
1,807 |
|
|
17,113 |
|
52.8 |
|
|
1.68 |
|
|
— |
|
|
2,301 |
|
|
— |
|
|
4,587 |
Total |
|
512 |
|
$ |
758,981 |
|
100.0 |
% |
|
$ |
1,482 |
|
$ |
17,113 |
|
51.9 |
% |
|
1.63x |
|
$ |
363 |
|
$ |
2,676 |
|
$ |
788 |
|
$ |
5,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The table below sets forth our New York rent-regulated loans by
county.
County |
|
Balance |
|
LTV* |
|
DSCR* |
|
Bronx |
|
$ |
120,694 |
|
52.1 |
% |
|
1.64x |
|
Kings |
|
|
193,025 |
|
51.7 |
% |
|
1.68 |
|
Nassau |
|
|
2,196 |
|
36.5 |
% |
|
1.88 |
|
New York |
|
|
41,181 |
|
47.3 |
% |
|
1.51 |
|
Queens |
|
|
39,437 |
|
44.8 |
% |
|
1.88 |
|
Richmond |
|
|
29,981 |
|
60.8 |
% |
|
1.68 |
|
Westchester |
|
|
17,885 |
|
62.5 |
% |
|
1.37 |
|
Total |
|
$ |
444,399 |
|
51.8 |
% |
|
1.66x |
|
|
* Weighted Average |
|
None of the loans that are rent-regulated in New
York are interest only. During the remainder of 2024, 12 loans with
an aggregate principal balance of $17.5 million will re-price.
About Northfield Bank
Northfield Bank, founded in 1887, operates 39
full-service banking offices in Staten Island and Brooklyn, New
York, and Hunterdon, Middlesex, Mercer, and Union counties, New
Jersey. For more information about Northfield Bank, please visit
www.eNorthfield.com.
Forward-Looking Statements:
This release may contain certain "forward looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, and may be identified by the use of such words as "may,"
"believe," "expect," "anticipate," "should," "plan," "estimate,"
"predict," "continue," and "potential" or the negative of these
terms or other comparable terminology. Examples of
forward-looking statements include, but are not limited to,
estimates with respect to the financial condition, results of
operations and business of Northfield Bancorp, Inc. Any or all
of the forward-looking statements in this release and in any other
public statements made by Northfield Bancorp, Inc. may turn out to
be wrong. They can be affected by inaccurate assumptions
Northfield Bancorp, Inc. might make or by known or unknown risks
and uncertainties as described in our SEC filings, including, but
not limited to, those related to general economic conditions,
particularly in the market areas in which the Company operates,
including any potential recessionary conditions, changes in
liquidity, the size and composition of our deposit portfolio and
the percentage of uninsured deposits in the portfolio, the effects
of the COVID-19 pandemic, competition among depository and other
financial institutions, including with respect to fees and interest
rates, changes in laws or government regulations or policies
affecting financial institutions, including changes in the monetary
policies of the U.S. Treasury and the Board of Governors of the
Federal Reserve System, changes in asset quality, prepayment
speeds, charge-offs and/or credit loss provisions, our ability to
access cost-effective funding, changes in the value of our goodwill
or other intangible assets, changes in regulatory fees, assessments
and capital requirements, inflation and changes in the interest
rate environment that reduce our margins, reduce the fair value of
financial instruments or reduce our ability to originate loans, the
effects of war, conflict, and acts of terrorism, our ability to
successfully integrate acquired entities, and adverse changes in
the securities markets. Consequently, no forward-looking statement
can be guaranteed. Northfield Bancorp, Inc. does not intend to
update any of the forward-looking statements after the date of this
release, or conform these statements to actual events.
(Tables follow)
|
NORTHFIELD BANCORP, INC.SELECTED CONSOLIDATED
FINANCIAL AND OTHER DATA(Dollars in thousands, except per share
amounts) (unaudited) |
|
|
At or For the Three Months Ended |
|
March 31, |
|
December 31, |
|
2024 |
|
2023 |
|
2023 |
Selected Financial
Ratios: |
|
|
|
|
|
Performance Ratios
(1) |
|
|
|
|
|
Return on assets (ratio of net income to average total assets) |
0.43 |
% |
|
0.84 |
% |
|
0.59 |
% |
Return on equity (ratio of net
income to average equity) |
3.59 |
|
|
6.82 |
|
|
4.75 |
|
Average equity to average
total assets |
12.04 |
|
|
12.39 |
|
|
12.42 |
|
Interest rate spread |
1.39 |
|
|
2.23 |
|
|
1.58 |
|
Net interest margin |
2.03 |
|
|
2.63 |
|
|
2.17 |
|
Efficiency ratio (2) |
71.43 |
|
|
55.27 |
|
|
64.46 |
|
Non-interest expense to
average total assets |
1.55 |
|
|
1.52 |
|
|
1.51 |
|
Non-interest expense to
average total interest-earning assets |
1.63 |
|
|
1.59 |
|
|
1.58 |
|
Average interest-earning
assets to average interest-bearing liabilities |
128.66 |
|
|
135.51 |
|
|
131.09 |
|
Asset Quality
Ratios: |
|
|
|
|
|
Non-performing assets to total
assets |
0.29 |
|
|
0.17 |
|
|
0.20 |
|
Non-performing loans (3) to
total loans (4) |
0.41 |
|
|
0.22 |
|
|
0.27 |
|
Allowance for credit losses to
non-performing loans |
214.83 |
|
|
440.81 |
|
|
328.30 |
|
Allowance for credit losses to
total loans held-for-investment, net (5) |
0.89 |
|
|
0.98 |
|
|
0.89 |
|
(1) |
|
Annualized where appropriate. |
(2) |
|
The efficiency ratio represents non-interest expense divided by the
sum of net interest income and non-interest income. |
(3) |
|
Non-performing loans consist of non-accruing loans and loans 90
days or more past due and still accruing (excluding PCD loans), and
are included in total loans held-for-investment, net. |
(4) |
|
Includes originated loans held-for-investment, PCD loans, acquired
loans and loans held-for-sale. |
(5) |
|
Includes originated loans held-for-investment, PCD loans, and
acquired loans. |
|
|
|
|
NORTHFIELD BANCORP, INC.CONSOLIDATED BALANCE
SHEETS(Dollars in thousands, except share and per share amounts)
(unaudited) |
|
|
March 31, 2024 |
|
December 31, 2023 |
ASSETS: |
|
|
|
Cash and due from banks |
$ |
13,550 |
|
|
$ |
13,889 |
|
Interest-bearing deposits in
other financial institutions |
|
225,231 |
|
|
|
215,617 |
|
Total cash and cash
equivalents |
|
238,781 |
|
|
|
229,506 |
|
Trading securities |
|
12,726 |
|
|
|
12,549 |
|
Debt securities
available-for-sale, at estimated fair value |
|
1,075,741 |
|
|
|
795,464 |
|
Debt securities
held-to-maturity, at amortized cost |
|
9,810 |
|
|
|
9,866 |
|
Equity securities |
|
11,038 |
|
|
|
10,629 |
|
Loans held-for-investment,
net |
|
4,162,472 |
|
|
|
4,203,654 |
|
Allowance for credit losses |
|
(37,039 |
) |
|
|
(37,535 |
) |
Net loans
held-for-investment |
|
4,125,433 |
|
|
|
4,166,119 |
|
Accrued interest
receivable |
|
19,358 |
|
|
|
18,491 |
|
Bank-owned life insurance |
|
172,507 |
|
|
|
171,543 |
|
Federal Home Loan Bank of New
York stock, at cost |
|
39,848 |
|
|
|
39,667 |
|
Operating lease right-of-use
assets |
|
30,076 |
|
|
|
30,202 |
|
Premises and equipment,
net |
|
24,301 |
|
|
|
24,771 |
|
Goodwill |
|
41,012 |
|
|
|
41,012 |
|
Other assets |
|
50,974 |
|
|
|
48,577 |
|
Total
assets |
$ |
5,851,605 |
|
|
$ |
5,598,396 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY: |
|
|
|
LIABILITIES: |
|
|
|
Deposits |
$ |
3,921,323 |
|
|
$ |
3,878,435 |
|
Securities sold under
agreements to repurchase |
|
25,000 |
|
|
|
25,000 |
|
Federal Home Loan Bank
advances and other borrowings |
|
1,039,621 |
|
|
|
834,272 |
|
Subordinated debentures, net
of issuance costs |
|
61,275 |
|
|
|
61,219 |
|
Lease liabilities |
|
34,942 |
|
|
|
35,205 |
|
Advance payments by borrowers
for taxes and insurance |
|
30,202 |
|
|
|
25,102 |
|
Accrued expenses and other
liabilities |
|
40,813 |
|
|
|
39,718 |
|
Total
liabilities |
|
5,153,176 |
|
|
|
4,898,951 |
|
|
|
|
|
STOCKHOLDERS’
EQUITY: |
|
|
|
Total stockholders’
equity |
|
698,429 |
|
|
|
699,445 |
|
Total liabilities and
stockholders’ equity |
$ |
5,851,605 |
|
|
$ |
5,598,396 |
|
|
|
|
|
Total shares outstanding |
|
44,462,652 |
|
|
|
44,524,929 |
|
Tangible book value per share
(1) |
$ |
14.78 |
|
|
$ |
14.78 |
|
(1) |
|
Tangible book value per share is calculated based on total
stockholders' equity, excluding intangible assets (goodwill and
core deposit intangibles), divided by total shares outstanding as
of the balance sheet date. Core deposit intangibles were $133 and
$154 at March 31, 2024 and December 31, 2023,
respectively, and are included in other assets. |
|
|
|
|
NORTHFIELD BANCORP, INC.CONSOLIDATED STATEMENTS OF
INCOME(Dollars in thousands, except share and per share
amounts) (unaudited) |
|
|
For the Three Months Ended |
|
March 31, |
|
December 31, |
|
2024 |
|
2023 |
|
2023 |
Interest
income: |
|
|
|
|
|
Loans |
$ |
46,047 |
|
$ |
43,707 |
|
$ |
46,418 |
|
Mortgage-backed securities |
|
4,398 |
|
|
3,792 |
|
|
3,538 |
|
Other securities |
|
3,841 |
|
|
1,385 |
|
|
1,494 |
|
Federal Home Loan Bank of New York dividends |
|
970 |
|
|
465 |
|
|
988 |
|
Deposits in other financial institutions |
|
3,392 |
|
|
578 |
|
|
2,024 |
|
Total interest income |
|
58,648 |
|
|
49,927 |
|
|
54,462 |
|
Interest
expense: |
|
|
|
|
|
Deposits |
|
19,273 |
|
|
7,821 |
|
|
16,835 |
|
Borrowings |
|
10,663 |
|
|
6,391 |
|
|
7,873 |
|
Subordinated debt |
|
828 |
|
|
819 |
|
|
836 |
|
Total interest expense |
|
30,764 |
|
|
15,031 |
|
|
25,544 |
|
Net interest income |
|
27,884 |
|
|
34,896 |
|
|
28,918 |
|
Provision for credit
losses |
|
415 |
|
|
864 |
|
|
271 |
|
Net interest income after
provision for credit losses |
|
27,469 |
|
|
34,032 |
|
|
28,647 |
|
Non-interest
income: |
|
|
|
|
|
Fees and service charges for customer services |
|
1,615 |
|
|
1,380 |
|
|
1,473 |
|
Income on bank-owned life insurance |
|
964 |
|
|
870 |
|
|
952 |
|
Gains on available-for-sale debt securities, net |
|
— |
|
|
1 |
|
|
— |
|
Gains on trading securities, net |
|
699 |
|
|
512 |
|
|
998 |
|
Other |
|
103 |
|
|
569 |
|
|
204 |
|
Total non-interest income |
|
3,381 |
|
|
3,332 |
|
|
3,627 |
|
Non-interest
expense: |
|
|
|
|
|
Compensation and employee benefits |
|
12,765 |
|
|
11,037 |
|
|
12,186 |
|
Occupancy |
|
3,553 |
|
|
3,372 |
|
|
3,227 |
|
Furniture and equipment |
|
484 |
|
|
454 |
|
|
475 |
|
Data processing |
|
2,147 |
|
|
2,243 |
|
|
1,830 |
|
Professional fees |
|
809 |
|
|
971 |
|
|
784 |
|
Advertising |
|
518 |
|
|
847 |
|
|
337 |
|
Federal Deposit Insurance Corporation insurance |
|
588 |
|
|
604 |
|
|
568 |
|
Credit loss expense/(benefit) for off-balance sheet exposures |
|
83 |
|
|
111 |
|
|
(165 |
) |
Other |
|
1,385 |
|
|
1,489 |
|
|
1,738 |
|
Total non-interest
expense |
|
22,332 |
|
|
21,128 |
|
|
20,980 |
|
Income before income tax
expense |
|
8,518 |
|
|
16,236 |
|
|
11,294 |
|
Income tax
expense |
|
2,304 |
|
|
4,529 |
|
|
3,072 |
|
Net
income |
$ |
6,214 |
|
$ |
11,707 |
|
$ |
8,222 |
|
Net income per common
share: |
|
|
|
|
|
Basic |
$ |
0.15 |
|
$ |
0.26 |
|
$ |
0.19 |
|
Diluted |
$ |
0.15 |
|
$ |
0.26 |
|
$ |
0.19 |
|
Basic average shares outstanding |
|
42,367,243 |
|
|
44,784,228 |
|
|
42,704,541 |
|
Diluted average shares outstanding |
|
42,408,953 |
|
|
44,928,905 |
|
|
42,780,195 |
|
|
NORTHFIELD BANCORP, INC.ANALYSIS OF NET INTEREST
INCOME(Dollars in thousands) (unaudited) |
|
|
For the Three Months Ended |
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
|
Average Outstanding Balance |
|
Interest |
|
Average Yield/Rate (1) |
|
Average Outstanding Balance |
|
Interest |
|
Average Yield/ Rate (1) |
|
Average Outstanding Balance |
|
Interest |
|
Average Yield/Rate (1) |
Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans(2) |
$ |
4,174,668 |
|
$ |
46,047 |
|
4.44 |
% |
|
$ |
4,211,344 |
|
$ |
46,418 |
|
4.37 |
% |
|
$ |
4,244,772 |
|
$ |
43,707 |
|
4.18 |
% |
Mortgage-backed securities(3) |
|
648,811 |
|
|
4,398 |
|
2.73 |
|
|
|
620,384 |
|
|
3,538 |
|
2.26 |
|
|
|
746,735 |
|
|
3,792 |
|
2.06 |
|
Other securities(3) |
|
391,980 |
|
|
3,841 |
|
3.94 |
|
|
|
231,133 |
|
|
1,494 |
|
2.56 |
|
|
|
275,957 |
|
|
1,385 |
|
2.04 |
|
Federal Home Loan Bank of New York stock |
|
39,599 |
|
|
970 |
|
9.85 |
|
|
|
39,470 |
|
|
988 |
|
9.93 |
|
|
|
38,066 |
|
|
465 |
|
4.95 |
|
Interest-earning deposits in financial institutions |
|
262,884 |
|
|
3,392 |
|
5.19 |
|
|
|
173,026 |
|
|
2,024 |
|
4.64 |
|
|
|
77,269 |
|
|
578 |
|
3.03 |
|
Total interest-earning assets |
|
5,517,942 |
|
|
58,648 |
|
4.27 |
|
|
|
5,275,357 |
|
|
54,462 |
|
4.10 |
|
|
|
5,382,799 |
|
|
49,927 |
|
3.76 |
|
Non-interest-earning
assets |
|
266,428 |
|
|
|
|
|
|
255,155 |
|
|
|
|
|
|
239,984 |
|
|
|
|
Total assets |
$ |
5,784,370 |
|
|
|
|
|
$ |
5,530,512 |
|
|
|
|
|
$ |
5,622,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW, and money market accounts |
$ |
2,464,297 |
|
$ |
12,331 |
|
2.01 |
% |
|
$ |
2,522,964 |
|
$ |
11,214 |
|
1.76 |
% |
|
$ |
2,523,620 |
|
$ |
3,843 |
|
0.62 |
% |
Certificates of deposit |
|
654,328 |
|
|
6,942 |
|
4.27 |
|
|
|
567,356 |
|
|
5,621 |
|
3.93 |
|
|
|
624,762 |
|
|
3,978 |
|
2.58 |
|
Total interest-bearing deposits |
|
3,118,625 |
|
|
19,273 |
|
2.49 |
|
|
|
3,090,320 |
|
|
16,835 |
|
2.16 |
|
|
|
3,148,382 |
|
|
7,821 |
|
1.01 |
|
Borrowed funds |
|
1,108,880 |
|
|
10,663 |
|
3.87 |
|
|
|
872,756 |
|
|
7,873 |
|
3.58 |
|
|
|
762,928 |
|
|
6,391 |
|
3.40 |
|
Subordinated debt |
|
61,239 |
|
|
828 |
|
5.44 |
|
|
|
61,183 |
|
|
836 |
|
5.42 |
|
|
|
61,015 |
|
|
819 |
|
5.44 |
|
Total interest-bearing liabilities |
|
4,288,744 |
|
|
30,764 |
|
2.89 |
|
|
|
4,024,259 |
|
|
25,544 |
|
2.52 |
|
|
|
3,972,325 |
|
|
15,031 |
|
1.53 |
|
Non-interest bearing
deposits |
|
699,640 |
|
|
|
|
|
|
717,372 |
|
|
|
|
|
|
848,098 |
|
|
|
|
Accrued expenses and other
liabilities |
|
99,594 |
|
|
|
|
|
|
101,964 |
|
|
|
|
|
|
105,685 |
|
|
|
|
Total liabilities |
|
5,087,978 |
|
|
|
|
|
|
4,843,595 |
|
|
|
|
|
|
4,926,108 |
|
|
|
|
Stockholders' equity |
|
696,392 |
|
|
|
|
|
|
686,917 |
|
|
|
|
|
|
696,675 |
|
|
|
|
Total liabilities and stockholders' equity |
$ |
5,784,370 |
|
|
|
|
|
$ |
5,530,512 |
|
|
|
|
|
$ |
5,622,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
$ |
27,884 |
|
|
|
|
|
$ |
28,918 |
|
|
|
|
|
$ |
34,896 |
|
|
Net interest rate
spread(4) |
|
|
|
|
1.39 |
% |
|
|
|
|
|
1.58 |
% |
|
|
|
|
|
2.23 |
% |
Net interest-earning
assets(5) |
$ |
1,229,198 |
|
|
|
|
|
$ |
1,251,098 |
|
|
|
|
|
$ |
1,410,474 |
|
|
|
|
Net interest margin(6) |
|
|
|
|
2.03 |
% |
|
|
|
|
|
2.17 |
% |
|
|
|
|
|
2.63 |
% |
Average interest-earning
assets to interest-bearing liabilities |
|
|
|
|
128.66 |
% |
|
|
|
|
|
131.09 |
% |
|
|
|
|
|
135.51 |
% |
(1) |
|
Average yields and rates are annualized. |
(2) |
|
Includes non-accruing loans. |
(3) |
|
Securities available-for-sale and other securities are reported at
amortized cost. |
(4) |
|
Net interest rate spread represents the difference between the
weighted average yield on interest-earning assets and the weighted
average cost of interest-bearing liabilities. |
(5) |
|
Net interest-earning assets represent total interest-earning assets
less total interest-bearing liabilities. |
(6) |
|
Net interest margin represents net interest income divided by
average total interest-earning assets. |
|
|
|
Company Contact:William R. JacobsChief Financial OfficerTel:
(732) 499-7200 ext. 2519
Northfield Bancorp (NASDAQ:NFBK)
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