Northfield Banco Stock Price, News & Analysis

Northfield Bancorp reported a net income of $11.7 million, or $0.26 per diluted share, for Q1 2023, a decline from $14.1 million or $0.31 in Q4 2022 and $14.1 million or $0.30 in Q1 2022. The decrease is attributed to a $2.0 million drop in net interest income, driven by rising funding costs, despite higher yields on interest-earning assets. Total deposits decreased by $64.7 million, or 1.7%, while uninsured deposits are estimated at $836 million, or 22% of total deposits. The company's net interest margin slipped to 2.63%, down 26 basis points from Q4 2022. It declared a cash dividend of $0.13 per share, payable on May 24, 2023. Amid economic uncertainties, the company continues to manage capital and liquidity prudently.

NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) reported a fourth quarter 2022 net income of $14.1 million or $0.31 per diluted share, down from $17.0 million or $0.37 in the previous quarter. For the full year 2022, net income was $61.1 million, translating to $1.32 per share, compared to $70.7 million or $1.45 in 2021. The decline in net income was attributed to reduced net interest income and an increase in the provision for credit losses. The company declared a cash dividend of $0.13 per share, payable February 22, 2023. Credit quality remained robust, with non-performing loans at 0.24%. Total assets grew to $5.60 billion, driven by a strong loan portfolio increase of $437.1 million.

Northfield Bancorp reported a net income of $17.0 million, or $0.37 per diluted share, for Q3 2022, marking an increase from $15.9 million in the previous quarter and $16.1 million in Q3 2021. The net interest income rose to $42.0 million, attributed to a 5 basis point increase in the net interest margin to 3.08%. Loans held-for-investment increased by 13.7% annualized, reflecting strong credit quality with non-performing loans at 0.23%. A cash dividend of $0.13 per share was declared, payable November 23, 2022.

NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) reported diluted earnings per share of $0.34 for Q2 2022, showing a decrease from $0.40 in Q2 2021. Net interest margin improved to 3.03%, up from 2.87% in the prior quarter, while loans held-for-investment surged 23.3% annualized to $4.11 billion. The board approved a $45 million stock repurchase program and declared a cash dividend of $0.13 per share. However, net income dropped to $30 million for the six months ending June 30, 2022, compared to $38.5 million the previous year, attributed to increased provision for credit losses and decreased non-interest income.

NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) has announced a new stock repurchase program authorizing the buyback of up to $45 million of its outstanding common stock, beginning June 22, 2022. This initiative aims to enhance shareholder value by reducing the number of shares outstanding. Repurchases will adhere to a Rule 10b5-1 trading plan, with timing influenced by market conditions and liquidity. The company retains the right to modify or suspend the program based on market dynamics. Repurchased shares will be held as treasury stock for corporate purposes.

NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) has announced the completion of a private placement offering of 5.00% Fixed-to-Floating Rate Subordinated Notes due 2032, totaling $62 million. The proceeds will support general corporate purposes, including possible share repurchases. The Notes, which qualify as Tier 2 capital, bear a fixed interest rate of 5.00% until June 30, 2027, after which the rate will adjust quarterly based on SOFR plus 200 basis points. The offering is not registered with the SEC, thus not available for public sale.

NORTHFIELD BANCORP (NFBK) reported diluted earnings of $0.30 per share for Q1 2022, down from $0.34 in Q4 2021 and $0.38 in Q1 2021. Net interest margin decreased to 2.87% from 2.96% in Q4 2021 and 3.10% in Q1 2021. However, loans held-for-investment increased by 11.5% annualized, and deposits rose by 13.9% annualized. The company declared a cash dividend of $0.13 per share, payable May 25, 2022. Despite a net income decline to $14.1 million from $18.7 million a year ago, credit quality remains strong with non-performing loans at just 0.21% of total loans.