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Northfield Bancorp, Inc. reports recurring developments as the holding company for Northfield Bank, a banking business serving customers in New York and New Jersey. Company news centers on quarterly operating results, deposit gathering, loan balances, net interest income, net interest margin, funding costs and asset-quality measures across multifamily, commercial real estate, commercial and industrial, home equity, construction and land lending.
Updates also cover credit-loss provisions, nonperforming loans, liquidity, branch activity, cash dividends, stock repurchases and other capital-management actions. Corporate news may include material agreements, shareholder voting and governance matters tied to strategic transactions while the company remains anchored in its bank holding company operations.
Northfield Bancorp (NFBK) reported its Q2 2024 results with diluted earnings per share (EPS) of $0.14, down from $0.15 in Q1 2024 and $0.22 in Q2 2023. Net interest income increased by 2.9% QoQ to $28.7 million, while net interest margin expanded to 2.09%. However, deposits excluding brokered decreased by $24 million QoQ. Loan balances declined due to reductions in most categories, despite increases in home equity and construction loans. Asset quality remained strong, with non-performing loans stable at 0.42% of total loans. The company repurchased 988,758 shares, costing $8.7 million, and declared a $0.13 per share dividend payable on August 21, 2024. For the six months ended June 30, 2024, net income was $12.2 million, significantly lower than $21.3 million in the same period last year, mainly due to a 14.4% decrease in net interest income. Higher interest expenses, severance costs, and tax expenses affected overall profitability.
Northfield Bank, a subsidiary of Northfield Bancorp, Inc. (NASDAQ: NFBK), announced that its President and CEO, Steven M. Klein, has been elected to the Board of Directors of the Federal Home Loan Bank of New York (FHLBNY). Klein expressed honor in joining the board and supporting FHLBNY's commitment to members and communities.
Klein's extensive experience includes leading strategic planning in various banking aspects. He is active in several banking associations and serves on multiple boards, including the New Jersey Bankers Association and the Staten Island Economic Development . Klein is also involved in charitable activities through the Northfield Bank Foundation.
Northfield Bank, founded in 1887, operates 39 full-service banking offices across New York and New Jersey. The FHLBNY, part of a national wholesale banking network, serves 336 member institutions across four regions as of March 31, 2024.
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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.