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Northfield Bancorp, Inc. Announces Second Quarter 2010 Results

Notable Items Include:

  • 100% increase in earnings per share to $0.10 for the quarter ended June 30, 2010, compared to $0.05 for the same quarter in 2009; 64% increase in earnings per share to $0.18 for the six months ended June 30, 2010, compared to $0.11 for the same period in 2009
  • 15% increase in net interest income for both the quarter and six months ended June 30, 2010 as compared to the comparable periods of 2009
  • 6% increase in total loans compared to 2009 year end
  • Capital strong at 18.1% of total assets
  • Efficiency ratio improved to 47.56% for the quarter ended June 30, 2010 compared to 58.99% for the quarter ended June 30, 2009; efficiency ratio improved to 51.62% for the sixth months ended June 30, 2010 compared to 57.90% for the six months ended June 30, 2009
  • Allowance for loan losses increases 24%, year to date, to $19.1 million, representing 2.47% of total loans at June 30, 2010
  • Annualized net charge-offs represent 0.44% of average loans for the quarter ended June 30, 2010, compared to annualized net charge-offs of 0.54% of average loans for the quarter ended June 30, 2009
  • Nonperforming loans total $51.5 million compared to $50.0 million at March 31, 2010, and $41.8 million at December 31, 2009

AVENEL, N.J., July 28, 2010 (GLOBE NEWSWIRE) -- Northfield Bancorp, Inc. (Nasdaq:NFBK), the holding company for Northfield Bank, reported basic and diluted earnings per common share of $0.10 and $0.18 for the quarter and six months ended June 30, 2010, respectively, as compared to $0.05 and $0.11 for the quarter and six months ended June 30, 2009, respectively.

Commenting on the second quarter results, John W. Alexander, the Company's Chairman and Chief Executive Officer noted, "We continue to focus on producing solid earnings by effectively deploying capital, prudently growing loans, and managing risk to protect and generate returns to our stockholders. Our capital continues to significantly exceed that required to be considered "well capitalized" for regulatory purposes, despite the lingering effects of this difficult economic cycle, and weak loan demand. Although we continue to experience elevated levels of loan delinquencies, our underwriting and focus on real estate lending in our marketplace have resulted in a relatively low level of net charge-offs. We continue to be proactive in resolving troubled loans, and are working to maximize collectibility while we work with those borrowers who have a desire to meet their obligations."

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