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Northfield Bancorp, Inc. Announces Third Quarter 2010 Results

Notable Items Include:
  • Net Income of $2.4 Million, or $0.06 Per Share, for the Quarter, Which Includes an After-Tax Charge of $1.2 Million, or $.03 per Share, Related to Costs Associated With the Postponed Second-Step Offering, and a Tax Benefit of $738,000, or $.02 Per Share, Related to Recent Tax Law Changes
  • Net Income of $10.0 Million, or $0.24 Per Share, for the Nine Months of 2010, as Compared to $8.1 Million, or $0.19 Per Share in 2009
  • Increase of 6.1% and 11.5% in Net Interest Income for the Quarter and Nine Months Ended September 30, 2010, Respectively
  • Total Loans Increased 10.1% Year to Date
  • Continued Strengthening of Loan Loss Reserves – Allowance for Loan Losses Increases 35.8%, Year to Date, to $20.9 Million, Representing 2.61% of Total Loans at September 30, 2010
  • Nonperforming Loans Total $55.4 Million Compared to $51.5 Million at June 30, 2010, and $41.8 Million at December 31, 2009

AVENEL, N.J., Oct. 27, 2010 (GLOBE NEWSWIRE) -- Northfield Bancorp, Inc. (Nasdaq:NFBK), the holding company for Northfield Bank, reported basic and diluted earnings per common share of $0.06 and $0.08 for the quarters ended September 30, 2010 and 2009, respectively, and basic and diluted earnings per share of $0.24 and $0.19 for the nine months ended September 30, 2010 and 2009, respectively. Net income for the quarter and nine months ended September 30, 2010 included an after-tax charge of $1.2 million, or $0.03 per share, for costs related to the Company's postponed second-step stock offering. In addition, net income for the quarter and nine months ended September 30, 2010 was positively affected by the reversal of deferred tax liabilities related to state bad debt reserves of approximately $738,000, or $0.02 per share.

Commenting on the third quarter results, John W. Alexander, the Company's Chairman and Chief Executive Officer noted, "Although market conditions in the third quarter were not conducive to us completing our second-step stock offering, our capital continues to significantly exceed that required to be considered "well capitalized" for regulatory purposes, and we remain focused on our long-term strategic plan of effectively deploying capital and managing risk to generate solid earnings and returns for our stockholders."

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