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Northfield Bancorp, Inc. Announces Fourth Quarter And Year End 2010 Results

Notable Items Include:
  • Earnings Per Share Increased 17.9% to $0.33, for the Year Ended December 31, 2010, as Compared to $0.28 Per Share for the Year Ended December 31, 2009. Net Income Was $0.09 Per Share, for the Quarter Ended December 31, 2010, Compared to $0.10 Per Share for the Same Quarter in 2009
  • Net Interest Income Increased 9.7% for the Year and 4.8% Over the Comparable Quarter of 2009
  • Loans Held for Investment, Net, Increased 13.5% for the Year and 3.1% in the Fourth Quarter as Compared to September 30, 2010
  • Net Loan Charge-Offs for the Year Represented 0.47% of Average Loans While the Allowance for Loan Losses Increased to 2.64% of Total Loans at Year End
  • Nonperforming Loans Total $60.9 Million Compared to $55.4 Million at September 30, 2010, and $41.8 Million at December 31, 2009
  • Accruing Loans 30 to 89 Days Delinquent Declined 43.7% to $19.8 Million at Year End as Compared to $35.2 Million at September 30, 2010
  • Second Brooklyn Branch Opened With Three Additional Brooklyn Branches Under Construction
  • Quarterly Cash Dividend of $0.05 Per Share Declared on Common Stock

AVENEL, N.J., Jan. 27, 2011 (GLOBE NEWSWIRE) -- Northfield Bancorp, Inc. (Nasdaq:NFBK), the holding company for Northfield Bank, reported basic and diluted earnings per common share of $0.09 and $0.10 for the quarters ended December 31, 2010 and 2009, respectively, and basic and diluted earnings per share of $0.33 and $0.28 for the years ended December 31, 2010 and 2009, respectively. Net income for the year ended December 31, 2010 included an after-tax charge of $1.2 million, or $0.03 per share, for costs related to the Company postponing its second-step stock offering announced in September 2010. In addition, net income for the year ended December 31, 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, as the result of a change in New York state tax law enacted in September 2010.

Commenting on the annual and fourth quarter results, John W. Alexander, the Company's Chairman and Chief Executive Officer noted, "We continue to generate strong results with an almost 18% increase in earnings per share for the year notwithstanding a significant charge related to the postponement of our second step stock offering. Our profitability is driven by solid loan growth and diligence in controlling interest and other operating costs. Loans 30 to 89 days delinquent and still accruing declined almost 44% in the fourth quarter as compared to the trailing quarter. Our capital and liquidity remain strong, and we believe we are positioned well to execute on our strategic plan and benefit from increases in interest rates."  

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