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Northfield Bancorp, Inc. Announces Fourth Quarter 2012 Results

NOTABLE ITEMS INCLUDE:

  • NET INTEREST INCOME FOR 2012 INCREASED 5.0% OVER 2011, DRIVEN BY HIGHER LEVELS OF INTEREST EARNING ASSETS
  • LOAN PRODUCTION REMAINED STRONG IN 2012
  • LOANS HELD-FOR-INVESTMENT, NET, GREW 15.7%
  • MULTIFAMILY LOANS INCREASED $151.8 MILLION, OR 33.1%, FROM DECEMBER 31, 2011
  • NONPERFORMING ASSETS AS A PERCENTAGE OF TOTAL ASSETS DROPPED TO 1.30%
  • NONPERFORMING LOANS TO TOTAL LOANS DECLINED TO 2.85%, A 18.9% DECREASE FROM DECEMBER 31, 2011 LEVELS
  • ALLOWANCE FOR LOAN LOSSES INCREASED TO 87.7% OF NON-PERFORMING LOANS HELD-FOR-INVESTMENT AND REPRESENTS 2.48% OF ORIGINATED LOANS
  • DEPOSITS CONTINUE TO INCREASE WHILE THE AVERAGE COST OF DEPOSITS DECLINED TO 56 BASIS POINTS FOR THE QUARTER
  • ACQUISITION OF FLATBUSH FEDERAL SAVINGS COMPLETED IN FOURTH QUARTER
  • CAPITAL REMAINS STRONG AT 14.9% OF TOTAL ASSETS

WOODBRIDGE, N.J., Jan. 24, 2013 (GLOBE NEWSWIRE) -- NORTHFIELD BANCORP, INC. (Nasdaq:NFBK), the holding company for Northfield Bank, reported basic earnings per common share of $0.06 and $0.30 for the quarter and year ended December 31, 2012, respectively, as compared to $0.07 and $0.30 for the quarter and year ended December 31, 2011, respectively. Diluted earnings per common share was $0.06 and $0.29 for the quarter and year ended December 31, 2012, respectively, as compared to $0.07 and $0.30 for the quarter and year ended December 31, 2011, respectively. Earnings per share amounts have been restated to reflect the completion of our second-step conversion at a conversion ratio of 1.4029.

John W. Alexander, Chairman and Chief Executive Officer, commenting on 2012 stated, "Northfield has just completed a memorable year. We began the year celebrating our 125th Anniversary, a milestone few companies are able to attain. In the first quarter we announced an agreement to acquire of Flatbush Federal Savings and Loan Association, and completed the transaction in the fourth quarter adding three branches to our expanding Brooklyn network. Northfield also adopted a plan of conversion, setting in motion a strategic decision to become a fully public company and move away from the mutual holding company format, and I'm pleased that the strong participation of our depositors and the community resulted in a successful stock offering that closed today."

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