Continuing, Mr. Alexander added, "Financial performance in 2012 remained strong. Loan growth was robust with an almost 16 percent increase in total loans, driven by a 33 percent increase in multifamily loans. Notwithstanding a challenging interest rate environment and continuing pressures on margins, we increased net interest income over five percent, and managed the net interest margin compression to only three basis points year over year. Additionally, asset quality continued to improve, with nonperforming assets decreasing on both a dollar and percentage basis. Non-performing assets to total assets were 1.30 percent at year end 2012.""We are excited about completing our stock offering," added Mr. Alexander. "We believe our new structure presents the greatest opportunity for us to build long-term stockholder value. Additionally, we expect to reinstate our quarterly dividends and request approval from our regulators to allow us to pay a special $0.25 dividend as set forth in our offering documents."
Northfield Bancorp, Inc. Announces Fourth Quarter 2012 Results
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