This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Northfield Bancorp, Inc. Announces Fourth Quarter 2012 Results

Results of Operations

Comparison of Operating Results for the Three Months Ended December 31, 2012 and 2011

Net income was $3.2 million and $3.8 million for the quarters ended December 31, 2012 and 2011, respectively. Significant variances from the comparable prior year period are as follows: a $231,000 increase in net interest income, a $5.6 million decrease in the provision for loan losses, a $3.8 million decrease in non-interest income, a $320,000 increase in non-interest expense, and a $2.3 million increase in income tax expense.

Net interest income for the quarter ended December 31, 2012 increased $231,000, or 1.3%, as the $36.3 million increase in our net interest-earning assets more than offset the 18 basis point decrease in our net interest margin to 2.96%. The increase in average interest-earning assets was due primarily to increases in average loans outstanding of $130.3 million and in mortgage-backed securities of $79.2 million, partially offset by a decrease in other securities of $41.6 million. The December 31, 2012 quarter included loan prepayment income of $559,000 compared to $317,000 for the quarter ended December 31, 2011. Rates paid on interest-bearing liabilities decreased 24 basis points to 1.09% for the current quarter as compared to 1.33% for the prior year comparable period.  This was offset by a 38 basis point decrease in yields earned on interest earning assets to 3.85% for the current quarter ended December 31, 2012 as compared to 4.23% for the comparable quarter in 2011.

The provision for loan losses decreased $5.6 million, or 74.9%, to $1.9 million for the quarter ended December 31, 2012 from $7.5 million for the quarter ended December 31, 2011. The decrease in the provision for loan losses was due primarily to a decrease in charge-offs, a shift in the composition of our loan portfolio to multifamily loans, which generally require lower general reserves than our other commercial real estate loans, and a decrease in non-performing loans and other asset quality indicators during the quarter ended December 31, 2012. During the quarter ended December 31, 2012, the Company recorded net charge-offs of $2.5 million (including $1.2 million related to loans transferred to held-for-sale) compared to net charge-offs of $6.1 million (including $4.0 million related to loans transferred to held-for-sale) for the quarter ended December 31, 2011.

9 of 12

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs