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Northfield Bancorp, Inc. Announces First Quarter 2013 Results, And Special And Quarterly Dividends

NOTABLE ITEMS INCLUDE:
  • SPECIAL DIVIDEND OF $0.25 PER COMMON SHARE DECLARED IN ADDITION TO QUARTERLY DIVIDEND OF $0.06 PER COMMON SHARE
  • NET INTEREST INCOME INCREASES 10.9% OVER THE COMPARABLE QUARTER OF 2012, DRIVEN BY HIGHER LEVELS OF INTEREST EARNING ASSETS
  • MULTIFAMILY LOAN PRODUCTION REMAINS STRONG WITH BALANCES INCREASING MILLION FROM DECEMBER 31, 2012
  • ASSET QUALITY CONTINUES TO IMPROVE

-- NONPERFORMING ASSETS AS A PERCENTAGE OF TOTAL ASSETS DECREASED TO 1.01%

--NONPERFORMING LOANS DECREASED 21.8% FROM THE DECEMBER 31, 2012 LEVELS
  • CAPITAL REMAINS STRONG AT 26.2% OF TOTAL ASSETS

WOODBRIDGE, N.J., April 24, 2013 (GLOBE NEWSWIRE) -- Northfield Bancorp, Inc . (Nasdaq:NFBK), the holding company for Northfield Bank, reported basic and diluted earnings per common share of $0.09 for the quarter ended March 31, 2013, the same as reported for the same quarter of 2012. Prior year earnings per share amounts have been restated to reflect the completion of our second-step conversion at a conversion ratio of 1.4029 to 1.

John W. Alexander, Chairman and Chief Executive Officer of Northfield commented, "During the quarter, we completed our conversion to a fully public company. With the resultant increase in earning assets from our capital raise, we were able to increase our net interest income notwithstanding continued pressures on our net interest margin. We continue to work diligently to change the mix of assets on the balance sheet and increase our loans outstanding. For the period, multifamily loans increased $19.1 million. This coupled with an increase in non-interest bearing deposits of $7.5 million helped us reduce the rate of decline in our net interest margin. As with most banks, we will continue to experience declining yields on our assets as rates on both new and refinanced loans continued to decline as have rates on investment securities, thus continuing to place pressure on our net interest margin prospectively."  

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