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Northfield Bancorp, Inc. Announces Second Quarter 2013 Results

Stocks in this article: NFBK

NOTABLE ITEMS INCLUDE:

  • NET INTEREST INCOME INCREASED 10.2% OVER COMPARABLE QUARTER OF 2012
  • NET INTEREST MARGIN EXPANDED THREE BASIS POINTS FROM THE LINKED QUARTER
  • TOTAL ORIGINATED LOANS INCREASED 10.0% YEAR TO DATE, FUELED BY 14.2% GROWTH IN MULTIFAMILY LOANS
  • NONPERFORMING ASSETS TO TOTAL ASSETS DECREASED TO 0.90% AS NONPERFORMING LOANS DECLINE OVER 34.2% FROM YEAR END
  • HIGH COST BORROWINGS AND CDS ALLOWED TO MATURE RESULTING IN TOTAL ASSETS DECLINING
  • CAPITAL REMAINED STRONG AT 26.7% OF TOTAL ASSETS
  • DECLARED CASH DIVIDEND OF $0.06 PER COMMON SHARE PAYABLE AUGUST 21, 2013, TO STOCKHOLDERS OF RECORD AS OF AUGUST 7, 2013

WOODBRIDGE, N.J., July 24, 2013 (GLOBE NEWSWIRE) -- Northfield Bancorp, Inc . (Nasdaq:NFBK), the holding company for Northfield Bank, reported basic earnings per common share of $0.08 and $0.17 for the quarter and six months ended June 30, 2013, respectively, as compared to $0.07 and $0.16 for the quarter and six months ended June 30, 2012, respectively. Diluted earnings per common share was $0.08 and $0.16 for the quarter and six months ended June 30, 2013, respectively, as compared to $0.07 and $0.16 for the quarter and six months ended June 30, 2012, respectively. 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, "Our results reflect strong loan growth as we continue to focus on shifting our asset composition from investments to loans, resulting in loans increasing to over 48% of total assets at quarter end. This shift, combined with our decision not to retain higher cost time deposits and not to replace borrowings as they mature, has allowed us to maintain our net interest income from the first quarter of 2013." Continuing, Mr. Alexander cautioned, "Rising interest rates may adversely affect our ability to continue to maintain the level of loan growth we have experienced to date. Additionally, interest rate increases have and will continue to adversely affect the value of our investment portfolio thus negatively affecting reported tangible book value."

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