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Northfield Bancorp, Inc. Announces Fourth Quarter And Year End 2013 Results

Stocks in this article: NFBK

NOTABLE ITEMS INCLUDE:

  • EARNINGS PER SHARE INCREASED OVER 16% FOR THE YEAR
  • TOTAL ORIGINATED LOANS INCREASED 26.8% DURING THE YEAR, FUELED BY 42.7% GROWTH IN MULTIFAMILY LOANS
  • NET INTEREST INCOME INCREASED 9.6% FOR THE YEAR
  • NONPERFORMING ASSETS TO TOTAL ASSETS DECREASED TO 0.68% AS NONPERFORMING LOANS DECLINED 49.9% FROM THE PRIOR YEAR END
  • CASH DIVIDEND OF $0.06 PER COMMON SHARE DECLARED PAYABLE FEBRUARY 26, 2014, TO STOCKHOLDERS OF RECORD AS OF FEBRUARY 12, 2014
  • BOARD OF DIRECTORS AUTHORIZES A 5% STOCK REPURCHASE PROGRAM

WOODBRIDGE, N.J., Jan. 29, 2014 (GLOBE NEWSWIRE) -- Northfield Bancorp, Inc . (Nasdaq:NFBK), the holding company for Northfield Bank, reported basic earnings per common share of $0.09 and $0.35 for the quarter and year ended December 31, 2013, respectively, compared to basic earnings per common share of $0.06 and $0.30 for the quarter and year ended December 31, 2012, respectively, and diluted earnings per common share of $0.09 and $0.34 for the quarter and year ended December 31, 2013, respectively, compared to diluted earnings per common share of $0.06 and $0.29 for the quarter and year ended December 31, 2012, respectively.

"This is a landmark year for Northfield as we completed our transition to a fully public company," noted John W. Alexander, Chairman and Chief Executive Officer of Northfield. "This accomplishment is highlighted by a 16.7 percent increase in earnings per share, and the payment of $0.49 in total dividends for 2013, which included a $0.25 special dividend. This growth was accomplished, in part, from an over 20% increase in our net loans held-for-investment, fueled by an almost 43 percent increase in multifamily loans. We were able to maintain a stable net interest margin in a very competitive environment as we continued to reposition the balance sheet away from lower yielding securities."

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