Northfield Bancorp, Inc. Announces First Quarter 2014 Results

NOTABLE ITEMS INCLUDE:
  • EARNINGS PER SHARE INCREASED OVER 11% FROM THE COMPARABLE 2013 QUARTER
  • NET INTEREST INCOME INCREASED TO $19.1 MILLION AS NET INTEREST MARGIN EXPANDED FROM THE FOURTH QUARTER OF 2013
  • ASSET QUALITY REMAINED STRONG AS NONPERFORMING ASSETS TO TOTAL ASSETS DECREASED TO 0.67%
  • CASH DIVIDEND OF $0.06 PER COMMON SHARE DECLARED PAYABLE MAY 21, 2014, TO STOCKHOLDERS OF RECORD AS OF MAY 7, 2014
  • CAPITAL REMAINS STRONG AT OVER 25% OF TOTAL ASSETS
  • REPURCHASED OVER 3.0 MILLION SHARES OF COMMON STOCK

WOODBRIDGE, N.J., April 23, 2014 (GLOBE NEWSWIRE) -- NORTHFIELD BANCORP, INC. (Nasdaq:NFBK), the holding company for Northfield Bank, reported basic and diluted earnings per common share of $0.10 for the quarter ended March 31, 2014, compared to basic and diluted earnings per common share of $0.09 for the quarter March 31, 2013. Earnings for the quarter ended March 31, 2014, included a reduction of compensation and benefits of $937,000 ($560,000, after tax), or $0.01 per share, related to the settlement of the former Flatbush Federal Savings & Loan Association pension plan. Earnings for the quarter ended March 31, 2014, also included a charge of $570,000, or $0.01 per share, related to the write-down of deferred assets as a result of tax laws enacted in the State of New York during the first quarter.

Commenting on the first quarter, Chairman and Chief Executive Officer John W. Alexander noted, "The quarter was highlighted by a more than 11% increase in our earnings per share over the previous quarter. Also, with the lapse of the one year regulatory moratorium on stock repurchases following our conversion to a fully public company, we have implemented a repurchase program as part of our overall capital deployment strategy. As part of this strategy, we also continue to evaluate acquisition opportunities that support our lending activities and expand our franchise."

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