Northfield Bancorp, Inc. [NFBK] Filings

10-Q 1 nfbk-20240630.htm 10-Q nfbk-20240630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For transition period from __________ to __________

Commission File Number: 001-35791

Northfield Bancorp, Inc.

(Exact name of registrant as specified in its charter)


Delaware						80-0882592
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

581 Main Street,

Woodbridge,

New Jersey

07095

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (732) 499-7200

Not Applicable

(Former name, former address, and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of exchange on which registered

Common stock, par value $0.01 per share

NFBK

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 31, 2024, the registrant had 43,186,202 shares of Common Stock, par value $0.01 per share, issued and outstanding.

NORTHFIELD BANCORP, INC.

Form 10-Q Quarterly Report

Table of Contents


		Page
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements	4





Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	58
Item 4.	Controls and Procedures	60

PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	61
Item 1A.	Risk Factors	61
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	61
Item 3.	Defaults Upon Senior Securities	61
Item 4.	Mine Safety Disclosures	61
Item 5.	Other Information	62
Item 6.	Exhibits	62
	SIGNATURES	63

Table of Contents

PART I

ITEM 1. FINANCIAL STATEMENTS

NORTHFIELD BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited) (In thousands, except share amounts)


	June 30, 2024		December 31, 2023
ASSETS:
Cash and due from banks	$	14,575	$	13,889
Interest-bearing deposits in other financial institutions	138,914		215,617
Total cash and cash equivalents	153,489		229,506
Trading securities	12,939		12,549
Debt securities available-for-sale, at estimated fair value (with no allowance for credit losses at June 30, 2024 and December 31, 2023)	1,119,439		795,464
Debt securities held-to-maturity, at amortized cost	9,749		9,866
(estimated fair value of $9,235 at June 30, 2024, and $9,586 at December 31, 2023, with no allowance for credit losses at June 30, 2024 and December 31, 2023)
Equity securities	13,964		10,629

Loans held-for-investment	4,091,220		4,203,654
Less: allowance for credit losses	(34,780)		(37,535)
Net loans held-for-investment	4,056,440		4,166,119
Accrued interest receivable	19,343		18,491
Bank-owned life insurance	173,483		171,543
Federal Home Loan Bank (“FHLB”) of New York stock, at cost	41,785		39,667
Operating lease right-of-use assets	29,305		30,202
Premises and equipment, net	23,628		24,771
Goodwill	41,012		41,012

Other assets	51,785		48,577
Total assets	$	5,746,361	$	5,598,396

LIABILITIES AND STOCKHOLDERS’ EQUITY:
LIABILITIES:
Deposits	$	3,798,474	$	3,878,435
Securities sold under agreements to repurchase	—		25,000
FHLB advances and other borrowings	1,089,727		834,272
Subordinated debentures, net of issuance costs	61,331		61,219
Operating lease liabilities	34,035		35,205
Advance payments by borrowers for taxes and insurance	26,113		25,102
Accrued expenses and other liabilities	43,657		39,718
Total liabilities	5,053,337		4,898,951

STOCKHOLDERS’ EQUITY:
Preferred stock, $0.01 par value: 25,000,000 shares authorized, none issued or outstanding	—		—
Common stock, $0.01 par value: 150,000,000 shares authorized, 64,770,875 shares issued at
June 30, 2024 and December 31, 2023, 43,466,961 and 44,524,929 outstanding at June 30, 2024 and December 31, 2023, respectively	648		648
Additional paid-in-capital	589,349		590,973
Unallocated common stock held by employee stock ownership plan	(13,909)		(14,340)
Retained earnings	434,310		433,227
Accumulated other comprehensive loss	(29,401)		(32,442)
Treasury stock at cost: 21,303,914 and 20,245,946 shares at June 30, 2024 and December 31, 2023, respectively	(287,973)		(278,621)
Total stockholders’ equity	693,024		699,445
Total liabilities and stockholders’ equity	$	5,746,361	$	5,598,396

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

NORTHFIELD BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited) (In thousands, except per share data)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest income:
Loans	$	45,967	$	45,300	$	92,014	$	89,007
Mortgage-backed securities	7,355		3,714		11,753		7,506
Other securities	3,506		1,113		7,347		2,498
FHLB of New York dividends	935		727		1,905		1,192
Deposits in other financial institutions	2,457		816		5,849		1,394
Total interest income	60,220		51,670		118,868		101,597
Interest expense:
Deposits	20,664		10,483		39,937		18,304
Borrowings	10,041		9,198		20,704		15,589
Subordinated debt	828		828		1,656		1,647
Total interest expense	31,533		20,509		62,297		35,540
Net interest income	28,687		31,161		56,571		66,057
(Benefit) provision for credit losses	(618)		30		(203)		894
Net interest income after (benefit) provision for credit losses	29,305		31,131		56,774		65,163
Non-interest income:
Fees and service charges for customer services	1,570		1,309		3,185		2,689
Income on bank-owned life insurance	976		889		1,940		1,759
Gains (losses) on available-for-sale debt securities, net	1		(18)		1		(17)
Gains on trading securities, net	188		506		887		1,018
Gain on sale of loans	51		35		51		35
Other	73		95		176		664
Total non-interest income	2,859		2,816		6,240		6,148
Non-interest expense:
Compensation and employee benefits	13,388		12,353		26,153		23,390
Occupancy	3,222		3,244		6,775		6,616
Furniture and equipment	477		460		961		914
Data processing	2,177		2,071		4,324		4,314
Professional fees	681		768		1,490		1,739
Advertising	482		573		1,000		1,420
Federal Deposit Insurance Corporation insurance	649		568		1,237		1,172
Credit loss expense (benefit) for off-balance sheet exposures	103		(661)		186		(550)
Other	1,814		1,399		3,199		2,888
Total non-interest expense	22,993		20,775		45,325		41,903
Income before income tax expense	9,171		13,172		17,689		29,408
Income tax expense	3,214		3,613		5,518		8,142
Net income	$	5,957	$	9,559	$	12,171	$	21,266
Net income per common share:
Basic	$	0.14	$	0.22	$	0.29	$	0.48
Diluted	$	0.14	$	0.22	$	0.29	$	0.48


See accompanying notes to unaudited consolidated financial statements.

Table of Contents


NORTHFIELD BANCORP, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - (Continued) (Unaudited) (In thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income	$	5,957	$	9,559	$	12,171	$	21,266
Other comprehensive income (loss):
Unrealized gains (losses) on debt securities available-for-sale:
Net unrealized holding gains (losses)	3,199		(3,891)		4,175		4,506
Less: reclassification adjustment for net (gains) losses included in net income	(1)		18		(1)		17
Net unrealized gains (losses)	3,198		(3,873)		4,174		4,523
Post-retirement benefits adjustment	—		—		58		—

Other comprehensive income (loss) before tax	3,198		(3,873)		4,232		4,523
Income tax (expense) benefit related to net unrealized holding gains (losses) on debt securities available-for-sale	(900)		1,089		(1,175)		(1,261)
Income tax benefit related to reclassification adjustment for losses included in net income	—		(5)		—		(5)
Income tax benefit related to post retirement benefit adjustment	—		—		(16)		—

Other comprehensive income (loss), net of tax	2,298		(2,789)		3,041		3,257
Comprehensive income	$	8,255	$	6,770	$	15,212	$	24,523

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

NORTHFIELD BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Three Months Ended June 30, 2024 and 2023

(Unaudited) (In thousands, except share data)



	Common Stock
	Shares Outstanding	Par Value		Additional Paid-in Capital		Unallocated Common Stock Held by the Employee Stock Ownership Plan		Retained Earnings		Accumulated Other Comprehensive Income (loss) Net of tax		Treasury Stock		Total Stockholders' Equity
Balance at March 31, 2023	46,530,167	$	648	$	588,532	$	(15,422)	$	424,148	$	(42,285)	$	(257,455)	$	698,166
Net income								9,559						9,559
Other comprehensive loss, net of tax										(2,789)				(2,789)
ESOP shares allocated or committed to be released				67		230								297
Stock compensation expense				505										505
Restricted stock forfeitures	(16,154)			231								(231)		—

Cash dividends declared and paid ($0.13 per common share)								(5,786)						(5,786)
Repurchase of treasury stock (average cost of $10.48 per share)	(1,270,340)											(13,311)		(13,311)

Balance at June 30, 2023	45,243,673	$	648	$	589,335	$	(15,192)	$	427,921	$	(45,074)	$	(270,997)	$	686,641

Balance at March 31, 2024	44,462,652	$	648	$	588,919	$	(14,124)	$	433,878	$	(31,699)	$	(279,193)	$	698,429
Net income								5,957						5,957
Other comprehensive income, net of tax										2,298				2,298
ESOP shares allocated or committed to be released				10		215								225
Stock compensation expense				295										295
Restricted stock issuance	4,116			(25)								25		—
Restricted stock forfeitures	(11,049)			150								(150)		—

Cash dividends declared and paid ($0.13 per common share)								(5,525)						(5,525)
Repurchase of treasury stock (average cost of $8.77 per share)	(988,758)											(8,655)		(8,655)
Balance at June 30, 2024	43,466,961	$	648	$	589,349	$	(13,909)	$	434,310	$	(29,401)	$	(287,973)	$	693,024

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

NORTHFIELD BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Six Months Ended June 30, 2024 and 2023

(Unaudited) (In thousands, except share data)



	Common Stock
	Shares Outstanding	Par Value		Additional Paid-in Capital		Unallocated Common Stock Held by the Employee Stock Ownership Plan		Retained Earnings		Accumulated Other Comprehensive Income (loss) Net of tax		Treasury Stock		Total Stockholders' Equity
Balance at December 31, 2022	47,442,488	$	648	$	590,249	$	(15,650)	$	418,353	$	(48,331)	$	(243,879)	$	701,390
Net income								21,266						21,266
Other comprehensive income, net of tax										3,257				3,257
ESOP shares allocated or committed to be released				232		458								690
Stock compensation expense				1,223										1,223
Restricted stock issuance	173,060			(2,670)								2,670		—
Restricted stock forfeitures	(21,252)			308								(308)		—
Exercise of stock options, net	7,600			(7)								107		100
Cash dividends declared and paid ($0.26 per common share)								(11,698)						(11,698)
Repurchase of treasury stock (average cost of $12.42 per share)	(2,358,223)											(29,587)		(29,587)

Balance at June 30, 2023	45,243,673	$	648	$	589,335	$	(15,192)	$	427,921	$	(45,074)	$	(270,997)	$	686,641

Balance at December 31, 2023	44,524,929	$	648	$	590,973	$	(14,340)	$	433,227	$	(32,442)	$	(278,621)	$	699,445
Net income								12,171						12,171
Other comprehensive income, net of tax										3,041				3,041
ESOP shares allocated or committed to be released				77		431								508
Stock compensation expense				915										915
Restricted stock issuance	213,702			(2,772)								2,772		—
Restricted stock forfeitures	(11,516)			156								(156)		—

Cash dividends declared and paid ($0.26 per common share)								(11,088)						(11,088)
Purchase of employee restricted stock to fund statutory tax withholding	(18,765)											(223)		(223)
Repurchase of treasury stock (average cost of $9.46 per share)	(1,241,389)											(11,745)		(11,745)

Balance at June 30, 2024	43,466,961	$	648	$	589,349	$	(13,909)	$	434,310	$	(

Northfield Bancorp, Inc. [NFBK] Filings
10-Q	[2024-08-09]
10-Q	[2024-05-10]
10-K	[2024-02-29]
10-Q	[2023-11-08]
10-Q	[2023-08-09]
10-Q	[2023-05-10]
10-K	[2023-03-01]
10-Q	[2022-11-09]
10-Q	[2022-08-08]
10-Q	[2022-05-10]
10-K	[2022-03-01]
10-Q	[2021-11-09]
10-Q	[2021-08-09]
10-Q	[2021-05-10]
10-K	[2021-03-10]
10-Q	[2020-11-09]
10-Q	[2020-08-10]
10-Q	[2020-05-11]
10-K	[2020-03-02]
10-Q	[2019-11-08]
10-Q	[2019-08-09]
10-Q	[2019-05-10]
10-K	[2019-03-01]
10-Q	[2018-11-09]
10-Q	[2018-08-09]
10-Q	[2018-05-10]
10-K	[2018-03-01]
10-Q	[2017-11-09]
10-Q	[2017-08-09]
10-Q	[2017-05-10]
10-K	[2017-03-16]
10-Q	[2016-11-09]
10-Q	[2016-08-09]
10-Q	[2016-05-10]
10-K	[2016-03-15]
10-Q	[2015-11-09]
10-Q	[2015-08-10]
10-Q	[2015-05-11]
10-K	[2015-03-16]
10-Q	[2014-11-07]
10-Q	[2014-08-11]
10-Q	[2014-05-09]
10-K	[2014-03-17]
10-Q	[2013-11-12]
10-Q	[2013-08-09]
10-Q	[2013-05-10]
10-K	[2013-03-18]
10-Q	[2012-12-24]
S-1	[2012-06-08]