Northfield Bancorp(US:NFBK)2024-10-24 20:22Earnings Performance - Diluted earnings per share for Q3 2024 were $0.16, an increase from $0.14 in Q2 2024 and a decrease from $0.19 in Q3 2023[1] - Net income for the nine months ended September 30, 2024, was $18.7 million, down from $29.4 million for the same period in 2023[4] - Net income for the three months ended September 30, 2024, was $6,523,000, a decrease from $8,181,000 in the same period of 2023, representing a decline of 20%[65] Interest Income and Margin - Net interest income for the nine months ended September 30, 2024, decreased by $10.9 million, or 11.4%, to $84.8 million compared to $95.7 million for the same period in 2023[5] - Total interest income for the three months ended September 30, 2024, was $59,318,000, an increase from $52,736,000 in the same period of 2023, representing a growth of 12%[65] - The net interest margin for the nine months ended September 30, 2024, was 2.07%, down from 2.41% in the same period of 2023[67] Non-Interest Income and Expense - Non-interest income increased by $1.5 million, or 18.7%, to $9.8 million for the nine months ended September 30, 2024[9] - Non-interest income totaled $3,578,000 for the three months ended September 30, 2024, up from $2,121,000 in the same period of 2023, reflecting a growth of 69%[65] - Total non-interest expense was $20,378,000 for the three months ended September 30, 2024, slightly down from $20,567,000 in the same period of 2023[65] Loan and Deposit Trends - Loan balances declined by $27.2 million, or 2.7% annualized, from June 30, 2024, with decreases in commercial, multifamily, and residential real estate loans[1] - Deposits (excluding brokered) decreased by $5.1 million, or less than 1% annualized, from June 30, 2024, but increased by $15.0 million, or 0.5% annualized, from December 31, 2023[1] - Total deposits increased to $3.88 billion in September 2024 from $3.80 billion in June 2024[63] Asset and Liability Management - Total assets increased by $132.5 million, or 2.4%, to $5.73 billion at September 30, 2024, from $5.60 billion at December 31, 2023[26] - Total liabilities increased by $132.3 million, or 2.7%, to $5.03 billion at September 30, 2024, primarily due to an increase in borrowings of $131.6 million[34] - Borrowed funds increased to $1.05 billion at September 30, 2024, from $920.5 million at December 31, 2023, primarily due to a $205.5 million increase in borrowings under the Federal Reserve Bank Term Funding Program[38] Credit Quality - Non-performing loans to total loans increased to 0.75% at September 30, 2024, from 0.42% at June 30, 2024[1] - Provision for credit losses on loans increased by $2.4 million to $2.5 million for the quarter ended September 30, 2024, from a provision of $188,000 for the same quarter in 2023[15] - Non-performing loans totaled $30.4 million, or 0.75% of total loans, an increase from $11.4 million, or 0.27%, at December 31, 2023[46] Shareholder Returns - A cash dividend of $0.13 per share was declared, payable on November 20, 2024, to stockholders of record as of November 6, 2024[3] - The company repurchased 560,683 shares for a cost of $6.3 million, with no remaining capacity under the current repurchase program[1] - The company repurchased 1.8 million shares of its common stock at an average price of $10.03 for a total of $18.1 million during the nine months ended September 30, 2024[41] Efficiency and Ratios - The efficiency ratio improved to 64.07% in September 2024 from 64.65% in June 2024[61] - Return on assets for September 2024 was 0.46%, down from 0.59% in June 2024[61] - Return on equity decreased to 3.74% in September 2024 from 4.74% in June 2024[61]