Northfield Bancorp(NFBK) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $11.3 million, or $0.27 per diluted share, compared to $6.5 million, or $0.16 per diluted share in Q3 2024, and $8.2 million, or $0.19 per diluted share in Q4 2023[3]. - Non-interest income increased by $4.9 million, or 41.4%, to $16.8 million for the year ended December 31, 2024, from $11.9 million in 2023[9]. - Net interest income for the year ended December 31, 2024, decreased by $10.2 million, or 8.2%, to $114.5 million from $124.7 million in 2023[6]. - Net interest income increased by $1.5 million, or 5.2%, to $29.7 million for the quarter ended December 31, 2024, driven by a decrease in interest expense on deposits and borrowings[19]. - Non-interest income rose by $3.4 million, or 93.1%, to $7.0 million for the quarter ended December 31, 2024, primarily due to a $3.4 million gain on the sale of property[16]. - Net income for the quarter was $11,251 thousand, up from $8,222 thousand in the previous year, an increase of 37.06%[64]. - Basic net income per common share increased to $0.28, compared to $0.19 for the same period last year, an increase of 47.37%[64]. Asset and Liability Management - Total assets increased by $68.0 million, or 1.2%, to $5.67 billion at December 31, 2024, from $5.60 billion at December 31, 2023[25]. - Total liabilities increased by $62.7 million, or 1.3%, to $4.96 billion at December 31, 2024, compared to $4.90 billion at December 31, 2023[34]. - Total stockholders' equity increased by $5.3 million to $704.7 million at December 31, 2024, from $699.4 million at December 31, 2023[39]. - Total interest-earning assets increased to $5,413,769 million for the three months ended December 31, 2024, compared to $5,275,357 million for the same period in 2023, reflecting a growth of 2.63%[66]. - Total interest-bearing liabilities rose to $4,239,982 million for the year ended December 31, 2024, up from $3,990,894 million in 2023, an increase of 6.23%[70]. Credit Quality - The provision for credit losses on loans increased by $2.9 million to $4.3 million for the year ended December 31, 2024, compared to $1.4 million in 2023[8]. - Asset quality remains strong with non-performing loans to total loans at 0.51% compared to 0.75% at September 30, 2024[4]. - Non-performing loans totaled $20.3 million, or 0.51%, of total loans at December 31, 2024, down from $30.4 million, or 0.75%, at September 30, 2024[43]. - The allowance for credit losses remained stable at $35,183 thousand, compared to $35,197 thousand in the previous quarter[62]. - Net charge-offs were $2.0 million for the quarter ended December 31, 2024, compared to $1.2 million for the same quarter in 2023[15]. Interest Rates and Margins - Net interest margin increased by 10 basis points to 2.18% for Q4 2024, compared to 2.08% for Q3 2024[4]. - The average cost of interest-bearing liabilities increased by 80 basis points to 2.91% for the year ended December 31, 2024, from 2.11% in 2023[6]. - The net interest rate spread for the year ended December 31, 2024, was 1.45%, down from 1.82% in 2023[70]. - The net interest margin improved to 2.18% for the three months ended December 31, 2024, compared to 2.17% for the same period in 2023[68]. Dividends and Taxation - Cash dividend of $0.13 per share declared, payable February 19, 2025, to stockholders of record as of February 5, 2025[4]. - The effective tax rate for the year ended December 31, 2024, was 26.1%, compared to 27.2% for the year ended December 31, 2023[11]. - The effective tax rate for the quarter ended December 31, 2024, was 19.2%, down from 27.2% for the same quarter in 2023[17]. Loan Portfolio - Loans held for investment, net, decreased by $181.4 million to $4.02 billion at December 31, 2024, primarily due to a decrease in multifamily and commercial real estate loans[27]. - The multifamily loan portfolio reached $2.60 billion, representing 65% of the total loan portfolio, with $437.7 million (11%) collateralized by rent-regulated properties in New York[49]. - The small business unsecured commercial and industrial loan portfolio amounted to $28.9 million at December 31, 2024, down from $39.1 million at September 30, 2024, and $37.4 million at December 31, 2023[47]. - Average loans outstanding decreased to $4,106,641 million for the year ended December 31, 2024, from $4,248,355 million in 2023, a decline of 3.34%[70].