Northfield Bancorp(NFBK) - 2025 Q1 - Quarterly Report

PART I - FINANCIAL INFORMATION This section provides comprehensive financial data, including statements, notes, management's analysis, and market risk disclosures for the quarter ITEM 1. FINANCIAL STATEMENTS This section presents Northfield Bancorp's unaudited consolidated financial statements for Q1 2025, with detailed notes Consolidated Balance Sheets This section provides a snapshot of the company's assets, liabilities, and equity at specific points in time Consolidated Balance Sheet Highlights (In thousands) | Metric | March 31, 2025 | December 31, 2024 | Change (vs. Dec 31, 2024) | | :-------------------------------- | :------------- | :---------------- | :-------------------------- | | Total Assets | $5,710,000 | $5,666,378 | +$43,622 | | Total Liabilities | $4,998,851 | $4,961,682 | +$37,169 | | Total Stockholders' Equity | $711,149 | $704,696 | +$6,453 | | Cash and due from banks | $12,523 | $13,043 | -$520 | | Total cash and cash equivalents | $101,662 | $167,744 | -$66,082 | | Debt securities available-for-sale | $1,246,473 | $1,100,817 | +$145,656 | | Loans held-for-investment | $3,991,529 | $4,022,224 | -$30,695 | | Deposits | $4,131,956 | $4,138,477 | -$6,521 | | FHLB advances and other borrowings | $709,159 | $666,402 | +$42,757 | Consolidated Statements of Comprehensive Income This section details the company's financial performance, including net income and comprehensive income, over a period Consolidated Statements of Comprehensive Income Highlights (Three Months Ended March 31, In thousands, except per share data) | Metric | 2025 | 2024 | Change (YoY) | | :----------------------------------- | :----- | :----- | :----------- | | Total interest income | $60,092 | $58,648 | +$1,444 | | Total interest expense | $28,301 | $30,764 | -$2,463 | | Net interest income | $31,791 | $27,884 | +$3,907 | | Provision for credit losses | $2,582 | $415 | +$2,167 | | Total non-interest income | $3,022 | $3,381 | -$359 | | Total non-interest expense | $21,435 | $22,332 | -$897 | | Income before income tax expense | $10,796 | $8,518 | +$2,278 | | Income tax expense | $2,920 | $2,304 | +$616 | | Net income | $7,876 | $6,214 | +$1,662 | | Basic Net income per common share | $0.19 | $0.15 | +$0.04 | | Diluted Net income per common share | $0.19 | $0.15 | +$0.04 | | Other comprehensive income, net of tax | $8,128 | $743 | +$7,385 | | Comprehensive income | $16,004 | $6,957 | +$9,047 | Consolidated Statements of Changes in Stockholders' Equity This section outlines changes in equity accounts, including net income, dividends, and stock repurchases Key Changes in Stockholders' Equity (Three Months Ended March 31, In thousands) | Metric | March 31, 2025 | March 31, 2024 | | :----------------------------------- | :------------- | :------------- | | Balance at December 31, 2024/2023 | $704,696 | $699,445 | | Net income | $7,876 | $6,214 | | Other comprehensive income, net of tax | $8,128 | $743 | | Cash dividends declared and paid | $(5,387) | $(5,563) | | Repurchase of treasury stock | $(5,000) | $(3,090) | | Balance at March 31, 2025/2024 | $711,149 | $698,429 | Consolidated Statements of Cash Flows This section reports cash flows from operating, investing, and financing activities over a period Consolidated Statements of Cash Flows Highlights (Three Months Ended March 31, In thousands) | Cash Flow Activity | 2025 | 2024 | | :----------------------------------- | :----- | :----- | | Net cash provided by operating activities | $9,426 | $4,237 | | Net cash used in investing activities | $(106,346) | $(239,423) | | Net cash provided by financing activities | $30,838 | $244,461 | | Net (decrease) increase in cash and cash equivalents | $(66,082) | $9,275 | | Cash and cash equivalents at end of period | $101,662 | $238,781 | Notes to Unaudited Consolidated Financial Statements This section provides detailed explanations and additional information for the consolidated financial statements Note 1 – Consolidated Financial Statements This note outlines consolidation basis, accounting policies, and recent accounting pronouncement adoptions - The consolidated financial statements include Northfield Bancorp, Inc. and its wholly-owned subsidiaries. Management's estimates, particularly for allowance for credit losses and deferred tax assets, are crucial for fair presentation. The Company adopted ASU No. 2023-07, 'Improvements to Reportable Segment Disclosure,' retrospectively for the annual period ending December 31, 2024, which enhanced segment expense disclosures without impacting financial position or results[24][26][28] Note 2 – Debt Securities Available-for-Sale This note details the composition, fair value, and unrealized gains or losses of available-for-sale debt securities Debt Securities Available-for-Sale (In thousands) | Category | March 31, 2025 Amortized Cost | March 31, 2025 Estimated Fair Value | Dec 31, 2024 Amortized Cost | Dec 31, 2024 Estimated Fair Value | | :----------------------------------- | :----------------------------- | :--------------------------- | :-------------------------- | :-------------------------- | | U.S. Government agency securities | $670 | $608 | $75,734 | $75,348 | | Mortgage-backed securities | $1,228,405 | $1,211,803 | $1,016,790 | $989,019 | | Other debt securities | $34,748 | $34,062 | $37,253 | $36,450 | | Total debt securities available-for-sale | $1,263,823 | $1,246,473 | $1,129,777 | $1,100,817 | Gross Unrealized Losses on AFS Debt Securities (In thousands) | Category | March 31, 2025 Unrealized Losses | March 31, 2025 Estimated Fair Value | Dec 31, 2024 Unrealized Losses | Dec 31, 2024 Estimated Fair Value | | :----------------------------------- | :------------------------------- | :-------------------------------- | :------------------------------- | :-------------------------------- | | U.S. Government agency securities | $(62) | $608 | $(386) | $75,348 | | Mortgage-backed securities | $(22,955) | $1,211,803 | $(29,002) | $989,019 | | Other debt securities | $(815) | $34,062 | $(938) | $36,450 | | Total | $(23,832) | $1,246,473 | $(30,326) | $1,100,817 | - The Company recognized net losses of $299,000 on trading securities for the three months ended March 31, 2025, compared to net gains of $699,000 for the same period in 2024. No allowance for credit losses was recorded on available-for-sale debt securities as of March 31, 2025, or December 31, 2024[35][39] Note 3 – Debt Securities Held-to-Maturity This note describes debt securities intended to be held until maturity, including their carrying and fair values Debt Securities Held-to-Maturity (In thousands) | Category | March 31, 2025 Amortized Cost | March 31, 2025 Estimated Fair Value | Dec 31, 2024 Amortized Cost | Dec 31, 2024 Estimated Fair Value | | :--------------------------- | :----------------------------- | :--------------------------- | :-------------------------- | :-------------------------- | | Mortgage-backed securities | $8,883 | $8,497 | $9,303 | $8,762 | - Debt securities held-to-maturity with a carrying value of $8.7 million at March 31, 2025, were pledged to secure borrowings and deposits. No allowance for credit losses has been recorded for these securities, as they are backed by the U.S. Government[44][46] Note 4 – Equity Securities This note provides details on the company's equity security holdings, including money market funds and private investments Equity Securities (In thousands) | Category | March 31, 2025 | December 31, 2024 | | :----------------------------------- | :------------- | :---------------- | | Money market mutual funds | $855 | $4,300 | | Investment in private SBA loan fund | $10,000 | $10,000 | | Total Equity Securities | $10,855 | $14,300 | Note 5 – Loans This note presents a detailed breakdown of the loan portfolio, including types, non-accrual status, and impaired loans Loans Held-for-Investment (In thousands) | Loan Type | March 31, 2025 | December 31, 2024 | | :----------------------------------- | :------------- | :---------------- | | Multifamily | $2,567,913 | $2,597,484 | | Commercial mortgage | $882,600 | $889,801 | | One-to-four family residential mortgage | $146,791 | $150,217 | | Home equity and lines of credit | $181,354 | $174,062 | | Construction and land | $40,284 | $35,897 | | Commercial and industrial loans | $162,133 | $163,425 | | Other loans | $1,411 | $2,165 | | Total loans held-for-investment | $3,991,529 | $4,022,224 | - PCD loans totaled $9.0 million at March 31, 2025, primarily from a FDIC-assisted transaction, consisting of home equity, commercial real estate, commercial and industrial, and one-to-four family residential loans[51] Non-Accrual Loans (Excluding PCD loans, In thousands) | Loan Type | March 31, 2025 Recorded Investment | December 31, 2024 Recorded Investment | | :----------------------------------- | :--------------------------------- | :---------------------------------- | | Multifamily | $2,565 | $2,609 | | Commercial mortgage | $4,565 | $4,578 | | Home equity and lines of credit | $1,267 | $1,270 | | Commercial and industrial | $4,972 | $5,807 | | Total non-accrual loans | $13,369 | $14,264 | - Collateral-dependent impaired loans amounted to $7.9 million at March 31, 2025, secured by real estate, inventory, and equipment. Loan modifications made to borrowers experiencing financial difficulty during Q1 2025 totaled $209,000, primarily involving payment delays for commercial and industrial loans[75][78] Note 6 – Allowance for Credit Losses ("ACL") on Loans This note explains methodologies and activity for allowance for credit losses on loans and off-balance sheet exposures - The Company uses a risk rating migration model for collectively evaluated loans, adjusted for qualitative factors and five Moody's Analytics economic scenarios. Individually evaluated loans (TDRs and non-accrual loans ≥ $500,000) are assessed based on collateral fair value or expected future cash flows[83][84][87] Allowance for Credit Losses Activity (Three Months Ended March 31, In thousands) | Metric | 2025 | 2024 | | :----------------------------------- | :----- | :----- | | Beginning balance | $35,183 | $37,535 | | Charge-offs | $(3,098) | $(950) | | Recoveries | $254 | $39 | | Provisions (credit) | $2,582 | $415 | | Ending balance | $34,921 | $37,039 | Allowance for Credit Losses for Off-Balance Sheet Exposures (In thousands) | Metric | 2025 | 2024 | | :----------------------------------- | :----- | :----- | | Balance at beginning of period | $518 | $236 | | Provision for credit losses | $103 | $83 | | Balance at end of period | $621 | $319 | Note 7 – Deposits This note provides a breakdown of deposit account balances and the associated interest expense by type Deposit Account Balances (In thousands) | Deposit Type | March 31, 2025 | December 31, 2024 | | :----------------------------------- | :------------- | :---------------- | | Non-interest-bearing checking | $722,994 | $706,976 | | NOW and interest-bearing checking | $1,367,219 | $1,286,154 | | Savings and money market | $1,171,240 | $1,176,308 | | Certificates of deposit | $870,503 | $969,039 | | Total deposits | $4,131,956 | $4,138,477 | Interest Expense on Deposit Accounts (Three Months Ended March 31, In thousands) | Deposit Type | 2025 | 2024 | | :----------------------------------- | :----- | :----- | | NOW, interest-bearing checking, savings, and money market | $12,148 | $12,331 | | Certificates of deposit | $9,043 | $6,942 | | Total interest expense on deposit accounts | $21,191 | $19,273 | Note 8 – Subordinated Debt This note details the terms and carrying value of the company's subordinated debt instruments - The Company issued $62.0 million in fixed-to-floating subordinated notes maturing June 30, 2032, with a fixed interest rate of 5.00% until June 30, 2027, then resetting quarterly to three-month SOFR plus 200 basis points. Subordinated debt, net of issuance costs, totaled $61.5 million at March 31, 2025[96] Note 9 – Equity Incentive Plans This note outlines the company's stock option activity, restricted stock awards, and related compensation expenses Stock Options Outstanding (March 31, 2025) | Metric | Number of Stock Options | Weighted Average Exercise Price | | :----------------------------------- | :---------------------- | :------------------------------ | | Outstanding and Exercisable - Dec 31, 2024 | 701,103 | $15.09 | | Forfeited | (2,500) | $14.76 | | Outstanding and Exercisable - Mar 31, 2025 | 698,603 | $15.09 | - During Q1 2025, the Company granted 232,003 restricted stock awards ($2.7 million fair value) and 59,735 performance-based restricted stock units ($697,000 fair value). Stock-based compensation expense was $765,000 for the three months ended March 31, 2025, up from $620,000 in 2024[98][102] Note 10 – Fair Value Measurements This note explains the fair value hierarchy and provides measurements for financial assets and liabilities - The Company classifies financial assets and liabilities into a fair value hierarchy (Level 1, 2, or 3) based on the observability of inputs. Debt securities available-for-sale are primarily Level 2, while trading securities and publicly traded equity securities are Level 1. Loans individually evaluated for impairment are classified as Level 3[103][105][112][113][114] Fair Value Measurements of Financial Assets (March 31, 2025, In thousands) | Asset Category | Carrying Value | Level 1 | Level 2 | Level 3 | | :----------------------------------- | :------------- | :------ | :-------- | :------ | | Debt securities available-for-sale | $1,246,473 | — | $1,246,473 | — | | Trading securities | $13,003 | $13,003 | — | — | | Equity securities (publicly traded) | $855 | $855 | — | — | | Loans individually evaluated for impairment | $4,606 | — | — | $4,606 | Fair Value Measurements of Financial Liabilities (March 31, 2025, In thousands) | Liability Category | Carrying Value | Level 1 | Level 2 | Level 3 | | :----------------------------------- | :------------- | :------ | :-------- | :------ | | Deposits | $4,131,956 | — | $4,132,992 | — | | FHLB advances and other borrowings | $709,159 | — | $638,483 | — | | Subordinated debentures | $61,498 | — | $46,016 | — | Note 11 – Earnings Per Share This note details the calculation of basic and diluted earnings per share for common stockholders Earnings Per Share Calculation (Three Months Ended March 31, In thousands, except per share data) | Metric | 2025 | 2024 | | :----------------------------------- | :----- | :----- | | Net income available to common stockholders | $7,876 | $6,214 | | Weighted average shares outstanding-basic | 40,864,529 | 42,367,243 | | Weighted average shares outstanding-diluted | 40,922,829 | 42,408,953 | | Earnings per share-basic | $0.19 | $0.15 | | Earnings per share-diluted | $0.19 | $0.15 | | Anti-dilutive shares | 1,087,489 | 1,860,882 | Note 12 – Leases This note provides information on operating leases, including right-of-use assets, liabilities, and costs - All of the Company's leases are operating leases, with right-of-use assets of $27.3 million and lease liabilities of $31.6 million at March 31, 2025. Total net lease cost for the three months ended March 31, 2025, was $2.66 million[136][138][140] Lease Payment Obligations (In thousands) | Year | Amount | | :--- | :----- | | 2025 | $4,715 | | 2026 | $5,599 | | 2027 | $4,645 | | 2028 | $4,387 | | 2029 | $2,922 | | Thereafter | $17,286 | | Total lease payments | $39,554 | Note 13 – Derivatives This note describes the company's derivative instruments, their notional amounts, and fair value recognition - The Company had 13 interest rate swaps with a notional amount of $94.0 million at March 31, 2025. These derivatives are not used for hedge accounting and changes in fair value are recognized directly in earnings[141][142] Fair Value of Derivatives (In thousands) | Balance Sheet Location | March 31, 2025 | December 31, 2024 | | :----------------------------------- | :------------- | :---------------- | | Other assets | $4,690 | $5,149 | | Other liabilities | $4,695 | $5,152 | Note 14 – Segment Information This note identifies the company's single reportable segment and how its performance is evaluated by management - The Company operates as a single reportable segment, 'Banking Segment,' which primarily involves originating loans and offering deposit products. The Chief Operating Decision Maker (CODM) evaluates performance using consolidated net income, revenue streams, and significant expenses[144][145] Banking Segment Performance (Three Months Ended March 31, In thousands) | Metric | 2025 | 2024 | | :----------------------------------- | :----- | :----- | | Interest income | $60,092 | $58,648 | | Other revenues - non-interest income | $3,022 | $3,381 | | Total consolidated revenues | $63,114 | $62,029 | | Segment net income | $7,876 | $6,214 | | Segment assets | $5,710,000 | $5,666,378 | ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This section provides management's perspective on the Company's financial performance, condition, and key trends Cautionary Statement Regarding Forward-Looking Statements This statement warns that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ - The report contains forward-looking statements based on management's current beliefs and expectations, which are subject to significant business, economic, and competitive uncertainties. Factors that could cause actual results to differ materially include general economic conditions, interest rate changes, competition, regulatory changes, and credit quality[147][148][149] Critical Accounting Policies This section identifies complex accounting policies requiring significant management judgment and estimates - The most critical accounting policies involve methodologies for determining the allowance for credit losses on loans and the valuation allowance against deferred tax assets, due to their complexity, subjective judgments, and reliance on estimates and assumptions about uncertain matters[151][155] Overview This section provides a high-level summary of the company's key financial performance metrics for the period Key Financial Performance Metrics (Three Months Ended March 31) | Metric | 2025 | 2024 | Change (YoY) | | :----------------------------------- | :----- | :----- | :----------- | | Net income | $7.9M | $6.2M | +$1.7M | | Basic and diluted EPS | $0.19 | $0.15 | +$0.04 | | Return on average assets | 0.56% | 0.43% | +0.13 pp | | Return on average stockholders' equity | 4.52% | 3.59% | +0.93 pp | Comparison of Financial Condition at March 31, 2025 and December 31, 2024 This section analyzes changes in the company's balance sheet, including assets, liabilities, and equity - Total assets increased by $43.6 million (0.8%) to $5.71 billion, driven by a $145.7 million increase in available-for-sale debt securities, partially offset by decreases in cash and cash equivalents ($66.1 million) and loans receivable ($30.7 million)[158][159][160] Loans Held-for-Investment Changes (In millions) | Loan Type | March 31, 2025 | December 31, 2024 | Change | | :----------------------------------- | :------------- | :---------------- | :----- | | Multifamily | $2,570 | $2,600 | -$30 | | Commercial real estate | $882.6 | $889.8 | -$7.2 | | One-to-four family residential | $146.8 | $150.2 | -$3.4 | | Commercial and industrial | $162.1 | $163.4 | -$1.3 | | Home equity and lines of credit | $181.4 | $174.1 | +$7.3 | | Construction and land | $40.3 | $35.9 | +$4.4 | - Total liabilities increased by $37.2 million (0.7%) to $5.00 billion, primarily due to a $42.8 million increase in borrowings, partially offset by a $6.5 million decrease in total deposits. Brokered deposits decreased by $140.1 million, while non-brokered deposits increased by $133.6 million[168][169][170] - Total stockholders' equity increased by $6.5 million to $711.1 million, driven by net income and an increase in accumulated other comprehensive income, partially offset by $5.0 million in stock repurchases and $5.4 million in dividend payments. A new $10.0 million stock repurchase program was approved on April 24, 2025[171] Comparison of Operating Results for the Three Months Ended March 31, 2025 and 2024 This section compares the company's income, expenses, and profitability for the current quarter against the prior year - Net income increased by $1.7 million to $7.9 million, primarily due to a $3.9 million increase in net interest income, partially offset by a $2.2 million increase in the provision for credit losses[172] - Net interest income increased by $3.9 million (14.0%) to $31.8 million, with net interest margin rising 35 basis points to 2.38%. This was driven by higher yields on mortgage-backed securities and loans, and a decrease in the cost of interest-bearing liabilities, particularly due to the repayment of BTFP borrowings[174][175][176] - The provision for credit losses on loans increased by $2.2 million to $2.6 million, mainly due to higher net charge-offs ($2.8 million, primarily from small business unsecured commercial and industrial loans), changes in model assumptions, and an increase in non-performing commercial and industrial loans[177] - Non-interest income decreased by $359,000 (10.6%) to $3.0 million, primarily due to a $998,000 decrease in gains on trading securities, partially offset by a $675,000 increase in income on bank-owned life insurance[178] - Non-interest expense decreased by $897,000 (4.0%) to $21.4 million, mainly due to a $990,000 decrease in employee compensation and benefits (related to deferred compensation expense), and a $268,000 decrease in advertising expense[179] Average Balances, Yields, and Rates (Three Months Ended March 31) | Metric | 2025 Average Balance | 2025 Average Yield/Rate | 2024 Average Balance | 2024 Average Yield/Rate | | :----------------------------------- | :------------------- | :---------------------- | :------------------- | :---------------------- | | Total interest-earning assets | $5,413,975 | 4.50% | $5,517,942 | 4.27% | | Total interest-bearing liabilities | $4,183,119 | 2.74% | $4,288,744 | 2.89% | | Net interest rate spread | | 1.76% | | 1.38% | | Net interest margin | | 2.38% | | 2.03% | Asset Quality This section assesses credit risk within the loan portfolio, including non-performing loans, delinquencies, and collateral - PCD loans totaled $9.0 million at March 31, 2025, with 2.1% past due 30-89 days and 25.2% past due 90 days or more[185] Non-Performing Loans and Assets (In thousands) | Metric | March 31, 2025 | December 31, 2024 | | :----------------------------------- | :------------- | :---------------- | | Total non-accrual loans held-for-investment | $13,369 | $14,264 | | Total loans delinquent 90 days or more and still accruing held-for-investment | $1,018 | $1,186 | | Total non-performing loans held-for-sale | $4,897 | $4,897 | | Total non-performing loans | $19,284 | $20,347 | | Total non-performing assets | $19,284 | $20,347 | | Non-performing loans to total loans | 0.48% | 0.51% | | Non-performing assets to total assets | 0.34% | 0.36% | Accruing Loans 30 to 89 Days Delinquent (In thousands) | Loan Type | March 31, 2025 | December 31, 2024 | | :----------------------------------- | :------------- | :---------------- | | Multifamily | $1,296 | $2,831 | | Commercial mortgage | $147 | $78 | | One-to-four family residential | $2,584 | $2,407 | | Home equity and lines of credit | $1,141 | $1,472 | | Commercial and industrial loans | $1,674 | $2,545 | | Other loans | $3 | $3 | | Total delinquent accruing loans held-for-investment | $6,845 | $9,336 | - Rent-regulated multifamily loans in New York totaled $435.8 million (10.9% of total loan portfolio) at March 31, 2025, with a weighted average LTV of 50.6% and DSCR of 1.59x. None of these loans are interest-only[189][190] Liquidity and Capital Resources This section discusses the company's funding sources, liquidity position, and capital adequacy ratios - The Bank's primary funding sources include deposits, loan/security payments, and borrowed funds. It has additional funding capacity of approximately $1.67 billion from FHLBNY and $281,000 from the FRB Discount Window[193][195] - Estimated net uninsured deposits were $934.7 million (22.6% of total deposits) at March 31, 2025, up from $896.5 million (21.7%) at December 31, 2024[196] Community Bank Leverage Ratio (CBLR) | Entity | March 31, 2025 CBLR | December 31, 2024 CBLR | Minimum for Capital Adequacy | | :----------------------------------- | :-------------------- | :--------------------- | :--------------------------- | | Northfield Bank | 12.62% | 12.46% | 9.00% | | Northfield Bancorp, Inc. | 12.08% | 12.11% | 9.00% | Off-Balance Sheet Arrangements and Contractual Obligations This section describes the company's off-balance sheet commitments and their potential financial impact - The Company has off-balance sheet arrangements primarily related to lending commitments, with a reserve for commitments to fund unused lines of credit of $621,000 at March 31, 2025. These arrangements are not expected to materially impact financial results[202][203] Accounting Pronouncements Not Yet Adopted This section outlines new accounting standards issued but not yet implemented by the company - The Company is monitoring new FASB ASUs: ASU No. 2023-09 ('Improvements to Income Tax Disclosures') effective for fiscal years beginning after December 15, 2024, and ASU No. 2024-03 ('Expense Disaggregation Disclosures') effective for fiscal years beginning after December 15, 2026. Neither is expected to have a material impact on the consolidated financial statements[205][206] ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK This section details market risk management, primarily interest rate risk, and quantifies impacts on NPV and NII Management of Market Risk This section describes strategies and governance for managing market risks, especially interest rate risk - The Company's primary market risk is interest rate risk, managed by a Management Asset-Liability Committee. Strategies include shortening asset terms, originating variable-rate loans, investing in corporate and mortgage-backed securities, and utilizing lower-cost core deposits and longer-term FHLB advances[207][208][212] Net Portfolio Value and Net Interest Income Analysis This section quantifies the impact of interest rate changes on Net Portfolio Value and Net Interest Income - The Company analyzes interest rate sensitivity using Net Portfolio Value (NPV) and Net Interest Income (NII) models, simulating instantaneous and sustained interest rate changes. At March 31, 2025, a 400 basis point increase would decrease NPV by 19.95% and year-one NII by 15.30%, while a 400 basis point decrease would increase NPV by 8.33% and year-one NII by 2.77%[209][210][213] - The Company was in compliance with all Board-approved interest rate risk management policies at March 31, 2025, and December 31, 2024[213] ITEM 4. CONTROLS AND PROCEDURES This section confirms the effectiveness of disclosure controls and procedures and reports no material changes to internal control Disclosure Controls and Procedures This section confirms management's evaluation of the effectiveness of disclosure controls and procedures - Management concluded that the Company's disclosure controls and procedures were effective as of March 31, 2025[216] Internal Control Over Financial Reporting This section reports on any changes in the company's internal control over financial reporting during the period - There were no changes in the Company's internal control over financial reporting during the three months ended March 31, 2025, that materially affected or are reasonably likely to materially affect it[217] PART II - OTHER INFORMATION This section includes disclosures on legal proceedings, risk factors, equity transactions, and other information ITEM 1. LEGAL PROCEEDINGS The Company is involved in legal actions, but their resolution is not expected to materially affect financial condition or results - Resolution of current legal actions is not expected to have a material adverse effect on the Company's consolidated financial condition or results of operations[219] ITEM 1A. RISK FACTORS No material changes to risk factors were identified during the quarter, beyond those previously disclosed in the Annual Report - No material changes to risk factors were identified during the quarter ended March 31, 2025, beyond those previously disclosed[220] ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES This section details stock repurchase activities, including program completion and approval, and confirms no unregistered equity sales Repurchases of Our Equity Securities This section details common stock repurchase programs and shares withheld for tax purposes - The Company completed a $5.0 million stock repurchase program during Q1 2025, repurchasing 440,150 shares at an average price of $11.36. A new $10.0 million stock repurchase program was approved on April 24, 2025, with no expiration date[221] Common Stock Repurchases (Three Months Ended March 31, 2025) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :----------------------------------- | :----------------------------- | :--------------------------- | | March 1, 2025 to March 31, 2025 | 440,150 | $11.36 | | Total | 440,150 | $11.36 | - Additionally, 19,177 shares were withheld to cover income taxes upon the vesting of restricted stock awards during February 2025, at an average price of $11.71[223][225] Unregistered Sales of Equity Securities and Use of Proceeds This section confirms that there were no unregistered sales of equity securities during the reporting period - There were no sales of unregistered securities during the period covered by this report, and the use of proceeds is not applicable[224] ITEM 3. DEFAULTS UPON SENIOR SECURITIES The Company reported no defaults upon senior securities during the period - There were no defaults upon senior securities[226] ITEM 4. MINE SAFETY DISCLOSURES Mine safety disclosures are not applicable to the Company - Mine safety disclosures are not applicable[227] ITEM 5. OTHER INFORMATION No directors or executive officers adopted or terminated any Rule 10b5-1 trading arrangements during the three months ended March 31, 2025 - No directors or executive officers adopted or terminated any Rule 10b5-1 trading arrangements during the three months ended March 31, 2025[228] ITEM 6. EXHIBITS This section lists all exhibits filed as part of the Quarterly Report on Form 10-Q, including certifications and XBRL-related documents - The report includes certifications from the CEO and CFO (Exhibits 31.1, 31.2, 32) and various XBRL (Extensible Business Reporting Language) documents (Exhibits 101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE, 104)[229] SIGNATURES The report is duly signed by the authorized officers of Northfield Bancorp, Inc., including the CEO and CFO - The report is signed by Steven M. Klein, Chairman, President and Chief Executive Officer, and William R. Jacobs, Executive Vice President and Chief Financial Officer, on May 9, 2025[232]