Northfield Bancorp(US:NFBK)2025-10-23 16:45Financial Performance - Net income for Q3 2025 was $10.8 million, or $0.27 per diluted share, compared to $9.6 million, or $0.24 per diluted share in Q2 2025, and $6.5 million, or $0.16 per diluted share in Q3 2024[3] - Net income for the quarter ended September 30, 2025, was $10.8 million, an increase from $9.6 million in the previous quarter[20] - Net income for the three months ended September 30, 2025, was $10,751,000, a rise from $6,523,000 in the same period of 2024, representing an increase of 64.1%[66] - Basic net income per common share for the three months ended September 30, 2025, was $0.27, compared to $0.16 in the same period of 2024, reflecting a growth of 68.8%[66] Income and Expenses - Net interest income for Q3 2025 increased by $6.3 million, or 22.3%, to $34.5 million from $28.2 million in Q3 2024, driven by a 25 basis point increase in yield on interest-earning assets[14] - Non-interest income rose by $2.5 million, or 25.0%, to $12.3 million for the nine months ended September 30, 2025, compared to $9.8 million for the same period in 2024[10] - Non-interest income increased by $1.1 million, or 32.1%, to $4.7 million for the quarter ended September 30, 2025, driven by an increase in income on bank-owned life insurance and higher customer service fees[17] - Non-interest expense increased by $2.1 million, or 3.2%, to $67.8 million for the nine months ended September 30, 2025, compared to $65.7 million for the same period in 2024[11] - Non-interest expense rose by $3.0 million, or 14.7%, to $23.4 million for the quarter ended September 30, 2025, mainly due to a $2.1 million increase in employee compensation and benefits[18] - Total non-interest expense for the three months ended September 30, 2025, was $23,382,000, compared to $20,378,000 in the same period of 2024, indicating an increase of 14.8%[66] Asset and Liability Management - Total assets increased by $59.1 million, or 1.0%, to $5.73 billion at September 30, 2025, primarily due to a $230.1 million increase in available-for-sale debt securities[27] - Total assets as of September 30, 2025, were $5,671,166,000, a slight increase from $5,645,019,000 as of June 30, 2025[68] - Total liabilities increased by $44.2 million, or 0.9%, to $5.01 billion at September 30, 2025, from $4.96 billion at December 31, 2024[37] - Total liabilities decreased to $4,959,496 from $5,049,758, reflecting a reduction of approximately 1.78%[71] - Total stockholders' equity increased by $14.9 million to $719.6 million at September 30, 2025, from $704.7 million at December 31, 2024[42] - Total stockholders' equity rose to $719,599 thousand as of September 30, 2025, from $710,274 thousand as of June 30, 2025[64] Credit Quality - The provision for credit losses on loans increased by $3.4 million to $5.7 million for the nine months ended September 30, 2025, compared to $2.3 million for the same period in 2024[9] - Provision for credit losses on loans decreased by $1.5 million to $1.1 million for the quarter ended September 30, 2025, from $2.5 million for the same quarter in 2024, primarily due to lower net charge-offs of $299,000 compared to $2.1 million in the prior year[16] - The company reported a provision for credit losses of $1,069,000 for the three months ended September 30, 2025, down from $2,542,000 in the same period of 2024, indicating improved credit quality[66] - Asset quality remains strong with non-performing loans to total loans at 0.49% at September 30, 2025, compared to 0.36% at June 30, 2025[5] - Non-performing loans increased to $19.1 million at September 30, 2025, from $14.1 million at June 30, 2025[46] - Non-performing loans to total loans decreased to 0.49% as of September 30, 2025, compared to 0.75% a year earlier[60] Dividends and Shareholder Returns - Cash dividend declared was $0.13 per share, payable on November 19, 2025, to stockholders of record as of November 5, 2025[4] - The Company repurchased 1.3 million shares of its common stock at an average price of $11.52 for a total of $15.0 million during the nine months ended September 30, 2025[42] Market Position and Growth - The multifamily loan portfolio totaled $2.44 billion, or 63% of the total loan portfolio, as of September 30, 2025[52] - Estimated gross uninsured deposits at September 30, 2025, were $1.93 billion, with uninsured deposits approximately $944.6 million, or 23.8%, of total deposits[39] - The average yield on loans for the three months ended September 30, 2025, was 4.71%, slightly down from 4.74% in the previous quarter[68] - The yield on loans increased to 4.68% from 4.47%, representing a year-over-year increase of 4.69%[71]