Northfield Bancorp(NFBK) - 2025 Q4 - Annual Results

Financial Performance - Northfield Bancorp reported a net loss of $27.4 million, or $0.69 per share, for Q4 2025, compared to net income of $10.8 million, or $0.27 per diluted share, for Q3 2025[5]. - For the year ended December 31, 2025, net income totaled $796,000, or $0.02 per diluted share, compared to $29.9 million, or $0.72 per diluted share, for 2024[5]. - The company reported a net loss of $27,402 thousand for the three months ended December 31, 2025, compared to a net income of $11,251 thousand in the same period last year[67]. - Basic loss per common share was $(0.69) for the three months ended December 31, 2025, compared to earnings of $0.28 per share in the previous year[67]. Goodwill and Impairment - The company recorded a goodwill impairment charge of $41.0 million, resulting in a net loss for the quarter, with no goodwill remaining after this charge[4]. - Goodwill decreased by $41.0 million to $0 at December 31, 2025, due to a non-cash impairment charge[36]. Interest Income and Margin - Net interest income for Q4 2025 was $36.7 million, an increase of $7.0 million, or 23.5%, compared to $29.7 million for Q4 2024[15]. - Net interest margin increased by 16 basis points to 2.70% for Q4 2025, compared to 2.54% for Q3 2025, and by 52 basis points compared to 2.18% for Q4 2024[4]. - The company had a net interest margin of 2.70% for the three months ended December 31, 2025, compared to 2.18% for the same period in 2024[61]. - The net interest margin for the year ended December 31, 2025, was 2.55%, an increase from 2.10% in 2024[72]. Non-Interest Income and Expense - Non-interest income decreased by $2.3 million, or 33.2%, to $4.7 million for the quarter ended December 31, 2025, from $7.0 million for the quarter ended December 31, 2024[18]. - Non-interest expense increased by $43.3 million, or 50.1%, to $129.9 million for the year ended December 31, 2025, primarily due to the goodwill impairment charge[12]. - Total non-interest expense surged to $62,076 thousand for the three months ended December 31, 2025, compared to $20,822 thousand in the same period last year, reflecting a substantial increase of 197.5%[67]. Loans and Credit Losses - Loan balances declined by $43.4 million, or 4.5% annualized, primarily due to a $79.1 million decrease in multifamily loans[4]. - The provision for credit losses on loans increased by $3.1 million to $7.4 million for the year ended December 31, 2025, compared to $4.3 million for 2024[10]. - Provision for credit losses on loans decreased by $277,000 to $1.7 million for the quarter ended December 31, 2025, from $1.9 million for the quarter ended December 31, 2024[17]. - The allowance for credit losses to total loans held-for-investment was 0.99% as of December 31, 2025, up from 0.87% at the end of 2024[61]. Assets and Liabilities - Total assets increased by $87.6 million, or 1.5%, to $5.75 billion at December 31, 2025, from $5.67 billion at December 31, 2024[28]. - Total liabilities increased by $102.3 million, or 2.1%, to $5.06 billion at December 31, 2025, primarily due to an increase in borrowings of $234.0 million[38]. - Total stockholders' equity decreased to $690,059 thousand as of December 31, 2025, from $719,599 thousand as of September 30, 2025, representing a decline of 4.0%[65]. Deposits - Deposits, excluding brokered, increased by $31.5 million, or 3.2% annualized, from September 30, 2025[4]. - Deposits, excluding brokered deposits, increased by $100.2 million, or 2.6%, to $3.98 billion at December 31, 2025, driven by a $164.4 million increase in transaction accounts[39]. - Estimated gross uninsured deposits at December 31, 2025, were $1.99 billion, representing 23.7% of total deposits, up from 21.7% at December 31, 2024[40]. Liquidity and Performance Ratios - The Company’s on-hand liquidity ratio as of December 31, 2025, was 17.7%[44]. - The efficiency ratio for the three months ended December 31, 2025, was 150.15%, significantly higher than 56.75% for the same period in 2024[61]. - The average interest-earning assets to average interest-bearing liabilities ratio was 130.88% for the three months ended December 31, 2025, compared to 129.20% for the same period in 2024[61]. Stockholder Returns - A cash dividend of $0.13 per share was declared, payable on February 25, 2026, to stockholders of record on February 12, 2026[6]. - Total stockholders' equity decreased by $14.6 million to $690.1 million at December 31, 2025, due to $15.0 million in stock repurchases and $21.2 million in dividend payments[43].