Northfield Bancorp, Inc. Announces Third Quarter 2025 Results

Core Viewpoint - Northfield Bancorp, Inc. reported a significant increase in net income for the third quarter and the first nine months of 2025, driven by higher net interest income and effective management of expenses [1][12][20]. Financial Performance - For the three months ended September 30, 2025, net income was $10.8 million, or $0.27 per diluted share, compared to $6.5 million, or $0.16 per diluted share, for the same period in 2024, marking a 66.2% year-over-year increase [1][12]. - For the nine months ended September 30, 2025, net income totaled $28.2 million, or $0.70 per diluted share, up from $18.7 million, or $0.45 per diluted share, for the same period in 2024, representing a 50.3% increase [1][3]. Net Interest Income - Net interest income for the quarter increased by $6.3 million, or 22.3%, to $34.5 million compared to $28.2 million for the third quarter of 2024 [14]. - For the nine months ended September 30, 2025, net interest income rose by $15.9 million, or 18.7%, to $100.7 million from $84.8 million for the same period in 2024 [4][7]. Provision for Credit Losses - 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 [8]. - For the quarter ended September 30, 2025, the provision for credit losses decreased by $1.5 million to $1.1 million from $2.5 million for the same quarter in 2024 [16]. Non-Interest Income and Expenses - Non-interest income increased 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 [9]. - Non-interest expense rose 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 [10]. Dividend Declaration - The Company declared a quarterly cash dividend of $0.13 per common share, payable on November 19, 2025, to stockholders of record on November 5, 2025 [2]. Asset Quality - As of September 30, 2025, non-performing loans to total loans stood at 0.49%, up from 0.36% at June 30, 2025, indicating a slight deterioration in asset quality [5]. Financial Condition - Total assets increased by $59.1 million, or 1.0%, to $5.73 billion at September 30, 2025, primarily due to an increase in available-for-sale debt securities [28]. - Total liabilities increased by $44.2 million, or 0.9%, to $5.01 billion at September 30, 2025, driven by an increase in borrowings [38]. Deposits - Total deposits decreased by $164.7 million, or 4.0%, to $3.97 billion at September 30, 2025, compared to $4.14 billion at December 31, 2024 [39].