Northfield Bancorp Reports Decreased Q2 Earnings Amid Economic Challenges

Northfield Bancorp, Inc. has announced their financial results for the second quarter of 2024, reporting a net income of $6 million, which translates to $0.14 per diluted share. This is a slight decrease compared to the previous quarter, where the company reported a net income of $6.2 million or $0.15 per diluted share, and significantly lower than the $9.6 million, or $0.22 per diluted share, in the same quarter last year. The decline was influenced by expenses related to severance payments and write-offs linked to expired stock options, which accounted for about $0.03 per share.

Chairman and CEO Steven M. Klein highlighted that Northfield Bank continues to focus on serving their community and managing their operations efficiently. He noted that while the bank faced challenges such as increased inflation and interest rates, they successfully increased net interest income compared to the previous quarter by effectively managing their loan and deposit balances. Klein expressed confidence in the bank’s approach to commercial banking and mentioned the board’s approval of a cash dividend of $0.13 per share, which is set to be paid on August 21, 2024, to shareholders on record as of August 7, 2024.

In a broader view of performance, Northfield’s net interest income decreased by over $9.5 million during the first half of 2024 compared to the same period last year. This was primarily due to a significant rise in interest expenses related to the bank’s liabilities, while interest income saw a smaller increase. The company also reported fluctuations in asset levels, with total assets increasing by $148 million from the end of 2023, and a decline in loan balances. Northfield is taking steps to address these economic challenges and is prepared to manage its capital and liquidity effectively while continuing to monitor asset quality.