Northfield Bancorp, Inc. has reported its second quarter 2024 results, revealing a few notable changes compared to the previous quarter and the same period last year.
In terms of diluted earnings per share, the company reported $0.14 for the current quarter, a decrease from $0.15 for the trailing quarter and a significant drop from $0.22 for the second quarter of 2023. However, it's worth noting that the results for the current quarter include $0.03 per share in expenses associated with severance payments and deferred tax asset write-offs related to expired stock options.
The net interest income saw an increase of $803,000, or 2.9%, over the trailing quarter, reaching $28.7 million. The net interest margin also expanded by six basis points to 2.09% compared to the trailing quarter.
Despite these positive changes, the company experienced a decrease in deposits (excluding brokered) by $24 million, or 2.5% annualized, compared to the trailing quarter, although there was an increase of $20 million, or 1.1% annualized, from December 31, 2023.
Loan balances declined from March 31, 2024, with increases in home equity loans and construction and land loans offset by decreases in all other loan categories.
Moreover, the company repurchased 988,758 shares for a cost of $8.7 million, with $6.3 million remaining to be purchased under the current repurchase program as of June 30, 2024.
In addition, the company declared a cash dividend of $0.13 per share of common stock, payable on August 21, 2024, to stockholders of record as of August 7, 2024.
Overall, Northfield Bancorp, Inc. reported net income of $6.0 million, or $0.14 per diluted share for the three months ended June 30, 2024, a decrease from $6.2 million, or $0.15 per diluted share, for the three months ended March 31, 2024, and a significant drop from $9.6 million, or $0.22 per diluted share, for the three months ended June 30, 2023.
The company's net income for the six months ended June 30, 2024, totaled $12.2 million, or $0.29 per diluted share, compared to $21.3 million, or $0.48 per diluted share, for the six months ended June 30, 2023.
These changes in net income were primarily the result of a decrease in net interest income, negatively impacted by higher funding costs.
In response to these results, Steven M. Klein, the company’s Chairman, President, and Chief Executive Officer, emphasized the team's focus on serving communities, developing relationships, and improving efficiencies, while managing risks such as inflation and interest rate movements.
The market has reacted to these announcements by moving the company's shares 4.7% to a price of $12.85. Check out the company's full 8-K submission here.
