Northfield Bancorp, Inc. (Staten Island, NY) has recently released its 10-Q report, providing a detailed insight into its financial performance and operations. The company operates as the bank holding company for Northfield Bank, offering various banking products and services to individuals and corporate customers. This includes deposit products, loans such as multifamily and commercial real estate loans, investment securities, and automated teller machines, among others.
The 10-Q report discusses the Management’s Discussion and Analysis of Financial Condition and Results of Operations, outlining various factors that could impact the company's future results. These include economic conditions, competition, interest rate environment, changes in laws and regulations, and technological risks, among others. The report also emphasizes the critical accounting policies, including estimation techniques, valuation assumptions, and subjective assessments, particularly related to the allowance for credit losses on loans and valuation allowance against deferred tax assets.
In terms of financial performance, the report highlights that net income for the six months ended June 30, 2024, was $12.2 million, down from $21.3 million for the same period in 2023. Basic and diluted earnings per common share were $0.29 compared to $0.48 for the respective periods. The return on average assets and stockholders’ equity also decreased compared to the prior year. The net income for the six months ended June 30, 2024, included additional tax expense related to expired options and severance expense related to layoffs and staffing realignments.
The report also provides a comparison of the financial condition at June 30, 2024, and December 31, 2023. It notes that total assets increased by $148.0 million to $5.75 billion, primarily due to increases in available-for-sale debt securities and equity securities, partially offset by decreases in loans receivable and cash and cash equivalents. The available-for-sale debt securities portfolio increased by $324.0 million, and loans held-for-investment, net, decreased by $112.4 million. The report also highlights the company's risk management practices, particularly in managing its commercial real estate concentration risk and credit risk exposure to loans collateralized by office buildings and multifamily properties in New York State.
Today the company's shares have moved -0.8% to a price of $11.23. For more information, read the company's full 10-Q submission here.
