Northfield Bancorp, Inc. has reported its second quarter 2025 results, showing a notable improvement in several key metrics. The company's diluted earnings per share increased to $0.24 for the current quarter, compared to $0.19 for the trailing quarter and $0.14 for the second quarter of 2024.
The net interest margin showed a significant increase, rising by 19 basis points to 2.57% for the current quarter from 2.38% for the trailing quarter and by 48 basis points compared to 2.09% for the second quarter of 2024. This increase was driven by lower funding costs and higher yields on interest-earning assets.
The cost of deposits, excluding brokered deposits, decreased to 1.88% at June 30, 2025, from 1.94% at March 31, 2025.
Asset quality also improved, with non-performing loans to total loans at 0.36% at June 30, 2025, compared to 0.48% at March 31, 2025.
The company completed a $10.0 million repurchase plan during the current quarter, repurchasing 862,469 shares. Additionally, a cash dividend of $0.13 per share of common stock was declared, payable on August 20, 2025.
For the three months ended June 30, 2025, the company reported net income of $9.6 million, or $0.24 per diluted share, compared to $7.9 million, or $0.19 per diluted share, for the three months ended March 31, 2025, and $6.0 million, or $0.14 per diluted share, for the three months ended June 30, 2024.
The company's net interest income for the six months ended June 30, 2025, increased by $9.6 million, or 17.0%, to $66.2 million, from $56.6 million for the six months ended June 30, 2024. This increase was mainly due to a decrease in interest expense and an increase in interest income.
Non-interest income increased by $1.3 million, or 21.0%, to $7.5 million for the six months ended June 30, 2025, compared to $6.2 million for the six months ended June 30, 2024. The increase was primarily due to an increase in income on bank-owned life insurance.
Non-interest expense decreased by $920,000, or 2.0%, to $44.4 million for the six months ended June 30, 2025, compared to $45.3 million for the six months ended June 30, 2024.
The company recorded income tax expense of $7.2 million for the six months ended June 30, 2025, compared to $5.5 million for the six months ended June 30, 2024.
For the quarter ended June 30, 2025, net interest income increased by $5.7 million, or 19.9%, to $34.4 million, from $28.7 million for the quarter ended June 30, 2024.
Non-interest income increased by $1.7 million, or 58.3%, to $4.5 million for the quarter ended June 30, 2025, from $2.9 million for the quarter ended June 30, 2024.
Non-interest expense remained stable at $23.0 million for both quarters ended June 30, 2025 and June 30, 2024.
The company's effective tax rate for the quarter ended June 30, 2025, was 31.0% compared to 35.0% for the quarter ended June 30, 2024. Today the company's shares have moved -3.69% to a price of $10.95. Check out the company's full 8-K submission here.
