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Mar 31, 2023
Northfield Bancorp Q1 2023 Earnings Report
Reported a net income of $11.7 million and EPS of $0.26, with net interest margin decreasing to 2.63%.
Key Takeaways
Northfield Bancorp reported a net income of $11.7 million, or $0.26 per diluted share, for the quarter ended March 31, 2023. The decrease in net income compared to the previous quarter and the same quarter last year was primarily due to a decrease in net interest income driven by higher funding costs, which was partially offset by higher yields on interest-earning assets. The company repurchased 1.1 million shares for $16.0 million during the quarter and declared a cash dividend of $0.13 per share.
Diluted earnings per share were $0.26 for the current quarter.
Net interest margin decreased by 26 basis points to 2.63%.
Total deposits (excluding brokered) modestly decreased by $64.7 million, or 1.7%.
Loans balances remained substantially unchanged at $4.2 billion.
Northfield Bancorp
Northfield Bancorp
Forward Guidance
The first quarter of 2023 brought continued macroeconomic challenges from rapidly rising interest rates, inversion of the yield curve, and upward pressure on deposit pricing. In addition, the first quarter included the addition of systemic concerns regarding the soundness of the banking system.