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Mar 31, 2024
Northfield Bancorp Q1 2024 Earnings Report
Reported a decrease in net income due to lower net interest income, which was impacted by higher funding costs.
Key Takeaways
Northfield Bancorp reported a net income of $6.2 million, or $0.15 per diluted share, for Q1 2024. This represents a decrease compared to both the previous quarter ($8.2 million, $0.19 per diluted share) and the same quarter last year ($11.7 million, $0.26 per diluted share). The decrease in net income was primarily due to lower net interest income resulting from increased funding costs.
Diluted earnings per share were $0.15, down from $0.19 in the previous quarter and $0.26 in Q1 2023.
Net interest income decreased by $1.0 million (3.6%) to $27.9 million, mainly due to increased funding costs and lower loan balances.
Total deposits (excluding brokered deposits) increased by approximately $44 million, or 4.7% annualized.
Non-performing loans to total loans increased to 0.41% at March 31, 2024, from 0.27% at December 31, 2023.
Forward Guidance
The Northfield team continued to successfully manage through the challenges presented by elevated market interest rates and an inverted yield curve. While significant risks remain, including the level of inflation and interest rate movements, we will continue to prudently manage our strong capital and liquidity and focus on our Locally Grown approach to community commercial banking.
Positive Outlook
- Focused on deposit gathering.
- Maintaining non-interest bearing and other lower cost deposit relationships.
- Delivered solid financial performance during the quarter.
- Prudently managed loan portfolio.
- Maintaining strong asset quality.
Challenges Ahead
- Elevated market interest rates.
- Inverted yield curve.
- Significant risks remain, including the level of inflation.
- Interest rate movements.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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