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Jun 30, 2023
Northfield Bancorp Q2 2023 Earnings Report
Net income decreased due to higher funding costs and net interest income decline.
Key Takeaways
Northfield Bancorp reported a net income of $9.6 million, or $0.22 per diluted share, for the second quarter of 2023. The results were impacted by a decrease in net interest income due to higher funding costs.
Diluted earnings per share were $0.22, compared to $0.34 in Q2 2022.
Net interest margin decreased by 29 basis points to 2.34% for the current quarter.
Loans held-for-investment increased by $32.1 million, or 3.0% annualized, from March 31, 2023.
Total deposits (excluding brokered) decreased for the current quarter by $102.5 million, or 2.8%.
Forward Guidance
Company focused on managing cost of funds and net interest margin, while meeting the lending and deposit needs of our customers. The company will continue to prudently manage its strong capital and liquidity and focus on our Locally Grown approach to community commercial banking.
Positive Outlook
- Successfully managing through the challenges presented by elevated market interest rates and an inverted yield curve.
- Focused on managing cost of funds and net interest margin.
- Delivered solid financial performance during the quarter.
- Prudently increased our loan portfolio.
- Maintaining strong asset quality, and managing our cost of deposits.
Challenges Ahead
- Significant risks remain, including recession uncertainty.
- Inflation.
- Interest rate movements.
- Net interest margin decreased by 29 basis points to 2.34% for the current quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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