Loading...
•
Jun 30, 2024
Northfield Bancorp Q2 2024 Earnings Report
Reported net income of $6.0 million, or $0.14 per diluted share, for the second quarter of 2024.
Key Takeaways
Northfield Bancorp reported a net income of $6.0 million, or $0.14 per diluted share, for the three months ended June 30, 2024. Net interest income increased slightly over the trailing quarter, and the net interest margin expanded. The company also maintained strong liquidity and continued its stock repurchase program.
Diluted earnings per share were $0.14 for the current quarter, including $0.03 per share in expenses related to severance and deferred tax asset write-offs.
Net interest income increased by $803,000, or 2.9%, over the trailing quarter, reaching $28.7 million.
Net interest margin expanded six basis points from the trailing quarter to 2.09%.
The company repurchased 988,758 shares for $8.7 million, with $6.3 million remaining under the current repurchase program.
Forward Guidance
Management expects to maintain a focus on serving communities, building relationships, and improving efficiencies. They anticipate prudently managing capital and liquidity while monitoring risks such as inflation and interest rate movements.
Positive Outlook
- Maintaining focus on serving communities and building relationships.
- Prudently managing loan and deposit balances.
- Maintaining strong asset quality.
- Managing expenses effectively.
- Managing cost of funds effectively with assets repricing higher.
Challenges Ahead
- Significant risks remain, including the level of inflation.
- Significant risks remain, including interest rate movements.
- Decrease in net interest income for both the current quarter and the six months ended June 30, 2024, compared to the comparable prior year periods was primarily the result of a decrease in net interest income, which was negatively impacted by higher funding costs.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...