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Sep 30, 2020
Northfield Bancorp Q3 2020 Earnings Report
Reported diluted earnings per share of $0.17 and net income of $8.6 million.
Key Takeaways
Northfield Bancorp reported a diluted earnings per share of $0.17 for Q3 2020, compared to $0.28 for Q3 2019. Net income for the quarter was $8.6 million, down from $13.1 million in the same period last year. The acquisition of Victory was completed on July 1, 2020, adding significant assets, loans, and deposits.
Diluted earnings per share were $0.17 for Q3 2020, compared to $0.28 for Q3 2019.
Net interest income increased by $3.8 million, or 13.1%, compared to the prior year quarter.
The acquisition of Victory was completed on July 1, 2020, adding total assets of $403.0 million, loans of $180.4 million, and deposits of $354.6 million.
Loan deferrals reduced from $345.9 million at June 30, 2020, to $105.6 million at September 30, 2020.
Northfield Bancorp
Northfield Bancorp
Forward Guidance
This release may contain certain "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as "may," "believe," "expect," "anticipate," "should," "plan," "estimate," "predict," "continue," and "potential" or the negative of these terms or other comparable terminology.
Challenges Ahead
- General economic conditions, particularly in the market areas in which the Company operates
- The effects of the COVID-19 pandemic, including the effects of the steps taken to address the pandemic and their impact on the Company’s market and employees
- Competition among depository and other financial institutions
- Changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements
- Inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments