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Sep 30, 2022
Northfield Bancorp Q3 2022 Earnings Report
Reported strong third quarter results driven by net interest income increase, net interest margin expansion, and loan growth.
Key Takeaways
Northfield Bancorp reported a net income of $17.0 million, or $0.37 per diluted share, for the third quarter of 2022, compared to $16.1 million, or $0.33 per diluted share for the third quarter of 2021. The increase in net income was primarily due to an increase in net interest income, driven by net interest margin expansion and loan growth.
Diluted earnings per share were $0.37 for the current quarter as compared to $0.33 for the third quarter of 2021.
Net interest income of $42.0 million increased $3.6 million from the third quarter of 2021.
Net interest margin increased by nine basis points to 3.08% compared to 2.99% for the third quarter of 2021.
Loans held-for-investment, excluding Paycheck Protection Program (“PPP”) loans, increased $140.8 million, or 13.7% annualized, from June 30, 2022.
Northfield Bancorp
Northfield Bancorp
Forward Guidance
While the economic landscape remains unclear into this year end and beyond, presenting uncertainties and challenges related to loan and deposit growth, interest rates, and operating costs, management remains confident that their team and organization will continue to service their communities and other stakeholders for long term success.