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Sep 30, 2023
Northfield Bancorp Q3 2023 Earnings Report
Reported a decrease in net income due to lower net interest income, which was negatively impacted by higher funding costs.
Key Takeaways
Northfield Bancorp reported a net income of $8.2 million, or $0.19 per diluted share, for the third quarter of 2023. This is a decrease compared to the previous quarter's net income of $9.6 million, or $0.22 per diluted share, and the third quarter of 2022's net income of $17.0 million, or $0.37 per diluted share.
Diluted earnings per share were $0.19 for the current quarter compared to $0.22 for the trailing quarter, and $0.37 for the third quarter of 2022.
Net interest margin compression slowed to nine basis points versus a 29 basis point decrease for the quarter ended June 30, 2023.
Total deposits (excluding brokered) increased by approximately $76 million, or 8.4% annualized, from June 30, 2023.
Credit quality remains strong with non-performing loans to total loans at 0.24% at both September 30, 2023 and June 30, 2023.
Northfield Bancorp
Northfield Bancorp
Forward Guidance
Company will continue to prudently manage strong capital and liquidity and focus on the communities served.