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Sep 30, 2024
Northfield Bancorp Q3 2024 Earnings Report
Reported an increase in net income and earnings per share, while managing capital, core deposits, loan relationships, asset quality, and operating expenses.
Key Takeaways
Northfield Bancorp reported a net income of $6.5 million, or $0.16 per diluted share, for the third quarter of 2024, compared to $8.2 million, or $0.19 per diluted share, for the third quarter of 2023. The company's net interest margin remained relatively stable at 2.08%.
Diluted earnings per share were $0.16 for the current quarter compared to $0.14 for the trailing quarter, and $0.19 for the third quarter of 2023.
Net interest margin remained relatively stable at 2.08% for the current quarter as compared to 2.09% for the trailing quarter.
Deposits (excluding brokered) decreased modestly by $5.1 million compared to June 30, 2024, and increased $15.0 million from December 31, 2023.
Loan balances declined by $27.2 million from June 30, 2024, with decreases in commercial, multifamily and residential real estate loans offset by increases in home equity, construction and land, and commercial and industrial loans.
Northfield Bancorp
Northfield Bancorp
Forward Guidance
Decrease in short-term market interest rates late in the third quarter should provide increased economic activity in our marketplace and opportunities for our Company.