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Dec 31, 2020
Northfield Bancorp Q4 2020 Earnings Report
Reported an increase in net interest margin and earnings per share compared to the previous quarter and prior year quarter, driven by loan growth and disciplined expense management.
Key Takeaways
Northfield Bancorp reported a strong fourth quarter with diluted earnings per share of $0.26, up from $0.21 in the same quarter of the previous year. The net interest margin increased to 2.83%, and the company enhanced shareholder value through stock repurchases and a cash dividend declaration.
Diluted earnings per share of $0.26 for Q4 2020, compared to $0.21 for Q4 2019.
Net interest margin increased 33 basis points to 2.83% for the current quarter as compared to 2.50% for the trailing quarter.
Originated loans, net, excluding PPP loans, increased $138.6 million, or 17.9% annualized, driven by multifamily loan growth.
Enhanced shareholder value with $10.3 million in stock repurchases.
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. Any or all of the forward-looking statements in this release and in any other public statements made by Northfield Bancorp, Inc. may turn out to be wrong.
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