Northfield Bancorp, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a mixed performance compared to the previous fiscal period. Total assets increased to $5.73 billion, up from $5.60 billion at the end of 2023, primarily driven by a rise in debt securities available-for-sale, which surged to $1.06 billion from $795.5 million. Cash and cash equivalents also saw a slight increase to $232.9 million, compared to $229.5 million at the end of 2023.

For the three months ended September 30, 2024, Northfield Bancorp reported total interest income of $59.3 million, a 12.5% increase from $52.7 million in the same period last year. However, total interest expense rose significantly to $31.1 million from $23.0 million, leading to a decrease in net interest income to $28.2 million, down from $29.7 million. The net interest margin also contracted to 2.08%, down from 2.25% in the prior year.

Net income for the third quarter was $6.5 million, a decline from $8.2 million in the same quarter of 2023. Basic and diluted earnings per share fell to $0.16 from $0.19. For the nine months ended September 30, 2024, net income totaled $18.7 million, down from $29.4 million in the same period last year, with earnings per share decreasing from $0.67 to $0.45. The decline in net income was attributed to a $10.9 million decrease in net interest income and a $1.3 million increase in the provision for credit losses.

The company’s total loans held-for-investment decreased to $4.06 billion, down from $4.20 billion at the end of 2023, primarily due to reductions in multifamily and commercial real estate loans. Non-performing loans increased significantly to $30.4 million, up from $11.4 million, with the rise attributed to commercial and industrial loans.

In terms of strategic developments, Northfield Bancorp repurchased 1.8 million shares of its common stock for $18.1 million during the nine months ended September 30, 2024. The company also implemented a workforce reduction plan in Q2 2024, expected to yield cost savings of approximately $2.0 million pre-tax.

The allowance for credit losses on loans decreased to $35.2 million from $37.5 million, reflecting a reduction in loan balances and an improved economic outlook. The company continues to focus on managing interest rate risk, employing strategies to mitigate potential impacts on its financial performance.