Northfield Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Northfield Bancorp, Inc. has filed its 2023 10-K report detailing its fiscal year performance and financial standing.</b>

AI Summary

Northfield Bancorp, Inc. (NFBK) filed a Annual Report (10-K) with the SEC on February 29, 2024. Northfield Bancorp, Inc. filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Savings Institution, Federally Chartered. Northfield Bancorp, Inc. is incorporated in Delaware. The company's business address is 581 Main Street, Suite 810, Woodbridge, NJ 07095.

Why It Matters

For investors and stakeholders tracking Northfield Bancorp, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Northfield Bancorp's financial health, operational activities, and strategic direction for the fiscal year 2023, crucial for investors and stakeholders to assess performance. As a federally chartered savings institution, the details within this report are vital for understanding its regulatory compliance, market position, and future outlook within the banking sector.

Risk Assessment

Risk Level: low — Northfield Bancorp, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a stable, ongoing operational status.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Northfield Bancorp's performance and potential challenges for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the 10-K filing.)
• 2024-02-29 — Filing Date (Date the 10-K was filed with the SEC.)
• 001-35791 — SEC File Number (The SEC file number associated with Northfield Bancorp, Inc.)

Key Players & Entities

• Northfield Bancorp, Inc. (company) — Filer of the 10-K report.
• Woodbridge, NJ (location) — Location of the company's business and mailing address.

FAQ

Industry Context

Northfield Bancorp, Inc. operates as a federally chartered savings institution, a key player in the financial services sector focused on deposit-taking and lending activities.

Regulatory Implications

As a federally chartered savings institution, Northfield Bancorp is subject to regulations from federal banking authorities, impacting its operations, capital requirements, and consumer protection measures.

What Investors Should Do

1. Analyze the company's balance sheet and income statement for the fiscal year ended December 31, 2023.
2. Review management's discussion and analysis (MD&A) for insights into the company's performance drivers and outlook.
3. Examine any disclosed risk factors to understand potential challenges and mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-29: 10-K Filing Date — Official date the annual report was submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing a year-end summary compared to previous filings.

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share NFBK The NASDAQ Stock Market,
• $52.6 million — rocedures. At December 31, 2023, we had $52.6 million of loan participations that we purchase
• $104.9 million — imary lender). Additionally, there were $104.9 million of loan participations that we sold (wh
• $500,000 — ctors. For commercial real estate loans $500,000 or less, we generally obtain an evaluat
• $284,000 — otection Program ("PPP") loans totaling $284,000, $5.1 million, and $40.5 million at Dec
• $5.1 m — rogram ("PPP") loans totaling $284,000, $5.1 million, and $40.5 million at December 20
• $40.5 million — ns totaling $284,000, $5.1 million, and $40.5 million at December 2023, 2022, and 2021, respe
• $2.5 million — % $ 9,899 15.76 % (1) Other loans of $2.5 million due within one year includes $2.2 milli
• $2.2 million — .5 million due within one year includes $2.2 million of negative escrow and $254,000 of over
• $254,000 — des $2.2 million of negative escrow and $254,000 of overdraft adjustments. (2) Represen
• $3.53 billion — At December 31, 2023, the Company had $3.53 billion in loans due to mature in 2039 and beyo
• $95.7 m — to mature in 2039 and beyond, of which $95.7 million, or 2.71%, are fixed-rate loans.
• $2.75 b — family properties totaled approximately $2.75 billion, or 65.4% of our total loan portf
• $2.3 m — n average loan balance of approximately $2.3 million, although there are a large numbe
• $30.5 m — estate loan had a principal balance of $30.5 million, was secured by a garden-style ap

Filing Documents

• nfbk-20231231.htm (10-K) — 5113KB
• nfbk20231231exhibit231.htm (EX-23.1) — 2KB
• nfbk20231231exhibit232.htm (EX-23.2) — 3KB
• nfbk20231231exhibit311.htm (EX-31.1) — 11KB
• nfbk20231231exhibit312.htm (EX-31.2) — 11KB
• nfbk20231231exhibit32.htm (EX-32) — 11KB
• nfbk20231231exhibit97.htm (EX-97) — 31KB
• nfbk-20231231_g1.jpg (GRAPHIC) — 132KB
• 0001493225-24-000059.txt (&nbsp;) — 24174KB
• nfbk-20231231.xsd (EX-101.SCH) — 105KB
• nfbk-20231231_cal.xml (EX-101.CAL) — 190KB
• nfbk-20231231_def.xml (EX-101.DEF) — 552KB
• nfbk-20231231_lab.xml (EX-101.LAB) — 1353KB
• nfbk-20231231_pre.xml (EX-101.PRE) — 966KB
• nfbk-20231231_htm.xml (XML) — 5485KB

Risk Factors

Item 1A. Risk Factors 31

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 43

Cybersecurity

Item 1C. Cybersecurity 44

Properties

Item 2. Properties 45

Legal Proceedings

Item 3. Legal Proceedings 45

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 45 Part II.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 46

[Reserved]

Item 6. [Reserved] 47

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 48

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 68

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 68

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 128

Controls and Procedures

Item 9A. Controls and Procedures 128

Other Information

Item 9B. Other Information 128

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 128 Part III.

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 129

Executive Compensation

Item 11. Executive Compensation 129

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 129

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 129

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 129 Part IV.

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 130

Form 10-K Summary

Item 16. Form 10-K Summary 132

Signatures

Signatures 133 PART I

Forward-Looking Statements

Forward-Looking Statements This Annual Report contains certain "forward-looking statements," which can be identified by the use of such words as "estimate," "project," "believe," "intend," "anticipate," "plan," "seek," "expect," "could," "may," "should," "will," and words of similar meaning. These forward-looking statements include, but are not limited to: estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties, and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: general economic conditions, internationally, nationally, or in our market areas, including inflationary and/or recessionary pressures, supply chain disruptions, employment prospects, real estate values, military conflict, geopolitical risks, and downgrades of the U.S. credit rating; competition among depository and other financial institutions, including with respect to fees and interest rates; inflation and changes in the interest rate environment that reduce our margins and yields or reduce the market value of our assets including the fair value of financial instruments; adverse changes in the securities or credit markets; changes in laws, tax policies, or government regulations or policies affecting financial institutions, changes in regulatory fees, assessmen

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View this 10-K filing on SEC EDGAR