Northfield Bancorp, Inc. Files 10-Q for Period Ending March 31, 2024
Ticker: NFBK · Form: 10-Q · Filed: May 10, 2024 · CIK: 1493225
Sentiment: neutral
Topics: 10-Q, Northfield Bancorp, Financial Report, Q1 2024, Equity
TL;DR
<b>Northfield Bancorp, Inc. has filed its Q1 2024 10-Q report, detailing financial positions and equity changes.</b>
AI Summary
Northfield Bancorp, Inc. (NFBK) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Northfield Bancorp, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. Northfield Bancorp, Inc. is a federally chartered savings institution. The filing includes data related to common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income.
Why It Matters
For investors and stakeholders tracking Northfield Bancorp, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and position of Northfield Bancorp, Inc. Understanding the equity structure and changes in retained earnings and other comprehensive income is crucial for assessing the company's financial health and shareholder value.
Risk Assessment
Risk Level: low — Northfield Bancorp, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures, indicating a routine update on financial status.
Analyst Insight
Review the detailed balance sheet and equity sections of the 10-Q to understand the specific changes in Northfield Bancorp's financial position during Q1 2024.
Key Numbers
- 2024-03-31 — Period of Report (10-Q filing)
- 2024-05-10 — Filing Date (10-Q filing)
- 2024-01-01 — Quarter Start Date (Q1 2024)
- 2023-12-31 — Previous Year End (Balance sheet comparison)
Key Players & Entities
- Northfield Bancorp, Inc. (company) — Filer of the 10-Q report
- 2024-03-31 (date) — Period of report for the 10-Q filing
- 2024-05-10 (date) — Filing date of the 10-Q
- 0001493225-24-000092 (filing_id) — Accession number for the 10-Q filing
- 6035 (sic_code) — Standard Industrial Classification for Savings Institution, Federally Chartered
- DE (state) — State of incorporation
- 1231 (fiscal_year_end) — Fiscal year end date
- WOODBRIDGE (city) — Business and mail address city
FAQ
When did Northfield Bancorp, Inc. file this 10-Q?
Northfield Bancorp, Inc. filed this Quarterly Report (10-Q) with the SEC on May 10, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Northfield Bancorp, Inc. (NFBK).
Where can I read the original 10-Q filing from Northfield Bancorp, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Northfield Bancorp, Inc..
What are the key takeaways from Northfield Bancorp, Inc.'s 10-Q?
Northfield Bancorp, Inc. filed this 10-Q on May 10, 2024. Key takeaways: Northfield Bancorp, Inc. filed a 10-Q report for the period ending March 31, 2024.. The filing covers the first quarter of 2024.. The company's fiscal year ends on December 31st..
Is Northfield Bancorp, Inc. a risky investment based on this filing?
Based on this 10-Q, Northfield Bancorp, Inc. presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures, indicating a routine update on financial status.
What should investors do after reading Northfield Bancorp, Inc.'s 10-Q?
Review the detailed balance sheet and equity sections of the 10-Q to understand the specific changes in Northfield Bancorp's financial position during Q1 2024. The overall sentiment from this filing is neutral.
How does Northfield Bancorp, Inc. compare to its industry peers?
Northfield Bancorp, Inc. operates as a federally chartered savings institution, a sector focused on deposit-taking and lending activities.
Are there regulatory concerns for Northfield Bancorp, Inc.?
As a federally chartered savings institution, Northfield Bancorp, Inc. is subject to regulations from federal banking authorities, including the Office of the Comptroller of the Currency (OCC) and the Federal Reserve.
Industry Context
Northfield Bancorp, Inc. operates as a federally chartered savings institution, a sector focused on deposit-taking and lending activities.
Regulatory Implications
As a federally chartered savings institution, Northfield Bancorp, Inc. is subject to regulations from federal banking authorities, including the Office of the Comptroller of the Currency (OCC) and the Federal Reserve.
What Investors Should Do
- Analyze the balance sheet for changes in assets and liabilities compared to the previous quarter.
- Review the statement of changes in stockholders' equity for details on stock issuances, repurchases, and retained earnings.
- Examine any disclosures related to loan portfolios and investment securities.
Key Dates
- 2024-03-31: Quarter End — End of the reporting period for the 10-Q
- 2024-05-10: Filing Date — Date the 10-Q was officially submitted to the SEC
Year-Over-Year Comparison
This filing represents the first quarterly report of 2024, providing an update on the company's financial status following the year-end 2023 report.
Filing Stats: 4,613 words · 18 min read · ~15 pages · Grade level 17.3 · Accepted 2024-05-10 11:49:52
Key Financial Figures
- $0.01 — ich registered Common stock, par value $0.01 per share NFBK The NASDAQ Stock Market
Filing Documents
- nfbk-20240331.htm (10-Q) — 3174KB
- ex311-2024x3x31.htm (EX-31.1) — 10KB
- ex312-2024x3x31.htm (EX-31.2) — 10KB
- ex32-2024x3x31.htm (EX-32) — 11KB
- 0001493225-24-000092.txt ( ) — 16384KB
- nfbk-20240331.xsd (EX-101.SCH) — 55KB
- nfbk-20240331_cal.xml (EX-101.CAL) — 118KB
- nfbk-20240331_def.xml (EX-101.DEF) — 351KB
- nfbk-20240331_lab.xml (EX-101.LAB) — 776KB
- nfbk-20240331_pre.xml (EX-101.PRE) — 620KB
- nfbk-20240331_htm.xml (XML) — 4293KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements 4
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 40
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 52
Controls and Procedures
Item 4. Controls and Procedures 54
- OTHER INFORMATION
PART II - OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 55
Risk Factors
Item 1A. Risk Factors 55
Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 55
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 56
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 56
Other Information
Item 5. Other Information 56
Exhibits
Item 6. Exhibits 56
SIGNATURES
SIGNATURES 57 3 Table of Contents PART I
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS NORTHFIELD BANCORP, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share amounts) March 31, 2024 December 31, 2023 ASSETS: Cash and due from banks $ 13,550 $ 13,889 Interest-bearing deposits in other financial institutions 225,231 215,617 Total cash and cash equivalents 238,781 229,506 Trading securities 12,726 12,549 Debt securities available-for-sale, at estimated fair value (with no allowance for credit losses at March 31, 2024 and December 31, 2023) 1,075,741 795,464 Debt securities held-to-maturity, at amortized cost 9,810 9,866 (estimated fair value of $ 9,364 at March 31, 2024, and $ 9,586 at December 31, 2023, with no allowance for credit losses at March 31, 2024 and December 31, 2023) Equity securities 11,038 10,629 Loans held-for-investment 4,162,472 4,203,654 Less: allowance for credit losses ( 37,039 ) ( 37,535 ) Net loans held-for-investment 4,125,433 4,166,119 Accrued interest receivable 19,358 18,491 Bank-owned life insurance 172,507 171,543 Federal Home Loan Bank ( " FHLB " ) of New York stock, at cost 39,848 39,667 Operating lease right-of-use assets 30,076 30,202 Premises and equipment, net 24,301 24,771 Goodwill 41,012 41,012 Other assets 50,974 48,577 Total assets $ 5,851,605 $ 5,598,396 LIABILITIES AND STOCKHOLDERS' EQUITY: LIABILITIES: Deposits $ 3,921,323 $ 3,878,435 Securities sold under agreements to repurchase 25,000 25,000 FHLB advances and other borrowings 1,039,621 834,272 Subordinated debentures, net of issuance costs 61,275 61,219 Operating lease liabilities 34,942 35,205 Advance payments by borrowers for taxes and insurance 30,202 25,102 Accrued expenses and other liabilities 40,813 39,718 Total liabilities 5,153,176 4,898,951 STOCKHOLDERS' EQUITY: Preferred stock, $ 0.01 par value: 25,000,000 shares authorized, none issued or outstanding — — Common stock, $ 0.01 par value: 150,000,000 shares authorized, 64,770,875 shares issued at March