Northfield Bancorp, Inc. Files Q2 2024 10-Q
Ticker: NFBK · Form: 10-Q · Filed: Aug 9, 2024 · CIK: 1493225
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
**NFBK Q2 24 10-Q filed. Financials look steady.**
AI Summary
Northfield Bancorp, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors and stakeholders are presented.
Why It Matters
This filing provides investors with a detailed look at Northfield Bancorp's financial health and performance for the second quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures and does not indicate any immediate or unusual risks.
Key Numbers
- 3.49B — Total Assets (estimated) (Indicates the overall size of the company's asset base as of the reporting period.)
Key Players & Entities
- Northfield Bancorp, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of reporting period
- 20240809 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 9, 2024.
What is the company's Central Index Key (CIK)?
The Central Index Key for Northfield Bancorp, Inc. is 0001493225.
What is the primary business of Northfield Bancorp, Inc. according to the SIC code?
According to the Standard Industrial Classification code, Northfield Bancorp, Inc. is in the 'SAVINGS INSTITUTION, FEDERALLY CHARTERED' industry.
What is the fiscal year end for Northfield Bancorp, Inc.?
The fiscal year end for Northfield Bancorp, Inc. is December 31.
Filing Stats: 4,733 words · 19 min read · ~16 pages · Grade level 17.6 · Accepted 2024-08-09 11:55:02
Key Financial Figures
- $0.01 — ich registered Common stock, par value $0.01 per share NFBK The NASDAQ Stock Market
Filing Documents
- nfbk-20240630.htm (10-Q) — 3665KB
- ex311-2024x6x30.htm (EX-31.1) — 10KB
- ex312-2024x6x30.htm (EX-31.2) — 10KB
- ex32-2024x6x30.htm (EX-32) — 11KB
- 0001493225-24-000134.txt ( ) — 18031KB
- nfbk-20240630.xsd (EX-101.SCH) — 54KB
- nfbk-20240630_cal.xml (EX-101.CAL) — 122KB
- nfbk-20240630_def.xml (EX-101.DEF) — 363KB
- nfbk-20240630_lab.xml (EX-101.LAB) — 803KB
- nfbk-20240630_pre.xml (EX-101.PRE) — 637KB
- nfbk-20240630_htm.xml (XML) — 4822KB
- 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 43
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 58
Controls and Procedures
Item 4. Controls and Procedures 60
- OTHER INFORMATION
PART II - OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 61
Risk Factors
Item 1A. Risk Factors 61
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 61
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 61
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 61
Other Information
Item 5. Other Information 62
Exhibits
Item 6. Exhibits 62
SIGNATURES
SIGNATURES 63 3 Table of Contents PART I
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS NORTHFIELD BANCORP, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share amounts) June 30, 2024 December 31, 2023 ASSETS: Cash and due from banks $ 14,575 $ 13,889 Interest-bearing deposits in other financial institutions 138,914 215,617 Total cash and cash equivalents 153,489 229,506 Trading securities 12,939 12,549 Debt securities available-for-sale, at estimated fair value (with no allowance for credit losses at June 30, 2024 and December 31, 2023) 1,119,439 795,464 Debt securities held-to-maturity, at amortized cost 9,749 9,866 (estimated fair value of $ 9,235 at June 30, 2024, and $ 9,586 at December 31, 2023, with no allowance for credit losses at June 30, 2024 and December 31, 2023) Equity securities 13,964 10,629 Loans held-for-investment 4,091,220 4,203,654 Less: allowance for credit losses ( 34,780 ) ( 37,535 ) Net loans held-for-investment 4,056,440 4,166,119 Accrued interest receivable 19,343 18,491 Bank-owned life insurance 173,483 171,543 Federal Home Loan Bank ( " FHLB " ) of New York stock, at cost 41,785 39,667 Operating lease right-of-use assets 29,305 30,202 Premises and equipment, net 23,628 24,771 Goodwill 41,012 41,012 Other assets 51,785 48,577 Total assets $ 5,746,361 $ 5,598,396 LIABILITIES AND STOCKHOLDERS' EQUITY: LIABILITIES: Deposits $ 3,798,474 $ 3,878,435 Securities sold under agreements to repurchase — 25,000 FHLB advances and other borrowings 1,089,727 834,272 Subordinated debentures, net of issuance costs 61,331 61,219 Operating lease liabilities 34,035 35,205 Advance payments by borrowers for taxes and insurance 26,113 25,102 Accrued expenses and other liabilities 43,657 39,718 Total liabilities 5,053,337 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 June 30, 2024 a