Northfield Bancorp, Inc. Announces Second Quarter 2022 Results

WOODBRIDGE, N.J., July 27, 2022 (GLOBE NEWSWIRE) -- NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (or the “Company”), the holding company for Northfield Bank, reported diluted earnings per common share of $0.34 and $0.64 for the three and six months ended June 30, 2022, respectively, as compared to $0.40 and $0.78 per diluted share for the three and six months ended June 30, 2021, respectively. Net earnings for the three and six months ended June 30, 2022, were down from the comparative prior year periods primarily due to a benefit in the provision for credit losses on loans in the prior year. Earnings for the three and six months ended June 30, 2021, included a benefit for credit losses of $3.7 million and $6.1 million, respectively, reflecting continued improvement in the economic forecast as well as an improvement in asset quality and a decline in loan balances, as compared to a provision for credit loss of $149,000 and $552,000, for the three and six months ended June 30, 2022. Earnings for the three and six months ended June 30, 2021, also included a gain on sale of loans of $1.4 million, and earnings for the six months ended June 30, 2021, included approximately $1.9 million of accretable income related to the payoffs of purchased credit deteriorated (“PCD”) loans.