Northfield Bancorp, Inc. (NFBK) 10-Q Quarterly Report November 2019

The following information was filed by Northfield Bancorp, Inc. (NFBK) on Monday, October 28, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Northfield Bancorp, Inc.'s 10-Q Quarterly Report:

Financial - Income Highlight
Non-interest income increased $3.1 million, or 41.8%, to $10.6 million for the nine months ended September 30, 2019, from $7.5 million for the nine months ended September 30, 2018, primarily due to an increase of $2.3 million in income on bank owned life insurance, attributable to insurance proceeds in excess of the related cash surrender value of the policies, and a $901,000 increase in gains on securities transactions, net (which include gains on available-for-sale debt securities and gains on trading securities).

Financial - Expense Highlight
The branch consolidations are expected to occur on December 31, 2019, and the Company expects to record a one-time charge in occupancy costs of approximately $1.2 million in the fourth quarter of 2019, attributable to accelerated lease rental expense and accelerated leasehold amortization expense.
Financial - Expense Highlight
The increase in interest expense on deposits was attributable to a $363.1 million, or 14.1%, increase in the average balance of interest-bearing deposit accounts and a 44 basis point increase in the cost of interest-bearing deposits to 1.42% for the nine months ended September 30, 2019.
Financial - Expense Highlight
The increase in interest expense on deposits was attributable to a $263.4 million, or 9.8%, increase in the average balance of interest-bearing deposit accounts and a 30 basis point increase in the cost of interest-bearing deposits to 1.42% for the quarter ended September 30, 2019.
Revenue - Product Highlight
The increase was primarily attributable to purchases of mortgage-backed and corporate securities, utilizing excess cash from deposit growth and additional borrowings to invest in high quality shorter-term securities, partially offset by paydowns and sales.
Financial - Earnings
Earnings for the nine months...Read more
Financial - Expense
Non-interest expense decreased by $231,000,...Read more
Financial - Expense
Additionally, there was a $425,000...Read more
Financial - Expense
These forward-looking statements include, but...Read more
Financial - Income
Interest income increased $14.2 million,...Read more
Financial - Income
Interest income increased $5.1 million,...Read more
Financial - Earnings
Earnings for the nine months...Read more
Financial - Cash Flow
Policies with respect to the...Read more
Other - Other
The effective duration of the...Read more
Revenue - Product
The Bank's primary sources of...Read more
Financial - Income
Non-interest income increased $2.1 million,...Read more
Legal - Other
On June 14, 2019, the...Read more
Financial - Dividend
Although management believes the Bank...Read more
Financial - Expense
The $559,000 increase was comprised...Read more
Other - Other
Other funding sources, however, such...Read more
Financial - Dividend
The increase was partially offset...Read more
Other - Other
The growth in deposits was...Read more
Financial - Income
Interest income on securities increased...Read more
Financial - Income
Interest income on securities increased...Read more
Other - Other
The scheduled amortization of loans...Read more
Other - Other
The use of different judgments,...Read more
Financial - Debt
The decrease was primarily attributable...Read more
Other - Other
The effective tax rate for...Read more
Other - Other
The effective tax rate for...Read more
Revenue - Product
Additionally, there were decreases of...Read more
Financial - Expense
The lower expense in the...Read more
Financial - Expense
Interest expense increased $4.2 million,...Read more
Other - Other
Total assets increased $399.9 million,...Read more
Other - Other
Assets increased by $399.9 million,...Read more
Financial - Expense
The lower expense in the...Read more
Other - Other
For a more complete understanding...Read more
Financial - Expense
Interest expense increased $14.1 million,...Read more
Other - Other
For the quarter ended September...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Northfield Bancorp, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: NFBK
CIK: 1493225
Form Type: 10-Q Quarterly Report
Accession Number: 0001493225-19-000095
Submitted to the SEC: Fri Nov 08 2019 9:24:16 AM EST
Accepted by the SEC: Fri Nov 08 2019
Period: Monday, September 30, 2019
Industry: Savings Institution Federally Chartered

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Northfield Bancorp, Inc. (NFBK) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

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