Northfield Bancorp, Inc. (NFBK) 10-Q Quarterly Report May 2020

The following information was filed by Northfield Bancorp, Inc. (NFBK) on Monday, May 4, 2020 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:

Other - Other Highlight
The expected increase in the allowance for loan losses is a result of changing from an incurred loss model, which encompasses allowances for current known and inherent losses within the portfolio, to a CECL model, which encompasses allowances for losses expected to be incurred over the life of the portfolio.

Financial - Expense Highlight
Additionally, there was a $222,000 decrease in occupancy expense, attributable to lower rent and leasehold amortization expense associated with the closure of three branches effective December 31, 2019, and a $277,000 decrease in FDIC insurance premiums due to a reduction in our deposit insurance assessment as a result of the utilization of credits received.
Financial - Expense Highlight
The increase in interest expense on borrowings was attributable to a $288.1 million, or 73.6%, increase in average borrowings and a 12 basis point increase in the cost of borrowings to 2.08% for the three months ended March 31, 2020.
Financial - Earnings Highlight
The increase in our average interest-earning assets was due to increases in average loans outstanding of $253.1 million, average mortgage-backed securities of $327.6 million, and average FHLBNY stock of $9.5 million, partially offset by decreases in average other securities of $90.7 million and average interest-earning deposits in financial institutions of $22.3 million.
Financial - Expense Highlight
These forward-looking statements include, but are not limited to: statements of our goals, intentions, and expectations; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits.
Financial - Expense
Non-interest expense decreased $3.5 million,...Read more
Financial - Cash Flow
Policies with respect to the...Read more
Other - Other
The effective duration of the...Read more
Financial - Income
Among other things, the new...Read more
Revenue - Product
The Bank's primary sources of...Read more
Financial - Earnings
This is due primarily to...Read more
Other - Other
Effective March 31, 2020, a...Read more
Financial - Dividend
Although management believes the Bank...Read more
Financial - Debt
Furthermore, ASU 2016-13 necessitates that...Read more
Other - Other
Liabilities decreased $65.0 million, or...Read more
Other - Other
Total liabilities decreased $65.0 million,...Read more
Other - Other
Other funding sources, however, such...Read more
Other - Other
The guidance is effective for...Read more
Other - Other
ASU 2018-14 is effective for...Read more
Other - Other
ASU 2016-13 and its subsequent...Read more
Financial - Income
Significant variances from the comparable...Read more
Other - Other
The scheduled amortization of loans...Read more
Other - Other
The amendments in this update...Read more
Other - Other
As previously discussed, in conjunction...Read more
Financial - Earnings
The decrease in net interest...Read more
Other - Other
The use of different judgments,...Read more
Financial - Expense
The decrease in interest expense...Read more
Financial - Income
Non-interest income decreased $3.2 million,...Read more
Other - Other
The effective tax rate for...Read more
M & A - Other
As of May 7, 2020,...Read more
Other - Other
CECL replaces the current incurred...Read more
Other - Other
The provision for loan losses...Read more
Other - Other
For a more complete understanding...Read more
Financial - Expense
Interest expense increased $663,000, or...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: 0001493225-20-000071
Submitted to the SEC: Mon May 11 2020 3:24:31 PM EST
Accepted by the SEC: Mon May 11 2020
Period: Tuesday, March 31, 2020
Industry: Savings Institution Federally Chartered

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Northfield Bancorp, Inc. (NFBK) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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