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

The following information was filed by Northfield Bancorp, Inc. (NFBK) on Monday, November 2, 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 increase in the provision for loan losses was primarily due to increases in the qualitative factors used in determining the adequacy of the allowance for loan losses related to unemployment, loan risk rating changes and increased risks related to loans on forbearance resulting from economic uncertainty attributable to the COVID-19 pandemic.

Other - Other Highlight
The increase in the provision for loan losses was primarily due to increases in the qualitative factors used in determining the adequacy of the allowance for loan losses related to unemployment, loan risk rating changes, and increased risks related to loans in forbearance resulting from economic uncertainty attributable to the COVID-19 pandemic.
Other - Other Highlight
The expected increase in the allowance for credit 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.
M & A - Other Highlight
This was due primarily to a $1.1 million increase in employee compensation and benefits, related to change-in-control and severance compensation associated with the Victory acquisition, increased salary and benefit expenses due to the addition of Victory personnel, and increased medical benefit costs.
M & A - Other Highlight
The increase resulted from $5.7 million in policies added from the Victory acquisition and income earned on bank owned life insurance for the nine months ended September 30, 2020.
Financial - Earnings
The increase in average interest-earning...Read more
Other - Other
The increase was primarily due...Read more
Financial - Earnings
The decrease in earning asset...Read more
Financial - Earnings
The decrease in earning asset...Read more
Financial - Earnings
The decrease in net interest...Read more
Financial - Earnings
The increase in our average...Read more
Financial - Earnings
The increase in average interest-earning...Read more
Financial - Expense
These forward-looking statements include, but...Read more
M & A - Other
Cash and cash equivalents increased...Read more
Financial - Earnings
Yields on interest earning assets...Read more
Financial - Earnings
Yields on interest earning assets...Read more
Financial - Earnings
Net interest margin for the...Read more
Financial - Earnings
Net interest margin for the...Read more
Financial - Expense
The decrease in the cost...Read more
Financial - Shares
The Company issued 3,862,746 shares...Read more
Financial - Cash Flow
Policies with respect to the...Read more
Financial - Expense
The cost of interest bearing...Read more
Other - Other
The effective duration of the...Read more
Financial - Expense
Interest expense decreased $6.9 million,...Read more
Revenue - Product
Loans held-for-investment, net, increased by...Read more
Financial - Expense
The cost of interest-bearing liabilities...Read more
Revenue - Product
The Bank's primary sources of...Read more
Financial - Expense
Interest expense decreased $5.2 million,...Read more
Other - Other
Effective March 31, 2020, a...Read more
M & A - Other
The increase was due primarily...Read more
Financial - Earnings
The decrease in net interest...Read more
Financial - Dividend
Although management believes the Bank...Read more
Revenue - Product
Partially offsetting the decreases were...Read more
Financial - Debt
Furthermore, ASU 2016-13 necessitates that...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
Non-interest income decreased $1.7 million,...Read more
Other - Other
Cautionary Statement Regarding Forward-Looking Statements...Read more
Financial - Income
Interest income increased $2.6 million,...Read more
Other - Other
Liabilities increased $472.0 million, or...Read more
Other - Other
The scheduled amortization of loans...Read more
Other - Other
The amendments in this update...Read more
Other - Other
During the second quarter of...Read more
Other - Other
The use of different judgments,...Read more
Other - Other
Year-over-year loan growth also contributed...Read more
Other - Other
Year-over-year loan growth also contributed...Read more
M & A - Other
As part of the Victory...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: 0001493225-20-000127
Submitted to the SEC: Mon Nov 09 2020 4:46:29 PM EST
Accepted by the SEC: Mon Nov 09 2020
Period: Wednesday, September 30, 2020
Industry: Savings Institution Federally Chartered

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Northfield Bancorp, Inc. (NFBK) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

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