Northfield Bancorp, Inc. (NFBK) 10-Q Quarterly Report November 2021

The following information was filed by Northfield Bancorp, Inc. (NFBK) on Monday, November 1, 2021 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 provision for loan losses in the prior year quarter was primarily due to increases in the qualitative factors used in determining the adequacy of the allowance for credit losses related to unemployment and loan risk rating changes and increased risks related to loans on forbearance, resulting from economic uncertainty attributable to the COVID-19 pandemic, under the incurred loss methodology.
Other - Other Highlight
The provision for loan losses in the prior year was primarily due to increases in the qualitative factors used in determining the adequacy of the allowance for credit 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 under the incurred loss methodology.
Other - Other Highlight
The provision for loan losses in 2020 was primarily due to increases in qualitative factors used in determining the adequacy of the allowance for credit 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, under the incurred loss methodology.
Financial - Earnings Highlight
Additionally, earnings for the nine months ended September 30, 2021, benefited from net interest income generated from accelerated accretion of fees related to the forgiveness of PPP loans of $4.3 million, a gain on sale of loans of $1.4 million, and $1.9 million of accretable income related to the payoffs of PCD loans.
Financial - Expense
For PCD loans, the allowance...Read more
Financial - Expense
Upon adoption of the CECL...Read more
Financial - Income
The increase resulted from income...Read more
Revenue - Product
Cash and cash equivalents increased...Read more
Financial - Expense
For PCD loans, the allowance...Read more
Financial - Income
Net interest income for the...Read more
Financial - Earnings
The decrease in earning asset...Read more
Financial - Earnings
The increase in the average...Read more
Financial - Income
Interest income increased $689,000, or...Read more
Financial - Expense
Non-interest expense decreased by $4.8...Read more
Financial - Expense
These forward-looking statements include, but...Read more
Financial - Earnings
The increase was due primarily...Read more
Other - Other
The provision for credit losses...Read more
Financial - Earnings
Yields on interest earning assets...Read more
Other - Other
The provision for credit losses...Read more
Financial - Income
Non-interest income decreased by $394,000,...Read more
Financial - Expense
We continue to see balance...Read more
Financial - Expense
Other expense increased by $646,000,...Read more
Financial - Cash Flow
Policies with respect to the...Read more
Financial - Earnings
The decrease in the average...Read more
Financial - Earnings
The decrease in the average...Read more
Financial - Expense
The cost of interest bearing...Read more
Other - Other
The effective duration of the...Read more
Financial - Income
Partially offsetting these increases was...Read more
Financial - Expense
Interest expense decreased $19.2 million,...Read more
Revenue - Product
FDIC insurance premiums increased by...Read more
Revenue - Product
The Bank's primary sources of...Read more
Financial - Expense
Interest expense decreased $5.1 million,...Read more
Financial - Income
Non-interest income increased $2.8 million...Read more
Other - Other
The benefit for the nine...Read more
Financial - Expense
This was due primarily to...Read more
Other - Other
See Notes 6, 7 and...Read more
Other - Other
Effective March 31, 2020, a...Read more
Financial - Earnings
Yields on interest earning assets...Read more
Revenue - Product
The increase in gains on...Read more
Financial - Dividend
Although management believes the Bank...Read more
Other - Other
Total liabilities decreased $101.7 million,...Read more
Other - Other
Other funding sources, however, such...Read more
Other - Other
The guidance is effective for...Read more
Other - Other
Changes in such estimates could...Read more
Other - Other
Cautionary Statement Regarding Forward-Looking Statements...Read more
Financial - Income
Interest income increased $5.3 million,...Read more
Other - Other
The scheduled amortization of loans...Read more
Revenue - Product
The decrease was primarily attributable...Read more
Other - Other
During the second quarter of...Read more
Other - Other
The use of different judgments,...Read more
Financial - Income
The increase in income accreted...Read more
Financial - Expense
The decrease in interest expense...Read more
Financial - Expense
The decrease in interest expense...Read more
Financial - Debt
On January 1, 2021, we...Read more
Financial - Expense
Additionally, occupancy expense increased by...Read more
Financial - Shares
The remaining increase to the...Read more
Other - Other
The effective tax rate for...Read more
Other - Other
The effective tax rate for...Read more
Other - Other
48 Table of Contents Critical...Read more
Financial - Income
Significant variances from the comparable...Read more
Financial - Expense
The decrease in the cost...Read more
Financial - Expense
The decrease in the cost...Read more
Other - Other
The most significant impact on...Read more
Other - Other
Other assets increased $9.0 million,...Read more
Revenue - Product
At December 31, 2020, loans...Read more
Other - Other
For a more complete understanding...Read more
Financial - Expense
The decrease was due to...Read more
Financial - Expense
The decrease was due to...Read more
Financial - Income
The increase in accretable interest...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 10.1: Material Contract

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: 0001493225-21-000115
Submitted to the SEC: Tue Nov 09 2021 2:49:20 PM EST
Accepted by the SEC: Tue Nov 09 2021
Period: Thursday, September 30, 2021
Industry: Savings Institution Federally Chartered

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Northfield Bancorp, Inc. (NFBK) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

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