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Northfield Bancorp, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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Net income for the year ended December 31, 2020 reflected $5.8 million after tax ($0.12 per share) in incremental loan loss provisions related to an increase in estimated loss factors associated with the COVID-19 pandemic, $3.3 million after tax ($0.07) in merger-related expenses associated with the acquisition of Victory, and $1.6 million after-tax ($0.03 per share) in occupancy costs related to branch consolidations; partially offset by $479,000 after tax ($0.01 per share) in gains on loans sold, and a $445,000 after-tax reduction ($0.01 per share) in the allowance for loan losses related to the sale of loans.
(2)The year ended December 31, 2020, includes: (i) $5.8 million, after tax, in incremental loan loss provisions related to an increase in estimated loss factors associated with the COVID-19 pandemic; (ii) $3.3 million, after tax, in merger-related expenses associated with the Victory acquisition; (iii) $1.6 million, after tax, in occupancy costs related to branch consolidations; and (iv) $479,000, after tax, in gains on loans sold.
(2) The year ended December 31, 2020, includes: (i) $5.8 million, after tax, in incremental loan loss provisions related to an increase in estimated loss factors associated with the COVID-19 pandemic; (ii) $3.3 million, after tax, in merger-related expenses associated with the Victory acquisition; (iii) $1.6 million, after tax, in occupancy costs related to branch consolidations; and (iv) $479,000, after tax, in gains on loans sold.
The increase in the provision for loan losses was primarily due to increases in the qualitative adjustments 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, and higher charge-offs.
We believe that our allowance...Read more
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Accordingly, although interest rate risk...Read more
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Among other things, these adjustments...Read more
Other expense increased by $518,000,...Read more
The surrender of these contracts...Read more
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Because management's estimates of the...Read more
Cash and cash equivalents increased...Read more
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The cost of interest-bearing liabilities...Read more
Critical Accounting Policies Critical accounting...Read more
Yields earned on interest-earning assets...Read more
See Note 1 to the...Read more
FDIC insurance premiums increased by...Read more
Non-interest income decreased $3.3 million,...Read more
The increase in gains on...Read more
Although management believes the Bank...Read more
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Partially offsetting the decreases was...Read more
Total liabilities decreased $69.9 million,...Read more
Changes in these estimates could...Read more
Interest expense decreased $21.7 million,...Read more
(1) a collective reserve component...Read more
The improvement in asset quality...Read more
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Determining the estimated fair value...Read more
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The cost of interest-bearing liabilities...Read more
(1)The year ended December 31,...Read more
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Overly optimistic assumptions or negative...Read more
Interest expense decreased $15.0 million,...Read more
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The reserve for off-balance sheet...Read more
The decrease in interest-earning asset...Read more
Non-interest income increased $3.0 million...Read more
The decrease was primarily attributable...Read more
In the event of a...Read more
Year-over-year loan growth also contributed...Read more
Additionally, there was a $1.5...Read more
Allowance for Credit Losses On...Read more
The increase was primarily due...Read more
The provision for loan losses...Read more
All average balances are daily...Read more
The increase in the average...Read more
Specific reserves on loans individually...Read more
The lending relationship was downgraded...Read more
The provision for credit losses...Read more
The increase in the allowance...Read more
The increase in income accreted...Read more
Computations of prospective effects of...Read more
Net charge-offs for the year...Read more
The decrease in the cost...Read more
Non-interest expense increased $646,000, or...Read more
Non-interest expense increased $5.0 million,...Read more
Other assets increased $11.8 million,...Read more
Liabilities decreased by $69.9 million,...Read more
At December 31, 2020, loans...Read more
In addition, the OCC, as...Read more
Our primary sources of funds...Read more
Depending on market conditions, we...Read more
Our assets, consisting primarily of...Read more
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The stress scenarios include deposit...Read more
Other During the fourth quarter...Read more
The increase in accretable interest...Read more
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Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Northfield Bancorp, Inc. provided additional information to their SEC Filing as exhibits
Ticker: NFBK
CIK: 1493225
Form Type: 10-K Annual Report
Accession Number: 0001493225-22-000045
Submitted to the SEC: Tue Mar 01 2022 4:40:14 PM EST
Accepted by the SEC: Tue Mar 01 2022
Period: Friday, December 31, 2021
Industry: Savings Institution Federally Chartered