- Northfield Bancorp (NFBK, Financial) reported a net income of $7.9 million or $0.19 per diluted share in Q1 2025.
- Net interest margin increased to 2.38%.
- Deposits grew by $133.6 million, while loans declined by $30.7 million.
Northfield Bancorp, Inc. (NFBK) reported its earnings for the first quarter of 2025, with a net income of $7.9 million, or $0.19 per diluted share. This represents a decrease from the $11.3 million, or $0.27 per diluted share, reported in the fourth quarter of 2024, primarily due to a $3.4 million one-time gain from a property sale in the previous quarter. However, the net income was up from $6.2 million, or $0.15 per share, in the same quarter last year.
The company's net interest margin saw an improvement, rising to 2.38% from 2.18% in the previous quarter and 2.03% in the same quarter a year ago. This was attributed to a 14.0% increase in net interest income, driven by a $2.5 million reduction in interest expenses.
Deposits (excluding brokered deposits) experienced significant growth, increasing by $133.6 million, which represents an annualized growth rate of 13.8%. In contrast, the loan portfolio contracted by $30.7 million, or 3.0% on an annualized basis, as the company strategically reduced its exposure in certain areas.
Northfield Bancorp maintained strong asset quality, with non-performing loans at a low ratio of 0.48%. The board of directors approved a new $10 million share repurchase program, complementing the completion of the previous $5 million program. Additionally, a quarterly cash dividend of $0.13 per share was declared, payable on May 21, 2025, for stockholders of record on May 7, 2025.
The company ended the quarter with robust liquidity, holding $1.12 billion in unpledged securities and an additional $547 million in pledge-ready loans, positioning itself well for future growth and operational stability in a challenging economic environment.
