NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (or the
“Company”), the holding company for Northfield Bank,
reported diluted earnings per common share of $0.30 for the quarter
ended March 31, 2022, as compared to $0.38 per diluted share
for the quarter ended March 31, 2021. Earnings for the quarter
ended March 31, 2021 included a benefit for credit losses of $2.4
million ($1.7 million after tax, or $0.03 per share) reflecting an
improvement in the forecasted economic outlook during the quarter
and approximately $1.9 million ($1.4 million after tax, or $0.03
per share) of accretable income related to the payoffs of purchased
credit-deteriorated (“PCD”) loans.
Commenting on the quarter, Steven M. Klein, the
Company’s Chairman, President and Chief Executive Officer stated,
“I’m pleased to announce Northfield has reported a strong quarter
of financial performance as a result of our pristine credit
quality, prudent management of expenses, and growth in loan and
deposit balances.” Mr. Klein continued, “Our locally grown approach
to community banking, focused on delivering the products our
business and retail customers want, with the personal service they
deserve, is demonstrated by our loan and deposit successes.”
Mr. Klein further noted, “I am pleased to
announce that the Board of Directors has declared a cash dividend
of $0.13 per common share, payable May 25, 2022, to stockholders of
record on May 11, 2022.”
Results of Operations
Comparison of Operating Results for the Three
Months Ended March 31, 2022 and 2021
Net income was $14.1 million and $18.7 million
for the three months ended March 31, 2022 and March 31,
2021, respectively. Significant variances from the comparable prior
year period are as follows: a $3.3 million decrease in net interest
income, a $2.8 million increase in the provision for credit losses
on loans, a $923,000 decrease in non-interest income, an $854,000
decrease in non-interest expense, and a $1.6 million decrease
in income tax expense.
Net interest income for the three months ended
March 31, 2022, decreased $3.3 million, or 8.2%, to $36.9
million, from $40.2 million for the three months ended
March 31, 2021, primarily due to a 23 basis point decrease in
net interest margin to 2.87% from 3.10% for the three months ended
March 31, 2021, and a $45.5 million, or 0.9%, decrease in the
average balance of interest-earning assets. The decrease in the
average balance of interest-earning assets was due to decreases in
the average balance of loans outstanding of $25.8 million, the
average balance of mortgage-backed securities of $177.8 million,
and the average balance of Federal Home Loan Bank of New York
(“FHLBNY”) stock of $6.4 million, partially offset by increases in
the average balance of other securities of $154.5 million, and the
average balance of interest-earning deposits in financial
institutions of $10.1 million.
The decrease in net interest margin was
primarily due to lower yields on interest-earning assets, which
decreased 35 basis points to 3.13% for the three months ended
March 31, 2022, from 3.48% for the three months ended
March 31, 2021. The decrease in yields was partially offset by
the decrease in the cost of interest-bearing liabilities, which
decreased by 14 basis points to 0.36% for the three months ended
March 31, 2022, from 0.50% for the three months ended
March 31, 2021, primarily driven by lower cost of deposits due
to the low interest rate environment and a change in the
composition of the deposit portfolio as the average balance of
transaction accounts increased and the average balance of
certificates of deposit decreased. Net interest income for the
three months ended March 31, 2022, included loan prepayment
income of $1.1 million as compared to $860,000 for the three months
ended March 31, 2021. The Company accreted interest income
related to PCD loans of $391,000 for the three months ended
March 31, 2022, as compared to $2.4 million for the three
months ended March 31, 2021. The higher accretable PCD
interest income in the prior year was primarily related to payoffs
of PCD loans in the first quarter of 2021. Fees recognized from PPP
loans totaled $701,000 for the three months ended March 31,
2022, as compared to $1.3 million for the three months ended
March 31, 2021.
The provision for credit losses on loans
increased by $2.8 million to a provision of $403,000 for the three
months ended March 31, 2022, compared to a benefit of $2.4
million for the three months ended March 31, 2021. The prior
year benefit for credit losses was primarily due to improvements in
in the economic forecast. The current year provision for credit
losses is due to growth in the loan portfolio. Net charge-offs were
$102,000 for the three months ended March 31, 2022, primarily
related to an unsecured non-accrual commercial and industrial loan,
as compared to net charge-offs of $2.4 million for the three months
ended March 31, 2021 which related to PCD loans.
On January 1, 2021, the Company adopted ASU
2016-13, Financial Instruments - Credit Losses (Topic 326):
Measurement of Credit Losses on Financial Instruments (“CECL”).
CECL requires the measurement of all expected credit losses over
the life of financial instruments held at the reporting date based
on historical experience, current conditions, and reasonable and
supportable forecasts. In connection with the adoption of CECL, the
Company recognized a cumulative effect adjustment that reduced
stockholders’ equity by $3.1 million, net of tax. At adoption, the
Company increased its allowance for credit losses by $11.1 million,
comprised of $10.4 million and $737,000, respectively, for loans
and unfunded commitments, including $6.8 million related to PCD
loans. For PCD loans, the allowance for credit losses recorded is
recognized through a gross-up that increases the amortized cost
basis of loans with a corresponding increase to the allowance for
credit losses, and therefore results in no impact to shareholders'
equity.
Non-interest income decreased by $923,000, or
35.0%, to $1.7 million for the three months ended March 31,
2022, from $2.6 million for the three months ended March 31,
2021, due primarily to a decrease of $1.2 million in gains on
trading securities, net. For the three months ended March 31,
2022, losses on trading securities were $802,000, as compared to
gains of $364,000 for three months ended March 31, 2021. The
trading portfolio is utilized to fund the Company’s deferred
compensation obligation to certain employees and directors of the
Company's deferred compensation plan (the “Plan”). The participants
of this Plan, at their election, defer a portion of their
compensation. Gains and losses on trading securities have no effect
on net income since participants benefit from, and bear the full
risk of, changes in the trading securities market values.
Therefore, the Company records an equal and offsetting amount in
compensation expense, reflecting the change in the Company’s
obligations under the Plan. Partially offsetting the decrease was a
$134,000 increase in in fees and service charges for customer
services and an increase of $167,000 in gains on sales of
available-for-sale debt securities.
Non-interest expense decreased $854,000, or
4.4%, to $18.7 million for the three months ended March 31,
2022, compared to $19.6 million for the three months ended
March 31, 2021. The decrease was primarily due to a $1.0
million net decrease in employee compensation and benefits. The
decrease was caused by a decrease of $1.2 million related to the
Company's deferred compensation plan expense, which as discussed
above has no effect on net income, as well as a decrease in medical
benefit costs offset by an increase in salary expenses related to
annual merit increases. Additionally, occupancy expense decreased
by $293,000, primarily related to higher snow removal costs during
the first quarter of 2021. Partially offsetting the decreases was
an increase in other expense of $442,000, primarily due to an
increase in the reserve for unfunded commitments as well as an
increase in other operating expenses.
The Company recorded income tax expense of $5.3
million for the three months ended March 31, 2022, compared to
$6.9 million for the three months ended March 31, 2021. The
effective tax rate for the three months ended March 31, 2022,
was 27.4% compared to 27.1% for the three months ended
March 31, 2021.
Comparison of Operating Results for the Three
Months Ended March 31, 2022 and December 31, 2021
Net income was $14.1 million and $16.1 million
for the quarters ended March 31, 2022, and December 31,
2021, respectively. Significant variances from the prior quarter
are as follows: a $1.5 million decrease in net interest income, a
$364,000 increase in the provision for credit losses on loans, a
$2.6 million decrease in non-interest income, a $2.0 million
decrease in non-interest expense, and a $467,000 decrease in
income tax expense.
Net interest income for the quarter ended
March 31, 2022, decreased by $1.5 million, or 3.9%, primarily
due to a nine basis point decrease in net interest margin to 2.87%
from 2.96% for the quarter ended December 31, 2021, partially
offset by a $73.5 million, or 1.4%, increase in the average balance
of interest-earning assets. The increase in the average balance of
interest-earning assets was primarily due to increases in the
average balance of loans outstanding of $37.6 million, the average
balance of mortgage-backed securities of $41.6 million and the
average balance of other securities of $53.5 million, partially
offset by a decrease in the average balance of interest-earning
deposits in financial institutions of $59.0 million.
The decrease in net interest margin was
primarily due to lower yields on interest-earning assets, which
decreased by 10 basis points to 3.13% for the quarter ended
March 31, 2022, from 3.23% for the quarter ended
December 31, 2021. The cost of interest-bearing liabilities
decreased by one basis point to 0.36% for the quarter ended
March 31, 2022, from 0.37% for the quarter ended
December 31, 2021. Net interest income for the quarter ended
March 31, 2022, included loan prepayment income of $1.1
million as compared to $2.0 million for the quarter ended
December 31, 2021. The Company accreted interest income
related to PCD loans of $391,000 for the quarter ended
March 31, 2022, as compared to $324,000 for the quarter ended
December 31, 2021. Fees recognized from PPP loans totaled
$701,000 and $1.3 million, respectively, for the quarters ended
March 31, 2022, and December 31, 2021.
The provision for credit losses on loans
increased by $364,000 to a provision of $403,000 for the quarter
ended March 31, 2022, from a provision of $39,000 for the
quarter ended December 31, 2021. The increase in the provision
was primarily due to loan growth, partially offset by payoffs of
substandard-rated loans during the quarter. Net charge-offs were
$102,000 for the quarter ended March 31, 2022, as compared to
net recoveries of $73,000 for the quarter ended December 31,
2021. Net charge-offs for the quarter ended March 31, 2022,
were primarily related to an unsecured non-accrual commercial and
industrial loan.
Non-interest income decreased by $2.6 million,
or 59.9%, to $1.7 million for the quarter ended March 31,
2022, from $4.3 million for the quarter ended December 31,
2021. The decrease was primarily due to a decrease of $1.4 million
in gains on trading securities. For the quarter ended
March 31, 2022, losses on trading securities, net, were
$802,000, compared to gains of $607,000 for the quarter ended
December 31, 2021. Also contributing to the decrease in
non-interest income for the quarter were decreases of $255,000 in
gains on available-for-sale debt securities, net, $697,000 in
income on bank-owned life insurance attributable to benefit claims
in the prior quarter, and $169,000 in fees and service charges for
customer services.
Non-interest expense decreased by $2.0 million,
or 9.6%, to $18.7 million for the quarter ended March 31,
2022, from $20.7 million for the quarter ended December 31,
2021, primarily due to a $2.5 million decrease in compensation and
employee benefits, which included a $1.4 million decrease in the
Company's deferred compensation plan expense, which as previously
discussed has no effect on net income, and decreases in medical
benefit costs. Also contributing to the decrease were a $103,000
decrease in data processing costs, a $124,000 decrease in
professional fees, and a $200,000 decrease in advertising expense,
partially offset by an $818,000 increase in other expenses related
to an increase in the reserve for unfunded commitments as well as
an increase in other operating expenses.
The Company recorded income tax expense of $5.3
million for the quarter ended March 31, 2022, compared to $5.8
million for the quarter ended December 31, 2021. The
effective tax rate for the quarter ended March 31, 2022 was
27.4%, compared to 26.5% for the quarter ended and
December 31, 2021.
Financial Condition
Total assets increased by $85.7 million, or
1.6%, to $5.52 billion at March 31, 2022, from $5.43 billion
at December 31, 2021. The increase was primarily due to an
increase in cash and cash equivalents of $44.4 million, or 48.8%,
and an increase in total loans of $92.0 million, or 2.4%, partially
offset by a decrease in available-for-sale debt securities of $54.0
million, or 4.5%.
As of March 31, 2022, we estimate that our
non-owner occupied commercial real estate concentration (as defined
by regulatory guidance) to total risk-based capital was
approximately 453.1%. Management believes that Northfield Bank (the
“Bank”) has implemented appropriate risk management practices
including risk assessments, board-approved underwriting policies
and related procedures, which include monitoring Bank portfolio
performance, performing market analysis (economic and real estate),
and stressing of the Bank’s commercial real estate portfolio under
severe, adverse economic conditions. Although management believes
the Bank has implemented appropriate policies and procedures to
manage its commercial real estate concentration risk, the Bank’s
regulators could require it to implement additional policies and
procedures or could require it to maintain higher levels of
regulatory capital, which might adversely affect its loan
originations, ability to pay dividends, and profitability.
Cash and cash equivalents increased by $44.4
million, or 48.8%, to $135.5 million at March 31, 2022, from
$91.1 million at December 31, 2021, primarily due to the
liquidity obtained from loans and securities sales or paydowns as
well as growth in deposits. Balances fluctuate based on the timing
of receipt of security and loan repayments and the redeployment of
cash into higher-yielding assets such as loans and securities, or
the funding of deposit outflows or borrowing maturities.
Loans held-for-investment, net, increased by
$92.0 million, or 2.4%, to $3.90 billion at March 31,
2022 from $3.81 billion at December 31, 2021. The increase was
due to increases in multifamily loans of $50.7 million, or 2.0%, to
$2.57 billion at March 31, 2022 from $2.52 billion at
December 31, 2021, commercial real estate loans of $44.2
million, or 5.5%, to $852.8 million at March 31, 2022 from
$808.6 million at December 31, 2021, home equity loans of
$15.2 million, or 13.8%, to $125.2 million at March 31, 2022
from $110.0 million at December 31, 2021, commercial and
industrial loans (excluding PPP loans) of $7.4 million, or 7.4%, to
$107.9 million at March 31, 2022 from $100.5 million at
December 31, 2021, and, to a lesser extent, an increase in
one-to-four family residential loans of $2.3 million. The increases
were partially offset by decreases in construction and land loans
of $9.9 million, or 36.1%, to $17.6 million at March 31, 2022
from $27.5 million at December 31, 2021, and PPP loans of
$16.2 million, or 39.9%, to $24.3 million at March 31, 2022
from $40.5 million at December 31, 2021. Through
March 31, 2022, 2,201 borrowers have received PPP forgiveness
payments totaling approximately $203.4 million.
There were 141 PPP loans outstanding totaling
$24.3 million at March 31, 2022, compared to 377 loans
outstanding totaling $40.5 million at December 31, 2021. The PPP
provides for lender processing fees that range from 1% to 5% of the
final disbursement made to individual borrowers. As of
March 31, 2022, we have received loan processing fees of $9.5
million, of which $8.1 million has been recognized in earnings,
including $701,000 recognized in the three months ended
March 31, 2022. The remaining unearned fees will be recognized
in income over the remaining term of the loans.
PCD loans totaled $14.1 million at
March 31, 2022, and $15.8 million at December 31, 2021.
Upon adoption of the CECL accounting standard on January 1, 2021,
the allowance for credit losses related to PCD loans was recorded
through a gross-up that increased the amortized cost-basis of PCD
loans by $6.8 million with a corresponding increase to the
allowance for credit losses. The decrease in the PCD loan balance
at March 31, 2022 was due to PCD loans being sold and paid off
during the period. The majority of the remaining PCD loan balance
consists of loans acquired as part of a Federal Deposit Insurance
Corporation-assisted transaction. The Company accreted interest
income of $391,000 attributable to PCD loans for the three months
ended March 31, 2022, as compared to $2.4 million for the three
months ended March 31, 2021, respectively. The decrease in income
accreted for the three months ended March 31, 2022 is due to
the payoff of PCD loans in the prior year. PCD loans had an
allowance for credit losses of approximately $4.6 million at
March 31, 2022.
Loan balances are summarized as follows (dollars
in thousands):
|
March 31, 2022 |
|
December 31, 2021 |
Real estate loans: |
|
|
|
Multifamily |
$ |
2,568,784 |
|
$ |
2,518,065 |
Commercial mortgage |
|
852,803 |
|
|
808,597 |
One-to-four family residential mortgage |
|
186,007 |
|
|
183,665 |
Home equity and lines of credit |
|
125,156 |
|
|
109,956 |
Construction and land |
|
17,579 |
|
|
27,495 |
Total real estate loans |
|
3,750,329 |
|
|
3,647,778 |
Commercial and industrial
loans |
|
107,901 |
|
|
100,488 |
PPP loans |
|
24,349 |
|
|
40,517 |
Other loans |
|
1,938 |
|
|
2,015 |
Total commercial and industrial, PPP, and other loans |
|
134,188 |
|
|
143,020 |
Loans held-for-investment, net (excluding PCD) |
|
3,884,517 |
|
|
3,790,798 |
PCD loans |
|
14,064 |
|
|
15,819 |
Total loans held-for-investment, net |
$ |
3,898,581 |
|
$ |
3,806,617 |
The following tables detail multifamily real
estate originations for the three months ended March 31, 2022
and 2021 (dollars in thousands):
For the Three Months Ended March 31, 2022 |
MultifamilyOriginations |
|
Weighted AverageInterest Rate |
|
Weighted AverageLTV Ratio |
|
Weighted Average Months to NextRate Change or Maturity
for FixedRate Loans |
|
(F)ixed or(V)ariable |
|
Amortization Term |
$ |
139,427 |
|
3.16 |
% |
|
65 |
% |
|
78 |
|
V |
|
25 to 30 Years |
$ |
1,200 |
|
3.75 |
% |
|
18 |
% |
|
181 |
|
F |
|
15 Years |
$ |
140,627 |
|
3.17 |
% |
|
65 |
% |
|
|
|
|
|
|
For the Three Months Ended March 31, 2021 |
MultifamilyOriginations |
|
Weighted AverageInterest Rate |
|
Weighted AverageLTV Ratio |
|
Weighted Average Months to NextRate Change or Maturity for
FixedRate Loans |
|
(F)ixed or(V)ariable |
|
Amortization Term |
$ |
161,087 |
|
3.11 |
% |
|
57 |
% |
|
75 |
|
V |
|
10 to 30 Years |
The Company’s available-for-sale debt securities
portfolio decreased by $54.0 million, or 4.5%, to $1.15 billion at
March 31, 2022, from $1.21 billion at December 31, 2021.
The decrease was primarily attributable to paydowns, maturities,
calls, and sales. At March 31, 2022, $875.5 million of the
portfolio consisted of residential mortgage-backed securities
issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. In
addition, the Company held $75.6 million in U.S. Government agency
securities, $203.1 million in corporate bonds, all of which were
considered investment grade at March 31, 2022, and $52,000 in
municipal bonds.
Equity securities increased by $2.5 million to
$7.9 million at March 31, 2022, from $5.3 million at
December 31, 2021, due to an increase in our investment in a
Small Business Administration Loan Fund. This investment is
utilized by the Bank as part of its Community Reinvestment Act
program. Total liabilities increased $110.2 million, or
2.4%, to $4.80 billion at March 31, 2022, from $4.69 billion
at December 31, 2021. The increase was primarily attributable
to an increase in deposits of $133.5 million and an increase
in advance payments by borrowers for taxes and insurance of $5.1
million, partially offset by a decrease in Federal Home Loan Bank
and other borrowings of $23.9 million and a decrease in accrued
expenses and other liabilities of $3.3 million.
Deposits increased $133.5 million, or 3.2%, to
$4.30 billion at March 31, 2022, as compared to $4.17 billion
at December 31, 2021. The increase was attributable to
increases of $164.7 million in transaction accounts and $1.3
million in savings accounts, partially offset by decreases of $8.9
million in money market accounts and $23.6 million in certificates
of deposit. We continue to see balance runoff from high cost money
market and certificates of deposit categories as we have
strategically chosen not to compete on rate at this time.
Deposit account balances are summarized as
follows (dollars in thousands):
|
March 31, 2022 |
|
December 31, 2021 |
Transaction: |
|
|
|
Non-interest bearing checking |
$ |
944,096 |
|
$ |
898,490 |
Negotiable orders of withdrawal and interest-bearing checking |
|
1,231,377 |
|
|
1,112,292 |
Total transaction |
|
2,175,473 |
|
|
2,010,782 |
Savings and money market: |
|
|
|
Savings |
|
1,168,110 |
|
|
1,166,761 |
Money market |
|
600,519 |
|
|
609,430 |
Total savings |
|
1,768,629 |
|
|
1,776,191 |
Certificates of deposit: |
|
|
|
Brokered deposits |
|
21,000 |
|
|
31,000 |
$250,000 and under |
|
276,518 |
|
|
286,580 |
Over $250,000 |
|
61,246 |
|
|
64,781 |
Total certificates of deposit |
|
358,764 |
|
|
382,361 |
Total deposits |
$ |
4,302,866 |
|
$ |
4,169,334 |
Included in the table above are business and municipal deposit
account balances as follows (dollars in thousands):
|
March 31, 2022 |
|
December 31, 2021 |
|
|
|
|
Business customers |
$ |
1,288,495 |
|
$ |
1,184,472 |
Municipal customers |
$ |
686,425 |
|
$ |
633,458 |
Borrowings and securities sold under agreements
to repurchase decreased to $397.9 million at March 31, 2022,
from $421.8 million at December 31, 2021. The decrease in
borrowings for the period was largely due to the maturity and
replacement of FHLB borrowings with lower cost deposits. Management
utilizes borrowings to mitigate interest rate risk, for short-term
liquidity, and to a lesser extent as part of leverage
strategies.
The following is a table of term borrowing maturities (excluding
capitalized leases and overnight borrowings) and the weighted
average rate by year at March 31, 2022 (dollars in
thousands):
Year |
|
Amount |
|
Weighted Average Rate |
2022 |
|
$95,000 |
|
2.22% |
2023 |
|
87,500 |
|
2.89% |
2024 |
|
50,000 |
|
2.47% |
2025 |
|
112,500 |
|
1.48% |
Thereafter |
|
45,000 |
|
1.45% |
|
|
$390,000 |
|
2.10% |
Total stockholders’ equity decreased by $24.5
million to $715.4 million at March 31, 2022, from $739.9
million at December 31, 2021. The decrease was attributable to
$8.2 million in stock repurchases, $6.1 million in dividend
payments, and a $25.4 million decrease in accumulated other
comprehensive income associated with a decline in the estimated
fair value of our debt securities available-for-sale portfolio,
partially offset by net income of $14.1 million for the quarter
ended March 31, 2022, and a $1.1 million increase in equity
award activity. The Company repurchased 528,122 shares of its
common stock outstanding at an average price of $15.60 for a total
of $8.2 million during the quarter ended March 31, 2022 pursuant to
the approved stock repurchase plans.
The Company continues to maintain adequate
liquidity and a strong capital position. The Company's most liquid
assets are cash and cash equivalents, corporate bonds, and
unpledged mortgage-related securities issued or guaranteed by the
U.S. Government, Fannie Mae, or Freddie Mac, that we can either
borrow against or sell. We also have the ability to surrender
bank-owned life insurance contracts. The surrender of these
contracts would subject the Company to income taxes and penalties
for increases in the cash surrender values over the original
premium payments. We also have the ability to obtain
additional funding from the FHLB and Federal Reserve Bank utilizing
unencumbered and unpledged securities and multifamily loans. The
Company expects to have sufficient funds available to meet current
commitments in the normal course of business.
The Company had the following primary sources of liquidity at
March 31, 2022 (dollars in thousands):
Cash and cash equivalents(1) |
|
$ |
119,461 |
Corporate bonds |
|
$ |
187,268 |
Multifamily loans(2) |
|
$ |
1,533,869 |
Mortgage-backed securities
(issued or guaranteed by the U.S. Government, Fannie Mae, or
Freddie Mac)(2) |
|
$ |
385,234 |
|
|
|
(1) Excludes $16.1 million of cash at Northfield Bank.(2)
Represents estimated remaining borrowing
potential.
The Company and the Bank utilize the Community
Bank Leverage Ratio (“CBLR”) framework. The CBLR replaces the
risk-based and leverage capital requirements in the generally
applicable capital rules. At March 31, 2022, the Company
and the Bank's estimated CBLR ratios were 12.80% and 12.07%,
respectively, which exceeded the minimum requirement to be
considered well-capitalized of 9%.
Asset Quality
The following table details total non-accrual
loans (excluding PCD), non-performing loans, non-performing assets,
troubled debt restructurings on which interest is accruing, and
accruing loans 30 to 89 days delinquent at March 31, 2022
and December 31, 2021 (dollars in thousands):
|
March 31, 2022 |
|
December 31, 2021 |
Non-accrual loans: |
|
|
|
Held-for-investment |
|
|
|
Real estate loans: |
|
|
|
Multifamily |
$ |
1,853 |
|
|
$ |
1,882 |
|
Commercial |
|
5,380 |
|
|
|
5,117 |
|
One-to-four family residential |
|
312 |
|
|
|
314 |
|
Home equity and lines of credit |
|
279 |
|
|
|
281 |
|
Commercial and industrial |
|
278 |
|
|
|
28 |
|
Total non-accrual
loans |
|
8,102 |
|
|
|
7,622 |
|
Loans delinquent 90 days or
more and still accruing: |
|
|
|
Held-for-investment |
|
|
|
Real estate loans: |
|
|
|
Commercial |
|
37 |
|
|
|
147 |
|
One-to-four family residential |
|
6 |
|
|
|
165 |
|
PPP loans |
|
16 |
|
|
|
72 |
|
Total loans
held-for-investment delinquent 90 days or more and still
accruing |
|
59 |
|
|
|
384 |
|
Total non-performing
loans |
|
8,161 |
|
|
|
8,006 |
|
Other real estate owned |
|
100 |
|
|
|
100 |
|
Total non-performing
assets |
$ |
8,261 |
|
|
$ |
8,106 |
|
Non-performing loans to total loans |
|
0.21 |
% |
|
|
0.21 |
% |
Non-performing assets to total assets |
|
0.15 |
% |
|
|
0.15 |
% |
Loans subject to
restructuring agreements and still accruing |
$ |
5,397 |
|
|
$ |
5,820 |
|
Accruing loans 30 to
89 days delinquent |
$ |
4,084 |
|
|
$ |
1,166 |
|
Other Real Estate Owned
Other real estate owned is comprised of one
property acquired during 2021 as a result of foreclosure. The
property is located in New Jersey, and had a carrying value of
approximately $100,000 at March 31, 2022 and December 31,
2021, respectively. It is included in other assets on the
consolidated balance sheets as of these dates.
Accruing Loans 30 to 89 Days Delinquent
Loans 30 to 89 days delinquent and on accrual
status totaled $4.1 million and $1.2 million at March 31, 2022
and December 31, 2021, respectively. The following table sets
forth delinquencies for accruing loans by type and by amount at
March 31, 2022 and December 31, 2021 (dollars in
thousands):
|
March 31, 2022 |
|
December 31, 2021 |
Held-for-investment |
|
|
|
Real estate loans: |
|
|
|
Multifamily |
$ |
2,804 |
|
$ |
— |
Commercial |
|
304 |
|
|
144 |
One-to-four family residential |
|
554 |
|
|
593 |
Home equity and lines of credit |
|
265 |
|
|
412 |
Commercial and industrial loans |
|
140 |
|
|
— |
PPP loans |
|
1 |
|
|
2 |
Other loans |
|
16 |
|
|
15 |
Total delinquent accruing loans held-for-investment |
$ |
4,084 |
|
$ |
1,166 |
The increase in delinquent multifamily loans is
primarily due to one loan with a balance of $2.2 million that
became delinquent during the current quarter. The loan is
well-secured by a residential apartment building in Brooklyn, New
York, with an appraised value of $3.6 million.
PCD Loans (Held-for-Investment)
Under the CECL standard, the Company will
continue to account for PCD loans at estimated fair value using
discounted expected future cash flows deemed to be collectible on
the date acquired. Based on its detailed review of PCD loans and
experience in loan workouts, management believes it has a
reasonable expectation about the amount and timing of future cash
flows and accordingly has classified PCD loans ($14.1 million at
March 31, 2022 and $15.8 million at December 31, 2021) as
accruing, even though they may be contractually past due. At
March 31, 2022, 1.5% of PCD loans were past due 30 to 89 days,
and 23.1% were past due 90 days or more, as compared to 10.5% and
19.2%, respectively, at December 31, 2021.
COVID-19 Exposure
Management continues to evaluate the Company's
exposure to increased loan losses related to the COVID-19 pandemic,
in particular the commercial real estate and multifamily loan
portfolios. During the second quarter of 2020, the Company
implemented a customer relief program to assist borrowers that may
be experiencing financial hardship due to COVID-19 related
challenges. The relief program grants principal and/or interest
payment deferrals typically for a period of 90 days, which
management may choose to extend for additional 90 days periods. At
the peak of forbearance, June 2020, the Company had 286 loans
approved for payment deferral representing $360.2 million, or
approximately 10% of the Company's loan portfolio. As of
March 31, 2022, substantially all of the borrowers who had
requested relief have returned to contractual payments.
Loans in deferment status (“COVID-19 Modified
Loans”) have continued to accrue interest during the deferment
period unless otherwise classified as nonperforming. COVID-19
Modified Loans are required to make escrow payments for real estate
taxes and insurance, if applicable. The COVID-19 Modified Loan
agreements also require loans to be brought back to their fully
contractual terms within 12 to 18 months and include covenants that
prohibit distributions, bonuses, or payments of management fees to
related entities until all deferred payments are made. Consistent
with industry regulatory guidance, borrowers who were otherwise
current on loan payments and were granted COVID-19 related
financial hardship payment deferrals will continue to be reported
as current loans throughout the agreed upon deferral period.
Borrowers who were delinquent in their payments to the Bank prior
to requesting a COVID-19 related financial hardship payment
deferral are reviewed on a case by case basis for TDR
classification and non-performing loan status.
Other
During the fourth quarter of 2021, the Bank
downgraded a lending relationship with an outstanding principal
balance at December 31, 2021, of approximately $15.6 million to
substandard, which is comprised of two commercial real estate loans
with balances of $10.9 million, and a commercial line of credit
secured by all unencumbered business assets with a balance of $4.7
million. In addition, the Bank has a commitment to fund $1.8
million under the line of credit with one of the entities in the
relationship and all draws on the line are at the discretion of the
Bank.
The commercial real estate loans are secured by
two commercial properties with a current appraised value of $19.2
million. The lending relationship was downgraded as a result of
legal matters against certain officers of the borrowing entities,
including certain individuals who are guarantors to the loans, and
the impact such legal matters may have on future operations of the
entities.
All loans under the lending relationship are
current as of April 27, 2022, and the entities continue to operate.
The Bank continues to evaluate the financial condition, operating
results and cash flows of the related entities and guarantors. At
March 31, 2022, approximately $1.6 million of the allowance for
credit losses has been designated to this lending relationship.
Based on information available, the loans have not been designated
as impaired and remain on accrual status. However, there can be no
assurances that one or more of the loans under the relationship
will not migrate to non-accrual status in the future or require the
establishment of additional loan losses reserves.
During 2022, the Bank and the customer extended
the maturity date of the commercial line of credit from March 1,
2022 to May 2, 2022, and further, the Bank received paydowns of
approximately $3.5 million on the commercial line of credit,
reducing the outstanding balance to approximately $1.2 million.
About Northfield Bank
Northfield Bank, founded in 1887, operates 38
full-service banking in Staten Island and Brooklyn, New York, and
Hunterdon, Middlesex, Mercer, and Union counties, New Jersey. For
more information about Northfield Bank, please visit
www.eNorthfield.com.
Forward-Looking Statements:
This release may contain certain "forward looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, and may be identified by the use of such words as "may,"
"believe," "expect," "anticipate," "should," "plan," "estimate,"
"predict," "continue," and "potential" or the negative of these
terms or other comparable terminology. Examples of
forward-looking statements include, but are not limited to,
estimates with respect to the financial condition, results of
operations and business of Northfield Bancorp, Inc. Any or all
of the forward-looking statements in this release and in any other
public statements made by Northfield Bancorp, Inc. may turn out to
be wrong. They can be affected by inaccurate assumptions
Northfield Bancorp, Inc. might make or by known or unknown risks
and uncertainties as described in our SEC filings, including, but
not limited to, those related to general economic conditions,
particularly in the market areas in which the Company operates, the
effects of the COVID-19 pandemic, including the effects of the
steps taken to address the pandemic and their impact on the
Company’s market and employees, competition among depository and
other financial institutions, changes in laws or government
regulations or policies affecting financial institutions, including
changes in regulatory fees and capital requirements, inflation and
changes in the interest rate environment that reduce our margins or
reduce the fair value of financial instruments, the effects of war,
conflict, and acts of terrorism, our ability to successfully
integrate acquired entities, and adverse changes in the securities
markets. Consequently, no forward-looking statement can be
guaranteed. Northfield Bancorp, Inc. does not intend to update
any of the forward-looking statements after the date of this
release, or conform these statements to actual events.
NORTHFIELD BANCORP, INC.SELECTED
CONSOLIDATED FINANCIAL AND OTHER DATA(Dollars in thousands, except
per share amounts) (unaudited)
|
|
|
|
|
|
|
At or For the Three Months Ended |
|
March 31, |
|
December 31, |
|
2022 |
|
2021 |
|
2021 |
Selected Financial
Ratios: |
|
|
|
|
|
Performance
Ratios (1) |
|
|
|
|
|
Return on assets (ratio of net income to average total assets) |
1.04 |
% |
|
1.36 |
% |
|
1.18 |
% |
Return on equity (ratio of net
income to average equity) (6) (7) |
7.83 |
|
|
10.03 |
|
|
8.64 |
|
Average equity to average total
assets |
13.34 |
|
|
13.57 |
|
|
13.63 |
|
Interest rate spread |
2.77 |
|
|
2.98 |
|
|
2.86 |
|
Net interest margin |
2.87 |
|
|
3.10 |
|
|
2.96 |
|
Efficiency ratio (2) |
48.49 |
|
|
45.70 |
|
|
48.52 |
|
Non-interest expense to average
total assets |
1.38 |
|
|
1.43 |
|
|
1.51 |
|
Non-interest expense to average
total interest-earning assets |
1.46 |
|
|
1.51 |
|
|
1.60 |
|
Average interest-earning assets
to average interest-bearing liabilities |
139.03 |
|
|
132.26 |
|
|
138.48 |
|
Asset Quality
Ratios: |
|
|
|
|
|
Non-performing assets to total
assets |
0.15 |
|
|
0.18 |
|
|
0.15 |
|
Non-performing loans (3) to
total loans (4) |
0.21 |
|
|
0.26 |
|
|
0.21 |
|
Allowance for credit losses to
non-performing loans |
481.24 |
|
|
427.95 |
|
|
486.80 |
|
Allowance for credit losses to
total loans held-for-investment, net (4) (5) (6) |
1.01 |
|
|
1.10 |
|
|
1.02 |
|
(1) Annualized when
appropriate. (2) The efficiency ratio
represents non-interest expense divided by the sum of net interest
income and non-interest
income.(3) Non-performing loans consist of
non-accruing loans and loans 90 days or more past due and still
accruing (excluding PCD loans), and are included in total loans
held-for-investment, net.(4) Includes
originated loans held-for-investment, PCD loans, and acquired
loans.(5) Excluding PPP loans (which are
fully government guaranteed and do not carry any provision for
losses) of $24.3 million, $167.9 million, and $40.5 million at
March 31, 2022, March 31, 2021, and December 31, 2021,
respectively, the allowance for credit losses to total loans held
for investment, net, totaled 1.01%, 1.15%, and 1.03%, respectively,
at March 31, 2022, March 31, 2021, and December 31,
2021.(6) The Company adopted the CECL
accounting standard effective January 1, 2021, and recorded a $10.4
million increase to its allowance for credit losses, including
reserves of $6.8 million related to PCD loans.
(7) For the year ended December 31, 2021, in
connection with the adoption of CECL, the Company recognized a
cumulative effect adjustment that reduced stockholders’ equity by
$3.1 million, net of tax.
NORTHFIELD BANCORP,
INC.CONSOLIDATED BALANCE SHEETS(Dollars in thousands,
except share and per share amounts) (unaudited)
|
March 31, 2022 |
|
December 31, 2021 |
ASSETS: |
|
|
|
Cash and due from banks |
$ |
16,053 |
|
|
$ |
18,191 |
|
Interest-bearing deposits in
other financial institutions |
|
119,461 |
|
|
|
72,877 |
|
Total cash and cash
equivalents |
|
135,514 |
|
|
|
91,068 |
|
Trading securities |
|
12,156 |
|
|
|
13,461 |
|
Debt securities
available-for-sale, at estimated fair value |
|
1,154,277 |
|
|
|
1,208,237 |
|
Debt securities
held-to-maturity, at amortized cost |
|
5,243 |
|
|
|
5,283 |
|
Equity securities |
|
7,883 |
|
|
|
5,342 |
|
Loans held-for-investment,
net |
|
3,898,581 |
|
|
|
3,806,617 |
|
Allowance for credit losses |
|
(39,274 |
) |
|
|
(38,973 |
) |
Net loans
held-for-investment |
|
3,859,307 |
|
|
|
3,767,644 |
|
Accrued interest
receivable |
|
14,591 |
|
|
|
14,572 |
|
Bank-owned life insurance |
|
165,336 |
|
|
|
164,500 |
|
Federal Home Loan Bank of New
York stock, at cost |
|
21,211 |
|
|
|
22,336 |
|
Operating lease right-of-use
assets |
|
32,813 |
|
|
|
33,943 |
|
Premises and equipment,
net |
|
25,356 |
|
|
|
25,937 |
|
Goodwill |
|
41,012 |
|
|
|
41,012 |
|
Other assets |
|
41,591 |
|
|
|
37,207 |
|
Total
assets |
$ |
5,516,290 |
|
|
$ |
5,430,542 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY: |
|
|
|
LIABILITIES: |
|
|
|
Deposits |
$ |
4,302,866 |
|
|
$ |
4,169,334 |
|
Securities sold under
agreements to repurchase |
|
50,000 |
|
|
|
50,000 |
|
Federal Home Loan Bank
advances and other borrowings |
|
347,877 |
|
|
|
371,755 |
|
Lease liabilities |
|
38,610 |
|
|
|
39,851 |
|
Advance payments by borrowers
for taxes and insurance |
|
30,032 |
|
|
|
24,909 |
|
Accrued expenses and other
liabilities |
|
31,507 |
|
|
|
34,810 |
|
Total
liabilities |
|
4,800,892 |
|
|
|
4,690,659 |
|
|
|
|
|
STOCKHOLDERS’
EQUITY: |
|
|
|
Total stockholders’
equity |
|
715,398 |
|
|
|
739,883 |
|
Total liabilities and
stockholders’ equity |
$ |
5,516,290 |
|
|
$ |
5,430,542 |
|
|
|
|
|
Total shares outstanding |
|
48,910,192 |
|
|
|
49,266,733 |
|
Tangible book value per
share(1) |
$ |
13.78 |
|
|
$ |
14.18 |
|
(1) Tangible book value per
share is calculated based on total stockholders' equity, excluding
intangible assets (goodwill and core deposit intangibles), divided
by total shares outstanding as of the balance sheet date. Core
deposit intangibles were $387,000 and $440,000 at March 31,
2022 and December 31, 2021, respectively, and are included in
other assets.
NORTHFIELD BANCORP,
INC.CONSOLIDATED STATEMENT OF INCOME(Dollars in thousands,
except share and per share amounts) (unaudited)
|
For the Three Months Ended |
|
March 31, |
|
December 31, |
|
2022 |
|
2021 |
|
2021 |
Interest
income: |
|
|
|
|
|
Loans |
$ |
36,721 |
|
|
$ |
41,277 |
|
|
$ |
38,702 |
Mortgage-backed securities |
|
2,475 |
|
|
|
2,959 |
|
|
|
2,261 |
Other securities |
|
695 |
|
|
|
424 |
|
|
|
563 |
Federal Home Loan Bank of New York dividends |
|
245 |
|
|
|
370 |
|
|
|
255 |
Deposits in other financial institutions |
|
58 |
|
|
|
37 |
|
|
|
68 |
Total interest income |
|
40,194 |
|
|
|
45,067 |
|
|
|
41,849 |
Interest
expense: |
|
|
|
|
|
Deposits |
|
1,159 |
|
|
|
1,870 |
|
|
|
1,246 |
Borrowings |
|
2,166 |
|
|
|
3,021 |
|
|
|
2,234 |
Total interest expense |
|
3,325 |
|
|
|
4,891 |
|
|
|
3,480 |
Net interest income |
|
36,869 |
|
|
|
40,176 |
|
|
|
38,369 |
Provision/(benefit) for credit
losses |
|
403 |
|
|
|
(2,374 |
) |
|
|
39 |
Net interest income after
provision/(benefit) for credit losses |
|
36,466 |
|
|
|
42,550 |
|
|
|
38,330 |
Non-interest
income: |
|
|
|
|
|
Fees and service charges for customer services |
|
1,331 |
|
|
|
1,197 |
|
|
|
1,500 |
Income on bank-owned life insurance |
|
839 |
|
|
|
848 |
|
|
|
1,536 |
Gains on available-for-sale debt securities, net |
|
264 |
|
|
|
97 |
|
|
|
519 |
(Losses)/gains on trading securities, net |
|
(802 |
) |
|
|
364 |
|
|
|
607 |
Other |
|
81 |
|
|
|
130 |
|
|
|
111 |
Total non-interest income |
|
1,713 |
|
|
|
2,636 |
|
|
|
4,273 |
Non-interest
expense: |
|
|
|
|
|
Compensation and employee benefits |
|
9,507 |
|
|
|
10,532 |
|
|
|
12,005 |
Occupancy |
|
3,408 |
|
|
|
3,701 |
|
|
|
3,330 |
Furniture and equipment |
|
426 |
|
|
|
437 |
|
|
|
427 |
Data processing |
|
1,713 |
|
|
|
1,632 |
|
|
|
1,816 |
Professional fees |
|
908 |
|
|
|
906 |
|
|
|
1,032 |
Advertising |
|
433 |
|
|
|
465 |
|
|
|
633 |
Federal Deposit Insurance Corporation insurance |
|
357 |
|
|
|
375 |
|
|
|
308 |
Other |
|
1,957 |
|
|
|
1,515 |
|
|
|
1,139 |
Total non-interest
expense |
|
18,709 |
|
|
|
19,563 |
|
|
|
20,690 |
Income before income tax
expense |
|
19,470 |
|
|
|
25,623 |
|
|
|
21,913 |
Income tax
expense |
|
5,343 |
|
|
|
6,946 |
|
|
|
5,810 |
Net
income |
$ |
14,127 |
|
|
$ |
18,677 |
|
|
$ |
16,103 |
Net income per common
share: |
|
|
|
|
|
Basic |
$ |
0.30 |
|
|
$ |
0.38 |
|
|
$ |
0.34 |
Diluted |
$ |
0.30 |
|
|
$ |
0.38 |
|
|
$ |
0.34 |
Basic average shares outstanding |
|
46,811,331 |
|
|
|
49,528,419 |
|
|
|
47,212,839 |
Diluted average shares outstanding |
|
47,088,375 |
|
|
|
49,633,644 |
|
|
|
47,667,987 |
NORTHFIELD BANCORP, INC.ANALYSIS
OF NET INTEREST INCOME(Dollars in thousands) (unaudited)
|
|
For the Three Months Ended |
|
|
March 31, 2022 |
|
December 31, 2021 |
|
March 31, 2021 |
|
|
Average Outstanding Balance |
|
Interest |
|
Average Yield/ Rate (1) |
|
Average Outstanding Balance |
|
Interest |
|
Average Yield/ Rate (1) |
|
Average Outstanding Balance |
|
Interest |
|
Average Yield/ Rate (1) |
Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (2) |
|
$ |
3,848,053 |
|
$ |
36,721 |
|
3.87 |
% |
|
$ |
3,810,502 |
|
$ |
38,702 |
|
4.03 |
% |
|
$ |
3,873,884 |
|
$ |
41,277 |
|
4.32 |
% |
Mortgage-backed securities (3) |
|
|
938,465 |
|
|
2,475 |
|
1.07 |
|
|
|
896,912 |
|
|
2,261 |
|
1.00 |
|
|
|
1,116,281 |
|
|
2,959 |
|
1.08 |
|
Other securities (3) |
|
|
255,980 |
|
|
695 |
|
1.10 |
|
|
|
202,453 |
|
|
563 |
|
1.10 |
|
|
|
101,523 |
|
|
424 |
|
1.69 |
|
Federal Home Loan Bank of New York stock |
|
|
22,198 |
|
|
245 |
|
4.48 |
|
|
|
22,336 |
|
|
255 |
|
4.53 |
|
|
|
28,641 |
|
|
370 |
|
5.24 |
|
Interest-earning deposits in financial institutions |
|
|
143,323 |
|
|
58 |
|
0.16 |
|
|
|
202,295 |
|
|
68 |
|
0.13 |
|
|
|
133,207 |
|
|
37 |
|
0.11 |
|
Total interest-earning assets |
|
|
5,208,019 |
|
|
40,194 |
|
3.13 |
|
|
|
5,134,498 |
|
|
41,849 |
|
3.23 |
|
|
|
5,253,536 |
|
|
45,067 |
|
3.48 |
|
Non-interest-earning
assets |
|
|
279,508 |
|
|
|
|
|
|
292,366 |
|
|
|
|
|
|
310,681 |
|
|
|
|
Total assets |
|
$ |
5,487,527 |
|
|
|
|
|
$ |
5,426,864 |
|
|
|
|
|
$ |
5,564,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW, and money market accounts |
|
$ |
2,954,133 |
|
|
571 |
|
0.08 |
% |
|
$ |
2,891,982 |
|
$ |
583 |
|
0.08 |
% |
|
$ |
2,768,816 |
|
$ |
932 |
|
0.14 |
% |
Certificates of deposit |
|
|
373,113 |
|
|
588 |
|
0.64 |
|
|
|
394,148 |
|
|
663 |
|
0.67 |
|
|
|
611,267 |
|
|
938 |
|
0.62 |
|
Total interest-bearing deposits |
|
|
3,327,246 |
|
|
1,159 |
|
0.14 |
|
|
|
3,286,130 |
|
|
1,246 |
|
0.15 |
|
|
|
3,380,083 |
|
|
1,870 |
|
0.22 |
|
Borrowed funds |
|
|
418,736 |
|
|
2,166 |
|
2.10 |
|
|
|
421,746 |
|
|
2,234 |
|
2.10 |
|
|
|
591,993 |
|
|
3,021 |
|
2.07 |
|
Total interest-bearing liabilities |
|
|
3,745,982 |
|
|
3,325 |
|
0.36 |
|
|
|
3,707,876 |
|
|
3,480 |
|
0.37 |
|
|
|
3,972,076 |
|
|
4,891 |
|
0.50 |
|
Non-interest bearing
deposits |
|
|
909,787 |
|
|
|
|
|
|
879,689 |
|
|
|
|
|
|
739,064 |
|
|
|
|
Accrued expenses and other
liabilities |
|
|
99,802 |
|
|
|
|
|
|
99,707 |
|
|
|
|
|
|
98,261 |
|
|
|
|
Total liabilities |
|
|
4,755,571 |
|
|
|
|
|
|
4,687,272 |
|
|
|
|
|
|
4,809,401 |
|
|
|
|
Stockholders' equity |
|
|
731,956 |
|
|
|
|
|
|
739,592 |
|
|
|
|
|
|
754,816 |
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
5,487,527 |
|
|
|
|
|
$ |
5,426,864 |
|
|
|
|
|
$ |
5,564,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
36,869 |
|
|
|
|
|
$ |
38,369 |
|
|
|
|
|
$ |
40,176 |
|
|
Net interest rate spread
(4) |
|
|
|
|
|
2.77 |
% |
|
|
|
|
|
2.86 |
% |
|
|
|
|
|
2.98 |
% |
Net interest-earning assets
(5) |
|
$ |
1,462,037 |
|
|
|
|
|
$ |
1,426,622 |
|
|
|
|
|
$ |
1,281,460 |
|
|
|
|
Net interest margin (6) |
|
|
|
|
|
2.87 |
% |
|
|
|
|
|
2.96 |
% |
|
|
|
|
|
3.10 |
% |
Average interest-earning
assets to interest-bearing liabilities |
|
|
|
|
|
139.03 |
% |
|
|
|
|
|
138.48 |
% |
|
|
|
|
|
132.26 |
% |
(1) Average yields and rates are
annualized.(2) Includes non-accruing
loans.(3) Securities available-for-sale and other
securities are reported at amortized cost.(4) Net
interest rate spread represents the difference between the weighted
average yield on interest-earning assets and the weighted average
cost of interest-bearing liabilities.(5) Net
interest-earning assets represent total interest-earning assets
less total interest-bearing liabilities.(6) Net
interest margin represents net interest income divided by average
total interest-earning assets.
Company Contact:William R. JacobsChief Financial OfficerTel:
(732) 499-7200 ext. 2519
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