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美國

證券交易委員會

華盛頓特區 20549

表格 10-Q

 

☒    根據1934年證券交易法第13或15(d)節的季度報告

在截至的季度期間 2024 年 9 月 30 日

或

☐    根據1934年證券交易法第13或15(d)節的轉型報告書

 

在從__________到__________的過渡期

委員會文件編號:001-35791

Northfield Bancorp，Inc。

(根據其章程規定的註冊人準確名稱) 

特拉華						80-0882592
（設立或組織的其他管轄區域）						（納稅人識別號碼）

581 Main Street,

Woodbridge,

新澤西州。

07095

，（主要行政辦公地址）

(郵政編碼)

 

公司電話號碼，包括區號：（732) 499-7200

 

不適用

(如果自上次報告以來有變化，請列出原名稱、原地址和原財政年度)

在法案第12(b)條的規定下注冊的證券：

每一類的名稱

交易代碼

登記的交易所名稱

普通股，每股面值0.01美元

NFBK

納斯達克股票交易所有限責任公司

 

請在選項前打勾，表示註冊申報人（1）在過去12個月內（或對於申報人需要在該期間內提交這些報告的較短期間）已提交每個根據證券交易所法案第13或15（d）條規定需要提交的報告，並且（2）在過去90天內一直受到這些提交要求的影響。是 ☒ No ☐

請在選項前打勾，表示註冊申報人是否已在過去12個月內（或對於申報人需要在該期間內提交這些文件的較短期間）通過電子方式提交了根據該章節規定的Rule 405提交交互式數據文件的所有文件。是 ☒ No ☐

請通過勾選框指示註冊人是大型加速申報人、加速申報人、非加速申報人、較小報告公司，還是新興成長公司。請參閱《交易所法》第120億.2條中對「大型加速申報人」、「加速申報人」、「較小報告公司」和「新興成長公司」的定義：
大型加速報告人			☐			加速文件提交人			☒
非加速文件提交人			☐			較小的報告公司			☐
新興成長公司			☐

 

如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 ☐

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請勾選註冊人是否爲殼公司（根據交易法第120億.2條的定義）。 是 ☐ No ☒

截至2024年10月31日，註冊人擁有 42,904,081 每股面值$0.01的普通股，已發行並流通。

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NORTHFIELD BANCORP，INC。

第10-Q表格季度報告

目錄

						頁面
第一部分 - 財務信息
項目 1。			基本報表			4
項目2。			分銷計劃			43
項目3。			有關市場風險的定量和定性披露			61
項目4。			控制和程序			63
第二部分 - 其他信息
項目 1.			法律訴訟			64
項目1A。			風險因素			64
項目 2.			未註冊的股權銷售、使用收益和發行人購買股權			64
項目3。			對優先證券的違約			65
項目4。			礦山安全披露			65
項目5。			其他信息			65
項目6。			展示資料			65
			簽名			66

3

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目錄

第一部分

基本報表1

北田銀行公司

合併資產負債表

(未經審計) (以千爲單位，除分享金額外)

			2024年9月30日						2023年12月31日
資產:
現金和存放在銀行的款項			$	14,193					$	13,889
其他金融機構的利息收入存款			218,733						215,617
現金及現金等價物總額			232,926						229,506
交易證券			13,759						12,549
可供出售債務證券，按預估公允價值計量（帶 沒有 截至2024年9月30日和2023年12月31日的信貸損失準備金			1,063,486						795,464
持有到期日的債務證券，賬面成本攤銷			9,681						9,866
(2023年12月31日估計公允價值爲$9,519 在2024年9月30日，及$9,586 ，2023年12月31日持有無信用損失準備餘額，2024年9月30日 沒有 信用損失準備餘額
股權證券			10,699						10,629
待售貸款			4,897						—
投資持有的貸款			4,059,106						4,203,654
減：信貸損失準備			(35,197)						(37,535)
投資持有的淨貸款			4,023,909						4,166,119
應計利息應收款			19,299						18,491
銀行擁有的人壽保險			174,482						171,543
聯邦住房貸款銀行（“FHLB”紐約股票的成本			37,269						39,667
經營租賃使用權資產			28,943						30,202
房屋及設備，淨值			22,973						24,771
商譽			41,012						41,012
其他資產			47,516						48,577
資產總額			$	5,730,851					$	5,598,396
負債和股東權益：
負債：
存款			$	3,875,569					$	3,878,435
協議回購出售的證券			—						25,000
FHLB貸款和其他借款			990,871						834,272
Subordinated debentures, net of issuance costs			61,386						61,219
經營租賃負債			33,529						35,205
借款人預付稅金和保險的款項			22,492						25,102
應計費用和其他負債			47,440						39,718
負債總額			5,031,287						4,898,951
6.40
優先股，$0.00010.01股份在2023年9月30日和2022年12月31日分別授權;25,000,000 授權股份， 無A類普通股，每股面值爲$			—						—
普通股，每股面值爲 $0.0001；0.01 面值： 150,000,000 授權股份數量， 64,770,875 分別於2024年9月30日和2023年12月31日發行的股份
2024年9月30日和2023年12月31日， 42,904,342 和 44,524,929 分別爲2024年9月30日和2023年12月31日的未清償金額			648						648
股本溢價			590,164						590,973
員工持股計劃持有的未分配普通股			(13,692)						(14,340)
保留盈餘			435,459						433,227
累計其他綜合損失			(18,316)						(32,442)
按成本計提的庫存股: 截至2024年3月31日，有500萬股，截至2023年12月31日有600萬股21,866,533 和 20,245,946 分別爲2024年9月30日和2023年12月31日的股份			(294,699)						(278,621)
股東權益總額			699,564						699,445
負債和股東權益總額			$	5,730,851					$	5,598,396

請查看附註的未經審計的合併財務報表。

4

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目錄

NORTHFIELD BANCORP，INC。

綜合收益表合併報表

(未經審計) (以千爲單位，除每股數據外)

			截止至9月30日的三個月												截至九個月，至九月三十日，
			2024						2023						2024						2023
利息收入：
貸款			$	46,016					$	46,213					$	138,030					$	135,220
抵押支持證券			8,493						3,664						20,246						11,170
其他證券			2,684						1,095						10,031						3,593
紐約FHLb的分紅派息			914						933						2,819						2,125
存入其他金融機構的資金			1,211						831						7,060						2,225
總利息收入			59,318						52,736						178,186						154,333
利息支出：
存款			20,304						13,614						60,241						31,918
借款			9,949						8,593						30,653						24,182
從屬債務			836						837						2,492						2,484
利息支出總額			31,089						23,044						93,386						58,584
淨利息收入			28,229						29,692						84,800						95,749
信貸損失準備			2,542						188						2,339						1,082
信貸損失準備後的淨利息收入			25,687						29,504						82,461						94,667
非息收入：
客戶服務費用和服務費			1,611						1,317						4,796						4,006
銀行持有壽險收益			999						920						2,939						2,679
可供出售債務證券淨虧損			(7)						—						(6)						(17)
交易證券淨收益（淨損失）			710						(295)						1,597						723
貸款銷售收益			—						99						51						134
其他			265						80						441						744
總非利息收入			3,578						2,121						9,818						8,269
非利息支出：
薪酬和員工福利			11,424						10,920						37,577						34,310
佔用率			3,030						3,416						9,805						10,032
傢俱和設備			450						479						1,411						1,393
數據處理			1,780						1,994						6,104						6,308
專業費用			943						883						2,433						2,622
廣告			282						414						1,282						1,834
聯邦存款保險公司保險			626						591						1,863						1,763
對錶外風險暴露的信用損失支出（收益）			151						160						337						(390)
其他			1,692						1,710						4,891						4,598
非利息支出總額			20,378						20,567						65,703						62,470
稅前收入			8,887						11,058						26,576						40,466
所得稅費用			2,364						2,877						7,882						11,019
淨利潤			$	6,523					$	8,181					$	18,694					$	29,447
每股普通股淨收益:
基本			$	0.16					$	0.19					$	0.45					$	0.67
稀釋			$	0.16					$	0.19					$	0.45					$	0.67
請查看附註的未經審計的合併財務報表。

5

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Table of Contents

NORTHFIELD BANCORP, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - (Continued) (Unaudited) (In thousands)
			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Net income			$	6,523					$	8,181					$	18,694					$	29,447
Other comprehensive income (loss):
Unrealized gains (losses) on debt securities available-for-sale:
Net unrealized holding gains (losses)			15,352						(4,039)						19,527						467
Less: reclassification adjustment for net losses included in net income			7						—						6						17
Net unrealized gains (losses)			15,359						(4,039)						19,533						484
Post-retirement benefits adjustment			—						—						58						—
Other comprehensive income (loss) before tax			15,359						(4,039)						19,591						484
Income tax (expense) benefit related to net unrealized holding gains (losses) on debt securities available-for-sale			(4,272)						1,130						(5,447)						(131)
Income tax benefit related to reclassification adjustment for losses included in net income			(2)						—						(2)						(5)
Income tax benefit related to post retirement benefit adjustment			—						—						(16)						—
Other comprehensive income (loss), net of tax			11,085						(2,909)						14,126						348
Comprehensive income			$	17,608					$	5,272					$	32,820					$	29,795

See accompanying notes to unaudited consolidated financial statements.

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NORTHFIELD BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Three Months Ended September 30, 2024 and 2023

(Unaudited) (In thousands, except share data) 

			Common Stock
			Shares Outstanding						Par Value						Additional Paid-in Capital						Unallocated Common Stock Held by the Employee Stock Ownership Plan						Retained Earnings						Accumulated Other Comprehensive Income (loss) Net of tax						Treasury Stock						Total Stockholders' Equity
Balance at June 30, 2023			45,243,673						$	648					$	589,335					$	(15,192)					$	427,921					$	(45,074)					$	(270,997)					$	686,641
Net income																											8,181																		8,181
Other comprehensive loss, net of tax																																	(2,909)												(2,909)
ESOP shares allocated or committed to be released															75						234																								309
Stock compensation expense															580																														580
Restricted stock forfeitures			(1,967)												28																								(28)						—
Cash dividends declared and paid ($0.13 per common share)																											(5,567)																		(5,567)
Repurchase of treasury stock (average cost of $11.06 per share)			(285,588)																																				(3,160)						(3,160)
Balance at September 30, 2023			44,956,118						$	648					$	590,018					$	(14,958)					$	430,535					$	(47,983)					$	(274,185)					$	684,075
Balance at June 30, 2024			43,466,961						$	648					$	589,349					$	(13,909)					$	434,310					$	(29,401)					$	(287,973)					$	693,024
Net income																											6,523																		6,523
Other comprehensive income, net of tax																																	11,085												11,085
ESOP shares allocated or committed to be released															80						217																								297
Stock compensation expense															717																														717
Restricted stock forfeitures			(1,198)												18																								(18)						—
Cash dividends declared and paid ($0.13 per common share)																											(5,374)																		(5,374)
Purchase of employee restricted stock to fund statutory tax withholding			(738)																																				(8)						(8)
Repurchase of treasury stock, including excise tax (average cost of $11.95 per share)			(560,683)																																				(6,700)						(6,700)
Balance at September 30, 2024			42,904,342						$	648					$	590,164					$	(13,692)					$	435,459					$	(18,316)					$	(294,699)					$	699,564

See accompanying notes to unaudited consolidated financial statements.

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NORTHFIELD BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Nine Months Ended September 30, 2024 and 2023

(Unaudited) (In thousands, except share data) 

			Common Stock
			Shares Outstanding						Par Value						Additional Paid-in Capital						Unallocated Common Stock Held by the Employee Stock Ownership Plan						Retained Earnings						Accumulated Other Comprehensive Income (loss) Net of tax						Treasury Stock						Total Stockholders' Equity
Balance at December 31, 2022			47,442,488						$	648					$	590,249					$	(15,650)					$	418,353					$	(48,331)					$	(243,879)					$	701,390
Net income																											29,447																		29,447
Other comprehensive income, net of tax																																	348												348
ESOP shares allocated or committed to be released															307						692																								999
Stock compensation expense															1,803																														1,803
Restricted stock issuance			173,060												(2,670)																								2,670						—
Restricted stock forfeitures			(23,219)												336																								(336)						—
Exercise of stock options, net			7,600												(7)																								107						100
Cash dividends declared and paid ($0.39 per common share)																											(17,265)																		(17,265)
Repurchase of treasury stock (average cost of $12.27 per share)			(2,643,811)																																				(32,747)						(32,747)
Balance at September 30, 2023			44,956,118						$	648					$	590,018					$	(14,958)					$	430,535					$	(47,983)					$	(274,185)					$	684,075
Balance at December 31, 2023			44,524,929						$	648					$	590,973					$	(14,340)					$	433,227					$	(32,442)					$	(278,621)					$	699,445
Net income																											18,694																		18,694
Other comprehensive income, net of tax																																	14,126												14,126
ESOP shares allocated or committed to be released															157						648																								805
Stock compensation expense															1,632																														1,632
Restricted stock issuance			213,702												(2,772)																								2,772						—
Restricted stock forfeitures			(12,714)												174																								(174)						—
Cash dividends declared and paid ($0.39 per common share)																											(16,462)																		(16,462)
Purchase of employee restricted stock to fund statutory tax withholding			(19,503)																																				(231)						(231)
Repurchase of treasury stock, including excise tax (average cost of $10.24 per share)			(1,802,072)																																				(18,445)						(18,445)
Balance at September 30, 2024			42,904,342						$	648					$	590,164					$	(13,692)					$	435,459					$	(18,316)					$	(294,699)					$	699,564

See accompanying notes to unaudited consolidated financial statements.

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NORTHFIELD BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) (In thousands)

			Nine Months Ended September 30,
			2024						2023
Net income			$	18,694					$	29,447
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			2,339						1,082
ESOP and stock compensation expense			2,437						2,802
Depreciation			2,710						2,765
Amortization of premiums and deferred loan costs, net of accretion of discounts and deferred loan fees			754						5,483
Amortization of debt issuance costs			167						167
Amortization of intangible assets			64						93
Amortization of operating lease right-of-use assets			3,486						3,526
Income on bank-owned life insurance			(2,939)						(2,679)
Net gain on sale of loans			(51)						(134)
Proceeds from sale of loans held-for-sale			673						1,583
Origination of loans held-for-sale			(622)						(1,449)
Losses on available-for-sale debt securities, net			6						17
Gains on trading securities, net			(1,597)						(723)
Loss on sale of other real estate owned, net			—						7
Net sales (purchases) of trading securities			387						(30)
(Increase) decrease in accrued interest receivable			(808)						71
Increase in other assets			(8,313)						(12,157)
Increase in accrued expenses and other liabilities			7,722						2,813
Net cash provided by operating activities			25,109						32,684
Cash flows from investing activities:
Net decrease in loans receivable			135,317						10,190
Purchases of loans			(1,529)						(3,781)
Purchases of FHLB of New York stock			(6,381)						(44,998)
Redemptions of FHLB of New York stock			8,779						34,215
Purchases of debt securities available-for-sale			(928,815)						(765)
Purchases of equity securities			(70)						(185)
Principal payments and maturities on debt securities available-for-sale			680,751						205,310
Principal payments and maturities on debt securities held-to-maturity			186						630
Proceeds from sale of other real estate owned			—						63
Purchases and improvements of premises and equipment			(912)						(2,075)
Net cash (used in) provided by investing activities			(112,674)						198,604
Cash flows from financing activities:
Net decrease in deposits			(2,866)						(481,706)
Dividends paid			(16,462)						(17,265)
Exercise of stock options			—						100
Purchase of treasury stock			(18,676)						(32,747)
Decrease in advance payments by borrowers for taxes and insurance			(2,610)						(27)
Proceeds from borrowings and securities sold under agreements to repurchase			455,684						743,553
Repayments related to securities sold under agreements to repurchase and other borrowings			(324,085)						(408,439)
Net cash provided by (used in) financing activities			90,985						(196,531)
Net increase in cash and cash equivalents			3,420						34,757
Cash and cash equivalents at beginning of period			229,506						45,799
Cash and cash equivalents at end of period			$	232,926					$	80,556

See accompanying notes to unaudited consolidated financial statements

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NORTHFIELD BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS - (Continued)

(Unaudited) (In thousands)

			Nine Months Ended September 30,
			2024						2023
Supplemental cash flow information:
Cash paid during the period for:
Interest			$	87,322					$	56,109
Income taxes			6,178						13,336
Non-cash transactions:
Loan charge-offs, net			4,667						5,219
Transfer of loans held-for-investment to other real estate owned			—						70
Right-of-use assets obtained in exchange for new lease liabilities			2,227						645
Transfer of loans held-for-investment to loans held-for-sale at fair value			4,897						950

See accompanying notes to unaudited consolidated financial statements.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements

Note 1 – Consolidated Financial Statements

Basis of Presentation

The consolidated financial statements are comprised of the accounts of Northfield Bancorp, Inc. and its wholly owned subsidiaries, Northfield Investments, Inc. and Northfield Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries, NSB Services Corp. and NSB Realty Trust (collectively the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation.

 

In the opinion of management, all adjustments (consisting solely of normal and recurring adjustments) necessary for the fair presentation of the consolidated balance sheets and the consolidated statements of comprehensive income for the unaudited periods presented have been included. The results of operations and other data presented for the three and nine months ended September 30, 2024 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2024 or for any other period. Whenever necessary, certain prior year amounts are reclassified to conform to the current year presentation.

In preparing the unaudited consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheets and for the periods indicated in the consolidated statements of comprehensive income. Material estimates that are particularly susceptible to change are: the allowance for credit losses and the valuation allowance against deferred tax assets. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual amounts or results could differ significantly from those estimates.

 

Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of interim financial statements. The consolidated financial statements presented should be read in conjunction with the audited consolidated financial statements and notes to consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC. 

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

Note 2 – Debt Securities Available-for-Sale

The following is a comparative summary of mortgage-backed securities and other debt securities available-for-sale at September 30, 2024 and December 31, 2023 (in thousands):

			September 30, 2024
									Gross						Gross						Estimated
			Amortized						unrealized						unrealized						fair
			cost						gains						losses						value
U.S. Government agency securities			75,734						—						(833)						74,901
Mortgage-backed securities:
Pass-through certificates:
Government sponsored enterprises ("GSEs")			295,840						3						(18,194)						277,649
Real estate mortgage investment conduits ("REMICs"):
GSE			597,142						1,694						(7,075)						591,761
Total mortgage-backed securities			892,982						1,697						(25,269)						869,410
Other debt securities:
Municipal bonds			684						—						—						684
Corporate bonds			119,574						81						(1,164)						118,491
			120,258						81						(1,164)						119,175
Total debt securities available-for-sale			$	1,088,974					$	1,778					$	(27,266)					$	1,063,486

			December 31, 2023
									Gross						Gross						Estimated
			Amortized						unrealized						unrealized						fair
			cost						gains						losses						value
U.S. Treasuries			$	44,364					$	15					$	—					$	44,379
U.S. Government agency securities			75,898						—						(1,990)						73,908
Mortgage-backed securities:
Pass-through certificates:
GSE			365,823						2						(28,285)						337,540
REMICs:
GSE			224,931						—						(11,831)						213,100
Total mortgage-backed securities			590,754						2						(40,116)						550,640
Other debt securities:
Municipal bonds			765						—						(2)						763
Corporate bonds			128,704						43						(2,973)						125,774
			129,469						43						(2,975)						126,537
Total debt securities available-for-sale			$	840,485					$	60					$	(45,081)					$	795,464

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The following is a summary of the expected maturity distribution of debt securities available-for-sale, other than mortgage-backed securities, at September 30, 2024 (in thousands):

Available-for-sale						Amortized cost						Estimated fair value
Due in one year or less						$	94,396					$	93,588
Due after one year through five years						93,596						92,919
Due after five years through ten years						8,000						7,569
						$	195,992					$	194,076

Contractual maturities for mortgage-backed securities are not included above, as expected maturities on mortgage-backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties.

Certain securities available-for-sale are pledged or encumbered to secure borrowings under pledge agreements and repurchase agreements and for other purposes required by law. At September 30, 2024 and December 31, 2023, the fair value of debt securities available-for-sale that were pledged to secure borrowings and deposits was $476.5 million and $272.9 million, respectively.

For the three months ended September 30, 2024, the Company had no proceeds on sales of debt securities available-for-sale, with no gross realized gains and gross realized losses of $7,000 related to calls of securities. For the nine months ended September 30, 2024, the Company had no proceeds on sales of debt securities available-for-sale, with gross realized losses of $7,000 and gross realized gains of $1,000 related to calls of securities. For the three months ended September 30, 2023, the Company had no proceeds on sales of debt securities available-for-sale, and no gross realized gains or losses. For the nine months ended September 30, 2023, the Company had no proceeds on sales of debt securities available-for-sale, with gross realized gains of $22,000 and gross realized losses of $39,000 related to calls of securities. The Company recognized net gains of $710,000 and $1.6 million on its trading securities portfolio during the three and nine months ended September 30, 2024, respectively. During the three and nine months ended September 30, 2023, the Company recognized net losses of $295,000 and net gains of $723,000, respectively, on its trading securities portfolio.

Gross unrealized losses on mortgage-backed securities and other debt securities available-for-sale, and the estimated fair value of the related securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2024 and December 31, 2023, were as follows (in thousands):

			September 30, 2024
			Less than 12 months												12 months or more												Total
			Unrealized						Estimated						Unrealized						Estimated						Unrealized						Estimated
			losses						fair value						losses						fair value						losses						fair value
U.S. Government agency securities			$	—					$	—					$	(833)					$	74,901					$	(833)					$	74,901
Mortgage-backed securities:
Pass-through certificates:
GSE			—						—						(18,194)						277,443						(18,194)						277,443
REMICs:
GSE			—						—						(7,075)						178,488						(7,075)						178,488
Other debt securities:
Corporate bonds			—						3,308						(1,164)						32,603						(1,164)						35,911
Total			$	—					$	3,308					$	(27,266)					$	563,435					$	(27,266)					$	566,743

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

			December 31, 2023
			Less than 12 months												12 months or more												Total
			Unrealized						Estimated						Unrealized						Estimated						Unrealized						Estimated
			losses						fair value						losses						fair value						losses						fair value
U.S. Government agency securities			$	—					$	—					$	(1,990)					$	73,908					$	(1,990)					$	73,908
Mortgage-backed securities:
Pass-through certificates:
GSE			—						17						(28,285)						337,438						(28,285)						337,455
REMICs:
GSE			—						—						(11,831)						213,100						(11,831)						213,100
Other debt securities:
Municipal bonds			(2)						763						—						—						(2)						763
Corporate bonds			(7)						9,966						(2,966)						96,978						(2,973)						106,944
Total			$	(9)					$	10,746					$	(45,072)					$	721,424					$	(45,081)					$	732,170

 

The Company held 110 pass-through mortgage-backed securities issued or guaranteed by GSEs, 71 REMIC mortgage-backed securities issued or guaranteed by GSEs, five corporate bonds, and five U.S. Government agency securities that were in a continuous unrealized loss position of twelve months or greater at September 30, 2024. There was one corporate bond, no pass-through mortgage-backed securities issued or guaranteed by GSEs, and no REMIC mortgage-backed securities issued or guaranteed by GSEs that were in an unrealized loss position of less than twelve months at September 30, 2024. Substantially all securities referred to above were rated investment grade at September 30, 2024.

Available-for-sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. In performing an assessment of whether any decline in fair value is due to a credit loss, the Company considers the extent to which the fair value is less than the amortized cost, changes in credit ratings, any adverse economic conditions, as well as all relevant information at the individual security level such as credit deterioration of the issuer or collateral underlying the security. In assessing the impairment, the Company compares the present value of cash flows expected to be collected with the amortized cost basis of the security. If it is determined that the decline in fair value was due to credit losses, an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. The Company did not record any allowance for credit losses on its available-for-sale debt securities as of September 30, 2024 or December 31, 2023. 

The non-credit related decrease in the fair value, such as a decline due to changes in market interest rates, is recorded in other comprehensive income, net of tax. The Company also assesses its intent to sell the securities (as well as the likelihood of a near-term recovery). If the Company intends to sell an available-for-sale debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings.

The Company has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Accrued interest receivable associated with debt securities available-for-sale totaled $3.4 million and $2.4 million at September 30, 2024 and December 31, 2023, respectively, and was reported in accrued interest receivable on the consolidated balance sheets. The Company elected not to measure an allowance for credit losses on accrued interest receivable as an allowance on possible uncollectible accrued interest is not warranted.

    

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

Note 3 – Debt Securities Held-to-Maturity

The following is a summary of mortgage-backed securities held-to-maturity at September 30, 2024 and December 31, 2023 (in thousands): 

			September 30, 2024
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Mortgage-backed securities:
Pass-through certificates:
GSE			$	9,681					$	143					$	(305)					$	9,519
Total securities held-to-maturity			$	9,681					$	143					$	(305)					$	9,519

			December 31, 2023
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Mortgage-backed securities:
Pass-through certificates:
GSE			$	9,866					$	107					$	(387)					$	9,586
Total securities held-to-maturity			$	9,866					$	107					$	(387)					$	9,586

    

Contractual maturities for mortgage-backed securities are not presented, as expected maturities on mortgage-backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. There were no sales of held-to-maturity securities for the nine months ended September 30, 2024 or September 30, 2023.

At both September 30, 2024 and December 31, 2023, debt securities held-to-maturity with a carrying value of $9.5 million and $9.7 million, respectively, were pledged to secure borrowings and deposits.

Gross unrealized losses on mortgage-backed securities held-to-maturity, and the estimated fair value of the related securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2024 and December 31, 2023 were as follows (in thousands):

			September 30, 2024
			Less than 12 months												12 months or more												Total
			Unrealized						Estimated						Unrealized						Estimated						Unrealized						Estimated
			losses						fair value						losses						fair value						losses						fair value
Mortgage-backed securities:
Pass-through certificates:
GSE			$	—					$	—					$	(305)					$	6,592					$	(305)					$	6,592
Total			$	—					$	—					$	(305)					$	6,592					$	(305)					$	6,592

			December 31, 2023
			Less than 12 months												12 months or more												Total
			Unrealized						Estimated						Unrealized						Estimated						Unrealized						Estimated
			losses						fair value						losses						fair value						losses						fair value
Mortgage-backed securities:
Pass-through certificates:
GSE			$	—					$	—					$	(387)					$	6,661					$	(387)					$	6,661
Total			$	—					$	—					$	(387)					$	6,661					$	(387)					$	6,661

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The Company held nine pass-through mortgage-backed debt securities held-to-maturity issued or guaranteed by GSEs that were in a continuous unrealized loss position of twelve months or greater at September 30, 2024.

The Company's held-to-maturity securities are residential mortgage-backed securities issued by Ginnie Mae, Freddie Mac and Fannie Mae, and it is expected that the securities will not be settled at prices less than the amortized cost bases of the securities as such securities are backed by the full faith and credit of and/or guaranteed by the U.S. Government. Accordingly, no allowance for credit losses has been recorded for these securities.

The Company has made the accounting policy election to exclude accrued interest receivable on held-to-maturity securities from the estimate of credit losses. Accrued interest receivable associated with held-to-maturity securities totaling $35,000 and $36,000 at September 30, 2024 and December 31, 2023, respectively, was reported in accrued interest receivable on the consolidated balance sheets. The Company elected not to measure an allowance for credit losses on accrued interest receivable as an allowance on possible uncollectible accrued interest is not warranted.

Note 4 – Equity Securities

Equity securities totaled $10.7 million and $10.6 million at September 30, 2024 and December 31, 2023, respectively. Equity securities consisted of money market mutual funds, recorded at fair value of $699,000 and $330,000 at September 30, 2024 and December 31, 2023, respectively, and an investment in a private SBA loan fund (the “SBA Loan Fund”) recorded at net asset value of $10.0 million and $10.3 million at September 30, 2024 and December 31, 2023, respectively. As the SBA Loan Fund operates as a private fund, its shares are not publicly traded and, therefore, has no readily determinable market value. The SBA Loan Fund was recorded at net asset value as a practical expedient for reporting fair value.

Note 5 – Loans

 

The following table summarizes the Company’s loans held-for-investment (in thousands):

						September 30,						December 31,
						2024						2023
Real estate loans:
Multifamily						$	2,640,944					$	2,750,996
Commercial mortgage						878,173						929,595
One-to-four family residential mortgage						149,682						160,824
Home equity and lines of credit						171,946						163,520
Construction and land						33,024						30,967
Total real estate loans						3,873,769						4,035,902
Commercial and industrial loans						174,413						155,268
Other loans						1,660						2,585
Total commercial and industrial and other loans						176,073						157,853
Loans held-for-investment (excluding purchased credit-deteriorated (“PCD”) loans)						4,049,842						4,193,755
PCD loans						9,264						9,899
Total loans held-for-investment						4,059,106						4,203,654
Allowance for credit losses						(35,197)						(37,535)
Net loans held-for-investment						$	4,023,909					$	4,166,119

The Company had loans held-for-sale of $4.9 million and $0 at September 30, 2024 and December 31, 2023, respectively.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

In addition to originating loans, the Company may acquire loans through portfolio purchases or acquisitions of other companies. Purchased loans that have evidence of more than insignificant credit deterioration since origination are deemed PCD loans. For PCD loans, each loan pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. PCD loans totaled $9.3 million at September 30, 2024, as compared to $9.9 million at December 31, 2023. The majority of the PCD loan balances were acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. At September 30, 2024, PCD loans consisted of approximately 11% home equity loans, 25% commercial real estate loans, 55% commercial and industrial loans, and 9% in one-to-four family residential loans. At December 31, 2023, PCD loans consisted of approximately 7% one-to-four family residential loans, 25% commercial real estate loans, 57% commercial and industrial loans, and 11% in home equity loans.

Credit Quality Indicators

The Company monitors the credit quality of its loan portfolio on a regular basis. Credit quality is monitored by reviewing certain credit quality indicators. Management has determined that loan-to-value (“LTV”) ratios (at period end) and internally assigned credit risk ratings by loan type are the key credit quality indicators that best measure the credit quality of the Company’s loan receivables. LTV ratios used by management in monitoring credit quality are based on current period loan balances and original appraised values at the time of origination (unless a current appraisal has been obtained as a result of the loan being deemed impaired). 

 

The Company maintains a credit risk rating system as part of the risk assessment of its loan portfolio. The Company’s lending officers are required to assign a credit risk rating to each loan in their portfolio at origination. This risk rating is reviewed periodically and adjusted if necessary. Monthly, management presents monitored assets to the Loan Committee. In addition, the Company engages a third-party independent loan reviewer that performs semi-annual reviews of a sample of loans, validating the credit risk ratings assigned to such loans. The credit risk ratings play an important role in the establishment of the provision for credit losses on loans and the allowance for credit losses for loans held-for-investment. After determining the loss factor for each portfolio segment held-for-investment, the collectively evaluated for impairment balance of the held-for-investment portfolio is multiplied by the collectively evaluated for impairment loss factor for the respective portfolio segment in order to determine the allowance for loans collectively evaluated for impairment.

When assigning a credit risk rating to a loan, management utilizes the Bank’s internal nine-point credit risk rating system. 

1.Strong

2.Good

3.Acceptable

4.Adequate

5.Watch

6.Special Mention

7.Substandard

8.Doubtful

9.Loss

 

Loans rated 1 to 5 are considered pass ratings. An asset is classified substandard if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard assets have well defined weaknesses based on objective evidence, and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Assets classified as doubtful have all of the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable based on current circumstances. Assets classified as loss are those considered uncollectible and of such little value that their continuance as assets is not warranted. Assets which do not currently expose the Company to sufficient risk to warrant classification in one of the aforementioned categories, but possess weaknesses, are required to be designated special mention.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The following table presents the Company’s loans held-for-investment and current period gross charge-offs, excluding PCD loans, by loan class, credit risk ratings and year of origination, at September 30, 2024 (in thousands):

			September 30, 2024
			2024						2023						2022						2021						2020						Prior						Revolving Loans						Total
Real Estate:
Multifamily
Pass			$	—					$	86,528					$	604,112					$	633,977					$	454,824					$	851,003					$	507					$	2,630,951
Special mention			—						—						—						1,204						—						782						—						1,986
Substandard			—						—						—						—						—						8,007						—						8,007
Total multifamily			—						86,528						604,112						635,181						454,824						859,792						507						2,640,944
Current period gross charge-offs			—						—						—						—						—						136						—						136
Commercial mortgage
Pass			32,030						87,572						196,926						150,838						61,719						322,475						1,844						853,404
Special mention			—						—						—						—						2,725						11,271						—						13,996
Substandard			—						—						—						—						—						10,478						295						10,773
Total commercial			32,030						87,572						196,926						150,838						64,444						344,224						2,139						878,173
One-to-four family residential
Pass			2,741						6,637						24,082						11,807						7,025						95,815						923						149,030
Substandard			—						—						—						—						—						652						—						652
Total one-to-four family residential			2,741						6,637						24,082						11,807						7,025						96,467						923						149,682
Home equity and lines of credit
Pass			11,556						20,859						31,717						12,658						6,746						17,898						68,857						170,291
Special mention			—						—						68						—						—						—						—						68
Substandard			—						—						979						422						23						163						—						1,587
Total home equity and lines of credit			11,556						20,859						32,764						13,080						6,769						18,061						68,857						171,946
Construction and land
Pass			1,318						8,798						2,194						625						13,585						5,854						650						33,024
Total construction and land			1,318						8,798						2,194						625						13,585						5,854						650						33,024
Total real estate loans			47,645						210,394						860,078						811,531						546,647						1,324,398						73,076						3,873,769
Commercial and industrial
Pass			6,969						15,615						22,075						14,489						3,477						6,799						87,394						156,818
Special mention			—						822						28						—						—						—						—						850
Substandard			—						622						1,317						13,912						748						146						—						16,745
Total commercial and industrial			6,969						17,059						23,420						28,401						4,225						6,945						87,394						174,413
Current period gross charge-offs			—						—						2,195						2,424						38						185						—						4,842
Other
Pass			—						—						—						—						—						1,611						43						1,654
Substandard			—						—						—						—						—						6						—						6
Total other			—						—						—						—						—						1,617						43						1,660
Total loans held-for-investment			$	54,614					$	227,453					$	883,498					$	839,932					$	550,872					$	1,332,960					$	160,513					$	4,049,842
Total current-period gross charge-offs			$	—					$	—					$	2,195					$	2,424					$	38					$	321					$	—					$	4,978

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The following table presents the Company’s loans held-for-investment and current period gross charge-offs, excluding PCD loans, by loan class, credit risk ratings and year of origination, at December 31, 2023 (in thousands):

			December 31, 2023
			2023						2022						2021						2020						2019						Prior						Revolving Loans						Total
Real Estate:
Multifamily
Pass			$	88,435					$	615,028					$	648,328					$	464,995					$	248,190					$	676,544					$	570					$	2,742,090
Special mention			—						—						—						—						—						328						—						328
Substandard			—						—						—						—						—						8,578						—						8,578
Total multifamily			88,435						615,028						648,328						464,995						248,190						685,450						570						2,750,996
Commercial mortgage
Pass			89,072						211,754						147,656						66,207						86,736						299,615						1,812						902,852
Special mention			—						—						8,528						—						—						4,369						—						12,897
Substandard			—						2,838						—						—						—						10,708						300						13,846
Total commercial			89,072						214,592						156,184						66,207						86,736						314,692						2,112						929,595
One-to-four family residential
Pass			6,747						26,198						12,039						8,321						9,064						96,569						829						159,767
Special mention			—						—						—						—						—						347						—						347
Substandard			—						—						—						—						—						710						—						710
Total one-to-four family residential			6,747						26,198						12,039						8,321						9,064						97,626						829						160,824
Home equity and lines of credit
Pass			23,400						33,022						14,316						7,179						5,353						13,658						65,287						162,215
Special mention			—						—						—						—						—						67						—						67
Substandard			—						627						423						24						89						75						—						1,238
Total home equity and lines of credit			23,400						33,649						14,739						7,203						5,442						13,800						65,287						163,520
Construction and land
Pass			4,877						6,091						630						10,236						1,192						7,291						650						30,967
Total construction and land			4,877						6,091						630						10,236						1,192						7,291						650						30,967
Total real estate loans			212,531						895,558						831,920						556,962						350,624						1,118,859						69,448						4,035,902
Commercial and industrial
Pass			17,197						26,075						17,485						2,727						2,602						7,296						65,603						138,985
Special mention			—						542						361						39						—						56						250						1,248
Substandard			—						847						13,843						132						45						168						—						15,035
Total commercial and industrial			17,197						27,464						31,689						2,898						2,647						7,520						65,853						155,268
Current period gross charge-offs			1,488						2,818						1,439						437						62						328						—						6,572
Other
Pass			2,463						—						—						53						—						23						39						2,578
Substandard			—						—						—						—						—						7						—						7
Total other			2,463						—						—						53						—						30						39						2,585
Total loans held-for-investment			$	232,191					$	923,022					$	863,609					$	559,913					$	353,271					$	1,126,409					$	135,340					$	4,193,755
Total current-period gross charge-offs			$	1,488					$	2,818					$	1,439					$	437					$	62					$	328					$	—					$	6,572

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

Past Due and Non-Accrual Loans

Included in loans receivable held-for-investment are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers (excluding PCD loans). The recorded investment of these non-accrual loans was $22.9 million and $10.1 million at September 30, 2024 and December 31, 2023, respectively. Generally, originated loans are placed on non-accrual status when they become 90 days or more delinquent, or sooner if considered appropriate by management, and remain on non-accrual status until they are brought current, have six consecutive months of performance under the revised loan terms, and factors indicating reasonable doubt about the timely collection of payments no longer exist. Therefore, loans may be current in accordance with their loan terms, or may be less than 90 days delinquent and still be on non-accruing status.    

When an individual loan no longer demonstrates the similar credit risk characteristics as other loans within its current segment, the Company evaluates each for expected credit losses on an individual basis. All non-accrual loans $500,000 and above and all loans designated as Troubled Debt Restructurings (“TDRs”) prior to the adoption of Accounting Standards Update (“ASU”) No. 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”) on January 1, 2023, are individually evaluated. See “Loan Modifications Made to Borrowers Experiencing Financial Difficulty” section below for more information. The non-accrual amounts included in loans individually evaluated for impairment were $17.3 million and $6.0 million at September 30, 2024, and December 31, 2023, respectively. Loans on non-accrual status with principal balances less than $500,000, and therefore not meeting the Company's definition of an impaired loan, amounted to $5.6 million and $4.1 million at September 30, 2024 and December 31, 2023, respectively. Loans past due 90 days or more and still accruing interest were $2.6 million and $1.3 million at September 30, 2024 and December 31, 2023, respectively, and consisted of loans that are well-secured and in the process of collection.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The following tables set forth the detail, and delinquency status, of non-performing loans (non-accrual loans and loans past due 90 days or more and still accruing), net of deferred fees and costs, at September 30, 2024, and December 31, 2023, excluding PCD loans and non-accrual loans held-for sale (in thousands):

			September 30, 2024
			Total Non-Performing Loans
			Non-Accruing Loans
			Current						30-89 Days Past Due						90 Days or More Past Due						Total						90 Days or More Past Due and Accruing						Total Non-Performing Loans
Loans held-for-investment:
Real estate loans:
Multifamily
Substandard			$	1,738					$	—					$	913					$	2,651					$	—					$	2,651
Total multifamily			1,738						—						913						2,651						—						2,651
Commercial mortgage
Substandard			740						—						3,686						4,426						1,161						5,587
Total commercial			740						—						3,686						4,426						1,161						5,587
One-to-four family residential
Pass			—						—						—						—						169						169
Substandard			66						—						—						66						135						201
Total one-to-four family residential			66						—						—						66						304						370
Home equity and lines of credit
Pass			—						—						—						—						30						30
Substandard			20						—						1,103						1,123						313						1,436
Total home equity and lines of credit			20						—						1,103						1,123						343						1,466
Total real estate			2,564						—						5,702						8,266						1,808						10,074
Commercial and industrial loans
Pass			—						—						—						—						750						750
Substandard			443						260						13,914						14,617						85						14,702
Total commercial and industrial loans			443						260						13,914						14,617						835						15,452
Other loans
Substandard			6						—						—						6						—						6
Total other			6						—						—						6						—						6
Total non-performing loans			$	3,013					$	260					$	19,616					$	22,889					$	2,643					$	25,532

At September 30, 2024, the Company had non-accrual loans held-for-sale of $4.9 million.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

			December 31, 2023
			Total Non-Performing Loans
			Non-Accruing Loans
			Current						30-89 Days Past Due						90 Days or More Past Due						Total						90 Days or More Past Due and Accruing						Total Non-Performing Loans
Loans held-for-investment:
Real estate loans:
Multifamily
Substandard			$	1,906					$	—					$	803					$	2,709					$	201					$	2,910
Total multifamily			1,906						—						803						2,709						201						2,910
Commercial mortgage
Substandard			3,245						65						3,181						6,491						—						6,491
Total commercial			3,245						65						3,181						6,491						—						6,491
One-to-four family residential
Pass			—						—						—						—						267						267
Substandard			77						—						27						104						139						243
Total one-to-four family residential			77						—						27						104						406						510
Home equity and lines of credit
Pass			—						—						—						—						61						61
Substandard			21						—						478						499						650						1,149
Total home equity and lines of credit			21						—						478						499						711						1,210
Total real estate			5,249						65						4,489						9,803						1,318						11,121
Commercial and industrial loans
Substandard			73						40						192						305						—						305
Total commercial and industrial loans			73						40						192						305						—						305
Other loans
Substandard			7						—						—						7						—						7
Total other			7						—						—						7						—						7
Total non-performing loans			$	5,329					$	105					$	4,681					$	10,115					$	1,318					$	11,433

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The following tables set forth the detail and delinquency status of loans held-for-investment, excluding PCD loans, net of deferred fees and costs, at September 30, 2024, and December 31, 2023 (in thousands):

			September 30, 2024
									Past Due Loans
			30-89 Days Past Due						90 Days or More Past Due						90 Days or More Past Due and Accruing						Total Past Due						Current						Total Loans Receivable, net
Loans held-for-investment:
Real estate loans:
Multifamily
Pass			$	2,260					$	—					$	—					$	2,260					$	2,628,691					$	2,630,951
Special mention			—						—						—						—						1,986						1,986
Substandard			—						913						—						913						7,094						8,007
Total multifamily			2,260						913						—						3,173						2,637,771						2,640,944
Commercial mortgage
Pass			17						—						—						17						853,387						853,404
Special mention			3,618						—						—						3,618						10,378						13,996
Substandard			2,054						3,686						1,161						6,901						3,872						10,773
Total commercial			5,689						3,686						1,161						10,536						867,637						878,173
One-to-four family residential
Pass			2,286						—						169						2,455						146,575						149,030
Substandard			—						—						135						135						517						652
Total one-to-four family residential			2,286						—						304						2,590						147,092						149,682
Home equity and lines of credit
Pass			1,218						—						30						1,248						169,043						170,291
Special mention			—						—						—						—						68						68
Substandard			151						1,103						313						1,567						20						1,587
Total home equity and lines of credit			1,369						1,103						343						2,815						169,131						171,946
Construction and land
Pass			—						—						—						—						33,024						33,024
Total construction and land			—						—						—						—						33,024						33,024
Total real estate			11,604						5,702						1,808						19,114						3,854,655						3,873,769
Commercial and industrial
Pass			3,810						—						750						4,560						152,258						156,818
Special mention			—						—						—						—						850						850
Substandard			900						13,914						85						14,899						1,846						16,745
Total commercial and industrial			4,710						13,914						835						19,459						154,954						174,413
Other loans
Pass			4						—						—						4						1,650						1,654
Substandard			—						—						—						—						6						6
Total other loans			4						—						—						4						1,656						1,660
Total loans held-for-investment			$	16,318					$	19,616					$	2,643					$	38,577					$	4,011,265					$	4,049,842

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

			December 31, 2023
			Past Due Loans
			30-89 Days Past Due						90 Days or More Past Due						90 Days or More Past Due and Accruing						Total Past Due						Current						Total Loans Receivable, net
Loans held-for-investment:
Real estate loans:
Multifamily
Pass			$	740					$	—					$	—					$	740					$	2,741,350					$	2,742,090
Special mention			—						—						—						—						328						328
Substandard			—						803						201						1,004						7,574						8,578
Total multifamily			740						803						201						1,744						2,749,252						2,750,996
Commercial mortgage
Pass			954						—						—						954						901,898						902,852
Special mention			—						—						—						—						12,897						12,897
Substandard			121						3,181						—						3,302						10,544						13,846
Total commercial			1,075						3,181						—						4,256						925,339						929,595
One-to-four family residential
Pass			3,275						—						267						3,542						156,225						159,767
Special mention			64						—						—						64						283						347
Substandard			—						27						139						166						544						710
Total one-to-four family residential			3,339						27						406						3,772						157,052						160,824
Home equity and lines of credit
Pass			691						—						61						752						161,463						162,215
Special mention			37						—						—						37						30						67
Substandard			89						478						650						1,217						21						1,238
Total home equity and lines of credit			817						478						711						2,006						161,514						163,520
Construction and land
Pass			—						—						—						—						30,967						30,967
Total construction and land			—						—						—						—						30,967						30,967
Total real estate			5,971						4,489						1,318						11,778						4,024,124						4,035,902
Commercial and industrial
Pass			1,726						—						—						1,726						137,259						138,985
Special mention			385						—						—						385						863						1,248
Substandard			696						192						—						888						14,147						15,035
Total commercial and industrial			2,807						192						—						2,999						152,269						155,268
Other loans
Pass			10						—						—						10						2,568						2,578
Substandard			—						—						—						—						7						7
Total other loans			10						—						—						10						2,575						2,585
Total loans held-for-investment			$	8,788					$	4,681					$	1,318					$	14,787					$	4,178,968					$	4,193,755

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The following tables summarize information on non-accrual loans, excluding PCD loans, as of September 30, 2024 and December 31, 2023 (in thousands):

			September 30, 2024
			Recorded Investment						Unpaid Principal Balance						With No Related Allowance
Real estate loans:
Multifamily			$	2,651					$	3,065					$	1,738
Commercial mortgage			4,426						4,873						2,970
One-to-four family residential			66						66						—
Home equity and lines of credit			1,123						1,372						—
Commercial and industrial			14,617						22,572						23
Other			6						5						—
Total non-accrual loans			$	22,889					$	31,953					$	4,731

			December 31, 2023
			Recorded Investment						Unpaid Principal Balance						With No Related Allowance
Real estate loans:
Multifamily			$	2,709					$	2,987					$	1,906
Commercial mortgage			6,491						6,946						4,055
One-to-four family residential			104						104						—
Home equity and lines of credit			499						749						—
Commercial and industrial			305						4,405						81
Other			7						6						—
Total non-accrual loans			$	10,115					$	15,197					$	6,042

The following table summarizes interest income recognized on non-accrual loans, excluding PCD loans, during the three and nine months ended September 30, 2024 and September 30, 2023 (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Real estate loans:
Multifamily			$	36					$	41					$	111					$	144
Commercial mortgage			34						63						188						183
One-to-four family residential			1						1						4						6
Home equity and lines of credit			7						—						14						1
Commercial and industrial			898						48						987						77
Total interest income on non-accrual loans			$	976					$	153					$	1,304					$	411

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

Collateral-Dependent Loans

Loans for which the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral are considered to be collateral-dependent loans. Collateral can have a significant financial effect in mitigating exposure to credit risk and, where there is sufficient collateral, an allowance for credit losses is not recognized or is minimal. For collateral-dependent loans, the allowance for credit losses is individually assessed based on the fair value of the collateral less estimated costs of sale. The Company's collateral-dependent loans are secured by real estate. Collateral values are generally based on appraisals which are adjusted for changes in market indices. As of September 30, 2024 and December 31, 2023, the Company had $6.4 million and $7.9 million of collateral-dependent impaired loans, respectively. The collateral-dependent loans at September 30, 2024 consisted of $4.4 million of commercial real estate loans, $1.7 million of multifamily loans, and $272,000 of one-to-four family residential loans. For the nine months ended September 30, 2024, there was no significant deterioration or changes in the collateral securing these loans.

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The Company adopted ASU 2022-02 on January 1, 2023. Since adoption, the Company has modified, and may modify in the future, certain loans to borrowers experiencing financial difficulty. These modifications may include a reduction in interest rate, an extension in term, principal forgiveness and/or other than insignificant payment delay.

The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty that were modified during the three and nine months ended September 30, 2024 and 2023, by class and by type of modification (dollars in thousands):

									Three Months Ended September 30, 2024
									Payment Delay						Term Extension						Payment Delay and Term Extension						Payment Delay, Term Extension, and Interest Rate Reductions						Total						Percentage of Total Class of Financing Receivable
Commercial and industrial									$	445					$	—					$	—					$	—					$	445					0.26		%
Total loans									$	445					$	—					$	—					$	—					$	445

									Three Months Ended September 30, 2023
									Payment Delay						Term Extension(1)						Payment Delay and Interest Rate Reduction						Payment Delay, Term Extension, and Interest Rate Reductions						Total						Percentage of Total Class of Financing Receivable
Commercial mortgage									$	171					$	—					$	—					$	—					$	171					0.02		%
Commercial and industrial									96						13,379						—						390						13,865						9.58		%
Total loans									$	267					$	13,379					$	—					$	390					$	14,036

									Nine Months Ended September 30, 2024
									Payment Delay						Term Extension(1)						Payment Delay and Term Extension						Payment Delay, Term Extension, and Interest Rate Reductions						Total						Percentage of Total Class of Financing Receivable
Commercial mortgage									$	—					$	—					$	386					$	295					$	681					0.08		%
Commercial and industrial									569						12,500						—						888						13,957						8.00		%
Total loans									$	569					$	12,500					$	386					$	1,183					$	14,638

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

									Nine Months Ended September 30, 2023
									Payment Delay						Term Extension(1)						Payment Delay and Interest Rate Reduction						Payment Delay, Term Extension, and Interest Rate Reductions						Total						Percentage of Total Class of Financing Receivable
Commercial mortgage									$	236					$	—					$	—					$	—					$	236					0.03		%
Commercial and industrial									96						13,379						208						636						14,319						9.89		%
Total loans									$	332					$	13,379					$	208					$	636					$	14,555

(1) Represents one loan with a carrying balance of $12.5 million at September 30, 2024, and $13.4 million at September 30, 2023, that was risk rated substandard and has received multiple 90-day extensions through July1 , 2024. The loan experienced credit deterioration and was put on non-accrual status in the third quarter of 2024.

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2024, and September 30, 2023 (in thousands):

Modifications during the three months ended September 30, 2024, had an insignificant financial effect on the Company.

						Weighted-Average Term Extension (in months)						Weighted-Average Interest Rate Reduction
Three Months Ended September 30, 2023
Commercial and industrial						3.4						2.87		%

						Weighted-Average Term Extension (in months)						Weighted-Average Interest Rate Reduction
Nine Months Ended September 30, 2024
Commercial mortgage						60						3.00		%
Commercial and industrial						7.2						3.00		%
Nine Months Ended September 30, 2023
Commercial and industrial						3.5						3.75		%

There were no commitments to lend additional funds at September 30, 2024 to borrowers experiencing financial difficulty whose terms have been restructured.

For modified loans, a subsequent payment default is defined in terms of delinquency, when a principal or interest payment is 90 days past due or classified into non-accrual status during the reporting period. Of the loans modified during the preceding twelve months, there were five commercial and industrial loans with a combined balance of approximately $932,000 that subsequently defaulted and were charged-off in full. One additional commercial and industrial loan with a principal balance of $13.4 million also defaulted during the three months ended September 30, 2024, and was placed on non-accrual status. The loan had a carrying balance of approximately $12.5 million at September 30, 2024, and is currently in the collection process. The loan was individually evaluated for impairment, we charged off $878,000 and provided a specific reserve of $1.3 million.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts. The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the twelve months ended September 30, 2024 and since adoption of the standard for September 30, 2023 (in thousands):

			As of September 30, 2024
			Current						30-89 Days Past Due						90 Days or More Past Due						Non-Accrual						Total
Commercial mortgage			$	—					$	—					$	—					$	681					$	681
Commercial and industrial			888						479						—						12,729						14,096
Total loans			$	888					$	479					$	—					$	13,410					$	14,777

			As of September 30, 2023
			Current						30-89 Days Past Due						90 Days or More Past Due						Non-Accrual						Total
Commercial mortgage			$	—					$	65					$	—					$	171					$	236
Commercial and industrial			14,319						—						—						—						14,319
Total loans			$	14,319					$	65					$	—					$	171					$	14,555

Note 6 – Allowance for Credit Losses (“ACL”) on Loans

Allowance for Collectively Evaluated Loans Held-for-Investment

In estimating the quantitative component of the allowance on a collective basis, the Company uses a risk rating migration model which calculates an expected life of loan loss percentage for each loan by generating probability of default and loss given default metrics. These metrics are multiplied by the exposure at the potential default, taking into consideration estimated prepayments, to calculate the quantitative component of the ACL. The metrics are based on the migration of loans from performing to loss by credit risk rating or delinquency categories using historical life-of-loan analysis periods for each loan portfolio pool, and the severity of loss, based on the aggregate net lifetime losses incurred using the Company's own historical loss experience and comparable peer data loss history. The model's expected losses based on loss history are adjusted for qualitative adjustments to address risks that may not be adequately represented in the risk rating migration model. Among other things, these adjustments include and account for differences in: (i) changes in lending policies and procedures; (ii) changes in local, regional, national, and international economic and business conditions and developments that affect the collectability of our portfolio, including the condition of various market segments; (iii) changes in the experience, ability and depth of lending management and other relevant staff; (iv) changes in the quality of our loan review system; (v) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and (vi) the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our existing portfolio.

The Company utilizes a two-year reasonable and supportable forecast period after which estimated losses revert to historical loss experience immediately for the remaining life of the loan. In establishing its estimate of expected credit losses, the Company utilizes five externally-sourced forward-looking economic scenarios developed by Moody's Analytics (“Moody's”).     

Management utilizes five different Moody's scenarios so as to incorporate uncertainties related to the economic environment. These scenarios, which range from more benign to more severe economic outlooks, include a “most likely outcome” (the “Baseline” scenario) and four less likely scenarios referred to as the “Upside” and “Downside” scenarios. Each scenario is assigned a weighting with a majority of the weighting placed on the Baseline scenario and lower weights placed on both the Upside and Downside scenarios. The weighting assigned by management is based on the economic outlook and available information at the reporting date. The model projects economic variables under each scenario based on detailed statistical analyses. The Company has identified and selected key variables that most closely correlated to its historical credit performance, which include: Gross domestic product, unemployment, and three collateral indices: the Commercial Property Price Index, the Commercial Property Price Apartment Index and the Case-Shiller Home Price Index.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

Allowance for Individually Evaluated Loans

The Company measures specific reserves for individual loans that do not share common risk characteristics with other loans, consisting of all loans previously modified as TDRs (prior to the adoption of ASU 2022-02) and non-accrual loans with an outstanding balance of $500,000 or greater. Loans individually evaluated for impairment are assessed to determine whether the loan’s carrying value is not in excess of the estimated fair value of the collateral less cost to sell, if the loan is collateral-dependent, or the present value of the expected future cash flows, if the loan is not collateral-dependent. Management performs an evaluation of each impaired loan and generally obtains updated appraisals as part of the evaluation. In addition, management adjusts estimated fair values down to appropriately consider recent market conditions, our willingness to accept a lower sales price to effect a quick sale, and costs to dispose of any supporting collateral. Determining the estimated fair value of underlying collateral (and related costs to sell) can be difficult in illiquid real estate markets and is subject to significant assumptions and estimates. Management employs an independent third-party management firm that specializes in appraisal preparation and review to ascertain the reasonableness of updated appraisals. Projecting the expected cash flows for modified loans which are not collateral-dependent is inherently subjective and requires, among other things, an evaluation of the borrower’s current and projected financial condition. Actual results may be significantly different than our projections and our established allowance for credit losses on these loans, which could have a material effect on our financial results. Individually impaired loans that have no impairment losses are not considered for collective allowances described earlier. At September 30, 2024 and December 31, 2023, the ACL for loans individually evaluated for impairment was $1.3 million and $45,200, respectively.

Allowance for Credit Losses – Off-Balance Sheet Exposures

An ACL for off-balance-sheet exposures represents an estimate of expected credit losses arising from off-balance sheet exposures such as loan commitments, standby letters of credit and unused lines of credit (loans already on the books). Commitments to fund unused lines of credit are agreements to lend additional funds to customers as long as there have been no violations of any of the conditions established in the agreements (original or restructured). Commitments to originate loans generally have a fixed expiration or other termination clauses, which may require payment of a fee. Since some of these loan commitments are expected to expire without being drawn upon, total commitments do not necessarily represent future cash requirements. The reserve for off-balance sheet exposures is determined using the Current Expected Credit Losses (“CECL”) reserve factor in the related funded loan segment, adjusted for an average historical funding rate. The allowance for credit losses for off-balance sheet credit exposures is recorded in other liabilities on the consolidated balance sheets and the corresponding provision is included in other non-interest expense.

The table below summarizes the allowance for credit losses for off-balance sheet credit exposures as of, and for, the three and nine months ended September 30, 2024, and September 30, 2023 (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Balance at beginning of period			$	422					$	241					$	236					$	791
Provision (benefit) for credit losses			151						160						337						(390)
Balance at end of period			$	573					$	401					$	573					$	401

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The following tables set forth activity in our allowance for credit losses on loans, by loan type, as of, and for the three and nine months ended September 30, 2024, and September 30, 2023 (in thousands):

			Three Months Ended September 30, 2024
			Real Estate
			Commercial (1)						One-to-Four Family						Home Equity and Lines of Credit												Construction and Land						Commercial and Industrial						Other									Total Loans (excluding PCD)						PCD												Total
Allowance for credit losses:
Beginning balance			$	19,306					$	2,292					$	2,562											$	108					$	7,564					$	3								$	31,835					$	2,945											$	34,780
Charge-offs			—						—						—												—						(2,355)						—									(2,355)						—												(2,355)
Recoveries			14						—						92												—						124						—									230						—												230
Provisions (credit)			693						(194)						(357)												(2)						2,424						(1)									2,563						(21)												2,542
Ending balance			$	20,013					$	2,098					$	2,297											$	106					$	7,757					$	2								$	32,273					$	2,924											$	35,197

			Three Months Ended September 30, 2023
			Real Estate
			Commercial (1)						One-to-Four Family						Home Equity and Lines of Credit						Construction and Land						Commercial and Industrial						Other												Total Loans (excluding PCD)						PCD												Total
Allowance for credit losses:
Beginning balance			$	24,733					$	3,814					$	1,278					$	301					$	7,295					$	7											$	37,428					$	3,726											$	41,154
Charge-offs			—						—						—						—						(2,904)						—												(2,904)						—												(2,904)
Recoveries			14						—						—						—						20						—												34						8												42
Provisions (credit)			(409)						(243)						77						(2)						1,391						—												814						(626)												188
Ending balance			$	24,338					$	3,571					$	1,355					$	299					$	5,802					$	7											$	35,372					$	3,108											$	38,480

(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

			Nine Months Ended September 30, 2024
			Real Estate
			Commercial (1)						One-to-Four Family						Home Equity and Lines of Credit												Construction and Land						Commercial and Industrial						Other												Total Loans (excluding PCD)						PCD												Total
Allowance for credit losses:
Beginning balance			$	23,255					$	3,285					$	1,705											$	149					$	6,050					$	6											$	34,450					$	3,085											$	37,535
Charge-offs			(136)						—						—												—						(4,842)						—												(4,978)						—												(4,978)
Recoveries			42						9						92												—						158						—												301						—												301
Provisions (credit)			(3,148)						(1,196)						500												(43)						6,391						(4)												2,500						(161)												2,339
Ending balance			$	20,013					$	2,098					$	2,297											$	106					$	7,757					$	2											$	32,273					$	2,924											$	35,197

			Nine Months Ended September 30, 2023
			Real Estate
			Commercial (1)						One-to-Four Family						Home Equity and Lines of Credit									Construction and Land						Commercial and Industrial						Other												Total Loans (excluding PCD)						PCD												Total
Allowance for credit losses:
Beginning balance			$	29,485					$	3,936					$	866								$	324					$	4,114					$	9											$	38,734					$	3,883											$	42,617
Charge-offs			—						—						—									—						(5,315)						—												(5,315)						(8)												(5,323)
Recoveries			48						—						1									—						47						—												96						8												104
Provisions (credit)			(5,195)						(365)						488									(25)						6,956						(2)												1,857						(775)												1,082
Ending balance			$	24,338					$	3,571					$	1,355								$	299					$	5,802					$	7											$	35,372					$	3,108											$	38,480

(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties.

The allowance for credit losses on loans decreased to $35.2 million at September 30, 2024, compared to $37.5 million as of December 31, 2023, primarily due to a decrease in loan balances and an improvement in the economic forecast within our CECL model. The decrease was partially offset by increases in quantitative reserves in the commercial and industrial and home equity and lines of credit loan portfolios due to an increase in non-performing loans in these categories and loan balances.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The following tables detail the amount of loans receivable held-for-investment, net of deferred loan fees and costs, that are evaluated, individually and collectively, for impairment, and the related portion of the allowance for credit losses that is allocated to each loan portfolio segment, at September 30, 2024 and December 31, 2023 (in thousands):

			September 30, 2024
			Real Estate
			Commercial (1)						One-to-Four Family						Home Equity and Lines of Credit												Construction and Land						Commercial and Industrial						Other									Total Loans (excluding PCD)						PCD												Total
Allowance for credit losses:
Ending balance: individually evaluated for impairment			$	5					$	—					$	3											$	—					$	1,268					$	—								$	1,276					$	—											$	1,276
Ending balance: collectively evaluated for impairment			20,008						2,098						2,294												106						6,489						2									30,997						—												30,997
Ending balance: PCD loans evaluated for impairment (2)			—						—						—												—						—						—									—						2,924												2,924
Loans, net:
Ending balance			$	3,519,117					$	149,682					$	171,946											$	33,024					$	174,413					$	1,660								$	4,049,842					$	9,264											$	4,059,106
Ending balance: individually evaluated for impairment			7,036						569						21												—						12,575						—									20,201						—												20,201
Ending balance: collectively evaluated for impairment			3,512,081						149,113						171,925												33,024						161,678						1,660									4,029,481						—												4,029,481
Ending balance: PCD loans evaluated for impairment (2)			—						—						—												—						—						—									—						9,264												9,264
PPP loans not evaluated for impairment (3)			—						—						—												—						160						—									160						—												160

			December 31, 2023
			Real Estate
			Commercial (1)						One-to-Four Family						Home Equity and Lines of Credit						Construction and Land						Commercial and Industrial						Other									Total Loans (excluding PCD)						PCD												Total
Allowance for credit losses:
Ending balance: individually evaluated for impairment			$	25					$	—					$	3					$	—					$	17					$	—								$	45					$	—											$	45
Ending balance: collectively evaluated for impairment			23,230						3,285						1,702						149						6,033						6									34,405						—												34,405
Ending balance: PCD loans evaluated for impairment (2)			—						—						—						—						—						—									—						3,085												3,085
Loans, net:
Ending balance			$	3,680,591					$	160,824					$	163,520					$	30,967					$	155,268					$	2,585								$	4,193,755					$	9,899											$	4,203,654
Ending balance: individually evaluated for impairment			8,608						609						23						—						84						—									9,324						—												9,324
Ending balance: collectively evaluated for impairment			3,671,983						160,215						163,497						30,967						154,900						2,585									4,184,147						—												4,184,147
Ending balance: PCD loans evaluated for impairment (2)			—						—						—						—						—						—									—						9,899												9,899
PPP loans not evaluated for impairment (3)			—						—						—						—						284						—									284						—												284

(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties.

(2) Upon adoption of CECL, the Company elected to maintain pools of PCD loans that were previously accounted for under ASC 310-30, and will continue to evaluate PCD loans under this guidance.

(3) PPP loans are guaranteed by the SBA and therefore excluded from the allowance for credit losses.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

Note 7 – Deposits

Deposit account balances are summarized as follows (in thousands):

			September 30, 2024						December 31, 2023
Non-interest-bearing checking			$	681,741					$	694,903
Negotiable orders of withdrawal (“NOW”) and interest-bearing checking			1,230,176						1,231,943
Savings and money market			1,176,867						1,277,866
Certificates of deposit			786,785						673,723
Total deposits			$	3,875,569					$	3,878,435

 

Interest expense on deposit accounts is summarized for the periods indicated (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
NOW and interest-bearing checking, savings, and money market			$	12,717					$	8,865					$	38,231					$	19,194
Certificates of deposit			7,587						4,749						22,010						12,724
Total interest expense on deposit accounts			$	20,304					$	13,614					$	60,241					$	31,918

Note 8 – Subordinated Debt

On June 17, 2022, the Company issued $62.0 million in aggregate principal amount of fixed-to-floating subordinated notes (the “Notes”) to certain institutional investors. The Notes mature on June 30, 2032, unless redeemed earlier. The Notes initially bear interest, payable semi-annually in arrears, at a fixed rate of 5.00% per annum until June 30, 2027. Beginning June 30, 2027 and until maturity or redemption, the interest rate applicable to the outstanding principal amount of the Notes due will reset quarterly to an interest rate per annum equal to the then current three-month Secured Overnight Financing Rate plus 200 basis points, payable quarterly in arrears. The Company has the option to redeem the Notes, at par and in whole or in part, beginning on June 30, 2027 and to redeem the Notes at any time in whole upon certain other events. Any redemption of the Notes will be subject to prior regulatory approval to the extent required. Debt issuance costs totaled $1.1 million and are being amortized to maturity. At September 30, 2024 and December 31, 2023, subordinated debt totaled $61.4 million and $61.2 million, respectively, which included $614,000 and $781,000, respectively, of unamortized debt issuance costs. The Company recognized amortization expense of $56,000 and $167,000 for the three and nine months ended September 30, 2024, respectively. The Company recognized amortization expense of $56,000 and $167,000 for the three and nine months ended September 30, 2023, respectively.

Note 9 – Equity Incentive Plans

The following table is a summary of the Company’s stock options outstanding as of September 30, 2024, and changes therein during the nine months then ended.

			Number of Stock Options						Weighted Average Grant Date Fair Value						Weighted Average Exercise Price						Weighted Average Contractual Life (years)
Outstanding and Exercisable - December 31, 2023			1,544,306						$	4.03					$	14.05					1.01
Forfeited or expired			(843,203)						3.97						13.18						—
Outstanding and Exercisable - September 30, 2024			701,103						4.11						15.09						0.88

 During the first and second quarters of 2024, the Company granted to directors and employees, under the 2019 Equity Incentive Plan, 196,554 restricted stock awards with a total grant date fair value of $2.6 million. Of these grants, 40,708 vest one year from the date of grant and 155,846 vest in equal installments over a three-year period beginning one year from the date of grant. The Company also issued 43,672 performance-based restricted stock units to its executive officers with a total grant date fair value of $581,000. Vesting of the performance-based restricted stock units will be based on achievement of certain levels of Core Return on Average Assets and will cliff vest after a three-year measurement period ending on January 26, 2027. At the end of the performance period, the number of actual shares to be awarded may vary between 0% and 225% of target amounts.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The following is a summary of the status of the Company’s restricted stock awards and performance-based restricted stock units at September 30, 2024, and changes therein during the nine months then ended.

			Restricted Stock Awards						Weighted Average Grant Date Fair Value						Performance Stock Awards						Weighted Average Grant Date Fair Value
Non-vested at December 31, 2023			289,160						$	14.40					74,923						$	14.09
Granted			196,554						13.24						43,672						13.31
Vested			(134,484)						14.49						(14,794)						12.36
Forfeited			(12,714)						13.65						(10,193)						12.36
Non-vested at September 30, 2024			338,516						13.71						93,608						14.19

 

Expected future stock award expense related to the non-vested restricted share awards as of September 30, 2024, was $2.9 million over a weighted average period of 1.5 years. Expected future stock award expense related to the non-vested performance share awards as of September 30, 2024, was $449,000 over a weighted average period of 1.6 years.

During the three months ended September 30, 2024 and September 30, 2023, the Company recorded $717,000 and $577,000, respectively, of stock-based compensation related to the above plan. During the nine months ended September 30, 2024 and September 30, 2023, the Company recorded $1.6 million and $1.8 million, respectively, of stock-based compensation related to the above plan.

Note 10 – Fair Value Measurements

The following tables present the assets reported on the consolidated balance sheets at their estimated fair value as of September 30, 2024, and December 31, 2023, by level within the fair value hierarchy as required by the Fair Value Measurements and Disclosures Topic of the FASB ASC. Financial assets and liabilities are classified in their entirety based on the level of input that is significant to the fair value measurement. The fair value hierarchy is as follows:

•Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

•Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlations or other means.

•Level 3 Inputs – Significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities.

The methods of determining the fair value of assets and liabilities presented in this note are consistent with our methodologies disclosed in Note 16 to the Consolidated Financial Statements of the Company’s 2023 Annual Report on Form 10-K.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

			Fair Value Measurements at September 30, 2024 Using:
			Carrying Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(in thousands)
Measured on a recurring basis:
Assets:
Investment securities:
Debt securities available-for-sale:
U.S. Government agency			$	74,901					$	—					$	74,901					$	—
Mortgage-backed securities:
Pass-through certificates:
GSE			277,649						—						277,649						—
REMICs:
GSE			591,761						—						591,761						—
Total mortgage-backed securities			869,410						—						869,410						—
Other debt securities:
Municipal bonds			684						—						684						—
Corporate bonds			118,491						—						118,491						—
			119,175						—						119,175						—
Total debt securities available-for-sale			1,063,486						—						1,063,486						—
Trading securities			13,759						13,759						—						—
Equity securities (1)			699						699						—						—
Total			$	1,077,944					$	14,458					$	1,063,486					$	—
Measured on a non-recurring basis:
Assets:
Loans individually evaluated for impairment:
Real estate loans:
Commercial real estate			$	2,033					$	—					$	—					$	2,033
Multifamily			1,738						—						—						1,738
Home equity and lines of credit			18						—						—						18
Total individually evaluated real estate loans			3,789						—						—						3,789
Commercial and industrial loans			11,307						—						—						11,307
Total			$	15,096					$	—					$	—					$	15,096

(1) Excludes investment measured at net asset value of $10.0 million at September 30, 2024, which has not been classified in the fair value hierarchy.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

			Fair Value Measurements at December 31, 2023 Using:
			Carrying Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(in thousands)
Measured on a recurring basis:
Assets:
Investment securities:
Debt securities available-for-sale:
U.S. Treasuries			$	44,379					$	44,379					$	—					$	—
U.S. Government agency securities			73,908						—						73,908						—
Mortgage-backed securities:
Pass-through certificates:
GSE			337,540						—						337,540						—
REMICs:
GSE			213,100						—						213,100						—
Total mortgage-backed securities			550,640						—						550,640						—
Other debt securities:
Municipal bonds			763						—						763						—
Corporate bonds			125,774						—						125,774						—
			126,537						—						126,537						—
Total debt securities available-for-sale			795,464						44,379						751,085						—
Trading securities			12,549						12,549						—						—
Equity securities (1)			330						330						—						—
Total			$	808,343					$	57,258					$	751,085					$	—
Measured on a non-recurring basis:
Assets:
Loans individually evaluated for impairment:
Real estate loans:
Commercial real estate			$	2,291					$	—					$	—					$	2,291
Multifamily			1,906						—						—						1,906
Home equity and lines of credit			21						—						—						21
Total impaired real estate loans			4,218						—						—						4,218
Commercial and industrial loans			59						—						—						59
Total			$	4,277					$	—					$	—					$	4,277

(1) Excludes investment measured at net asset value of $10.3 million at December 31, 2023, which has not been classified in the fair value hierarchy.

The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at September 30, 2024 and December 31, 2023 (dollars in thousands):

Fair Value

Valuation Methodology

Unobservable Inputs

Range of Inputs

September 30, 2024

December 31, 2023

September 30, 2024

December 31, 2023

Individually evaluated loans

$

15,096

$

4,277

Appraisals

Discount for costs to sell

7.0%

7.0%

Discount for quick sale

10.0%

10.0%

Discounted cash flows

Interest rates

4.88% to 7.50%

4.88% to 7.50%

    

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The valuation techniques described below were used to measure fair value of financial instruments in the tables below on a recurring basis and a non-recurring basis at September 30, 2024, and December 31, 2023.

Debt Securities Available for Sale: The estimated fair values for mortgage-backed securities, corporate, and other debt securities are obtained from an independent nationally recognized third-party pricing service. The estimated fair values are derived primarily from cash flow models, which include assumptions for interest rates, credit losses, and prepayment speeds. Broker/dealer quotes are utilized as well, when such quotes are available and deemed representative of the market. The significant inputs utilized in the cash flow models are based on market data obtained from sources independent of the Company (Observable Inputs), and are therefore classified as Level 2 within the fair value hierarchy. There were no transfers of securities between Level 1 and Level 2 during the nine months ended September 30, 2024 or September 30, 2023.     

Trading Securities: Fair values are derived from quoted market prices in active markets. The assets consist of publicly traded mutual funds.

Equity Securities: Fair values of equity securities consisting of publicly traded mutual funds are derived from quoted market prices in active markets.

 

Loans Individually Evaluated for Impairment: At September 30, 2024 and December 31, 2023, the Company had loans individually evaluated for impairment (excluding PCD loans) with outstanding principal balances of $19.0 million and $6.0 million, respectively, which were recorded at their estimated fair value of $15.1 million and $4.3 million, respectively. The Company recorded a net increase in the specific reserve for impaired loans of $1.2 million and $7,100 for the nine months ended September 30, 2024 and September 30, 2023, respectively. Net charge-offs of $4.7 million and $5.2 million were recorded for the nine months ended September 30, 2024 and September 30, 2023, respectively, utilizing Level 3 inputs. For purposes of estimating the fair value of impaired loans, management utilizes independent appraisals, if the loan is collateral-dependent, adjusted downward by management, as necessary, for changes in relevant valuation factors subsequent to the appraisal date, or the present value of expected future cash flows for non-collateral dependent loans and TDRs.

Other Real Estate Owned: At September 30, 2024 and December 31, 2023, the Company had no assets acquired through foreclosure.

 

In addition, the Company may be required, from time to time, to measure the fair value of certain other financial assets on a nonrecurring basis in accordance with U.S. GAAP. The adjustments to fair value usually result from the application of lower-of-cost-or-market accounting or write downs of individual assets.

 

Fair Value of Financial Instruments:

The FASB ASC Topic for Financial Instruments requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring or non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. The following methods and assumptions were used to estimate the fair value of other financial assets and financial liabilities not already discussed above:

 

(a)     Cash and Cash Equivalents

Cash and cash equivalents are short-term in nature with original maturities of three months or less; the carrying amount approximates fair value. Certificates of deposit having original terms of six-months or less; the carrying value generally approximates fair value. Certificates of deposit with an original maturity of six months or greater; the fair value is derived from discounted cash flows.

(b)    Debt Securities (Held-to-Maturity)

The estimated fair values for substantially all of our securities are obtained from an independent nationally recognized pricing service. The independent pricing service utilizes market prices of same or similar securities whenever such prices are available. Prices involving distressed sellers are not utilized in determining fair value. Where necessary, the independent third-party pricing service estimates fair value using models employing techniques such as discounted cash flow analysis. The assumptions used in these models typically include assumptions for interest rates, credit losses, and prepayments, utilizing market observable data where available.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

(c)    Investments in Equity Securities at Net Asset Value Per Share

The Company uses net asset value as a practical expedient to record its investment in a private SBA Loan Fund since the shares in the fund are not publicly traded, do not have a readily determinable fair value and the net asset value per share is calculated in a manner consistent with the measurement principles of an investment company.

 

(d)    Federal Home Loan Bank of New York Stock

Federal Home Loan Bank of New York (“FHLBNY”) stock is carried at cost since this is the amount for which it could be redeemed. Due to restrictions placed on the transferability of FHLBNY stock it is not practical to determine the fair value as there is no active market for this stock.

 

(e)    Loans (Held-for-Investment)

Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as originated and purchased, and further segregated by residential mortgage, construction, land, multifamily, commercial and consumer. Each loan category is further segmented into amortizing and non-amortizing and fixed and adjustable-rate interest terms and by performing and non-performing categories. The fair value of loans is estimated using a discounted cash flow analysis. The discount rates used to determine fair value use interest rate spreads that reflect factors such as liquidity, credit, and non-performance risk of the loans.

 

(f)    Loans (Held-for-Sale)

Held-for-sale loans are carried at the lower of aggregate cost or estimated fair value, less costs to sell, and therefore fair value is equal to carrying value.

 

(g)    Deposits

The fair value of deposits with no stated maturity, such as interest and non-interest bearing demand deposits, savings, NOW and money market accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities.

 

(h)    Commitments to Extend Credit and Standby Letters of Credit

The fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of off-balance sheet commitments is insignificant and therefore not included in the following table.

 (i)    Borrowings

The fair value of borrowed funds is estimated by discounting future cash flows based on rates currently available for debt with similar terms and remaining maturity.

 

(j)    Advance Payments by Borrowers for Taxes and Insurance

Advance payments by borrowers for taxes and insurance have no stated maturity; the fair value is equal to the amount currently payable.

(k)    Derivatives

The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The estimated fair values of the Company’s significant financial instruments at September 30, 2024 and December 31, 2023, are presented in the following tables (in thousands):

			September 30, 2024
									Estimated Fair Value
			Carrying Value						Level 1						Level 2						Level 3						Total
Financial assets:
Cash and cash equivalents			$	232,926					$	232,926					$	—					$	—					$	232,926
Trading securities			13,759						13,759						—						—						13,759
Debt securities available-for-sale			1,063,486						—						1,063,486						—						1,063,486
Debt securities held-to-maturity			9,681						—						9,519						—						9,519
Equity securities (1)			699						699						—						—						699
FHLBNY stock			37,269						N/A						N/A						N/A						N/A
Loans held-for-sale			4,897						—						—						4,897						4,897
Net loans held-for-investment			4,023,909						—						—						3,840,026						3,840,026
Derivative assets			4,271						—						4,271						—						4,271
Financial liabilities:
Deposits			$	3,875,569					$	—					$	3,876,514					$	—					$	3,876,514
FHLB advances and other borrowings (including securities sold under agreements to repurchase)			990,871						—						988,739						—						988,739
Subordinated debentures, net of issuance costs			61,386						—						45,659						—						45,659
Advance payments by borrowers for taxes and insurance			22,492						—						22,492						—						22,492
Derivative liabilities			4,273						—						4,273						—						4,273

(1) Excludes investment measured at net asset value of $10.0 million at September 30, 2024, which has not been classified in the fair value hierarchy.

			December 31, 2023
									Estimated Fair Value
			Carrying Value						Level 1						Level 2						Level 3						Total
Financial assets:
Cash and cash equivalents			$	229,506					$	229,506					$	—					$	—					$	229,506
Trading securities			12,549						12,549						—						—						12,549
Debt securities available-for-sale			795,464						44,379						751,085						—						795,464
Debt securities held-to-maturity			9,866						—						9,586						—						9,586
Equity securities (1)			330						330						—						—						330
FHLBNY stock, at cost			39,667						N/A						N/A						N/A						N/A
Net loans held-for-investment			4,166,119						—						—						3,887,033						3,887,033
Derivative assets			4,903						—						4,903						—						4,903
Financial liabilities:
Deposits			$	3,878,435					$	—					$	3,879,286					$	—					$	3,879,286
FHLB advances and other borrowings (including securities sold under agreements to repurchase)			859,272						—						844,766						—						844,766
Subordinated debentures, net of issuance costs			61,219						—						45,531						—						45,531
Advance payments by borrowers for taxes and insurance			25,102						—						25,102						—						25,102
Derivative liabilities			4,905						—						4,905						—						4,905

(1) Excludes investment measured at net asset value of $10.3 million at December 31, 2023, which has not been classified in the fair value hierarchy.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

Limitations

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected losses, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Fair value estimates are based on existing on-and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.

Note 11 – Earnings Per Share

 

Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding during the period. For purposes of calculating basic earnings per share, weighted average common shares outstanding excludes unallocated employee stock ownership plan (“ESOP”) shares that have not been committed for release and unvested restricted stock and performance-based restricted stock units.

Diluted earnings per share is computed using the same method as basic earnings per share, but reflects the potential dilution that could occur if stock options were exercised and converted into common stock and unvested shares of restricted stock and performance-based restricted stock units vested. These potentially dilutive shares are then included in the weighted average number of shares outstanding for the period using the treasury stock method. When applying the treasury stock method, the assumed proceeds from option exercises and the average unamortized compensation costs related to unvested shares of restricted stock, performance-based restricted stock units and stock options were added. This sum was then divided by the average stock price for the period to calculate assumed shares repurchased. The excess of the number of shares issuable over the number of shares assumed to be repurchased is added to basic weighted average common shares to calculate diluted earnings per share.

 

The following is a summary of the Company’s earnings per share calculations and reconciliation of basic to diluted earnings per share for the periods indicated (in thousands, except per share data):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Net income available to common stockholders			$	6,523					$	8,181					$	18,694					$	29,447
Weighted average shares outstanding-basic			41,028,213						42,866,246						41,794,149						43,848,873
Effect of non-vested restricted stock and stock, performance-based restricted stock units and options outstanding			60,424						51,928						35,081						78,477
Weighted average shares outstanding-diluted			41,088,637						42,918,174						41,829,230						43,927,350
Earnings per share-basic			$	0.16					$	0.19					$	0.45					$	0.67
Earnings per share-diluted			$	0.16					$	0.19					$	0.45					$	0.67
Anti-dilutive shares			706,143						1,707,261						1,496,292						1,492,290

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

Note 12 – Leases

The Company’s leases primarily relate to real estate property for branches and office space with terms extending from one month up to 30.8 years. At September 30, 2024, all of the Company’s leases are classified as operating leases, which are required to be recognized on the consolidated balance sheets as a right-of-use asset and a corresponding lease liability.

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets and operating lease liabilities on the consolidated balance sheets. Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recorded at the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate, at lease inception, over a similar term in determining the present value of lease payments. Certain leases include options to renew, with one or more renewal terms ranging from five to ten years. If the exercise of a renewal option is considered to be reasonably certain, the Company includes the extended term in the calculation of the right-of-use asset and lease liability.

At September 30, 2024, the Company’s operating lease right-of-use assets and operating lease liabilities included on the consolidated balance sheet were $28.9 million and $33.5 million, respectively. At December 31, 2023, the Company’s operating lease right-of-use assets and operating lease liabilities included on the consolidated balance sheet were $30.2 million and $35.2 million, respectively. Operating lease expense is recognized on a straight-line basis over the lease term, while variable lease payments are recognized as incurred. Variable lease payments include common area maintenance charges, real estate taxes, repairs and maintenance costs and utilities. Operating and variable lease expenses are recorded in occupancy expense on the consolidated statements of comprehensive income.

Supplemental lease information at or for the three and nine months ended September 30, 2024, and September 30, 2023 is as follows (dollars in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Operating lease cost			$	1,452					$	1,471					$	4,382					$	4,482
Variable lease cost			787						1,067						2,751						2,909
Net lease cost			$	2,239					$	2,538					$	7,133					$	7,391
Cash paid for amounts included in measurement of operating lease liabilities			$	1,597					$	1,632					$	4,797					$	4,853
Right-of-use assets obtained in exchange for new operating lease liabilities			$	795					$	582					$	2,227					$	645
Weighted average remaining lease term															10.78 years						11.10 years
Weighted average discount rate															3.68		%				3.59		%

The following table summarizes lease payment obligations for each of the next five years and thereafter in addition to a reconcilement to the Company's current lease liability (in thousands):

Year			Amount
2024			$	1,609
2025			6,199
2026			5,440
2027			4,483
2028			4,221
Thereafter			20,011
Total lease payments			41,963
Less: imputed interest			(8,434)
Present value of lease liabilities			$	33,529

As of September 30, 2024, the Company had not entered into any leases that have not yet commenced.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

Note 13 – Derivatives

The Company has interest rate derivatives resulting from a service provided to certain qualified borrowers in a loan-related transaction and, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The interest rate swap agreement which the Company executed with the commercial borrower is collateralized by the borrower’s commercial real estate financed by the Company. The collateral exceeds the maximum potential amount of future payments under the credit derivative. As these interest rate swaps do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings.

At September 30, 2024, the Company had twelve interest rate swaps with a notional amount of $78.9 million. At December 31, 2023, the Company had ten interest rate swaps with a notional amount of $72.7 million. The Company recorded fee income related to these swaps of $173,000 for the three and nine months ended September 30, 2024, respectively. The Company recorded fee income related to these swaps of $20,000 and $251,000 for the three and nine months ended September 30, 2023, respectively.

The table below presents the fair value of the derivatives as well as their location on the consolidated balance sheets (in thousands):

						Fair Value
Balance Sheet Location						September 30, 2024						December 31, 2023
Other assets						$	4,271					$	4,903
Other liabilities						4,273						4,905

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ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Statement Regarding Forward-Looking Statements

This Quarterly Report contains certain “forward-looking statements,” which can be identified by the use of such words as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect,” “annualized,” “could,” “may,” “should,” “will,” and words of similar meaning. These forward-looking statements include, but are not limited to:

•statements of our goals, intentions, and expectations;

•statements regarding our business plans, prospects, growth and operating strategies;

•statements regarding the quality of our loan and investment portfolios; and

•estimates of our risks and future costs and benefits. 

These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. 

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:   

•general economic conditions, internationally, nationally, or in our market areas, including inflationary and/or recessionary pressures, employment prospects, real estate values, military conflict, geopolitical risks, and downgrades of the U.S. credit rating;

•competition among depository and other financial institutions, including with respect to fees and interest rates;

•inflation and changes in the interest rate environment that reduce our margins and yields, or reduce the market value of our assets including the fair value of financial instruments or our ability to originate loans;

•adverse changes in the securities or credit markets;

•changes in laws, tax policies, or government regulations or policies affecting financial institutions, changes in regulatory fees, assessments, and capital requirements;

•changes in the quality and/or composition of our loan and securities portfolios, changes in prepayment speeds, and changes in our allowance for credit losses;

•changes in the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio;

•our ability to manage our liquidity, including unanticipated changes in our liquidity position;

•changes in our access to or the cost of funding and our ability to secure alternate funding sources;

•our ability to enter new markets successfully and capitalize on growth opportunities;

•our ability to successfully integrate acquired entities;

•changes in consumer demand, spending, borrowing and savings habits;

•changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board (the “FASB”), the Securities and Exchange Commission (the “SEC”), or the Public Company Accounting Oversight Board;

•cyber-attacks and fraud risks, computer viruses and other technological risks that may breach the security of our website or other systems (including critical third-parties) to obtain unauthorized access to confidential information and destroy data or disable our systems;

•technological changes that may be more difficult or expensive to implement than expected;

•changes in our organization, compensation, and benefit plans;

•our ability to attract and/or retain key employees;

•changes in the value of our goodwill or other intangible assets;

•changes in the level of government support for housing finance;

•changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;

•the ability of third-party providers to perform their obligations to us;

•the effects of natural disasters, climate change, extreme weather events and increases in flood insurance premiums;

•changes in our ability to continue to pay dividends, either at current rates or at all;

•operational or risk management failures by us or critical third parties;

•increased operational risks resulting from remote work;

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•negative outcomes from claims or litigation;

•our ability to manage our reputation risks;

•our ability to timely and effectively implement our strategic initiatives;

•the disruption to local, regional, national and global economic activity caused by infectious disease outbreaks such as COVID-19, and the significant impact that such pandemics may have on our growth, operations, earnings and asset quality;

•changes in the financial condition, results of operations, or future prospects of issuers of securities that we own.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Accordingly, you should not place undue reliance on such statements. Except as required by law, we disclaim any intention or obligation to update or revise any forward-looking statements after the date of this Quarterly Report on Form 10-Q, whether as a result of new information, future events or otherwise.

Critical Accounting Policies

 

Note 1 to the Company’s Audited Consolidated Financial Statements for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K, as supplemented by this report, contains a summary of significant accounting policies. Various elements of these accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions, and other subjective assessments. Certain assets are carried on the consolidated balance sheets at estimated fair value or the lower of cost or estimated fair value. Policies with respect to the methodologies used to determine the allowance for credit losses on loans and judgments regarding the valuation allowance against deferred tax assets are the most critical accounting policies because they are important to the presentation of the Company’s financial condition and results of operations, involve a higher degree of complexity, and require management to make subjective judgments which often require assumptions or estimates about highly uncertain matters. The use of different judgments, assumptions, and estimates could result in material differences in the results of operations or financial condition. These critical accounting policies and their application are reviewed periodically and, at least annually, with the Audit Committee of the Board of Directors. 

The accounting estimates relating to the allowance for credit losses remain "critical accounting estimates" for the following reasons:

•Changes in the provision for credit losses can materially affect our financial results;

•Estimates relating to the allowance for credit losses require us to utilize a reasonable and supportable forecast period based upon forward-looking economic scenarios in order to estimate probability of default and loss given default rates, which our Current Expected Credit Losses (“CECL”) methodology encompasses;

•The allowance for credit losses is influenced by factors outside of our control such as industry and business trends, as well as economic conditions such as trends in housing prices, interest rates, gross domestic product, inflation, and unemployment; and

•Judgment is required to determine whether the models used to generate the allowance for credit losses produce an estimate that is sufficient to encompass the current view of lifetime expected credit losses.

Our estimation process is subject to risks and uncertainties, including a reliance on historical loss and trend information that may not be representative of current conditions and indicative of future performance. Changes in such estimates could significantly impact our allowance and provision for credit losses. Accordingly, our actual credit loss experience may not be in line with our expectations.

For a further discussion of the critical accounting policies of the Company, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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Overview

This overview highlights selected information and may not contain all the information that is important to you in understanding our performance during the periods presented. For a more complete understanding of trends, events, commitments, uncertainties, liquidity, capital resources, and critical accounting estimates, you should read this entire document carefully, as well as our Annual Report on Form 10-K for the year ended December 31, 2023.

Net income was $18.7 million for the nine months ended September 30, 2024, as compared to $29.4 million for the nine months ended September 30, 2023. Net income for the nine months ended September 30, 2024, was down from the comparative prior year period primarily due to a decrease in net interest income, which was negatively impacted by higher funding costs, partially offset by improved interest and non-interest income. Basic and diluted earnings per common share were $0.45 for the nine months ended September 30, 2024, compared to basic and diluted earnings per common share of $0.67 for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, our return on average assets was 0.43%, as compared to 0.71% for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, our return on average stockholders’ equity was 3.59% as compared to 5.69% for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, net income included $795,000, or $0.02 per share, of additional tax expense related to options that expired in June 2024, and $683,000, or $0.01 per share after tax, of severance expense related to modest layoffs and staffing realignments. For the nine months ended September 30, 2023, net income included $440,000, or $0.01 per share after tax, of severance expense.

Comparison of Financial Condition at September 30, 2024 and December 31, 2023

Total assets increased by $132.5 million, or 2.4%, to $5.73 billion at September 30, 2024, from $5.60 billion at December 31, 2023. The increase was primarily due to increases in available-for-sale debt securities of $268.0 million, or 33.7%, and cash and cash equivalents of $3.4 million, or 1.5%, partially offset by a decrease in loans receivable of $139.7 million, or 3.3%.

Cash and cash equivalents increased by $3.4 million, or 1.5%, to $232.9 million at September 30, 2024, from $229.5 million at December 31, 2023. 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.

The Company’s available-for-sale debt securities portfolio increased by $268.0 million, or 33.7%, to $1.06 billion at September 30, 2024, from $795.5 million at December 31, 2023. The increase was primarily attributable to purchases of securities, partially offset by paydowns, maturities and calls. At September 30, 2024, $869.4 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 $74.9 million in U.S. Government agency securities, $118.5 million in corporate bonds, substantially all of which were investment grade, and $684,000 in municipal bonds at September 30, 2024. Unrealized losses, net of tax, on available-for-sale debt securities and held-to-maturity securities approximated $19.6 million and $219,000, respectively, at September 30, 2024, and $32.5 million and $279,000, respectively, at December 31, 2023. The decrease in unrealized losses was the result of the impact of the 50 basis point decrease in interest rates declared by the Federal Reserve. The effective duration of the securities portfolio at September 30, 2024 was 1.65 years.

Equity securities were $10.7 million at September 30, 2024 and $10.6 million at December 31, 2023. Equity securities are primarily comprised of an investment in a Small Business Administration Loan Fund. This investment is utilized by the Bank as part of its Community Reinvestment Act program.

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Loans held-for-investment, net, decreased by $139.7 million, or 3.3%, to $4.06 billion at September 30, 2024, from $4.20 billion at December 31, 2023, primarily due to decreases in multifamily, commercial, and one-to-four family residential real estate loans, partially offset by increases in home equity and lines of credit, construction and land, and commercial and industrial loans. The decrease in loan balances reflects the Company remaining strategically focused on both managing the concentration of its commercial and multifamily real estate loan portfolios and disciplined loan pricing, as well as lower customer demand in the recent elevated interest rate environment. Multifamily loans decreased $110.1 million, or 4.0%, to $2.64 billion at September 30, 2024, from $2.75 billion at December 31, 2023, commercial real estate loans decreased $51.4 million, or 5.5%, to $878.2 million at September 30, 2024, from $929.6 million at December 31, 2023, one-to-four family residential loans decreased $11.1 million, or 6.9%, to $149.7 million at September 30, 2024, from $160.8 million at December 31, 2023, and other loans decreased $925,000, or 35.8%, to $1.7 million at September 30, 2024, from $2.6 million at December 31, 2023. Partially offsetting these decreases were increases in commercial and industrial loans of $19.1 million, or 12.3%, to $174.4 million at September 30, 2024, from $155.3 million at December 31, 2023, home equity and lines of credit of $8.4 million, or 5.2%, to $171.9 million at September 30, 2024, from $163.5 million at December 31, 2023, and construction and land loans of $2.1 million, or 6.6%, to $33.0 million at September 30, 2024, from $31.0 million at December 31, 2023.

The following table represents the Company's loan balances and associated percentage of each major category in the Company's loan portfolio as of September 30, 2024 and December 31, 2023:

			September 30, 2024												December 31, 2023
			Amount						% of Total						Amount						% of Total
Real estate loans:
Multifamily			$	2,640,944					65.06		%				$	2,750,996					65.44		%
Commercial mortgage			878,173						21.63						929,595						22.11
One-to-four family residential mortgage			149,682						3.69						160,824						3.83
Home equity and lines of credit			171,946						4.24						163,520						3.89
Construction and land			33,024						0.81						30,967						0.74
Total real estate loans			3,873,769						95.43		%				4,035,902						96.01		%
Commercial and industrial loans			174,413						4.30						155,268						3.69
Other loans			1,660						0.04						2,585						0.06
Total commercial and industrial, PPP, and other loans			176,073						4.34		%				157,853						3.75		%
Loans held-for-investment, net (excluding purchased credit-deteriorated (“PCD”) loans			4,049,842						99.77						4,193,755						99.76
PCD loans			9,264						0.23						9,899						0.24
Total loans held-for-investment, net			$	4,059,106					100.00		%				$	4,203,654					100.00		%

The following table summarizes commercial mortgage real estate loans by property type and owner-occupied and non-owner occupied status as a percentage of the total commercial mortgage real estate portfolio as of September 30, 2024:

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			September 30, 2024
			Concentration by Property Type												Percentage of Total
			Amount						% of Total						Owner-Occupied						Non-Owner Occupied
Office buildings			$	183,548					20.9		%				8.6		%				12.3		%
Mixed use (majority of space is non-residential)			170,104						19.4						2.7						16.7
Retail			147,478						16.8						2.5						14.3
Warehousing			114,659						13.1						11.6						1.5
Manufacturing			63,118						7.2						4.8						2.4
Accommodations (hotel/motel)			45,192						5.1						—						5.1
Healthcare facilities			38,927						4.4						3.0						1.4
Services			38,904						4.4						2.8						1.6
Schools/daycare			12,815						1.5						1.1						0.4
Recreational			8,841						1.0						0.9						0.1
Restaurants			8,514						1.0						0.3						0.7
Other			46,073						5.2						2.4						2.8
Total commercial real estate loans			$	878,173					100.0		%				40.7		%				59.3		%

The Company obtains an appraisal of the real estate collateral securing a commercial real estate loan prior to originating the loan. The appraised value is used to calculate the ratio of the outstanding loan balance to the value of the real estate collateral, or loan-to-value ratio ("LTV"). The original appraisal is used to monitor the LTVs within the commercial real estate portfolio unless an updated appraisal is received, which may happen for a variety of reasons, including but not limited to payment delinquency, additional loan requests using the same collateral, and loan modifications. The following table presents the ranges in the LTVs of our commercial mortgage loans at September 30, 2024:

LTV Range %						Number of Loans						Amount
												(Dollars in thousands)
0 - 25						190						$	69,719
>25 - 50						259						316,934
>50 - 60						104						188,968
>60 - 70						91						238,912
>70 - 80						23						61,269
>80 - 90						2						2,188
>90						2						183
Total commercial real estate loans						671						$	878,173

The following table summarizes the commercial real estate portfolio by geographic region in which the loans were originated as a percentage of total commercial real estate loans as of September 30, 2024:

Geographic Region						Amount						Percent
						(Dollars in thousands)
New York						$	471,739					54		%
New Jersey						387,836						44		%
Pennsylvania and Other						18,598						2		%
Total commercial real estate loans						$	878,173					100		%

As of September 30, 2024, non-owner occupied commercial real estate loans (as defined by regulatory guidance) to total risk-based capital was estimated at approximately 447%. Management believes that the Bank maintains 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, the Company's ability to pay dividends, and overall profitability.

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Our real estate portfolio includes credit risk exposure to loans collateralized by office buildings and multifamily properties in New York State subject to some form of rent regulation limiting rent increases for rent stabilized multifamily properties. At September 30, 2024, office-related loans represented $183.6 million, or 4.5% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 59%. Approximately 41% were owner-occupied. The geographic locations of the properties collateralizing our office-related loans are: 50.7% in New York, 47.8% in New Jersey, and 1.5% in Pennsylvania. At September 30, 2024, our largest office-related loan had a principal balance of $90.0 million (with a net active principal balance for the Bank of $29.9 million as we have a 33.3% participation interest), was secured by an office facility located in Staten Island, New York, and was performing in accordance with its original contractual terms. At September 30, 2024, multifamily loans that have some form of rent stabilization or rent control totaled approximately $447.5 million, or approximately 11% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 51%. At September 30, 2024, our largest rent-regulated loan had a principal balance of $16.9 million, was secured by an apartment building located in Staten Island, New York, and was performing in accordance with its original contractual terms. Management continues to closely monitor its office and rent-regulated portfolios. For further details on our rent-regulated multifamily portfolio see “Asset Quality”.

Purchased credit-deteriorated (“PCD”) loans totaled $9.3 million and $9.9 million at September 30, 2024 and December 31, 2023, respectively. 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 $327,000 and $1.1 million attributable to PCD loans for the three and nine months ended September 30, 2024, respectively, as compared to $325,000 and $1.0 million for the three and nine months ended September 30, 2023, respectively. PCD loans had an allowance for credit losses of approximately $2.9 million at September 30, 2024.

The allowance for credit losses on loans decreased to $35.2 million at September 30, 2024, compared to $37.5 million as of December 31, 2023, primarily due to a decrease in loan balances and an improvement in the economic forecast within our CECL model. The decrease was partially offset by increases in quantitative reserves in the commercial and industrial and home equity and lines of credit loan portfolios due to an increase in non-performing loans in these categories and loan balances.

Total liabilities increased $132.3 million, or 2.7%, to $5.03 billion at September 30, 2024, from $4.90 billion at December 31, 2023. The increase was primarily attributable to an increase in borrowings of $131.6 million, partially offset by a decrease in total deposits of $2.9 million. Deposits decreased $2.9 million, or 0.1%, to $3.88 billion at September 30, 2024 as compared to December 31, 2023. Brokered deposits decreased by $17.9 million, or 17.9%, due to maturities that were replaced by borrowings. The Company routinely utilizes brokered deposits and borrowed funds to manage interest rate risk, the cost of interest-bearing liabilities, and funding needs related to loan originations and deposit activity.

Deposits, excluding brokered deposits, increased $15.0 million, or 0.4%. The increase in deposits, excluding brokered deposits, was primarily attributable to increases of $80.9 million in time deposits, partially offset by decreases of $14.9 million in transaction accounts, $14.7 million in savings accounts, and $36.3 million in money market accounts. Growth in time deposits was attributable to the current interest rate environment and offering competitive interest rates to attract deposits. Estimated gross uninsured deposits at September 30, 2024 were $1.71 billion. This total includes fully collateralized uninsured governmental deposits and intercompany deposits of $859.3 million, leaving estimated uninsured deposits of approximately $852.2 million, or 22.0%, of total deposits. At December 31, 2023, estimated uninsured deposits totaled $869.9 million, or 22.4% of total deposits.

Borrowed funds increased to $1.05 billion at September 30, 2024, from $920.5 million at December 31, 2023. The increase in borrowings for the period was primarily due to a $205.5 million increase in borrowings under the Federal Reserve Bank Term Funding Program, which included favorable terms and conditions as compared to FHLB advances. In January 2024, the Company borrowed $300.0 million from the Federal Reserve Bank through the Bank Term Funding Program at favorable terms and conditions and invested the proceeds in higher-yielding interest-bearing deposits in other financial institutions and investment securities. Management utilizes borrowings to mitigate interest rate risk, for short-term liquidity, and to a lesser extent from time to time, as part of leverage strategies.

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The following table sets forth term borrowing maturities (excluding overnight borrowings, floating rate advances, and subordinated debt) and the weighted average rate by year at September 30, 2024 (dollars in thousands):

Year						Amount (1)						Weighted Average Rate
2024						$	25,000					4.71%
2025						483,184						4.00%
2026						148,000						4.36%
2027						173,000						3.19%
2028						154,288						3.96%
						$	327,288					3.92%

(1) Borrowings maturing in 2025 include $300.0 million of FRB borrowings that can be repaid without any penalty.

Total stockholders’ equity increased by $119,000 to $699.6 million at September 30, 2024, from $699.4 million at December 31, 2023. The increase was attributable to net income of $18.7 million for the nine months ended September 30, 2024, a $14.1 million decrease in accumulated other comprehensive loss, associated with an increase in the estimated fair value of our debt securities available-for-sale portfolio due to the increase in market interest rates, and a $1.9 million increase in equity award activity, partially offset by $18.4 million in stock repurchases and $16.5 million in dividend payments. On April 24, 2024, the Board of Directors of the Company approved a $5.0 million stock repurchase program, which was completed in May 2024, and on June 14, 2024, the Board of Directors of the Company approved a $10.0 million stock repurchase program. During the nine months ended September 30, 2024, the Company repurchased 1.8 million of its common stock outstanding at an average price of $10.03 for a total of $18.1 million pursuant to the approved stock repurchase programs. As of September 30, 2024, the Company had no remaining capacity under its current repurchase program.

Comparison of Operating Results for the Nine Months Ended September 30, 2024 and 2023

 

Net Income. Net income was $18.7 million and $29.4 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. Significant variances from the comparable prior year period are as follows: a $10.9 million decrease in net interest income, a $1.3 million increase in the provision for credit losses on loans, a $1.5 million increase in non-interest income, a $3.2 million increase in non-interest expense, and a $3.1 million decrease in income tax expense.

Interest Income. Interest income increased $23.9 million, or 15.5%, to $178.2 million for the nine months ended September 30, 2024, from $154.3 million for the nine months ended September 30, 2023, primarily due to a 47 basis point increase in the yield on interest-earning assets due to the recent rising rate environment and a $156.1 million, or 2.9%, 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 interest-earning deposits in financial institutions of $111.7 million, the average balance of other securities of $91.6 million, and the average balance of mortgage-backed securities of $88.5 million, partially offset by a decrease in the average balance of loans of $133.4 million. The Company accreted interest income related to PCD loans of $1.1 million for the nine months ended September 30, 2024, as compared to $1.0 million for the nine months ended September 30, 2023. Interest income for the nine months ended September 30, 2024, included loan prepayment income of $648,000 as compared to $1.3 million for the nine months ended September 30, 2023.

Interest Expense. Interest expense increased $34.8 million, or 59.4%, to $93.4 million for the nine months ended September 30, 2024, as compared to $58.6 million for the nine months ended September 30, 2023. The increase was primarily due to an increase in interest expense on deposits of $28.3 million, or 88.7%, and, to a lesser extent, an increase in interest expense on borrowings of $6.5 million, or 26.8%. The increase in interest expense on deposits was attributable to a 114 basis point increase in the cost of interest-bearing deposits from 1.42% to 2.56% for the nine months ended September 30, 2024, due to the recent rising market interest rates and a shift in the composition of the deposit portfolio towards higher-costing certificates of deposit, and a $127.1 million, or 4.2%, increase in the average balance of interest-bearing deposits. The increase in interest expense on borrowings was attributable to a 31 basis point increase in the average cost of borrowings from 3.58% to 3.89%, and a $149.8 million, or 16.6%, increase in the average balance of borrowings.

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Net Interest Income. Net interest income for the nine months ended September 30, 2024, decreased $10.9 million, or 11.4%, to $84.8 million, from $95.7 million for the nine months ended September 30, 2023, primarily due to a 34 basis point decrease in net interest margin to 2.07% from 2.41% for the nine months ended September 30, 2023. The decrease in net interest margin was primarily due to interest-bearing liabilities repricing at a faster rate than interest-earning assets. The cost of interest-bearing liabilities increased by 96 basis points to 2.93% for the nine months ended September 30, 2024, from 1.97% for the nine months ended September 30, 2023, driven by a 114 basis point increase in the cost of interest-bearing deposits from 1.42% to 2.56% for the nine months ended September 30, 2024, and a 31 basis point increase in the cost of borrowings from 3.58% to 3.89% due to rising market interest rates and a shift in the composition of the deposit portfolio towards higher-costing certificates of deposit and a greater reliance on borrowings. The increase in the cost of interest-bearing liabilities was partially offset by an increase in the yield on interest-earning assets, which increased by 47 basis points to 4.35% for the nine months ended September 30, 2024, from 3.88% for the nine months ended September 30, 2023, due to an increase in yields on all classes of interest-earning assets due to the higher interest rate environment. The net interest margin was also negatively affected by approximately 12 basis points due to a low risk leverage strategy in the first quarter of 2024. In January 2024, the Company borrowed $300.0 million from the Federal Reserve Bank through the Bank Term Funding Program at favorable terms and conditions and invested the proceeds in higher-yielding interest-bearing deposits in other financial institutions and investment securities.

Provision for Credit Losses. The provision for credit losses on loans increased by $1.3 million to $2.3 million for the nine months ended September 30, 2024, compared to $1.1 million for the nine months ended September 30, 2023, primarily due to an increase in the specific reserve component of the allowance for credit losses, which was partially offset by a decrease in the general reserve component of the allowance for credit losses. The increase in the specific reserve was related to a single commercial and industrial relationship totaling $12.5 million that experienced credit deterioration and was placed on non-accrual status during the current quarter, which has a specific reserve of $1.3 million and incurred a charge-off of $878,000. The decline in the general reserve component of the allowance for credit losses resulted from a decline in loan balances and an improvement in the macroeconomic forecast for the current period within our CECL model, partially offset by an increase in reserves related to changes in model assumptions, including the slowing of prepayment speeds, and an increase in reserves in the commercial and industrial and home equity and lines of credit portfolios related to an increase in non-performing loans in these portfolios and higher loan balances. Net charge-offs were $4.7 million for the nine months ended September 30, 2024, primarily due to $3.9 million in net charge-offs on small business unsecured commercial and industrial loans, as compared to net charge-offs of $5.2 million for the nine months ended September 30, 2023, primarily due to $5.2 million in net charge-offs on small business unsecured commercial and industrial loans. Management continues to closely monitor the small business unsecured commercial and industrial loan portfolio, which totaled $31.0 million at September 30, 2024.

Non-interest Income. Non-interest income increased by $1.5 million, or 18.7%, to $9.8 million for the nine months ended September 30, 2024, compared to $8.3 million for the nine months ended September 30, 2023. The increase was primarily due to increases of $790,000 in fees and service charges for customer services, related to an increase in overdraft fees and service charges on deposit accounts, $260,000 in income on bank owned life insurance, and $874,000 in gains on trading securities, net. Partially offsetting the increases was a $303,000 decrease in other income, primarily due to lower swap fee income. Gains on trading securities in the nine months ended September 30, 2024, were $1.6 million, as compared to $723,000 in the nine months ended September 30, 2023. The trading portfolio is utilized to fund the Company’s deferred compensation obligation to certain employees and directors of 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.

        

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Non-interest Expense. Non-interest expense increased $3.2 million, or 5.2%, to $65.7 million for the nine months ended September 30, 2024, compared to $62.5 million for the nine months ended September 30, 2023. The increase was primarily due to a $3.3 million increase in employee compensation and benefits, primarily attributable to higher salary expense, related to annual merit increases and higher medical expense, and an increase of $874,000 in deferred compensation expense, which is described above, and had no effect on net income. Employee compensation and benefits expense also includes severance expense of $683,000 for the nine months ended September 30, 2024, as compared to $440,000 for the nine months ended September 30, 2023. During the second quarter of 2024, due to current economic conditions, the Company implemented a workforce reduction plan which included modest layoffs and staffing realignments. The annual estimated cost savings of this plan is $2.0 million, pre-tax. Partially offsetting the increase was a $461,000 decrease in stock compensation expense related to performance stock awards not expected to vest. Additionally, non-interest expense included a $727,000 increase in credit loss expense/(benefit) for off-balance sheet exposure due to a provision of $337,000 recorded during the nine months ended September 30, 2024, as compared to a benefit of $390,000 for the comparative prior year period. The benefit in the prior year period was attributable to a decrease in the pipeline of loans committed and awaiting closing. Partially offsetting the increases was a $552,000 decrease in advertising expense due to a change in marketing strategy and the timing of specific deposit and lending campaigns.

Income Tax Expense. The Company recorded income tax expense of $7.9 million for the nine months ended September 30, 2024, compared to $11.0 million for the nine months ended September 30, 2023, with the decrease due to lower taxable income partially offset by a higher effective tax rate. The effective tax rate for the nine months ended September 30, 2024, was 29.7% compared to 27.2% for the nine months ended September 30, 2023. In June 2024, options granted in 2014 expired and resulted in additional tax expense of $795,000, contributing to the higher effective tax rate for the nine months ended September 30, 2024.

During the quarter the Company entered into an agreement to sell and vacate one of its branches in New York with a closing date of December 27, 2024. The Company expects to record a gain on sale of property of approximately $3.6 million in the fourth quarter of 2024.

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The following table sets forth average balances, average yields and costs, and certain other information for the periods indicated.

			For the Nine Months Ended
			September 30, 2024																		September 30, 2023
			Average Outstanding Balance						Interest						Average Yield/ Rate (1)						Average Outstanding Balance						Interest						Average Yield/ Rate (1)
Interest-earning assets:
Loans (2)			$	4,127,409					$	138,030					4.47		%				$	4,260,827					$	135,220					4.24		%
Mortgage-backed securities (3)			791,850						20,246						3.42						703,320						11,170						2.12
Other securities (3)			332,831						10,031						4.03						241,280						3,593						1.99
Federal Home Loan Bank of New York stock			38,781						2,819						9.71						41,093						2,125						6.91
Interest-earning deposits in financial institutions			184,420						7,060						5.11						72,683						2,225						4.09
Total interest-earning assets			5,475,291						178,186						4.35						5,319,203						154,333						3.88
Non-interest-earning assets			269,180																		244,319
Total assets			$	5,744,471																	$	5,563,522
Interest-bearing liabilities:
Savings, NOW, and money market accounts			$	2,457,320					38,231						2.08		%				$	2,443,400					19,194						1.05		%
Certificates of deposit			685,510						22,010						4.29						572,283						12,724						2.97
Total interest-bearing deposits			3,142,830						60,241						2.56						3,015,683						31,918						1.42
Borrowed funds			1,052,589						30,653						3.89						902,802						24,182						3.58
Subordinated debt			61,294						2,492						5.43						61,164						2,484						5.43
Total interest-bearing liabilities			4,256,713						93,386						2.93						3,979,649						58,584						1.97
Non-interest bearing deposits			691,406																		788,991
Accrued expenses and other liabilities			101,639																		102,765
Total liabilities			5,049,758																		4,871,405
Stockholders' equity			694,713																		692,117
Total liabilities and stockholders' equity			$	5,744,471																	$	5,563,522
Net interest income									$	84,800																	$	95,749
Net interest rate spread (4)															1.42		%																1.91		%
Net interest-earning assets (5)			$	1,218,578																	$	1,339,554
Net interest margin (6)															2.07		%																2.41		%
Average interest-earning assets to interest-bearing liabilities															128.63		%																133.66		%

(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.

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Comparison of Operating Results for the Three Months Ended September 30, 2024 and 2023

 

Net Income. Net income was $6.5 million and $8.2 million for the quarters ended September 30, 2024 and September 30, 2023, respectively. Significant variances from the comparable prior year quarter are as follows: a $1.5 million decrease in net interest income, a $2.4 increase in the provision for credit losses on loans, a $1.5 million increase in non-interest income, a $189,000 decrease in non-interest expense, and a $513,000 decrease in income tax expense.

Interest Income. Interest income increased $6.6 million, or 12.5%, to $59.3 million for the quarter ended September 30, 2024, from $52.7 million for the quarter September 30, 2023, primarily due to a 38 basis point increase in the yield on interest-earning assets due to the rising rate environment and a $155.1 million, or 3.0%, increase in the average balance of interest-earning assets. The increase in the average balance of interest-earning assets was due to increases in the average balance of mortgage-backed securities of $240.3 million, the average balance of interest-earning deposits in financial institutions of $26.8 million, and the average balance of other securities of $64.0 million, partially offset by decreases in the average balance of loans outstanding of $172.8 million and the average balance of Federal Home Loan Bank of New York stock of $3.2 million. Interest income for the quarter ended September 30, 2024, included loan prepayment income of $87,000, as compared to $183,000 for the quarter ended September 30, 2023. The Company accreted interest income related to PCD loans of $327,000 for the quarter ended September 30, 2024, as compared to $325,000 for the quarter ended September 30, 2023.

Interest Expense. Interest expense increased $8.0 million, or 34.9%, to $31.1 million for the quarter ended September 30, 2024, from $23.0 million for the quarter ended September 30, 2023. The increase was attributed to an increase in interest expense on deposits of $6.7 million, or 49.1%, and to a lesser extent, an increase in interest expense on borrowings of $1.4 million, or 15.8%. The increase in interest expense on deposits was primarily attributable to a 77 basis point increase in the cost of interest-bearing deposits to 2.59% for the quarter ended September 30, 2024, from 1.82% for the quarter ended September 30, 2023, due to rising market interest rates and a shift in the composition of the deposit portfolio towards higher-yielding certificates of deposit and a $158.4 million, or 5.3%, increase in the average balance of interest-bearing deposits. The increase in interest expense on borrowings was primarily due to a 30 basis point increase in the cost of borrowings from 3.63% for the quarter ended September 30, 2023, to 3.93% for the quarter ended September 30, 2024, and a $68.4 million, or 7.28%, increase in the average balance of borrowed funds.

Net Interest Income. Net interest income for the quarter ended September 30, 2024, decreased $1.5 million, or 4.9%, to $28.2 million, from $29.7 million for the quarter ended September 30, 2023, primarily due to a 17 basis point decrease in net interest margin to 2.08% for the quarter ended September 30, 2024, from 2.25% for the quarter ended September 30, 2023. The decrease in net interest margin was primarily due to the cost of interest-bearing liabilities increasing faster than the repricing of interest-earning assets. The cost of interest-bearing liabilities increased by 64 basis points to 2.95% for the quarter ended September 30, 2024, from 2.31% for the quarter ended September 30, 2023, driven primarily by a 77 basis point increase in the cost of interest-bearing deposits from 1.82% to 2.59%, and a 30 basis point increase in the cost of borrowings from 3.63% to 3.93%. The increase in the cost of interest-bearing liabilities was partially offset by an increase in the yield on interest-earning assets, which increased by 38 basis points to 4.38% for the quarter ended September 30, 2024, from 4.00% for the quarter ended September 30, 2023.

Provision for Credit Losses. The provision for credit losses on loans increased by $2.4 million to $2.5 million for the quarter ended September 30, 2024, from a provision of $188,000 for the quarter ended September 30, 2023, primarily due to an increase in the specific reserve component of the allowance for credit losses, which was partially offset by a decrease in the general reserve component of the allowance for credit losses. The increase in the specific reserve was related to a single commercial and industrial relationship that experienced credit deterioration and was placed on non-accrual status during the current quarter, which has a specific reserve of $1.3 million and incurred a charge-off of $878,000. The decline in the general reserve component of the allowance for credit losses resulted from a decline in loan balances and an improvement in the macroeconomic forecast for the current period within our CECL model, partially offset by an increase in reserves related to changes in model assumptions, including the slowing of prepayment speeds, and an increase in reserves in the commercial and industrial portfolio related to an increase in non-performing loans and higher loan balances. Net charge-offs were $2.1 million for the quarter ended September 30, 2024, and included $1.4 million in net charge-offs on small business unsecured loans, as compared to net charge-offs of $2.9 million for the quarter ended September 30, 2023, due to $2.9 million in net charge-offs on small business unsecured commercial and industrial loans.

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Non-interest Income. Non-interest income increased by $1.5 million, or 68.7%, to $3.6 million for the quarter ended September 30, 2024, from $2.1 million for the quarter ended September 30, 2023, primarily due to a $294,000 increase in fees and service charges, primarily related to higher overdraft fees, a $1.0 million increase in gains on trading securities, net, and a $185,000 increase in other income, primarily due to higher swap fee income. For the quarter ended September 30, 2024, gains on trading securities, net, were $710,000, compared to losses of $295,000 in the quarter ended September 30, 2023. 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 its deferred compensation plan.

Non-interest Expense. Non-interest expense decreased by $189,000, or 0.9%, to $20.4 million for the quarter ended September 30, 2024, from $20.6 million for the quarter ended September 30, 2023. The decrease was primarily due to decreases of $386,000 in occupancy expense, attributable to lower real estate taxes, common area maintenance and electricity costs, $214,000 in data processing costs, attributable to a decrease in ongoing core processing costs related to a prior technology-related contract renewed at favorable terms, and $132,000 in advertising expense. Partially offsetting the decreases was a $504,000 increase in compensation and employee benefits, which included a $1.0 million increase in expense related to the Company's deferred compensation plan, which is described above, and had no effect on net income, that was offset by lower medical expense.

Income Tax Expense. The Company recorded income tax expense of $2.4 million for the quarter ended September 30, 2024, compared to $2.9 million for the quarter ended September 30, 2023, with the decrease due to lower taxable income. The effective tax rate for the quarter ended September 30, 2024 was 26.6%, compared to 26.0% for the quarter ended September 30, 2023.

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The following table sets forth average balances, average yields and costs, and certain other information for the periods indicated.

			For the Three Months Ended
			September 30, 2024																		September 30, 2023
			Average Outstanding Balance						Interest						Average Yield/ Rate (1)						Average Outstanding Balance						Interest						Average Yield/ Rate (1)
Interest-earning assets:
Loans (2)			$	4,079,974					$	46,016					4.49		%				$	4,252,752					$	46,213					4.31		%
Mortgage-backed securities (3)			901,042						8,493						3.75						660,753						3,664						2.20
Other securities (3)			273,312						2,684						3.91						209,341						1,095						2.08
Federal Home Loan Bank of New York stock			38,044						914						9.56						41,278						933						8.97
Interest-earning deposits in financial institutions			99,837						1,211						4.83						73,005						831						4.52
Total interest-earning assets			5,392,209						59,318						4.38						5,237,129						52,736						4.00
Non-interest-earning assets			275,342																		248,315
Total assets			$	5,667,551																	$	5,485,444
Interest-bearing liabilities:
Savings, NOW, and money market accounts			$	2,417,725					12,717						2.09		%				$	2,408,218					8,865						1.46		%
Certificates of deposit			700,763						7,587						4.31						551,904						4,749						3.41
Total interest-bearing deposits			3,118,488						20,304						2.59						2,960,122						13,614						1.82
Borrowed funds			1,008,338						9,949						3.93						939,922						8,593						3.63
Subordinated debt			61,350						836						5.42						61,127						837						5.43
Total interest-bearing liabilities			4,188,176						31,089						2.95						3,961,171						23,044						2.31
Non-interest bearing deposits			683,283																		739,266
Accrued expenses and other liabilities			102,233																		100,103
Total liabilities			4,973,692																		4,800,540
Stockholders' equity			693,859																		684,904
Total liabilities and stockholders' equity			$	5,667,551																	$	5,485,444
Net interest income									$	28,229																	$	29,692
Net interest rate spread (4)															1.42		%																1.69		%
Net interest-earning assets (5)			$	1,204,033																	$	1,275,958
Net interest margin (6)															2.08		%																2.25		%
Average interest-earning assets to interest-bearing liabilities															128.75		%																132.21		%

(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.

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Asset Quality

PCD Loans (Held-for-Investment)

    

The Company accounts 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 has a reasonable expectation about the amount and timing of future cash flows and accordingly has classified PCD loans ($9.3 million at September 30, 2024 and $9.9 million at December 31, 2023, respectively) as accruing, even though they may be contractually past due. At September 30, 2024, 2.1% of PCD loans were past due 30 to 89 days, and 24.6% were past due 90 days or more, as compared to 2.9% and 27.1%, respectively, at December 31, 2023.

 

Loans

The following table details total non-accrual loans (excluding PCD), non-performing assets, loans over 90 days delinquent on which interest is accruing, and accruing loans 30 to 89 days delinquent at September 30, 2024 and December 31, 2023 (dollars in thousands):

			September 30, 2024						December 31, 2023
Non-accrual loans:
Held-for-investment
Real estate loans:
Multifamily			$	2,651					$	2,709
Commercial mortgage			4,426						6,491
One-to-four family residential			66						104
Home equity and lines of credit			1,123						499
Commercial and industrial			14,617						305
Other			6						7
Total non-accrual loans held-for-investment			22,889						10,115
Loans delinquent 90 days or more and still accruing:
Held-for-investment
Real estate loans:
Multifamily			—						201
Commercial mortgage			1,161						—
One-to-four family residential			304						406
Home equity and lines of credit			343						711
Commercial and industrial			835						—
Total loans delinquent 90 days or more and still accruing held-for-investment			2,643						1,318
Non-performing loans held-for-sale
Commercial real estate loans			4,397						—
Commercial and industrial			500						—
Total non-performing loans held-for-sale			4,897						—
Total non-performing loans			30,429						11,433
Total non-performing assets			$	30,429					$	11,433
Non-performing loans to total loans			0.75		%				0.27		%
Non-performing assets to total assets			0.53		%				0.20		%
Accruing loans 30 to 89 days delinquent			$	16,057					$	8,683

At September 30, 2024, total non-performing loans included $13.4 million of modified loans to borrowers experiencing financial difficulty and $3.2 million of troubled debt restructuring (“TDR”) loans that existed prior to adoption of Accounting Standards Update (“ASU”) 2022-02 on January 1, 2023. At December 31, 2023, total non-performing loans included $236,000 of modified loans to borrowers experiencing financial difficulty and $3.3 million of troubled debt TDR loans that existed prior to the adoption of ASU 2022-02.

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The Company's non-performing loans at September 30, 2024 totaled $30.4 million, or 0.75%, of total loans, and include $4.9 million of loans held-for-sale, as compared to non-performing loans of $11.4 million, or 0.27%, at December 31, 2023. The $19.0 million increase in non-performing loans was primarily attributable to an increase in non-performing commercial and industrial loans of $15.6 million and an increase of $3.5 million in non-performing commercial real estate loans. One commercial and industrial relationship with a carrying balance of $12.5 million at September 30, 2024, experienced credit deterioration and was placed on non-accrual status during the third quarter of 2024. The Company anticipated the receipt of $10.0 million on October 31, 2024, which was not received. The loan is currently in the collection process which includes all legal remedies. The loan was individually evaluated for impairment, including the assets of the borrower and its guarantors, which resulted in a charge-off of $878,000 and a specific reserve provision of $1.3 million. Additionally, management evaluated the collateral from the Company and assets subject to personal guarantees and, based on current estimates, believes there is adequate collateral and assets to support the current value of the loan. Another commercial and industrial relationship with an outstanding balance of $750,000 is in the process of maturity extension. Additionally, there was an increase in non-performing unsecured small business loans. Unsecured small business loans totaled $31.0 million and $37.4 million at September 30, 2024 and December 31, 2023, respectively. Management continues to closely monitor the small business unsecured commercial and industrial loan portfolio.

The increase in non-performing commercial real estate loans was primarily attributable to one loan with a balance of $4.4 million, which was put on non-accrual status during the first quarter of 2024. Based on the results of the impairment analysis for this loan, no impairment reserve was necessary as the loan is adequately covered by collateral (a private residence and retail property, both located in New Jersey), with aggregate appraised values totaling $8.7 million. The loan was transferred to held-for-sale as of September 30, 2024.

Other Real Estate Owned

At September 30, 2024 and December 31, 2023, the Company had no assets acquired through foreclosure.

Accruing Loans 30 to 89 Days Delinquent

 

Loans 30 to 89 days delinquent and on accrual status totaled $16.1 million and $8.7 million at September 30, 2024 and December 31, 2023, respectively. The following table sets forth delinquencies for accruing loans by type and by amount at September 30, 2024 and December 31, 2023 (dollars in thousands):

			September 30, 2024						December 31, 2023
Held-for-investment
Real estate loans:
Multifamily			$	2,259					$	740
Commercial mortgage			5,689						1,010
One-to-four family residential			2,286						3,339
Home equity and lines of credit			1,369						817
Commercial and industrial loans			4,450						2,767
Other loans			4						10
Total delinquent accruing loans held-for-investment			$	16,057					$	8,683

The increase in multifamily delinquent loans was primarily due to two relationships totaling $1.5 million that made payments and became current subsequent to September 30, 2024. The increase in commercial real estate delinquent loans was primarily due to two participation loans totaling $5.6 million that matured and the lead bank is in the process of extending their maturity and are expected to become current in the fourth quarter of 2024. The increase in commercial and industrial delinquent loans was primarily due to two loans to one borrower totaling $1.5 million which are in the process of collection, and, to a lesser extent, an increase in delinquencies in unsecured small business loans.

Subsequent to the quarter end, $1.1 million of home equity and lines of credit loans, $1.5 million of one-to-four family residential loans, and $1.5 million of commercial and industrial loans became current.

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Rent-Regulated Multifamily Loans

Our multifamily loan portfolio at September 30, 2024 totaled $2.64 billion, or 65% of our total loan portfolio, of which $447.5 million, or 11%, included loans collateralized by properties in New York with units subject to some percentage of rent regulation. The table below sets forth details about our multifamily loan portfolio in New York (dollars in thousands).

% Rent Regulated						Balance						% Portfolio Total NY Multifamily Portfolio						Average Balance						Largest Loan						LTV*												Debt Service Coverage Ratio (DSCR)*						30-89 Days Delinquent						Non-Accrual						Special Mention						Substandard
0						$	286,728					39.1		%				$	1,166					$	16,603					51.0%												1.57x						$	1,709					$	534					$	782					$	874
>0-10						4,745						0.7						1,582						2,128						51.4												1.46						—						—						—						—
>10-20						18,681						2.5						1,437						2,865						49.2												1.59						—						—						—						—
>20-30						19,585						2.7						2,176						5,512						54.1												1.64						—						—						—						—
>30-40						15,183						2.1						1,265						3,088						48.3												1.63						—						—						—						—
>40-50						22,208						3.0						1,306						2,740						48.2												1.84						—						—						—						—
>50-60						9,452						1.3						1,575						2,341						39.9												2.03						—						—						—						—
>60-70						19,201						2.6						3,200						11,339						53.0												1.46						—						—						—						—
>70-80						22,405						3.1						2,489						4,914						48.0												1.53						—						—						—						—
>80-90						20,820						2.8						1,157						3,148						46.6												1.71						—						—						—						—
>90-100						295,256						40.1						1,779						16,909						52.6												1.65						—						2,117						1,204						4,482
Total						$	734,264					100.0		%				$	1,454					$	16,909					51.2%												1.62x						$	1,709					$	2,651					$	1,986					$	5,356

The table below sets forth our New York rent-regulated loans by county (dollars in thousands):

County						Balance						LTV*												DSCR*
Bronx						$	118,400					51.7%												1.64x
Kings						191,745						51.5%												1.66
Nassau						2,176						36.2%												1.88
New York						49,871						47.3%												1.64
Queens						38,864						44.3%												1.81
Richmond						28,790						60.6%												1.64
Westchester						17,689						61.8%												1.37
Total						$	447,535					51.4%												1.65x

* Weighted Average

None of the loans that are rent-regulated in New York are interest-only. During the remainder of 2024, one loan with an aggregate principal balance of $1.8 million will re-price.

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Liquidity and Capital Resources

Liquidity. The objective of our liquidity management is to ensure the availability of sufficient funds to meet financial commitments and deposit withdrawals, to repay borrowings as they mature, and to fund new loans and investments as opportunities arise.

The Bank's primary sources of funds are deposits, principal and interest payments on loans and securities, borrowed funds, the proceeds from maturing securities and short-term investments, and to a lesser extent, proceeds from the sales of loans and securities, and wholesale borrowings. The scheduled amortization of loans and securities, as well as proceeds from borrowed funds, are predictable sources of funds. Other funding sources, however, such as deposit inflows and loan prepayments are greatly influenced by market interest rates, economic conditions, and competition. The Bank is a member of the Federal Home Loan Bank of New York (“FHLBNY”), which provides an additional source of short-term and long-term funding. The Bank also has short-term borrowing capabilities with the FRB. On March 12, 2023, the Board of Governors of the Federal Reserve System created the Bank Term Funding Program (“BTFP”), which aimed to enhance liquidity by allowing institutions to pledge certain securities at par value, and a pay a borrowing rate of ten basis points over the one-year overnight index swap rate. The BTFP was available to eligible U.S. federally insured depository institutions, with advances having a term of up to one year and no prepayment penalties. As of September 30, 2024, the Company had borrowed $300.0 million under the BTFP. The BTFP ceased making new advances on March 11, 2024. The Bank’s total short-term borrowed funds, excluding lease obligations, floating rate advances and an overnight line of credit, were $983 million at September 30, 2024, and had a weighted average interest rate of 3.92%. A total of $483.2 million of these borrowings will mature in less than one year. Short-term borrowed funds, excluding floating rate advances, were $853.1 million at December 31, 2023. 

On June 17, 2022, the Company issued $62.0 million in aggregate principal amount of fixed to floating subordinated notes (the “Notes”). The Notes are non-callable for five years, have a stated maturity of June 30, 2032, and bear interest at a fixed rate of 5.00% until June 30, 2027. From July 2027 to the maturity date or early redemption date, the interest rate will reset quarterly to a level equal to the then current three-month Secured Overnight Financing Rate plus 200 basis points.

The Bank has the ability to obtain additional funding from the FHLBNY of approximately $1.27 billion utilizing unencumbered securities of $571.5 million, loans of $699.3 million, and encumbered securities of $93,000 at September 30, 2024. Additionally, the Bank has remaining borrowing capacity utilizing encumbered securities through the FRB Discount Window of $25.0 million. The Bank expects to have sufficient funds available to meet current commitments in the normal course of business.

The Company has a diversified deposit base, and government deposits are collateralized by assets or letters of credit issued by the FHLBNY. Estimated gross uninsured deposits at September 30, 2024 were $1.71 billion. This total includes fully collateralized uninsured governmental deposits and intercompany deposits of $859.3 million, leaving estimated net uninsured deposits of approximately $852.2 million, or 22.0%, of total deposits. At December 31, 2023, estimated net uninsured deposits totaled $869.9 million, or 22.4% of total deposits.

Northfield Bancorp, Inc. (standalone) is a separate legal entity from the Bank and must provide for its own liquidity to pay dividends, repurchase its stock, and for other corporate purposes. Northfield Bancorp, Inc.'s primary source of liquidity is dividend payments from the Bank. At September 30, 2024, Northfield Bancorp, Inc. (standalone) had liquid assets of $28.4 million.

Capital Resources. Federal regulations require federally insured depository institutions to meet several minimum capital standards: a common equity Tier 1 capital to risk-based assets ratio of 4.5%, a Tier 1 capital to risk-based assets ratio of 6.0%, a total capital to risk-based assets of 8.0%, and a 4.0% Tier 1 capital to total assets leverage ratio. In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets in addition to the amount necessary to meet its minimum risk-based capital requirements.

    

The federal banking agencies developed a “Community Bank Leverage Ratio” (“CBLR”) (the ratio of a bank’s tangible equity capital to average total consolidated assets) for financial institutions with assets of less than $10 billion. A qualifying community bank that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered “well capitalized” under Prompt Corrective Action statutes. The federal banking agencies have approved 9% as the current minimum capital for the CBLR. Northfield Bank and Northfield Bancorp have elected to opt into the CBLR framework. The CBLR replaced the risk-based and leverage capital requirements in the generally applicable capital rules.

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At September 30, 2024, and December 31, 2023, as set forth in the following table, both Northfield Bank and Northfield Bancorp, Inc. exceeded all of the regulatory capital requirements to which they were subject at such dates.

    

			Northfield Bank						Northfield Bancorp, Inc.						For Capital Adequacy Purposes						For Well Capitalized Under Prompt Corrective Action Provisions
As of September 30, 2024:
CBLR			12.26%						12.03%						9.00%						9.00%
As of December 31, 2023:
CBLR			12.80%						12.58%						9.00%						9.00%

Off-Balance Sheet Arrangements and Contractual Obligations

In the normal course of operations, the Company engages in a variety of financial transactions that, in accordance with U.S. GAAP, are not recorded in the financial statements. These transactions primarily relate to lending commitments. These arrangements are not expected to have a material impact on the Company's results of operations or financial condition.

Commitments to fund unused lines of credit are agreements to lend additional funds to customers as long as there have been no violations of any of the conditions established in the agreements (original or restructured). Commitments to originate loans generally have a fixed expiration or other termination clauses, which may require payment of a fee. Since some of these loan commitments are expected to expire without being drawn upon, total commitments do not necessarily represent future cash requirements. At September 30, 2024, the reserve for commitments to fund unused lines of credit recorded in accrued expenses and other liabilities was $573,000.

For further information regarding our off-balance sheet arrangements and contractual obligations, see "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Accounting Pronouncements Not Yet Adopted

ASU No. 2023-07. In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The amendments in this ASU require improved reportable segment information on an annual and interim basis, primarily through enhanced disclosures about significant segment expenses. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company operates one operating segment; therefore, we do not anticipate any impact to the consolidated financial statements.

ASU No. 2023-09. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amendments in the this ASU require improved annual income tax disclosures surrounding rate reconciliation, income taxes paid, and other disclosures. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on the consolidated financial statements.

    

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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Management of Market Risk

General.  A majority of our assets and liabilities are monetary in nature. Consequently, our most significant form of market risk is interest rate risk. Our assets, consisting primarily of mortgage-related securities and loans, generally have longer maturities than our liabilities, which consist primarily of deposits and borrowings. As a result, a principal part of our business strategy involves managing interest rate risk and limiting the exposure of our net interest income to changes in market interest rates. Accordingly, our Board of Directors has established a Management Asset-Liability Committee, comprised of our Senior Vice President (“SVP”) & Chief Investment Officer and Treasurer, who chairs this Committee, our President & Chief Executive Officer, our Executive Vice President (“EVP”) & Chief Risk Officer, our EVP & Chief Financial Officer, our EVP & Chief Lending Officer, our EVP & Chief Branch Administration, Deposit Operations & Business Development Officer, and our SVP & Director of Marketing, and other officers and staff as necessary or appropriate. This committee is responsible for, among other things, evaluating the interest rate risk inherent in our assets and liabilities, for recommending to the risk management committee of our Board of Directors the level of risk that is appropriate given our business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk consistent with the guidelines approved by the Board of Directors.

 

We seek to manage our interest rate risk in order to minimize the exposure of our earnings and capital to changes in interest rates. As part of our ongoing asset-liability management, we currently use the following strategies to manage our interest rate risk:

•originating multifamily loans and commercial real estate loans that generally have shorter maturities than one-to-four family residential real estate loans and have higher interest rates that generally reset from five to ten years;

•investing in investment grade corporate securities and mortgage-backed securities; and

•obtaining general financing through lower-cost core deposits, brokered deposits, and longer-term FHLB advances and repurchase agreements.

Shortening the average term of our interest-earning assets by increasing our investments in shorter-term assets, as well as originating loans with variable interest rates, helps to match the maturities and interest rates of our assets and liabilities better, thereby reducing the exposure of our net interest income to changes in market interest rates.

 

Net Portfolio Value Analysis. We compute amounts by which the net present value of our assets and liabilities (net portfolio value or “NPV”), would change in the event market interest rates change over an assumed range of rates. Our simulation model uses a discounted cash flow analysis to measure the interest rate sensitivity of our NPV. Depending on current market interest rates, we estimate the economic value of these assets and liabilities under the assumption that interest rates experience an instantaneous and sustained increase or decrease of 100, 200, 300, or 400 basis points, which is based on the current interest rate environment. A basis point equals one-hundredth of one percent, and 100 basis points equals one percent. An increase in interest rates from 3% to 4% would mean, for example, a 100 basis point increase in the “Change in Interest Rates” column below. 

 

Net Interest Income Analysis.  In addition to NPV calculations, we analyze our sensitivity to changes in interest rates through our net interest income model. Net interest income is the difference between the interest income we earn on our interest-earning assets, such as loans and securities, and the interest we pay on our interest-bearing liabilities, such as deposits and borrowings. In our model, we estimate what our net interest income would be for a twelve-month period. Depending on current market interest rates we then calculate what the net interest income would be for the same period under the assumption that interest rates experience an instantaneous and sustained increase or decrease of 100, 200, 300, or 400 basis points, which is based on the current interest rate environment.

The following tables set forth, as of September 30, 2024 and December 31, 2023, our calculation of the estimated changes in our NPV, NPV ratio, and percent change in net interest income that would result from the designated instantaneous and sustained changes in interest rates (dollars in thousands). Computations of prospective effects of hypothetical interest rate changes are based on numerous assumptions, including relative levels of market interest rates, loan prepayments and deposit repricing characteristics, including decay rates, and correlations to movements in interest rates, and should not be relied on as indicative of actual results.

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						At September 30, 2024
Change in Interest Rates (basis points)						Estimated Present Value of Assets						Estimated Present Value of Liabilities						Estimated NPV						Estimated Change In NPV						Estimated Change in NPV %						Estimated NPV/Present Value of Assets Ratio						Next 12 Months Net Interest Income Percent Change						Months 13-24 Net Interest Income Percent Change
+400						$	5,120,762					$	4,421,625					$	699,137					$	(67,431)					(8.80)		%				13.65		%				(13.17)		%				1.77		%
+300						5,212,181						4,497,772						714,409						(52,159)						(6.80)						13.71						(8.94)						2.01
+200						5,313,011						4,577,510						735,501						(31,067)						(4.05)						13.84						(4.32)						3.10
+100						5,414,456						4,661,226						753,230						(13,338)						(1.74)						13.91						(0.85)						2.88
—						5,515,951						4,749,383						766,568						—						—						13.90						—						—
(100)						5,629,284						4,831,372						797,912						31,344						4.09						14.17						1.39						(2.87)
(200)						5,736,088						4,917,944						818,144						51,576						6.73						14.26						1.59						(7.92)
(300)						5,849,428						5,009,372						840,056						73,488						9.59						14.36						2.59						(10.65)
(400)						6,031,620						5,114,810						916,810						150,242						19.60						15.20						2.07						(11.68)

     

						At December 31, 2023
Change in Interest Rates (basis points)						Estimated Present Value of Assets						Estimated Present Value of Liabilities						Estimated NPV						Estimated Change In NPV						Estimated Change in NPV %						Estimated NPV/Present Value of Assets Ratio						Next 12 Months Net Interest Income Percent Change						Months 13-24 Net Interest Income Percent Change
+400						$	4,845,088					$	4,222,267					$	622,821					$	(139,446)					(18.29)		%				12.85		%				(20.93)		%				(5.16)		%
+300						4,945,428						4,292,831						652,597						(109,670)						(14.39)						13.20						(15.79)						(4.31)
+200						5,060,164						4,366,834						693,330						(68,937)						(9.04)						13.70						(9.91)						(1.91)
+100						5,174,386						4,444,681						729,705						(32,562)						(4.27)						14.10						(4.52)						(0.49)
—						5,289,153						4,526,886						762,267						—						—						14.41						—						—
(100)						5,410,037						4,618,015						792,022						29,755						3.90						14.64						2.73						(1.32)
(200)						5,531,944						4,714,497						817,447						55,180						7.24						14.78						4.51						(4.34)
(300)						5,653,051						4,818,672						834,379						72,112						9.46						14.76						4.39						(9.12)
(400)						5,815,435						4,954,580						860,855						98,588						12.93						14.80						4.19						(9.12)

At September 30, 2024, in the event of a 400 basis point decrease in interest rates, we would experience an 19.60% increase in estimated net portfolio value, a 2.07% increase in net interest income in year one, and a 11.68% decrease in net interest income in year two. In the event of a 400 basis point increase in interest rates, we would experience a 8.80% decrease in estimated net portfolio value, a 13.17% decrease in net interest income in year one and an 1.77% increase in net interest income in year two. Our policies provide that, in the event of a 200 basis point decrease or less in interest rates, our net present value ratio should decrease by no more than 300 basis points and 10%, and in the event of a 400 basis point increase or less, our net present value should decrease by no more than 475 basis points and 35%. In the event of a 200 basis point decrease or less, our projected net interest income should decrease by no more than 10% in year one and 20% in year two, and in the event of a 400 basis point increase or less, our projected net interest income should decrease by no more than 39% in year one and 26% in year two. At September 30, 2024 and December 31, 2023, we were in compliance with all Board-approved policies with respect to interest rate risk management.

Certain shortcomings are inherent in the methodologies used in determining interest rate risk through changes in net portfolio value and net interest income. Our model requires us to make certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. However, we also apply consistent parallel yield curve shifts (in both directions) to determine possible changes in net interest income if the theoretical yield curve shifts occurred gradually. Net interest income analysis also adjusts the asset and liability repricing analysis based on changes in prepayment rates resulting from the parallel yield curve shifts. In addition, the net portfolio value and net interest income information presented assume that the composition of our interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and assume that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. Accordingly, although interest rate risk calculations provide an indication of our interest rate risk exposure at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on our net portfolio value or net interest income and will differ from actual results.

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ITEM 4.    CONTROLS AND PROCEDURES 

An evaluation was performed under the supervision and with the participation of the Company’s management, including the President and Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended) as of September 30, 2024. Based on that evaluation, the Company’s management, including the President and Chief Executive Officer and the Chief Financial Officer, concluded that the Company’s disclosure controls and procedures were effective.

 

During the three months ended September 30, 2024, there were no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II

ITEM 1.     LEGAL PROCEEDINGS

The Company and subsidiaries are subject to various legal actions arising in the normal course of business.  In the opinion of management, the resolution of these legal actions is not expected to have a material adverse effect on the Company’s consolidated financial condition or results of operations.

ITEM 1A.  RISK FACTORS

During the quarter ended September 30, 2024, there have been no material changes to the risk factors as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the Securities and Exchange Commission, except as previously disclosed in our other filings with the Securities and Exchange Commission.

ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES

(a)Unregistered Sale of Equity Securities. There were no sales of unregistered securities during the period covered by this report.

(b)Use of Proceeds. Not applicable.

(c)Repurchases of Our Equity Securities.  

On April 24, 2024, the Board of Directors of the Company approved a $5.0 million stock repurchase program which was completed in May 2024, and on June 14, 2024, the Board of Directors of the Company approved a new $10.0 million stock repurchase program which was completed in August 2024. The programs permit the Company's shares of common stock to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The timing of the repurchases depends on certain factors, including but not limited to, market conditions and prices, the Company’s liquidity and capital requirements, and alternative uses of capital. Any repurchased shares are held as treasury stock and available for general corporate purposes. The repurchases can be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate.

The following table reports information regarding purchases of the Company’s common stock during the three months ended September 30, 2024.

Period						Total Number of Shares Purchased						Average Price Paid per Share (1)						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs						Maximum Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (in thousands)
July 1, 2024 to July 31, 2024						280,759						$	11.18					280,759						$	3,191
August 1, 2024 to August 31, 2024						279,924						11.40						279,924						—
September 1, 2024 to September 30, 2024						—						—						—						—
Total						560,683						11.29						560,683

(1) Average price paid does not reflect excise tax paid on share repurchases

In addition to the repurchases disclosed above, participants in the Company's stock-based incentive plans may have shares withheld to cover income taxes upon the vesting of restricted stock awards. Shares withheld to cover income taxes upon the vesting of restricted stock awards are repurchased pursuant to the terms of the applicable plan and not under the Company's stock repurchase program. Shares repurchased pursuant to these plans during the three months ended three months ended September 30, 2024 were as follows:

Period						Total Number of Shares Purchased						Average Price Paid per Share
July 1, 2024 to July 31, 2024						—						$	—
August 1, 2024 to August 31, 2024						738						12.03
September 1, 2024 to September 30, 2024						—						—
Total						738						12.03

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ITEM 3.     DEFAULTS UPON SENIOR SECURITIES

    None.

ITEM 4.     MINE SAFETY DISCLOSURES

    Not applicable.

ITEM 5.     OTHER INFORMATION

    During the three months ended September 30, 2024, no directors or executive officers of the Company adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) and/or any “Rule 10b5-1 trading arrangement.”

ITEM 6.      EXHIBITS

    The following exhibits required by Item 601 of Regulation S-K are included with this Quarterly Report on Form 10-Q.

Exhibit Number						Description
31.1						Certification of Steven M. Klein, Chairman, President and Chief Executive Officer, Pursuant to Rule 13a-14(a) and Rule 15d-14(a).(1)
31.2						Certification of William R. Jacobs, Executive Vice President and Chief Financial Officer, Pursuant to Rule 13a-14(a) and Rule 15d-14(a).(1)
32						Certification of Steven M. Klein, Chairman, President and Chief Executive Officer, and William R. Jacobs, Executive Vice President and Chief Financial Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(1)
101.INS						XBRL (Extensible Business Reporting Language) Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document.
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104						Cover page information from the Company's Quarterly Report on Form 10-Q filed November 12, 2024, formatted in Inline XBRL.

(1) Filed herewith.    

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

NORTHFIELD BANCORP, INC.

(Registrant)

 

 

Date: November 12, 2024

/s/   Steven M. Klein
Steven M. Klein
Chairman, President and Chief Executive Officer

 

/s/   William R. Jacobs
William R. Jacobs
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)

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