Northfield Bancorp Inc. (NFBK, Financial) filed Quarterly Report for the period ended 2010-09-30.
Northfield Bancorp Inc. has a market cap of $550.4 million; its shares were traded at around $12.64 with a P/E ratio of 37.2 and P/S ratio of 6.1. The dividend yield of Northfield Bancorp Inc. stocks is 1.6%.NFBK is in the portfolios of Jim Simons of Renaissance Technologies LLC.
At September 30, 2010, our securities portfolio totaled $1.2 billion, as compared to $1.1 billion at December 31, 2009, which represented an increase of $100.9 million, or 8.8%. At September 30, 2010, $904.7 million of the portfolio consisted of residential mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. The Company also held residential mortgage-backed securities not guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae, referred to as private label securities. The private label securities had an amortized cost of $109.4 million and an estimated fair value of $114.2 million at September 30, 2010. These private label securities were in a net unrealized gain position of $4.8 million at September 30, 2010, consisting of gross unrealized gains of $5.9 million and gross unrealized losses of $1.1 million.
Loans held for investment, net, totaled $802.6 million at September 30, 2010, as compared to $729.3 million at December 31, 2009. The increase was primarily in multi-family real estate loans, which increased $66.8 million, or 37.4%, to $245.2 million at September 30, 2010, from $178.4 million at December 31, 2009. Commercial real estate loans increased $13.3 million, or 4.1%, to $341.1 million, insurance premium loans increased $9.1 million, or 22.6%, to $49.5 million, and home equity loans increased $3.6 million, or 13.8%, to $29.7 million at September 30, 2010. These increases were partially offset by decreases in residential, land and construction, and commercial and industrial loans.
Deposits increased $95.5 million, or 7.3%, to $1.4 billion at September 30, 2010, from $1.3 billion at December 31, 2009. The increase in deposits for the nine months ended September 30, 2010, was due in part to an increase of $52.5 million in short-term certificates of deposit originated through the CDARS® Network. We utilize this funding supply as a cost effective alternative to other short-term funding sources. In addition, money market deposits and transaction accounts increased $78.5 million and $34.8 million, respectively, from December 31, 2009, to September 30, 2010. These increases were partially offset by a decrease of $6.7 million in savings accounts and a decrease of $63.6 million in certificates of deposit (issued by the Bank) over the same time period. The Company continues to focus its marketing and pricing of its products which it believes promotes longer-term customer relationships.
Net income. Net income decreased $792,000, or 24.9%, to $2.4 million for the three months ended September 30, 2010, as compared to $3.2 million for the three months ended September 30, 2009. Non-interest expense increased $2.7 million, or 32.5%, and the provision for loan losses increased $675,000, or 24.8%, which was partially offset by an increase of $901,000, or 6.1%, in net interest income, an increase of $144,000, or 10.6%, in non-interest income, and a decrease of $1.6 million, or 88.0%, in income tax expense.
Interest income. Interest income decreased $173,000, or 0.8%, to $21.7 million for the three months ended September 30, 2010, from $21.9 million for the three months ended September 30, 2009. The decrease in interest income was primarily the result of a decrease in the yield earned on interest-earning assets to 4.21% for the three months ended September 30, 2010, from 4.74% for the three months ended September 30, 2009. The rates earned on all asset categories decreased due to the general decline in market interest rates for these asset types. The effect of the decrease in the yield earned on interest earning assets was almost entirely offset by an increase in average interest-earning assets of $211.8 million, or 11.6%. The increase in average interest-earning assets was primarily attributable to an increase in average loans of $134.4 million, or 20.4%, an increase in mortgage-backed securities of $35.7 million, and an increase in other securities of $106.9 million, partially offset by a decrease in average interest-earning deposits in other financial institutions of $65.4 million, or 71.1%.
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Northfield Bancorp Inc. has a market cap of $550.4 million; its shares were traded at around $12.64 with a P/E ratio of 37.2 and P/S ratio of 6.1. The dividend yield of Northfield Bancorp Inc. stocks is 1.6%.NFBK is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Net income was $2.4 million and $10.0 million for the three and nine months ended September 30, 2010, respectively, compared to $3.2 million and $8.0 million for the three and nine months ended September 30, 2009, respectively. Basic and diluted earnings per share were $0.06 and $0.24 for the three and nine months ended September 30, 2010, respectively, compared to $0.08 and $0.19 per share for the three and nine months ended September 30, 2009, respectively. Net income for the quarter and nine months ended September 30, 2010, included an after-tax charge of $1.2 million, or $0.03 per share, related to the Company expensing costs incurred for the postponed second-step stock offering. In addition, net income for the quarter and nine months ended September 30, 2010, was positively affected by the reversal of deferred tax liabilities related to state bad debt reserves of approximately $738,000, or $0.02 per share.At September 30, 2010, our securities portfolio totaled $1.2 billion, as compared to $1.1 billion at December 31, 2009, which represented an increase of $100.9 million, or 8.8%. At September 30, 2010, $904.7 million of the portfolio consisted of residential mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. The Company also held residential mortgage-backed securities not guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae, referred to as private label securities. The private label securities had an amortized cost of $109.4 million and an estimated fair value of $114.2 million at September 30, 2010. These private label securities were in a net unrealized gain position of $4.8 million at September 30, 2010, consisting of gross unrealized gains of $5.9 million and gross unrealized losses of $1.1 million.
Loans held for investment, net, totaled $802.6 million at September 30, 2010, as compared to $729.3 million at December 31, 2009. The increase was primarily in multi-family real estate loans, which increased $66.8 million, or 37.4%, to $245.2 million at September 30, 2010, from $178.4 million at December 31, 2009. Commercial real estate loans increased $13.3 million, or 4.1%, to $341.1 million, insurance premium loans increased $9.1 million, or 22.6%, to $49.5 million, and home equity loans increased $3.6 million, or 13.8%, to $29.7 million at September 30, 2010. These increases were partially offset by decreases in residential, land and construction, and commercial and industrial loans.
Deposits increased $95.5 million, or 7.3%, to $1.4 billion at September 30, 2010, from $1.3 billion at December 31, 2009. The increase in deposits for the nine months ended September 30, 2010, was due in part to an increase of $52.5 million in short-term certificates of deposit originated through the CDARS® Network. We utilize this funding supply as a cost effective alternative to other short-term funding sources. In addition, money market deposits and transaction accounts increased $78.5 million and $34.8 million, respectively, from December 31, 2009, to September 30, 2010. These increases were partially offset by a decrease of $6.7 million in savings accounts and a decrease of $63.6 million in certificates of deposit (issued by the Bank) over the same time period. The Company continues to focus its marketing and pricing of its products which it believes promotes longer-term customer relationships.
Net income. Net income decreased $792,000, or 24.9%, to $2.4 million for the three months ended September 30, 2010, as compared to $3.2 million for the three months ended September 30, 2009. Non-interest expense increased $2.7 million, or 32.5%, and the provision for loan losses increased $675,000, or 24.8%, which was partially offset by an increase of $901,000, or 6.1%, in net interest income, an increase of $144,000, or 10.6%, in non-interest income, and a decrease of $1.6 million, or 88.0%, in income tax expense.
Interest income. Interest income decreased $173,000, or 0.8%, to $21.7 million for the three months ended September 30, 2010, from $21.9 million for the three months ended September 30, 2009. The decrease in interest income was primarily the result of a decrease in the yield earned on interest-earning assets to 4.21% for the three months ended September 30, 2010, from 4.74% for the three months ended September 30, 2009. The rates earned on all asset categories decreased due to the general decline in market interest rates for these asset types. The effect of the decrease in the yield earned on interest earning assets was almost entirely offset by an increase in average interest-earning assets of $211.8 million, or 11.6%. The increase in average interest-earning assets was primarily attributable to an increase in average loans of $134.4 million, or 20.4%, an increase in mortgage-backed securities of $35.7 million, and an increase in other securities of $106.9 million, partially offset by a decrease in average interest-earning deposits in other financial institutions of $65.4 million, or 71.1%.
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