Northfield Bancorp, Inc. Announces First Quarter 2020 Results
NOTABLE ITEMS FOR THE QUARTER INCLUDE:
COVID-19 RESPONSE36 of 37 branches continue to operate and we are supporting our employees as they continue to serve our customers and communities.Approved over 570 Paycheck Protection Program loans totaling over $91 million, helping our small business customers retain over 9,500 employees.Implemented loan relief programs, and suspended certain deposit fees and charges, to support businesses and individuals.Declared regular quarterly cash dividend of $0.11 per share, based on strong earnings, capital, and liquidity, to support our stockholders, many of whom are businesses and individuals that live and work in our communities.DILUTED EARNINGS PER SHARE OF $0.10 FOR THE FIRST QUARTER OF 2020, COMPARED TO $0.21 FOR THE FOURTH QUARTER OF 2019, AND $0.19 FOR THE FIRST QUARTER OF 2019The decrease in earnings for the current quarter as compared to the trailing and comparable prior year quarters is largely due to an increase in the provision for incurred loan losses primarily attributable to the impact of the COVID-19 pandemic on qualitative factors. The provision for loan losses increased by $7.4 million, or $0.12 per share (after tax), and $8.1 million, or $0.13 per share (after tax), compared to the trailing and comparable prior year quarters.Earnings for the trailing quarter reflect the benefit of $1.0 million, or $0.02 per diluted share, of tax-exempt income from bank owned life insurance proceeds in excess of the cash surrender value of the policies, offset by $755,000, after tax, in occupancy costs related to the consolidation of three branches, and $125,000 of merger-related costs, for a total of $0.02 per diluted share.NON-PERFORMING LOANS TO TOTAL LOANS WAS 0.27% AT MARCH 31, 2020, COMPARED TO 0.29% AT DECEMBER 31, 2019
COVID-19 RESPONSE36 of 37 branches continue to operate and we are supporting our employees as they continue to serve our customers and communities.Approved over 570 Paycheck Protection Program loans totaling over $91 million, helping our small business customers retain over 9,500 employees.Implemented loan relief programs, and suspended certain deposit fees and charges, to support businesses and individuals.Declared regular quarterly cash dividend of $0.11 per share, based on strong earnings, capital, and liquidity, to support our stockholders, many of whom are businesses and individuals that live and work in our communities.DILUTED EARNINGS PER SHARE OF $0.10 FOR THE FIRST QUARTER OF 2020, COMPARED TO $0.21 FOR THE FOURTH QUARTER OF 2019, AND $0.19 FOR THE FIRST QUARTER OF 2019The decrease in earnings for the current quarter as compared to the trailing and comparable prior year quarters is largely due to an increase in the provision for incurred loan losses primarily attributable to the impact of the COVID-19 pandemic on qualitative factors. The provision for loan losses increased by $7.4 million, or $0.12 per share (after tax), and $8.1 million, or $0.13 per share (after tax), compared to the trailing and comparable prior year quarters.Earnings for the trailing quarter reflect the benefit of $1.0 million, or $0.02 per diluted share, of tax-exempt income from bank owned life insurance proceeds in excess of the cash surrender value of the policies, offset by $755,000, after tax, in occupancy costs related to the consolidation of three branches, and $125,000 of merger-related costs, for a total of $0.02 per diluted share.NON-PERFORMING LOANS TO TOTAL LOANS WAS 0.27% AT MARCH 31, 2020, COMPARED TO 0.29% AT DECEMBER 31, 2019
