Northfield Bancorp, Inc. (NFBK) has reported a 55.81 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $7.29 million, or $0.16 a share in the quarter, compared with $4.68 million, or $0.11 a share for the same period last year.
Revenue during the quarter grew 29.07 percent to $28.45 million from $22.04 million in the previous year period. Net interest income for the quarter rose 27.60 percent over the prior year period to $26.25 million. Non-interest income for the quarter rose 60.08 percent over the last year period to $2.67 million.
Northfield Bancorp, Inc. has made provision of $0.47 million for loan losses during the quarter, up 136 percent from $0.20 million in the same period last year.
Net interest margin improved 19 basis points to 2.98 percent in the quarter from 2.79 percent in the last year period. Efficiency ratio for the quarter improved to 60.09 percent from 66.76 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
John W. Alexander, chairman and chief executive officer, commented, "Momentum continued in the third quarter with earnings increasing 6.7% over the second quarter of 2016. Diluted earnings per share increased to $0.16 per share, primarily as a result of an increase in our earning assets and the reduction of the cost of our interest bearing liabilities. Loan originations continue at a slower pace than anticipated as a result of fierce competition for quality loans. To make up for reduced originations, we purchased approximately $82.2 million multifamily loans in the quarter ended September 30, 2016, with commercial real estate loans totaling approximately 370% of capital."
Liabilities outpace assets growth
Total assets stood at $3,784.63 million as on Sep. 30, 2016, up 18.96 percent compared with $3,181.43 million on Sep. 30, 2015. On the other hand, total liabilities stood at $3,164.13 million as on Sep. 30, 2016, up 20.61 percent from $2,623.34 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $2,891.91 million as on Sep. 30, 2016, up 27.70 percent compared with $2,264.64 million on Sep. 30, 2015. Deposits stood at $2,629 million as on Sep. 30, 2016, up 26.18 percent compared with $2,083.55 million on Sep. 30, 2015.
Investments stood at $566.14 million as on Sep. 30, 2016, down 4.79 percent or $28.50 million from year-ago. Shareholders equity stood at $620.50 million as on Sep. 30, 2016, up 11.18 percent or $62.40 million from year-ago.
Return on average assets moved up 18 basis points to 0.77 percent in the quarter from 0.59 percent in the last year period. At the same time, return on average equity increased 139 basis points to 4.68 percent in the quarter from 3.29 percent in the last year period.
Nonperforming assets stood at $10.62 million as on Sep. 30, 2016. Meanwhile, nonperforming assets to total assets was 0.28 percent in the quarter.
Average equity to average assets ratio was 16.35 percent for the quarter.
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