Northfield Bancorp reports Q3 EPS 19c, consensus 18c

Reports Q3 NII $29.7M vs. $42.0M last year. Net interest margin decreased by 83 basis points to 2.25% for the quarter ended September 30, 2023, from 3.08% for the quarter ended September 30, 2022, primarily due to the cost of interest-bearing liabilities increasing faster than the repricing of interest-earning assets. Steven M. Klein, the Company’s Chairman and CEO, stated, “The Northfield team continues to successfully manage through a challenging operating environment, and executing on our strategy of delivering Locally Grown Banking to the communities we serve. The Northfield team remained focused on building deposit and loan relationships, maintaining strong asset quality, and managing expenses, including our cost of funding, as our assets reprice in a higher interest rate environment.” Mr. Klein continued, “For the third quarter, net interest margin compression slowed significantly while we maintained our operating cost disciplines and strong asset quality. While significant market risks and uncertainties remain, we will continue to prudently manage our strong capital and liquidity and focus on the communities we serve.”