Companies: 10,793     total market cap: $134.237 T
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Northfield Bancorp
NFBK
#6993
Rank
$0.56 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$13.56
Share price
0.15%
Change (1 day)
38.23%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Northfield Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2020 Q1

Northfield Bancorp - 10-Q quarterly report FY2020 Q1


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
 
FORM 10-Q
 
 
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For transition period from               to 
Commission File Number
 
001-35791
 
Northfield Bancorp, Inc.
(Exact name of registrant as specified in its charter) 
 
Delaware
 
80-0882592
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
581 Main Street,
Woodbridge,
New Jersey
 
07095
(Address of principal executive offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code: (732) 499-7200
 
Not Applicable
(Former name, former address, and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of exchange on which registered
Common stock, par value $0.01 per share
 
NFBK
 
The NASDAQ Stock Market LLC

 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒    No ☐.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for shorter period that the registrant was required to submit such files).  Yes ☒    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
 
 
 
 
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
 
 


 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐ No ☒.
As of April 30, 2020, the registrant had 49,291,928 shares of Common Stock, par value $0.01 per share, issued and outstanding.




NORTHFIELD BANCORP, INC.
Form 10-Q Quarterly Report
Table of Contents
 
 
Page
PART I - FINANCIAL INFORMATION 
Item 1.
Financial Statements
4
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
43
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
58
Item 4.
Controls and Procedures
60
 
 
 
PART II - OTHER INFORMATION 
Item 1.
Legal Proceedings
61
Item 1A.
Risk Factors
61
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
62
Item 3.
Defaults Upon Senior Securities
62
Item 4.
Mine Safety Disclosures
62
Item 5.
Other Information
62
Item 6.
Exhibits
63
 
SIGNATURES
64

3

PART I
ITEM 1.     FINANCIAL STATEMENTS

NORTHFIELD BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands, except share amounts)
 
March 31,
2020
 
December 31, 2019
ASSETS:
 
 
 
Cash and due from banks
$
20,080

 
$
15,409

Interest-bearing deposits in other financial institutions
94,619

 
132,409

Total cash and cash equivalents
114,699

 
147,818

Trading securities
8,388

 
11,222

Debt securities available-for-sale, at estimated fair value
1,061,443

 
1,138,352

Debt securities held-to-maturity, at amortized cost
8,706

 
8,762

(estimated fair value of $9,002 at March 31, 2020, and $8,886 at December 31, 2019)
 
 
 
Equity securities
3,483

 
3,341

Originated loans held-for-investment, net
3,098,760

 
2,987,067

Loans acquired
393,491

 
432,653

Purchased credit-impaired (“PCI”) loans held-for-investment
16,886

 
17,365

Loans held-for-investment, net
3,509,137

 
3,437,085

Allowance for loan losses
(36,800
)
 
(28,707
)
Net loans held-for-investment
3,472,337

 
3,408,378

Accrued interest receivable
14,298

 
14,609

Bank owned life insurance
154,333

 
153,459

Federal Home Loan Bank of New York stock, at cost
29,855

 
39,575

Premises and equipment, net
25,670

 
25,659

Goodwill
38,411

 
38,411

Operating lease right-of-use assets
41,473

 
39,504

Other assets
23,685

 
26,212

Total assets
$
4,996,781

 
$
5,055,302

LIABILITIES AND STOCKHOLDERS’ EQUITY:
 
 
 
LIABILITIES:
 

 
 

Deposits
$
3,485,546

 
$
3,408,233

Securities sold under agreements to repurchase
75,000

 
75,000

Other borrowings
641,357

 
782,004

Operating lease liabilities
45,932

 
44,069

Advance payments by borrowers for taxes and insurance
22,444

 
20,045

Accrued expenses and other liabilities
24,186

 
30,098

Total liabilities
4,294,465

 
4,359,449

STOCKHOLDERS’ EQUITY:
 

 
 

Preferred stock, $0.01 par value: 25,000,000 shares authorized, none issued or outstanding
—

 
—

Common stock, $0.01 par value: 150,000,000 shares authorized, 60,933,707 shares issued at
 

 
 

March 31, 2020 and December 31, 2019, 49,291,928 and 49,175,347 outstanding at March 31, 2020, and December 31, 2019, respectively
609

 
609

Additional paid-in-capital
547,712

 
548,486

Unallocated common stock held by employee stock ownership plan
(19,492
)
 
(19,740
)
Retained earnings
321,981

 
322,581

Accumulated other comprehensive income
10,693

 
4,699

Treasury stock at cost: 11,641,779 and 11,758,360 shares at March 31, 2020, and December 31, 2019, respectively
(159,187
)
 
(160,782
)
Total stockholders’ equity
702,316

 
695,853

Total liabilities and stockholders’ equity
$
4,996,781

 
$
5,055,302

See accompanying notes to unaudited consolidated financial statements.

4

NORTHFIELD BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
(Unaudited) (In thousands, except per share data) 
 
Three Months Ended March 31,
 
2020
 
2019
Interest income:
 
 
 
Loans
$
35,337

 
$
32,590

Mortgage-backed securities
5,622

 
4,074

Other securities
1,024

 
1,865

Federal Home Loan Bank of New York dividends
577

 
402

Deposits in other financial institutions
172

 
535

Total interest income
42,732

 
39,466

Interest expense:
 

 
 

Deposits
9,279

 
10,247

Borrowings
3,520

 
1,889

Total interest expense
12,799

 
12,136

Net interest income
29,933

 
27,330

Provision for loan losses
8,183

 
59

Net interest income after provision for loan losses
21,750

 
27,271

Non-interest income:
 

 
 

Fees and service charges for customer services
1,120

 
1,140

Income on bank owned life insurance
876

 
896

(Losses) gains on available-for-sale debt securities, net
(13
)
 
155

(Losses) gains on trading securities, net
(1,992
)
 
1,086

Other
117

 
37

Total non-interest income
108

 
3,314

Non-interest expense:
 

 
 

Compensation and employee benefits
7,289

 
11,020

Occupancy
3,060

 
3,282

Furniture and equipment
333

 
259

Data processing
1,460

 
1,263

Professional fees
1,109

 
747

Advertising
818

 
764

FDIC insurance
—

 
277

Other
1,613

 
1,592

Total non-interest expense
15,682

 
19,204

Income before income tax expense
6,176

 
11,381

Income tax expense
1,625

 
2,610

Net income
$
4,551

 
$
8,771

Net income per common share:
 
 
 
Basic
$
0.10

 
$
0.19

Diluted
$
0.10

 
$
0.19

 
 
 
 
 
 
 
 
 
See accompanying notes to unaudited consolidated financial statements.

5

 
NORTHFIELD BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - (Continued)
(Unaudited) (In thousands) 
 
Three Months Ended March 31,
 
2020
 
2019
Net Income
$
4,551

 
$
8,771

Other comprehensive income:
 
 
 
Unrealized gains on debt securities available-for-sale:
 
 
 
Net unrealized holding gains
8,310

 
8,763

Less: reclassification adjustment for net losses (gains) included in net income
13

 
(155
)
Net unrealized gains
8,323

 
8,608

Income tax expense related to net unrealized holding gains on debt securities available-for-sale
(2,326
)
 
(2,453
)
Income tax (benefit) expense related to reclassification adjustment for (losses) gains included in net income
(3
)
 
43

Other comprehensive income, net of tax
5,994

 
6,198

Comprehensive income
$
10,545

 
$
14,969







































See accompanying notes to unaudited consolidated financial statements.

6

NORTHFIELD BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
Three Months Ended March 31, 2020 and 2019
(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, 2018
49,635,673

 
$
609

 
$
546,219

 
$
(20,992
)
 
$
302,544

 
$
(9,147
)
 
$
(152,794
)
 
$
666,439

Net income
 

 
 

 
 

 
 

 
8,771

 
 

 
 

 
8,771

Other comprehensive income, net of tax
 

 
 

 
 

 
 

 
 

 
6,198

 
 

 
6,198

ESOP shares allocated or committed to be released
 

 
 

 
187

 
249

 
 

 
 

 
 

 
436

Stock compensation expense
 

 
 

 
1,328

 
 

 
 

 
 

 
 

 
1,328

Exercise of stock options, net
138,123

 
 

 
(873
)
 
 

 
 
 
 

 
1,868

 
995

Cash dividends declared and paid ($0.10 per common share)
 

 
 

 
 

 
 

 
(4,727
)
 
 

 
 

 
(4,727
)
Balance at March 31, 2019
49,773,796

 
$
609

 
$
546,861

 
$
(20,743
)
 
$
306,588

 
$
(2,949
)
 
$
(150,926
)
 
$
679,440

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
49,175,347

 
$
609

 
$
548,486

 
$
(19,740
)
 
$
322,581

 
$
4,699

 
$
(160,782
)
 
$
695,853

Net income
 

 
 

 
 

 
 

 
4,551

 
 

 
 

 
4,551

Other comprehensive income, net of tax
 

 
 

 
 

 
 

 
 

 
5,994

 
 

 
5,994

ESOP shares allocated or committed to be released
 

 
 

 
198

 
248

 
 

 
 

 
 

 
446

Stock compensation expense
 

 
 

 
448

 
 

 
 

 
 

 
 
 
448

Issuance of restricted stock
103,581

 
 

 
(1,416
)
 
 

 
 

 
 

 
1,416

 
—

Exercise of stock options, net
13,000

 
 

 
(4
)
 
 

 
 
 
 

 
179

 
175

Cash dividends declared and paid ($0.11 per common share)
 

 
 

 
 

 
 

 
(5,151
)
 
 

 
 

 
(5,151
)
Balance at March 31, 2020
49,291,928

 
$
609

 
$
547,712

 
$
(19,492
)
 
$
321,981

 
$
10,693

 
$
(159,187
)
 
$
702,316

See accompanying notes to unaudited consolidated financial statements.

7

NORTHFIELD BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (In thousands)

 
Three Months Ended March 31,
 
2020
 
2019
 
 
 
 
Net income
$
4,551

 
$
8,771

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Provision for loan losses
8,183

 
59

ESOP and stock compensation expense
894

 
1,764

Depreciation
795

 
771

Amortization of premiums, and deferred loan costs, net of (accretion) of discounts, and deferred loan fees
1,065

 
861

Amortization of intangible assets
55

 
69

Amortization of operating lease right-of-use assets
1,059

 
1,057

Income on bank owned life insurance
(876
)
 
(896
)
Losses (gains) on available-for-sale debt securities, net
13

 
(155
)
Losses (gains) on trading securities, net
1,992

 
(1,086
)
Net sales of trading securities
842

 
295

Decrease (increase) in accrued interest receivable
311

 
(246
)
(Increase) decrease in other assets
(1,023
)
 
3,118

Decrease in accrued expenses and other liabilities
(5,912
)
 
(4,753
)
Net cash provided by operating activities
11,949

 
9,629

Cash flows from investing activities:
 
 
 
Net increase in loans receivable
(72,609
)
 
(11,156
)
Purchases of Federal Home Loan Bank of New York stock
(7,515
)
 
(1,125
)
Redemptions of Federal Home Loan Bank of New York stock
17,235

 
1,125

Purchases of debt securities available-for-sale
(26,320
)
 
(150,074
)
Purchases of equity securities
(142
)
 
(177
)
Principal payments and maturities on debt securities available-for-sale
110,946

 
42,972

Principal payments and maturities on debt securities held-to-maturity
52

 
53

Proceeds from sale of debt securities available-for-sale
—

 
29,163

Proceeds from bank owned life insurance
2

 
—

Purchases and improvements of premises and equipment
(806
)
 
(377
)
Net cash provided by (used in) investing activities
20,843

 
(89,596
)
Cash flows from financing activities:
 
 
 
Net increase in deposits
77,313

 
88,693

Dividends paid
(5,151
)
 
(4,727
)
Exercise of stock options
175

 
995

Increase in advance payments by borrowers for taxes and insurance
2,399

 
2,716

Repayments under capital lease obligations
—

 
(44
)
Proceeds from securities sold under agreements to repurchase and other borrowings
220,353

 
25,397

Repayments related to securities sold under agreements to repurchase and other borrowings
(361,000
)
 
(25,000
)
Net cash (used in) provided by financing activities
(65,911
)
 
88,030

Net (decrease) increase in cash and cash equivalents
(33,119
)
 
8,063

Cash and cash equivalents at beginning of period
147,818

 
77,762

Cash and cash equivalents at end of period
$
114,699

 
$
85,825

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to unaudited consolidated financial statements.

8


NORTHFIELD BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS - (Continued)
(Unaudited) (In thousands)
 
Three Months Ended March 31,
 
2020
 
2019
Supplemental cash flow information:
 
 
 
Cash paid during the period for:
 
 
 
Interest
$
13,003

 
$
11,683

Income taxes
550

 
401

Non-cash transactions:
 
 
 
Loan charge-offs, net
90

 
70

Initial recognition of operating lease right-of use assets
—

 
43,560

Initial recognition of operating lease liabilities
—

 
47,328

See accompanying notes to unaudited consolidated financial statements.

9

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. (the “Company”) and its wholly owned subsidiaries, Northfield Investments, Inc. and Northfield Bank (the “Bank”), and the Bank’s wholly-owned significant 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 statements of financial condition and the consolidated results of operations for the unaudited periods presented have been included. The results of operations and other data presented for the three months ended March 31, 2020 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2020 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 statements of financial condition and results of operations for the periods indicated. Material estimates that are particularly susceptible to change are: the allowance for loan losses, estimated cash flows of our purchased credit-impaired (“PCI”) loans 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, 2019, as filed with the SEC. 

COVID-19

On March 13, 2020, the Coronavirus Disease (COVID-19) pandemic was declared a national emergency by the President of the United States. The spread of COVID-19 has negatively impacted the national and local economy, disrupted supply chains and increased unemployment levels. The resulting temporary closure of many businesses and the implementation of social distancing and stay-at-home policies has and will continue to impact many of the Company’s customers. While the full effects of the pandemic remain unknown, the Company is committed to supporting its customers, employees and communities during this difficult time. The Company has implemented temporary relief assistance to customers, including the consideration of various loan payment deferral and fee waiver options.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was signed into law. It contains substantial tax and spending provisions intended to address the impact of the COVID-19 pandemic. The CARES Act includes a range of other provisions designed to support the U.S. economy and mitigate the impact of COVID-19 on financial institutions and their customers, including through the authorization of various relief programs and measures that the U.S. Department of the Treasury, the Small Business Administration, the Federal Reserve Board (“FRB”) and other federal banking agencies have implemented or may implement.

Under the CARES Act, financial institutions are permitted to delay the adoption of the Financial Accounting Standards Board's (“FASB”) Accounting Standard Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“CECL”) until the earlier of the termination date of the national emergency declaration or December 31, 2020. The Company has elected to defer the adoption of CECL, with an effective retrospective implementation date of January 1, 2020.


10

The CARES Act also includes a provision that permits a financial institution to elect to suspend temporarily troubled debt restructuring (“TDR”) accounting under ASC Subtopic 310-40. To be eligible, a loan modification must be: (1) related to COVID-19; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (a) 60 days after the date of termination of the national emergency or (b) December 31, 2020. This includes short-term (e.g., up to six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. The banking regulators issued similar guidance, which also clarified that a COVID-19-related modification should not be considered a TDR if the borrower was current on payments at the time the underlying loan modification program was implemented and if the modification is considered to be short-term. For further details on loan deferrals see Note 14 - Subsequent Events.

The Company continues to maintain a strong liquidity and capital position, despite the economic uncertainties presented by the COVID-19 pandemic. As of March 31, 2020, both the Company and the Bank's capital ratios were in excess of regulatory requirements and are currently classified as well capitalized. The Company maintains access to multiple sources of liquidity and expects to have sufficient funds available to meet current commitments in the normal course of business.

Given the ongoing and dynamic nature of current economic circumstances, it is difficult to predict the full impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and when and how the economy may be reopened. As a result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to certain risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations.

Note 2 – Debt Securities Available-for-Sale
The following is a comparative summary of mortgage-backed and other debt securities available-for-sale at March 31, 2020, and December 31, 2019 (in thousands):
 
March 31, 2020
 
 
 
Gross
 
Gross
 
Estimated
 
Amortized
 
unrealized
 
unrealized
 
fair
 
cost
 
gains
 
losses
 
value
Mortgage-backed securities:
 
 
 
 
 
 
 
Pass-through certificates:
 

 
 

 
 

 
 

Government sponsored enterprises (GSE)
$
300,610

 
$
10,340

 
$
81

 
$
310,869

Real estate mortgage investment conduits (REMICs):
 

 
 

 
 

 
 

GSE
618,156

 
6,336

 
912

 
623,580

Non-GSE
51

 
—

 
2

 
49

 
918,817

 
16,676

 
995

 
934,498

Other debt securities:
 
 
 
 
 
 
 
Municipal bonds
278

 
1

 
—

 
279

Corporate bonds
127,643

 
419

 
1,396

 
126,666

 
127,921

 
420

 
1,396

 
126,945

Total debt securities available-for-sale
$
1,046,738

 
$
17,096

 
$
2,391

 
$
1,061,443



11
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

 
December 31, 2019
 
 
 
Gross
 
Gross
 
Estimated
 
Amortized
 
unrealized
 
unrealized
 
fair
 
cost
 
gains
 
losses
 
value
Mortgage-backed securities:
 

 
 

 
 

 
 

Pass-through certificates:
 

 
 

 
 

 
 

GSE
$
324,080

 
$
6,081

 
$
754

 
$
329,407

REMICs:
 

 
 

 
 

 
 

GSE
643,816

 
2,076

 
2,225

 
643,667

Non-GSE
53

 
—

 
—

 
53

 
967,949

 
8,157

 
2,979

 
973,127

Other debt securities:
 
 
 
 
 
 
 
Municipal bonds
296

 
3

 
—

 
299

Corporate bonds
163,725

 
1,214

 
13

 
164,926

 
164,021

 
1,217

 
13

 
165,225

Total debt securities available-for-sale
$
1,131,970

 
$
9,374

 
$
2,992

 
$
1,138,352



The following is a summary of the expected maturity distribution of debt securities available-for-sale, other than mortgage-backed securities, at March 31, 2020 (in thousands):
Available-for-sale
Amortized cost
 
Estimated fair value
Due in one year or less
$
77,203

 
$
76,941

Due after one year through five years
50,718

 
50,004

 
$
127,921

 
$
126,945


 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 debt 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 March 31, 2020, the fair value of debt securities available-for-sale that were pledged to secure borrowings and deposits was $732.0 million.

For the three months ended March 31, 2020, the Company had no gross proceeds on sales of debt securities available-for-sale, no gross realized gains, and gross realized losses of $13,000, related to calls of securities. For the three months ended March 31, 2019, the Company had gross proceeds of $29.2 million on sales of debt securities available-for-sale, with gross realized gains of $155,000 and no gross realized losses. The Company recognized net losses of $2.0 million on its trading securities portfolio during the three months ended March 31, 2020, and net gains of $1.1 million, during the three months ended March 31, 2019.

12
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

Gross unrealized losses on mortgage-backed 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 March 31, 2020, and December 31, 2019, were as follows (in thousands):
 
March 31, 2020
 
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
$
4

 
$
109

 
$
77

 
$
634

 
$
81

 
$
743

REMICs:
 
 
 
 
 
 
 
 
 
 
 
GSE
665

 
135,392

 
247

 
24,351

 
912

 
159,743

Non-GSE
—

 
—

 
2

 
49

 
2

 
49

Other debt securities:
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
1,396

 
57,948

 
—

 
—

 
1,396

 
57,948

Total
$
2,065

 
$
193,449

 
$
326

 
$
25,034

 
$
2,391

 
$
218,483

 
December 31, 2019
 
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
$
25

 
$
3,404

 
$
729

 
$
55,184

 
$
754

 
$
58,588

REMICs:
 
 
 
 
 
 
 
 
 
 
 
GSE
950

 
197,634

 
1,275

 
54,555

 
2,225

 
252,189

Non-GSE
—

 
—

 
—

 
53

 
—

 
53

Other debt securities:
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
—

 
—

 
13

 
15,586

 
13

 
15,586

Total
$
975

 
$
201,038

 
$
2,017

 
$
125,378

 
$
2,992

 
$
326,416


 
The Company held 12 pass-through mortgage-backed securities issued or guaranteed by GSEs, four REMIC mortgage-backed securities issued or guaranteed by GSEs, and one REMIC mortgage-backed security not issued or guaranteed by a GSE, that were in a continuous unrealized loss position of twelve months or greater at March 31, 2020. There were two pass-through mortgage-backed securities issued or guaranteed by GSEs, 19 REMIC mortgage-backed securities issued or guaranteed by GSEs, two municipal bonds, and 11 corporate bonds that were in an unrealized loss position of less than twelve months at March 31, 2020. All securities referred to above were rated investment grade at March 31, 2020. Management evaluated these securities and concluded that the declines in fair value relate to the general interest rate environment and are considered temporary. The securities cannot be prepaid in a manner that would result in the Company not receiving substantially all of its amortized cost. The Company neither has an intent to sell, nor is it more likely than not that the Company will be required to sell, the securities before the recovery of their amortized cost basis or, if necessary, maturity.
 
The fair values of our debt securities available-for-sale could decline in the future if the underlying performance of the collateral for the collateralized mortgage obligations or other securities deteriorates and our credit enhancement levels do not provide sufficient protections to our contractual principal and interest, which may result in other-than-temporary impairment in the future. The Company did not recognize any other-than-temporary impairment charges during the three months ended March 31, 2020, or March 31, 2019. 
    

13
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

Note 3 – Debt Securities Held-to-Maturity
The following is a summary of debt securities held-to-maturity at March 31, 2020, and December 31, 2019 (in thousands): 
 
March 31, 2020
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
Mortgage-backed securities:
 

 
 

 
 

 
 

Pass-through certificates:
 

 
 

 
 

 
 

GSEs
$
8,706

 
$
296

 
$
—

 
$
9,002

Total securities held-to-maturity
$
8,706

 
$
296

 
$
—

 
$
9,002

 
December 31, 2019
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
Mortgage-backed securities:
 

 
 

 
 

 
 

Pass-through certificates:
 

 
 

 
 

 
 

GSEs
$
8,762

 
$
129

 
$
5

 
$
8,886

Total securities held-to-maturity
$
8,762

 
$
129

 
$
5

 
$
8,886


    
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 three months ended March 31, 2020, or March 31, 2019.

At March 31, 2020, debt securities held-to-maturity with a carrying value of $7.3 million were pledged to secure borrowings and deposits.

At March 31, 2020, there were no debt securities held-to-maturity in an unrealized loss position.

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 December 31, 2019, were as follows (in thousands):
 
December 31, 2019
 
Less than 12 months
 
12 months or more
 
Total
 
Unrealized losses
 
Estimated fair value
 
Unrealized losses
 
Estimated fair value
 
Unrealized losses
 
Estimated fair value
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Pass-through certificates:
 
 
 
 
 
 
 
 
 
 
 
GSEs
$
—

 
$
—

 
$
5

 
$
378

 
$
5

 
$
378

Total securities held-to-maturity
$
—

 
$
—

 
$
5

 
$
378

 
$
5

 
$
378



The Company held no pass-through mortgage-backed securities held-to-maturity, issued or guaranteed by GSEs that were in a continuous unrealized loss position of greater than twelve months at March 31, 2020.

The fair values of our debt securities held-to-maturity could decline in the future if the underlying performance of the collateral for the collateralized mortgage obligations or other securities deteriorates and our credit enhancement levels do not provide sufficient protections to our contractual principal and interest.  As a result, there is a risk that significant other-than-temporary impairments may occur in the future given the current economic environment. The Company did not recognize any other-than-temporary impairment charges in earnings on securities held-to-maturity during the three months ended March 31, 2020, or March 31, 2019.


14
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

Note 4 – Equity Securities
At March 31, 2020 and December 31, 2019, equity securities totaled $3.5 million and $3.3 million, respectively. Equity securities consist of money market mutual funds, recorded at fair value of $374,000 and $250,000 at March 31, 2020 and December 31, 2019, respectively, and an investment in a private Small Business Administration (“SBA”) Loan Fund recorded at net asset value of $3.1 million at both March 31, 2020 and December 31, 2019. As the SBA Loan Fund operates as a private fund, its shares are not publicly traded and therefore have no readily determinable market value. The investment in the fund is recorded at net asset value as a practical expedient for reporting fair value.

Note 5 – Loans
 
Net loans held-for-investment are as follows (in thousands):
 
March 31,
 
December 31,
 
2020
 
2019
Real estate loans:
 
 
 
Multifamily
$
2,300,974

 
$
2,196,407

Commercial mortgage
527,498

 
528,681

One-to-four family residential mortgage
84,880

 
83,742

Home equity and lines of credit
87,391

 
84,928

Construction and land
39,922

 
38,284

Total real estate loans
3,040,665

 
2,932,042

Commercial and industrial loans
49,210

 
45,328

Other loans
1,205

 
2,083

Total commercial and industrial and other loans
50,415

 
47,411

Deferred loan cost, net
7,680

 
7,614

Originated loans held-for-investment, net
3,098,760

 
2,987,067

PCI Loans
16,886

 
17,365

Loans acquired:
 
 
 
One-to-four family residential mortgage
167,934

 
187,975

Multifamily
102,176

 
108,417

Commercial mortgage
102,284

 
113,027

Home equity and lines of credit
10,653

 
12,008

Construction and land
1,388

 
2,537

Total acquired real estate loans
384,435

 
423,964

Commercial and industrial loans
9,056

 
8,689

Total loans acquired, net
393,491

 
432,653

Loans held-for-investment, net
3,509,137

 
3,437,085

Allowance for loan losses
(36,800
)
 
(28,707
)
Net loans held-for-investment
$
3,472,337

 
$
3,408,378


    
There were no loans held-for-sale at March 31, 2020, or December 31, 2019.

PCI loans totaled $16.9 million at March 31, 2020, as compared to $17.4 million at December 31, 2019. The majority of the PCI loan balance is attributable to those loans acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. The Company accounts for PCI loans utilizing U.S. GAAP applicable to loans acquired with deteriorated credit quality. At March 31, 2020, PCI loans consist of approximately 30% commercial real estate loans and 41% commercial and industrial loans, with the remaining balance in residential and home equity loans. At December 31, 2019, PCI loans consist of approximately 29% commercial real estate loans and 42% commercial and industrial loans, with the remaining balance in residential and home equity loans.


15
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

The following table details the accretion of interest income for PCI loans for the three months ended March 31, 2020 and March 31, 2019 (in thousands): 
 
At or for the three months ended March 31,
 
2020
 
2019
Balance at the beginning of period
$
17,086

 
$
21,846

Accretion into interest income
(803
)
 
(1,049
)
Balance at end of period
$
16,283

 
$
20,797



16
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

The following tables set forth activity in our allowance for loan losses, by loan type, as of and for the three months ended March 31, 2020, and March 31, 2019 (in thousands):  
 
 
 
Three Months Ended March 31, 2020
 
Real Estate
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
One-to-Four Family
 
Construction and Land
 
Multifamily
 
Home Equity and Lines of Credit
 
Commercial and Industrial
 
Other
 
Originated Loans Total
 
Purchased Credit-Impaired
 
Acquired Loans
 
Total
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
4,756

 
$
180

 
$
536

 
$
20,203

 
$
317

 
$
1,640

 
$
151

 
$
27,783

 
$
789

 
$
135

 
$
28,707

Charge-offs
—

 
—

 
—

 
—

 
—

 
(37
)
 
—

 
(37
)
 
—

 
(433
)
 
(470
)
Recoveries
370

 
—

 
—

 
—

 
—

 
2

 
—

 
372

 
—

 
8

 
380

Provisions (credit)
263

 
132

 
135

 
6,686

 
257

 
430

 
(65
)
 
7,838

 
—

 
345

 
8,183

Ending balance
$
5,389

 
$
312

 
$
671

 
$
26,889

 
$
574

 
$
2,035

 
$
86

 
$
35,956

 
$
789

 
$
55

 
$
36,800


 
Three Months Ended March 31, 2019
 
Real Estate
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
One-to-Four Family
 
Construction and Land
 
Multifamily
 
Home Equity and Lines of Credit
 
Commercial and Industrial
 
Other
 
Originated Loans Total
 
Purchased Credit-Impaired
 
Acquired Loans
 
Total
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
5,630

 
$
342

 
$
463

 
$
18,084

 
$
291

 
$
1,569

 
$
108

 
$
26,487

 
$
1,010

 
$
—

 
$
27,497

Charge-offs
(6
)
 
—

 
—

 
—

 
—

 
(26
)
 
—

 
(32
)
 
—

 
(60
)
 
(92
)
Recoveries
13

 
—

 
—

 
—

 
—

 
—

 
—

 
13

 
—

 
9

 
22

Provisions (credit)
(255
)
 
28

 
111

 
262

 
45

 
(167
)
 
(16
)
 
8

 
—

 
51

 
59

Ending balance
$
5,382

 
$
370

 
$
574

 
$
18,346

 
$
336

 
$
1,376

 
$
92

 
$
26,476

 
$
1,010

 
$
—

 
$
27,486



    

17
Table of Contents
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 loan losses that is allocated to each loan portfolio segment, at March 31, 2020, and December 31, 2019 (in thousands):
 
March 31, 2020
 
Real Estate
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
One-to-Four Family
 
Construction and Land
 
Multifamily
 
Home Equity and Lines of Credit
 
Commercial and Industrial
 
Other
 
Originated Loans Total
 
Purchased Credit-Impaired
 
Acquired Loans
 
Total
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending balance: individually evaluated for impairment
$
—

 
$
—

 
$
—

 
$
—

 
$
3

 
$
4

 
$
—

 
$
7

 
$
—

 
$
55

 
$
62

Ending balance: collectively evaluated for impairment
$
5,389

 
$
312

 
$
671

 
$
26,889

 
$
571

 
$
2,031

 
$
86

 
$
35,949

 
$
789

 
$
—

 
$
36,738

Loans, net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending balance
$
528,104

 
$
86,404

 
$
39,953

 
$
2,304,387

 
$
89,349

 
$
49,358

 
$
1,205

 
$
3,098,760

 
$
16,886

 
$
393,491

 
$
3,509,137

Ending balance: individually evaluated for impairment
$
11,815

 
$
1,816

 
$
—

 
$
994

 
$
53

 
$
55

 
$
—

 
$
14,733

 
$
—

 
$
5,784

 
$
20,517

Ending balance: collectively evaluated for impairment
$
516,289

 
$
84,588

 
$
39,953

 
$
2,303,393

 
$
89,296

 
$
49,303

 
$
1,205

 
$
3,084,027

 
$
16,886

 
$
387,707

 
$
3,488,620


 
December 31, 2019
 
Real Estate
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
One-to-Four Family
 
Construction and Land
 
Multifamily
 
Home Equity and Lines of Credit
 
Commercial and Industrial
 
Other
 
Originated Loans Total
 
Purchased Credit-Impaired
 
Acquired Loans
 
Total
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending balance: individually evaluated for impairment
$
—

 
$
—

 
$
—

 
$
—

 
$
3

 
$
4

 
$
—

 
$
7

 
$
—

 
$
135

 
$
142

Ending balance: collectively evaluated for impairment
$
4,756

 
$
180

 
$
536

 
$
20,203

 
$
314

 
$
1,636

 
$
151

 
$
27,776

 
$
789

 
$
—

 
$
28,565

Loans, net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending balance
$
529,287

 
$
85,355

 
$
38,303

 
$
2,199,734

 
$
86,848

 
$
45,456

 
$
2,084

 
$
2,987,067

 
$
17,365

 
$
432,653

 
$
3,437,085

Ending balance: individually evaluated for impairment
$
13,226

 
$
1,841

 
$
—

 
$
997

 
$
55

 
$
58

 
$
—

 
$
16,177

 
$
—

 
$
4,780

 
$
20,957

Ending balance: collectively evaluated for impairment
$
516,061

 
$
83,514

 
$
38,303

 
$
2,198,737

 
$
86,793

 
$
45,398

 
$
2,084

 
$
2,970,890

 
$
17,365

 
$
427,873

 
$
3,416,128



18
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

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 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. Loan-to-value (“LTV”) ratios used by management in monitoring credit quality are based on current period loan balances and original appraised values at time of origination (unless a current appraisal has been obtained as a result of the loan being deemed impaired). In calculating the provision for loan losses, based on past loan loss experience, management has determined that commercial real estate loans and multifamily loans having loan-to-value ratios, as described above, of less than 35%, and one-to-four family loans having loan-to-value ratios, as described above, of less than 60%, require less of a loss factor than those with higher loan to value ratios.
 
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 loan losses and the allowance for loan losses for originated loans held-for-investment. After determining the loss factor for each originated 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 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.

19
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

The following tables detail the recorded investment of originated loans held-for-investment, net of deferred fees and costs, by loan type and credit quality indicator at March 31, 2020, and December 31, 2019 (in thousands):
 
At March 31, 2020
 
Real Estate
 
 
 
 
 
 
 
Multifamily
 
Commercial
 
One-to-Four Family
 
Construction and Land
 
Home Equity and Lines of Credit
 
Commercial and Industrial
 
Other
 
Total
 
< 35% LTV
 
=> 35% LTV
 
< 35% LTV
 
=> 35% LTV
 
< 60% LTV
 
=> 60% LTV
 
 
 
 
 
 
 
 
 
 
Internal Risk Rating
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
$
247,304

 
$
2,051,039

 
$
89,069

 
$
432,711

 
$
53,091

 
$
30,953

 
$
39,953

 
$
89,082

 
$
49,055

 
$
1,205

 
$
3,083,462

Special Mention
291

 
292

 
—

 
—

 
770

 
—

 
—

 
80

 
266

 
—

 
1,699

Substandard
298

 
5,163

 
—

 
6,324

 
1,563

 
27

 
—

 
187

 
37

 
—

 
13,599

Originated loans held-for-investment, net
$
247,893

 
$
2,056,494

 
$
89,069

 
$
439,035

 
$
55,424

 
$
30,980

 
$
39,953

 
$
89,349

 
$
49,358

 
$
1,205

 
$
3,098,760


 
At December 31, 2019
 
Real Estate
 
 
 
 
 
 
 
Multifamily
 
Commercial
 
One-to-Four Family
 
Construction and Land
 
Home Equity and Lines of Credit
 
Commercial and Industrial
 
Other
 
Total
 
< 35% LTV
 
=> 35% LTV
 
< 35% LTV
 
=> 35% LTV
 
< 60% LTV
 
=> 60% LTV
 
 
 
 
 
 
 
 
 
 
Internal Risk Rating
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
$
232,950

 
$
1,960,984

 
$
79,485

 
$
440,065

 
$
52,886

 
$
29,967

 
$
38,303

 
$
86,547

 
$
45,075

 
$
2,084

 
$
2,968,346

Special Mention
—

 
296

 
370

 
1,092

 
777

 
—

 
—

 
14

 
301

 
—

 
2,850

Substandard
301

 
5,203

 
—

 
8,275

 
1,397

 
328

 
—

 
287

 
80

 
—

 
15,871

Originated loans held-for-investment, net
$
233,251

 
$
1,966,483

 
$
79,855

 
$
449,432

 
$
55,060

 
$
30,295

 
$
38,303

 
$
86,848

 
$
45,456

 
$
2,084

 
$
2,987,067



20
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

Included in loans receivable are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The recorded investment of these non-accrual loans was $8.8 million and $9.4 million at March 31, 2020, and December 31, 2019, respectively. Generally, 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 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 a non-accruing status.    

The non-accrual amounts included loans deemed to be impaired of $6.5 million and $6.8 million at March 31, 2020, and December 31, 2019, 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 $2.3 million at March 31, 2020 and $2.6 million at December 31, 2019. There were no non-accrual loans held-for-sale at both March 31, 2020 and December 31, 2019. Loans past due 90 days or more and still accruing interest were $656,000 at March 31, 2020 and $518,000 at December 31, 2019, and consisted of loans that are considered well-secured and in the process of collection.

21
Table of Contents
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 March 31, 2020, and December 31, 2019, excluding PCI loans which have been segregated into pools. For PCI loans, each loan pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows (in thousands):
 
March 31, 2020
 
Total Non-Performing Loans
 
Non-Accruing Loans
 
 
 
 
 
0-29 Days Past Due
 
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:
 
 
 
 
 
 
 
 
 
 
 
Commercial
 

 
 

 
 

 
 

 
 

 
 

LTV => 35%
 

 
 

 
 

 
 

 
 

 
 

Substandard
$
—

 
$
—

 
$
1,108

 
$
1,108

 
—

 
$
1,108

Total commercial
—

 
—

 
1,108

 
1,108

 
—

 
1,108

One-to-four family residential
 

 
 

 
 

 
 

 
 

 
 

LTV < 60%
 

 
 

 
 

 
 

 
 

 
 

Special Mention
—

 
—

 
—

 
—

 
173

 
173

Substandard
221

 
187

 
77

 
485

 
—

 
485

Total
221


187


77

 
485

 
173

 
658

LTV => 60%
 

 
 

 
 

 
 

 
 

 
 

Substandard
—

 
27

 
—

 
27

 
—

 
27

Total one-to-four family residential
221

 
214

 
77

 
512

 
173

 
685

Multifamily
 

 
 

 
 

 
 

 
 

 
 

LTV => 35%
 

 
 

 
 

 
 

 
 

 
 

Special Mention
—

 
—

 
—

 
—

 
291

 
291

Total multifamily
—

 
—

 
—

 
—

 
291

 
291

Home equity and lines of credit
 

 
 

 
 

 
 

 
 

 
 

Substandard
—

 
66

 
89

 
155

 
—

 
155

Total home equity and lines of credit
—

 
66

 
89

 
155

 
—

 
155

Total non-performing loans held-for-investment, originated
221

 
280

 
1,274

 
1,775

 
464

 
2,239

Loans acquired:
 

 
 

 
 

 
 

 
 

 
 

Real estate loans:
 
 
 
 
 
 
 
 
 
 
 
Commercial
 

 
 

 
 

 
 

 
 

 
 

LTV < 35%
 

 
 

 
 

 
 

 
 

 
 

Substandard
—

 
79

 
187

 
266

 
66

 
332

LTV => 35%
 
 
 
 
 
 
 
 
 
 
 
Substandard
2,815

 
1,255

 
1,831

 
5,901

 
120

 
6,021

Total commercial
2,815

 
1,334

 
2,018

 
6,167

 
186

 
6,353

One-to-four family residential
 

 
 

 
 

 
 

 
 

 
 

LTV < 60%
 

 
 

 
 

 
 

 
 

 
 

Substandard
—

 
189

 
85

 
274

 
6

 
280

LTV => 60%
 

 
 

 
 

 
 

 
 

 
 

Substandard
—

 
—

 
93

 
93

 
—

 
93

Total one-to-four family residential
—

 
189

 
178

 
367

 
6

 
373

Multifamily
 
 
 
 
 
 
 
 
 
 
 
LTV < 35%
 
 
 
 
 
 
 
 
 
 
 
Substandard
40

 
—

 
—

 
40

 
—

 
40

LTV => 35%
 
 
 
 
 
 
 
 
 
 
 
Substandard
—

 
394

 
—

 
394

 
—

 
394

Total multifamily
40

 
394

 
—

 
434

 
—

 
434

Home equity and lines of credit - Substandard
—

 
—

 
28

 
28

 
—

 
28

Total non-performing loans acquired
2,855

 
1,917

 
2,224

 
6,996

 
192

 
7,188

Total non-performing loans
$
3,076


$
2,197

 
$
3,498

 
$
8,771

 
$
656

 
$
9,427


22
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)


 
December 31, 2019
 
Total Non-Performing Loans
 
Non-Accruing Loans
 
 
 
 
 
0-29 Days Past Due
 
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:
 
 
 
 
 
 
 
 
 
 
 
Commercial
 

 
 

 
 

 
 

 
 

 
 

LTV < 35%
 

 
 

 
 

 
 

 
 

 
 

Substandard


 


 
$
2,416

 
$
2,416

 


 
$
2,416

Total commercial
—

 
—

 
2,416

 
2,416

 
—

 
2,416

One-to-four family residential
 

 
 

 
 

 
 

 
 

 
 

LTV < 60%
 

 
 

 
 

 
 

 
 

 
 

Substandard
—

 
—

 
493

 
493

 
114

 
607

LTV => 60%
 

 
 

 
 

 
 

 
 

 
 

Substandard
—

 
29

 
—

 
29

 
—

 
29

Total one-to-four family residential
—

 
29

 
493

 
522

 
114

 
636

Home equity and lines of credit
 
 
 
 
 
 
 
 
 
 
 
Substandard
—

 
67

 
89

 
156

 
—

 
156

Total home equity and lines of credit
—

 
67

 
89

 
156

 
—

 
156

Total non-performing loans held-for-investment, originated
—

 
96

 
2,998

 
3,094

 
114

 
3,208

Loans acquired:
 

 
 

 
 

 
 

 
 

 
 

Real estate loans:
 
 
 
 
 
 
 
 
 
 
 
Commercial
 
 
 
 
 
 
 
 
 
 
 
LTV < 35%
 
 
 
 
 
 
 
 
 
 
 
Substandard
79

 
—

 
188

 
267

 
66

 
333

LTV => 35%
 
 
 
 
 
 
 
 
 
 
 
Substandard
3,530

 
—

 
1,709

 
5,239

 
187

 
5,426

Total commercial
3,609

 
—

 
1,897

 
5,506

 
253

 
5,759

One-to-four family residential
 
 
 
 
 
 
 
 
 
 
 
LTV < 60%
 

 
 

 
 

 
 

 
 

 
 

Substandard
190

 
—

 
85

 
275

 
151

 
426

LTV => 60%
 
 
 
 
 
 
 
 
 
 
 
Substandard
—

 
—

 
93

 
93

 
—

 
93

Total one-to-four family residential
190

 
—


178


368


151


519

Multifamily
 

 
 

 
 

 
 

 
 

 
 

LTV < 35%
 
 
 
 
 
 
 
 
 
 
 
Substandard
40

 
—

 
—

 
40

 
—

 
40

LTV => 35%
 

 
 

 
 

 
 

 
 

 
 

Substandard
—

 
397

 
—

 
397

 
—

 
397

Total multifamily
40

 
397

 
—

 
437

 
—

 
437

Home equity and lines of credit
 
 
 
 
 
 
 
 
 
 
 
Substandard
—

 
—

 
28

 
28

 
—

 
28

Total home equity and lines of credit
—

 
—

 
28

 
28

 
—

 
28

Total non-performing loans acquired
3,839

 
397

 
2,103

 
6,339

 
404

 
6,743

Total non-performing loans
$
3,839

 
$
493

 
$
5,101

 
$
9,433

 
$
518

 
$
9,951



23
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

The following tables set forth the detail and delinquency status of originated and acquired loans held-for-investment, net of deferred fees and costs, by performing and non-performing loans at March 31, 2020, and December 31, 2019 (in thousands):
 
March 31, 2020
 
Performing (Accruing) Loans
 
 
 
 
 
0-29 Days Past Due
 
30-89 Days Past Due
 
Total
 
Non-Performing Loans
 
Total Loans Receivable, net
Loans held-for-investment:
 
 
 
 
 
 
 
 
 
Real estate loans:
 
 
 
 
 
 
 
 
 
Commercial
 

 
 

 
 

 
 
 
 
LTV < 35%
 

 
 

 
 

 
 
 
 
Pass
$
88,944

 
$
125

 
$
89,069

 
$
—

 
$
89,069

Total
88,944

 
125

 
89,069

 
—

 
89,069

LTV => 35%
 

 
 

 
 

 
 

 
 

Pass
431,886

 
825

 
432,711

 
—

 
432,711

Substandard
248

 
4,968

 
5,216

 
1,108

 
6,324

Total
432,134

 
5,793

 
437,927

 
1,108

 
439,035

Total commercial
521,078

 
5,918

 
526,996

 
1,108

 
528,104

One-to-four family residential
 

 
 

 
 

 
 

 
 

LTV < 60%
 

 
 

 
 

 
 

 
 

Pass
53,067

 
22

 
53,089

 
—

 
53,089

Special Mention
—

 
597

 
597

 
173

 
770

Substandard
1,079

 
—

 
1,079

 
485

 
1,564

Total
54,146

 
619

 
54,765

 
658

 
55,423

LTV => 60%
 

 
 

 
 

 
 

 
 

Pass
29,106

 
1,848

 
30,954

 
—

 
30,954

Substandard
—

 
—

 
—

 
27

 
27

Total
29,106

 
1,848

 
30,954

 
27

 
30,981

Total one-to-four family residential
83,252

 
2,467

 
85,719

 
685

 
86,404

Construction and land
 

 
 

 
 

 
 

 
 

Pass
39,953

 
—

 
39,953

 
—

 
39,953

Total construction and land
39,953

 
—

 
39,953

 
—

 
39,953

Multifamily
 

 
 

 
 

 
 

 
 

LTV < 35%
 

 
 

 
 

 
 

 
 

Pass
247,304

 
—

 
247,304

 
—

 
247,304

Special Mention
—

 
—

 
—

 
291

 
291

Substandard
298

 
—

 
298

 
—

 
298

Total
247,602

 
—

 
247,602

 
291

 
247,893

LTV => 35%
 

 
 

 
 

 
 

 
 

Pass
2,051,038

 
—

 
2,051,038

 
—

 
2,051,038

Special Mention
292

 
—

 
292

 
—

 
292

Substandard
4,192

 
972

 
5,164

 
—

 
5,164

Total
2,055,522

 
972

 
2,056,494

 
—

 
2,056,494

Total multifamily
2,303,124

 
972

 
2,304,096

 
291

 
2,304,387

Home equity and lines of credit
 

 
 

 
 

 
 

 
 

Pass
88,846

 
236

 
89,082

 
—

 
89,082

Special Mention
80

 
—

 
80

 
—

 
80

Substandard
32

 
—

 
32

 
155

 
187

Total home equity and lines of credit
88,958

 
236

 
89,194

 
155

 
89,349

Commercial and industrial
 

 
 

 
 

 
 

 
 

Pass
48,689

 
366

 
49,055

 
—

 
49,055

Special Mention
266

 
—

 
266

 
—

 
266

Substandard
—

 
37

 
37

 
—

 
37

Total commercial and industrial
48,955

 
403

 
49,358

 
—

 
49,358

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

24
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

 
March 31, 2020
 
Performing (Accruing) Loans (Continued)
 
 
 
 
 
0-29 Days Past Due
 
30-89 Days Past Due
 
Total
 
Non-Performing Loans
 
Total Loans Receivable, net
Other loans
 

 
 

 
 

 
 

 
 

Pass
1,205

 
—

 
1,205

 


 
1,205

Total originated loans held-for-investment
3,086,525

 
9,996

 
3,096,521

 
2,239

 
3,098,760

Acquired loans:
 
 
 
 
 
 
 
 
 
Real estate loans:
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
 
 
 
 
 
 
 
 
LTV < 60%
 
 
 
 
 
 
 
 
 
Pass
152,130

 
1,279

 
153,409

 
—

 
153,409

Special Mention
—

 
381

 
381

 
—

 
381

Substandard
—

 
—

 
—

 
279

 
279

Total
152,130

 
1,660

 
153,790

 
279

 
154,069

LTV => 60%
 

 
 

 
 

 
 

 
 

Pass
13,772

 
—

 
13,772

 
—

 
13,772

Substandard
—

 
—

 
—

 
93

 
93

Total
13,772

 
—

 
13,772

 
93

 
13,865

Total one-to-four family residential
165,902

 
1,660

 
167,562

 
372

 
167,934

Commercial
 

 
 

 
 

 
 
 
 
LTV < 35%
 

 
 

 
 

 
 
 
 
Pass
34,004

 
315

 
34,319

 
—

 
34,319

Special Mention
994

 
95

 
1,089

 
—

 
1,089

Substandard
538

 
—

 
538

 
332

 
870

Total
35,536

 
410

 
35,946

 
332

 
36,278

LTV => 35%
 
 
 
 
 
 
 
 
 
Pass
51,245

 
—

 
51,245

 
—

 
51,245

Special Mention
134

 
341

 
475

 
—

 
475

Substandard
6,783

 
1,482

 
8,265

 
6,021

 
14,286

Total
58,162

 
1,823

 
59,985

 
6,021

 
66,006

Total commercial
93,698

 
2,233

 
95,931

 
6,353

 
102,284

Construction and land
 

 
 

 
 

 
 

 
 

Pass
1,388

 
—

 
1,388

 
—

 
1,388

Total construction and land
1,388

 
—

 
1,388

 
—

 
1,388

Multifamily
 

 
 

 
 

 
 

 
 

LTV < 35%
 

 
 

 
 

 
 
 
 
Pass
99,144

 
—

 
99,144

 
—

 
99,144

Substandard
—

 
—

 
—

 
40

 
40

Total
99,144

 
—

 
99,144

 
40

 
99,184

LTV => 35%
 

 
 

 
 

 
 

 
 

Pass
2,597

 
—

 
2,597

 
—

 
2,597

Substandard
—

 
—

 
—

 
395

 
395

Total
2,597

 
—

 
2,597

 
395

 
2,992

Total multifamily
101,741

 
—

 
101,741

 
435

 
102,176

Home equity and lines of credit
 
 
 
 
 
 
 
 
 
Pass
10,437

 
104

 
10,541

 
—

 
10,541

Substandard
84

 
—

 
84

 
28

 
112

Total home equity and lines of credit
10,521

 
104

 
10,625

 
28

 
10,653

Commercial and industrial
 
 
 
 
 
 
 
 
 
Pass
9,056

 
—

 
9,056

 
—

 
9,056

Total commercial and industrial
9,056

 
—

 
9,056

 
—

 
9,056

Other loans - Pass
—

 
—

 
—

 
—

 
—

Total loans acquired
382,306

 
3,997

 
386,303

 
7,188

 
393,491

 
$
3,468,831

 
$
13,993

 
$
3,482,824

 
$
9,427

 
$
3,492,251


25
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

 
December 31, 2019
 
Performing (Accruing) Loans
 
 
 
 
 
0-29 Days Past Due
 
30-89 Days Past Due
 
Total
 
Non-Performing Loans
 
Total Loans Receivable, net
Loans held-for-investment:
 
 
 
 
 
 
 
 
 
Real estate loans:
 
 
 
 
 
 
 
 
 
Commercial
 

 
 

 
 

 
 
 
 
LTV < 35%
 

 
 

 
 

 
 
 
 
Pass
$
79,383

 
$
102

 
$
79,485

 
—

 
$
79,485

Special Mention
370

 
—

 
370

 
—

 
370

Total
79,753

 
102

 
79,855

 
—

 
79,855

LTV => 35%
 

 
 

 
 

 
 

 
 

Pass
439,253

 
812

 
440,065

 
—

 
440,065

Special Mention
1,092

 
—

 
1,092

 
—

 
1,092

Substandard
5,228

 
631

 
5,859

 
2,416

 
8,275

Total
445,573

 
1,443

 
447,016

 
2,416

 
449,432

Total commercial
525,326

 
1,545

 
526,871

 
2,416

 
529,287

One-to-four family residential
 

 
 

 
 

 
 

 
 

LTV < 60%
 

 
 

 
 

 
 

 
 

Pass
52,757

 
129

 
52,886

 
—

 
52,886

Special Mention
—

 
777

 
777

 
—

 
777

Substandard
790

 
—

 
790

 
607

 
1,397

Total
53,547

 
906

 
54,453

 
607

 
55,060

LTV => 60%
 

 
 

 
 

 
 

 
 

Pass
29,741

 
226

 
29,967

 
—

 
29,967

Substandard
299

 
—

 
299

 
29

 
328

Total
30,040

 
226

 
30,266

 
29

 
30,295

Total one-to-four family residential
83,587

 
1,132

 
84,719

 
636

 
85,355

Construction and land
 

 
 

 
 

 
 

 
 

Pass
38,156

 
147

 
38,303

 
—

 
38,303

Total construction and land
38,156

 
147

 
38,303

 
—

 
38,303

Multifamily
 

 
 

 
 

 
 

 
 

LTV < 35%
 

 
 

 
 

 
 

 
 

Pass
232,658

 
292

 
232,950

 
—

 
232,950

Substandard
301

 
—

 
301

 
—

 
301

Total
232,959

 
292

 
233,251

 
—

 
233,251

LTV => 35%
 

 
 

 
 

 
 

 
 

Pass
1,960,729

 
255

 
1,960,984

 
—

 
1,960,984

Special Mention
296

 
—

 
296

 
—

 
296

Substandard
5,203

 
—

 
5,203

 
—

 
5,203

Total
1,966,228

 
255

 
1,966,483

 
—

 
1,966,483

Total multifamily
2,199,187

 
547

 
2,199,734

 
—

 
2,199,734

Home equity and lines of credit
 

 
 

 
 

 
 

 
 

Pass
86,380

 
167

 
86,547

 
—

 
86,547

Special Mention
14

 
—

 
14

 
—

 
14

Substandard
131

 
—

 
131

 
156

 
287

Total home equity and lines of credit
86,525

 
167

 
86,692

 
156

 
86,848

Commercial and industrial loans
 

 
 

 
 

 
 

 
 

Pass
44,886

 
189

 
45,075

 
—

 
45,075

Special Mention
301

 
—

 
301

 
—

 
301

Substandard
80

 
—

 
80

 
—

 
80

Total commercial and industrial loans
45,267

 
189

 
45,456

 
—

 
45,456

Other loans - Pass
2,058

 
26

 
2,084

 
—

 
2,084

Total originated loans held-for-investment
2,980,106

 
3,753

 
2,983,859

 
3,208

 
2,987,067

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


26
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

 
December 31, 2019
 
Performing (Accruing) Loans
 
 
 
 
 
0-29 Days Past Due
 
30-89 Days Past Due
 
Total
 
Non-Performing Loans
 
Total Loans Receivable, net
 
 
 
 
 
 
 
 
 
 
Loans Acquired
 
 
 
 
 
 
 
 
 
Real estate loans:
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
 
 
 
 
 
 
 
 
LTV < 60%
 
 
 
 
 
 
 
 
 
Pass
172,882

 
73

 
172,955

 
—

 
172,955

Special Mention
—

 
385

 
385

 
—

 
385

Substandard
—

 
—

 
—

 
426

 
426

Total
172,882

 
458

 
173,340

 
426

 
173,766

LTV => 60%
 
 
 
 
 
 
 
 
 
Pass
14,116

 
—

 
14,116

 
—

 
14,116

Substandard
—

 
—

 
—

 
93

 
93

Total
14,116

 
—

 
14,116

 
93

 
14,209

Total one-to-four family residential
186,998

 
458

 
187,456

 
519

 
187,975

Commercial
 
 
 
 
 
 
 
 
 
LTV < 35%
 
 
 
 
 
 
 
 
 
Pass
35,173

 
287

 
35,460

 
—

 
35,460

Special Mention
994

 
194

 
1,188

 
—

 
1,188

Substandard
369

 
—

 
369

 
334

 
703

Total
36,536

 
481

 
37,017

 
334

 
37,351

LTV => 35%
 
 
 
 
 
 
 
 
 
Pass
60,311

 
—

 
60,311

 
—

 
60,311

Special Mention
134

 
464

 
598

 
—

 
598

Substandard
6,382

 
2,960

 
9,342

 
5,425

 
14,767

Total
66,827

 
3,424

 
70,251

 
5,425

 
75,676

Total commercial
103,363

 
3,905

 
107,268

 
5,759

 
113,027

Construction and land
 
 
 
 
 
 
 
 
 
Pass
2,537

 
—

 
2,537

 
—

 
2,537

Total construction and land
2,537

 
—

 
2,537

 
—

 
2,537

Multifamily
 
 
 
 
 
 
 
 
 
LTV < 35%
 
 
 
 
 
 
 
 
 
Pass
105,327

 
—

 
105,327

 
—

 
105,327

Substandard
—

 
—

 
—

 
40

 
40

Total
105,327

 
—

 
105,327

 
40

 
105,367

LTV => 35%
 
 
 
 
 
 
 
 
 
Pass
2,653

 
—

 
2,653

 
—

 
2,653

Substandard
—

 
—

 
—

 
397

 
397

Total
2,653

 
—

 
2,653

 
397

 
3,050

Total multifamily
107,980

 
—

 
107,980

 
437

 
108,417

Home equity and lines of credit
 
 
 
 
 
 
 
 
 
Pass
11,842

 
50

 
11,892

 
—

 
11,892

Substandard
88

 
—

 
88

 
28

 
116

Total home equity and lines of credit
11,930

 
50

 
11,980

 
28

 
12,008

Commercial and industrial loans
 
 
 
 
 
 
 
 
 
Pass
8,649

 
40

 
8,689

 
—

 
8,689

Total commercial and industrial loans
8,649

 
40

 
8,689

 
—

 
8,689

Other
—

 
—

 
—

 
—

 
—

Total loans acquired
421,457

 
4,453

 
425,910

 
6,743

 
432,653

 
$
3,401,563

 
$
8,206

 
$
3,409,769

 
$
9,951

 
$
3,419,720



27
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

The following table summarizes originated and acquired impaired loans as of March 31, 2020, and December 31, 2019 (in thousands):
 
March 31, 2020
 
December 31, 2019
 
Recorded Investment
 
Unpaid Principal Balance
 
Related Allowance
 
Recorded Investment
 
Unpaid Principal Balance
 
Related Allowance
With No Allowance Recorded:
 
 
 
 
 
 
 
 
 
 
 
Real estate loans:
 

 
 

 
 

 
 
 
 
 
 
Commercial
 

 
 

 
 

 
 
 
 
 
 
LTV < 35%
 

 
 

 
 

 
 
 
 
 
 
Substandard
$
—

 
$
139

 
$
—

 
$
—

 
$
139

 
$
—

LTV => 35%
 

 
 

 
 

 
 
 
 
 
 
Pass
5,491

 
6,378

 
—

 
5,582

 
6,468

 
—

Substandard
10,883

 
11,089

 
—

 
10,438

 
11,002

 
—

One-to-four family residential
 

 
 

 
 

 
 
 
 
 
 
LTV < 60%
 

 
 

 
 

 
 
 
 
 
 
Pass
1,363

 
1,449

 
—

 
1,379

 
1,463

 
—

Special Mention
382

 
382

 
—

 
385

 
385

 
—

Substandard
556

 
556

 
—

 
564

 
564

 
—

LTV => 60%
 
 
 
 
 
 
 
 
 
 
 
Pass
120

 
154

 
—

 
122

 
154

 
—

Substandard
27

 
27

 
—

 
29

 
29

 
—

Multifamily
 

 
 

 
 

 
 
 
 
 
 
LTV < 35%
 
 
 
 
 
 
 
 
 
 
 
Substandard
40

 
40

 
—

 
40

 
40

 
—

LTV => 35%
 

 
 

 
 

 
 
 
 
 
 
Pass
22

 
493

 
—

 
26

 
496

 
—

Substandard
972

 
972

 
—

 
972

 
972

 
—

Home equity and lines of credit
 
 
 
 
 
 
 
 
 
 
 
Pass
20

 
20

 
—

 
22

 
22

 
—

Commercial and industrial loans
 

 
 

 
 

 
 
 
 
 
 
Substandard
37

 
37

 
—

 
39

 
39

 
—

With a Related Allowance
Recorded:
 

 
 

 
 

 
 
 
 
 
 
Real estate loans:
 

 
 

 
 

 
 
 
 
 
 
Commercial
 

 
 

 
 

 
 
 
 
 
 
LTV => 35%
 

 
 

 
 

 
 
 
 
 
 
Substandard
553

 
1,419

 
(55
)
 
1,307

 
1,307

 
(135
)
One-to-four family residential
 

 
 

 
 

 
 
 
 
 
 
LTV < 60%
 
 
 
 
 
 
 
 
 
 
 
Substandard
—

 
—

 
—

 
—

 
—

 
—

Home equity and lines of credit
 

 
 

 
 

 
 
 
 
 
 
Substandard
33

 
32

 
(3
)
 
33

 
33

 
(3
)
Commercial and industrial loans
 

 
 

 
 

 
 
 
 
 
 
Special Mention
18

 
18

 
(4
)
 
19

 
19

 
(4
)
Total:
 

 
 

 
 

 
 
 
 
 
 
Real estate loans
 

 
 

 
 

 
 
 
 
 
 
Commercial
16,927

 
19,025

 
(55
)
 
17,327

 
18,916

 
(135
)
One-to-four family residential
2,448

 
2,568

 
—

 
2,479

 
2,595

 
—

Multifamily
1,034

 
1,505

 
—

 
1,038

 
1,508

 
—

Home equity and lines of credit
53

 
52

 
(3
)
 
55

 
55

 
(3
)
Commercial and industrial loans
55

 
55

 
(4
)
 
58

 
58

 
(4
)
 
$
20,517

 
$
23,205

 
$
(62
)
 
$
20,957

 
$
23,132

 
$
(142
)


28
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NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

Included in the above tables at March 31, 2020, are impaired loans with carrying balances of $16.2 million that were not written down by charge-offs or for which there are no specific reserves in our allowance for loan losses. Included in impaired loans at December 31, 2019, are loans with carrying balances of $15.9 million that were not written down by charge-offs or for which there are no specific reserves in our allowance for loan losses. Loans not written down by charge-offs or specific reserves at March 31, 2020, and December 31, 2019, are considered to have sufficient collateral values, less costs to sell, to support the carrying balances of the loans.

The following table summarizes the average recorded investment in originated and acquired impaired loans (excluding PCI loans) and interest recognized on impaired loans as of, and for, the three and three months ended March 31, 2020, and March 31, 2019 (in thousands):
 
Three Months Ended
 
March 31, 2020
 
March 31, 2019
 
Average Recorded Investment
 
Interest Income
 
Average Recorded Investment
 
Interest Income
With No Allowance Recorded:
 
 
 
 
 
 
 
Real estate loans:
 

 
 

 
 
 
 
Commercial
 

 
 

 
 
 
 
LTV => 35%
 
 
 
 
 
 
 
Pass
$
5,537

 
$
75

 
$
5,888

 
$
78

Substandard
10,661

 
37

 
11,604

 
72

One-to-four family residential
 
 
 
 
 
 
 
LTV < 60%
 
 
 
 
 
 
 
Pass
1,371

 
16

 
1,677

 
22

Special Mention
384

 
5

 
—

 
—

Substandard
560

 
11

 
240

 
3

LTV => 60%
 
 
 
 
 
 
 
Pass
121

 
1

 
128

 
1

Substandard
28

 
—

 
125

 
3

Multifamily
 
 
 
 
 
 
 
LTV < 35%
 
 
 
 
 
 
 
Substandard
40

 
—

 
100

 
1

LTV => 35%
 
 
 
 
 
 
 
Pass
24

 
4

 
37

 
4

Substandard
972

 
9

 
1,227

 
20

Home equity and lines of credit
 
 
 
 
 
 
 
Pass
21

 
—

 
27

 
—

Commercial and industrial loans
 
 
 
 
 
 
 
Substandard
38

 
—

 
50

 
—

With a Related Allowance Recorded:
 
 
 
 
 
 
 
Real estate loans:
 
 
 
 
 
 
 
Commercial
 
 
 
 
 
 
 
LTV => 35%
 
 
 
 
 
 
 
Substandard
930

 
—

 
259

 
—

One-to-four family residential
 
 
 
 
 
 
 
LTV < 60%
 
 
 
 
 
 
 
Substandard
—

 
—

 
502

 
5

Home equity and lines of credit
 
 
 
 
 
 
 
Substandard
33

 
1

 
33

 
1

Commercial and industrial loans
 
 
 
 
 
 
 
Special Mention
18

 
—

 
21

 
—

Total:
 
 
 
 
 
 
 
Real estate loans
 
 
 
 
 
 
 
Commercial
17,128

 
112

 
17,751

 
150

One-to-four family residential
2,464

 
33

 
2,672

 
34

Multifamily
1,036

 
13

 
1,364

 
25

Home equity and lines of credit
54

 
1

 
60

 
1

Commercial and industrial loans
56

 
—

 
71

 
—

 
$
20,738

 
$
159

 
$
21,918

 
$
210

    


29
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

There were no loans modified as troubled debt restructurings (TDRs) during the three months ended March 31, 2020. There were two loans modified as TDRs during the three months ended March 31, 2019, both of which were modified to restructure payment terms.

The following table summarizes loans that were modified in a TDR during the three months ended March 31, 2019:
 
Three Months Ended March 31, 2019
 
Number of Relationships
 
Pre-Modification Outstanding Recorded Investment
 
Post-Modification Outstanding Recorded Investment(1)
 
(in thousands)
Troubled Debt Restructurings
 
 
 
 
 
Consumer
1
 
$
2

 
$
2

Commercial real estate
1
 
2,834

 
2,834

Total Troubled Debt Restructurings
2
 
$
2,836

 
$
2,836

 
 
 
 
 
 
(1) Amounts are at time of modification
 
 
 
 
 


At March 31, 2020, and December 31, 2019, we had TDRs of $17.1 million and $18.5 million, respectively.

Management classifies all TDRs as impaired loans. Impaired loans are individually assessed to determine that 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 under troubled debt restructurings 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 loan losses on these loans, which could have a material effect on our financial results.

At March 31, 2020, there was one TDR with a balance of $27,000, that was restructured during the preceding twelve months that subsequently defaulted. At March 31, 2019, there were no TDR loans that were restructured during the preceding twelve months that subsequently defaulted.

30
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

Note 6 – Deposits

Deposits account balances are summarized as follows (in thousands):
 
March 31, 2020
 
December 31, 2019
Non-interest-bearing checking
$
394,836

 
$
387,409

Negotiable orders of withdrawal (NOW) and interest-bearing checking
605,652

 
573,927

Savings and money market
1,385,593

 
1,398,345

Certificates of deposit
1,099,465

 
1,048,552

Total deposits
$
3,485,546

 
$
3,408,233


 
Interest expense on deposit accounts is summarized for the periods indicated (in thousands):
 
Three Months Ended March 31,
 
2020
 
2019
NOW and interest-bearing checking, savings, and money market
$
4,073

 
$
4,794

Certificates of deposit
5,206

 
5,453

Total interest expense on deposit accounts
$
9,279

 
$
10,247



Note 7 – Equity Incentive Plans

On May 22, 2019, the Northfield Bancorp, Inc. 2019 Equity Incentive Plan (the “2019 EIP”) was approved by stockholders of the Company. Under the 2019 EIP, the maximum number of shares of stock that may be delivered to participants in the form of stock options, stock appreciation rights (“SARs”), restricted stock awards, or restricted stock units is 6,000,000. To the extent an equity award is issued in the form of a restricted stock grant, or restricted stock unit, the number of stock options/SARs that can be granted is reduced by 4.5. The maximum number of shares of stock that may be delivered to participants in the form of restricted stock awards and restricted stock units is 1,333,333 shares. Prior to May 22, 2019, the Company also maintained the Northfield Bancorp, Inc. 2014 Equity Incentive Plan (the “2014 EIP”). Upon approval of the 2019 EIP, the 2014 EIP was frozen and equity awards that would otherwise have been available for issuance are no longer available for grant. No stock options have been granted under 2019 EIP.

The following table is a summary of the Company’s stock options outstanding as of March 31, 2020, and changes therein during the three months then ended.
 
Number of Stock Options
 
Weighted Average Grant Date Fair Value
 
Weighted Average Exercise Price
 
Weighted Average Contractual Life (years)
Outstanding - December 31, 2019
2,227,193

 
$
4.01

 
$
13.93

 
4.96
Exercised
(13,000
)
 
3.93

 
13.38

 
4.35
Outstanding - March 31, 2020
2,214,193

 
4.01

 
13.94

 
4.71
Exercisable - March 31, 2020
2,033,272

 
3.99

 
13.84

 
4.66

 Expected future stock option expense related to the non-vested options outstanding as of March 31, 2020, is $155,000 over a weighted average period of 0.24 years.
On February 17, 2020, the Company granted to directors and employees, under the 2019 EIP, 83,744 restricted stock units with a total grant-date value of $1.3 million. Of these grants, 28,460 vest one year from the date of grant and 55,284 vest in equal installments over a five-year period beginning one year from the date of grant. The Company also issued 19,837 performance based restricted stock units to its executive officers with a total grant date fair-value of $313,623. Vesting of the performance based restricted stock units will be measured on Core Return on Average Assets and will cliff-vest after a three-year measurement period ended December 31, 2022, based on the Company's performance relative to a peer group as determined by the Compensation Committee of the Board. At the end of the performance period, the number of actual shares to be awarded may vary between 0% and 225% of target amounts.

31
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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 as of March 31, 2020, and changes therein during the three months then ended.
 
Number of Shares Awarded
 
Weighted Average Grant Date Fair Value
Non-vested at December 31, 2019
71,102

 
$
15.36

Granted
103,581

 
15.81

Non-vested at March 31, 2020
174,683

 
15.63


 
Expected future stock award expense related to the non-vested restricted share awards as of March 31, 2020, is $1.8 million over a weighted average period of 2.14 years.
During the three months ended March 31, 2020, and March 31, 2019, the Company recorded $448,000 and $1.3 million, respectively, of stock-based compensation related to the above plans.

Note 8 – Fair Value Measurements
The following tables present the assets reported on the consolidated balance sheets at their estimated fair value as of March 31, 2020, and December 31, 2019, by level within the fair value hierarchy as required by the Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards Codification (“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 14 to the Consolidated Financial Statements of the Company’s 2019 Annual Report on Form 10-K.

32
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

 
Fair Value Measurements at March 31, 2020 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:
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
Pass-through certificates:
 
 
 
 
 
 
 
GSE
$
310,869

 
$
—

 
$
310,869

 
$
—

REMICs:
 
 
 
 
 
 
 
GSE
623,580

 
—

 
623,580

 
—

Non-GSE
49

 
—

 
49

 
—

 
934,498

 
—

 
934,498

 
—

Other debt securities
 
 
 
 
 
 
 
Municipal bonds
279

 
—

 
279

 
—

Corporate bonds
126,666

 
—

 
126,666

 
—

 
126,945

 
—

 
126,945

 
—

Total debt securities available-for-sale
1,061,443

 
—

 
1,061,443

 
—

Trading securities
8,388

 
8,388

 
—

 
—

Equity securities
374

 
374

 
—

 
—

Total
$
1,070,205

 
$
8,762

 
$
1,061,443

 
$
—

Measured on a non-recurring basis:
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Impaired loans:
 
 
 
 
 
 
 
Real estate loans:
 
 
 
 
 
 
 
Commercial real estate
$
4,143

 
$
—

 
$
—

 
$
4,143

Multifamily
22

 
—

 
—

 
22

Home equity and lines of credit
29

 
—

 
—

 
29

Total impaired real estate loans
4,194

 
—

 
—

 
4,194

Commercial and industrial loans
14

 
—

 
—

 
14

Total
$
4,208

 
$
—

 
$
—

 
$
4,208


33
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

 
Fair Value Measurements at December 31, 2019 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:
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
Pass-through certificates:
 
 
 
 
 
 
 
GSE
$
329,407

 
$
—

 
$
329,407

 
$
—

REMICs:
 
 
 
 
 
 
 
GSE
643,667

 
—

 
643,667

 
—

Non-GSE
53

 
—

 
53

 
—

 
973,127

 
—

 
973,127

 
—

Other debt securities
 
 
 
 
 
 
 
Municipal bonds
299

 
—

 
299

 
—

Corporate bonds
164,926

 
—

 
164,926

 
—

 
165,225

 
—

 
165,225

 
—

Total debt securities available-for-sale
1,138,352

 
—

 
1,138,352

 
—

Trading securities
11,222

 
11,222

 
—

 
—

Equity securities
250

 
250

 
—

 
—

Total
$
1,149,824

 
$
11,472

 
$
1,138,352

 
$
—

Measured on a non-recurring basis:
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
Impaired loans:
 
 
 
 
 
 
 
Real estate loans:
 
 
 
 
 
 
 
Commercial real estate
$
4,871

 
$
—

 
$
—

 
$
4,871

Multifamily
26

 
—

 
—

 
26

Home equity and lines of credit
30

 
—

 
—

 
30

Total impaired real estate loans
4,927

 
—

 
—

 
4,927

Commercial and industrial loans
15

 
—

 
—

 
15

Total
$
4,942

 
$
—

 
$
—

 
$
4,942



The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at March 31, 2020, and December 31, 2019 (dollars in thousands):
 
Fair Value
 
Valuation Methodology
 
Unobservable Inputs       
 
Range of Inputs
 
March 31, 2020
 
December 31, 2019
 
 
 
 
 
March 31, 2020
 
December 31, 2019
Impaired loans
$
4,208

 
$
4,942

 
Appraisals
 
Discount for costs to sell
 
7.0%
 
7.0%
 
 
 
 
 
 
 
Discount for quick sale
 
10.0%
 
10.0%
 
 
 
 
 
Discounted cash flows
 
Interest rates
 
4.13% to 6.25%
 
4.13% to 6.25%


34
Table of Contents
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 as of March 31, 2020, and December 31, 2019.
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 three months ended March 31, 2020.     
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.
 
Impaired Loans: At March 31, 2020, and December 31, 2019, the Company had impaired loans held-for-investment (excluding PCI loans) with outstanding principal balances of $6.7 million and $7.0 million, respectively, which were recorded at their estimated fair value of $4.2 million and $4.9 million, respectively. The Company recorded a net decrease in the specific reserve for impaired loans of $79,000 for the three months ended March 31, 2020, and a net increase in the specific reserve for impaired loans of $94,000 for the three months ended March 31, 2019. Net charge-offs of $90,000 and $70,000 were recorded for the three months ended March 31, 2020, and March 31, 2019, 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 troubled debt restructurings.
 
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.

35
Table of Contents
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

The fair value for Federal Home Loan Bank of New York (FHLB) stock is its carrying value, since this is the amount for which it could be redeemed and 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 nonperforming 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 nonperformance 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 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.

36
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)


The estimated fair value of the Company’s financial instruments at March 31, 2020, and December 31, 2019, is presented in the following tables (in thousands):
 
March 31, 2020
 
 
 
Estimated Fair Value
 
Carrying Value
 
Level 1
 
Level 2
 
Level 3
 
Total
Financial assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
114,699

 
$
114,699

 
$
—

 
$
—

 
$
114,699

Trading securities
8,388

 
8,388

 
—

 
—

 
8,388

Debt securities available-for-sale
1,061,443

 
—

 
1,061,443

 
—

 
1,061,443

Debt securities held-to-maturity
8,706

 
—

 
9,002

 
—

 
9,002

Equity securities (1)
374

 
374

 
—

 
—

 
374

Federal Home Loan Bank of New York stock, at cost
29,855

 
—

 
29,855

 
—

 
29,855

Net loans held-for-investment
3,472,337

 
—

 
—

 
3,479,488

 
3,479,488

Derivative assets
1,072

 
—

 
1,072

 
—

 
1,072

Financial liabilities:
 
 
 
 
 
 
 
 
 
Deposits
$
3,485,546

 
$
—

 
$
3,495,318

 
$
—

 
$
3,495,318

Borrowed funds
716,357

 
—

 
733,159

 
—

 
733,159

Advance payments by borrowers for taxes and insurance
22,444

 
—

 
22,444

 
—

 
22,444

Derivative liabilities
1,075

 
—

 
1,075

 
—

 
1,075


 
December 31, 2019
 
 
 
Estimated Fair Value
 
Carrying Value
 
Level 1
 
Level 2
 
Level 3
 
Total
Financial assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
147,818

 
$
147,818

 
$
—

 
$
—

 
$
147,818

Trading securities
11,222

 
11,222

 
—

 
—

 
11,222

Debt securities available-for-sale
1,138,352

 
—

 
1,138,352

 
—

 
1,138,352

Debt securities held-to-maturity
8,762

 
—

 
8,886

 
—

 
8,886

Equity securities (1)
250

 
250

 
—

 
 
 
250

Federal Home Loan Bank of New York stock, at cost
39,575

 
—

 
39,575

 
—

 
39,575

Net loans held-for-investment
3,408,378

 
—

 
—

 
3,482,804

 
3,482,804

Derivative assets
79

 
—

 
79

 
—

 
79

Financial liabilities:
 
 
 
 
 
 
 
 
 
Deposits
$
3,408,233

 
$
—

 
$
3,412,414

 
$
—

 
$
3,412,414

Borrowed funds
857,004

 
—

 
862,980

 
—

 
862,980

Advance payments by borrowers for taxes and insurance
440,069

 
—

 
440,069

 
—

 
440,069

Derivative liabilities
79

 
—

 
79

 
—

 
79


 (1) Excludes investments measured at net asset value in the amount of $3.1 million at both March 31, 2020 and December 31, 2019, which have not been classified in the fair value hierarchy.
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

37
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

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 9 – 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.

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 and unvested shares of restricted stock were exercised and converted into common stock. These potentially dilutive shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. When applying the treasury stock method we added the assumed proceeds from option exercises and the average unamortized compensation costs related to unvested shares of restricted stock and stock options. We then divided this sum by our 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 (dollars in thousands, except per share data):
 
Three Months Ended March 31,
 
2020
 
2019
Net income available to common stockholders
$
4,551

 
$
8,771

 
 
 
 
Weighted average shares outstanding-basic
46,791,768

 
46,940,903

Effect of non-vested restricted stock and stock options outstanding
191,698

 
347,257

Weighted average shares outstanding-diluted
46,983,466

 
47,288,160

Earnings per share-basic
$
0.10

 
$
0.19

Earnings per share-diluted
$
0.10

 
$
0.19

Anti-dilutive shares
1,001,828

 
1,075,747



38
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

Note 10 – Leases

Effective January 1, 2019, the Company adopted ASU No. 2016-02, Leases (“Topic 842”) and all subsequent ASU's that modified Topic 842, as further explained in Note 12, Recent Accounting Pronouncements. The Company’s leases primarily relate to real estate property for branches and office space with terms extending from six months up to 35.25 years. At March 31, 2020, all of the Company's leases are classified as operating leases.

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 in 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 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. As these extension options are not generally considered reasonably certain of renewal, they are not included in the lease term.

At March 31, 2020, the Company’s operating lease right-of-use assets and operating lease liabilities included in the consolidated balance sheet were $41.5 and $45.9 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 in the consolidated statements of income.
Supplemental lease information at or for the three months ended March 31, 2020, and March 31, 2019 is as follows (in thousands):
 
Three Months Ended March 31,
 
2020
 
2019
 
 
 
 
Operating lease cost
$
1,439

 
$
1,466

Variable lease cost
544

 
778

Net lease cost
$
1,983

 
$
2,244

Cash paid for amounts included in measurement of operating lease liabilities
$
1,545

 
$
1,327

Right-of-use assets obtained in exchange for new operating lease liabilities
$
3,028

 
$
1,013

Weighted average remaining lease term
12.71 years

 
13.05 years

Weighted average discount rate
3.59
%
 
3.60
%


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 (dollars in thousands):
Year
Amount
2020
$
4,719

2021
5,919

2022
5,311

2023
5,272

2024
4,935

Thereafter
33,230

Total lease payments
59,386

Less: imputed interest
13,454

Present value of lease liabilities
$
45,932



As of March 31, 2020, the Company had not entered into any leases that have not yet commenced.


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Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

Note 11 – Revenue Recognition
    
The Company records revenue from contracts with customers in accordance with ASU 2014-09, Revenue from Contracts with Customers (“Topic 606”). The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities, which comprise the majority of the Company’s revenue.
The Company’s revenue streams that are within the scope of Topic 606 include service charges on deposit accounts, ATM and card interchange fees, investment services fees, and other miscellaneous income. Fees and service charges for customer services include: (i) service charges on deposit accounts, including account maintenance fees, overdraft fees, insufficient funds fees, wire fees, and other deposit related fees; (ii) ATM and card interchange fees, which include fees generated when a Bank cardholder uses a non-Bank ATM or a non-Bank cardholder uses a Bank ATM, and fees earned whenever the Bank's debit cards are processed through card payment networks such as Visa; and (iii) investment services fees earned through partnering with a third party investment and brokerage service firm to provide insurance and investment products to customers. The Company's performance obligation for fees and service charges is satisfied and related revenue recognized immediately or in the month of performance of services. Other income primarily includes rental income from subleasing one of the Company's branches to a third party, which is recognized at the time the transaction occurs.
The following table summarizes non-interest income for the periods indicated (dollars in thousands):
 
Three Months Ended March 31,
 
2020
 
2019
Fees and service charges for customer services:
 
 
 
Service charges
$
753

 
$
782

ATM and card interchange fees
304

 
301

Investment fees
63

 
57

Total fees and service charges for customer services
1,120

 
1,140

Income on bank owned life insurance (1)
876

 
896

(Losses) gains on available-for-sale debt securities, net (1)
(13
)
 
155

(Losses) gains on trading securities, net (1)
(1,992
)
 
1,086

Swap income (1)
76

 
—

Other
41

 
37

Total non-interest income
$
108

 
$
3,314


(1) Not in scope of Topic 606

Note 12 – 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 executes 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.

During the fourth quarter of 2019, the Company entered into its first derivative transaction, and entered into a second transaction in the first quarter of 2020. At March 31, 2020, the Company had two interest rate swaps with a notional amount of $15.9 million, and the fair value of the asset and liability derivative was $1.1 million. At December 31, 2019, the Company had one interest rate swap with a notional amount of $12.0 million, and the fair value of the asset and liability derivative was $79,000. For the three months ended March 31, 2020, the Company recorded fee income of approximately $76,000.


40
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

Note 13 – Recent Accounting Pronouncements Adopted

ASU No. 2018-15. In August 2018, the FASB issued ASU No. 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” This guidance aligns the accounting for implementation costs related to a hosting arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, where a cloud computing arrangement includes a license to internal-use software, the software license is accounted for by the customer in accordance with Subtopic 350-40, “Intangibles - Goodwill and Other-Internal-Use Software”. ASU No. 2018-15 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU No. 2018-15 on January 1, 2020, and it did not have an impact on the Company's financial condition or results of operation.
    
ASU No. 2018-13. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU updates the disclosure requirements on Fair Value measurements by 1) removing: the disclosures for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation processes for Level 3 fair value measurements; 2) modifying: disclosures for timing of liquidation of an investee’s assets and disclosures for uncertainty in measurement as of reporting date; and 3) adding: disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring level 3 fair value measurements and disclosures for the range and weighted average of the significant unobservable inputs used to develop Level 3 fair value measurements. ASU No. 2018-13 is effective for fiscal years beginning after December 15, 2019. With the exception of the following, which should be applied prospectively, disclosures relating to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the disclosures for uncertainty measurement, all other changes should be applied retrospectively to all periods presented upon the effective date. The Company adopted ASU No. 2018-13 on January 1, 2020, and it did not have an impact on the Company's financial condition or results of operation.

ASU No 2017-04. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The ASU eliminates Step 2 from the goodwill impairment test and also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The ASU is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company adopted ASU No. 2017-04 on January 1, 2020, and it did not have an impact on the Company's financial condition or results of operation.

During the three months ended March 31, 2020, the Company qualitatively assessed the current economic environment, including the estimated impact of the COVID-19 pandemic on macroeconomic variables and economic forecasts, and on the Company's stock price which has experienced a recent decline in value, and how these might impact the fair value of its reporting unit. After consideration of the items above, the first quarter 2020 results, as well as the results of the annual 2019 impairment test which resulted in an excess of reporting unit fair value over book value of approximately 27%, the Company determined that it was more-likely-than-not that the fair value of its reporting unit was above its book value as of March 31, 2020. For additional information regarding the Company's goodwill impairment testing process, see Note 1 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.


41
Table of Contents
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

Note 14 – Subsequent Event
The Company has elected to participate in the Paycheck Protection Program (PPP) authorized by the CARES Act, and administered by the Small Business Administration, which provides 100% federally guaranteed loans for small businesses to cover payroll, utilities, rent and interest. These small business loans may be forgiven if borrowers maintain their payrolls and satisfy certain other conditions for a period of time during the COVID-19 pandemic. As of May 7, 2020, The Company had approvals for over 750 loans, totaling approximately $102.9 million, and benefiting small businesses with over 10,000 employees. PPP provides for lender processing fees that range from 1% to 5% of the final disbursement made to individual borrowers. Based on the Company’s approved disbursements as of May 7, 2020, we estimate our loan processing fees would be approximately $3.7 million.

As of May 7, 2020, the Company had approved 197 loan modifications with payment deferrals on outstanding loan balances of $321.3 million in connection with the COVID-19 relief provided by the CARES Act. Of these 197 payment deferrals, 63 were principal deferrals totaling $135.1 million, and 134 were principal and interest deferrals totaling $186.2 million. These deferrals were generally no longer than three months in duration and were not considered TDRs based on interagency guidance issued in March 2020. Loans in deferment status (“COVID-19 Modified Loans”) will continue to accrue interest during the deferment period unless otherwise classified as nonperforming. COVID-19 Modified Loans are required to make escrow payments for real estate taxes and insurance, if applicable. For loans given relief of interest, the deferred interest is generally to be paid back over a period not to exceed 18 months. Principal deferrals may be brought current or recast into outstanding principal at time of rate reset or repaid at the end of the loan's contractual term. COVID-19 Modified Loan agreements generally also include covenants that prohibit distributions, bonuses, or payments of management fees to related entities until all deferred payments are made. In addition, the Company has received 139 requests, or had inquiries about relief, totaling $143.5 million, for COVID-19 payment relief. The Company is in the process of evaluating these requests. As of May 7, 2020, COVID-19 Modified Loans and requests for COVID-19 payment relief (excluding PCI loans) totaled approximately 13.3% of total loans.

42

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 the 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:   
•
the disruption to local, regional, national and global economic activity caused by infectious disease outbreaks, including the recent outbreak of COVID-19, and the significant impact that such outbreak has had and may have on our growth, operations, earnings and asset quality;
•
general economic conditions, either nationally or in our market areas, including employment prospects, real estate values and conditions, that are worse than expected;
•
competition among depository and other financial institutions;
•
inflation and changes in the interest rate environment that reduce our margins and yields or reduce the fair value of financial instruments;
•
adverse changes in the securities or credit markets;
•
changes in laws, tax policies, or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;
•
our ability to enter new markets successfully and capitalize on growth opportunities;
•
our ability to access cost-effective funding;
•
our ability to successfully integrate acquired entities, including our proposed acquisition of VSB Bancorp, Inc.;
•
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, or the Securities and Exchange Commission, or the Public Company Accounting Oversight Board;
•
cyber attacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information and destroy data or disable our systems;
•
technological changes that may be more difficult or expensive than expected;
•
changes in our organization, compensation, and benefit plans;
•
our ability to retain key employees;
•
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 FRB;
•
the ability of third-party providers to perform their obligations to us;
•
the ability of the U.S. Government to manage federal debt limits;
•
the effects of any U.S. Government shutdowns;
•
significant increases in our loan losses, including increases that may result from the new authoritative accounting guidance (known as CECL) model which may increase the required level of our allowance for loan losses after adoption; and
•
changes in the financial condition, results of operations, or future prospects of issuers of securities that we own.


43

Given the ongoing and dynamic nature of current economic circumstances, it is difficult to predict the full impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and when and how the economy may be reopened (i.e stay-at-home orders are lifted). As a result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations:

•
demand for our products and services may decline, making it difficult to execute on our strategic initiatives related to growing assets and earnings;
•
if the economy is unable to substantially reopen, and high levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charge-offs and reduced income;
•
collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase;
•
our allowance for loan losses may have to be increased if borrowers experience financial difficulties beyond forbearance periods, which will adversely affect our net income;
•
the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us;
•
as the result of the decline in the FRB's target federal funds rate, the yield on our assets may decline to a greater extent than the decline in our cost of interest-bearing liabilities, reducing our net interest margin and spread and reducing net income;
•
a material decrease in net income or a net loss over several quarters could result in a decrease or elimination of our quarterly cash dividend;
•
potential goodwill impairment charges if acquired assets and operations are adversely affected and remain at reduced levels;
•
our cyber security risks are increased as the result of an increase in the number of employees working remotely;
•
we rely on third party vendors for certain services and the unavailability of a critical service due to the COVID-19 outbreak could have an adverse effect on us;
•
Federal Deposit Insurance Corporation (“FDIC”) premiums may increase if the agency experience additional resolution costs; and
•
Internal controls as designed may not prove effective, to the extent procedures are modified as a result of remote work locations.

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, 2019, 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 in 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 loan losses, estimated cash flows of our purchased credit-impaired (“PCI”) 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.  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, 2019.
Overview
This overview highlights selected information and may not contain all the information that is important to you in understanding our performance during the period. 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, 2019.

44

Net income was $4.6 million for the three months ended March 31, 2020, as compared to $8.8 million for the three months ended March 31, 2019. Basic and diluted earnings per common share were $0.10 for the three months ended March 31, 2020, compared to basic and diluted earnings per common share of $0.19 for the three months ended March 31, 2019. For the three months ended March 31, 2020, our return on average assets was 0.37%, as compared to 0.79% for the three months ended March 31, 2019. For the three months ended March 31, 2020, our return on average stockholders’ equity was 2.60% as compared to 5.29% for the three months ended March 31, 2019. The most significant impact on our results of operations for the three months ended March 31, 2020, was the increase in our provision for loan losses. The provision for loan losses increased by $8.1 million for the three months ended March 31, 2020, compared to $59,000 for the three months ended March 31, 2019, and by $7.4 million compared to a provision of $772,000 for the three months ended December 31, 2019. The increase in the provision primarily reflects increased reserves related to the COVID-19 pandemic, including increases to our qualitative loss factors related to rising unemployment and loan rating changes related to loan modification requests, and, to a lesser extent loan growth.

Assets decreased by $58.5 million, or 1.2%, to $5.00 billion at March 31, 2020, from $5.06 billion at December 31, 2019. Liabilities decreased $65.0 million, or 1.5%, to $4.29 billion at March 31, 2020, from $4.36 billion at December 31, 2019.

Comparison of Financial Condition at March 31, 2020, and December 31, 2019
Total assets decreased $58.5 million, or 1.2%, to $5.00 billion at March 31, 2020, from $5.06 billion at December 31, 2019. The decrease was primarily due to decreases in available-for sale debt securities of $76.9 million, or 6.8%, cash and cash equivalents of $33.1 million, or 22.4%, Federal Home Loan Bank of New York (“FHLBNY”) stock of $9.7 million, or 24.6%, and an increase in the allowance for loan losses of $8.1 million, or 28.2%. Partially offsetting these decreases, was an increase in loans held-for-investment, net, of $72.1 million, or 2.1%.
 
The Company’s available-for-sale debt securities portfolio decreased by $76.9 million, or 6.8%, to $1.06 billion at March 31, 2020, from $1.14 billion at December 31, 2019. The decrease was primarily attributable to paydowns and maturities. At March 31, 2020, $934.4 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 $126.7 million in corporate bonds, the majority of which were considered investment grade at March 31, 2020, and $279,000 in municipal bonds. The effective duration of the securities portfolio at March 31, 2020 was 1.42 years.

 As of March 31, 2020, we estimate that our non-owner occupied commercial real estate concentration (as defined by regulatory guidance issued in 2006) to total risk-based capital was approximately 455% as compared to 449% at December 31, 2019. Management believes that Northfield Bank (the Bank) has implemented 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 our commercial real estate concentration risk, the Bank’s regulators could require us to implement additional policies and procedures or could require us to maintain higher levels of regulatory capital, which might adversely affect our loan originations, ability to pay dividends, and profitability.

Loans held-for-investment, net, increased $72.1 million to $3.51 billion at March 31, 2020, from $3.44 billion at December 31, 2019, primarily due to an increase in originated loans held-for-investment of $111.7 million, partially offset by decreases in acquired loans of $39.2 million. Originated loans held-for-investment, net, totaled $3.10 billion at March 31, 2020, as compared to $2.99 billion at December 31, 2019. The increase was primarily due to an increase in multifamily real estate loans of $104.6 million, or 4.8%, to $2.30 billion at March 31, 2020, from $2.20 billion at December 31, 2019.

On June 14, 2019, the New York State legislature passed the Housing Stability and Tenant Protection Act of 2019, impacting about one million rent-regulated apartment units. Among other things, the new legislation: (i) curtails rent increases from Material Capital Improvements and Individual Apartment Improvements (as defined in the Act); (ii) all but eliminates the ability for apartments to exit rent regulation; (iii) does away with vacancy decontrol and high-income deregulation; and (iv) repealed the 20% vacancy bonus. At March 31, 2020, the Company has approximately $407.2 million in multifamily loans in New York City with tenants that have some form of rent stabilization or rent control. The weighted average loan to value (“LTV”) was 46.0% based on the current balance and the collateral value at date of origination on this portfolio. The highest LTV in this portfolio is 72.9%. While it is too early to measure the full impact of the legislation, it generally limits a landlord’s ability to increase rents on rent-regulated apartments and makes it more difficult to convert rent regulated apartments to market rate apartments. As a result, the value of the collateral located in New York State securing the Company’s multifamily loans or

45

the future net operating income of such properties could potentially become impaired. Management will continue to evaluate the effect of rent regulations on the collateral values.

The following tables detail our multifamily real estate originations for the three months ended March 31, 2020 and 2019 (dollars in thousands):
For the Three Months Ended March 31, 2020
Multifamily Originations
 
Weighted Average Interest Rate
 
Weighted Average LTV Ratio
 
Weighted Average Months to Next Rate Change or Maturity for Fixed Rate Loans
 
(F)ixed or (V)ariable
 
Amortization Term
$
181,511

 
3.67%
 
60%
 
94
 
V
 
30 Years
1,500

 
4.40%
 
47%
 
180
 
F
 
15 Years
$
183,011

 
3.68%
 
60%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended March 31, 2019
Multifamily Originations
 
Weighted Average Interest Rate
 
Weighted Average LTV Ratio
 
Weighted Average Months to Next Rate Change or Maturity for Fixed Rate Loans
 
(F)ixed or (V)ariable
 
Amortization Term
$
90,743

 
4.26%
 
57%
 
75
 
V
 
30 Years
Acquired loans decreased by $39.2 million to $393.5 million at March 31, 2020, from $432.7 million at December 31, 2019, primarily due to paydowns of one-to-four family residential loans and commercial real estate loans.
Purchased credit-impaired (“PCI”) loans totaled $16.9 million at March 31, 2020, as compared to $17.4 million at December 31, 2019. The majority of the PCI loan balance consists of loans acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. The Company accreted interest income of $803,000 and $1.0 million attributable to PCI loans for the three months ended March 31, 2020, and March 31, 2019, respectively.
 
Cash and cash equivalents decreased by $33.1 million, or 22.4%, to $114.7 million at March 31, 2020, from $147.8 million at December 31, 2019, primarily due to a decrease in cash balances held at the Federal Reserve Bank. 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.

FHLBNY stock decreased by $9.7 million, or 24.6%, to $29.9 million at March 31, 2020, from $39.6 million at December 31, 2019. The decrease in FHLBNY stock directly correlates with lower short-term borrowings balances at March 31, 2020, as compared to December 31, 2019.

Total liabilities decreased $65.0 million, or 1.5%, to $4.29 billion at March 31, 2020, from $4.36 billion at December 31, 2019. The decrease was primarily attributable to a decrease in other borrowings of $140.6 million, partially offset by an increase in deposits of $77.3 million.
 
Deposits increased $77.3 million, or 2.3%, to $3.49 billion at March 31, 2020, as compared to $3.41 billion at December 31, 2019. The increase was attributable to increases of $50.9 million in certificates of deposit, $39.2 million in transaction accounts, and $22.8 million in savings accounts, partially offset by decreases of $35.6 million in money market accounts.

Borrowings and securities sold under agreements to repurchase decreased to $716.4 million at March 31, 2020, from $857.0 million at December 31, 2019. Management utilizes borrowings to mitigate interest rate risk, for short-term liquidity, and to a lesser extent as part of leverage strategies. 


46

The following is a table of term borrowing maturities (excluding overnight borrowings and floating rate advances) and the weighted average rate by year at March 31, 2020 (dollars in thousands):
Year
 
Amount
 
Weighted Average Rate
2020
 
$175,000
 
0.74%
2021
 
170,000
 
1.98%
2022
 
120,000
 
2.29%
2023
 
87,500
 
2.89%
2024
 
50,000
 
2.47%
Thereafter
 
107,500
 
1.72%
 
 
$710,000
 
1.83%
    
Total stockholders’ equity increased by $6.5 million to $702.3 million at March 31, 2020, from $695.9 million at December 31, 2019. The increase was primarily attributable to a $6.0 million increase in accumulated other comprehensive income associated with unrealized gains on our debt securities available-for-sale portfolio, net income of $4.6 million for the three months ended March 31, 2020, and a $1.1 million increase in equity award activity. The increase was partially offset by $5.2 million in dividend payments.

Comparison of Operating Results for the Three Months Ended March 31, 2020 and 2019
 
Net income was $4.6 million and $8.8 million for the three months ended March 31, 2020 and March 31, 2019, respectively. Significant variances from the comparable prior year quarter are as follows: a $2.6 million increase in net interest income, an $8.1 million increase in the provision for loan losses, a $3.2 million decrease in non-interest income, a $3.5 million decrease in non-interest expense, and a $1.0 million decrease in income tax expense.

Interest Income. Interest income increased $3.3 million, or 8.3%, to $42.7 million for the three months ended March 31, 2020, from $39.5 million for the three months ended March 31, 2019, due to an increase in the average balance of interest-earning assets of $477.2 million, or 11.3%, partially offset by a 13 basis point decrease in the yields earned. Interest income on loans increased by $2.7 million, primarily attributable to an increase in the average loan balances of $253.1 million, partially offset by a decrease in yields earned of two basis points. Interest income on securities increased by $707,000, primarily attributable to an increase in the average securities balances of $236.9 million, partially offset by a 33 basis point decline in yields earned. The Company accreted interest income related to its PCI loans of $803,000 for the three months ended March 31, 2020. Interest income on loans for the three months ended March 31, 2020, included loan prepayment income of $627,000, as compared to $420,000 for the three months ended March 31, 2019.

Interest Expense. Interest expense increased $663,000, or 5.5%, to $12.8 million for the three months ended March 31, 2020, as compared to $12.1 million for the three months ended March 31, 2019. The increase was due to an increase in interest expense on borrowings of $1.6 million, or 86.3%, partially offset by a decrease in interest expense on deposits of $968,000, or 9.4%. The increase in interest expense on borrowings was attributable to a $288.1 million, or 73.6%, increase in average borrowings and a 12 basis point increase in the cost of borrowings to 2.08% for the three months ended March 31, 2020. The decrease in interest expense on deposits was attributable to a 20 basis point decrease in the cost of interest-bearing deposits to 1.20% for the three months ended March 31, 2020, partially offset by a $156.6 million, or 5.3%, increase in the average balance of interest-bearing deposit accounts.
Net Interest Income.  Net interest income for the three months ended March 31, 2020, increased $2.6 million, or 9.5%, to $29.9 million, from $27.3 million for the three months ended March 31, 2019, primarily due to a $477.2 million, or 11.3%, increase in our average interest-earning assets, partially offset by a six basis point decrease in our net interest margin to 2.57% from 2.63% for the three months ended March 31, 2019. The increase in our average interest-earning assets was due to increases in average loans outstanding of $253.1 million, average mortgage-backed securities of $327.6 million, and average FHLBNY stock of $9.5 million, partially offset by decreases in average other securities of $90.7 million and average interest-earning deposits in financial institutions of $22.3 million. The decrease in net interest margin was due to lower yields on interest-earning assets which decreased 13 basis points to 3.67% for the three months ended March 31, 2020, from 3.80% for the three months ended March 31, 2019, partially offset by an 11 basis point decrease in the cost of our interest-bearing liabilities to 1.36% for the three months ended March 31, 2020, from 1.47% for the three months ended March 31, 2019.
 

47

Provision for Loan Losses. The provision for loan losses increased by $8.1 million to $8.2 million for the three months ended March 31, 2020, compared to $59,000 for the three months ended March 31, 2019. The increase in the provision primarily reflects increased reserves related to the COVID-19 pandemic, including increases to our qualitative loss factors related to rising unemployment and loan rating changes related to loan modification requests, and, to a lesser extent loan growth. Net charge-offs were $90,000 and $70,000 for the three months ended March 31, 2020, and March 31, 2019, respectively.
    
Non-interest Income. Non-interest income decreased $3.2 million, or 96.7%, to $108,000 for the three months ended March 31, 2020, from $3.3 million for the three months ended March 31, 2019, primarily due to a decrease of $3.1 million in gains on trading securities, net. For the three months ended March 31, 2020, losses on trading securities were $2.0 million as compared to gains of $1.1 million for the three months ended March 31, 2019. The trading portfolio is utilized to fund the Company’s deferred compensation obligation to certain employees and directors of the Company's deferred compensation plan (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.
        
Non-interest Expense. Non-interest expense decreased $3.5 million, or 18.3%, to $15.7 million for the three months ended March 31, 2020, compared to $19.2 million for the three months ended March 31, 2019. This is due primarily to a $3.7 million decrease in employee compensation and benefits, $3.1 million of which is related to the Company's deferred compensation plan, which is described above and has no effect on net income, and a $630,000 decrease in equity award expense related to equity awards that fully vested in June 2019. Additionally, there was a $222,000 decrease in occupancy expense, attributable to lower rent and leasehold amortization expense associated with the closure of three branches effective December 31, 2019, and a $277,000 decrease in FDIC insurance premiums due to a reduction in our deposit insurance assessment as a result of the utilization of credits received. The credit was provided by the FDIC to banks with total consolidated assets of less than $10.0 billion for the portion of their assessments that contributed to the growth in the FDIC’s reserve ratio. Partially offsetting the decreases was an increase in professional fees of $362,000, primarily merger-related costs associated with our proposed acquisition of VSB Bancorp, Inc. announced in December 2019.

Income Tax Expense. The Company recorded income tax expense of $1.6 million for the three months ended March 31, 2020, compared to $2.6 million for the three months ended March 31, 2019. The effective tax rate for the three months ended March 31, 2020, was 26.3% compared to 22.9% for the three months ended March 31, 2019. The higher effective tax rate for three months ended March 31, 2020 was primarily attributable to the effects of a technical bulletin issued by the New Jersey Division of Taxation in the second quarter of 2019 that specified treatment of real estate investment trusts in connection with combined reporting for New Jersey corporate business tax purposes.
    


    

48

The following table sets forth average balances, average yields and costs, and certain other information for the periods indicated.                
 
ANALYSIS OF NET INTEREST INCOME
(Dollars in thousands)

 
For the Three Months Ended
 
March 31, 2020
 
March 31, 2019
 
Average Outstanding Balance
 
Interest
 
Average Yield/ Rate (1)
 
Average Outstanding Balance
 
Interest
 
Average Yield/ Rate (1)
Interest-earning assets:
 
 
 
 
 
 
 
 
 
 
 
Loans (2)
$
3,471,367

 
$
35,337

 
4.09
%
 
$
3,218,277

 
$
32,590

 
4.11
%
Mortgage-backed securities (3)
955,024

 
5,622

 
2.37

 
627,377

 
4,074

 
2.63

Other securities (3)
156,074

 
1,024

 
2.64

 
246,802

 
1,865

 
3.06

Federal Home Loan Bank of New York stock
31,263

 
577

 
7.42

 
21,729

 
402

 
7.50

Interest-earning deposits in financial institutions
70,225

 
172

 
0.99

 
92,538

 
535

 
2.34

Total interest-earning assets
4,683,953

 
42,732

 
3.67

 
4,206,723

 
39,466

 
3.80

Non-interest-earning assets
289,925

 
 
 
 
 
286,313

 
 
 
 
Total assets
$
4,973,878

 
 
 
 
 
$
4,493,036

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing liabilities:
 
 
 
 
 
 
 
 
 
 
 
Savings, NOW, and money market accounts
$
2,002,066

 
$
4,073

 
0.82
%
 
$
1,857,654

 
$
4,794

 
1.05
%
Certificates of deposit
1,114,043

 
5,206

 
1.88

 
1,101,865

 
5,453

 
2.01

Total interest-bearing deposits
3,116,109

 
9,279

 
1.20

 
2,959,519

 
10,247

 
1.40

Borrowed funds
679,476

 
3,520

 
2.08

 
391,365

 
1,889

 
1.96

Total interest-bearing liabilities
3,795,585

 
12,799

 
1.36

 
3,350,884

 
12,136

 
1.47

Non-interest bearing deposits
382,044

 
 
 
 
 
379,642

 
 
 
 
Accrued expenses and other liabilities
93,129

 
 
 
 
 
90,012

 
 
 
 
Total liabilities
4,270,758

 
 
 
 
 
3,820,538

 
 
 
 
Stockholders' equity
703,120

 
 
 
 
 
672,498

 
 
 
 
Total liabilities and stockholders' equity
$
4,973,878

 
 
 
 
 
$
4,493,036

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income
 
 
$
29,933

 
 
 
 
 
$
27,330

 
 
Net interest rate spread (4)
 
 
 
 
2.31
%
 
 
 
 
 
2.33
%
Net interest-earning assets (5)
$
888,368

 
 
 
 
 
$
855,839

 
 
 
 
Net interest margin (6)
 
 
 
 
2.57
%
 
 
 
 
 
2.63
%
Average interest-earning assets to interest-bearing liabilities
 
 
 
 
123.41
%
 
 
 
 
 
125.54
%
 
 
 
(1)
Average yields and rates are annualized.
(2)
Includes non-accruing loans.
(3)
Securities available-for-sale 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.





49

Asset Quality
 
Purchased Credit Impaired Loans
    
PCI loans are recorded at estimated fair value using discounted expected future cash flows deemed to be collectible on the date acquired. Based on its detailed review of PCI loans and experience in loan workouts, management believes it has a reasonable expectation about the amount and timing of future cash flows and accordingly has classified PCI loans ($16.9 million at March 31, 2020 and $17.4 million at December 31, 2019) as accruing, even though they may be contractually past due. At March 31, 2020, 9.6% of PCI loans were past due 30 to 89 days, and 26.8% were past due 90 days or more, as compared to 20.9% and 24.3%, respectively, at December 31, 2019.
 
Originated and Acquired loans
 
The following table details total originated and acquired (including held-for-sale, but excluding PCI) non-accruing loans, non-performing loans, non-performing assets, troubled debt restructurings (TDRs) on which interest is accruing, and accruing loans 30 to 89 days delinquent at March 31, 2020, and December 31, 2019 (dollars in thousands):  

 
March 31, 2020
 
December 31, 2019
Non-accrual loans:
 
 
 
Held-for-investment
 
 
 
Real estate loans:
 
 
 
Commercial
$
7,275

 
$
7,922

One-to-four family residential
878

 
889

Multifamily
435

 
437

Home equity and lines of credit
183

 
185

Commercial and industrial
—

 
—

Total non-accrual loans
8,771

 
9,433

Loans delinquent 90 days or more and still accruing:
 
 
 
Held-for-investment
 
 
 
Real estate loans:
 
 
 
Commercial
186

 
253

One-to-four family residential
179

 
265

Multifamily
291

 
—

Total loans delinquent 90 days or more and still accruing
656

 
518

Total non-performing assets
$
9,427

 
$
9,951

Non-performing loans to total loans
0.27
%
 
0.29
%
Non-performing assets to total assets
0.19
%
 
0.20
%
Loans subject to restructuring agreements and still accruing
$
14,009

 
$
14,143

Accruing loans 30 to 89 days delinquent
$
13,993

 
$
8,206


Included in non-accrual loans at March 31, 2020, are two commercial real estate loans with aggregate balances of approximately $4.1 million, which have collateral properties under contract for sale expected to close in the second quarter of 2020. No impairment reserves were required on these loans as of March 31, 2020 and the loans are expected to be repaid in full upon sale of the collateral properties

    

50

Accruing Loans 30 to 89 Days Delinquent
 
Loans 30 to 89 days delinquent and on accrual status totaled $14.0 million and $8.2 million at March 31, 2020 and December 31, 2019, respectively. The following table sets forth delinquencies for accruing loans by type and by amount at March 31, 2020 and December 31, 2019 (in thousands):     
 
March 31, 2020
 
December 31, 2019
Held-for-investment
 
 
 
Real estate loans:
 
 
 
Commercial
$
8,150

 
$
5,450

One-to-four family residential
4,127

 
1,590

Multifamily
972

 
547

Construction and land
—

 
147

Home equity and lines of credit
341

 
217

Commercial and industrial loans
403

 
229

Other loans
—

 
26

Total delinquent accruing loans
$
13,993

 
$
8,206

    
The increase in delinquent commercial real estate loans was primarily due to one loan with a balance of approximately $5.0 million which was 31 days past due at March 31, 2020. The loan is collateralized by a motel and a catering/banquet hall with a recent appraised value of $8.4 million. The borrower has recently requested temporary payment relief related to the COVID-19 pandemic. Prior to this the borrower had been making regular payments. The increase in delinquent one-to-four family residential loans was primarily due to two loans, one originated, with a balance of $1.8 million which was 31 days past due at March 31, 2020, and one acquired pool loan with a balance of $839,000 which was 30 days past due at March 31, 2020. Both loans are considered to be well secured.

Loans Subject to TDR Agreements
 
Included in non-accruing loans are loans subject to TDR agreements totaling $3.1 million and $4.4 million at March 31, 2020 and December 31, 2019, respectively. The decrease in non-accruing TDR loans was primarily due to one loan with a balance of $1.3 million, settled in full during the quarter. At March 31, 2020, one of the non-accruing TDRs totaling $27,000 was not performing in accordance with its restructured terms and is collateralized by real estate with an estimated fair value of $276,000. At December 31, 2019, two of the non-accruing troubled debt restructurings totaling $255,000 were not performing in accordance with their restructured terms, and were collateralized by real estate with an aggregate estimated fair value of $946,000.

The Company also holds loans subject to TDR agreements that are on accrual status totaling $14.0 million and $14.1 million at March 31, 2020 and December 31, 2019, respectively. At March 31, 2020, $7.6 million, or 54.6%, of the $14.0 million of accruing loans subject to TDR agreements were performing in accordance with their restructured terms. At December 31, 2019, $13.8 million, or 97.3%, of the $14.1 million of accruing loans subject to TDR agreements were performing in accordance with their restructured terms. Generally, the types of concessions that we make to troubled borrowers include both temporary and permanent reductions to interest rates, extensions of payment terms, and, to a lesser extent, forgiveness of principal and interest. 

The following table details the amounts and categories of the loans subject to restructuring agreements by loan type as of March 31, 2020 and December 31, 2019 (in thousands): 

51

 
March 31, 2020
 
December 31, 2019
 
Non-Accruing
 
Accruing
 
Non-Accruing
 
Accruing
Real estate loans:
 
 
 
 
 
 
 
Commercial
$
2,786

 
$
10,707

 
$
4,102

 
$
10,810

One-to-four family residential
248

 
2,199

 
255

 
2,224

Multifamily
40

 
994

 
40

 
997

Home equity and lines of credit
—

 
53

 
—

 
54

Commercial and industrial loans
—

 
55

 
—

 
58

 
$
3,074

 
$
14,008

 
$
4,397

 
$
14,143

 
 
 
 
 
 
 
 
Performing in accordance with restructured terms
99.1
%
 
54.6
%
 
64.5
%
 
97.3
%

Management continues to evaluate the Company's exposure to increased loan losses related to the COVID-19 pandemic, in particular the commercial real estate and multifamily loan portfolios. As previously discussed, in conjunction with the CARES Act, the Company has implemented a customer relief program to assist borrowers that may be experiencing financial hardship due to COVID-19 related challenges. The relief program grants principal and/or interest payment deferrals typically for a period of 90 days. As of May 7, 2020, the Company had granted relief or received inquiries about relief from 336 borrowers, representing $464.8 million, or approximately 13.3%, of the Company’s outstanding originated and acquired loan portfolio (excluding PCI loans) as of March 31, 2020. The Company had approved 197 loan modifications with payment deferrals on outstanding loan balances of $321.3 million in connection with the COVID-19 relief provided by the CARES Act as of this date. Of these 197 payment deferrals, 63 were principal deferrals totaling $135.1 million, and 134 were principal and interest deferrals totaling $186.2 million. These deferrals were generally no longer than three months in duration and were not considered TDRs based on interagency guidance issued in March 2020. Loans in deferment status (“COVID-19 Modified Loans”) will continue to accrue interest during the deferment period unless otherwise classified as nonperforming. COVID-19 Modified Loans are required to make escrow payments for real estate taxes and insurance, if applicable. For loans given relief of interest, the deferred interest is generally to be paid back over a period not to exceed 18 months. Principal deferrals may be brought current or recast into outstanding principal at time of rate reset or repaid at the end of the loan's contractual term. COVID-19 Modified Loan agreements generally also include covenants that prohibit distributions, bonuses, or payments of management fees to related entities until all deferred payments are made. In addition, the Company has received 139 requests, or had inquiries about relief, totaling $143.5 million, for COVID-19 payment relief. The Company is in the process of evaluating these requests.

The Company anticipates that the number and amount of COVID-19 financial hardship payment deferral requests may continue to increase.


52

The following table sets forth the property types collateralizing our originated and acquired (excluding PCI) loans as of March 31, 2020 (dollars in thousands):
 
Loan Portfolio by Property Type at March 31, 2020
Loans Granted or Inquiring About Relief through May 7, 2020(1)
 
Number of Loans
 
Amount
 
Average Loan Size
 
Weighted Average LTV Ratio
 
% of Total Loans
 
Number of Loans
 
Amount
 
Average Loan Size
 
Weighted Average LTV Ratio
 
% of Portfolio by Property Type
Commercial Real Estate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Multifamily(2)
1,058
 
$
2,406,564

 
$
2,275

 
54
%
 
68.9
%
 
133
 
$
270,245

 
$
2,032

 
52
%
 
11.2
%
Mixed use (majority of space is non-residential)
207
 
152,255

 
736

 
48
%
 
4.4
%
 
58
 
60,696

 
1,046

 
48
%
 
39.9
%
Retail
85
 
135,547

 
1,595

 
49
%
 
3.9
%
 
27
 
48,079

 
1,781

 
47
%
 
35.5
%
Office buildings
108
 
103,770

 
961

 
51
%
 
3.0
%
 
15
 
12,481

 
832

 
47
%
 
12.0
%
Accommodations
14
 
78,169

 
5,584

 
43
%
 
2.2
%
 
8
 
29,347

 
3,668

 
35
%
 
37.5
%
Nursing Home
5
 
28,012

 
5,602

 
59
%
 
0.8
%
 
—
 
—

 
—

 
—
%
 
—
%
Medical Office Buildings
20
 
26,381

 
1,319

 
66
%
 
0.8
%
 
1
 
1,255

 
1,255

 
—
%
 
4.8
%
Industrial and Manufacturing (Office and Plant)
25
 
22,623

 
905

 
46
%
 
0.6
%
 
3
 
3,746

 
1,249

 
37
%
 
16.6
%
Warehousing
20
 
18,443

 
922

 
50
%
 
0.5
%
 
2
 
815

 
408

 
39
%
 
4.4
%
Restaurant
20
 
12,774

 
639

 
58
%
 
0.4
%
 
13
 
10,118

 
778

 
48
%
 
79.2
%
Religious
16
 
11,251

 
703

 
41
%
 
0.3
%
 
3
 
1,649

 
550

 
52
%
 
14.7
%
Bank Branch
7
 
6,621

 
946

 
47
%
 
0.2
%
 
—
 
—

 
—

 
—
%
 
—
%
Schools/Child Day care
5
 
5,294

 
1,059

 
38
%
 
0.2
%
 
1
 
233

 
233

 
35
%
 
4.4
%
Automobile
14
 
5,016

 
358

 
55
%
 
0.1
%
 
2
 
233

 
117

 
13
%
 
4.6
%
Funeral Home
3
 
2,934

 
978

 
66
%
 
0.1
%
 
—
 
—

 
—

 
—
%
 
—
%
Leisure
3
 
2,886

 
962

 
61
%
 
0.1
%
 
1
 
2,090

 
2,090

 
64
%
 
72.4
%
Car Wash
6
 
2,609

 
435

 
51
%
 
0.1
%
 
1
 
579

 
579

 
22
%
 
22.2
%
Other
67
 
15,802

 
236

 
50
%
 
0.4
%
 
7
 
2,573

 
368

 
55
%
 
16.3
%
Total commercial real estate (including multifamily)
1,683
 
3,036,951

 
1,804

 
53
%
 
87.0
%
 
275
 
444,139

 
1,615

 
49
%
 
14.6
%
One-to-four family residential
744
 
254,338

 
342

 
53
%
 
7.3
%
 
29
 
13,987

 
482

 
51
%
 
5.5
%
Home equity and lines of credit
1,806
 
100,002

 
55

 
55
%
 
2.8
%
 
4
 
648

 
162

 
46
%
 
0.6
%
Construction and land
37
 
41,341

 
1,117

 
44
%
 
1.2
%
 
1
 
576

 
576

 
44
%
 
1.4
%
Commercial and industrial loans
427
 
58,414

 
137

 
NM

 
1.7
%
 
27
 
5,470

 
203

 
NM

 
9.4
%
Other
32
 
1,205

 
38

 
NM

 
—
%
 
—
 
—

 
—

 
—
%
 
—
%
Total loans (excluding PCI)
4,729
 
$
3,492,251

 


 


 
100.0
%
 
336
 
$
464,820

 

 
 
 
13.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Balances as of March 31, 2020. Number of loans requesting relief through May 7, 2020.
(2) Property type is apartment units equal or greater than five units.

    


53

Liquidity and Capital Resources
Liquidity. The objective of our liquidity management is to ensure the availability of sufficient funds to meet financial commitments and to take advantage of lending and investment opportunities. The Bank manages liquidity in order to meet deposit withdrawals on demand or at contractual maturity, 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 FHLBNY, which provides an additional source of short-term and long-term funding. The Bank also has short-term borrowing capabilities with the Federal Reserve Bank of New York. The Bank’s borrowed funds, excluding lease obligations floating rate advances and overnight line of credit, were $710.0 million at March 31, 2020, and had a weighted average interest rate of 1.83%. A total of $175.0 million of these borrowings will mature in less than one year. Borrowed funds, excluding floating rate advances and overnight line of credit, were $851.0 million at December 31, 2019. The Bank has the ability to obtain additional funding from the FHLB and Federal Reserve Bank of New York's discount window of approximately $1.64 billion utilizing unencumbered securities of $484.6 million and loans of $1.15 billion at March 31, 2020. The Bank also has a Letter of Credit (“LOC”) of up to $50.0 million with the FHLBNY for the purpose of collateralizing municipal deposits. Any amount pledged for such deposits under the LOC reduces the Bank's available borrowing amount under the FHLB advance agreement. The Bank expects to have sufficient funds available to meet current commitments in the normal course of business.

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 March 31, 2020, Northfield Bancorp, Inc. (standalone) had liquid assets of $27.5 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.
    
As a result of the recently enacted Economic Growth, Regulatory Relief, and Consumer Protection Act, the federal banking agencies were required to develop 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 approved 9% as the minimum capital for the CBLR. Effective March 31, 2020, a financial institution can elect to be subject to this new definition. Northfield Bank and Northfield Bancorp have elected to opt into the “CBLR” framework, beginning with the Call Reports filed for the first quarter of 2020. The CBLR will replace the risk-based and leverage capital requirements in the generally applicable capital rules. On April 6, 2020, the federal banking regulators, implementing the applicable provisions of the CARES Act, which modified the CBLR framework so that: (i) beginning in the second quarter 2020 and until the end of the year, a banking organization that has a leverage ratio of 8% or greater and meets certain other criteria may elect to use the CBLR framework; and (ii) community banking organizations will have until January 1, 2022, before the CBLR requirement is re-established at greater than 9%. Under the interim rules, the minimum CBLR will be 8% beginning in the second quarter and for the remainder of calendar year 2020, 8.5% for calendar year 2021, and 9% thereafter.

At March 31, 2020 and December 31, 2019, 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.
    

54

    
 
Northfield Bank
 
Northfield Bancorp, Inc.
 
For Capital Adequacy Purposes (1)
 
For Well Capitalized Under Prompt Corrective Action Provisions
As of March 31, 2020:
 
 
 
 
 
 
 
CBLR
12.24%
 
13.22%
 
8.00%
 
8.00%
As of December 31, 2019:
 
 
 
 
 
 
 
Common equity Tier 1 capital (to risk-weighted assets)
14.99%
 
16.35%
 
4.50%
 
6.50%
Tier 1 leverage
12.28%
 
13.37%
 
4.00%
 
5.00%
Tier I capital (to risk-weighted assets)
14.99%
 
16.35%
 
6.00%
 
8.00%
Total capital (to risk-weighted assets)
15.73%
 
17.09%
 
8.00%
 
10.00%
 
 
 
 
 
 
 
 
(1) Includes capital conservation buffer at December 31, 2019. The CBLR does not include a capital conservation buffer.
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.
The following table shows the contractual obligations of the Company by expected payment period as of March 31, 2020 (in thousands):
Contractual Obligations
 
Total
 
Less than One Year
 
One to less than Three Years
 
Three to less than Five Years
 
More than Five Years
Borrowings
 
$
710,000

 
$
175,000

 
$
327,500

 
$
187,500

 
$
20,000

Operating lease liabilities
 
59,386

 
6,274

 
10,978

 
10,132

 
32,002

Commitments to originate loans
 
141,142

 
141,142

 
—

 
—

 
—

Commitments to fund unused lines of credit
 
148,954

 
148,954

 
—

 
—

 
—


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 or may not 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.
 
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, 2019.

Accounting Pronouncements Not Yet Adopted
    
ASU No. 2020-04. On March 12, 2020, FASB issued ASU No. 2020-04, “Reference Rate Reform ("ASC 848"): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.”, which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is implementing a transition plan to identify and modify its loans and other financial instruments that are either directly or indirectly influenced by LIBOR. The Company is in the process of evaluating ASU No. 2020-04 and its impact on the Company’s transition away from LIBOR for its loan and other financial instruments, with no material expected impact on the Company's financial condition or results of operation at this time.


55

ASU No. 2019-12. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU No. 2019-12 simplifies accounting for income taxes by removing specific technical exceptions in ASC 740 related to the incremental approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. ASU No. 2019-12 also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. ASU No. 2019-12 is not expected to have a material impact on the Company’s financial condition or results of operations.
    
ASU No. 2018-14. In August 2018, the FASB issued ASU No. 2018-14, “Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans.”  This ASU makes minor changes to the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, with early adoption permitted. As ASU 2018-14 only revises disclosure requirements, it will not have an impact on the Company’s financial condition or results of operations.
        
ASU 2016-13. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This guidance was subsequently amended by ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments”; ASU No. 2019-05, “Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief”; and ASU No. 2019-11, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”. ASU No. 2016-13 and its subsequent updates are collectively known as “CECL”. CECL replaces the current incurred loss impairment model that recognizes losses when a probable threshold is met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. For available-for-sale debt securities where fair value is less than cost, credit-related impairment would be recognized in an allowance for credit losses and adjusted in each subsequent period for changes in credit risk. CECL also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan losses.

ASU 2016-13 and its subsequent updates became effective for the Company on January 1, 2020. However, the CARES Act, which became law on March 27, 2020, included an option for financial institutions to delay the implementation of ASU 2016-13 until the earlier of the termination date of the national emergency concerning the COVID-19 pandemic or December 31, 2020. The Company has elected to delay its implementation of ASU 2016-13 and has calculated and recorded its provision for loan losses under the incurred loss model that existed prior to ASU 2016-13.

Our CECL implementation process included assessment and documentation of governance and reporting processes and related internal controls; model development, documentation and validation; and the incorporation of qualitative adjustments for model limitations, among other things. We contracted with a third-party vendor to assist us in the application of CECL. ASU 2016-13 lists several credit loss methods that are acceptable such as a discounted cash flow method, loss-rate method and probability of default/loss given default (“PD/LGD”) method. The Company will utilize the PD/LGD methodology to estimate its allowance for loan losses.

Our CECL model includes the following major items:
•
a historical loss period, which represents a full economic credit cycle utilizing internal loss experience, as well as peer historical loss data;
•
three economic scenarios - history continues, history moderately worsens, and history severely worsens;
•
a reasonable and supportable forecast period of two years, based on management’s current review of macroeconomic factors and the reliability of extended economic forecasts based on forecast data from Moody's;
•
a reversion period (after the reasonable and supportable forecast period) using a straight-line approach;
•
expected prepayment rates based on our historical experience; and
•
incorporation of qualitative factors not captured within the modeled results.


56

CECL parallel comparisons were performed at March 31, 2020, and the Company expects that upon adoption of ASU 2016-13, with an effective retrospective date of January 1, 2020, the Company would increase its allowance for loan losses by approximately 15% to 25%, excluding any reclassification related to purchased credit-impaired loans. This increase will be reflected as a cumulative-effect adjustment that decreases beginning retained earnings, net of income taxes. The expected increase in the allowance for loan losses is a result of changing from an incurred loss model, which encompasses allowances for current known and inherent losses within the portfolio, to a CECL model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. Furthermore, ASU 2016-13 necessitates that the Company establish an allowance for expected credit losses for certain debt securities and other financial assets; however, the Company does not expect to record any allowances on debt securities available-for sale. The adoption of ASU 2016-13 is not expected to have a significant impact on our regulatory capital ratios.

See Note 13 of the Notes to the Unaudited Consolidated Financial Statements for information about recent accounting pronouncements adopted.

57

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 wholesale 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 SVP & Chief Investment Officer and Treasurer, who chairs this Committee, our President and Chief Executive Officer, our EVP & Chief Administrative Officer, EVP & Chief Financial Officer, EVP & Chief Lending Officer, EVP Operations, EVP Branch Administration and Business Development, SVP and Chief Risk Officer, and 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 changed over an assumed range of rates. Our simulation model uses a discounted cash flow analysis to measure the interest rate sensitivity of 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 of 100, 200, 300, or 400 basis points, or a decrease of 100 and 200 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, or a decrease of 100 and 200 basis points, which is based on the current interest rate environment.

The following tables set forth, as of March 31, 2020 and December 31, 2019, 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.

58

 
 
NPV at March 31, 2020
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
 
$
4,567,369

 
$
3,930,233

 
$
637,136

 
$
(133,122
)
 
(17.28
)%
 
13.95
%
 
(10.31
)%
 
1.07
 %
+300
 
4,665,932

 
4,001,975

 
663,957

 
(106,301
)
 
(13.80
)
 
14.23

 
(7.45
)
 
1.23

+200
 
4,775,917

 
4,076,553

 
699,364

 
(70,894
)
 
(9.20
)
 
14.64

 
(4.53
)
 
1.94

+100
 
4,889,388

 
4,154,546

 
734,842

 
(35,416
)
 
(4.60
)
 
15.03

 
(1.89
)
 
1.75

—
 
5,006,837

 
4,236,579

 
770,258

 
—

 
—

 
15.38

 
—

 
—

(100)
 
5,161,473

 
4,324,095

 
837,378

 
67,120

 
8.71

 
16.22

 
(0.51
)
 
(3.65
)
(200)
 
5,371,479

 
4,355,926

 
1,015,553

 
245,295

 
31.85

 
18.91

 
(0.48
)
 
(4.13
)
     
 
 
NPV at December 31, 2019
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
 
$
4,692,640

 
$
3,974,209

 
$
718,431

 
$
(156,728
)
 
(17.91
)%
 
15.31
%
 
(17.51
)%
 
(3.90
)%
+300
 
4,797,256

 
4,039,976

 
757,280

 
(117,879
)
 
(13.47
)
 
15.79

 
(12.79
)
 
(2.47
)
+200
 
4,907,606

 
4,108,235

 
799,371

 
(75,788
)
 
(8.66
)
 
16.29

 
(7.99
)
 
(0.70
)
+100
 
5,018,245

 
4,179,543

 
838,702

 
(36,457
)
 
(4.17
)
 
16.71

 
(3.71
)
 
0.42

—
 
5,129,680

 
4,254,521

 
875,159

 
—

 
—

 
17.06

 
—

 
—

(100)
 
5,249,067

 
4,339,402

 
909,665

 
34,506

 
3.94

 
17.33

 
0.36

 
(3.15
)
(200)
 
5,414,518

 
4,422,975

 
991,543

 
116,384

 
13.30

 
18.31

 
0.63

 
(4.18
)

At March 31, 2020, in the event of a 200 basis point decrease in interest rates, we would experience a 31.85% increase in estimated net portfolio value and a 0.48% decrease in net interest income in year one and a 4.13% decrease in net interest income in year two. In the event of a 400 basis point increase in interest rates, we would experience a 17.28% decrease in estimated net portfolio value and a 10.31% decrease in net interest income in year one and a 1.07% 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 25% 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 30% in year one and 20% in year two. However, when the federal funds rate is low and negative rate shocks do not produce meaningful results, management may temporarily suspend use of guidelines for negative interest rate shocks. At March 31, 2020 and December 31, 2019, 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.

59

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 March 31, 2020.  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 March 31, 2020, 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.

60

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
In addition to the other information contained in this Quarterly Report on Form 10-Q, the following risk factor represents material updates and additions to the risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 as filed with the Securities and Exchange Commission. Additional risks not presently known to us, or that we currently deem immaterial, may also adversely affect our business, financial condition or results of operations. Further, to the extent that any of the information contained in this Quarterly Report on Form 10-Q constitutes forward-looking statements, the risk factor set forth below also is a cautionary statement identifying important factors that could cause our actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of us.

The economic impact of the COVID-19 outbreak could adversely affect our financial condition and results of operations and our ability to execute on our growth strategies.

On March 13, 2020 the President of the United States declared the COVID-19 outbreak in the United States a national emergency. The COVID-19 pandemic has caused significant economic dislocation in the United States as many state and local governments have ordered non-essential businesses to close and residents to stay-at-home. This has resulted in an unprecedented slow-down in economic activity and a related increase in unemployment. Since the COVID-19 outbreak, millions of individuals have filed claims for unemployment, and stock markets have declined in value. In response to the COVID-19 outbreak, the Federal Open Market Committee has reduced the benchmark fed funds rate to a target range of 0% to 0.25%, and the yields on 10 and 30-year treasury notes have declined to historic lows. Various state governments and federal agencies are requiring lenders to provide forbearance and other relief to borrowers (e.g., waiving late payment and other fees). The federal banking agencies have encouraged financial institutions to prudently work with affected borrowers and recently passed legislation has provided relief from reporting loan classifications due to modifications related to the COVID-19 outbreak. Certain industries have been particularly hard-hit, including the travel and hospitality industry, the restaurant industry and the retail industry.

The spread of the coronavirus has caused us to significantly modify our business practices, including business operating hours and delivery methods, as well as employee travel, employee work locations, and cancellation of physical participation in meetings, events and conferences. These changes, as well as adverse economic conditions, could cause us not to be able to execute on our growth strategies.

Given the ongoing and dynamic nature of the circumstances, it is difficult to predict the full impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and when and how the economy may be reopened. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations:

•
demand for our products and services may decline, making it difficult to execute on our strategic initiatives related to growing assets and earnings;
•
if the economy is unable to substantially reopen, and high levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income;
•
collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase;
•
our allowance for loan losses may have to be increased if borrowers experience financial difficulties beyond forbearance periods, which will adversely affect our net income;
•
the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us;

61

•
as the result of the decline in the target federal funds rate to near 0%, the yield on our assets may decline to a greater extent than the decline in our cost of interest-bearing liabilities, reducing our net interest margin and spread and reducing net income;
•
a material decrease in net income or a net loss over several quarters could result in a decrease or elimination of our quarterly cash dividend;
•
our cyber security risks are increased as the result of an increase in the number of employees working remotely;
•
we rely on third party vendors for certain services and the unavailability of a critical service due to the COVID-19 outbreak could have an adverse effect on us; and
•
Federal Deposit Insurance Corporation premiums may increase if the agency experience additional resolution costs; and
•
Internal controls as designed may not prove effective, to the extent procedures are modified as a result of remote work locations.

Any one or a combination of the factors identified above could negatively impact our business, financial condition and results of operations and prospects.

ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
(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.  

The Company did not repurchase any of its common stock during the three months ended March 31, 2020. The previously adopted repurchase program permitted $37.2 million 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 will depend 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 will be held as treasury stock and will be available for general corporate purposes. The repurchases may 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. On April 29, 2020, the Company temporarily suspended its share repurchase program in light of the COVID-19 pandemic and surrounding events. At March 31, 2020, approximately $21.5 million shares may be repurchased under the repurchase program.

ITEM 3.     DEFAULTS UPON SENIOR SECURITIES
None

ITEM 4.     MINE SAFETY DISCLOSURES
Not applicable

ITEM 5.     OTHER INFORMATION
None


62

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, President and Chief Executive Officer, Pursuant to Rule 13a-14(a) and Rule 15d-14(a)
31.2
 
Certification of William R. Jacobs, Chief Financial Officer, Pursuant to Rule 13a-14(a) and Rule 15d-14(a)
32
 
Certification of Steven M. Klein, President and Chief Executive Officer, and William R. Jacobs, Chief Financial Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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 May 11, 2020, formatted in Inline XBRL
 
 
 


63

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: May 11, 2020
/s/   Steven M. Klein
Steven M. Klein
President and Chief Executive Officer
 
/s/   William R. Jacobs
William R. Jacobs
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)

64

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

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