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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)
40.81%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Northfield Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2022 Q1

Northfield Bancorp - 10-Q quarterly report FY2022 Q1


Text size:
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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, 2022
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 classTrading SymbolName of exchange on which registered
Common stock, par value $0.01 per shareNFBKThe 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 (§232.405 of this chapter) during the preceding 12 months (or for such 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, 2022, the registrant had 48,898,255 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.
4
Item 2.
39
Item 3.
52
Item 4.
54
   
PART II - OTHER INFORMATION 
Item 1.
55
Item 1A.
55
Item 2.
55
Item 3.
55
Item 4.
55
Item 5.
55
Item 6.
56
 
57
3

PART I
ITEM 1.     FINANCIAL STATEMENTS

NORTHFIELD BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands, except share amounts)
 March 31, 2022December 31, 2021
ASSETS:  
Cash and due from banks$16,053 $18,191 
Interest-bearing deposits in other financial institutions119,461 72,877 
Total cash and cash equivalents135,514 91,068 
Trading securities12,156 13,461 
Debt securities available-for-sale, at estimated fair value (with no allowance for credit losses at March 31, 2022 and December 31, 2021)
1,154,277 1,208,237 
Debt securities held-to-maturity, at amortized cost 5,243 5,283 
(estimated fair value of $5,182 at March 31, 2022, and $5,475 at December 31, 2021, with no allowance for credit losses at March 31, 2022 and December 31, 2021)
Equity securities7,883 5,342 
Loans held-for-investment, net3,898,581 3,806,617 
Less: allowance for credit losses(39,274)(38,973)
Net loans held-for-investment3,859,307 3,767,644 
Accrued interest receivable14,591 14,572 
Bank-owned life insurance165,336 164,500 
Federal Home Loan Bank (“FHLB”) of New York stock, at cost
21,211 22,336 
Operating lease right-of-use assets32,813 33,943 
Premises and equipment, net25,356 25,937 
Goodwill41,012 41,012 
Other assets41,591 37,207 
Total assets$5,516,290 $5,430,542 
LIABILITIES AND STOCKHOLDERS’ EQUITY:  
LIABILITIES:  
Deposits$4,302,866 $4,169,334 
Securities sold under agreements to repurchase50,000 50,000 
FHLB advances and other borrowings347,877 371,755 
Operating lease liabilities38,610 39,851 
Advance payments by borrowers for taxes and insurance30,032 24,909 
Accrued expenses and other liabilities31,507 34,810 
Total liabilities4,800,892 4,690,659 
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, 64,770,875 shares issued at
  
March 31, 2022 and December 31, 2021, 48,910,192 and 49,266,733 outstanding at March 31, 2022 and December 31, 2021, respectively
648 648 
Additional paid-in-capital588,131 589,972 
Unallocated common stock held by employee stock ownership plan(16,822)(17,058)
Retained earnings389,387 381,361 
Accumulated other comprehensive (loss) income (23,289)2,063 
Treasury stock at cost: 15,860,683 and 15,504,142 shares at March 31, 2022 and December 31, 2021, respectively
(222,657)(217,103)
Total stockholders’ equity715,398 739,883 
Total liabilities and stockholders’ equity$5,516,290 $5,430,542 

See accompanying notes to unaudited consolidated financial statements.
4

NORTHFIELD BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME 
(Unaudited) (In thousands, except per share data) 

 Three Months Ended March 31,
 20222021
Interest income:  
Loans$36,721 $41,277 
Mortgage-backed securities2,475 2,959 
Other securities695 424 
FHLB of New York dividends245 370 
Deposits in other financial institutions58 37 
Total interest income40,194 45,067 
Interest expense:
Deposits1,159 1,870 
Borrowings2,166 3,021 
Total interest expense3,325 4,891 
Net interest income36,869 40,176 
Provision/(benefit) for credit losses 403 (2,374)
Net interest income after provision/(benefit) for credit losses 36,466 42,550 
Non-interest income:
Fees and service charges for customer services1,331 1,197 
Income on bank-owned life insurance839 848 
Gains on available-for-sale debt securities, net264 97 
(Losses)/gains on trading securities, net(802)364 
Other81 130 
Total non-interest income1,713 2,636 
Non-interest expense:
Compensation and employee benefits9,507 10,532 
Occupancy3,408 3,701 
Furniture and equipment426 437 
Data processing1,713 1,632 
Professional fees908 906 
Advertising433 465 
Federal Deposit Insurance Corporation insurance357 375 
Other1,957 1,515 
Total non-interest expense18,709 19,563 
Income before income tax expense19,470 25,623 
Income tax expense5,343 6,946 
Net income$14,127 $18,677 
Net income per common share:
Basic$0.30 $0.38 
Diluted$0.30 $0.38 
See accompanying notes to unaudited consolidated financial statements.
5

NORTHFIELD BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - (Continued)
(Unaudited) (In thousands) 
Three Months Ended March 31,
20222021
Net income$14,127 $18,677 
Other comprehensive loss:
Unrealized losses on debt securities available-for-sale:
Net unrealized holding losses(34,894)(1,144)
Less: reclassification adjustment for net gains included in net income (264)(97)
Net unrealized losses(35,158)(1,241)
Post-retirement benefits adjustment(48)— 
Other comprehensive loss, before tax(35,206)(1,241)
Income tax benefit related to net unrealized holding losses on debt securities available-for-sale 9,767 321 
Income tax expense related to reclassification adjustment for gains included in net income74 27 
Income tax expense related to post retirement benefit adjustment13 — 
Other comprehensive loss, net of tax(25,352)(893)
Comprehensive (loss) income$(11,225)$17,784 


See accompanying notes to unaudited consolidated financial statements.
6


NORTHFIELD BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
Three Months Ended March 31, 2022 and 2021
(Unaudited) (In thousands, except share data) 
    
 Common Stock
 Shares Outstanding Par ValueAdditional Paid-in CapitalUnallocated Common Stock Held by the Employee Stock Ownership PlanRetained EarningsAccumulated Other Comprehensive Income (loss) Net of taxTreasury StockTotal Stockholders' Equity
Balance at December 31, 202052,209,897 $648 $590,506 $(18,529)$338,093 $13,160 $(169,897)$753,981 
Cumulative adjustment for adoption of ASU 2016-13(3,087)(3,087)
Balance at January 1, 202152,209,897 648 590,506 (18,529)335,006 13,160 (169,897)750,894 
Net income    18,677   18,677 
Other comprehensive loss, net of tax     (893) (893)
ESOP shares allocated or committed to be released  169 243    412 
Stock compensation expense  244     244 
Restricted stock issuance147,307 (1,821)1,821 — 
Restricted stock forfeitures(1,674)26 (26)— 
Exercise of stock options, net54,990  64   744 808 
Cash dividends declared and paid ($0.11 per common share)
    (5,447)  (5,447)
Repurchase of treasury stock (average cost of $13.64 per share)
(742,323)     (10,130)(10,130)
Balance at March 31, 202151,668,197 $648 $589,188 $(18,286)$348,236 $12,267 $(177,488)$754,565 
Balance at December 31, 202149,266,733 $648 $589,972 $(17,058)$381,361 $2,063 $(217,103)$739,883 
Net income    14,127   14,127 
Other comprehensive loss, net of tax     (25,352) (25,352)
ESOP shares allocated or committed to be released  215 236    451 
Stock compensation expense  396    396 
Restricted stock issuance157,416  (2,484)   2,484 — 
Restricted stock forfeitures(2,875)40 (40)— 
Exercise of stock options, net17,040  (8)  239 231 
Cash dividends declared and paid ($0.13 per common share)
    (6,101)  (6,101)
Repurchase of treasury stock (average cost of $15.60 per share)
(528,122)(8,237)(8,237)
Balance at March 31, 202248,910,192 $648 $588,131 $(16,822)$389,387 $(23,289)$(222,657)$715,398 

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,
 20222021
Net income$14,127 $18,677 
Adjustments to reconcile net income to net cash provided by operating activities:  
Provision (benefit) for credit losses403 (2,374)
ESOP and stock compensation expense847 656 
Depreciation946 972 
Amortization of premiums, and deferred loan costs, net of (accretion) discounts, and deferred loan fees2,608 564 
Amortization of intangible assets53 50 
Amortization of operating lease right-of-use assets1,130 1,079 
Income on bank-owned life insurance(839)(848)
Net gain on sale of loans held-for-sale— (39)
Gains on available-for-sale debt securities, net(264)(97)
Losses (gains) on trading securities, net802 (364)
Net sales of trading securities503 513 
Increase in accrued interest receivable(19)(63)
Decrease in other assets2,604 2,905 
Decrease in accrued expenses and other liabilities(3,303)(1,433)
Net cash provided by operating activities19,598 20,198 
Cash flows from investing activities:  
Net increase in loans receivable(91,853)(107,720)
Proceeds from sale of loans held-for-sale— 23,537 
Redemptions of FHLB of New York stock1,125 — 
Purchases of debt securities available-for-sale (138,982)(103,743)
Purchases of equity securities(2,541)(220)
Principal payments and maturities on debt securities available-for-sale 113,767 152,892 
Principal payments and maturities on debt securities held-to-maturity37 306 
Proceeds from sale of debt securities available-for-sale 41,464 5,942 
Proceeds from bank-owned life insurance 1,526 — 
Purchases and improvements of premises and equipment(365)(293)
Net cash used in investing activities(75,822)(29,299)
Cash flows from financing activities:  
Net increase in deposits133,532 59,165 
Dividends paid(6,101)(5,447)
Exercise of stock options231 808 
Purchase of treasury stock(8,237)(10,130)
Increase in advance payments by borrowers for taxes and insurance5,123 4,350 
Proceeds from securities sold under agreements to repurchase and other borrowings1,122 381 
Repayments related to securities sold under agreements to repurchase and other borrowings(25,000)— 
Net cash provided by financing activities100,670 49,127 
Net increase in cash and cash equivalents44,446 40,026 
Cash and cash equivalents at beginning of period91,068 87,544 
Cash and cash equivalents at end of period$135,514 $127,570 


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,
20222021
Supplemental cash flow information:  
Cash paid during the period for:  
Interest$3,418 $5,042 
Income taxes827 496 
Non-cash transactions:
Loan charge-offs, net102 2,389 
Transfer of loans held-for-investment to loans held-for-sale at fair value— 5,215 
Transfer of loans held-for-sale at fair value to loans held-for-investment— 1,612 
Transfer of loans held-for-investment to other real estate owned— 100 


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. and its wholly owned subsidiaries, Northfield Investments, Inc. and Northfield Bank (the “Bank”), and the Bank’s wholly-owned 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 balance sheets and the consolidated statements of comprehensive income for the unaudited periods presented have been included. The results of operations and other data presented for the three months ended March 31, 2022 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2022 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 balance sheets and for the periods indicated in the consolidated statements of comprehensive income. Material estimates that are particularly susceptible to change are: the allowance for credit losses, estimated cash flows of our purchased credit-deteriorated (“PCD”, or, previously, 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, 2021, as filed with the SEC. 

Note 2 – Debt Securities Available-for-Sale
The following is a comparative summary of mortgage-backed securities and other debt securities available-for-sale at March 31, 2022, and December 31, 2021 (in thousands):
 March 31, 2022
  GrossGrossEstimated
 Amortizedunrealizedunrealizedfair
 costgainslossesvalue
U.S. Government agency securities$76,572 $— $(952)$75,620 
Mortgage-backed securities:
Pass-through certificates:    
Government sponsored enterprises ("GSEs")584,788 1,339 (21,737)564,390 
Real estate mortgage investment conduits ("REMICs"):    
GSE317,373 100 (6,370)311,103 
 902,161 1,439 (28,107)875,493 
Other debt securities:    
Municipal bonds52 — — 52 
Corporate bonds207,929 75 (4,892)203,112 
207,981 75 (4,892)203,164 
Total debt securities available-for-sale$1,186,714 $1,514 $(33,951)$1,154,277 

10
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
 December 31, 2021
  GrossGrossEstimated
 Amortizedunrealizedunrealizedfair
 costgainslossesvalue
U.S. Government agency securities$2,344 $— $(54)$2,290 
Mortgage-backed securities: 
Pass-through certificates: 
GSE579,035 5,233 (2,862)581,406 
REMICs: 
GSE390,755 2,398 (1,443)391,710 
 969,790 7,631 (4,305)973,116 
Other debt securities:
Municipal bonds71 1 — 72 
Corporate bonds233,311 192 (744)232,759 
233,382 193 (744)232,831 
Total debt securities available-for-sale$1,205,516 $7,824 $(5,103)$1,208,237 
The following is a summary of the expected maturity distribution of debt securities available-for-sale, other than mortgage-backed securities, at March 31, 2022 (in thousands):
Available-for-saleAmortized costEstimated fair value
Due in one year or less$118,900 $117,947 
Due after one year through five years164,080 159,377 
Due after five years through ten years1,573 1,460 
 $284,553 $278,784 
 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, 2022 and December 31, 2021, the fair value of debt securities available-for-sale that were pledged to secure borrowings and deposits was $546.4 million and $522.1 million, respectively.

For the three months ended March 31, 2022, the Company had gross proceeds of $41.5 million on sales and calls of debt securities available-for-sale, with gross realized gains of $264,000 related to the sales of securities and no gross realized losses. For the three months ended March 31, 2021, the Company had gross proceeds of $5.9 million on sales and calls of debt securities available-for-sale, with gross realized gains of $97,000 related to sales of securities and no gross realized losses. The Company recognized net losses of $802,000 on its trading securities portfolio during the three months ended March 31, 2022, and net gains of $364,000 during the three months ended March 31, 2021.

Gross unrealized losses on mortgage-backed securities 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, 2022 and December 31, 2021, were as follows (in thousands):

11
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
 March 31, 2022
 Less than 12 months12 months or moreTotal
 UnrealizedEstimatedUnrealizedEstimatedUnrealizedEstimated
 lossesfair valuelossesfair valuelossesfair value
U.S. Government agency securities$(839)$74,161 $(113)$1,459 $(952)$75,620 
Mortgage-backed securities:
Pass-through certificates:      
GSE(21,102)456,299 (635)12,716 (21,737)469,015 
REMICs:      
GSE(3,531)211,385 (2,839)66,845 (6,370)278,230 
Other debt securities:      
Corporate bonds(3,738)158,396 (1,154)13,856 (4,892)172,252 
Total$(29,210)$900,241 $(4,741)$94,876 $(33,951)$995,117 


 December 31, 2021
 Less than 12 months12 months or moreTotal
 UnrealizedEstimatedUnrealizedEstimatedUnrealizedEstimated
 lossesfair valuelossesfair valuelossesfair value
U.S. Government agency securities$— $— $(54)$2,290 $(54)$2,290 
Mortgage-backed securities:      
Pass-through certificates:      
GSE(2,543)417,291 (318)14,625 (2,861)431,916 
REMICs:      
GSE(1,350)125,725 (94)4,413 (1,444)130,138 
Other debt securities:
Corporate bonds(744)146,853 — — (744)146,853 
Total$(4,637)$689,869 $(466)$21,328 $(5,103)$711,197 
 
The Company held 17 pass-through mortgage-backed securities issued or guaranteed by GSEs, 29 REMIC mortgage-backed securities issued or guaranteed by GSEs, two corporate bonds, and one U.S. Government agency security that were in a continuous unrealized loss position of twelve months or greater at March 31, 2022. There were 58 pass-through mortgage-backed securities issued or guaranteed by GSEs, 53 REMIC mortgage-backed securities issued or guaranteed by GSEs, 25 corporate bonds and four U.S. Government agency securities that were in an unrealized loss position of less than twelve months at March 31, 2022. All securities referred to above were rated investment grade at March 31, 2022.

Available for sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. In performing an assessment of whether any decline in fair value is due to a credit loss, the Company considers the extent to which the fair value is less than the amortized cost, changes in credit ratings, any adverse economic conditions, as well as all relevant information at the individual security level such as credit deterioration of the issuer or collateral underlying the security. In assessing the impairment, the Company compares the present value of cash flows expected to be collected with the amortized cost basis of the security. If it is determined that the decline in fair value was due to credit losses, an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. The Company did not recognize any allowance for credit losses on its available-for-sale debt securities as of March 31, 2022 or December 31, 2021. 

The non-credit related decrease in the fair value, such as a decline due to changes in market interest rates, is recorded in other comprehensive income, net of tax. The Company also assesses the intent to sell the securities (as well as the likelihood of a near-term recovery). If the Company intends to sell an available for sale debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings.

12
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
The Company has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Accrued interest receivable associated with debt securities available-for-sale totaling $2.3 million and $2.5 million, respectively, at March 31, 2022 and December 31, 2021 was reported in accrued interest receivable on the consolidated balance sheets.
    
Note 3 – Debt Securities Held-to-Maturity

The following is a summary of mortgage-backed securities held-to-maturity at March 31, 2022 and December 31, 2021 (in thousands): 
 March 31, 2022
 Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Mortgage-backed securities:    
Pass-through certificates:    
GSE$5,243 $14 $(75)$5,182 
Total securities held-to-maturity$5,243 $14 $(75)$5,182 
 December 31, 2021
 Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Mortgage-backed securities:    
Pass-through certificates:    
GSE$5,283 $192 $— $5,475 
Total securities held-to-maturity$5,283 $192 $— $5,475 
    
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, 2022 or March 31, 2021.

At both March 31, 2022 and December 31, 2021, debt securities held-to-maturity with a carrying value of $2.1 million were pledged to secure borrowings and deposits.

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 March 31, 2022 were as follows (in thousands):

 March 31, 2022
 Less than 12 months12 months or moreTotal
 UnrealizedEstimatedUnrealizedEstimatedUnrealizedEstimated
 lossesfair valuelossesfair valuelossesfair value
Mortgage-backed securities:      
Pass-through certificates:      
GSE$(75)$3,814 $— $— $(75)$3,814 
Total$(75)$3,814 $— $— $(75)$3,814 

The Company held five pass-through mortgage-backed debt securities held-to-maturity issued or guaranteed by GSEs that were in an unrealized loss position of less than twelve months at March 31, 2022 and no held-to-maturity securities in an unrealized loss position of greater than twelve months at March 31, 2022. There were no held-to-maturity securities in an unrealized loss position at December 31, 2021.

13
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
The Company's held-to-maturity securities are residential mortgage-backed securities issued by Ginnie Mae, Freddie Mac and Fannie Mae, and it is expected that the securities will not be settled at prices less than the amortized cost bases of the securities as such securities are backed by the full faith and credit of and/or guaranteed by the U.S. Government. Accordingly, no allowance for credit losses has been recorded for these securities.

The Company has made the accounting policy election to exclude accrued interest receivable on held-to-maturity securities from the estimate of credit losses. Accrued interest receivable associated with held-to-maturity securities totaling $16,000 at both March 31, 2022 and December 31, 2021 was reported in accrued interest receivable on the consolidated balance sheet.

Note 4 – Equity Securities

At March 31, 2022, and December 31, 2021, equity securities totaled $7.9 million and $5.3 million, respectively. Equity securities consist of money market mutual funds recorded at fair value of $368,000 and $328,000 at March 31, 2022 and December 31, 2021, respectively, and an investment in a private SBA loan fund (the “SBA Loan Fund”) recorded at net asset value of $7.5 million and $5.0 million at March 31, 2022 and December 31, 2021, respectively. 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 SBA Loan Fund was recorded at net asset value as a practical expedient for reporting fair value.

Note 5 – Loans
 
The following table summarizes the Company’s loans held-for-investment (in thousands):

 March 31,December 31,
 20222021
Real estate loans: 
Multifamily$2,568,784 $2,518,065 
Commercial mortgage852,803 808,597 
One-to-four family residential mortgage186,007 183,665 
Home equity and lines of credit125,156 109,956 
Construction and land17,579 27,495 
Total real estate loans3,750,329 3,647,778 
Commercial and industrial loans (1)
132,250 141,005 
Other loans1,938 2,015 
Total commercial and industrial and other loans134,188 143,020 
Loans held-for-investment, net (excluding PCD)3,884,517 3,790,798 
PCD loans14,064 15,819 
Total loans held-for-investment, net3,898,581 3,806,617 
Allowance for credit losses(39,274)(38,973)
Net loans held-for-investment$3,859,307 $3,767,644 
(1) Included in commercial and industrial loans at March 31, 2022 and December 31, 2021 are Payment Protection Program ("PPP") loans totaling $24.3 million and $40.5 million, respectively.

The Company had no loans held-for-sale at March 31, 2022 or December 31, 2021.

14
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
In addition to originating loans, the Company may acquire loans through portfolio purchases or acquisitions of other companies. Purchased loans that have evidence of more than insignificant credit deterioration since origination are deemed PCD loans. For PCD loans, each loan pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. PCD loans totaled $14.1 million at March 31, 2022, as compared to $15.8 million at December 31, 2021. The majority of the PCD loan balance is attributable to those loans acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. At March 31, 2022, PCD loans consisted of approximately 13% home equity loans, 24% commercial real estate loans, 53% commercial and industrial loans, and 10% in one-to-four family residential loans. At December 31, 2021, PCD loans consisted of approximately 16% one-to-four family residential loans, 25% commercial real estate loans, 48% commercial and industrial loans, and 11% in construction and land and home equity loans.

Credit Quality Indicators

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 the time of origination (unless a current appraisal has been obtained as a result of the loan being deemed impaired). 
 
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 credit losses on loans and the allowance for credit losses for loans held-for-investment. After determining the loss factor for each 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 credit 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.
15
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

The following table presents the Company’s loans held-for-investment, excluding PCD loans, by loan class, credit risk ratings and year of origination, at March 31, 2022 (in thousands):

 March 31, 2022
 20222021202020192018PriorRevolving LoansTotal
Real Estate:   
Multifamily   
Pass$140,478 $707,895 $522,329 $304,873 $232,859 $646,767 $290 $2,555,491 
Special mention— — — — — 420 — 420 
Substandard— — — 1,716 3,806 7,351 — 12,873 
Total multifamily140,478 707,895 522,329 306,589 236,665 654,538 290 2,568,784 
Commercial   
Pass72,580 152,133 69,665 96,502 96,635 323,475 2,537 813,527 
Special mention— — — — — 8,536 — 8,536 
Substandard— 10,804 — 5,000 — 14,936 — 30,740 
Total commercial72,580 162,937 69,665 101,502 96,635 346,947 2,537 852,803 
One-to-four family residential   
Pass13,915 12,038 8,852 10,103 10,274 123,818 1,030 180,030 
Special mention— — — 467 — 2,304 — 2,771 
Substandard— — — 509 — 2,697 — 3,206 
Total one-to-four family residential13,915 12,038 8,852 11,079 10,274 128,819 1,030 186,007 
Construction and land
Pass1,252 2,209 3,884 2,019 1,971 4,174 — 15,509 
Special mention— — — — 2,070 — — 2,070 
Total construction and land1,252 2,209 3,884 2,019 4,041 4,174 — 17,579 
Home equity and lines of credit
Pass10,049 17,485 11,660 6,750 5,468 12,542 60,451 124,405 
Special mention— 60 — — — 100 — 160 
Substandard— — — 95 49 447 — 591 
Total home equity and lines of credit10,049 17,545 11,660 6,845 5,517 13,089 60,451 125,156 
Total real estate loans238,274 902,624 616,390 428,034 353,132 1,147,567 64,308 3,750,329 
Commercial and industrial
Pass3,437 30,670 8,372 4,149 1,990 9,511 71,275 129,404 
Special mention— — — 160 — 361 50 571 
Substandard— — 333 59 199 326 1,358 2,275 
Total commercial and industrial3,437 30,670 8,705 4,368 2,189 10,198 72,683 132,250 
Other
Pass1,657 — 147 15 20 39 60 1,938 
Total other1,657 — 147 15 20 39 60 1,938 
Total loans held-for-investment, net$243,368 $933,294 $625,242 $432,417 $355,341 $1,157,804 $137,051 $3,884,517 




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

The following table presents the Company’s loans held-for-investment, excluding PCD loans, by loan class, credit risk ratings and year of origination, at December 31, 2021 (in thousands):

 December 31, 2021
 20212020201920182017PriorRevolving LoansTotal
Real Estate:   
Multifamily   
Pass$723,029 $525,078 $322,067 $238,692 $231,647 $461,834 $184 $2,502,531 
Special mention— — — — — 425 — 425 
Substandard— — 1,724 5,401 — 7,984 — 15,109 
Total multifamily723,029 525,078 323,791 244,093 231,647 470,243 184 2,518,065 
Commercial   
Pass153,803 72,718 97,228 99,165 65,750 274,195 2,589 765,448 
Special mention— — 505 — 1,095 8,559 — 10,159 
Substandard10,881 — 7,866 — 2,854 11,389 — 32,990 
Total commercial164,684 72,718 105,599 99,165 69,699 294,143 2,589 808,597 
One-to-four family residential   
Pass12,095 9,040 11,244 13,299 10,232 120,693 1,004 177,607 
Special mention— — 467 — — 2,336 — 2,803 
Substandard— — 517 — — 2,738 — 3,255 
Total one-to-four family residential12,095 9,040 12,228 13,299 10,232 125,767 1,004 183,665 
Home equity and lines of credit
Pass18,449 12,244 7,347 6,031 2,592 11,162 51,494 109,319 
Special mention— — — — — 103 — 103 
Substandard— — 96 50 — 388 — 534 
Total home equity and lines of credit18,449 12,244 7,443 6,081 2,592 11,653 51,494 109,956 
Construction and land
Pass9,883 5,755 2,039 4,062 1,809 3,467 480 27,495 
Total construction and land9,883 5,755 2,039 4,062 1,809 3,467 480 27,495 
Total real estate loans928,140 624,835 451,100 366,700 315,979 905,273 55,751 3,647,778 
Commercial and industrial
Pass45,426 10,087 4,378 2,316 640 9,298 61,728 133,873 
Special mention— — 166 — 132 224 50 572 
Substandard— 361 154 595 — 726 4,724 6,560 
Total commercial and industrial45,426 10,448 4,698 2,911 772 10,248 66,502 141,005 
Other
Pass1,715 156 19 26 — 49 50 2,015 
Total other1,715 156 19 26 — 49 50 2,015 
Total loans held-for-investment, net$975,281 $635,439 $455,817 $369,637 $316,751 $915,570 $122,303 $3,790,798 
17
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

Past Due and Non-Accrual Loans

Included in loans receivable held-for-investment 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 $8.1 million and $7.6 million at March 31, 2022, and December 31, 2021, respectively. Generally, originated 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.    

When an individual loan no longer demonstrates the similar credit risk characteristics as other loans within its current segment, the Company evaluates each for expected credit losses on an individual basis. All non-accrual loans $500,000 and above and all loans designated as TDRs are individually evaluated. The non-accrual amounts included in loans individually evaluated for impairment were $4.2 million at each of March 31, 2022, and December 31, 2021, 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 $3.9 million at March 31, 2022, and $3.4 million at December 31, 2021. Loans past due 90 days or more and still accruing interest were $59,000 and $384,000 at March 31, 2022 and December 31, 2021, respectively, and consisted of loans that are well secured and in the process of collection.

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, 2022, and December 31, 2021, excluding PCD loans (in thousands):

 March 31, 2022
 Total Non-Performing Loans
 Non-Accruing Loans  
 Current30-89 Days Past Due90 Days or More Past DueTotal90 Days or More Past Due and AccruingTotal Non-Performing Loans
Loans held-for-investment:      
Real estate loans:      
Multifamily      
Substandard$— $279 $1,574 $1,853 $— $1,853 
Total multifamily— 279 1,574 1,853 — 1,853 
Commercial
Substandard2,859 71 2,450 5,380 37 5,417 
Total commercial2,859 71 2,450 5,380 37 5,417 
One-to-four family residential      
Substandard— — 312 312 6 318 
Total one-to-four family residential— — 312 312 6 318 
Home equity and lines of credit      
Substandard— — 279 279 — 279 
Total home equity and lines of credit— — 279 279 — 279 
Total real estate 2,859 350 4,615 7,824 43 7,867 
Commercial and industrial loans      
Substandard— — 278 278 16 294 
Total commercial and industrial loans— — 278 278 16 294 
Total non-performing loans $2,859 $350 $4,893 $8,102 $59 $8,161 
18
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

 December 31, 2021
 Total Non-Performing Loans
 Non-Accruing Loans  
 Current30-89 Days Past Due90 Days or More Past DueTotal90 Days or More Past Due and AccruingTotal Non-Performing Loans
Loans held-for-investment:      
Real estate loans:      
Multifamily      
Substandard$— $280 $1,602 $1,882 $— $1,882 
Total multifamily— 280 1,602 1,882 — 1,882 
Commercial
Special mention— — 280 280 $— 280 
Substandard2,944 — 1,893 4,837 147 4,984 
Total commercial2,944 — 2,173 5,117 147 5,264 
One-to-four family residential      
Substandard— — 314 314 165 479 
Total one-to-four family residential— — 314 314 165 479 
Home equity and lines of credit
Substandard— — 281 281 — 281 
Total home equity and lines of credit— — 281 281 — 281 
Total real estate2,944 280 4,370 7,594 312 7,906 
Commercial and industrial loans      
Pass— — — — 72 72 
Substandard28 — — 28 — 28 
Total commercial and industrial loans28 — — 28 72 100 
Total non-performing loans$2,972 $280 $4,370 $7,622 $384 $8,006 
19
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
The following tables set forth the detail and delinquency status of loans held-for-investment, excluding PCD loans, net of deferred fees and costs, at March 31, 2022, and December 31, 2021 (in thousands):

 March 31, 2022
 Past Due Loans 
 30-89 Days Past Due90 Days or More Past Due90 Days or More Past Due and AccruingTotal Past DueCurrentTotal Loans Receivable, net
Loans held-for-investment:  
Real estate loans:  
Multifamily
Pass$— $— $— $— $2,555,491 $2,555,491 
Special mention— — — — 420 420 
Substandard3,083 1,574 — 4,657 8,216 12,873 
Total multifamily3,083 1,574 — 4,657 2,564,127 2,568,784 
Commercial  
Pass— — — — 813,527 813,527 
Special mention66 — — 66 8,470 8,536 
Substandard309 2,450 37 2,796 27,944 30,740 
Total commercial375 2,450 37 2,862 849,941 852,803 
One-to-four family residential  
Pass325 — — 325 179,705 180,030 
Special mention73 — — 73 2,698 2,771 
Substandard156 312 6 474 2,732 3,206 
Total one-to-four family residential554 312 6 872 185,135 186,007 
Home equity and lines of credit
Pass110 — — 110 124,295 124,405 
Special mention60 — — 60 100 160 
Substandard95 279 — 374 217 591 
Total home equity and lines of credit265 279 — 544 124,612 125,156 
Construction and land  
Pass— — — — 15,509 15,509 
Special mention— — — — 2,070 2,070 
Total construction and land— — — — 17,579 17,579 
Total real estate4,277 4,615 43 8,935 3,741,394 3,750,329 
Commercial and industrial   
Pass129 — — 129 129,275 129,404 
Special mention12 — — 12 559 571 
Substandard— 278 16 294 1,981 2,275 
Total commercial and industrial 141 278 16 435 131,815 132,250 
Other loans  
Pass16 — — 16 1,922 1,938 
Total other loans16 — — 16 1,922 1,938 
Total loans held-for-investment$4,434 $4,893 $59 $9,386 $3,875,131 $3,884,517 

20
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
 December 31, 2021
 Past Due Loans 
 30-89 Days Past Due90 Days or More Past Due90 Days or More Past Due and AccruingTotal Past DueCurrentTotal Loans Receivable, net
Loans held-for-investment:
Real estate loans:
Multifamily
Pass$— $— $— $— $2,502,531 $2,502,531 
Special mention— — — — 425 425 
Substandard280 1,602 — 1,882 13,227 15,109 
Total multifamily280 1,602 — 1,882 2,516,183 2,518,065 
Commercial
Pass77 — — 77 765,371 765,448 
Special mention67 280 — 347 9,812 10,159 
Substandard— 1,893 147 2,040 30,950 32,990 
Total commercial144 2,173 147 2,464 806,133 808,597 
One-to-four family residential
Pass206 — — 206 177,401 177,607 
Special mention387 — — 387 2,416 2,803 
Substandard— 314 165 479 2,776 3,255 
Total one-to-four family residential593 314 165 1,072 182,593 183,665 
Home equity and lines of credit
Pass316 — — 316 109,003 109,319 
Special mention— — — — 103 103 
Substandard96 281 — 377 157 534 
Total home equity and lines of credit412 281 — 693 109,263 109,956 
Construction and land
Pass— — — — 27,495 27,495 
Total construction and land— — — — 27,495 27,495 
Total real estate1,429 4,370 312 6,111 3,641,667 3,647,778 
Commercial and industrial
Pass2 — 72 74 133,799 133,873 
Special mention— — — — 572 572 
Substandard— — — — 6,560 6,560 
Total commercial and industrial2 — 72 74 140,931 141,005 
Other loans
Pass15 — — 15 2,000 2,015 
Total other loans15 — — 15 2,000 2,015 
Total loans held-for-investment$1,446 $4,370 $384 $6,200 $3,784,598 $3,790,798 

21
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
The following tables summarize information on non-accrual loans, excluding PCD loans, as of March 31, 2022 and December 31, 2021 (in thousands):

March 31, 2022
Recorded InvestmentUnpaid Principal BalanceWith No Related Allowance
Real estate loans:
Multifamily$1,853 $1,862 $500 
Commercial5,380 7,577 3,702 
One-to-four family residential312 343 — 
Home equity and lines of credit279 529 — 
Commercial and industrial278 667 — 
Total non-accrual loans$8,102 $10,978 $4,202 

December 31, 2021
Recorded InvestmentUnpaid Principal BalanceWith No Related Allowance
Real estate loans:
Multifamily$1,882 $1,891 $512 
Commercial5,117 5,627 3,729 
One-to-four family residential314 346 — 
Home equity and lines of credit281 530 — 
Commercial and industrial28 349 — 
Total non-accrual loans$7,622 $8,743 $4,241 

The following table summarizes interest income on non-accrual loans, excluding PCD loans, during the three months ended March 31, 2022 and March 31, 2021.

Three Months Ended March 31,
20222021
Real estate loans:
Multifamily$24 $14 
Commercial12 25 
One-to-four family residential3 6 
Home equity and lines of credit— 2 
Commercial and industrial1 2 
Total interest income on non-accrual loans$40 $49 


22
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
Collateral-Dependent Loans

Loans for which the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral are considered to be collateral-dependent loans. Collateral can have a significant financial effect in mitigating exposure to credit risk and, where there is sufficient collateral, an allowance for credit losses is not recognized or is minimal. For collateral-dependent loans, the allowance for credit losses is individually assessed based on the fair value of the collateral less estimated costs of sale. The Company's collateral-dependent loans are secured by real estate. Collateral values are generally based on appraisals which are adjusted for changes in market indices. As of March 31, 2022 and December 31, 2021, the Company had $7.3 million and $7.4 million of collateral-dependent impaired loans, respectively. The collateral-dependent loans at March 31, 2022 consisted of $5.8 million of commercial real estate loans, $1.1 million of multifamily loans, and $357,000 of one-to-four family residential loans. For the three months ended March 31, 2022, there was no significant deterioration or changes in the collateral securing these loans.

Troubled Debt Restructured Loan
    There were no loans modified as a TDR during the three months ended March 31, 2022 or 2021.
In response to the COVID-19 pandemic and its economic impact to customers, a short-term modification program that complied with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus was implemented to provide temporary payment relief to those borrowers directly impacted by COVID-19. The program allows for deferral of payments for 90 days, which may extend for an additional 90 day period, with modifications in the form of payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment. As of March 31, 2022, substantially all of the borrowers who had requested relief have returned to contractual payments. Loans in deferment status (“COVID-19 Modified Loans”) have continued to accrue interest during the deferment period unless otherwise classified as non-performing. COVID-19 Modified Loans are required to make escrow payments for real estate taxes and insurance, if applicable. The COVID-19 Modified Loan agreements also require loans to be brought back to their fully contractual terms within 12 to 18 months and include covenants that prohibit distributions, bonuses, or payments of management fees to related entities until all deferred payments are made. Consistent with industry regulatory guidance, borrowers who were otherwise current on loan payments and were granted COVID-19 related financial hardship payment deferrals will continue to be reported as current loans throughout the agreed upon deferral period. Borrowers who were delinquent in their payments to the Bank prior to requesting a COVID-19 related financial hardship payment deferral are reviewed on a case by case basis for TDR classification and non-performing loan status.
At March 31, 2022 and December 31, 2021, the Company had TDRs of $8.6 million and $9.0 million, respectively.

Management classifies all TDRs as loans individually evaluated for impairment. Loans individually evaluated for impairment are 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 TDRs 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 credit losses on these loans, which could have a material effect on our financial results.

At March 31, 2022 and March 31, 2021, there were no restructured TDRs during the preceding twelve months that subsequently defaulted.

23
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
Note 6 – Allowance for Credit Losses (“ACL”) on Loans

Allowance for Collectively Evaluated Loans Held-for-Investment

In estimating the quantitative component of the allowance on a collective basis, the Company uses a risk rating migration model which calculates an expected life of loan loss percentage for each loan by generating probability of default and loss given default metrics. These metrics are multiplied by the exposure at the potential default, taking into consideration estimated prepayments, to calculate the quantitative component of the ACL. The metrics are based on the migration of loans from performing to loss by credit risk rating or delinquency categories using historical life-of-loan analysis periods for each loan portfolio pool, and the severity of loss, based on the aggregate net lifetime losses incurred using the Company's own historical loss experience and comparable peer data loss history. The model's expected losses based on loss history are adjusted for qualitative adjustments to address risks that may not be adequately represented in the risk rating migration model. Among other things, these adjustments include and account for differences in: (i) changes in lending policies and procedures; (ii) changes in local, regional, national, and international economic and business conditions and developments that affect the collectability of our portfolio, including the condition of various market segments; (iii) changes in the experience, ability and depth of lending management and other relevant staff; (iv) changes in the quality of our loan review system; (v) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and (vi) the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our existing portfolio.

The Company utilizes a two-year reasonable and supportable forecast period after which estimated losses revert to historical loss experience immediately for the remaining life of the loan. In establishing its estimate of expected credit losses, the Company utilizes five externally-sourced forward-looking economic scenarios developed by Moody's Analytics (“Moody's”).     

Management utilizes five different Moody's scenarios so as to incorporate uncertainties related to the economic environment arising from the COVID-19 pandemic. These scenarios, which range from more benign to more severe economic outlooks, include a “most likely outcome” (the “Baseline” scenario) and four less likely scenarios referred to as the “Upside” and “Downside” scenarios. Each scenario is assigned a weighting with a majority of the weighting placed on the Baseline scenario and lower weights placed on both the Upside and Downside scenarios. The weighting assigned by management is based on the economic outlook and available information at the reporting date. The model projects economic variables under each scenario based on detailed statistical analyses. The Company has identified and selected key variables that most closely correlated to its historical credit performance, which include: Gross domestic product, unemployment, and three collateral indices: the Commercial Property Price Index, the Commercial Property Price Apartment Index and the Case-Shiller Home Price Index.

Allowance for Individually Evaluated Loans

The Company measures specific reserves for individual loans that do not share common risk characteristics with other loans, consisting of all TDRs and non-accrual loans with an outstanding balance of $500,000 or greater. Loans individually evaluated for impairment are assessed to determine whether 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 credit losses on these loans, which could have a material effect on our financial results. Individually impaired loans that have no impairment losses are not considered for collective allowances described earlier. At March 31, 2022 and December 31, 2021, the ACL for loans individually evaluated for impairment was $46,200 and $30,200, respectively.



24
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
Allowance for Credit Losses – Off-Balance Sheet Exposures

An ACL for off-balance-sheet exposures represents an estimate of expected credit losses arising from off-balance sheet exposures such as loan commitments, standby letters of credit and unused lines of credit (loans on books already). 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 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. The reserve for off-balance sheet exposures is determined using the Current Expected Credit Losses (“CECL”) reserve factor in the related funded loan segment, adjusted for an average historical funding rate. The allowance for credit losses for off-balance sheet credit exposures is recorded in other liabilities on the consolidated balance sheets and the corresponding provision is included in other non-interest expense.


The table below summarizes the allowance for credit losses for off-balance sheet credit exposures (in thousands):

Three Months Ended
March 31, 2022
Balance at beginning of period$1,852 
Provision for credit losses279 
Balance at end of period$2,131 

The allowance for credit losses on loans increased to $39.3 million at March 31, 2022, compared to $39.0 million at December 31, 2021, primarily due to growth in the loan portfolio.
25
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
The following tables set forth activity in our allowance for credit losses on loans, by loan type, as of, and for the three months ended March 31, 2022, and March 31, 2021 (in thousands):

 
Three Months Ended March 31, 2022
 Real Estate     
 
Commercial (1)
One-to-Four FamilyHome Equity and Lines of CreditConstruction and LandCommercial and IndustrialOtherTotal Loans (excluding PCD)PCDTotal
Allowance for credit losses:
Beginning balance$26,785 $3,545 $560 $169 $3,173 $9 $34,241 $4,732 $38,973 
Charge-offs— — — — (185)— (185)— (185)
Recoveries78 — — — 5 — 83 — 83 
Provisions (credit)384 44 119 (3)(39)— 505 (102)403 
Ending balance$27,247 $3,589 $679 $166 $2,954 $9 $34,644 $4,630 $39,274 

 
Three Months Ended March 31, 2021
 Real Estate     
 
Commercial (1)
One-to-Four FamilyHome Equity and Lines of CreditConstruction and LandCommercial and IndustrialOtherTotal Loans (excluding PCD)PCDTotal
Allowance for credit losses:         
Beginning balance$33,005 $207 $260 $1,214 $1,842 $198 $36,726 $881 $37,607 
Impact of CECL adoption(1,949)5,233 419 (921)947 (188)3,541 6,812 10,353 
Balance at January 1, 202131,056 5,440 679 293 2,789 10 40,267 7,693 47,960 
Charge-offs(21)— — — — — (21)(2,411)(2,432)
Recoveries19 1 — — 21 2 43 — 43 
Provisions (credit)(2,172)(269)(36)(24)130 (3)(2,374)— (2,374)
Ending balance$28,882 $5,172 $643 $269 $2,940 $9 $37,915 $5,282 $43,197 
(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties.
 

 
26
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 credit losses that is allocated to each loan portfolio segment, at March 31, 2022 and December 31, 2021 (in thousands):
 March 31, 2022
 Real Estate     
 
Commercial (1)
One-to-Four FamilyHome Equity and Lines of CreditConstruction and LandCommercial and IndustrialOtherTotal Loans (excluding PCD)PCDTotal
Allowance for credit losses:
Ending balance: individually evaluated for impairment$25 $— $3 $— $18 $— $46 $— $46 
Ending balance: collectively evaluated for impairment27,222 3,589 676 166 2,936 9 34,598 — 34,598 
Ending balance: PCD loans evaluated for impairment (2)
— — — — — — — 4,630 4,630 
Loans, net:         
Ending balance$3,421,587 $186,007 $125,156 $17,579 $132,250 $1,938 $3,884,517 $14,064 $3,898,581 
Ending balance: individually evaluated for impairment8,094 1,369 35 — 101 9,599 — 9,599 
Ending balance: collectively evaluated for impairment3,413,493 184,638 125,121 17,579 107,800 1,938 3,850,569 — 3,850,569 
Ending balance: PCD loans evaluated for impairment (2)
— — — — — — — 14,064 14,064 
PPP loans not evaluated for impairment (3)
— — — — 24,349 — 24,349 — 24,349 
 December 31, 2021
 Real Estate     
 
Commercial (1)
One-to-Four FamilyHome Equity and Lines of CreditConstruction and LandCommercial and IndustrialOtherTotal Loans (excluding PCD)PCDTotal
Allowance for credit losses:
Ending balance: individually evaluated for impairment$25 $2 $2 $— $1 $— $30 $— $30 
Ending balance: collectively evaluated for impairment26,760 3,543 558 169 3,172 9 34,211 — 34,211 
Ending balance: PCD loans evaluated for impairment (2)
— — — — — — — 4,732 4,732 
Loans, net:         
Ending balance$3,326,662 $183,665 $109,956 $27,495 $141,005 $2,015 $3,790,798 $15,819 $3,806,617 
Ending balance: individually evaluated for impairment8,352 1,562 38 — 34 — 9,986 — 9,986 
Ending balance: collectively evaluated for impairment3,318,310 182,103 109,918 27,495 100,454 2,015 3,740,295 — 3,740,295 
Ending balance: PCD loans evaluated for impairment (2)
— — — — — — — 15,819 15,819 
PPP loans not evaluated for impairment (3)
— — — — 40,517 — 40,517 — 40,517 
(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties.
(2) Upon adoption of CECL, the Company elected to maintain pools of PCD loans that were previously accounted for under ASC 310-30, and will continue to evaluate PCD loans under this guidance.
(3) PPP loans are guaranteed by the SBA and therefore excluded from the allowance for credit losses.
27
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
Note 7– Deposits

Deposit account balances are summarized as follows (in thousands):
 March 31, 2022December 31, 2021
Non-interest-bearing checking$944,096 $898,490 
Negotiable orders of withdrawal ("NOW") and interest-bearing checking1,231,377 1,112,292 
Savings and money market1,768,629 1,776,191 
Certificates of deposit358,764 382,361 
Total deposits$4,302,866 $4,169,334 
 
Interest expense on deposit accounts is summarized for the periods indicated (in thousands):

 
Three Months Ended March 31,
 20222021
NOW and interest-bearing checking, savings, and money market$571 $932 
Certificates of deposit588 938 
Total interest expense on deposit accounts$1,159 $1,870 

Note 8 – Equity Incentive Plans

The following table is a summary of the Company’s stock options outstanding as of March 31, 2022, and changes therein during the three months then ended.
 Number of Stock OptionsWeighted Average Grant Date Fair ValueWeighted Average Exercise PriceWeighted Average Contractual Life (years)
Outstanding - December 31, 20211,769,979 $4.02 $13.95 2.95
Exercised(17,040)3.95 13.54 — 
Outstanding - March 31, 20221,752,939 4.02 13.96 2.71
Exercisable - March 31, 20221,752,939 4.02 13.96 2.71
 On January 28, 2022, the Company granted to directors and employees, under the 2019 Equity Incentive Plan, 157,416 restricted stock awards with a total grant-date fair value of $2.5 million. Of these grants, 30,798 vest one year from the date of grant and 126,618 vest in equal installments over a three-year period beginning one year from the date of grant. The Company also issued 24,492 performance-based restricted stock units to its executive officers with a total grant date fair value of $386,484. Vesting of the performance-based restricted stock units will be based on achievement of certain levels of Core Return on Average Assets and will cliff-vest after a three-year measurement period ended December 31, 2024. At the end of the performance period, the number of actual shares to be awarded may vary between 0% and 120% of target amounts.

The following is a summary of the status of the Company’s restricted stock awards at March 31, 2022, and changes therein during the three months then ended.
 Number of Shares AwardedWeighted Average Grant Date Fair Value
Non-vested at December 31, 2021222,844 $13.21 
Granted181,908 15.78 
Vested(62,836)12.87 
Forfeited(2,875)14.00 
Non-vested at March 31, 2022339,041 14.65 
 
Expected future stock award expense related to the non-vested restricted share awards as of March 31, 2022, is $4.4 million over a weighted average period of 2.8 years.
During the three months ended March 31, 2022 and March 31, 2021, the Company recorded $396,000 and $243,000, respectively, of stock-based compensation related to the above plan.
28
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

Note 9 – Fair Value Measurements
The following tables present the assets reported on the consolidated balance sheets at their estimated fair value as of March 31, 2022, and December 31, 2021, by level within the fair value hierarchy as required by the Fair Value Measurements and Disclosures Topic of the FASB 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 16 to the Consolidated Financial Statements of the Company’s 2021 Annual Report on Form 10-K.
29
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
 
Fair Value Measurements at March 31, 2022 Using:
 Carrying ValueQuoted 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:    
U.S. Government agency$75,620 $— $75,620 $— 
Mortgage-backed securities:    
Pass-through certificates:
GSE564,390 — 564,390 — 
REMICs:
GSE311,103 — 311,103 — 
875,493 — 875,493 — 
Other debt securities:    
Municipal bonds52 — 52 — 
Corporate bonds203,112 — 203,112 — 
203,164 — 203,164 — 
Total debt securities available-for-sale1,154,277 — 1,154,277 — 
Trading securities12,156 12,156 — — 
Equity securities (1)
368 368 — — 
Total$1,166,801 $12,524 $1,154,277 $— 
Measured on a non-recurring basis:    
Assets:    
Loans individually evaluated for impairment:    
Real estate loans:    
Commercial real estate$3,401 $— $— $3,401 
Home equity and lines of credit26 — — 26 
Total individually evaluated real estate loans3,427 — — 3,427 
Commercial and industrial loans64 — — 64 
Other real estate owned100 — — 100 
Total$3,591 $— $— $3,591 
(1) Excludes investment measured at net asset value of $7.5 million at March 31, 2022, which has not been classified in the fair value hierarchy.

30
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
 Fair Value Measurements at December 31, 2021 Using:
 Carrying ValueQuoted 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:    
U.S. Government agency securities$2,290 $— $2,290 $— 
Mortgage-backed securities:    
Pass-through certificates:
GSE581,406 — 581,406 — 
REMICs:
GSE391,710 — 391,710 — 
973,116 — 973,116 — 
Other debt securities:    
Municipal bonds72 — 72 — 
Corporate bonds232,759 — 232,759 — 
232,831 — 232,831 — 
Total debt securities available-for-sale1,208,237 — 1,208,237 — 
Trading securities13,461 13,461 — — 
Equity securities (1)
328 328 — — 
Total$1,222,026 $13,789 $1,208,237 $— 
Measured on a non-recurring basis:    
Assets:    
Loans individually evaluated for impairment:    
Real estate loans:    
Commercial real estate$3,599 $— $— $3,599 
One-to-four family residential mortgage169 — — 169 
Home equity and lines of credit27 — — 27 
Total impaired real estate loans3,795 — — 3,795 
Commercial and industrial loans12 — — 12 
Other real estate owned100 — — 100 
Total$3,907 $— $— $3,907 
(1) Excludes investment measured at net asset value of $5.0 million at December 31, 2021, which has not been classified in the fair value hierarchy.
31
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at March 31, 2022 and December 31, 2021 (dollars in thousands):
Fair ValueValuation MethodologyUnobservable
Inputs		Range of Inputs
 March 31, 2022December 31, 2021  March 31, 2022December 31, 2021
Individually evaluated loans$3,491 $3,807 AppraisalsDiscount for costs to sell7.0%7.0%
  Discount for quick sale10.0%10.0%
 Discounted cash flowsInterest rates
4.88% to 7.50%
4.88% to 6.25%
Other real estate owned100 100 AppraisalsDiscount for costs to sell7.0%7.0%
    
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 at March 31, 2022, and December 31, 2021.
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, 2022 or March 31, 2021.     
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.
 
Loans individually evaluated for impairment: At March 31, 2022 and December 31, 2021, the Company had loans individually evaluated for impairment (excluding PCD loans) with outstanding principal balances of $5.5 million and $5.8 million, respectively, which were recorded at their estimated fair value of $3.5 million and $3.8 million, respectively. The Company recorded a net increase in the specific reserve for impaired loans of $16,000 and $3,000 for the three months ended March 31, 2022 and March 31, 2021, respectively. Net charge-offs of $102,000 and $2.4 million were recorded for the three months ended March 31, 2022 and March 31, 2021, 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 TDRs.

Other Real Estate Owned: At March 31, 2022, the Company had assets acquired through foreclosure of approximately $100,000, recorded at estimated fair value, less estimated selling costs when acquired, thus establishing a new cost basis. Estimated fair value is generally based on independent appraisals. These appraisals include adjustments to comparable assets based on the appraisers’ market knowledge and experience, and are considered Level 3 inputs. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for credit losses. If the estimated fair value of the asset declines, a write-down is recorded through non-interest expense. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in the economic conditions.
 
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.
 
32
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
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.

(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 ("FHLBNY") 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 non-performing 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 non-performance 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 interest and 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.
 
33
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
(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.

The estimated fair values of the Company’s significant financial instruments at March 31, 2022 and December 31, 2021, are presented in the following tables (in thousands):
 March 31, 2022
  Estimated Fair Value
 Carrying ValueLevel 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$135,514 $135,514 $— $— $135,514 
Trading securities12,156 12,156 — — 12,156 
Debt securities available-for-sale1,154,277 — 1,154,277 — 1,154,277 
Debt securities held-to-maturity5,243 — 5,182 — 5,182 
Equity securities (1)
368 368 — — 368 
FHLBNY stock, at cost21,211 — 21,211 — 21,211 
Net loans held-for-investment3,859,307 — — 3,838,452 3,838,452 
Derivative assets2,643 — 2,643 — 2,643 
Financial liabilities:     
Deposits$4,302,866 $— $4,305,018 $— $4,305,018 
Borrowed funds397,877 — 391,323 — 391,323 
Advance payments by borrowers for taxes and insurance30,032 — 30,032 — 30,032 
Derivative liabilities2,645 — 2,645 — 2,645 
(1) Excludes investment measured at net asset value of $7.5 million at March 31, 2022, which has not been classified in the fair value hierarchy.
34
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
 December 31, 2021
  Estimated Fair Value
 Carrying ValueLevel 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$91,068 $91,068 $— $— $91,068 
Trading securities13,461 13,461 — — 13,461 
Debt securities available-for-sale1,208,237 — 1,208,237 — 1,208,237 
Debt securities held-to-maturity5,283 — 5,475 — 5,475 
Equity securities (1)
328 328 — — 328 
FHLBNY stock, at cost22,336 — 22,336 — 22,336 
Net loans held-for-investment3,767,644 — — 3,904,026 3,904,026 
Derivative assets923 — 923 — 923 
Financial liabilities:     
Deposits$4,169,334 $— $4,172,125 $— $4,172,125 
Borrowed funds421,755 — 426,235 — 426,235 
Advance payments by borrowers for taxes and insurance24,909 — 24,909 — 24,909 
Derivative liabilities925 — 925 — 925 
(1) Excludes investment measured at net asset value of $5.0 million at December 31, 2021, which has 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 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.
35
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
Note 10 – 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 were exercised and converted into common stock and unvested shares of restricted stock vested. These potentially dilutive shares are then 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 (in thousands, except per share data):

 Three Months Ended March 31,
 20222021
Net income available to common stockholders$14,127 $18,677 
Weighted average shares outstanding-basic46,811,331 49,528,419 
Effect of non-vested restricted stock and stock options outstanding277,044 105,225 
Weighted average shares outstanding-diluted47,088,375 49,633,644 
Earnings per share-basic$0.30 $0.38 
Earnings per share-diluted$0.30 $0.38 
Anti-dilutive shares273,469 1,002,377 

Note 11 – Leases

The Company’s leases primarily relate to real estate property for branches and office space with terms extending from three months up to 33.25 years. At March 31, 2022, all of the Company's leases are classified as operating leases, which are required to be recognized on the consolidated balance sheets as a right-of-use asset and a corresponding lease liability.

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 on 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, at lease inception, over a similar term 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. If the exercise of a renewal option is considered to be reasonably certain, the Company includes the extended term in the calculation of the right-of-use asset and lease liability.

At March 31, 2022, the Company’s operating lease right-of-use assets and operating lease liabilities included on the consolidated balance sheet were $32.8 million and $38.6 million, respectively. At December 31, 2021, the Company’s operating lease right-of-use assets and operating lease liabilities included on the consolidated balance sheet were $33.9 million and $39.9 million, 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 on the consolidated statements of comprehensive income.
36
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
Supplemental lease information at or for the three months ended March 31, 2022, and March 31, 2021 is as follows (dollars in thousands):
Three Months Ended March 31,
20222021
Operating lease cost$1,469 $1,455 
Variable lease cost965 1,235 
Net lease cost$2,434 $2,690 
Cash paid for amounts included in measurement of operating lease liabilities$1,564 $1,708 
Right-of-use assets obtained in exchange for new operating lease liabilities$— $— 
Weighted average remaining lease term 11.81 years12.26 years
Weighted average discount rate 3.56 %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 (in thousands):
YearAmount
2022$4,318 
20235,802 
20245,372 
20255,024 
20264,253 
Thereafter24,128 
Total lease payments48,897 
Less: imputed interest10,287 
Present value of lease liabilities$38,610 
As of March 31, 2022, the Company had entered into two lease agreements that have not yet commenced. The leases are related to two branches that are being relocated. Each lease has an original term of 10 years with undiscounted cash payments of approximately $4.2 million.

Note 12 – Revenue Recognition
    
The Company records revenue from contracts with customers in accordance with Accounting Standards Update 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. For the three months ended March 31, 2022, other income primarily included rental income from subleasing one of the Company's branches to a third party and loan servicing fees. For the three months ended March 31, 2021, other income primarily included rental income from subleasing one of the Company's branches to a third party and gains on the sale or payoff of loans.
37
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
The following table summarizes non-interest income for the periods indicated (in thousands):

 Three Months Ended March 31,
 20222021
Fees and service charges for customer services:
Service charges$760 $720 
ATM and card interchange fees455 399 
Investment fees116 78 
Total fees and service charges for customer services1,331 1,197 
Income on bank-owned life insurance (1)
839 848 
Gains on available-for-sale debt securities, net (1)
264 97 
(Losses)/gains on trading securities, net (1)
(802)364 
Other81 130 
Total non-interest income$1,713 $2,636 
(1) Not in scope of Topic 606

Note 13 – 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.

At March 31, 2022, the Company had seven interest rate swaps with a notional amount of $37.8 million. At December 31, 2021, the Company had seven interest rate swaps with a notional amount of $38.1 million. The Company recorded no fee income related to these swaps for the three months ended March 31, 2022 and 2021.

The table below presents the fair value of the derivatives as well as their location on the consolidated balance sheets (in thousands):
Fair Value
Balance Sheet LocationMarch 31, 2022December 31, 2021
Other assets$2,643 $923 
Other liabilities2,645 925 
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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 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 novel coronavirus pandemic and variants thereof, including the delta and omicron variants (“COVID-19”), and the significant impact that such pandemics may have on our growth, operations, earnings and asset quality;
•general economic conditions, internationally, nationally or in our market areas, including inflationary pressures, supply chain disruptions, employment prospects, real estate values, and geopolitical risks 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;
•changes in the quality and/or composition of our loan and securities portfolios;
•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;
•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 (the “FASB”), the Securities and Exchange Commission (the “SEC”), or the Public Company Accounting Oversight Board;
•cyber-attacks, computer viruses and other technological risks that may breach the security of our website 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 Federal Reserve Board (the “FRB”);
•the ability of third-party providers to perform their obligations to us;
•the effects of global or national war, conflict, or acts of terrorism;
•the effects of any U.S. Government shutdowns;
•significant increases in our loan losses; and
•changes in the financial condition, results of operations, or future prospects of issuers of securities that we own.

39
Given the ongoing and dynamic nature of current economic circumstances, it is difficult to predict the continued impact of the COVID-19 pandemic on our business. The extent of such impact will depend on future developments, which remain uncertain, including new information which may emerge concerning COVID-19, new variants, and the actions to contain or treat its impact. 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 worsens, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charge-offs and reduced income;
•a worsening of business and economic conditions or a downturn in the financial markets could result in an impairment of certain intangible assets, such as goodwill or our servicing assets;
•disruptions in the businesses or the unavailability of the services of third parties we use in our operations such as property appraisers, loan servicers, providers of electronic payment and settlement systems, and local and federal government agencies and courthouses, could negatively affect our operations;
•collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase;
•our allowance for credit losses may increase if borrowers experience financial difficulties beyond forbearance periods or if the economic assumptions upon which we rely worsen, 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;
•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 to the extent we have an increase in the number of employees working remotely;
•Federal Deposit Insurance Corporation (“FDIC”) premiums may increase if the agency experience additional resolution costs;
•internal controls as designed may not prove effective, to the extent procedures are modified as a result of remote work locations;
•the unanticipated loss or unavailability of key employees due to the pandemic, which could harm our ability to operate our business or execute our business strategy, especially as we may not be successful in finding and integrating suitable successors; and
•Government action in response to the COVID-19 pandemic and its effects on our business and operations.

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.
40


Critical Accounting Policies
 
Note 1 to the Company’s Audited Consolidated Financial Statements for the year ended December 31, 2021, 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 credit losses on loans, estimated cash flows of our purchased credit-deteriorated (“PCD”, or, previously, 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. 
On January 1, 2021, we adopted new accounting guidance which requires entities to estimate and recognize an allowance for lifetime expected credit losses for loans, unfunded credit commitments and held-to-maturity debt securities measured at amortized cost. Previously, an allowance for credit losses on loans was recognized based on probable incurred losses. See Notes 5 and 6 to the consolidated financial statements for further discussion of our accounting policies and methodologies for establishing the allowance for credit losses.
The accounting estimates relating to the allowance for credit losses remain "critical accounting estimates" for the following reasons:

•Changes in the provision for credit losses can materially affect our financial results;
•Estimates relating to the allowance for credit losses require us to utilize a reasonable and supportable forecast period based upon forward-looking economic scenarios in order to estimate probability of default and loss given default rates which our Current Expected Credit Losses (“CECL”) methodology encompasses;
•The allowance for credit losses is influenced by factors outside of our control such as industry and business trends, as well as economic conditions such as trends in housing prices, interest rates, gross domestic product, inflation, and unemployment; and
•Judgment is required to determine whether the models used to generate the allowance for credit losses produce an estimate that is sufficient to encompass the current view of lifetime expected credit losses.

Our estimation process is subject to risks and uncertainties, including a reliance on historical loss and trend information that may not be representative of current conditions and indicative of future performance. Changes in such estimates could significantly impact our allowance and provision for credit losses. Accordingly, our actual credit loss experience may not be in line with our expectations.

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, 2021.
41
Overview
This overview highlights selected information and may not contain all the information that is important to you in understanding our performance during the periods presented. 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, 2021.
Net income was $14.1 million for the three months ended March 31, 2022, as compared to $18.7 million for the three months ended March 31, 2021. Basic and diluted earnings per common share were $0.30 for the three months ended March 31, 2022, compared to basic and diluted earnings per common share of $0.38 for the three months ended March 31, 2021. For the three months ended March 31, 2022, our return on average assets was 1.04%, as compared to 1.36% for the three months ended March 31, 2021. For the three months ended March 31, 2022, our return on average stockholders’ equity was 7.83% as compared to 10.03% for the three months ended March 31, 2021. Earnings for the quarter ended March 31, 2022 include fees recognized from Paycheck Protection Program (“PPP”) loans of $701,000 compared to $1.3 million in the comparative prior year quarter. Earnings for the quarter ended March 31, 2021 included a benefit for credit losses of $2.4 million ($1.7 million after tax, or $0.03 per share) reflecting an improvement in the forecasted economic outlook during the quarter and approximately $1.9 million ($1.4 million after tax, or $0.03 per share) of accretable income related to the payoffs of purchased credit-deteriorated (“PCD”) loans.

Total assets increased by $85.7 million, or 1.6%, to $5.52 billion at March 31, 2022, from $5.43 billion at December 31, 2021. Total liabilities increased $110.2 million, or 2.4%, to $4.80 billion at March 31, 2022, from $4.69 billion at December 31, 2021.
Comparison of Financial Condition at March 31, 2022 and December 31, 2021
Total assets increased by $85.7 million, or 1.6%, to $5.52 billion at March 31, 2022, from $5.43 billion at December 31, 2021. The increase was primarily due to an increase in cash and cash equivalents of $44.4 million, or 48.8%, and an increase in total loans of $92.0 million, or 2.4%, partially offset by a decrease in available-for-sale debt securities of $54.0 million, or 4.5%.
 
Cash and cash equivalents increased by $44.4 million, or 48.8%, to $135.5 million at March 31, 2022, from $91.1 million at December 31, 2021, primarily due to the liquidity obtained from loan and securities sales and paydowns as well as growth in deposits. 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.

The Company’s available-for-sale debt securities portfolio decreased by $54.0 million, or 4.5%, to $1.15 billion at March 31, 2022, from $1.21 billion at December 31, 2021. The decrease was primarily attributable to paydowns, maturities, calls, and sales. At March 31, 2022, $875.5 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 $75.6 million in U.S. Government agency securities, $203.1 million in corporate bonds, all of which were considered investment grade at March 31, 2022, and $52,000 in municipal bonds. The effective duration of the securities portfolio at March 31, 2022 was 1.94 years.

Equity securities increased by $2.5 million to $7.9 million at March 31, 2022, from $5.3 million at December 31, 2021, due to an increase in our investment in a Small Business Administration Loan Fund. This investment is utilized by the Bank as part of its Community Reinvestment Act program.

As of March 31, 2022, we estimate that our non-owner occupied commercial real estate concentration (as defined by regulatory guidance) to total risk-based capital was approximately 453.1%. 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 its commercial real estate concentration risk, the Bank’s regulators could require it to implement additional policies and procedures or could require it to maintain higher levels of regulatory capital, which might adversely affect its loan originations, ability to pay dividends, and profitability.

42
Loans held-for-investment, net, increased by $92.0 million, or 2.4%, to $3.90 billion at March 31, 2022 from $3.81 billion at December 31, 2021. The increase was due to increases in multifamily loans of $50.7 million, or 2.0%, to $2.57 billion at March 31, 2022 from $2.52 billion at December 31, 2021, commercial real estate loans of $44.2 million, or 5.5%, to $852.8 million at March 31, 2022 from $808.6 million at December 31, 2021, home equity loans of $15.2 million, or 13.8%, to $125.2 million at March 31, 2022 from $110.0 million at December 31, 2021, commercial and industrial loans (excluding PPP loans) of $7.4 million, or 7.4%, to $107.9 million at March 31, 2022 from $100.5 million at December 31, 2021, and, to a lesser extent, an increase in one-to-four family residential loans of $2.3 million. The increases were partially offset by decreases in construction and land loans of $9.9 million, or 36.1%, to $17.6 million at March 31, 2022 from $27.5 million at December 31, 2021, and PPP loans of $16.2 million, or 39.9%, to $24.3 million at March 31, 2022 from $40.5 million at December 31, 2021. Through March 31, 2022, 2,201 borrowers received PPP forgiveness payments totaling approximately $203.4 million.

The following tables detail our multifamily real estate originations for the three months ended March 31, 2022 and 2021 (in thousands):
For the Three Months Ended March 31, 2022
Multifamily OriginationsWeighted Average Interest RateWeighted Average LTV RatioWeighted Average Months to Next Rate Change or Maturity for Fixed Rate Loans(F)ixed or (V)ariableAmortization Term
$139,427 3.16%65%78V25 to 30 Years
1,200 3.75%18%181F15 Years
$140,627 3.17%65%  
For the Three Months Ended March 31, 2021
Multifamily OriginationsWeighted Average Interest RateWeighted Average LTV RatioWeighted Average Months to Next Rate Change or Maturity for Fixed Rate Loans(F)ixed or (V)ariableAmortization Term
$161,087 3.11%57%75V10 to 30 Years

There were no loans held-for-sale at March 31, 2022 or December 31, 2021.
PCD loans totaled $14.1 million at March 31, 2022, and $15.8 million at December 31, 2021. Upon adoption of the CECL accounting standard on January 1, 2021, the amortized cost basis of PCD loans increased by $6.8 million with a corresponding increase to the allowance for credit losses. The decrease in the PCD loan balance at March 31, 2022 was due to PCD loans being sold and paid off during the period. The majority of the remaining PCD loan balance consists of loans acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. The Company accreted interest income of $391,000 attributable to PCD loans for the three months ended March 31, 2022, as compared to $2.4 million for the three months ended March 31, 2021, respectively. The decrease in income accreted for the three months ended March 31, 2022 was due to the payoff of PCD loans in the prior year. PCD loans had an allowance for credit losses of approximately $4.6 million at March 31, 2022.
    
Other assets increased $4.4 million, or 11.8%, to $41.6 million at March 31, 2022, from $37.2 million at December 31, 2021. The increase was primarily attributable to an increase in net deferred tax assets.

Total liabilities increased $110.2 million, or 2.4%, to $4.80 billion at March 31, 2022, from $4.69 billion at December 31, 2021. The increase was primarily attributable to an increase in deposits of $133.5 million and an increase in advance payments by borrowers for taxes and insurance of $5.1 million, partially offset by a decrease in Federal Home Loan Bank and other borrowings of $23.9 million and a decrease in accrued expenses and other liabilities of $3.3 million.
Deposits increased $133.5 million, or 3.2%, to $4.30 billion at March 31, 2022, as compared to $4.17 billion at December 31, 2021. The increase was attributable to increases of $164.7 million in transaction accounts and $1.3 million in savings accounts, partially offset by decreases of $8.9 million in money market accounts and $23.6 million in certificates of deposit. We continue to see balance runoff from high cost money market and certificates of deposit categories as we have strategically chosen not to compete on rate at this time.

43
Borrowings and securities sold under agreements to repurchase decreased to $397.9 million at March 31, 2022, from $421.8 million at December 31, 2021. The decrease in borrowings for the period was largely due to the maturity and replacement of FHLB borrowings with lower cost deposits. Management utilizes borrowings to mitigate interest rate risk, for short-term liquidity, and to a lesser extent, as part of leverage strategies.

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, 2022 (in thousands):

YearAmountWeighted Average Rate
2022$95,0002.22%
202387,5002.89%
202450,0002.47%
2025112,5001.48%
Thereafter45,0001.45%
$390,0002.10%
Total stockholders’ equity decreased by $24.5 million to $715.4 million at March 31, 2022, from $739.9 million at December 31, 2021. The decrease was attributable to $8.2 million in stock repurchases, $6.1 million in dividend payments, and a $25.4 million decrease in accumulated other comprehensive income associated with a decline in the estimated fair value of our available-for-sale securities portfolio, partially offset by net income of $14.1 million for the quarter ended March 31, 2022, and a $1.1 million increase in equity award activity. The Company repurchased 528,122 shares of its common stock outstanding at an average price of $15.60 for a total of $8.2 million during the quarter ended March 31, 2022 pursuant to the approved stock repurchase plans.

Comparison of Operating Results for the Three Months Ended March 31, 2022 and 2021
 
Net Income. Net income was $14.1 million and $18.7 million for the three months ended March 31, 2022 and March 31, 2021, respectively. Significant variances from the comparable prior year period are as follows: a $3.3 million decrease in net interest income, a $2.8 million increase in the provision for credit losses, a $923,000 decrease in non-interest income, an $854,000 decrease in non-interest expense, and a $1.6 million decrease in income tax expense.

Interest Income. Interest income decreased $4.9 million, or 10.8%, to $40.2 million for the quarter ended March 31, 2022, from $45.1 million for the quarter March 31, 2021, primarily due to a 35 basis point decrease in the yields earned on interest-earning assets to 3.13% for the quarter ended March 31, 2022, from 3.48% for the comparable prior year quarter, and a decrease in the average balance of interest-earning assets of $45.5 million, or 0.9%. The decrease in the average balance of interest-earning assets was primarily due to decreases in the average balance of mortgage-backed securities of $177.8 million, the average balance of loans outstanding of $25.8 million, and the average balance of FHLBNY stock of $6.4 million, partially offset by increases in the average balance of other securities of $154.5 million and the average balance of deposits in financial institutions of $10.1 million. The Company accreted interest income related to its PCD loans of $391,000 and $2.4 million for the quarters ended March 31, 2022 and March 31, 2021, respectively. Interest income on loans for the quarter ended March 31, 2022, included loan prepayment income of $1.1 million as compared to $860,000 for the quarter ended March 31, 2021. Fees recognized from PPP loans totaled $701,000 for the quarter ended March 31, 2022, as compared to $1.3 million for the quarter ended March 31, 2021.
Interest Expense. Interest expense decreased $1.6 million, or 32.0%, to $3.3 million for the quarter ended March 31, 2022, from $4.9 million for the quarter ended March 31, 2021. The decrease was due to a decrease in interest expense on borrowings of $855,000, or 28.3%, and a decrease in interest expense on deposits of $711,000, or 38.0%. The decrease in interest expense on borrowings was primarily attributable to a $173.3 million, or 29.3%, decrease in the average balance of borrowings outstanding, partially offset by a three basis point increase in the cost of borrowed funds for the quarter ended March 31, 2022 as compared to the comparable prior year quarter. The decrease in interest expense on deposits was attributable to an eight basis point decrease in the cost of interest-bearing deposits to 0.14% for the quarter ended March 31, 2022, and a $52.8 million, or 1.6%, decrease in the average balance of interest-bearing deposit accounts. The decrease in the cost of interest-bearing deposits was primarily due to the lower interest rate environment and a change in the composition of the deposit portfolio as the average balance of transaction accounts increased and the average balance of certificates of deposit decreased.
44
Net Interest Income. Net interest income for the three months ended March 31, 2022, decreased $3.3 million, or 8.2%, to $36.9 million, from $40.2 million for the three months ended March 31, 2021, primarily due to a 23 basis point decrease in net interest margin to 2.87% from 3.10% for the three months ended March 31, 2021, which was due in part to the $45.5 million, or 0.9%, decrease in the average balance of interest-earning assets.

Provision for Credit Losses. The provision for credit losses increased by $2.8 million to a provision of $403,000 for the three months ended March 31, 2022, compared to a benefit of $2.4 million for the three months ended March 31, 2021. The prior year benefit for credit losses was primarily due to improvements in in the economic forecast. The current year provision for credit losses was due to growth in the loan portfolio. Net charge-offs were $102,000 for the three months ended March 31, 2022, primarily related to an unsecured non-accrual commercial and industrial loan, as compared to net charge-offs of $2.4 million for the three months ended March 31, 2021 which related to PCD loans.

Non-interest Income. Non-interest income decreased by $923,000, or 35.0%, to $1.7 million for the three months ended March 31, 2022, from $2.6 million for the three months ended March 31, 2021, due primarily to a decrease of $1.2 million in gains on trading securities, net. For the three months ended March 31, 2022, losses on trading securities were $802,000, as compared to gains of $364,000 for three months ended March 31, 2021. 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. Partially offsetting the decrease was a $134,000 increase in in fees and service charges for customer services and an increase of $167,000 in gains on sales of available-for-sale debt securities.
    
Non-interest Expense. Non-interest expense decreased $854,000, or 4.4%, to $18.7 million for the three months ended March 31, 2022, compared to $19.6 million for the three months ended March 31, 2021. The decrease was primarily due to a $1.0 million net decrease in employee compensation and benefits, primarily caused by a $1.2 million decrease related to the Company's deferred compensation plan expense, which as discussed above has no effect on net income, as well as a decrease in medical benefit costs, partially offset by an increase in salary expenses related to annual merit increases. Additionally, occupancy expense decreased by $293,000, primarily related to higher snow removal costs during the first quarter of 2021. Partially offsetting the decreases was an increase in other expense of $442,000, primarily due to an increase in the reserve for unfunded commitments as well as an increase in other operating expenses.
 
Income Tax Expense. The Company recorded income tax expense of $5.3 million for the three months ended March 31, 2022, compared to $6.9 million for the three months ended March 31, 2021. The effective tax rate for the three months ended March 31, 2022, was 27.4% compared to 27.1% for the three months ended March 31, 2021.
45

The following table sets forth average balances, average yields and costs, and certain other information for the periods indicated.
 For the Three Months Ended
 
March 31, 2022
March 31, 2021
 Average Outstanding BalanceInterest
Average Yield/ Rate (1)
Average Outstanding BalanceInterest
Average Yield/ Rate (1)
Interest-earning assets:      
Loans (2)
$3,848,053 $36,721 3.87 %$3,873,884 $41,277 4.32 %
Mortgage-backed securities (3)
938,465 2,475 1.07 1,116,281 2,959 1.08 
Other securities (3)
255,980 695 1.10 101,523 424 1.69 
Federal Home Loan Bank of New York stock22,198 245 4.48 28,641 370 5.24 
Interest-earning deposits in financial institutions143,323 58 0.16 133,207 37 0.11 
Total interest-earning assets5,208,019 40,194 3.13 5,253,536 45,067 3.48 
Non-interest-earning assets279,508 310,681 
Total assets$5,487,527 $5,564,217 
Interest-bearing liabilities:
Savings, NOW, and money market accounts$2,954,133 $571 0.08 %$2,768,816 $932 0.14 %
Certificates of deposit373,113 588 0.64 611,267 938 0.62 
Total interest-bearing deposits3,327,246 1,159 0.14 3,380,083 1,870 0.22 
Borrowed funds418,736 2,166 2.10 591,993 3,021 2.07 
Total interest-bearing liabilities3,745,982 3,325 0.36 3,972,076 $4,891 0.50 
Non-interest bearing deposits909,787 739,064 
Accrued expenses and other liabilities99,802 98,261 
Total liabilities4,755,571 4,809,401 
Stockholders' equity731,956 754,816 
Total liabilities and stockholders' equity$5,487,527 $5,564,217 
Net interest income$36,869 $40,176 
Net interest rate spread (4)
2.77 %  2.98 %
Net interest-earning assets (5)
$1,462,037 $1,281,460  
Net interest margin (6)
2.87 %  3.10 %
Average interest-earning assets to interest-bearing liabilities139.03 %  132.26 %

(1) Average yields and rates are annualized.
(2) Includes non-accruing loans.
(3) Securities available-for-sale and other securities 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.

46
Asset Quality

PCD Loans (Held-for-Investment)
    
Based on its detailed review of PCD 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 PCD loans ($14.1 million at March 31, 2022 and $15.8 million at December 31, 2021) as accruing, even though they may be contractually past due. At March 31, 2022, 1.5% of PCD loans were past due 30 to 89 days, and 23.1% were past due 90 days or more, as compared to 10.5% and 19.2%, respectively, at December 31, 2021.
 
Loans
 
The following table details total non-accruing loans, non-performing loans, non-performing assets and troubled debt restructurings (“TDR”) (excluding PCD loans) on which interest is accruing, and accruing loans 30 to 89 days delinquent at March 31, 2022, and December 31, 2021 (in thousands):  

 March 31, 2022December 31, 2021
Non-accrual loans: 
Held-for-investment
Real estate loans: 
Multifamily$1,853 $1,882 
Commercial5,380 5,117 
One-to-four family residential312 314 
Home equity and lines of credit279 281 
Commercial and industrial278 28 
Total non-accrual loans held-for-investment8,102 7,622 
Loans delinquent 90 days or more and still accruing: 
Held-for-investment
Real estate loans: 
Commercial37 147 
One-to-four family residential6 165 
Commercial and industrial16 72 
Total loans delinquent 90 days or more and still accruing held-for-investment59 384 
Total non-performing loans8,161 8,006 
Other real estate owned100 100 
Total non-performing assets$8,261 $8,106 
Non-performing loans to total loans0.21 %0.21 %
Non-performing assets to total assets0.15 %0.15 %
Loans subject to restructuring agreements and still accruing$5,397 $5,820 
Accruing loans 30 to 89 days delinquent$4,084 $1,166 
    
47
Other Real Estate Owned

Other real estate owned is comprised of one property acquired during 2021 as a result of foreclosure. The property is located in New Jersey, and had a carrying value of approximately $100,000 at March 31, 2022 and December 31, 2021, respectively. It is included in other assets on the consolidated balance sheets as of these dates.

Accruing Loans 30 to 89 Days Delinquent
 
Loans 30 to 89 days delinquent and on accrual status totaled $4.1 million and $1.2 million at March 31, 2022 and December 31, 2021, respectively. The following table sets forth delinquencies for accruing loans by type and by amount at March 31, 2022 and December 31, 2021 (in thousands):     

 March 31, 2022December 31, 2021
Held-for-investment
Real estate loans:
Multifamily$2,804 $— 
Commercial304 144 
One-to-four family residential554 593 
Home equity and lines of credit265 412 
Commercial and industrial loans141 2 
Other loans16 15 
Total delinquent accruing loans held-for-investment$4,084 $1,166 

The increase in delinquent multifamily loans was primarily due to one loan with a balance of $2.2 million that became delinquent during the current quarter. The loan is well-secured by a residential apartment building in Brooklyn, New York, with an appraised value of $3.6 million.

Loans Subject to TDR Agreements
 
Included in non-accruing loans are loans subject to TDR agreements totaling $3.2 million and $3.2 million at March 31, 2022, and December 31, 2021, respectively. There were no loans modified as a TDR during the three months ended March 31, 2022. At March 31, 2022, two of the non-accruing TDRs with an aggregate net loan balance of $435,000 were not performing in accordance with their terms and are collateralized by real estate with an estimated fair value of $620,000. At December 31, 2021, one of the non-accruing TDRs totaling $368,000 was not performing in accordance with its terms and is collateralized by real estate with an appraised value of $620,000.

The Company also holds loans subject to TDR agreements that are on accrual status totaling $5.4 million and $5.8 million at March 31, 2022 and December 31, 2021, respectively. At March 31, 2022, $4.7 million, or 87.9%, of the $5.4 million of accruing loans subject to TDR agreements were performing in accordance with their restructured terms. At December 31, 2021, $5.7 million, or 97.5%, of the $5.8 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. 

48
The following table details the amounts and categories of the loans subject to restructuring agreements by loan type as of March 31, 2022 and December 31, 2021 (in thousands):
 
March 31, 2022December 31, 2021
Non-AccruingAccruingNon-AccruingAccruing
Real estate loans:
Multifamily$— $603 $— $603 
Commercial3,200 3,289 3,219 3,508 
One-to-four family residential— 1,369 — 1,562 
Home equity and lines of credit— 35 — 38 
Commercial and industrial loans— 101 — 109 
$3,200 $5,397 $3,219 $5,820 
Performing in accordance with restructured terms86.4 %87.9 %88.6 %97.5 %
Other

During the fourth quarter of 2021, the Bank downgraded a lending relationship with an outstanding principal balance at December 31, 2021, of approximately $15.6 million to substandard, which is comprised of two commercial real estate loans with balances of $10.9 million, and a commercial line of credit secured by all unencumbered business assets with a balance of $4.7 million. In addition, the Bank has a commitment to fund $1.8 million under the line of credit with one of the entities in the relationship and all draws on the line are at the discretion of the Bank.
The commercial real estate loans are secured by two commercial properties with a current appraised value of $19.2 million. The lending relationship was downgraded as a result of legal matters against certain officers of the borrowing entities, including certain individuals who are guarantors to the loans, and the impact such legal matters may have on the future operations of the entities.
All loans under the lending relationship are current as of May 10, 2022, and the entities continue to operate. The Bank continues to evaluate the financial condition, operating results and cash flows of the related entities and guarantors. At March 31, 2022, approximately $1.6 million of the allowance for credit losses has been designated to this lending relationship. Based on information available, the loans have not been designated as impaired and remain on accrual status. However, there can be no assurances that one or more of the loans under the relationship will not migrate to non-accrual status in the future or require the establishment of additional loan losses reserves.
During 2022, the Bank and the customer extended the maturity date of the commercial line of credit from March 1, 2022 to May 2, 2022, and the Bank has received paydowns of approximately $3.6 million on the commercial line of credit, reducing the outstanding balance to approximately $1.1 million.
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, to repay borrowings as they mature, and to fund new loans and investments as opportunities arise.
49
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 an overnight line of credit, were $390.0 million at March 31, 2022, and had a weighted average interest rate of 2.10%. A total of $132.5 million of these borrowings will mature in less than one year. Borrowed funds, excluding floating rate advances and an overnight line of credit, were $415.0 million at December 31, 2021. The Bank has the ability to obtain additional funding from the FHLB of approximately $2.10 billion utilizing unencumbered securities of $568.2 million, loans of $1.53 billion, and encumbered securities of $2.8 million at March 31, 2022. Additionally, the Bank has remaining borrowing capacity utilizing encumbered securities through the FRB Discount Window of $1.6 million. 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, 2022, Northfield Bancorp, Inc. (standalone) had liquid assets of $19.9 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 Economic Growth, Regulatory Relief, and Consumer Protection Act, the federal banking agencies developed 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 could elect to be subject to this new definition. Northfield Bank and Northfield Bancorp elected to opt into the CBLR framework. The CBLR replaced 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, modified the CBLR framework so that the minimum CBLR was 8% beginning in the second quarter and for the remainder of calendar year 2020, 8.5% for calendar year 2021, and 9% thereafter.

50
At March 31, 2022, and December 31, 2021, 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.
    
Northfield BankNorthfield Bancorp, Inc.For Capital Adequacy PurposesFor Well Capitalized Under Prompt Corrective Action Provisions
As of March 31, 2022:
CBLR12.07%12.80%9.00%9.00%
As of December 31, 2021:
CBLR12.24%12.93%8.50%8.50%
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.
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 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. At March 31, 2022, the reserve for commitments to fund unused lines of credit recorded in accrued expenses and other liabilities was $2.1 million.

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, 2021.

Accounting Pronouncements Not Yet Adopted
    
Accounting Standards Update ("ASU") No. 2020-04. On March 12, 2020, the 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 Consolidated Financial Statements.

ASU No. 2022-02. On March 31, 2022, the FASB issued ASU No. 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures”. The amendments in this ASU were issued to (1) eliminate accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty; (2) require disclosures of current period gross write-offs by year of origination for financing receivables and net investments in leases. For entities that have adopted the amendments in ASU 2016-13, Measurement of Credit Losses on Financial Instruments, this update will be effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2022. Early adoption is permitted. The amendments in this ASU should be applied prospectively, except for the transition method related to the recognition and measurement of TDRs, where there is an option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating the impact of this standard to the Consolidated Financial Statements.


51
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 Senior Vice President (“SVP”) & Chief Investment Officer and Treasurer, who chairs this Committee, our President and Chief Executive Officer, our Executive Vice President (“EVP”) & Chief Risk Officer, our EVP & Chief Financial Officer, our EVP & Chief Lending Officer, our EVP of Business Development, Branch Administration and Deposit Operations, and our 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 our 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, 2022 and December 31, 2021, 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.
52
 
NPV at March 31, 2022
Change in Interest Rates (basis points)Estimated Present Value of AssetsEstimated Present Value of LiabilitiesEstimated NPVEstimated Change In NPVEstimated Change in NPV %Estimated NPV/Present Value of Assets RatioNext 12 Months Net Interest Income Percent ChangeMonths 13-24 Net Interest Income Percent Change
+400$4,958,292 $4,059,889 $898,403 $(163,150)(15.37)%18.12 %(15.09)%3.81 %
+3005,075,259 4,136,507 938,752 (122,801)(11.57)18.50 (11.11)3.07 
+2005,199,544 4,217,361 982,183 (79,370)(7.48)18.89 (7.08)2.52 
+1005,326,379 4,303,002 1,023,377 (38,176)(3.60)19.21 (3.21)1.61 
—5,455,541 4,393,988 1,061,553 — — 19.46 — — 
(100)5,593,498 4,537,614 1,055,884 (5,669)(0.53)18.88 (3.95)(8.13)
(200)5,725,928 4,689,790 1,036,138 (25,415)(2.39)18.10 (6.61)(13.52)
     
 
NPV at December 31, 2021
Change in Interest Rates (basis points)Estimated Present Value of AssetsEstimated Present Value of LiabilitiesEstimated NPVEstimated Change In NPVEstimated Change in NPV %Estimated NPV/Present Value of Assets RatioNext 12 Months Net Interest Income Percent ChangeMonths 13-24 Net Interest Income Percent Change
+400$5,036,366 $4,101,782 $934,584 $(145,605)(13.48)%18.56 %(14.49)%4.48 %
+3005,155,293 4,180,838 974,455 (105,734)(9.79)18.90 (10.51)3.78 
+2005,279,904 4,264,283 1,015,621 (64,568)(5.98)19.24 (6.51)3.32 
+1005,405,275 4,352,712 1,052,563 (27,626)(2.56)19.47 (2.79)2.20 
—5,526,916 4,446,727 1,080,189 — — 19.54 — — 
(100)5,650,190 4,594,219 1,055,971 (24,218)(2.24)18.69 (3.83)(7.93)
(200)5,765,436 4,715,356 1,050,080 (30,109)(2.79)18.21 (6.02)(11.42)
At March 31, 2022, in the event of a 200 basis point decrease in interest rates, we would experience a 2.39% decrease in estimated net portfolio value, a 6.61% decrease in net interest income in year one, and a 13.52% decrease in net interest income in year two. In the event of a 400 basis point increase in interest rates, we would experience a 15.37% decrease in estimated net portfolio value, a 15.09% decrease in net interest income in year one and a 3.81% 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 10% 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, 2022 and December 31, 2021, 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.
53
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, 2022. 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, 2022, 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.
54
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
During the quarter ended March 31, 2022, there have been no material changes to the risk factors as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the Securities and Exchange Commission, or as previously disclosed in our other filings with the Securities and Exchange Commission.

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.  
On March 18, 2021, the Board of Directors of the Company approved a new stock repurchase program. The program permitted $54.2 million of the Company's 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 depended 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 were held as treasury stock and available for general corporate purposes. The repurchases could 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. The stock repurchase program concluded as of March 31, 2022.

The following table reports information regarding purchases of the Company’s common stock during the three months ended March 31, 2022.
Period(a) Total Number of Shares Purchased(b) Average Price Paid per Share(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(d) Maximum Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (in thousands)
January 1, 2022 to January 31, 2022— $— — $8,328 
February 1, 2022 to February 28, 2022528,122 15.60 528,122— 
March 1, 2022 to March 31, 2022— — — — 
Total528,122 15.60528,122

ITEM 3.     DEFAULTS UPON SENIOR SECURITIES
    None.

ITEM 4.     MINE SAFETY DISCLOSURES
    Not applicable.

ITEM 5.     OTHER INFORMATION
    None.

55
Table of Contents
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 NumberDescription
Certification of Steven M. Klein, Chairman, President and Chief Executive Officer, Pursuant to Rule 13a-14(a) and Rule 15d-14(a).
Certification of William R. Jacobs, Executive Vice President and Chief Financial Officer, Pursuant to Rule 13a-14(a) and Rule 15d-14(a).
Certification of Steven M. Klein, Chairman, President and Chief Executive Officer, and William R. Jacobs, Executive Vice President and 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.INSXBRL (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.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
104
Cover page information from the Company's Quarterly Report on Form 10-Q filed May 10, 2022, formatted in Inline XBRL.
56
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 10, 2022
/s/   Steven M. Klein
Steven M. Klein
Chairman, President and Chief Executive Officer
 
/s/   William R. Jacobs
William R. Jacobs
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
57

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