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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 FY2024 Q2

Northfield Bancorp - 10-Q quarterly report FY2024 Q2


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 June 30, 2024
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 July 31, 2024, the registrant had 43,186,202 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.
43
Item 3.
58
Item 4.
60
   
PART II - OTHER INFORMATION 
Item 1.
61
Item 1A.
61
Item 2.
61
Item 3.
61
Item 4.
61
Item 5.
62
Item 6.
62
 
63
3

PART I
ITEM 1.     FINANCIAL STATEMENTS

NORTHFIELD BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands, except share amounts)
 June 30, 2024December 31, 2023
ASSETS:  
Cash and due from banks$14,575 $13,889 
Interest-bearing deposits in other financial institutions138,914 215,617 
Total cash and cash equivalents153,489 229,506 
Trading securities12,939 12,549 
Debt securities available-for-sale, at estimated fair value (with no allowance for credit losses at June 30, 2024 and December 31, 2023)
1,119,439 795,464 
Debt securities held-to-maturity, at amortized cost 9,749 9,866 
(estimated fair value of $9,235 at June 30, 2024, and $9,586 at December 31, 2023, with no allowance for credit losses at June 30, 2024 and December 31, 2023)
Equity securities13,964 10,629 
Loans held-for-investment4,091,220 4,203,654 
Less: allowance for credit losses(34,780)(37,535)
Net loans held-for-investment4,056,440 4,166,119 
Accrued interest receivable19,343 18,491 
Bank-owned life insurance173,483 171,543 
Federal Home Loan Bank (“FHLB”) of New York stock, at cost
41,785 39,667 
Operating lease right-of-use assets29,305 30,202 
Premises and equipment, net23,628 24,771 
Goodwill41,012 41,012 
Other assets51,785 48,577 
Total assets$5,746,361 $5,598,396 
LIABILITIES AND STOCKHOLDERS’ EQUITY:  
LIABILITIES:  
Deposits$3,798,474 $3,878,435 
Securities sold under agreements to repurchase— 25,000 
FHLB advances and other borrowings1,089,727 834,272 
Subordinated debentures, net of issuance costs61,331 61,219 
Operating lease liabilities34,035 35,205 
Advance payments by borrowers for taxes and insurance26,113 25,102 
Accrued expenses and other liabilities43,657 39,718 
Total liabilities5,053,337 4,898,951 
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
  
June 30, 2024 and December 31, 2023, 43,466,961 and 44,524,929 outstanding at June 30, 2024 and December 31, 2023, respectively
648 648 
Additional paid-in-capital589,349 590,973 
Unallocated common stock held by employee stock ownership plan(13,909)(14,340)
Retained earnings434,310 433,227 
Accumulated other comprehensive loss(29,401)(32,442)
Treasury stock at cost: 21,303,914 and 20,245,946 shares at June 30, 2024 and December 31, 2023, respectively
(287,973)(278,621)
Total stockholders’ equity693,024 699,445 
Total liabilities and stockholders’ equity$5,746,361 $5,598,396 
See accompanying notes to unaudited consolidated financial statements.
4

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

 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Interest income:    
Loans$45,967 $45,300 $92,014 $89,007 
Mortgage-backed securities7,355 3,714 11,753 7,506 
Other securities3,506 1,113 7,347 2,498 
FHLB of New York dividends935 727 1,905 1,192 
Deposits in other financial institutions2,457 816 5,849 1,394 
Total interest income60,220 51,670 118,868 101,597 
Interest expense:  
Deposits20,664 10,483 39,937 18,304 
Borrowings10,041 9,198 20,704 15,589 
Subordinated debt828 828 1,656 1,647 
Total interest expense31,533 20,509 62,297 35,540 
Net interest income28,687 31,161 56,571 66,057 
(Benefit) provision for credit losses (618)30 (203)894 
Net interest income after (benefit) provision for credit losses 29,305 31,131 56,774 65,163 
Non-interest income:  
Fees and service charges for customer services1,570 1,309 3,185 2,689 
Income on bank-owned life insurance976 889 1,940 1,759 
Gains (losses) on available-for-sale debt securities, net1 (18)1 (17)
Gains on trading securities, net188 506 887 1,018 
Gain on sale of loans51 35 51 35 
Other73 95 176 664 
Total non-interest income2,859 2,816 6,240 6,148 
Non-interest expense:  
Compensation and employee benefits13,388 12,353 26,153 23,390 
Occupancy3,222 3,244 6,775 6,616 
Furniture and equipment477 460 961 914 
Data processing2,177 2,071 4,324 4,314 
Professional fees681 768 1,490 1,739 
Advertising482 573 1,000 1,420 
Federal Deposit Insurance Corporation insurance649 568 1,237 1,172 
Credit loss expense (benefit) for off-balance sheet exposures103 (661)186 (550)
Other1,814 1,399 3,199 2,888 
Total non-interest expense22,993 20,775 45,325 41,903 
Income before income tax expense9,171 13,172 17,689 29,408 
Income tax expense3,214 3,613 5,518 8,142 
Net income$5,957 $9,559 $12,171 $21,266 
Net income per common share:  
Basic$0.14 $0.22 $0.29 $0.48 
Diluted$0.14 $0.22 $0.29 $0.48 
See accompanying notes to unaudited consolidated financial statements.
5

NORTHFIELD BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - (Continued)
(Unaudited) (In thousands) 
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Net income$5,957 $9,559 $12,171 $21,266 
Other comprehensive income (loss):
Unrealized gains (losses) on debt securities available-for-sale:  
Net unrealized holding gains (losses)3,199 (3,891)4,175 4,506 
Less: reclassification adjustment for net (gains) losses included in net income (1)18 (1)17 
Net unrealized gains (losses)3,198 (3,873)4,174 4,523 
Post-retirement benefits adjustment— — 58 — 
Other comprehensive income (loss) before tax3,198 (3,873)4,232 4,523 
Income tax (expense) benefit related to net unrealized holding gains (losses) on debt securities available-for-sale (900)1,089 (1,175)(1,261)
Income tax benefit related to reclassification adjustment for losses included in net income— (5)— (5)
Income tax benefit related to post retirement benefit adjustment— — (16)— 
Other comprehensive income (loss), net of tax2,298 (2,789)3,041 3,257 
Comprehensive income$8,255 $6,770 $15,212 $24,523 


See accompanying notes to unaudited consolidated financial statements.
6

NORTHFIELD BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
Three Months Ended June 30, 2024 and 2023
(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 March 31, 2023
46,530,167 $648 $588,532 $(15,422)$424,148 $(42,285)$(257,455)$698,166 
Net income    9,559   9,559 
Other comprehensive loss, net of tax     (2,789) (2,789)
ESOP shares allocated or committed to be released  67 230    297 
Stock compensation expense  505     505 
Restricted stock forfeitures(16,154)231 (231)— 
Cash dividends declared and paid ($0.13 per common share)
   (5,786)  (5,786)
Repurchase of treasury stock (average cost of $10.48 per share)
(1,270,340)     (13,311)(13,311)
Balance at June 30, 202345,243,673 $648 $589,335 $(15,192)$427,921 $(45,074)$(270,997)$686,641 
Balance at March 31, 2024
44,462,652 $648 $588,919 $(14,124)$433,878 $(31,699)$(279,193)$698,429 
Net income    5,957   5,957 
Other comprehensive income, net of tax     2,298  2,298 
ESOP shares allocated or committed to be released  10 215    225 
Stock compensation expense  295    295 
Restricted stock issuance4,116  (25)   25 — 
Restricted stock forfeitures(11,049)150 (150)— 
Cash dividends declared and paid ($0.13 per common share)
   (5,525)  (5,525)
Repurchase of treasury stock (average cost of $8.77 per share)
(988,758)(8,655)(8,655)
Balance at June 30, 202443,466,961 $648 $589,349 $(13,909)$434,310 $(29,401)$(287,973)$693,024 



See accompanying notes to unaudited consolidated financial statements.
7

NORTHFIELD BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
Six Months Ended June 30, 2024 and 2023
(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, 202247,442,488 $648 $590,249 $(15,650)$418,353 $(48,331)$(243,879)$701,390 
Net income    21,266   21,266 
Other comprehensive income, net of tax     3,257  3,257 
ESOP shares allocated or committed to be released  232 458    690 
Stock compensation expense  1,223     1,223 
Restricted stock issuance173,060 (2,670)2,670 — 
Restricted stock forfeitures(21,252)308 (308)— 
Exercise of stock options, net7,600  (7)  107 100 
Cash dividends declared and paid ($0.26 per common share)
    (11,698)  (11,698)
Repurchase of treasury stock (average cost of $12.42 per share)
(2,358,223)     (29,587)(29,587)
Balance at June 30, 202345,243,673 $648 $589,335 $(15,192)$427,921 $(45,074)$(270,997)$686,641 
Balance at December 31, 202344,524,929 $648 $590,973 $(14,340)$433,227 $(32,442)$(278,621)$699,445 
Net income    12,171   12,171 
Other comprehensive income, net of tax     3,041  3,041 
ESOP shares allocated or committed to be released  77 431    508 
Stock compensation expense  915    915 
Restricted stock issuance213,702  (2,772)   2,772 — 
Restricted stock forfeitures(11,516)156 (156)— 
Cash dividends declared and paid ($0.26 per common share)
    (11,088)  (11,088)
Purchase of employee restricted stock to fund statutory tax withholding(18,765)(223)(223)
Repurchase of treasury stock (average cost of $9.46 per share)
(1,241,389)(11,745)(11,745)
Balance at June 30, 202443,466,961 $648 $589,349 $(13,909)$434,310 $(29,401)$(287,973)$693,024 

See accompanying notes to unaudited consolidated financial statements.
8

NORTHFIELD BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (In thousands)
Six Months Ended June 30,
 20242023
Net income$12,171 $21,266 
Adjustments to reconcile net income to net cash provided by operating activities:  
(Benefit) provision for credit losses(203)894 
ESOP and stock compensation expense1,423 1,913 
Depreciation1,835 1,832 
(Accretion) amortization of premiums and deferred loan costs, net of accretion of discounts and deferred loan fees(335)3,876 
Amortization of debt issuance costs112 112 
Amortization of intangible assets43 62 
Amortization of operating lease right-of-use assets2,330 2,341 
Income on bank-owned life insurance(1,940)(1,759)
Net gain on sale of loans(51)(35)
Proceeds from sale of loans held-for-sale673 498 
Origination of loans held-for-sale(622)(1,440)
(Gains) losses on available-for-sale debt securities, net(1)17 
Gains on trading securities, net(887)(1,018)
Loss on sale of other real estate owned, net— 7 
Net sales of trading securities497 38 
Increase in accrued interest receivable(852)(295)
Increase in other assets(6,984)(6,983)
Increase (decrease) in accrued expenses and other liabilities3,939 (307)
Net cash provided by operating activities11,148 21,019 
Cash flows from investing activities:  
Net decrease (increase) in loans receivable109,157 (29,716)
Purchases of loans— (3,781)
Purchases of FHLB of New York stock(4,325)(36,054)
Redemptions of FHLB of New York stock2,207 26,060 
Purchases of debt securities available-for-sale (781,534)— 
Purchases of equity securities(3,335)(210)
Principal payments and maturities on debt securities available-for-sale 462,790 151,279 
Principal payments and maturities on debt securities held-to-maturity118 432 
Proceeds from sale of other real estate owned— 63 
Purchases and improvements of premises and equipment(692)(1,561)
Net cash (used in) provided by investing activities(215,614)106,512 
Cash flows from financing activities:  
Net decrease in deposits(79,961)(385,816)
Dividends paid(11,088)(11,698)
Exercise of stock options— 100 
Purchase of treasury stock(11,968)(29,587)
Increase in advance payments by borrowers for taxes and insurance1,011 3,122 
Proceeds from borrowings and securities sold under agreements to repurchase375,000 692,788 
Repayments related to securities sold under agreements to repurchase and other borrowings(144,545)(353,112)
Net cash provided by (used in) financing activities128,449 (84,203)
Net (decrease) increase in cash and cash equivalents(76,017)43,328 
Cash and cash equivalents at beginning of period229,506 45,799 
Cash and cash equivalents at end of period$153,489 $89,127 

See accompanying notes to unaudited consolidated financial statements
9

NORTHFIELD BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS - (Continued)
(Unaudited) (In thousands)
Six Months Ended June 30,
20242023
Supplemental cash flow information:  
Cash paid during the period for:  
Interest$59,205 $33,942 
Income taxes4,085 10,156 
Non-cash transactions:
Loan charge-offs, net2,552 2,357 
Transfer of loans held-for-investment to other real estate owned— 70 
Right-of-use assets obtained in exchange for new lease liabilities1,432 63 


See accompanying notes to unaudited consolidated financial statements.

10
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 and six months ended June 30, 2024 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2024 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 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, 2023, as filed with the SEC. 


11
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
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 June 30, 2024 and December 31, 2023 (in thousands):

 June 30, 2024
  GrossGrossEstimated
 Amortizedunrealizedunrealizedfair
 costgainslossesvalue
U.S. Treasuries$74,635 $2 $— $74,637 
U.S. Government agency securities75,801 — (1,679)74,122 
Mortgage-backed securities:
Pass-through certificates:    
Government sponsored enterprises ("GSEs")320,603 — (27,331)293,272 
Real estate mortgage investment conduits ("REMICs"):    
GSE538,178 564 (10,512)528,230 
Total mortgage-backed securities858,781 564 (37,843)821,502 
Other debt securities:    
Municipal bonds765 — — 765 
Corporate bonds150,304 71 (1,962)148,413 
151,069 71 (1,962)149,178 
Total debt securities available-for-sale$1,160,286 $637 $(41,484)$1,119,439 

 December 31, 2023
  GrossGrossEstimated
 Amortizedunrealizedunrealizedfair
 costgainslossesvalue
U.S. Treasuries$44,364 $15 $— $44,379 
U.S. Government agency securities75,898 — (1,990)73,908 
Mortgage-backed securities: 
Pass-through certificates: 
GSE365,823 2 (28,285)337,540 
REMICs: 
GSE224,931 — (11,831)213,100 
Total mortgage-backed securities590,754 2 (40,116)550,640 
Other debt securities:
Municipal bonds765 — (2)763 
Corporate bonds128,704 43 (2,973)125,774 
129,469 43 (2,975)126,537 
Total debt securities available-for-sale$840,485 $60 $(45,081)$795,464 
12
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
The following is a summary of the expected maturity distribution of debt securities available-for-sale, other than mortgage-backed securities, at June 30, 2024 (in thousands):
Available-for-saleAmortized costEstimated fair value
Due in one year or less$170,226 $168,353 
Due after one year through five years123,280 122,198 
Due after five years through ten years7,999 7,386 
 $301,505 $297,937 
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 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 June 30, 2024 and December 31, 2023, the fair value of debt securities available-for-sale that were pledged to secure borrowings and deposits was $449.6 million and $272.9 million, respectively.

For the three months ended June 30, 2024, the Company had no proceeds on sales of debt securities available-for-sale, with no gross realized losses and gross realized gains of $1,000 related to calls of securities. For the six months ended June 30, 2024, the Company had no proceeds on sales of debt securities available-for-sale, with no gross realized losses and gross realized gains of $1,000 related to calls of securities. For the three months ended June 30, 2023, the Company had no proceeds on sales of debt securities available-for-sale, with gross realized gains of $21,000 and gross realized losses of $39,000 related to the calls of securities. For the six months ended June 30, 2023, the Company had no proceeds on sales of debt securities available-for-sale, with gross realized gains of $22,000 and gross realized losses of $39,000 related to the calls of securities. The Company recognized net gains of $188,000 and $887,000 on its trading securities portfolio during the three and six months ended June 30, 2024, respectively. During the three and six months ended June 30, 2023, the Company recognized net gains of $506,000 and $1.0 million, respectively, on its trading securities portfolio.

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 June 30, 2024 and December 31, 2023, were as follows (in thousands):

 June 30, 2024
 Less than 12 months12 months or moreTotal
 UnrealizedEstimatedUnrealizedEstimatedUnrealizedEstimated
 lossesfair valuelossesfair valuelossesfair value
U.S. Treasuries$— $— $— $— $— $— 
U.S. Government agency securities— — (1,679)74,122 (1,679)74,122 
Mortgage-backed securities:
Pass-through certificates:      
GSE— 24 (27,331)293,200 (27,331)293,224 
REMICs:      
GSE(318)166,425 (10,194)189,081 (10,512)355,506 
Other debt securities:      
Municipal bonds— — — — 
Corporate bonds(28)73,740 (1,934)36,897 (1,962)110,637 
Total$(346)$240,189 $(41,138)$593,300 $(41,484)$833,489 

13
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
 December 31, 2023
 Less than 12 months12 months or moreTotal
 UnrealizedEstimatedUnrealizedEstimatedUnrealizedEstimated
 lossesfair valuelossesfair valuelossesfair value
U.S. Government agency securities$— $— $(1,990)$73,908 $(1,990)$73,908 
Mortgage-backed securities:      
Pass-through certificates:      
GSE— 17 (28,285)337,438 (28,285)337,455 
REMICs:      
GSE— — (11,831)213,100 (11,831)213,100 
Other debt securities:
Municipal bonds(2)763 — — (2)763 
Corporate bonds(7)9,966 (2,966)96,978 (2,973)106,944 
Total$(9)$10,746 $(45,072)$721,424 $(45,081)$732,170 
 
The Company held 115 pass-through mortgage-backed securities issued or guaranteed by GSEs, 71 REMIC mortgage-backed securities issued or guaranteed by GSEs, six corporate bonds, and five U.S. Government agency securities that were in a continuous unrealized loss position of twelve months or greater at June 30, 2024. There were six pass-through mortgage-backed securities issued or guaranteed by GSEs, 10 corporate bonds, and eight REMIC mortgage-backed securities issued or guaranteed by GSEs that were in an unrealized loss position of less than twelve months at June 30, 2024. Substantially all securities referred to above were rated investment grade at June 30, 2024.

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 record any allowance for credit losses on its available-for-sale debt securities as of June 30, 2024 or December 31, 2023. 

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 its 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.

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 totaled $3.4 million and $2.4 million, at June 30, 2024 and December 31, 2023, respectively, and was reported in accrued interest receivable on the consolidated balance sheets. The Company elected not to measure an allowance for credit losses on accrued interest receivable, as an allowance on possible uncollectible accrued interest is not warranted.
    
14
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
Note 3 – Debt Securities Held-to-Maturity

The following is a summary of mortgage-backed securities held-to-maturity at June 30, 2024 and December 31, 2023 (in thousands): 
 June 30, 2024
 Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Mortgage-backed securities:    
Pass-through certificates:    
GSE$9,749 $27 $(541)$9,235 
Total securities held-to-maturity$9,749 $27 $(541)$9,235 
 December 31, 2023
 Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Mortgage-backed securities:    
Pass-through certificates:    
GSE$9,866 $107 $(387)$9,586 
Total securities held-to-maturity$9,866 $107 $(387)$9,586 
    
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 six months ended June 30, 2024 or June 30, 2023.

At both June 30, 2024 and December 31, 2023, debt securities held-to-maturity with a carrying value of $9.6 million, respectively, 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 June 30, 2024 and December 31, 2023 were as follows (in thousands):

 June 30, 2024
 Less than 12 months12 months or moreTotal
 UnrealizedEstimatedUnrealizedEstimatedUnrealizedEstimated
 lossesfair valuelossesfair valuelossesfair value
Mortgage-backed securities:      
Pass-through certificates:      
GSE$— $— $(541)$6,412 $(541)$6,412 
Total$— $— $(541)$6,412 $(541)$6,412 

 December 31, 2023
 Less than 12 months12 months or moreTotal
 UnrealizedEstimatedUnrealizedEstimatedUnrealizedEstimated
 lossesfair valuelossesfair valuelossesfair value
Mortgage-backed securities:      
Pass-through certificates:      
GSE$— $— $(387)$6,661 $(387)$6,661 
Total$— $— $(387)$6,661 $(387)$6,661 

15
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
The Company held nine pass-through mortgage-backed debt securities held-to-maturity issued or guaranteed by GSEs that were in a continuous unrealized loss position of twelve months or greater at June 30, 2024.

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 $35,000 and $36,000, at June 30, 2024 and December 31, 2023, respectively, was reported in accrued interest receivable on the consolidated balance sheets. The Company elected not to measure an allowance for credit losses on accrued interest receivable, as an allowance on possible uncollectible accrued interest is not warranted.

Note 4 – Equity Securities

Equity securities totaled $14.0 million and $10.6 million at June 30, 2024 and December 31, 2023, respectively. Equity securities consisted of money market mutual funds, recorded at fair value of $4.0 million and $330,000 at June 30, 2024 and December 31, 2023, respectively, and an investment in a private SBA loan fund (the “SBA Loan Fund”) recorded at net asset value of $10.0 million and $10.3 million at June 30, 2024 and December 31, 2023, 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):

 June 30,December 31,
 20242023
Real estate loans: 
Multifamily$2,665,202 $2,750,996 
Commercial mortgage896,157 929,595 
One-to-four family residential mortgage151,948 160,824 
Home equity and lines of credit167,852 163,520 
Construction and land32,607 30,967 
Total real estate loans3,913,766 4,035,902 
Commercial and industrial loans 165,788 155,268 
Other loans2,322 2,585 
Total commercial and industrial and other loans168,110 157,853 
Loans held-for-investment (excluding purchased credit-deteriorated (“PCD”) loans)
4,081,876 4,193,755 
PCD loans9,344 9,899 
Total loans held-for-investment4,091,220 4,203,654 
Allowance for credit losses(34,780)(37,535)
Net loans held-for-investment$4,056,440 $4,166,119 


The Company did not have loans held-for-sale at June 30, 2024 or December 31, 2023.

16
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 $9.3 million at June 30, 2024, as compared to $9.9 million at December 31, 2023. The majority of the PCD loan balances were acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. At June 30, 2024, PCD loans consisted of approximately 11% home equity loans, 25% commercial real estate loans, 55% commercial and industrial loans, and 9% in one-to-four family residential loans. At December 31, 2023, PCD loans consisted of approximately 7% one-to-four family residential loans, 25% commercial real estate loans, 57% commercial and industrial loans, and 11% in 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 (“LTV”) 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. 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.
17
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

The following table presents the Company’s loans held-for-investment and current period gross charge-offs, excluding PCD loans, by loan class, credit risk ratings and year of origination, at June 30, 2024 (in thousands):

 June 30, 2024
 20242023202220212020PriorRevolving LoansTotal
Real Estate:   
Multifamily   
Pass$— $87,352 $608,043 $637,711 $457,576 $863,880 $544 $2,655,106 
Special mention— — — 1,207 — 785 — 1,992 
Substandard— — — — — 8,104 — 8,104 
Total multifamily— 87,352 608,043 638,918 457,576 872,769 544 2,665,202 
Current period gross charge-offs— — — — — 136 — 136 
Commercial   
Pass17,032 87,955 198,427 151,942 64,960 346,792 2,186 869,294 
Special mention— — — — — 12,216 — 12,216 
Substandard— — 4,397 — — 9,953 297 14,647 
Total commercial17,032 87,955 202,824 151,942 64,960 368,961 2,483 896,157 
One-to-four family residential   
Pass1,230 6,681 24,959 11,885 7,326 98,067 800 150,948 
Special mention— — — — — 338 — 338 
Substandard— — — — — 662 — 662 
Total one-to-four family residential1,230 6,681 24,959 11,885 7,326 99,067 800 151,948 
Home equity and lines of credit
Pass7,391 21,529 32,236 13,430 6,903 18,511 66,127 166,127 
Special mention— — 271 — — 64 — 335 
Substandard— — 781 422 24 163 — 1,390 
Total home equity and lines of credit7,391 21,529 33,288 13,852 6,927 18,738 66,127 167,852 
Construction and land
Pass4 8,546 5,910 626 10,907 5,964 650 32,607 
Total construction and land4 8,546 5,910 626 10,907 5,964 650 32,607 
Total real estate loans25,657 212,063 875,024 817,223 547,696 1,365,499 70,604 3,913,766 
Commercial and industrial
Pass2,315 16,993 23,401 14,991 2,959 7,027 79,659 147,345 
Special mention— — 36 — — 40 — 76 
Substandard— 434 2,289 14,579 788 277 — 18,367 
Total commercial and industrial2,315 17,427 25,726 29,570 3,747 7,344 79,659 165,788 
Current period gross charge-offs— — 1,206 1,272 2 7 — 2,487 
Other
Pass2,263 — — — 15 12 26 2,316 
Substandard— — — — — 6 — 6 
Total other2,263 — — — 15 18 26 2,322 
Total loans held-for-investment$30,235 $229,490 $900,750 $846,793 $551,458 $1,372,861 $150,289 $4,081,876 
Total current-period gross charge-offs$— $— $1,206 $1,272 $2 $143 $— $2,623 



18
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
The following table presents the Company’s loans held-for-investment and current period gross charge-offs, excluding PCD loans, by loan class, credit risk ratings and year of origination, at December 31, 2023 (in thousands):

 
December 31, 2023
 20232022202120202019PriorRevolving LoansTotal
Real Estate:   
Multifamily   
Pass$88,435 $615,028 $648,328 $464,995 $248,190 $676,544 $570 $2,742,090 
Special mention— — — — — 328 — 328 
Substandard— — — — — 8,578 — 8,578 
Total multifamily88,435 615,028 648,328 464,995 248,190 685,450 570 2,750,996 
Commercial   
Pass89,072 211,754 147,656 66,207 86,736 299,615 1,812 902,852 
Special mention— — 8,528 — — 4,369 — 12,897 
Substandard— 2,838 — — — 10,708 300 13,846 
Total commercial89,072 214,592 156,184 66,207 86,736 314,692 2,112 929,595 
One-to-four family residential   
Pass6,747 26,198 12,039 8,321 9,064 96,569 829 159,767 
Special mention— — — — — 347 — 347 
Substandard— — — — — 710 — 710 
Total one-to-four family residential6,747 26,198 12,039 8,321 9,064 97,626 829 160,824 
Home equity and lines of credit
Pass23,400 33,022 14,316 7,179 5,353 13,658 65,287 162,215 
Special mention— — — — — 67 — 67 
Substandard— 627 423 24 89 75 — 1,238 
Total home equity and lines of credit23,400 33,649 14,739 7,203 5,442 13,800 65,287 163,520 
Construction and land
Pass4,877 6,091 630 10,236 1,192 7,291 650 30,967 
Total construction and land4,877 6,091 630 10,236 1,192 7,291 650 30,967 
Total real estate loans212,531 895,558 831,920 556,962 350,624 1,118,859 69,448 4,035,902 
Commercial and industrial
Pass17,197 26,075 17,485 2,727 2,602 7,296 65,603 138,985 
Special mention— 542 361 39 — 56 250 1,248 
Substandard— 847 13,843 132 45 168 — 15,035 
Total commercial and industrial17,197 27,464 31,689 2,898 2,647 7,520 65,853 155,268 
Current period gross charge-offs1,488 2,818 1,439 437 62 328 — 6,572 
Other
Pass2,463 — — 53 — 23 39 2,578 
Substandard— — — — — 7 — 7 
Total other2,463 — — 53 — 30 39 2,585 
Total loans held-for-investment$232,191 $923,022 $863,609 $559,913 $353,271 $1,126,409 $135,340 $4,193,755 
Total current-period gross charge-offs$1,488 $2,818 $1,439 $437 $62 $328 $— $6,572 
19
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 $16.7 million and $10.1 million at June 30, 2024 and December 31, 2023, 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 revised 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 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 Troubled Debt Restructurings (“TDRs”) prior to the adoption of Accounting Standards Update (“ASU”) No. 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”) are individually evaluated. See “Loan Modifications Made to Borrowers Experiencing Financial Difficulty” section below for more information. The non-accrual amounts included in loans individually evaluated for impairment were $10.2 million and $6.0 million at June 30, 2024, and December 31, 2023, 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 $6.5 million and $4.1 million at June 30, 2024 and December 31, 2023, respectively. Loans past due 90 days or more and still accruing interest were $603,000 and $1.3 million at June 30, 2024 and December 31, 2023, respectively, and consisted of loans that are well-secured and in the process of collection.
20
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
The following tables set forth the detail, and delinquency status, of non-performing loans (non-accrual loans and loans past due 90 days or more and still accruing), net of deferred fees and costs, at June 30, 2024, and December 31, 2023, excluding PCD loans (in thousands):

 June 30, 2024
 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$1,748 $— $943 $2,691 $— $2,691 
Total multifamily1,748 — 943 2,691 — 2,691 
Commercial
Substandard749 — 9,495 10,244 — 10,244 
Total commercial749 — 9,495 10,244 — 10,244 
One-to-four family residential      
Substandard69 — — 69 136 205 
Total one-to-four family residential69 — — 69 136 205 
Home equity and lines of credit      
Special mention— — — — 201 201 
Substandard21 47 1,056 1,124 266 1,390 
Total home equity and lines of credit21 47 1,056 1,124 467 1,591 
Total real estate 2,587 47 11,494 14,128 603 14,731 
Commercial and industrial loans      
Substandard121 — 2,449 2,570 — 2,570 
Total commercial and industrial loans121 — 2,449 2,570 — 2,570 
Other loans      
Substandard6 — — 6 — 6 
Total other 6 — — 6 — 6 
Total non-performing loans $2,714 $47 $13,943 $16,704 $603 $17,307 
21
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

 December 31, 2023
 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$1,906 $— $803 $2,709 $201 $2,910 
Total multifamily1,906 — 803 2,709 201 2,910 
Commercial
Substandard3,245 65 3,181 6,491 — 6,491 
Total commercial3,245 65 3,181 6,491 — 6,491 
One-to-four family residential      
Pass— — — — 267 267 
Substandard77 — 27 104 139 243 
Total one-to-four family residential77 — 27 104 406 510 
Home equity and lines of credit
Pass— — — — 61 61 
Substandard21 — 478 499 650 1,149 
Total home equity and lines of credit21 — 478 499 711 1,210 
Total real estate5,249 65 4,489 9,803 1,318 11,121 
Commercial and industrial loans      
Substandard73 40 192 305 — 305 
Total commercial and industrial loans73 40 192 305 — 305 
Other loans
Substandard7 — — 7 — 7 
Total other7 — — 7 — 7 
Total non-performing loans$5,329 $105 $4,681 $10,115 $1,318 $11,433 
22
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 June 30, 2024, and December 31, 2023 (in thousands):

 June 30, 2024
 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$169 $— $— $169 $2,654,937 $2,655,106 
Special mention— — — — 1,992 1,992 
Substandard— 943 — 943 7,161 8,104 
Total multifamily169 943 — 1,112 2,664,090 2,665,202 
Commercial  
Pass327 — — 327 868,967 869,294 
Special mention— — — — 12,216 12,216 
Substandard1,229 9,495 — 10,724 3,923 14,647 
Total commercial1,556 9,495 — 11,051 885,106 896,157 
One-to-four family residential  
Pass1,708 — — 1,708 149,240 150,948 
Special mention61 — — 61 277 338 
Substandard— — 136 136 526 662 
Total one-to-four family residential1,769 — 136 1,905 150,043 151,948 
Home equity and lines of credit
Pass681 — — 681 165,446 166,127 
Special mention105 — 201 306 29 335 
Substandard47 1,056 266 1,369 21 1,390 
Total home equity and lines of credit833 1,056 467 2,356 165,496 167,852 
Construction and land  
Pass— — — — 32,607 32,607 
Total construction and land— — — — 32,607 32,607 
Total real estate4,327 11,494 603 16,424 3,897,342 3,913,766 
Commercial and industrial   
Pass656 — — 656 146,689 147,345 
Special mention— — — — 76 76 
Substandard1,320 2,449 — 3,769 14,598 18,367 
Total commercial and industrial 1,976 2,449 — 4,425 161,363 165,788 
Other loans  
Pass8 — — 8 2,308 2,316 
Substandard— — — — 6 6 
Total other loans8 — — 8 2,314 2,322 
Total loans held-for-investment$6,311 $13,943 $603 $20,857 $4,061,019 $4,081,876 

23
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
 December 31, 2023
 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$740 $— $— $740 $2,741,350 $2,742,090 
Special mention— — — — 328 328 
Substandard— 803 201 1,004 7,574 8,578 
Total multifamily740 803 201 1,744 2,749,252 2,750,996 
Commercial
Pass954 — — 954 901,898 902,852 
Special mention— — — — 12,897 12,897 
Substandard121 3,181 — 3,302 10,544 13,846 
Total commercial1,075 3,181 — 4,256 925,339 929,595 
One-to-four family residential
Pass3,275 — 267 3,542 156,225 159,767 
Special mention64 — — 64 283 347 
Substandard— 27 139 166 544 710 
Total one-to-four family residential3,339 27 406 3,772 157,052 160,824 
Home equity and lines of credit
Pass691 — 61 752 161,463 162,215 
Special mention37 — — 37 30 67 
Substandard89 478 650 1,217 21 1,238 
Total home equity and lines of credit817 478 711 2,006 161,514 163,520 
Construction and land
Pass— — — — 30,967 30,967 
Total construction and land— — — — 30,967 30,967 
Total real estate5,971 4,489 1,318 11,778 4,024,124 4,035,902 
Commercial and industrial
Pass1,726 — — 1,726 137,259 138,985 
Special mention385 — — 385 863 1,248 
Substandard696 192 — 888 14,147 15,035 
Total commercial and industrial2,807 192 — 2,999 152,269 155,268 
Other loans
Pass10 — — 10 2,568 2,578 
Substandard— — — — 7 7 
Total other loans10 — — 10 2,575 2,585 
Total loans held-for-investment$8,788 $4,681 $1,318 $14,787 $4,178,968 $4,193,755 

24
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
The following tables summarize information on non-accrual loans, excluding PCD loans, as of June 30, 2024 and December 31, 2023 (in thousands):
June 30, 2024
Recorded InvestmentUnpaid Principal BalanceWith No Related Allowance
Real estate loans:
Multifamily$2,691 $3,105 $1,749 
Commercial10,244 10,690 8,426 
One-to-four family residential69 69 — 
Home equity and lines of credit1,124 1,373 — 
Commercial and industrial2,570 8,370 86 
Other6 5 — 
Total non-accrual loans$16,704 $23,612 $10,261 

December 31, 2023
Recorded InvestmentUnpaid Principal BalanceWith No Related Allowance
Real estate loans:
Multifamily$2,709 $2,987 $1,906 
Commercial6,491 6,946 4,055 
One-to-four family residential104 104 — 
Home equity and lines of credit499 749 — 
Commercial and industrial305 4,405 81 
Other7 6 — 
Total non-accrual loans$10,115 $15,197 $6,042 

The following table summarizes interest income on non-accrual loans, excluding PCD loans, during the three and six months ended June 30, 2024 and June 30, 2023 (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Real estate loans:
Multifamily$40 $56 $75 $103 
Commercial31 74 154 120 
One-to-four family residential2 1 3 5 
Home equity and lines of credit7 1 7 1 
Commercial and industrial64 28 89 29 
Total interest income on non-accrual loans$144 $160 $328 $258 


25
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 June 30, 2024 and December 31, 2023, the Company had $12.0 million and $7.9 million of collateral-dependent impaired loans, respectively. The collateral-dependent loans at June 30, 2024 consisted of $9.9 million of commercial real estate loans, $1.7 million of multifamily loans, and $280,000 of one-to-four family residential loans. For the six months ended June 30, 2024, there was no significant deterioration or changes in the collateral securing these loans.

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The Company adopted ASU 2022-02 on January 1, 2023. Since adoption, the Company has modified, and may modify in the future, certain loans to borrowers experiencing financial difficulty. These modifications may include a reduction in interest rate, an extension in term, principal forgiveness and/or other than insignificant payment delay.

The following table presents the amortized cost basis at June 30, 2024 of loan modifications made to borrowers experiencing financial difficulty that were modified during the three and six months ended June 30, 2024 by class and by type of modification (dollars in thousands):
Three Months Ended June 30, 2024
Payment Delay
Term Extension(1)
Payment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionsTotalPercentage of Total Class of Financing Receivable
Commercial mortgage$— $— $— $— $— — %
Commercial and industrial— 13,378 — — 13,378 8.07 %
Total loans$— $13,378 $— $— $13,378 

Three Months Ended June 30, 2023
Payment Delay
Term Extension(1)
Payment Delay and Interest Rate ReductionPayment Delay, Term Extension, and Interest Rate ReductionsTotalPercentage of Total Class of Financing Receivable
Commercial mortgage$65 $— $— $— $65 0.01 %
Commercial and industrial— — 210 325 535 0.37 %
Total loans$65 $— $210 $325 $600 
26
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
Six Months Ended June 30, 2024
Payment Delay
Term Extension(1)
Payment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionsTotalPercentage of Total Class of Financing Receivable
Commercial mortgage$— $— $392 $297 $689 0.08 %
Commercial and industrial127 13,378 — 893 14,398 8.68 %
Total loans$127 $13,378 $392 $1,190 $15,087 
(1) Includes one loan with a balance of $13.4 million at June 30, 2024, that was risk rated substandard and was modified during the quarter ended June 30, 2024, to receive a maturity extension of 60-days through July 1, 2024. This loan previously had multiple 90-day extensions. The loan was originally downgraded to substandard due to operating losses, however the current debt service coverage ratio is 1.58x and the loan is adequately secured by eligible receivables of approximately $18 million. The loan was current as of June 30, 2024.

Six Months Ended June 30, 2023
Payment Delay
Term Extension(1)
Payment Delay and Interest Rate ReductionPayment Delay, Term Extension, and Interest Rate ReductionsTotalPercentage of Total Class of Financing Receivable
Commercial mortgage$65 $— $— $— $65 0.01 %
Commercial and industrial— — 210 325 535 0.37 %
Total loans$65 $— $210 $325 $600 

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024 (in thousands):
Weighted-Average Term Extension (in months)Weighted-Average Interest Rate Reduction
Three Months Ended June 30, 2024
Commercial and industrial2— %
Three Months Ended June 30, 2023
Commercial and industrial324.65 %
Weighted-Average Term Extension (in months)Weighted-Average Interest Rate Reduction
Six Months Ended June 30, 2024
Commercial mortgage603.00 %
Commercial and industrial3.43.00 %
Six Months Ended June 30, 2023
Commercial and industrial324.65 %

No modifications involved forgiveness of principal. There were no commitments to lend additional funds at June 30, 2024 to borrowers experiencing financial difficulty whose terms have been restructured.
27
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
For modified loans, a subsequent payment default is defined in terms of delinquency, when a principal or interest payment is 90 days past due or classified into non-accrual status during the reporting period. Of the loans modified since adoption of ASU 2022-02, there were six commercial and industrial loans with a combined balance of approximately $901,000 that subsequently defaulted and were charged-off. One additional commercial mortgage loan with a balance of approximately $245,000 also defaulted during the six months ended June 30, 2024, and was placed on non-accrual status.

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts. The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty as of June 30, 2024 (in thousands):
As of June 30, 2024
Current30-89 Days Past Due90 Days or More Past DueNon-AccrualTotal
Commercial mortgage$— $— $— $752 $752 
Commercial and industrial14,271 501 — 297 15,069 
Total loans$14,271 $501 $— $1,049 $15,821 
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. 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.

28
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
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 loans previously modified as TDRs (prior to the adoption of ASU 2022-02) 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 for modified loans 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 June 30, 2024 and December 31, 2023, the ACL for loans individually evaluated for impairment was $43,300 and $45,200, respectively.

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 already on the books). 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 as of, and for, the three and six months ended June 30, 2024, and June 30, 2023 (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Balance at beginning of period$319 $902 $236 $791 
Provision for credit losses103 (661)186 (550)
Balance at end of period$422 $241 $422 $241 


29
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 and six months ended June 30, 2024, and June 30, 2023 (in thousands):

 
Three Months Ended June 30, 2024
 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$21,266 $2,776 $2,299 $122 $7,507 $4 $33,974 $3,065 $37,039 
Charge-offs(136)— — — (1,537)— (1,673)— (1,673)
Recoveries14 — — — 18 — 32 — 32 
Provisions (credit)(1,838)(484)263 (14)1,576 (1)(498)(120)(618)
Ending balance$19,306 $2,292 $2,562 $108 $7,564 $3 $31,835 $2,945 $34,780 

 
Three Months Ended June 30, 2023
 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$28,030 $3,587 $1,398 $286 $4,366 $7 $37,674 $3,762 $41,436 
Charge-offs— — — — (355)— (355)— (355)
Recoveries29 — 1 — 13 — 43 — 43 
Provisions (credit)(3,326)227 (121)15 3,271 — 66 (36)30 
Ending balance$24,733 $3,814 $1,278 $301 $7,295 $7 $37,428 $3,726 $41,154 
(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties.
30
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

 Six Months Ended June 30, 2024
 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$23,255 $3,285 $1,705 $149 $6,050 $6 $34,450 $3,085 $37,535 
Charge-offs(136)— — — (2,487)— (2,623)— (2,623)
Recoveries28 9 — — 34 — 71 — 71 
Provisions (credit)(3,841)(1,002)857 (41)3,967 (3)(63)(140)(203)
Ending balance$19,306 $2,292 $2,562 $108 $7,564 $3 $31,835 $2,945 $34,780 
 Six Months Ended June 30, 2023
 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$29,485 $3,936 $866 $324 $4,114 $9 $38,734 $3,883 $42,617 
Charge-offs— — — — (2,411)— (2,411)(8)(2,419)
Recoveries34 — 1 — 27 — 62 — 62 
Provisions (credit)(4,786)(122)411 (23)5,565 (2)1,043 (149)894 
Ending balance$24,733 $3,814 $1,278 $301 $7,295 $7 $37,428 $3,726 $41,154 
(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties.

The allowance for credit losses on loans decreased to $34.8 million at June 30, 2024, compared to $37.5 million as of December 31, 2023, primarily due to a decrease in loan balances and an improvement in the economic forecast within our CECL model. The decrease was partially offset by increases in quantitative reserves in the commercial and industrial and home equity and lines of credit loan portfolios due to an increase in non-performing loans in these categories.

31
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 June 30, 2024 and December 31, 2023 (in thousands):
 June 30, 2024
 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$23 $— $3 $— $17 $— $43 $— $43 
Ending balance: collectively evaluated for impairment19,283 2,292 2,559 108 7,547 3 31,792 — 31,792 
Ending balance: PCD loans evaluated for impairment (2)
— — — — — — — 2,945 2,945 
Loans, net:         
Ending balance$3,561,359 $151,948 $167,852 $32,607 $165,788 $2,322 $4,081,876 $9,344 $4,091,220 
Ending balance: individually evaluated for impairment12,623 581 22 — 75 — 13,301 — 13,301 
Ending balance: collectively evaluated for impairment3,548,736 151,367 167,830 32,607 165,511 2,322 4,068,373 — 4,068,373 
Ending balance: PCD loans evaluated for impairment (2)
— — — — — — — 9,344 9,344 
PPP loans not evaluated for impairment (3)
— — — — 202 — 202 — 202 

 December 31, 2023
 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 $— $17 $— $45 $— $45 
Ending balance: collectively evaluated for impairment23,230 3,285 1,702 149 6,033 6 34,405 — 34,405 
Ending balance: PCD loans evaluated for impairment (2)
— — — — — — — 3,085 3,085 
Loans, net:         
Ending balance$3,680,591 $160,824 $163,520 $30,967 $155,268 $2,585 $4,193,755 $9,899 $4,203,654 
Ending balance: individually evaluated for impairment8,608 609 23 — 84 — 9,324 — 9,324 
Ending balance: collectively evaluated for impairment3,671,983 160,215 163,497 30,967 154,900 2,585 4,184,147 — 4,184,147 
Ending balance: PCD loans evaluated for impairment (2)
— — — — — — — 9,899 9,899 
PPP loans not evaluated for impairment (3)
— — — — 284 — 284 — 284 
(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.


32
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
Note 7 – Deposits

Deposit account balances are summarized as follows (in thousands):
 June 30, 2024December 31, 2023
Non-interest-bearing checking$685,574 $694,903 
Negotiable orders of withdrawal (“NOW”) and interest-bearing checking1,251,342 1,231,943 
Savings and money market1,172,148 1,277,866 
Certificates of deposit689,410 673,723 
Total deposits$3,798,474 $3,878,435 
 
Interest expense on deposit accounts is summarized for the periods indicated (in thousands):

 
Three Months Ended June 30,
Six Months Ended June 30,
 2024202320242023
NOW and interest-bearing checking, savings, and money market$13,183 $6,486 $25,514 $10,329 
Certificates of deposit7,481 3,997 14,423 7,975 
Total interest expense on deposit accounts$20,664 $10,483 $39,937 $18,304 

Note 8 – Subordinated Debt

On June 17, 2022, the Company issued $62.0 million in aggregate principal amount of fixed-to-floating subordinated notes (the “Notes”) to certain institutional investors. The Notes mature on June 30, 2032, unless redeemed earlier. The Notes initially bear interest, payable semi-annually in arrears, at a fixed rate of 5.00% per annum until June 30, 2027. Beginning June 30, 2027 and until maturity or redemption, the interest rate applicable to the outstanding principal amount of the Notes due will reset quarterly to an interest rate per annum equal to the then current three-month Secured Overnight Financing Rate plus 200 basis points, payable quarterly in arrears. The Company has the option to redeem the Notes, at par and in whole or in part, beginning on June 30, 2027 and to redeem the Notes at any time in whole upon certain other events. Any redemption of the Notes will be subject to prior regulatory approval to the extent required. Debt issuance costs totaled $1.1 million and are being amortized to maturity. At June 30, 2024 and December 31, 2023, subordinated debt totaled $61.3 million and $61.2 million, respectively, which included $669,000 and $781,000, respectively, of unamortized debt issuance costs. The Company recognized amortization expense of $56,000 and $112,000 for the three and six months ended June 30, 2024, respectively. The Company recognized amortization expense of $56,000 and $112,000 for the three and six months ended June 30, 2023, respectively.



33
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
Note 9 – Equity Incentive Plans

The following table is a summary of the Company’s stock options outstanding as of June 30, 2024, and changes therein during the six months then ended.

 Number of Stock OptionsWeighted Average Grant Date Fair ValueWeighted Average Exercise PriceWeighted Average Contractual Life (years)
Outstanding and Exercisable - December 31, 2023 1,544,306 $4.03 $14.05 1.01
Forfeited or expired(838,703)3.97 13.18 — 
Outstanding and Exercisable - June 30, 2024705,603 4.11 15.09 1.12
 During the first and second quarters of 2024, the Company granted to directors and employees, under the 2019 Equity Incentive Plan, 196,554 restricted stock awards with a total grant date fair value of $2.6 million. Of these grants, 40,708 vest one year from the date of grant and 155,846 vest in equal installments over a three-year period beginning one year from the date of grant. The Company also issued 43,672 performance-based restricted stock units to its executive officers with a total grant date fair value of $581,000. 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 ending January 26, 2027. At the end of the performance period, the number of actual shares to be awarded may vary between 0% and 225% of target amounts.

The following is a summary of the status of the Company’s restricted stock awards and performance-based restricted stock units at June 30, 2024, and changes therein during the six months then ended.

 Restricted Stock AwardsWeighted Average Grant Date Fair ValuePerformance Stock AwardsWeighted Average Grant Date Fair Value
Non-vested at December 31, 2023289,160 $14.40 74,923 $14.09 
Granted196,554 13.24 43,672 13.31 
Vested(132,128)14.56 (14,794)12.36 
Forfeited(11,516)13.59 (10,193)12.36 
Non-vested at June 30, 2024342,070 13.69 93,608 14.19 
 
Expected future stock award expense related to the non-vested restricted share awards as of June 30, 2024, was $3.6 million over a weighted average period of 1.8 years. Expected future stock award expense related to the non-vested performance share awards as of June 30, 2024, was $498,000 over a weighted average period of 1.8 years.
During the three months ended June 30, 2024 and June 30, 2023, the Company recorded $295,000 and $507,000, respectively, of stock-based compensation related to the above plan. During the six months ended June 30, 2024 and June 30, 2023, the Company recorded $915,000 and $1.2 million, respectively, of stock-based compensation related to the above plan.


Note 10 – Fair Value Measurements
The following tables present the assets reported on the consolidated balance sheets at their estimated fair value as of June 30, 2024, and December 31, 2023, 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.

34
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
•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 2023 Annual Report on Form 10-K.

 
Fair Value Measurements at June 30, 2024 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. Treasuries$74,637 $74,637 $— $— 
U.S. Government agency74,122 — 74,122 — 
Mortgage-backed securities:    
Pass-through certificates:
GSE293,272 — 293,272 — 
REMICs:
GSE528,230 — 528,230 — 
Total mortgage-backed securities821,502 — 821,502 — 
Other debt securities:    
Municipal bonds765 — 765 — 
Corporate bonds148,413 — 148,413 — 
149,178 — 149,178 — 
Total debt securities available-for-sale1,119,439 74,637 1,044,802 — 
Trading securities12,939 12,939 — — 
Equity securities (1)
3,964 3,964 — — 
Total$1,136,342 $91,540 $1,044,802 $— 
Measured on a non-recurring basis:    
Assets:    
Loans individually evaluated for impairment:    
Real estate loans:    
Commercial real estate$2,121 $— $— $2,121 
Multifamily1,749 — — 1,749 
Home equity and lines of credit19 — — 19 
Total individually evaluated real estate loans3,889 — — 3,889 
Commercial and industrial loans58 — — 58 
Total$3,947 $— $— $3,947 
(1) Excludes investment measured at net asset value of $10.0 million at June 30, 2024, which has not been classified in the fair value hierarchy.
35
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

 
Fair Value Measurements at December 31, 2023 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. Treasuries$44,379 $44,379 $— $— 
U.S. Government agency securities73,908 — 73,908 — 
Mortgage-backed securities:    
Pass-through certificates:
GSE337,540 — 337,540 — 
REMICs:
GSE213,100 — 213,100 — 
Total mortgage-backed securities550,640 — 550,640 — 
Other debt securities:    
Municipal bonds763 — 763 — 
Corporate bonds125,774 — 125,774 — 
126,537 — 126,537 — 
Total debt securities available-for-sale795,464 44,379 751,085 — 
Trading securities12,549 12,549 — — 
Equity securities (1)
330 330 — — 
Total$808,343 $57,258 $751,085 $— 
Measured on a non-recurring basis:    
Assets:    
Loans individually evaluated for impairment:    
Real estate loans:    
Commercial real estate$2,291 $— $— $2,291 
Multifamily1,906 — — 1,906 
Home equity and lines of credit21 — — 21 
Total impaired real estate loans4,218 — — 4,218 
Commercial and industrial loans59 — — 59 
Total$4,277 $— $— $4,277 
(1) Excludes investment measured at net asset value of $10.3 million at December 31, 2023, which has not been classified in the fair value hierarchy.
36
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 June 30, 2024 and December 31, 2023 (dollars in thousands):
Fair ValueValuation MethodologyUnobservable
Inputs		Range of Inputs
 June 30, 2024December 31, 2023  June 30, 2024December 31, 2023
Individually evaluated loans$3,947 $4,277 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 7.50%
    
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 June 30, 2024, and December 31, 2023.
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 six months ended June 30, 2024 or June 30, 2023.     
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 June 30, 2024 and December 31, 2023, the Company had loans individually evaluated for impairment (excluding PCD loans) with outstanding principal balances of $5.8 million and $6.0 million, respectively, which were recorded at their estimated fair value of $4.0 million and $4.3 million, respectively. The Company recorded a net decrease in the specific reserve for impaired loans of $2,000 and a net increase of $7,000 for the six months ended June 30, 2024 and June 30, 2023, respectively. Net charge-offs of $2.6 million and $2.4 million were recorded for the six months ended June 30, 2024 and June 30, 2023, 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 June 30, 2024 and December 31, 2023, the Company had no assets acquired through foreclosure.
 
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.
 
37
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
Federal Home Loan Bank of New York (“FHLBNY”) stock is carried at cost since this is the amount for which it could be redeemed. Due to restrictions placed on the transferability of FHLBNY stock it is not practical to determine the fair value as 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.
 
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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 June 30, 2024 and December 31, 2023, are presented in the following tables (in thousands):
 June 30, 2024
  Estimated Fair Value
 Carrying ValueLevel 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$153,489 $153,489 $— $— $153,489 
Trading securities12,939 12,939 — — 12,939 
Debt securities available-for-sale1,119,439 74,637 1,044,802 — 1,119,439 
Debt securities held-to-maturity9,749 — 9,235 — 9,235 
Equity securities (1)
3,964 3,964 — — 3,964 
FHLBNY stock41,785 N/AN/AN/AN/A
Net loans held-for-investment4,056,440 — — 3,848,883 3,848,883 
Derivative assets5,035 — 5,035 — 5,035 
Financial liabilities:     
Deposits$3,798,474 $— $3,799,722 $— $3,799,722 
FHLB advances and other borrowings (including securities sold under agreements to repurchase)1,089,727 — 996,995 — 996,995 
Subordinated debentures, net of issuance costs61,331 — 46,534 — 46,534 
Advance payments by borrowers for taxes and insurance26,113 — 26,113 — 26,113 
Derivative liabilities5,036 — 5,036 — 5,036 
(1) Excludes investment measured at net asset value of $10.0 million at June 30, 2024, which has not been classified in the fair value hierarchy.

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NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
 December 31, 2023
  Estimated Fair Value
 Carrying ValueLevel 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$229,506 $229,506 $— $— $229,506 
Trading securities12,549 12,549 — — 12,549 
Debt securities available-for-sale795,464 44,379 751,085 — 795,464 
Debt securities held-to-maturity9,866 — 9,586 — 9,586 
Equity securities (1)
330 330 — — 330 
FHLBNY stock, at cost39,667 N/AN/AN/AN/A
Net loans held-for-investment4,166,119 — — 3,887,033 3,887,033 
Derivative assets4,903 — 4,903 — 4,903 
Financial liabilities:     
Deposits$3,878,435 $— $3,879,286 $— $3,879,286 
FHLB advances and other borrowings (including securities sold under agreements to repurchase)859,272 — 844,766 — 844,766 
Subordinated debentures, net of issuance costs61,219 — 45,531 — 45,531 
Advance payments by borrowers for taxes and insurance25,102 — 25,102 — 25,102 
Derivative liabilities4,905 — 4,905 — 4,905 
(1) Excludes investment measured at net asset value of $10.3 million at December 31, 2023, 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.
Note 11 – 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 and performance-based restricted stock units.

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 and performance-based restricted stock units 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, the assumed proceeds from option exercises and the average unamortized compensation costs related to unvested shares of restricted stock, performance-based restricted stock units and stock options were added. This sum was then divided by the 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.
40
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
 
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 June 30,Six Months Ended June 30,
 2024202320242023
Net income available to common stockholders$5,957 $9,559 $12,171 $21,266 
Weighted average shares outstanding-basic41,999,541 43,914,110 42,181,306 44,346,881 
Effect of non-vested restricted stock and stock, performance-based restricted stock units and options outstanding3,109 38,829 22,409 91,752 
Weighted average shares outstanding-diluted42,002,650 43,952,939 42,203,715 44,438,633 
Earnings per share-basic$0.14 $0.22 $0.29 $0.48 
Earnings per share-diluted$0.14 $0.22 $0.29 $0.48 
Anti-dilutive shares1,921,851 1,849,258 1,891,367 1,384,805 

Note 12 – Leases

The Company’s leases primarily relate to real estate property for branches and office space with terms extending from four months up to 31.0 years. At June 30, 2024, 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 June 30, 2024, the Company’s operating lease right-of-use assets and operating lease liabilities included on the consolidated balance sheet were $29.3 million and $34.0 million, respectively. At December 31, 2023, the Company’s operating lease right-of-use assets and operating lease liabilities included on the consolidated balance sheet were $30.2 million and $35.2 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.
41
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
Supplemental lease information at or for the three and six months ended June 30, 2024, and June 30, 2023 is as follows (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Operating lease cost$1,443 $1,504 $2,930 $3,011 
Variable lease cost872 936 1,964 1,842 
Net lease cost$2,315 $2,440 $4,894 $4,853 
Cash paid for amounts included in measurement of operating lease liabilities$1,577 $1,615 $3,200 $3,221 
Right-of-use assets obtained in exchange for new operating lease liabilities$372 $— $1,432 $63 
Weighted average remaining lease term 10.82 years11.14 years
Weighted average discount rate 3.65 %3.56 %
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
2024$3,177 
20256,109 
20265,348 
20274,389 
20284,125 
Thereafter19,419 
Total lease payments42,567 
Less: imputed interest(8,532)
Present value of lease liabilities$34,035 
As of June 30, 2024, the Company had not entered into any leases that have not yet commenced.

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 executed 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 June 30, 2024, the Company had ten interest rate swaps with a notional amount of $70.5 million. At December 31, 2023, the Company had ten interest rate swaps with a notional amount of $72.7 million. There was no fee income related to these swaps for the three and six months ended June 30, 2024. The Company recorded fee income related to these swaps of $0 and $231,000 for the three and six months ended June 30, 2023, respectively.

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 LocationJune 30, 2024December 31, 2023
Other assets$5,035 $4,903 
Other liabilities5,036 4,905 
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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:   
•general economic conditions, internationally, nationally, or in our market areas, including inflationary and/or recessionary pressures, employment prospects, real estate values, military conflict, geopolitical risks, and downgrades of the U.S. credit rating;
•competition among depository and other financial institutions, including with respect to fees and interest rates;
•inflation and changes in the interest rate environment that reduce our margins and yields, or reduce the market value of our assets including the fair value of financial instruments or our ability to originate loans;
•adverse changes in the securities or credit markets;
•changes in laws, tax policies, or government regulations or policies affecting financial institutions, changes in regulatory fees, assessments, and capital requirements;
•changes in the quality and/or composition of our loan and securities portfolios, changes in prepayment speeds, and changes in our allowance for credit losses;
•changes in the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio;
•our ability to manage our liquidity, including unanticipated changes in our liquidity position, but not limited to, changes in our access to or the cost of funding and our ability to secure alternate funding sources;
•our ability to enter new markets successfully and capitalize on growth opportunities;
•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 and fraud risks, computer viruses and other technological risks that may breach the security of our website or other systems (including critical third-parties) to obtain unauthorized access to confidential information and destroy data or disable our systems;
•technological changes that may be more difficult or expensive to implement than expected;
•changes in our organization, compensation, and benefit plans;
•our ability to attract and/or retain key employees;
•changes in the value of our goodwill or other intangible assets;
•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 ability of third-party providers to perform their obligations to us;
•the effects of natural disasters, climate change, extreme weather events and increases in flood insurance premiums;
•changes in our ability to continue to pay dividends, either at current rates or at all;
•operational or risk management failures by us or critical third parties;
•increased operational risks resulting from remote work;
•negative outcomes from claims or litigation;
•our ability to manage our reputation risks;
•our ability to timely and effectively implement our strategic initiatives;
43
•the disruption to local, regional, national and global economic activity caused by infectious disease outbreaks such as COVID-19, and the significant impact that such pandemics may have on our growth, operations, earnings and asset quality;
•changes in the financial condition, results of operations, or future prospects of issuers of securities that we own.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Accordingly, you should not place undue reliance on such statements. Except as required by law, we disclaim any intention or obligation to update or revise any forward-looking statements after the date of this Quarterly Report on Form 10-Q, whether as a result of new information, future events or otherwise.

Critical Accounting Policies
 
Note 1 to the Company’s Audited Consolidated Financial Statements for the year ended December 31, 2023, 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 on 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 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. 
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, 2023.
44
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, 2023.
Net income was $12.2 million for the six months ended June 30, 2024, as compared to $21.3 million for the six months ended June 30, 2023. Net income for the six months ended June 30, 2024, was down from the comparative prior year period primarily due to a decrease in net interest income, which was negatively impacted by higher funding costs. Basic and diluted earnings per common share were $0.29 for the six months ended June 30, 2024, compared to basic and diluted earnings per common share of $0.48 for the six months ended June 30, 2023. For the six months ended June 30, 2024, our return on average assets was 0.42%, as compared to 0.77% for the six months ended June 30, 2023. For the six months ended June 30, 2024, our return on average stockholders’ equity was 3.52% as compared to 6.16% for the six months ended June 30, 2023. For the six months ended June 30, 2024, net income included $795,000, or $0.02 per share, of additional tax expense related to options that expired in June 2024, and $683,000, or $0.01 per share after tax, of severance expense related to modest layoffs and staffing resource realignments. For the six months ended June 30, 2023, net income included $440,000, or $0.01 per share after tax, of severance expense.
Comparison of Financial Condition at June 30, 2024 and December 31, 2023
Total assets increased by $148.0 million, or 2.6%, to $5.75 billion at June 30, 2024, from $5.60 billion at December 31, 2023. The increase was primarily due to increases in available-for-sale debt securities of $324.0 million, or 40.7%, equity securities of $3.3 million, or 31.4%, and other assets of $3.2 million, or 6.6%, partially offset by decreases in loans receivable of $112.4 million, or 2.7%, and cash and cash equivalents of $76.0 million, or 33.1%.

Cash and cash equivalents decreased by $76.0 million, or 33.1%, to $153.5 million at June 30, 2024, from $229.5 million at December 31, 2023, primarily due to a decrease in Federal Reserve Bank of New York (“FRB”) balances. 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 increased by $324.0 million, or 40.7%, to $1.12 billion at June 30, 2024, from $795.5 million at December 31, 2023. The increase was primarily attributable to purchases of securities, partially offset by paydowns, maturities and calls. At June 30, 2024, $821.5 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 $74.6 million in U.S. Treasuries, $74.1 million in U.S. Government agency securities, $148.4 million in corporate bonds, substantially all of which were investment grade, and $765,000 in municipal bonds at June 30, 2024. Unrealized losses, net of tax, on available-for-sale debt securities and held-to-maturity securities approximated $29.9 million and $389,000, respectively, at June 30, 2024, and $32.5 million and $279,000, respectively, at December 31, 2023. The effective duration of the securities portfolio at June 30, 2024 was 1.83 years.

Equity securities were $14.0 million at June 30, 2024 and $10.6 million at December 31, 2023. Equity securities are primarily comprised of an investment in a Small Business Administration Loan Fund. This investment is utilized by the Bank as part of its Community Reinvestment Act program.

Loans held-for-investment, net, decreased by $112.4 million, or 2.7%, to $4.09 billion at June 30, 2024 from $4.20 billion at December 31, 2023, primarily due to decreases in multifamily, commercial mortgage, and one-to-four residential mortgage loans, partially offset by increases in home equity and lines of credit, construction and land, and commercial and industrial loans. The decrease in loan balances reflects the Company remaining strategically focused on both managing the concentration of its commercial and multifamily real estate loan portfolios and disciplined loan pricing, as well as lower customer demand in the current elevated interest rate environment. Multifamily loans decreased $85.8 million, or 3.1%, to $2.67 billion at June 30, 2024 from $2.75 billion at December 31, 2023, commercial real estate loans decreased $33.4 million, or 3.6%, to $896.2 million at June 30, 2024 from $929.6 million at December 31, 2023, one-to-four family residential loans decreased $8.9 million, or 5.5%, to $151.9 million at June 30, 2024 from $160.8 million at December 31, 2023, and other loans decreased $263,000, or 10.2%, to $2.3 million at June 30, 2024 from $2.6 million at December 31, 2023. Partially offsetting these decreases were increases in commercial and industrial loans of $10.5 million, or 6.8%, to $165.8 million at June 30, 2024 from $155.3 million at December 31, 2023, home equity and lines of credit of $4.3 million, or 2.6%, to $167.9 million at June 30, 2024 from $163.5 million at December 31, 2023, and construction and land loans of $1.6 million, or 5.3%, to $32.6 million at June 30, 2024 from $31.0 million at December 31, 2023.
45

As of June 30, 2024, non-owner occupied commercial real estate loans (as defined by regulatory guidance) to total risk-based capital was estimated at approximately 456%. Management believes that Northfield Bank (the “Bank”) maintains 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, the Company's ability to pay dividends, and overall profitability.

Our real estate portfolio includes credit risk exposure to loans collateralized by office buildings and multifamily properties in New York State subject to some form of rent regulation limiting rent increases for rent stabilized multifamily properties. At June 30, 2024, office-related loans represented $199.6 million, or approximately 5% of our total loan portfolio, with an average balance of $1.8 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 58%. Approximately 45% were owner-occupied. The geographic locations of the properties collateralizing our office-related loans are: 55.4% in New York and 44.6% in New Jersey. At June 30, 2024, our largest office-related loan had a principal balance of $90.0 million (with a net active principal balance for the Bank of $30.0 million as we have a 33.3% participation interest), was secured by an office facility located in Staten Island, New York, and was performing in accordance with its original contractual terms. At June 30, 2024, multifamily loans that have some form of rent stabilization or rent control totaled approximately $440.0 million, or approximately 11% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 52%. At June 30, 2024, our largest rent-regulated loan had a principal balance of $17.0 million, was secured by an apartment building located in Staten Island, New York, and was performing in accordance with its original contractual terms. Management continues to closely monitor its office and rent-regulated portfolios. For further details on our rent-regulated multifamily portfolio see “Asset Quality”.
Purchased credit-deteriorated (“PCD”) loans totaled $9.3 million and $9.9 million at June 30, 2024 and December 31, 2023, respectively. 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 $321,000 and $747,000 attributable to PCD loans for the three and six months ended June 30, 2024, respectively, as compared to $337,000 and $678,000 for the three and six months ended June 30, 2023, respectively. PCD loans had an allowance for credit losses of approximately $2.9 million at June 30, 2024.
Total liabilities increased $154.4 million, or 3.2%, to $5.05 billion at June 30, 2024, from $4.90 billion at December 31, 2023. The increase was primarily attributable to an increase in borrowings of $230.5 million, partially offset by a decrease in total deposits of $80.0 million.
Deposits decreased $80.0 million, or 2.1%, to $3.80 billion at June 30, 2024, as compared to $3.88 billion at December 31, 2023. Brokered deposits decreased by $100.0 million, or 100.0%, due to maturities that were replaced by borrowings during the quarter. The Company routinely utilizes brokered deposits and borrowed funds to manage interest rate risk, the cost of interest-bearing liabilities, and funding needs related to loan originations and deposit activity.
Deposits, excluding brokered deposits, increased $20.0 million, or 0.5%. The increase in deposits, excluding brokered deposits, was primarily attributable to increases of $10.1 million in transaction accounts and $65.7 million in time deposits, partially offset by decreases of $9.1 million in savings accounts and $46.6 million in money market accounts. Transaction growth was attributable to dedicated business development efforts, including targeted marketing mailings, while growth in time deposits was attributable to the current interest rate environment and offering competitive interest rates to attract deposits. Estimated gross uninsured deposits at June 30, 2024 were $1.72 billion. This total includes fully collateralized uninsured governmental deposits and intercompany deposits of $886.8 million, leaving estimated uninsured and uncollateralized deposits of approximately $835.3 million, or 22.0%, of total deposits. At December 31, 2023, estimated uninsured and uncollateralized deposits totaled $869.9 million, or 22.4% of total deposits.
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Borrowed funds increased to $1.15 billion at June 30, 2024, from $920.5 million at December 31, 2023. The increase in borrowings for the period was primarily due to a $205.5 million increase in borrowings under the Federal Reserve Bank Term Funding Program which included favorable terms and conditions as compared to FHLB advances. Management utilizes borrowings to mitigate interest rate risk, for short-term liquidity, and to a lesser extent from time to time, as part of leverage strategies.
The following table sets forth term borrowing maturities (excluding overnight borrowings, floating rate advances, and subordinated debt) and the weighted average rate by year at June 30, 2024 (dollars in thousands):

Year
Amount (1)
Weighted Average Rate
2024$50,7654.67%
2025482,5003.99%
2026148,0004.36%
2027173,0003.19%
2028154,2883.96%
$1,008,5533.94%
((1) Borrowings maturing in 2025 include $300.0 million of FRB borrowings that can be repaid without any penalty.
Total stockholders’ equity decreased by $6.4 million to $693.0 million at June 30, 2024, from $699.4 million at December 31, 2023. The decrease was attributable to $11.7 million in stock repurchases and $11.1 million in dividend payments, partially offset by net income of $12.2 million for the six months ended June 30, 2024, a $3.0 million increase in accumulated other comprehensive income associated with an increase in the estimated fair value of our debt securities available-for-sale portfolio, and a $1.2 million increase in equity award activity. On April 24, 2024, the Board of Directors of the Company approved a $5.0 million stock repurchase program which was completed in May 2024, and on June 14, 2024, the Board of Directors of the Company approved a $10.0 million stock repurchase program. During the six months ended June 30, 2024, the Company repurchased 1.2 million of its common stock outstanding at an average price of $9.46 for a total of $11.7 million pursuant to the approved stock repurchase programs. As of June 30, 2024, the Company had $6.3 million remaining capacity under its current repurchase program.
Comparison of Operating Results for the Six Months Ended June 30, 2024 and 2023
 
Net Income. Net income was $12.2 million and $21.3 million for the six months ended June 30, 2024 and June 30, 2023, respectively. Significant variances from the comparable prior year period are as follows: a $9.5 million decrease in net interest income, a $1.1 million decrease in the provision for credit losses on loans, a $3.4 million increase in non-interest expense, and a $2.6 million decrease in income tax expense.

Interest Income. Interest income increased $17.3 million, or 17.0%, to $118.9 million for the six months ended June 30, 2024, from $101.6 million for the six months ended June 30, 2023, primarily due to a 51 basis point increase in the yield on interest-earning assets due to the rising rate environment and a $156.4 million, or 2.9%, increase in the average balance of interest-earning assets. The increase in the average balance of interest-earning assets was primarily due to increases in the average balance of interest-earning deposits in financial institutions of $154.7 million, the average balance of other securities of $105.4 million, and the average balance of mortgage-backed securities of $11.7 million, partially offset by a decrease in the average balance of loans of $113.5 million. The Company accreted interest income related to PCD loans of $747,000 for the six months ended June 30, 2024, as compared to $678,000 for the six months ended June 30, 2023. Interest income for the six months ended June 30, 2024, included loan prepayment income of $561,000 as compared to $1.2 million for the six months ended June 30, 2023.

Interest Expense. Interest expense increased $26.8 million, or 75.3%, to $62.3 million for the six months ended June 30, 2024, as compared to $35.5 million for the six months ended June 30, 2023. The increase was primarily due to an increase in interest expense on deposits of $21.6 million, or 118.2%, and, to a lesser extent, an increase in interest expense on borrowings of $5.1 million, or 32.8%. The increase in interest expense on deposits was attributable to a 134 basis point increase in the cost of interest-bearing deposits from 1.21% to 2.55% for the six months ended June 30, 2024, due to rising market interest rates and a shift in the composition of the deposit portfolio towards higher-costing certificates of deposit, and a $111.2 million, or 3.7%, increase in the average balance of interest-bearing deposits. The increase in interest expense on borrowings was attributable to a 31 basis point increase in the average cost of borrowings, and a $191.0 million, or 21.6%, increase in the average balance of borrowings.
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Net Interest Income. Net interest income for the six months ended June 30, 2024, decreased $9.5 million, or 14.4%, to $56.6 million, from $66.1 million for the six months ended June 30, 2023, primarily due to a 42 basis point decrease in net interest margin to 2.06% from 2.48% for the six months ended June 30, 2023. The decrease in net interest margin was primarily due to interest-bearing liabilities repricing at a faster rate than interest-earning assets. The cost of interest-bearing liabilities increased by 112 basis points to 2.92% for the six months ended June 30, 2024, from 1.80% for the six months ended June 30, 2023, driven by a 134 basis point increase in the cost of interest-bearing deposits from 1.21% to 2.55% for the six months ended June 30, 2024, and a 31 basis point increase in the cost of borrowings from 3.56% to 3.87% due to rising market interest rates and a shift in the composition of the deposit portfolio towards higher-costing certificates of deposit and a greater reliance on borrowings. The increase in the cost of interest-bearing liabilities was partially offset by an increase in the yield on interest-earning assets, which increased by 51 basis points to 4.33% for the six months ended June 30, 2024, from 3.82% for the six months ended June 30, 2023, due to an increase in yields on all classes of interest-earning assets due to the higher interest rate environment. The net interest margin was also negatively affected by approximately 12 basis points due to a $300 million low risk leverage strategy in the first quarter of 2024.

Provision for Credit Losses. The provision for credit losses on loans decreased by $1.1 million to a benefit of $203,000 for the six months ended June 30, 2024, compared to a provision of $894,000 for the six months ended June 30, 2023, primarily due to a decline in loan balances and an improvement in the macroeconomic forecast for the current period within our Current Expected Credit Loss (“CECL”) model. Partially offsetting the decrease was an increase in reserves in the commercial and industrial and home equity and lines of credit portfolios related to an increase in non-performing loans in these portfolios and higher loan balances. Net charge-offs were $2.6 million for the six months ended June 30, 2024, primarily due to $2.4 million in net charge-offs on small business unsecured commercial and industrial loans, as compared to net charge-offs of $2.4 million for the six months ended June 30, 2023. Management continues to closely monitor the small business unsecured commercial and industrial loan portfolio, which totaled $33.6 million at June 30, 2024.

Non-interest Income. Non-interest income remained stable at $6.2 million for the six months ended June 30, 2024 as compared to $6.1 million for the six months ended June 30, 2023. Fees and service charges increased by $496,000, primarily due to an increase in overdraft fees and service charges on deposit accounts, which was partially offset by a decrease in other non-interest income of $488,000, primarily due to lower swap fee income.
        
Non-interest Expense. Non-interest expense increased $3.4 million, or 8.2%, to $45.3 million for the six months ended June 30, 2024, compared to $41.9 million for the six months ended June 30, 2023. The increase was primarily due to a $2.8 million increase in employee compensation and benefits, primarily attributable to higher salary expense, related to annual merit increases, an increase in medical expense, and an increase in severance expense to $683,000 as compared to $440,000 for the six months ended June 30, 2023. Partially offsetting the increase was a $461,000 decrease in stock compensation expense related to performance stock awards not expected to vest. During the second quarter of 2024, due to current economic conditions, the Company implemented a workforce reduction plan which included modest layoffs and staffing resource realignments. The annual estimated cost savings of this plan is $2.0 million, pre-tax. Additionally, there was a $736,000 increase in credit loss expense/(benefit) for off-balance sheet exposure due to a provision of $186,000 recorded during the six months ended June 30, 2024, as compared to a benefit of $550,000 for the comparative prior year period. The benefit in the prior year period was attributable to a decrease in the pipeline of loans committed and awaiting closing. There was also an increase of $311,000 in other non-interest expense, primarily higher collection costs, office and miscellaneous expenses. Partially offsetting the increases was a $249,000 decrease in professional fees, and a $420,000 decrease in advertising expense due to a change in marketing strategy and the timing of specific deposit and lending campaigns.

Income Tax Expense. The Company recorded income tax expense of $5.5 million for the six months ended June 30, 2024, compared to $8.1 million for the six months ended June 30, 2023, with the decrease due to lower taxable income partially offset by a higher effective tax rate. The effective tax rate for the six months ended June 30, 2024, was 31.2% compared to 27.7% for the six months ended June 30, 2023. In June 2024, options granted in 2014 expired and resulted in additional tax expense of $795,000, contributing to the higher effective tax rate for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023.

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The following table sets forth average balances, average yields and costs, and certain other information for the periods indicated.
 
For the Six Months Ended
 
June 30, 2024
June 30, 2023
 Average Outstanding BalanceInterest
Average Yield/ Rate (1)
Average Outstanding BalanceInterest
Average Yield/ Rate (1)
Interest-earning assets:      
Loans (2)
$4,151,387 $92,014 4.46 %$4,264,932 $89,007 4.21 %
Mortgage-backed securities (3)
736,654 11,753 3.21 724,955 7,506 2.09 
Other securities (3)
362,917 7,347 4.07 257,514 2,498 1.96 
Federal Home Loan Bank of New York stock39,153 1,905 9.78 41,000 1,192 5.86 
Interest-earning deposits in financial institutions227,177 5,849 5.18 72,519 1,394 3.88 
Total interest-earning assets5,517,288 118,868 4.33 5,360,920 101,597 3.82 
Non-interest-earning assets266,065 242,288 
Total assets$5,783,353 $5,603,208 
Interest-bearing liabilities:
Savings, NOW, and money market accounts$2,477,334 25,514 2.07 %$2,461,283 10,329 0.85 %
Certificates of deposit677,800 14,423 4.28 582,642 7,975 2.76 
Total interest-bearing deposits3,155,134 39,937 2.55 3,043,925 18,304 1.21 
Borrowed funds1,074,957 20,704 3.87 883,934 15,589 3.56 
Subordinated debt61,266 1,656 5.44 61,183 1,647 5.43 
Total interest-bearing liabilities4,291,357 62,297 2.92 3,989,042 35,540 1.80 
Non-interest bearing deposits695,512 814,266 
Accrued expenses and other liabilities101,339 104,118 
Total liabilities5,088,208 4,907,426 
Stockholders' equity695,145 695,782 
Total liabilities and stockholders' equity$5,783,353 $5,603,208 
Net interest income$56,571 $66,057 
Net interest rate spread (4)
1.41 %  2.02 %
Net interest-earning assets (5)
$1,225,931 $1,371,878  
Net interest margin (6)
2.06 %  2.48 %
Average interest-earning assets to interest-bearing liabilities128.57 %  134.39 %

(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.
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Comparison of Operating Results for the Three Months Ended June 30, 2024 and 2023
 
Net Income. Net income was $6.0 million and $9.6 million for the quarters ended June 30, 2024 and June 30, 2023, respectively. Significant variances from the comparable prior year quarter are as follows: a $2.5 million decrease in net interest income, a $648,000 decrease in the provision for credit losses on loans, a $2.2 million increase in non-interest expense, and a $399,000 decrease in income tax expense.

Interest Income. Interest income increased $8.6 million, or 16.5%, to $60.2 million for the quarter ended June 30, 2024, from $51.7 million for the quarter June 30, 2023, primarily due to a 51 basis point increase in the yield on interest-earning assets due to the rising rate environment and a $177.4 million, or 3.3%, increase in the average balance of interest-earning assets. The increase in the average balance of interest-earning assets was due to increases in the average balance of interest-earning deposits in financial institutions of $123.6 million, the average balance of mortgage-backed securities of $121.1 million, and the average balance of other securities of $94.6 million, partially offset by decreases in the average balance of loans outstanding of $156.8 million and the average balance of Federal Home Loan Bank of New York stock of $5.2 million. Interest income for the quarter ended June 30, 2024, included loan prepayment income of $210,000, as compared to $194,000 for the quarter ended June 30, 2023. The Company accreted interest income related to PCD loans of $321,000 for the quarter ended June 30, 2024, as compared to $337,000 for the quarter ended June 30, 2023.
Interest Expense. Interest expense increased $11.0 million, or 53.8%, to $31.5 million for the quarter ended June 30, 2024, from $20.5 million for the quarter ended June 30, 2023. The increase was attributed to an increase in interest expense on deposits of $10.2 million, or 97.1% and, to a lesser extent, an increase in interest expense on borrowings of $843,000, or 9.2%. The increase in interest expense on deposits was primarily attributable to a 117 basis point increase in the cost of interest-bearing deposits to 2.60% for the quarter ended June 30, 2024, from 1.43% for the quarter ended June 30, 2023, due to rising market interest rates and a shift in the composition of the deposit portfolio towards higher-yielding certificates of deposit and a $251.0 million, or 8.5%, increase in the average balance of interest-bearing deposits. The increase in interest expense on borrowings was primarily due to a 20 basis point increase in the cost of borrowings from 3.68% for the quarter ended June 30, 2023, to 3.88% for the quarter ended June 30, 2024, and a $37.4 million, or 3.7%, increase in the average balance of borrowed funds.
Net Interest Income. Net interest income for the quarter ended June 30, 2024, decreased $2.5 million, or 7.9%, to $28.7 million, from $31.2 million for the quarter ended June 30, 2023, primarily due to a 25 basis point decrease in net interest margin to 2.09% for the quarter ended June 30, 2024, from 2.34% for the quarter ended June 30, 2023. The decrease in net interest margin was primarily due to the cost of interest-bearing liabilities increasing faster than the repricing of interest-earning assets. The cost of interest-bearing liabilities increased by 90 basis points to 2.95% for the quarter ended June 30, 2024, from 2.05% for the quarter ended June 30, 2023, driven primarily by a 117 basis point increase in the cost of interest-bearing deposits from 1.43% to 2.60%, and a 20 basis point increase in the cost of borrowings from 3.68% to 3.88%. The increase in the cost of interest-bearing liabilities was partially offset by an increase in the yield on interest-earning assets which increased by 51 basis points to 4.39% for the quarter ended June 30, 2024, from 3.88% for the quarter ended June 30, 2023.

Provision for Credit Losses. The provision for credit losses on loans decreased by $648,000 to a benefit of $618,000 for the quarter ended June 30, 2024, from a provision of $30,000 for the quarter ended June 30, 2023, primarily due to a decrease in loan balances and an improvement in the macroeconomic forecast for the current quarter within our CECL model. Partially offsetting the decrease was an increase in reserves in the commercial and industrial and home equity and lines of credit portfolios related to an increase in non-performing loans in these portfolios and higher balances and an increase in net charge-offs. Net charge-offs were $1.6 million for the quarter ended June 30, 2024, compared to net charge-offs of $313,000 for the quarter ended June 30, 2023, due to $1.5 million in net charge-offs on small business unsecured commercial and industrial loans.

Non-interest Income. Non-interest income increased by $43,000, or 1.5%, to $2.9 million for the quarter ended June 30, 2024, from $2.8 million for the quarter ended June 30, 2023, primarily due to a $261,000 increase in fees and service charges, primarily related to higher overdraft fees, and an $87,000 increase in income on bank owned life insurance, partially offset by a $318,000 decrease in gains on trading securities. For the quarter ended June 30, 2024, gains on trading securities, net, were $188,000, compared to gains of $506,000 in the quarter ended June 30, 2023. 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.

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Non-interest Expense. Non-interest expense increased by $2.2 million, or 10.7%, to $23.0 million for the quarter ended June 30, 2024, from $20.8 million for the quarter ended June 30, 2023. The increase was primarily due to a $1.0 million increase in compensation and employee benefits, primarily attributable to higher salary expense related to annual merit increases, an increase in medical expense and an increase in severance expense to $683,000 as compared to $440,000 in the quarter ended June 30, 2023. Partially offsetting the increase was a $461,000 decrease in stock compensation expense related to performance stock awards not expected to vest and a $318,000 decrease in the mark to market of the Company's deferred compensation plan expense, which as discussed above has no effect on net income. Also contributing to the increase was a $764,000 increase in the credit loss expense/(benefit) for off-balance sheet exposures which was due to $103,000 of expense recorded during the quarter ended June 30, 2024, compared to a benefit of $661,000 recorded in the prior year quarter. The benefit in the prior year quarter was attributable to a decrease in the pipeline of loans committed and awaiting closing. There was also a $415,000 increase in other non-interest expense.

Income Tax Expense. The Company recorded income tax expense of $3.2 million for the quarter ended June 30, 2024, compared to $3.6 million for the quarter ended June 30, 2023, with the decrease due to lower taxable income, partially offset by a higher effective tax rate. The effective tax rate for the quarter ended June 30, 2024 was 35.0%, compared to 27.4% for the quarter ended June 30, 2023. During the quarter ended June 30, 2024, options granted in 2014 expired and resulted in additional tax expense of $795,000, contributing to the higher effective tax rate for the quarter ended June 30, 2024 as compared to the quarter ended June 30, 2023.


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The following table sets forth average balances, average yields and costs, and certain other information for the periods indicated.
 For the Three Months Ended
 
June 30, 2024
June 30, 2023
 Average Outstanding BalanceInterest
Average Yield/ Rate (1)
Average Outstanding BalanceInterest
Average Yield/ Rate (1)
Interest-earning assets:      
Loans (2)
$4,128,105 $45,967 4.48 %$4,284,871 $45,300 4.24 %
Mortgage-backed securities (3)
824,498 7,355 3.59 703,415 3,714 2.12 
Other securities (3)
333,855 3,506 4.22 239,273 1,113 1.87 
Federal Home Loan Bank of New York stock38,707 935 9.72 43,901 727 6.64 
Interest-earning deposits in financial institutions191,470 2,457 5.16 67,822 816 4.83 
Total interest-earning assets5,516,635 60,220 4.39 5,339,282 51,670 3.88 
Non-interest-earning assets265,702 244,567 
Total assets$5,782,337 $5,583,849 
Interest-bearing liabilities:
Savings, NOW, and money market accounts$2,490,372 13,183 2.13 %$2,399,631 6,486 1.08 %
Certificates of deposit701,272 7,481 4.29 540,984 3,997 2.96 
Total interest-bearing deposits3,191,644 20,664 2.60 2,940,615 10,483 1.43 
Borrowed funds1,041,035 10,041 3.88 1,003,611 9,198 3.68 
Subordinated debt61,294 828 5.43 61,071 828 5.44 
Total interest-bearing liabilities4,293,973 31,533 2.95 4,005,297 $20,509 2.05 
Non-interest bearing deposits691,384 780,806 
Accrued expenses and other liabilities103,082 102,846 
Total liabilities5,088,439 4,888,949 
Stockholders' equity693,898 694,900 
Total liabilities and stockholders' equity$5,782,337 $5,583,849 
Net interest income$28,687 $31,161 
Net interest rate spread (4)
1.44 %  1.83 %
Net interest-earning assets (5)
$1,222,662 $1,333,985  
Net interest margin (6)
2.09 %  2.34 %
Average interest-earning assets to interest-bearing liabilities128.47 %  133.31 %

(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.
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Asset Quality

PCD Loans (Held-for-Investment)
    
The Company accounts for PCD loans at estimated fair value using discounted expected future cash flows deemed to be collectible on the date acquired. Based on its detailed review of PCD loans and experience in loan workouts, management has a reasonable expectation about the amount and timing of future cash flows and accordingly has classified PCD loans ($9.3 million at June 30, 2024 and $9.9 million at December 31, 2023, respectively) as accruing, even though they may be contractually past due. At June 30, 2024, 6.9% of PCD loans were past due 30 to 89 days, and 15.6% were past due 90 days or more, as compared to 2.9% and 27.1%, respectively, at December 31, 2023.
 
Loans

The following table details total non-accrual loans (excluding PCD), non-performing assets, loans over 90 days delinquent on which interest is accruing, and accruing loans 30 to 89 days delinquent at June 30, 2024 and December 31, 2023 (dollars in thousands):
 June 30, 2024December 31, 2023
Non-accrual loans: 
Held-for-investment
Real estate loans: 
Multifamily$2,691 $2,709 
Commercial10,244 6,491 
One-to-four family residential69 104 
Home equity and lines of credit1,124 499 
Commercial and industrial2,570 305 
Other6 7 
Total non-accrual loans held-for-investment16,704 10,115 
Loans delinquent 90 days or more and still accruing: 
Held-for-investment
Real estate loans: 
Multifamily— 201 
One-to-four family residential136 406 
Home equity and lines of credit467 711 
Total loans delinquent 90 days or more and still accruing held-for-investment603 1,318 
Total non-performing assets$17,307 $11,433 
Non-performing loans to total loans0.42 %0.27 %
Non-performing assets to total assets0.30 %0.20 %
Accruing loans 30 to 89 days delinquent$6,265 $8,683 

At June 30, 2024, total non-performing loans included $1.0 million of modified loans to borrowers experiencing financial difficulty and $3.3 million of troubled debt restructuring (“TDR”) loans that existed prior to adoption of Accounting Standards Update (“ASU”) 2022-02 on January 1, 2023. At December 31, 2023, total non-performing loans included $236,000 of modified loans to borrowers experiencing financial difficulty and $3.3 million of troubled debt TDR loans that existed prior to the adoption of ASU 2022-02.

53
The increase in non-accrual commercial real estate loans from December 31, 2023, was primarily attributable to one loan with a balance of $4.4 million, which was put on non-accrual status during the first quarter of 2024. Based on the results of the impairment analysis for this loan, no impairment reserve was necessary as the loan is adequately covered by collateral (a private residence and retail property, both located in New Jersey), with aggregate appraised values totaling $8.7 million. The increase in non-accrual commercial and industrial loans was primarily due to an increase in non-performing unsecured small business loans. Unsecured small business loans totaled $33.6 million and $37.4 million at June 30, 2024 and December 31, 2023, respectively. Management continues to closely monitor the small business unsecured commercial and industrial loan portfolio. Subsequent to the quarter end, two non-accrual commercial real estate loans totaling approximately $1.6 million were paid-off.

Other Real Estate Owned

At June 30, 2024 and December 31, 2023, the Company had no assets acquired through foreclosure.

Accruing Loans 30 to 89 Days Delinquent
 
Loans 30 to 89 days delinquent and on accrual status totaled $6.3 million and $8.7 million at June 30, 2024 and December 31, 2023, respectively. The following table sets forth delinquencies for accruing loans by type and by amount at June 30, 2024 and December 31, 2023 (dollars in thousands):

 June 30, 2024December 31, 2023
Held-for-investment
Real estate loans:
Multifamily$168 $740 
Commercial1,557 1,010 
One-to-four family residential1,769 3,339 
Home equity and lines of credit786 817 
Commercial and industrial loans1,977 2,767 
Other loans8 10 
Total delinquent accruing loans held-for-investment$6,265 $8,683 

54
Rent-Regulated Multifamily Loans

Our multifamily loan portfolio at June 30, 2024 totaled $2.67 billion, or 65% of our total loan portfolio, of which $440.0 million, or 11%, included loans collateralized by properties in New York with units subject to some percentage of rent regulation. The table below sets forth details about our multifamily loan portfolio in New York (dollars in thousands).
% Rent RegulatedBalance% Portfolio Total NY Multifamily PortfolioAverage BalanceLargest Loan
LTV*
Debt Service Coverage Ratio (DSCR)*
30-89 Days DelinquentNon-AccrualSpecial MentionSubstandard
0$307,163 41.2 %$1,155 $16,681 50.2%1.56x$168 $551 $785 $879 
>0-104,771 0.6 1,590 238 51.71.46— — — — 
>10-2018,820 2.5 1,448 2,881 49.51.57— — — — 
>20-3017,965 2.4 2,246 5,543 55.11.45— — — — 
>30-4015,291 2.0 1,274 3,112 48.61.67— — — — 
>40-5022,332 3.0 1,314 2,756 48.41.64— — — — 
>50-609,526 1.3 1,588 2,354 40.12.03— — — — 
>60-7016,697 2.2 3,339 11,416 54.91.47— — — — 
>70-8015,432 2.1 2,205 4,733 47.31.54— — — — 
>80-9020,965 2.8 1,165 3,159 46.91.71— — — — 
>90-100298,182 39.9 1,796 17,011 52.81.68— 2,141 1,207 4,535 
Total$747,144 100.0%$1,434 $17,011 51.1%1.62x$168 $2,692 $1,992 $5,414 
The table below sets forth our New York rent-regulated loans by county (dollars in thousands):
CountyBalance
LTV*
DSCR*
Bronx$119,596 51.9%1.67x
Kings191,378 51.5%1.65
Nassau2,186 36.4%1.88
New York40,903 48.3%1.52
Queens39,148 44.6%1.88
Richmond28,982 60.9%1.67
Westchester17,787 62.2%1.37
Total$439,980 51.7%1.66x
* Weighted Average
None of the loans that are rent-regulated in New York are interest-only. During the remainder of 2024, eight loans with an aggregate principal balance of $13.3 million will re-price.
55
Liquidity and Capital Resources
Liquidity. The objective of our liquidity management is to ensure the availability of sufficient funds to meet financial commitments and deposit withdrawals, to repay borrowings as they mature, and to fund new loans and investments as opportunities arise.
The Bank's primary sources of funds are deposits, principal and interest payments on loans and securities, borrowed funds, the proceeds from maturing securities and short-term investments, and to a lesser extent, proceeds from the sales of loans and securities, and wholesale borrowings. The scheduled amortization of loans and securities, as well as proceeds from borrowed funds, are predictable sources of funds. Other funding sources, however, such as deposit inflows and loan prepayments are greatly influenced by market interest rates, economic conditions, and competition. The Bank is a member of the Federal Home Loan Bank of New York (“FHLBNY”), which provides an additional source of short-term and long-term funding. The Bank also has short-term borrowing capabilities with the FRB. On March 12, 2023, the Board of Governors of the Federal Reserve System created the Bank Term Funding Program (“BTFP”), which aims to enhance liquidity by allowing institutions to pledge certain securities at par value, and a pay a borrowing rate of ten basis points over the one-year overnight index swap rate. The BTFP is available to eligible U.S. federally insured depository institutions, with advances having a term of up to one year and no prepayment penalties. As of June 30, 2024, the Company had borrowed $300.0 million under the BTFP. The BTFP ceased making new loans on March 11, 2024. The Bank’s total short-term borrowed funds, excluding lease obligations, floating rate advances and an overnight line of credit, were $1.01 billion at June 30, 2024, and had a weighted average interest rate of 3.94%. A total of $483.3 million of these borrowings will mature in less than one year. Short-term borrowed funds, excluding floating rate advances, were $853.1 million at December 31, 2023. 

On June 17, 2022, the Company issued $62.0 million in aggregate principal amount of fixed to floating subordinated notes (the “Notes”). The Notes are non-callable for five years, have a stated maturity of June 30, 2032, and bear interest at a fixed rate of 5.00% until June 30, 2027. From July 2027 to the maturity date or early redemption date, the interest rate will reset quarterly to a level equal to the then current three-month Secured Overnight Financing Rate plus 200 basis points.

The Bank has the ability to obtain additional funding from the FHLBNY of approximately $1.41 billion utilizing unencumbered securities of $619.8 million, loans of $789.6 million, and encumbered securities of $837,000 at June 30, 2024. Additionally, the Bank has remaining borrowing capacity utilizing encumbered securities through the FRB Discount Window of $1.1 million. The Bank expects to have sufficient funds available to meet current commitments in the normal course of business.

The Company has a diversified deposit base, and government deposits are collateralized by assets or letters of credit issued by the FHLBNY. Estimated gross uninsured deposits at June 30, 2024 were $1.72 billion. This total includes fully collateralized uninsured governmental deposits and intercompany deposits of $886.8 million, leaving estimated net uninsured deposits of approximately $835.3 million, or 22.0%, of total deposits. At December 31, 2023, estimated net uninsured deposits totaled $869.9 million, or 22.4% of total deposits.

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 June 30, 2024, Northfield Bancorp, Inc. (standalone) had liquid assets of $40.1 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.
    
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 have approved 9% as the current minimum capital for the CBLR. Northfield Bank and Northfield Bancorp have elected to opt into the CBLR framework. The CBLR replaced the risk-based and leverage capital requirements in the generally applicable capital rules.

56
At June 30, 2024, and December 31, 2023, 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 June 30, 2024:
CBLR11.88%11.87%9.00%9.00%
As of December 31, 2023:
CBLR12.80%12.58%9.00%9.00%
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 June 30, 2024, the reserve for commitments to fund unused lines of credit recorded in accrued expenses and other liabilities was $422,000.

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, 2023.

Accounting Pronouncements Not Yet Adopted

ASU No. 2023-07. In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The amendments in this ASU require improved reportable segment information on an annual and interim basis, primarily through enhanced disclosures about significant segment expenses. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is one operating segment; therefore, we do not anticipate any impact to the consolidated financial statements.

ASU No. 2023-09. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amendments in the this ASU require improved annual income tax disclosures surrounding rate reconciliation, income taxes paid, and other disclosures. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on the consolidated financial statements.
    
57
ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Management of Market Risk
General.  A majority of our assets and liabilities are monetary in nature. Consequently, our most significant form of market risk is interest rate risk. Our assets, consisting primarily of mortgage-related securities and loans, generally have longer maturities than our liabilities, which consist primarily of deposits and 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 & Chief Executive Officer, our Executive Vice President (“EVP”) & Chief Risk Officer, our EVP & Chief Financial Officer, our EVP & Chief Lending Officer, our EVP & Chief Branch Administration, Deposit Operations & Business Development Officer, 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 change 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 or decrease of 100, 200, 300, or 400 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, which is based on the current interest rate environment.

The following tables set forth, as of June 30, 2024 and December 31, 2023, our calculation of the estimated changes in our NPV, NPV ratio, and percent change in net interest income that would result from the designated instantaneous and sustained changes in interest rates (dollars in thousands). Computations of prospective effects of hypothetical interest rate changes are based on numerous assumptions, including relative levels of market interest rates, loan prepayments and deposit repricing characteristics, including decay rates, and correlations to movements in interest rates, and should not be relied on as indicative of actual results.
58
 
At June 30, 2024
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$5,082,530 $4,392,261 $690,269 $(142,595)(17.12)%13.58 %(23.34)%(11.18)%
+3005,181,695 4,457,567 724,128 (108,736)(13.06)13.97 (17.16)(8.29)
+2005,290,311 4,525,958 764,353 (68,511)(8.23)14.45 (10.46)(4.31)
+1005,399,182 4,597,784 801,398 (31,466)(3.78)14.84 (4.26)(1.13)
—5,506,330 4,673,466 832,864 — — 15.13 — — 
(100)5,619,784 4,758,237 861,547 28,683 3.44 15.33 1.54 (1.92)
(200)5,727,188 4,847,697 879,491 46,627 5.60 15.36 2.10 (5.78)
(300)5,836,603 4,942,185 894,418 61,554 7.39 15.32 2.22 (10.16)
(400)5,991,093 5,062,192 928,901 96,037 11.53 15.50 3.10 (9.89)
     
 
At December 31, 2023
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$4,845,088 $4,222,267 $622,821 $(139,446)(18.29)%12.85 %(20.93)%(5.16)%
+3004,945,428 4,292,831 652,597 (109,670)(14.39)13.20 (15.79)(4.31)
+2005,060,164 4,366,834 693,330 (68,937)(9.04)13.70 (9.91)(1.91)
+1005,174,386 4,444,681 729,705 (32,562)(4.27)14.10 (4.52)(0.49)
—5,289,153 4,526,886 762,267 — — 14.41 — — 
(100)5,410,037 4,618,015 792,022 29,755 3.90 14.64 2.73 (1.32)
(200)5,531,944 4,714,497 817,447 55,180 7.24 14.78 4.51 (4.34)
(300)5,653,051 4,818,672 834,379 72,112 9.46 14.76 4.39 (9.12)
(400)5,815,435 4,954,580 860,855 98,588 12.93 14.80 4.19 (9.12)
At June 30, 2024, in the event of a 400 basis point decrease in interest rates, we would experience an 11.53% increase in estimated net portfolio value, a 3.10% increase in net interest income in year one, and a 9.89% decrease in net interest income in year two. In the event of a 400 basis point increase in interest rates, we would experience a 17.12% decrease in estimated net portfolio value, a 23.34% decrease in net interest income in year one and an 11.18% decrease 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 20% 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 39% in year one and 26% in year two. At June 30, 2024 and December 31, 2023, we were in compliance with all Board-approved policies with respect to interest rate risk management.
Certain shortcomings are inherent in the methodologies used in determining interest rate risk through changes in net portfolio value and net interest income. Our model requires us to make certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. However, we also apply consistent parallel yield curve shifts (in both directions) to determine possible changes in net interest income if the theoretical yield curve shifts occurred gradually. Net interest income analysis also adjusts the asset and liability repricing analysis based on changes in prepayment rates resulting from the parallel yield curve shifts. In addition, the net portfolio value and net interest income information presented assume that the composition of our interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and assume that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. Accordingly, although interest rate risk calculations provide an indication of our interest rate risk exposure at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on our net portfolio value or net interest income and will differ from actual results.
59
ITEM 4.    CONTROLS AND PROCEDURES 
An evaluation was performed under the supervision and with the participation of the Company’s management, including the President and Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended) as of June 30, 2024. 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 June 30, 2024, there were no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
60
PART II

ITEM 1.     LEGAL PROCEEDINGS
The Company and subsidiaries are subject to various legal actions arising in the normal course of business.  In the opinion of management, the resolution of these legal actions is not expected to have a material adverse effect on the Company’s consolidated financial condition or results of operations.

ITEM 1A.  RISK FACTORS

During the quarter ended June 30, 2024, 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, 2023, as filed with the Securities and Exchange Commission, except as previously disclosed in our other filings with the Securities and Exchange Commission.

ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES
(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 April 24, 2024, the Board of Directors of the Company approved a $5.0 million stock repurchase program which was completed in May 2024, and on June 14, 2024, the Board of Directors of the Company approved a new $10.0 million stock repurchase program. The programs permit 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 depends 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 are held as treasury stock and available for general corporate purposes. The repurchases can 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 following table reports information regarding purchases of the Company’s common stock during the three months ended June 30, 2024.
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Maximum Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (in thousands)
April 1, 2024 to April 30, 2024120,036 $8.54 120,036 $3,975 
May 1, 2024 to May 31, 2024434,384 9.15 434,384 — 
June 1, 2024 to June 30, 2024434,338 8.45 434,338 6,330 
Total988,758 8.77 988,758 

In addition to the repurchases disclosed above, participants in the Company's stock-based incentive plans may have shares withheld to cover income taxes upon the vesting of restricted stock awards. Shares withheld to cover income taxes upon the vesting of restricted stock awards are repurchased pursuant to the terms of the applicable plan and not under the Company's stock repurchase program. There were no shares repurchased pursuant to these plans during the three months ended June 30, 2024.

ITEM 3.     DEFAULTS UPON SENIOR SECURITIES
    None.

ITEM 4.     MINE SAFETY DISCLOSURES
    Not applicable.

61
ITEM 5.     OTHER INFORMATION
    During the three months ended June 30, 2024, no directors or executive officers of the Company adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) and/or any “Rule 10b5-1 trading arrangement.”

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).(1)
Certification of William R. Jacobs, Executive Vice President and Chief Financial Officer, Pursuant to Rule 13a-14(a) and Rule 15d-14(a).(1)
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.(1)
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 August 9, 2024, formatted in Inline XBRL.
(1) Filed herewith.    
62
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: August 9, 2024
/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)
63

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