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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 FY2025 Q1

Northfield Bancorp - 10-Q quarterly report FY2025 Q1


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
FORM 10-Q
 
☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025
or
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For transition period from __________ to __________ 

Commission File Number: 001-35791
Northfield Bancorp, Inc.
(Exact name of registrant as specified in its charter) 
Delaware 80-0882592
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
581 Main Street,Woodbridge,New Jersey 07095
(Address of principal executive offices) (Zip Code)
 
Registrant’s telephone number, including area code: (732) 499-7200
 
Not Applicable
(Former name, former address, and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common stock, par value $0.01 per shareNFBKThe NASDAQ Stock Market LLC
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer☐Accelerated filer☒
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐ No ☒
As of April 30, 2025, the registrant had 42,626,087 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.
40
Item 3.
53
Item 4.
55
   
PART II - OTHER INFORMATION 
Item 1.
56
Item 1A.
56
Item 2.
56
Item 3.
57
Item 4.
57
Item 5.
57
Item 6.
57
 
58
3

PART I
ITEM 1.     FINANCIAL STATEMENTS

NORTHFIELD BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands, except share amounts)
 March 31, 2025December 31, 2024
ASSETS:  
Cash and due from banks$12,523 $13,043 
Interest-bearing deposits in other financial institutions89,139 154,701 
Total cash and cash equivalents101,662 167,744 
Trading securities13,003 13,884 
Debt securities available-for-sale, at estimated fair value (with no allowance for credit losses at March 31, 2025 and December 31, 2024)
1,246,473 1,100,817 
Debt securities held-to-maturity, at amortized cost 8,883 9,303 
(estimated fair value of $8,497 at March 31, 2025, and $8,762 at December 31, 2024, with no allowance for credit losses at March 31, 2025 and December 31, 2024)
Equity securities10,855 14,261 
Loans held-for-sale4,897 4,897 
Loans held-for-investment3,991,529 4,022,224 
Less: allowance for credit losses(34,921)(35,183)
Net loans held-for-investment3,956,608 3,987,041 
Accrued interest receivable19,648 19,078 
Bank-owned life insurance177,398 175,759 
Federal Home Loan Bank (“FHLB”) of New York stock, at cost
38,350 35,894 
Operating lease right-of-use assets27,345 27,771 
Premises and equipment, net 21,431 21,985 
Goodwill41,012 41,012 
Other assets42,435 46,932 
Total assets$5,710,000 $5,666,378 
LIABILITIES AND STOCKHOLDERS’ EQUITY:  
LIABILITIES:  
Deposits$4,131,956 $4,138,477 
FHLB advances and other borrowings709,159 666,402 
Subordinated debentures, net of issuance costs61,498 61,442 
Operating lease liabilities31,630 32,209 
Advance payments by borrowers for taxes and insurance29,270 24,057 
Accrued expenses and other liabilities35,338 39,095 
Total liabilities4,998,851 4,961,682 
STOCKHOLDERS’ EQUITY:  
Preferred stock, $0.01 par value: 25,000,000 shares authorized, none issued or outstanding
— — 
Common stock, $0.01 par value: 150,000,000 shares authorized, 64,770,875 shares issued at
  
March 31, 2025 and December 31, 2024, 42,676,274 and 42,903,598 outstanding at March 31, 2025 and December 31, 2024, respectively
648 648 
Additional paid-in-capital589,477 591,336 
Unallocated common stock held by employee stock ownership plan(12,828)(13,042)
Retained earnings443,249 440,760 
Accumulated other comprehensive loss(12,168)(20,296)
Treasury stock at cost: 22,094,601 and 21,867,277 shares at March 31, 2025 and December 31, 2024, respectively
(297,229)(294,710)
Total stockholders’ equity711,149 704,696 
Total liabilities and stockholders’ equity$5,710,000 $5,666,378 
See accompanying notes to unaudited consolidated financial statements.
4

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

 Three Months Ended March 31,
 20252024
Interest income:  
Loans$45,283 $46,047 
Mortgage-backed securities12,009 4,398 
Other securities797 3,841 
FHLB of New York dividends862 970 
Deposits in other financial institutions1,141 3,392 
Total interest income60,092 58,648 
Interest expense:  
Deposits21,191 19,273 
Borrowings6,291 10,663 
Subordinated debt819 828 
Total interest expense28,301 30,764 
Net interest income31,791 27,884 
Provision for credit losses 2,582 415 
Net interest income after provision for credit losses 29,209 27,469 
Non-interest income:  
Fees and service charges for customer services1,620 1,615 
Income on bank-owned life insurance1,639 964 
(Losses)/gains on trading securities, net(299)699 
Other62 103 
Total non-interest income3,022 3,381 
Non-interest expense:  
Compensation and employee benefits11,775 12,765 
Occupancy3,533 3,553 
Furniture and equipment414 484 
Data processing2,122 2,147 
Professional fees1,072 809 
Advertising250 518 
Federal Deposit Insurance Corporation insurance617 588 
Credit loss expense for off-balance sheet exposures103 83 
Other1,549 1,385 
Total non-interest expense21,435 22,332 
Income before income tax expense10,796 8,518 
Income tax expense2,920 2,304 
Net income$7,876 $6,214 
Net income per common share:  
Basic$0.19 $0.15 
Diluted$0.19 $0.15 
See accompanying notes to unaudited consolidated financial statements.
5

NORTHFIELD BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - (Continued)
(Unaudited) (In thousands) 
Three Months Ended March 31,
20252024
Net income$7,876 $6,214 
Other comprehensive income:
Unrealized gains on debt securities available-for-sale:  
Net unrealized holding gains 11,610 976 
Post-retirement benefits adjustment— 58 
Other comprehensive income before tax11,610 1,034 
Income tax expense related to net unrealized holding gains on debt securities available-for-sale (3,482)(275)
Income tax benefit related to post retirement benefit adjustment— (16)
Other comprehensive income, net of tax8,128 743 
Comprehensive income$16,004 $6,957 


See accompanying notes to unaudited consolidated financial statements.
6

NORTHFIELD BANCORP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
Three Months Ended March 31, 2025 and 2024
(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, 202344,524,929 $648 $590,973 $(14,340)$433,227 $(32,442)$(278,621)$699,445 
Net income    6,214   6,214 
Other comprehensive income, net of tax     743  743 
ESOP shares allocated or committed to be released  67 216    283 
Stock compensation expense  620     620 
Restricted stock issuance209,586 (2,747)2,747 — 
Restricted stock forfeitures(467)6 (6)— 
Cash dividends declared and paid ($0.13 per common share)
    (5,563)  (5,563)
Purchase of employee restricted stock to fund statutory tax withholding(18,765)(223)(223)
Repurchase of treasury stock (average cost of $12.17 per share)
(252,631)     (3,090)(3,090)
Balance at March 31, 202444,462,652 $648 $588,919 $(14,124)$433,878 $(31,699)$(279,193)$698,429 
Balance at December 31, 202442,903,598 $648 $591,336 $(13,042)$440,760 $(20,296)$(294,710)$704,696 
Net income    7,876   7,876 
Other comprehensive income, net of tax     8,128  8,128 
ESOP shares allocated or committed to be released  81 214    295 
Stock compensation expense  765    765 
Restricted stock issuance232,003  (2,705)   2,705 — 
Cash dividends declared and paid ($0.13 per common share)
    (5,387)  (5,387)
Purchase of employee restricted stock to fund statutory tax withholding(19,177)(224)(224)
Repurchase of treasury stock (average cost of $11.36 per share)
(440,150)(5,000)(5,000)
Balance at March 31, 202542,676,274 $648 $589,477 $(12,828)$443,249 $(12,168)$(297,229)$711,149 


See accompanying notes to unaudited consolidated financial statements.
7

NORTHFIELD BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (In thousands)
Three Months Ended March 31,
 20252024
Net income$7,876 $6,214 
Adjustments to reconcile net income to net cash provided by operating activities:  
Provision for credit losses2,582 415 
ESOP and stock compensation expense1,060 903 
Depreciation812 921 
Amortization of premiums and deferred loan costs, net of accretion of discounts and deferred loan fees1,263 (592)
Amortization of debt issuance costs56 56 
Amortization of intangible assets12 22 
Amortization of operating lease right-of-use assets1,179 1,188 
Income on bank-owned life insurance(1,639)(964)
Losses (gains) on trading securities, net299 (699)
Net sales of trading securities582 522 
Increase in accrued interest receivable(570)(867)
Increase in other assets(329)(3,977)
(Decrease) increase in accrued expenses and other liabilities(3,757)1,095 
Net cash provided by operating activities9,426 4,237 
Cash flows from investing activities:  
Net decrease in loans receivable27,374 40,038 
Purchases of FHLB of New York stock(11,315)(437)
Redemptions of FHLB of New York stock8,859 256 
Purchases of debt securities available-for-sale (300,647)(459,710)
Purchases of equity securities— (409)
Principal payments and maturities on debt securities available-for-sale 165,792 181,234 
Principal payments and maturities on debt securities held-to-maturity443 56 
Proceeds from sale of equity securities3,406 — 
Purchases and improvements of premises and equipment(258)(451)
Net cash used in investing activities(106,346)(239,423)
Cash flows from financing activities:  
Net (decrease) increase in deposits(6,521)42,888 
Dividends paid(5,387)(5,563)
Purchase of treasury stock(5,224)(3,313)
Increase in advance payments by borrowers for taxes and insurance5,213 5,100 
Proceeds from borrowings and securities sold under agreements to repurchase857,000 300,000 
Repayments related to other borrowings and securities sold under agreements to repurchase (814,243)(94,651)
Net cash provided by financing activities30,838 244,461 
Net (decrease) increase in cash and cash equivalents(66,082)9,275 
Cash and cash equivalents at beginning of period167,744 229,506 
Cash and cash equivalents at end of period$101,662 $238,781 


See accompanying notes to unaudited consolidated financial statements
8

NORTHFIELD BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS - (Continued)
(Unaudited) (In thousands)
Three Months Ended March 31,
20252024
Supplemental cash flow information:  
Cash paid during the period for:  
Interest$28,301 $31,062 
Income taxes190 1,443 
Non-cash transactions:
Loan charge-offs, net2,844 911 
Right-of-use assets obtained in exchange for new lease liabilities753 1,060 


See accompanying notes to unaudited consolidated financial statements.

9
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements
Note 1 – Consolidated Financial Statements
Basis of Presentation

The consolidated financial statements are comprised of the accounts of Northfield Bancorp, Inc. and its wholly owned subsidiaries, Northfield Investments, Inc. and Northfield Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries, NSB Services Corp. and NSB Realty Trust (collectively the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation.

In the opinion of management, all adjustments (consisting solely of normal and recurring adjustments) necessary for the fair presentation of the consolidated balance sheets and the consolidated statements of comprehensive income for the unaudited periods presented have been included. The results of operations and other data presented for the three months ended March 31, 2025 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2025 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, 2024, as filed with the SEC.
Recent Accounting Pronouncements Adopted
Improvements to Reportable Segment Disclosure
In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 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 and information used to assess segment performance by the Company's chief operating decision maker (“CODM”). The Company's CODM is its President and Chief Executive Officer. This update was effective for financial statements issued for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning after December 15, 2024. The Company adopted this guidance beginning with the annual period ending December 31, 2024 and applied these updates on a retrospective basis. Upon adoption, the Company provided additional expense detail within its segment disclosures and there was no impact on the Company's financial position or results of operations. See Note 14 to the consolidated financial statements.
10
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 March 31, 2025, and December 31, 2024 (in thousands):

 March 31, 2025
  GrossGrossEstimated
 Amortizedunrealizedunrealizedfair
 costgainslossesvalue
U.S. Government agency securities$670 $— $(62)$608 
Mortgage-backed securities:
Pass-through certificates:    
Government sponsored enterprises ("GSEs")310,710 703 (16,494)294,919 
Real estate mortgage investment conduits ("REMICs"):    
GSE917,695 5,650 (6,461)916,884 
Total mortgage-backed securities1,228,405 6,353 (22,955)1,211,803 
Other debt securities:    
Municipal bonds684 — (1)683 
Corporate bonds34,064 129 (814)33,379 
Total other debt securities34,748 129 (815)34,062 
Total debt securities available-for-sale$1,263,823 $6,482 $(23,832)$1,246,473 

 December 31, 2024
  GrossGrossEstimated
 Amortizedunrealizedunrealizedfair
 costgainslossesvalue
U.S. Government agency securities$75,734 $— $(386)$75,348 
Mortgage-backed securities: 
Pass-through certificates: 
GSE282,704 — (21,028)261,676 
REMICs: 
GSE734,086 1,231 (7,974)727,343 
Total mortgage-backed securities1,016,790 1,231 (29,002)989,019 
Other debt securities:
Municipal bonds684 1 — 685 
Corporate bonds36,569 134 (938)35,765 
Total other debt securities37,253 135 (938)36,450 
Total debt securities available-for-sale$1,129,777 $1,366 $(30,326)$1,100,817 
The following is a summary of the expected maturity distribution of debt securities available-for-sale, other than mortgage-backed securities, at March 31, 2025 (in thousands):
Available-for-saleAmortized costEstimated fair value
Due in one year or less$4,631 $4,636 
Due after one year through five years22,787 22,289 
Due after five years through ten years8,000 7,745 
 $35,418 $34,670 
11
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
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 March 31, 2025, and December 31, 2024, the fair value of debt securities available-for-sale that were pledged to secure borrowings and deposits was $142.3 million and $420.4 million, respectively.

For the three months ended March 31, 2025 and 2024, the Company had no proceeds on sales of debt securities available-for-sale and no gross realized gains or losses. During the three months ended March 31, 2025 and 2024, the Company recognized net losses of $299,000 and net gains of $699,000, 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 March 31, 2025, and December 31, 2024, were as follows (in thousands):

 March 31, 2025
 Less than 12 months12 months or moreTotal
 UnrealizedEstimatedUnrealizedEstimatedUnrealizedEstimated
 lossesfair valuelossesfair valuelossesfair value
U.S. Government agency securities$— $— $(62)$608 $(62)$608 
Mortgage-backed securities:
Pass-through certificates:      
GSE(41)7,831 (16,453)239,140 (16,494)246,971 
REMICs:      
GSE(128)164,149 (6,333)148,628 (6,461)312,777 
Other debt securities:      
Municipal bonds(1)683 — — (1)683 
Corporate bonds— — (814)18,190 (814)18,190 
Total$(170)$172,663 $(23,662)$406,566 $(23,832)$579,229 

 December 31, 2024
 Less than 12 months12 months or moreTotal
 UnrealizedEstimatedUnrealizedEstimatedUnrealizedEstimated
 lossesfair valuelossesfair valuelossesfair value
U.S. Government agency securities$— $— $(386)$75,348 $(386)$75,348 
Mortgage-backed securities:      
Pass-through certificates:      
GSE(125)7,329 (20,903)254,163 (21,028)261,492 
REMICs:      
GSE(285)105,412 (7,689)164,262 (7,974)269,674 
Other debt securities:
Municipal bonds— — — — — — 
Corporate bonds— — (938)18,066 (938)18,066 
Total$(410)$112,741 $(29,916)$511,839 $(30,326)$624,580 
 
12
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
The Company held 107 pass-through mortgage-backed securities issued or guaranteed by GSEs, 68 REMIC mortgage-backed securities issued or guaranteed by GSEs, three corporate bonds, and one U.S. Government agency securities that were in a continuous unrealized loss position of twelve months or greater at March 31, 2025. There were six pass-through mortgage-backed securities issued or guaranteed by GSEs, nine REMIC mortgage-backed securities issued or guaranteed by GSEs, and one municipal bond that were in an unrealized loss position of less than twelve months at March 31, 2025. Substantially all securities referred to above were rated investment grade at March 31, 2025.

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 March 31, 2025 or December 31, 2024.

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 $3.1 million at March 31, 2025, and December 31, 2024, 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.

Note 3 – Debt Securities Held-to-Maturity

The following is a summary of mortgage-backed securities held-to-maturity at March 31, 2025, and December 31, 2024 (in thousands):
 March 31, 2025
 Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Mortgage-backed securities:    
Pass-through certificates:    
GSE$8,883 $53 $(439)$8,497 
Total securities held-to-maturity$8,883 $53 $(439)$8,497 
 December 31, 2024
 Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Mortgage-backed securities:    
Pass-through certificates:    
GSE$9,303 $16 $(557)$8,762 
Total securities held-to-maturity$9,303 $16 $(557)$8,762 
    
Contractual maturities for mortgage-backed securities are not presented, as expected maturities on mortgage-backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. There were no sales of held-to-maturity securities for the three months ended March 31, 2025 or March 31, 2024.

13
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
At March 31, 2025, and December 31, 2024, debt securities held-to-maturity with a carrying value of $8.7 million and $9.1 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 March 31, 2025, and December 31, 2024, were as follows (in thousands):
 March 31, 2025
 Less than 12 months12 months or moreTotal
 UnrealizedEstimatedUnrealizedEstimatedUnrealizedEstimated
 lossesfair valuelossesfair valuelossesfair value
Mortgage-backed securities:      
Pass-through certificates:      
GSE$— $— $(439)$6,043 $(439)$6,043 
Total$— $— $(439)$6,043 $(439)$6,043 

 December 31, 2024
 Less than 12 months12 months or moreTotal
 UnrealizedEstimatedUnrealizedEstimatedUnrealizedEstimated
 lossesfair valuelossesfair valuelossesfair value
Mortgage-backed securities:      
Pass-through certificates:      
GSE$— $— $(557)$5,974 $(557)$5,974 
Total$— $— $(557)$5,974 $(557)$5,974 

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 March 31, 2025.

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 $32,000 and $33,000 at March 31, 2025, and December 31, 2024, 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 $10.9 million and $14.3 million at March 31, 2025, and December 31, 2024, respectively. Equity securities consisted of money market mutual funds, recorded at fair value of $855,000 and $4.3 million at March 31, 2025, and December 31, 2024, respectively, and an investment in a private SBA loan fund (the “SBA Loan Fund”) recorded at net asset value of $10.0 million at both March 31, 2025, and December 31, 2024, respectively. As the SBA Loan Fund operates as a private fund, its shares are not publicly traded and, therefore, has no readily determinable market value. The SBA Loan Fund was recorded at net asset value as a practical expedient for reporting fair value.

14
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
Note 5 – Loans
 
The following table summarizes the Company’s loans held-for-investment (in thousands):

 March 31,December 31,
 20252024
Real estate loans: 
Multifamily$2,567,913 $2,597,484 
Commercial mortgage882,600 889,801 
One-to-four family residential mortgage146,791 150,217 
Home equity and lines of credit181,354 174,062 
Construction and land40,284 35,897 
Total real estate loans3,818,942 3,847,461 
Commercial and industrial loans 162,133 163,425 
Other loans1,411 2,165 
Total commercial and industrial and other loans163,544 165,590 
Loans held-for-investment (excluding purchased credit-deteriorated (“PCD”) loans)
3,982,486 4,013,051 
PCD loans9,043 9,173 
Total loans held-for-investment3,991,529 4,022,224 
Allowance for credit losses(34,921)(35,183)
Net loans held-for-investment$3,956,608 $3,987,041 


The Company had loans held-for-sale of $4.9 million at both March 31, 2025, and December 31, 2024.

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 $9.0 million at March 31, 2025, as compared to $9.2 million at December 31, 2024. The majority of the PCD loan balances were acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. At March 31, 2025, 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, 2024, PCD loans consisted of approximately 9% one-to-four family residential loans, 25% commercial real estate loans, 55% commercial and industrial loans, and 11% in home equity loans.

15
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
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.
16
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 March 31, 2025 (in thousands):

 March 31, 2025
 20252024202320222021PriorRevolving LoansTotal
Real Estate:   
Multifamily   
Pass$12,328 $4,866 $85,808 $586,344 $625,094 $1,239,518 $445 $2,554,403 
Special mention— — — — 1,189 3,566 — 4,755 
Substandard— — — — — 8,755 — 8,755 
Total multifamily12,328 4,866 85,808 586,344 626,283 1,251,839 445 2,567,913 
Commercial mortgage   
Pass8,601 62,733 86,743 194,063 142,738 367,230 1,410 863,518 
Special mention— — — — — 8,084 — 8,084 
Substandard— — — — — 10,707 291 10,998 
Total commercial mortgage8,601 62,733 86,743 194,063 142,738 386,021 1,701 882,600 
One-to-four family residential   
Pass592 8,867 6,568 22,429 11,648 95,164 148 145,416 
Substandard— — — — — 1,375 — 1,375 
Total one-to-four family residential592 8,867 6,568 22,429 11,648 96,539 148 146,791 
Home equity and lines of credit
Pass4,827 14,899 18,679 30,410 12,421 22,459 75,986 179,681 
Special mention— — — 67 — — — 67 
Substandard— — — 1,006 420 180 — 1,606 
Total home equity and lines of credit4,827 14,899 18,679 31,483 12,841 22,639 75,986 181,354 
Construction and land
Pass2,775 4,630 11,230 2,927 625 18,097 — 40,284 
Total construction and land2,775 4,630 11,230 2,927 625 18,097 — 40,284 
Total real estate loans29,123 95,995 209,028 837,246 794,135 1,775,135 78,280 3,818,942 
Commercial and industrial
Pass2,903 15,297 14,438 17,375 11,737 8,550 84,167 154,467 
Special mention— — 717 — — — — 717 
Substandard— 2,496 242 1,301 1,725 353 832 6,949 
Total commercial and industrial2,903 17,793 15,397 18,676 13,462 8,903 84,999 162,133 
Current-period gross charge-offs— — 498 1,467 821 312 — 3,098 
Other
Pass1,359 — — — — 11 36 1,406 
Substandard— — — — — 5 — 5 
Total other1,359 — — — — 16 36 1,411 
Total loans held-for-investment$33,385 $113,788 $224,425 $855,922 $807,597 $1,784,054 $163,315 $3,982,486 
Total current-period gross charge-offs$— $— $498 $1,467 $821 $312 $— $3,098 



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 December 31, 2024 (in thousands):

 
December 31, 2024
 20242023202220212020PriorRevolving LoansTotal
Real Estate:   
Multifamily   
Pass$4,881 $86,169 $594,887 $628,886 $449,955 $819,582 $493 $2,584,853 
Special mention— — — 1,197 1,131 1,445 — 3,773 
Substandard— — — — — 8,858 — 8,858 
Total multifamily4,881 86,169 594,887 630,083 451,086 829,885 493 2,597,484 
Current-period gross charge-offs— — — — — 136 — 136 
Commercial mortgage   
Pass63,034 87,164 195,575 149,231 61,214 309,280 1,200 866,698 
Special mention— — — — 2,701 9,297 — 11,998 
Substandard— — — — — 10,812 293 11,105 
Total commercial mortgage63,034 87,164 195,575 149,231 63,915 329,389 1,493 889,801 
One-to-four family residential   
Pass8,929 6,597 23,452 11,728 6,547 91,404 920 149,577 
Substandard— — — — — 640 — 640 
Total one-to-four family residential8,929 6,597 23,452 11,728 6,547 92,044 920 150,217 
Home equity and lines of credit
Pass15,231 19,647 31,378 12,209 6,499 16,966 70,453 172,383 
Special mention— — 68 — — — — 68 
Substandard— — 1,008 421 23 159 — 1,611 
Total home equity and lines of credit15,231 19,647 32,454 12,630 6,522 17,125 70,453 174,062 
Construction and land
Pass3,532 11,254 2,281 625 13,570 4,635 — 35,897 
Total construction and land3,532 11,254 2,281 625 13,570 4,635 — 35,897 
Total real estate loans95,607 210,831 848,649 804,297 541,640 1,273,078 73,359 3,847,461 
Commercial and industrial
Pass15,733 14,768 19,043 13,539 2,977 6,680 82,552 155,292 
Special mention— 770 264 168 — — — 1,202 
Substandard2,494 733 1,217 1,280 72 131 1,004 6,931 
Total commercial and industrial18,227 16,271 20,524 14,987 3,049 6,811 83,556 163,425 
Current-period gross charge-offs— 387 3,249 2,966 73 198 — 6,873 
Other
Pass2,096 — — — — 11 53 2,160 
Substandard— — — — — 5 — 5 
Total other2,096 — — — — 16 53 2,165 
Total loans held-for-investment$115,930 $227,102 $869,173 $819,284 $544,689 $1,279,905 $156,968 $4,013,051 
Total current-period gross charge-offs$— $387 $3,249 $2,966 $73 $334 $— $7,009 
18
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 (excluding PCD loans). The recorded investment of these non-accrual loans was $13.4 million and $14.3 million at March 31, 2025, and December 31, 2024, 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 ASU No. 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”) on January 1, 2023, 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 $8.8 million and $9.6 million at March 31, 2025, and December 31, 2024, 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 $4.6 million and $4.7 million at March 31, 2025, and December 31, 2024, respectively. Loans past due 90 days or more and still accruing interest were $1.0 million and $1.2 million at March 31, 2025, and December 31, 2024, respectively, and consisted of loans that are well-secured and in the process of collection.

The following tables set forth the detail, and delinquency status, of non-performing loans (non-accrual loans and loans past due 90 days or more and still accruing), net of deferred fees and costs, at March 31, 2025, and December 31, 2024, excluding PCD loans and non-accrual loans held-for sale (in thousands):
 March 31, 2025
 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$1,715 $— $850 $2,565 $— $2,565 
Total multifamily1,715 — 850 2,565 — 2,565 
Commercial mortgage
Substandard56 138 4,371 4,565 — 4,565 
Total commercial mortgage56 138 4,371 4,565 — 4,565 
One-to-four family residential      
Substandard— — — — 878 878 
Total one-to-four family residential— — — — 878 878 
Home equity and lines of credit      
Substandard19 42 1,206 1,267 140 1,407 
Total home equity and lines of credit19 42 1,206 1,267 140 1,407 
Total real estate 1,790 180 6,427 8,397 1,018 9,415 
Commercial and industrial loans      
Substandard2,768 234 1,970 4,972 — 4,972 
Total commercial and industrial loans2,768 234 1,970 4,972 — 4,972 
Total non-performing loans $4,558 $414 $8,397 $13,369 $1,018 $14,387 

At March 31, 2025, the Company had non-accrual loans held-for-sale of $4.9 million, which are not included in the above table.
19
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)

 December 31, 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$1,727 $— $882 $2,609 $164 $2,773 
Total multifamily1,727 — 882 2,609 164 2,773 
Commercial mortgage
Substandard58 142 4,378 4,578 — 4,578 
Total commercial mortgage58 142 4,378 4,578 — 4,578 
One-to-four family residential      
Pass— — — — 748 748 
Substandard— — — — 134 134 
Total one-to-four family residential— — — — 882 882 
Home equity and lines of credit
Substandard19 44 1,207 1,270 140 1,410 
Total home equity and lines of credit19 44 1,207 1,270 140 1,410 
Total real estate1,804 186 6,467 8,457 1,186 9,643 
Commercial and industrial loans      
Substandard2,658 247 2,902 5,807 — 5,807 
Total commercial and industrial loans2,658 247 2,902 5,807 — 5,807 
Total non-performing loans$4,462 $433 $9,369 $14,264 $1,186 $15,450 

At December 31, 2024, the Company had non-accrual loans held-for-sale of $4.9 million, which are not included in the above table.
20
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
The following tables set forth the detail and delinquency status of loans held-for-investment, excluding PCD loans, net of deferred fees and costs, at March 31, 2025, and December 31, 2024 (in thousands):

 March 31, 2025
 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$472 $— $— $472 $2,553,931 $2,554,403 
Special mention— — — — 4,755 4,755 
Substandard825 850 — 1,675 7,080 8,755 
Total multifamily1,297 850 — 2,147 2,565,766 2,567,913 
Commercial mortgage  
Pass94 — — 94 863,424 863,518 
Special mention— — — — 8,084 8,084 
Substandard191 4,371 — 4,562 6,436 10,998 
Total commercial mortgage285 4,371 — 4,656 877,944 882,600 
One-to-four family residential  
Pass2,584 — — 2,584 142,832 145,416 
Substandard— — 878 878 497 1,375 
Total one-to-four family residential2,584 — 878 3,462 143,329 146,791 
Home equity and lines of credit
Pass1,141 — — 1,141 178,540 179,681 
Special mention— — — — 67 67 
Substandard42 1,206 140 1,388 218 1,606 
Total home equity and lines of credit1,183 1,206 140 2,529 178,825 181,354 
Construction and land  
Pass— — — — 40,284 40,284 
Total construction and land— — — — 40,284 40,284 
Total real estate5,349 6,427 1,018 12,794 3,806,148 3,818,942 
Commercial and industrial   
Pass712 — — 712 153,755 154,467 
Special mention— — — — 717 717 
Substandard1,191 1,970 — 3,161 3,788 6,949 
Total commercial and industrial 1,903 1,970 — 3,873 158,260 162,133 
Other loans  
Pass3 — — 3 1,403 1,406 
Substandard— — — — 5 5 
Total other loans3 — — 3 1,408 1,411 
Total loans held-for-investment$7,255 $8,397 $1,018 $16,670 $3,965,816 $3,982,486 

21
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
 December 31, 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$2,381 $— $— $2,381 $2,582,472 $2,584,853 
Special mention— — — — 3,773 3,773 
Substandard450 882 164 1,496 7,362 8,858 
Total multifamily2,831 882 164 3,877 2,593,607 2,597,484 
Commercial mortgage
Pass25 — — 25 866,673 866,698 
Special mention— — — — 11,998 11,998 
Substandard195 4,378 — 4,573 6,532 11,105 
Total commercial mortgage220 4,378 — 4,598 885,203 889,801 
One-to-four family residential
Pass2,406 — 748 3,154 146,423 149,577 
Substandard— — 134 134 506 640 
Total one-to-four family residential2,406 — 882 3,288 146,929 150,217 
Home equity and lines of credit
Pass1,473 — — 1,473 170,910 172,383 
Special mention— — — — 68 68 
Substandard44 1,207 140 1,391 220 1,611 
Total home equity and lines of credit1,517 1,207 140 2,864 171,198 174,062 
Construction and land
Pass— — — — 35,897 35,897 
Total construction and land— — — — 35,897 35,897 
Total real estate6,974 6,467 1,186 14,627 3,832,834 3,847,461 
Commercial and industrial
Pass1,648 — — 1,648 153,644 155,292 
Special mention432 — — 432 770 1,202 
Substandard711 2,902 — 3,613 3,318 6,931 
Total commercial and industrial2,791 2,902 — 5,693 157,732 163,425 
Other loans
Pass3 — — 3 2,157 2,160 
Substandard— — — — 5 5 
Total other loans3 — — 3 2,162 2,165 
Total loans held-for-investment$9,768 $9,369 $1,186 $20,323 $3,992,728 $4,013,051 

22
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
The following tables summarize information on non-accrual loans, excluding PCD loans, as of March 31, 2025, and December 31, 2024 (in thousands):
March 31, 2025
Recorded InvestmentUnpaid Principal BalanceWith No Related Allowance
Real estate loans:
Multifamily$2,565 $2,979 $1,715 
Commercial mortgage4,565 4,998 3,798 
Home equity and lines of credit1,267 1,516 — 
Commercial and industrial4,972 14,853 877 
Total non-accrual loans$13,369 $24,346 $6,390 

December 31, 2024
Recorded InvestmentUnpaid Principal BalanceWith No Related Allowance
Real estate loans:
Multifamily$2,609 $3,023 $1,727 
Commercial mortgage4,578 5,011 3,806 
Home equity and lines of credit1,270 1,519 — 
Commercial and industrial5,807 14,693 1,534 
Total non-accrual loans$14,264 $24,246 $7,067 

The following table summarizes interest income recognized on non-accrual loans, excluding PCD loans, during the three months ended March 31, 2025 and March 31, 2024 (in thousands):

Three Months Ended March 31,
20252024
Real estate loans:
Multifamily$34 $35 
Commercial mortgage17 123 
One-to-four family residential— 1 
Home equity and lines of credit8 — 
Commercial and industrial81 25 
Total interest income on non-accrual loans$140 $184 

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, inventory and equipment. Collateral values are generally based on appraisals which are adjusted for changes in market indices. As of March 31, 2025, and December 31, 2024, the Company had $7.9 million and $8.7 million of collateral-dependent impaired loans, respectively. The collateral-dependent loans at March 31, 2025, consisted of $5.1 million of commercial real estate loans, $1.7 million of multifamily loans, $839,000 of commercial and industrial loans, and $257,000 of one-to-four family residential loans. For the three months ended March 31, 2025, there was no significant deterioration or changes in the collateral securing these loans.
23
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
Loan Modifications Made to Borrowers Experiencing Financial Difficulty

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 of loan modifications made to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2025 and 2024, by class and by type of modification (dollars in thousands):
Three Months Ended March 31, 2025
Payment Delay and Interest Rate ReductionTerm ExtensionPayment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionTotalPercentage of Total Class of Financing Receivable
Commercial and industrial$209 $— $— $— $209 0.13 %
Total loans$209 $— $— $— $209 
Three Months Ended March 31, 2024
Payment DelayTerm ExtensionPayment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionTotalPercentage of Total Class of Financing Receivable
Commercial mortgage$— $— $396 $299 $695 0.08 %
Commercial and industrial130 13,382 — 897 14,409 8.55 %
Total loans$130 $13,382 $396 $1,196 $15,104 

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025, and March 31, 2024 (in thousands):
Weighted-Average Term Extension (in months)Weighted-Average Interest Rate Reduction
Three Months Ended March 31, 2025
Commercial and industrial— 2.50 %
Three Months Ended March 31, 2024
Commercial mortgage603.00 %
Commercial and industrial4.33.00 %
There were no commitments to lend additional funds at March 31, 2025 to borrowers experiencing financial difficulty whose terms have been restructured.
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 during the preceding twelve months, there was one commercial and industrial loans with a balance of $13.4 million at March 31, 2024, that was risk rated substandard and had received multiple 90-day extensions from the second quarter of 2023 through July 1, 2024. During the third quarter of 2024, the loan experienced credit deterioration and was put on non-accrual status. The loan received principal forgiveness of $878,000 in the third quarter of 2024 and made a payment of $10.0 million during the fourth quarter of 2024. The remaining $2.5 million balance of this loan was current as of March 31, 2025, but remains on a non-accrual status. One other commercial and industrial loan with a balance of $227,000 at March 31, 2025, subsequently defaulted and was put on non-accrual status, although the borrower continues to make some payments.
24
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
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 during the twelve months ended March 31, 2025 and 2024 (in thousands):
As of March 31, 2025
Current30-89 Days Past Due90 Days or More Past DueNon-AccrualTotal
Home equity and lines of credit$199 $— $— $— $199 
Commercial and industrial425 136 — 2,707 3,268 
Total loans$624 $136 $— $2,707 $3,467 
As of March 31, 2024
Current30-89 Days Past Due90 Days or More Past DueNon-AccrualTotal
Commercial mortgage$— $— $— $929 $929 
Commercial and industrial14,784 300 — 746 15,830 
Total loans$14,784 $300 $— $1,675 $16,759 
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.

25
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 individually evaluated 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 March 31, 2025, and December 31, 2024, the ACL for loans individually evaluated for impairment was $630,000 and $1.3 million, 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 months ended March 31, 2025, and March 31, 2024 (in thousands):

Three Months Ended March 31,
20252024
Balance at beginning of period$518 $236 
Provision for credit losses103 83 
Balance at end of period$621 $319 


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

 Three Months Ended March 31, 2025
 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$20,949 $2,245 $2,254 $103 $6,724 $4 $32,279 $2,904 $35,183 
Charge-offs— — — — (3,098)— (3,098)— (3,098)
Recoveries15 — — — 238 1 254 — 254 
Provisions (credit)561 (31)(22)— 2,245 (1)2,752 (170)2,582 
Ending balance$21,525 $2,214 $2,232 $103 $6,109 $4 $32,187 $2,734 $34,921 
 Three Months Ended March 31, 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— — — — (950)— (950)— (950)
Recoveries14 9 — — 16 — 39 — 39 
Provisions (credit)(2,003)(518)594 (27)2,391 (2)435 (20)415 
Ending balance$21,266 $2,776 $2,299 $122 $7,507 $4 $33,974 $3,065 $37,039 
(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties.


27
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
The following tables detail the amount of loans receivable held-for-investment, net of deferred loan fees and costs, that are evaluated, individually and collectively, for impairment, and the related portion of the allowance for credit losses that is allocated to each loan portfolio segment, at March 31, 2025, and December 31, 2024 (in thousands):
 March 31, 2025
 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$— $— $1 $— $629 $— $630 $— $630 
Ending balance: collectively evaluated for impairment21,525 2,214 2,231 103 5,480 4 31,557 — 31,557 
Ending balance: PCD loans evaluated for impairment (2)
— — — — — — — 2,734 2,734 
Loans, net:         
Ending balance$3,450,513 $146,791 $181,354 $40,284 $162,133 $1,411 $3,982,486 $9,043 $3,991,529 
Ending balance: individually evaluated for impairment7,597 544 19 — 3,322 — 11,482 — 11,482 
Ending balance: collectively evaluated for impairment3,442,916 146,247 181,335 40,284 158,734 1,411 3,970,927 — 3,970,927 
Ending balance: PCD loans evaluated for impairment (2)
— — — — — — — 9,043 9,043 
PPP loans not evaluated for impairment (3)
— — — — 77 — 77 — 77 

 December 31, 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$— $— $2 $— $1,274 $— $1,276 $— $1,276 
Ending balance: collectively evaluated for impairment20,949 2,245 2,252 103 5,450 4 31,003 — 31,003 
Ending balance: PCD loans evaluated for impairment (2)
— — — — — — — 2,904 2,904 
Loans, net:         
Ending balance$3,487,285 $150,217 $174,062 $35,897 $163,425 $2,165 $4,013,051 $9,173 $4,022,224 
Ending balance: individually evaluated for impairment7,730 555 20 — 4,070 — 12,375 — 12,375 
Ending balance: collectively evaluated for impairment3,479,555 149,662 174,042 35,897 159,237 2,165 4,000,558 — 4,000,558 
Ending balance: PCD loans evaluated for impairment (2)
— — — — — — — 9,173 9,173 
PPP loans not evaluated for impairment (3)
— — — — 118 — 118 — 118 
(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.


28
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
Note 7 – Deposits

Deposit account balances are summarized as follows (in thousands):
 March 31, 2025December 31, 2024
Non-interest-bearing checking$722,994 $706,976 
Negotiable orders of withdrawal (“NOW”) and interest-bearing checking1,367,219 1,286,154 
Savings and money market1,171,240 1,176,308 
Certificates of deposit870,503 969,039 
Total deposits$4,131,956 $4,138,477 
 
Interest expense on deposit accounts is summarized for the periods indicated (in thousands):

 
Three Months Ended March 31,
 20252024
NOW and interest-bearing checking, savings, and money market$12,148 $12,331 
Certificates of deposit9,043 6,942 
Total interest expense on deposit accounts$21,191 $19,273 

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 March 31, 2025, and December 31, 2024, subordinated debt totaled $61.5 million and $61.4 million, respectively, which included $502,000 and $558,000, respectively, of unamortized debt issuance costs. The Company recognized amortization expense of $56,000 for the three months ended March 31, 2025 and 2024.

Note 9 – Equity Incentive Plans

The following table is a summary of the Company’s stock options outstanding as of March 31, 2025, and changes therein during the three months then ended.

 Number of Stock OptionsWeighted Average Grant Date Fair ValueWeighted Average Exercise PriceWeighted Average Contractual Life (years)
Outstanding and Exercisable - December 31, 2024701,103 $4.11 $15.09 0.63
Forfeited (2,500)4.07 14.76 — 
Outstanding and Exercisable - March 31, 2025698,603 4.11 15.09 0.38
 During the first quarter of 2025, the Company granted to directors and employees, under the 2019 Equity Incentive Plan, 232,003 restricted stock awards with a total grant date fair value of $2.7 million. Of these grants, 41,679 vest one year from the date of grant and 190,324 vest in equal installments over a three-year period beginning one year from the date of grant. The Company also issued 59,735 performance-based restricted stock units to its executive officers with a total grant date fair value of $697,000. 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 on January 24, 2028. At the end of the performance period, the number of actual shares to be awarded may vary between 0% and 225% of target amounts.
29
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
The following is a summary of the status of the Company’s restricted stock awards and performance-based restricted stock units at March 31, 2025, and changes therein during the three months then ended.

 Restricted Stock AwardsWeighted Average Grant Date Fair ValuePerformance Stock AwardsWeighted Average Grant Date Fair Value
Non-vested at December 31, 2024337,774 $13.71 93,608 $14.19 
Granted232,003 11.66 59,735 11.66 
Vested(184,309)13.90 — — 
Forfeited— — (20,631)15.78 
Non-vested at March 31, 2025385,468 12.37 132,712 12.80 
 
Expected future stock award expense related to the non-vested restricted share awards as of March 31, 2025, was $4.4 million over a weighted average period of 2.1 years. Expected future stock award expense related to the non-vested performance share awards as of March 31, 2025, was $1.0 million over a weighted average period of 2.0 years.
During the three months ended March 31, 2025, and March 31, 2024, the Company recorded $765,000 and $620,000, 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 March 31, 2025, and December 31, 2024, by level within the fair value hierarchy as required by the Fair Value Measurements and Disclosures Topic of the FASB ASC. Financial assets and liabilities are classified in their entirety based on the level of input that is significant to the fair value measurement. The fair value hierarchy is as follows:

•Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

•Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlations or other means.

•Level 3 Inputs – Significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities.

The methods of determining the fair value of assets and liabilities presented in this note are consistent with our methodologies disclosed in Note 16 to the Consolidated Financial Statements of the Company’s 2024 Annual Report on Form 10-K.

30
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
 
Fair Value Measurements at March 31, 2025 Using:
 Carrying ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
 (in thousands)
Measured on a recurring basis: 
Assets:    
Investment securities:    
Debt securities available-for-sale:    
U.S. Government agency$608 $— $608 $— 
Mortgage-backed securities:    
Pass-through certificates:
GSE294,919 — 294,919 — 
REMICs:
GSE916,884 — 916,884 — 
Total mortgage-backed securities1,211,803 — 1,211,803 — 
Other debt securities:    
Municipal bonds683 — 683 — 
Corporate bonds33,379 — 33,379 — 
34,062 — 34,062 — 
Total debt securities available-for-sale1,246,473 — 1,246,473 — 
Trading securities13,003 13,003 — — 
Equity securities (1)
855 855 — — 
Total$1,260,331 $13,858 $1,246,473 $— 
Measured on a non-recurring basis:    
Assets:    
Loans individually evaluated for impairment:    
Real estate loans:    
Commercial real estate$1,020 $— $— $1,020 
Multifamily1,717 — — 1,717 
Home equity and lines of credit18 — — 18 
Total individually evaluated real estate loans2,755 — — 2,755 
Commercial and industrial loans1,851 — — 1,851 
Total$4,606 $— $— $4,606 
(1) Excludes investment measured at net asset value of $10.0 million at March 31, 2025, which has not been classified in the fair value hierarchy.

31
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
 
Fair Value Measurements at December 31, 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. Government agency securities$75,348 $— $75,348 $— 
Mortgage-backed securities:    
Pass-through certificates:
GSE261,676 — 261,676 — 
REMICs:
GSE727,343 — 727,343 — 
Total mortgage-backed securities989,019 — 989,019 — 
Other debt securities:    
Municipal bonds685 — 685 — 
Corporate bonds35,765 — 35,765 — 
36,450 — 36,450 — 
Total debt securities available-for-sale1,100,817 — 1,100,817 — 
Trading securities13,884 13,884 — — 
Equity securities (1)
4,261 4,261 — — 
Total$1,118,962 $18,145 $1,100,817 $— 
Measured on a non-recurring basis:    
Assets:    
Loans individually evaluated for impairment:    
Real estate loans:    
Commercial real estate$1,083 $— $— $1,083 
Multifamily1,727 — — 1,727 
Home equity and lines of credit18 — — 18 
Total individually evaluated real estate loans2,828 — — 2,828 
Commercial and industrial loans1,291 — — 1,291 
Total$4,119 $— $— $4,119 
(1) Excludes investment measured at net asset value of $10.0 million at December 31, 2024, which has not been classified in the fair value hierarchy.
The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at March 31, 2025 (dollars in thousands):
    
 Fair ValueValuation MethodologyUnobservable Inputs Range of Inputs
 (in thousands)
Individually evaluated loans:
Commercial real estate$1,020 AppraisalsAdjustments to selling cost
7.0% - 10.0%
Multifamily1,717 AppraisalsAdjustments to selling costs
0% - 10.0%
Home equity and lines of credit18 Discounted cash flowsInterest rates
6.0%
Commercial and industrial loans1,851 Discounted cash flowsInterest rates
4.0% - 25.0%
32
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 December 31, 2024 (dollars in thousands):
 Fair ValueValuation MethodologyUnobservable Inputs Range of Inputs
 (in thousands)
Individually evaluated loans:
Commercial real estate$1,083 AppraisalsAdjustments to selling cost
7.0% - 10.0%
Multifamily1,727 AppraisalsAdjustments to selling costs
0% - 10.0%
Home equity and lines of credit18 Discounted cash flowsInterest rates
6.0%
Commercial and industrial loans1,291 Discounted cash flowsInterest rates
6.0% - 50.0%
The valuation techniques described below were used to measure fair value of financial instruments in the tables below on a recurring basis and a non-recurring basis at March 31, 2025 and December 31, 2024.
Debt Securities Available for Sale: The estimated fair values for mortgage-backed securities, corporate, and other debt securities are obtained from an independent nationally recognized third-party pricing service. The estimated fair values are derived primarily from cash flow models, which include assumptions for interest rates, credit losses, and prepayment speeds. Broker/dealer quotes are utilized as well, when such quotes are available and deemed representative of the market. The significant inputs utilized in the cash flow models are based on market data obtained from sources independent of the Company (Observable Inputs), and are therefore classified as Level 2 within the fair value hierarchy. There were no transfers of securities between Level 1 and Level 2 during the three months ended March 31, 2025 or March 31, 2024.
Trading Securities: Fair values are derived from quoted market prices in active markets. The assets consist of publicly traded mutual funds.

Equity Securities: Fair values of equity securities consisting of publicly traded mutual funds are derived from quoted market prices in active markets.

Loans Individually Evaluated for Impairment: At March 31, 2025, and December 31, 2024, the Company had loans individually evaluated for impairment (excluding PCD loans) with outstanding principal balances of $7.1 million and $7.2 million, respectively, which were recorded at their estimated fair value of $4.6 million and $4.1 million, respectively. The Company recorded a net decrease in the specific reserve for impaired loans of $645,000 and $900 for the three months ended March 31, 2025, and March 31, 2024, respectively. Net charge-offs of $2.8 million and $911,000 were recorded for the three months ended March 31, 2025, and March 31, 2024, respectively, utilizing Level 3 inputs. For purposes of estimating the fair value of impaired loans, management utilizes independent appraisals, if the loan is collateral-dependent, adjusted downward by management, as necessary, for changes in relevant valuation factors subsequent to the appraisal date, or the present value of expected future cash flows for non-collateral dependent loans and TDRs.

Other Real Estate Owned: At March 31, 2025, and December 31, 2024, 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.

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:

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

(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.
34
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
(j)    Advance Payments by Borrowers for Taxes and Insurance
Advance payments by borrowers for taxes and insurance have no stated maturity; the fair value is equal to the amount currently payable.

(k)    Derivatives
The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs.

The estimated fair values of the Company’s significant financial instruments at March 31, 2025, and December 31, 2024, are presented in the following tables (in thousands):
 March 31, 2025
  Estimated Fair Value
 Carrying ValueLevel 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$101,662 $101,662 $— $— $101,662 
Trading securities13,003 13,003 — — 13,003 
Debt securities available-for-sale1,246,473 — 1,246,473 — 1,246,473 
Debt securities held-to-maturity8,883 — 8,497 — 8,497 
Equity securities (1)
855 855 — — 855 
FHLBNY stock, at cost38,350 N/AN/AN/AN/A
Loans held-for-sale4,897 — — 4,897 4,897 
Net loans held-for-investment3,956,608 — — 3,770,963 3,770,963 
Derivative assets4,690 — 4,690 — 4,690 
Financial liabilities:     
Deposits$4,131,956 $— $4,132,992 $— $4,132,992 
FHLB advances and other borrowings (including securities sold under agreements to repurchase)709,159 — 638,483 — 638,483 
Subordinated debentures, net of issuance costs61,498 — 46,016 — 46,016 
Advance payments by borrowers for taxes and insurance29,270 — 29,270 — 29,270 
Derivative liabilities4,695 — 4,695 — 4,695 
(1) Excludes investment measured at net asset value of $10.0 million at March 31, 2025, which has not been classified in the fair value hierarchy.

35
NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
 December 31, 2024
  Estimated Fair Value
 Carrying ValueLevel 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$167,744 $167,744 $— $— $167,744 
Trading securities13,884 13,884 — — 13,884 
Debt securities available-for-sale1,100,817 — 1,100,817 — 1,100,817 
Debt securities held-to-maturity9,303 — 8,762 — 8,762 
Equity securities (1)
4,261 4,261 — — 4,261 
FHLBNY stock, at cost35,894 N/AN/AN/AN/A
Loans held-for-sale4,897 — — 4,897 4,897 
Net loans held-for-investment3,987,041 — — 3,792,302 3,792,302 
Derivative assets5,149 — 5,149 — 5,149 
Financial liabilities:     
Deposits$4,138,477 $— $4,139,094 $— $4,139,094 
FHLB advances and other borrowings (including securities sold under agreements to repurchase)666,402 — 657,705 — 657,705 
Subordinated debentures, net of issuance costs61,442 — 45,604 — 45,604 
Advance payments by borrowers for taxes and insurance24,057 — 24,057 — 24,057 
Derivative liabilities5,152 — 5,152 — 5,152 
(1) Excludes investment measured at net asset value of $10.0 million at December 31, 2024, 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.
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NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
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.

The following is a summary of the Company’s earnings per share calculations and reconciliation of basic to diluted earnings per share for the periods indicated (in thousands, except per share data):

 Three Months Ended March 31,
 20252024
Net income available to common stockholders$7,876 $6,214 
Weighted average shares outstanding-basic40,864,52942,367,243 
Effect of non-vested restricted stock and stock, performance-based restricted stock units and options outstanding58,300 41,710 
Weighted average shares outstanding-diluted40,922,829 42,408,953 
Earnings per share-basic$0.19 $0.15 
Earnings per share-diluted$0.19 $0.15 
Anti-dilutive shares1,087,489 1,860,882 

Note 12 – Leases

The Company’s leases primarily relate to real estate property for branches and office space with terms extending from six months up to 30.3 years. At March 31, 2025, all of the Company’s leases are classified as operating leases, which are required to be recognized on the consolidated balance sheets as a right-of-use asset and a corresponding lease liability.

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets and operating lease liabilities on the consolidated balance sheets. Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recorded at the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate, at lease inception, over a similar term in determining the present value of lease payments. Certain leases include options to renew, with one or more renewal terms ranging from five to ten years. If the exercise of a renewal option is considered to be reasonably certain, the Company includes the extended term in the calculation of the right-of-use asset and lease liability.

At March 31, 2025, the Company’s operating lease right-of-use assets and operating lease liabilities included on the consolidated balance sheet were $27.3 million and $31.6 million, respectively. At December 31, 2024, the Company’s operating lease right-of-use assets and operating lease liabilities included on the consolidated balance sheet were $27.8 million and $32.2 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.
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NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
Supplemental lease information at or for the three months ended March 31, 2025, and March 31, 2024 is as follows (dollars in thousands):
Three Months Ended March 31,
20252024
Operating lease cost$1,462 $1,487 
Variable lease cost1,200 1,092 
Net lease cost$2,662 $2,579 
Cash paid for amounts included in measurement of operating lease liabilities$1,614 $1,623 
Right-of-use assets obtained in exchange for new operating lease liabilities$753 $1,060 
Weighted average remaining lease term 10.69 years10.90 years
Weighted average discount rate 3.69 %3.63 %
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
2025$4,715 
20265,599 
20274,645 
20284,387 
20292,922 
Thereafter17,286 
Total lease payments39,554 
Less: imputed interest(7,924)
Present value of lease liabilities$31,630 
As of March 31, 2025, 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 March 31, 2025, the Company had 13 interest rate swaps with a notional amount of $94.0 million. At December 31, 2024, the Company had 13 interest rate swaps with a notional amount of $95.7 million. The Company recorded no fee income related to these swaps for the three months ended March 31, 2025 and 2024, 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 LocationMarch 31, 2025December 31, 2024
Other assets$4,690 $5,149 
Other liabilities4,695 5,152 
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NORTHFIELD BANCORP, INC.
Notes to Unaudited Consolidated Financial Statements - (Continued)
(14) - Segment Information
The Company's reportable segment is determined by the CODM, based upon information provided about the Company's products and services offered, primarily banking operations, originating loans and offering a variety of deposit products. The segment is also distinguished by the level of information provided by the CODM, who uses such information to review performance of various components of the business (such as branches) which are then aggregated if operating performance, products and services, and customers are similar. The CODM will evaluate the performance of the Company's business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company's segment and in the determination of allocating resources. The CODM uses the revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The CODM uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment performance and in establishing compensation. Loans and investments provide the revenues in the banking operations. Interest expense, provisions for credit losses, and payroll provide the significant expenses in the banking operations. The Company's operations are all domestic.
Segment performance is evaluated using consolidated net income. Information reported internally for performance assessment by the CODM follows, inclusive of reconciliations of significant segment totals to the consolidated financial statements.
Banking Segment
Three Months Ended March 31,
 20252024
(in thousands)
Interest income$60,092 $58,648 
Reconciliation of revenue
Other revenues - non-interest income3,022 3,381 
Total consolidated revenues63,114 62,029 
Less:
Interest expense28,301 30,764 
Segment net interest income and non-interest income34,813 31,265 
Less:
Compensation and employee benefits11,775 12,765 
Provision for credit losses2,582 415 
Other segment items (1) (2) (3)
9,660 9,567 
Income tax expense2,920 2,304 
Segment expenses 26,937 25,051 
Segment net income$7,876 $6,214 
Segment assets$5,710,000 $5,666,378 
Total consolidated assets$5,710,000 $5,666,378 
(1) Other segment items include occupancy, furniture and equipment, data processing, professional fees, advertising, FDIC insurance and other miscellaneous expenses.
(2) Includes depreciation expense of $812,000 and $921,000 for the three months ended March 31, 2025, and March 31, 2024, respectively.
(3) Includes amortization expense of $2.5 million and $674,000 for the three months ended March 31, 2025, and March 31, 2024, respectively.
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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
•statements about our performance, financial condition and liquidity; 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, fluctuations in real estate values, military conflict, geopolitical risks, the failure of the federal government to raise the federal debt ceiling and downgrades of the U.S. credit rating;
•competition among depository and other financial institutions, including with respect to fees and interest rates;
•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;
•the imposition of tariffs or other domestic or international governmental policies;
•changes in the quality and/or composition of our loan and securities portfolios, changes in prepayment speeds, charge-offs and changes in the estimates or methodology used to determine 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, 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 or man-made disasters, climate change, severe weather conditions, or other extraordinary events beyond our control, and our ability to effectively respond to and manage these disruptions;
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•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;
•the disruption to local, regional, national and global economic activity caused by the spread of infectious disease, epidemics, pandemics, or other extraordinary events that are beyond our control and could impact 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, 2024, 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, 2024.
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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, 2024.
Net income was $7.9 million for the three months ended March 31, 2025, as compared to $6.2 million for the three months ended March 31, 2024. The increase in net income for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, was primarily the result of an increase in net interest income, attributable to lower funding costs and higher yields on interest-earning assets, partially offset by an increase in the provision for credit losses on loans. Basic and diluted earnings per common share were $0.19 for the three months ended March 31, 2025, compared to basic and diluted earnings per common share of $0.15 for the three months ended March 31, 2024. For the three months ended March 31, 2025, our return on average assets was 0.56%, as compared to 0.43% for the three months ended March 31, 2024. For the three months ended March 31, 2025, our return on average stockholders’ equity was 4.52% as compared to 3.59% for the three months ended March 31, 2024.
Comparison of Financial Condition at March 31, 2025 and December 31, 2024
Total assets increased by $43.6 million, or 0.8%, to $5.71 billion at March 31, 2025, from $5.67 billion at December 31, 2024. The increase was primarily due to an increase in available-for-sale debt securities of $145.7 million, or 13.2%, partially offset by decreases in cash and cash equivalents of $66.1 million, or 39.4%, loans receivable of $30.7 million, or 0.8%, and other assets of $4.5 million, or 9.6%.

Cash and cash equivalents decreased by $66.1 million, or 39.4%, to $101.7 million at March 31, 2025, from $167.7 million at December 31, 2024, as excess liquidity was deployed into purchasing higher-yielding mortgage-backed securities. 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 $145.7 million, or 13.2%, to $1.25 billion at March 31, 2025, from $1.10 billion at December 31, 2024. The increase was primarily attributable to purchases of securities, partially offset by paydowns and maturities. At March 31, 2025, $1.21 billion 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 $33.4 million in corporate bonds, substantially all of which were investment grade, $683,000 in municipal bonds and $608,000 in U.S. Government agency securities at March 31, 2025. Unrealized losses, net of tax, on available-for-sale debt securities and held-to-maturity securities approximated $16.7 million and $307,000, respectively, at March 31, 2025, compared to $21.8 million and $400,000, respectively, at December 31, 2024. The effective duration of the securities portfolio at March 31, 2025 was 1.45 years.

Equity securities were $10.9 million at March 31, 2025 and $14.3 million at December 31, 2024. At March 31, 2025, 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. The decrease in equity securities was primarily due to a decrease in money market mutual funds.

Loans held-for-investment, net, decreased by $30.7 million, or 0.8%, to $3.99 billion at March 31, 2025 from $4.02 billion at December 31, 2024, primarily due to a decrease in multifamily real estate loans, partially offset by increases in home equity and lines of credit and construction and land loans. The decrease in loan balances reflects the Company's continued strategic focus on managing concentration risk within its commercial and multifamily real estate loan portfolios, while maintaining disciplined loan pricing. Multifamily loans decreased $29.6 million, or 1.1%, to $2.57 billion at March 31, 2025 from $2.60 billion at December 31, 2024, commercial real estate loans decreased $7.2 million, or 0.8%, to $882.6 million at March 31, 2025 from $889.8 million at December 31, 2024, one-to-four family residential loans decreased $3.4 million, or 2.3%, to $146.8 million at March 31, 2025 from $150.2 million at December 31, 2024, commercial and industrial loans decreased $1.3 million, or 0.8%, to $162.1 million at March 31, 2025 from $163.4 million at December 31, 2024, and other loans decreased $754,000, or 34.8%, to $1.4 million at March 31, 2025 from $2.2 million at December 31, 2024. Partially offsetting these decreases were increases in home equity and lines of credit of $7.3 million, or 4.2%, to $181.4 million at March 31, 2025 from $174.1 million at December 31, 2024, and construction and land loans of $4.4 million, or 12.2%, to $40.3 million at March 31, 2025 from $35.9 million at December 31, 2024.


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The following table represents the Company's loan balances and associated percentage of each major category in the Company's loan portfolio as of March 31, 2025, and December 31, 2024:

March 31, 2025December 31, 2024
Amount% of TotalAmount% of Total
Real estate loans:
Multifamily$2,567,913 64.3 %$2,597,484 64.6 %
Commercial mortgage882,600 22.1 889,801 22.1 
One-to-four family residential mortgage146,791 3.7 150,217 3.7 
Home equity and lines of credit181,354 4.5 174,062 4.3 
Construction and land40,284 1.0 35,897 0.9 
Total real estate loans3,818,942 95.6 3,847,461 95.6 
Commercial and industrial loans 162,133 4.1 163,425 4.1 
Other loans1,411 — 2,165 0.1 
Total commercial and industrial and other loans163,544 4.1 165,590 4.2 
Loans held-for-investment, net (excluding purchased credit-deteriorated (“PCD”) loans3,982,486 99.8 4,013,051 99.8 
PCD loans9,043 0.2 9,173 0.2 
Total loans held-for-investment, net$3,991,529 100.0 %$4,022,224 100.0 %

The following table summarizes commercial mortgage real estate loans by property type and owner-occupied and non-owner occupied status as a percentage of the total commercial mortgage real estate portfolio as of March 31, 2025:

March 31, 2025
 Concentration by Property TypePercentage of Total
 Amount% of Total Owner-OccupiedNon-Owner Occupied
Office buildings$182,339 20.7 %8.0 %12.7 %
Mixed use (majority of space is non-residential)159,497 18.1 2.6 15.5 
Retail140,581 15.9 2.4 13.5 
Warehousing114,131 13.0 11.5 1.5 
Manufacturing66,234 7.5 5.2 2.3 
Healthcare facilities60,335 6.8 5.4 1.4 
Accommodations (hotel/motel)43,264 4.9 — 4.9 
Services36,986 4.2 2.7 1.5 
Schools/daycare12,563 1.4 1.1 0.3 
Recreational12,514 1.4 1.3 0.1 
Restaurants8,256 0.9 0.3 0.6 
Other45,900 5.2 2.4 2.8 
Total commercial real estate loans$882,600 100.0 %42.9 %57.1 %

The Company obtains an appraisal of the real estate collateral securing a commercial real estate loan prior to originating the loan. The appraised value is used to calculate the ratio of the outstanding loan balance to the value of the real estate collateral, or loan-to-value ratio ("LTV"). The original appraisal is used to monitor the LTVs within the commercial real estate portfolio unless an updated appraisal is received, which may happen for a variety of reasons, including but not limited to payment delinquency, additional loan requests using the same collateral, and loan modifications. The following table presents the ranges in the LTVs of our commercial mortgage loans at March 31, 2025:

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LTV Range %Number of LoansAmount
(Dollars in thousands)
0 - 25 191 $68,152 
>25 - 50246 308,620 
>50 - 60111 219,914 
>60 - 7087 244,190 
>70 - 8021 39,453 
>80 - 902 2,089 
>902 182 
Total commercial real estate loans660 $882,600 
The following table summarizes the commercial real estate portfolio by geographic region in which the loans were originated as a percentage of total commercial real estate loans as of March 31, 2025:
Geographic RegionAmountPercent
(Dollars in thousands)
New York$475,816 54 %
New Jersey385,957 44 %
Pennsylvania and Other20,827 2 %
Total commercial real estate loans$882,600 100 %
As of March 31, 2025, non-owner occupied commercial real estate loans (as defined by regulatory guidance) to total risk-based capital was estimated at approximately 424%. Management believes that the Bank has implemented appropriate risk management practices including risk assessments, board-approved underwriting policies and related procedures, which include monitoring Bank portfolio performance, performing market analysis (economic and real estate), and stressing of the Bank’s commercial real estate portfolio under severe, adverse economic conditions. Although management believes the Bank has implemented appropriate policies and procedures to manage its commercial real estate concentration risk, the Bank’s regulators could require it to implement additional policies and procedures or could require it to maintain higher levels of regulatory capital, which might adversely affect its loan originations, 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 March 31, 2025, office-related loans represented $182.4 million, or 4.6% of our total loan portfolio, and 20.7% of the commercial real estate 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 59%. Approximately 39% were owner-occupied. The geographic locations of the properties collateralizing our office-related loans are: 50.0% in New York, 48.5% in New Jersey, and 1.5% in Pennsylvania. At March 31, 2025, our largest office-related loan had a principal balance of $90.0 million (with a net active principal balance for the Bank of $29.5 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 March 31, 2025, multifamily loans that have some form of rent stabilization or rent control totaled approximately $435.8 million, or approximately 10.9% of our total loan portfolio, and 17.0% of our multifamily 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 51%. At March 31, 2025, our largest rent-regulated loan had a principal balance of $16.7 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 $9.0 million and $9.2 million at March 31, 2025, and December 31, 2024, 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 $223,000 attributable to PCD loans for the three months ended March 31, 2025, as compared to $426,000 for the three months ended March 31, 2024, respectively. PCD loans had an allowance for credit losses of approximately $2.7 million at March 31, 2025.
Other assets decreased by $4.5 million, or 9.6%, to $42.4 million at March 31, 2025, from $46.9 million at December 31, 2024. The decrease was primarily attributable to a decrease in deferred tax assets primarily due to a decrease in unrealized losses on the securities available-for-sale portfolio.
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Total liabilities increased $37.2 million, or 0.7%, to $5.00 billion at March 31, 2025, from $4.96 billion at December 31, 2024. The increase was primarily attributable to an increase in borrowings of $42.8 million, partially offset by a decrease in total deposits of $6.5 million. Brokered deposits decreased by $140.1 million, or 53.2%, as the Company placed less reliance on brokered deposits, which were used as a lower-cost alternative to borrowings in the prior 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 $133.6 million, or 3.4%. The increase in deposits, excluding brokered deposits, was primarily attributable to increases of $97.1 million in transaction accounts and $41.6 million in time deposits, partially offset by decreases of $4.5 million in savings accounts, and $579,000 in money market accounts. Growth in transaction accounts and time deposits was primarily due to new municipal relationships and new commercial customer relationships. Estimated gross uninsured deposits at March 31, 2025 were $1.95 billion. This total includes fully collateralized uninsured governmental deposits and intercompany deposits of $1.01 billion, leaving estimated uninsured deposits of approximately $934.7 million, or 22.6%, of total deposits. At December 31, 2024, estimated uninsured deposits totaled $896.5 million, or 21.7% of total deposits.
Borrowed funds increased to $770.7 million at March 31, 2025, from $727.8 million at December 31, 2024. The increase in borrowings for the period was primarily due to a $67.0 million increase in borrowings under an overnight line of credit, partially offset by a decrease of $24.2 million in other borrowings due to maturities. 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 March 31, 2025 (dollars in thousands):

YearAmountWeighted Average Rate
2025$160,684 3.89%
2026148,000 4.36%
2027173,000 3.19%
2028154,288 3.96%
$635,972 3.83%
Total stockholders’ equity increased by $6.5 million to $711.1 million at March 31, 2025, from $704.7 million at December 31, 2024. The increase was attributable to net income of $7.9 million for the three months ended March 31, 2025, an $8.1 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 $900,000 increase in equity award activity, partially offset by $5.0 million in stock repurchases and $5.4 million in dividend payments. On February 26, 2025, the Board of Directors of the Company approved a $5.0 million stock repurchase program. During the three months ended March 31, 2025, the Company repurchased 440,150 of its common stock outstanding at an average price of $11.36 for a total of $5.0 million pursuant to approved stock repurchase plan. As of March 31, 2025, the Company had no outstanding repurchase program. On April 24, 2025, the Board of Directors of the Company approved a new $10.0 million stock repurchase program. The repurchase program has no expiration date.
Comparison of Operating Results for the Three Months Ended March 31, 2025 and 2024
Net Income. Net income was $7.9 million and $6.2 million for the three months ended March 31, 2025 and March 31, 2024, respectively. Significant variances from the comparable prior year period are as follows: a $3.9 million increase in net interest income, a $2.2 million increase in the provision for credit losses on loans, a $359,000 decrease in non-interest income, an $897,000 decrease in non-interest expense, and a $616,000 increase in income tax expense.
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Interest Income. Interest income increased $1.4 million, or 2.5%, to $60.1 million for the three months ended March 31, 2025, from $58.6 million for the three months ended March 31, 2024, primarily due to a 23 basis point increase in the yield on interest-earning assets, attributable to higher yields on mortgage-backed securities and loans, partially offset by a $104.0 million, or 1.9%, decrease in the average balance of interest-earning assets. The decrease in the average balance of interest-earning assets was primarily due to decreases in the average balance of other securities of $273.9 million, the average balance of loans of $167.4 million and the average balance of interest-earning deposits in financial institutions of $143.9 million, partially offset by an increase in the average balance of mortgage-backed securities of $483.9 million. The Company accreted interest income related to PCD loans of $223,000 for the three months ended March 31, 2025, as compared to $426,000 for the three months ended March 31, 2024. Interest income for the three months ended March 31, 2025, included loan prepayment income of $245,000 as compared to $351,000 for the three months ended March 31, 2024.

Interest Expense. Interest expense decreased $2.5 million, or 8.0%, to $28.3 million for the three months ended March 31, 2025, as compared to $30.8 million for the three months ended March 31, 2024. The decrease was primarily due to a decrease in interest expense on borrowings of $4.4 million, or 41.0%, partially offset by an increase in interest expense on deposits of $1.9 million, or 10.0%. The decrease in interest expense on borrowings was attributable to a 20 basis point decrease in the average cost of borrowings from 3.87% to 3.67%, and a $413.6 million, or 37.3%, decrease in the average balance of borrowings which was primarily due to the repayment of borrowings from the Federal Reserve Bank in the fourth quarter of 2024. In January 2024, the Company borrowed $300.0 million from the Federal Reserve Bank through the Bank Term Funding Program (“BTFP”) at favorable terms and conditions and invested the proceeds in higher-yielding interest-bearing deposits in other financial institutions and investment securities. The BTFP borrowings were paid off in full by December 31, 2024. The increase in interest expense on deposits was attributable to a $307.8 million, or 9.9%, increase in the average balance of interest-bearing deposits and a two basis point increase in the cost of interest-bearing deposits from 2.49% to 2.51% for the three months ended March 31, 2025.
Net Interest Income. Net interest income for the three months ended March 31, 2025, increased $3.9 million, or 14.0%, to $31.8 million, from $27.9 million for the three months ended March 31, 2024, primarily due to a 35 basis point increase in net interest margin to 2.38% from 2.03% for the three months ended March 31, 2024. The increase in net interest margin was primarily due to higher yields on mortgage-backed securities and loans, coupled with a decrease in the cost of interest-bearing liabilities. Net interest margin for the three months ended March 31, 2024, was negatively affected by approximately 12 basis points due to a low-risk leverage strategy, where the Company borrowed $300.0 million from the Federal Reserve Bank through the BTFP at favorable terms and conditions and invested the proceeds in higher-yielding interest-bearing deposits in other financial institutions and investment securities.

Provision for Credit Losses. The provision for credit losses on loans increased by $2.2 million to $2.6 million for the three months ended March 31, 2025, compared to $415,000 for the three months ended March 31, 2024, primarily due to higher net charge-offs, changes in model assumptions, including a reduction in the estimated rate of prepayment speeds and an increase in loss given defaults in the multifamily loans related to risk rating downgrades of certain loans in the portfolio, and an increase in non-performing loans in the commercial and industrial portfolio. Net charge-offs were $2.8 million for the three months ended March 31, 2025, 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 $911,000 for the three months ended March 31, 2024. Management continues to closely monitor the small business unsecured commercial and industrial loan portfolio, which totaled $25.5 million at March 31, 2025.

Non-interest Income. Non-interest income decreased by $359,000, or 10.6%, to $3.0 million for the three months ended March 31, 2025, compared to $3.4 million for the three months ended March 31, 2024. The decrease was primarily due to a decrease of $998,000 in gains on sales of trading securities, partially offset by an increase in income on bank-owned life insurance of $675,000, primarily related to the exchange of certain policies late in the fourth quarter of 2024 which have higher yields. Losses on trading securities in the three months ended March 31, 2025, were $299,000, as compared to gains of $699,000 in the three months ended March 31, 2024. The trading portfolio is utilized to fund the Company’s deferred compensation obligation to certain employees and directors of 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 decreased $897,000, or 4.0%, to $21.4 million for the three months ended March 31, 2025, compared to $22.3 million for the three months ended March 31, 2024. The decrease was primarily due to a $990,000 decrease in employee compensation and benefits, primarily attributable to a decrease in deferred compensation expense, which is described above, and had no effect on net income. Additionally, there was a $268,000 decrease in advertising expense. Partially offsetting the decreases were increases of $263,000 in professional fees related to outsourced audit services and recruitment fees and $164,000 in other expense.

Income Tax Expense. The Company recorded income tax expense of $2.9 million for the three months ended March 31, 2025, compared to $2.3 million for the three months ended March 31, 2024. The effective tax rate for both the three months ended March 31, 2025, and March 31, 2024, was 27.0%. The effective tax rate for three months ended March 31, 2025, and March 31, 2024, were negatively impacted by increased tax expense of $79,000 and $18,000, respectively, as a result of vesting of stock awards.

The following table sets forth average balances, average yields and costs, and certain other information for the periods indicated.
 
For the Three Months Ended
 
March 31, 2025
March 31, 2024
 Average Outstanding BalanceInterest
Average Yield/ Rate (1)
Average Outstanding BalanceInterest
Average Yield/ Rate (1)
Interest-earning assets:      
Loans (2)
$4,007,266 $45,283 4.58 %$4,174,668 $46,047 4.44 %
Mortgage-backed securities (3)
1,132,715 12,009 4.30 648,811 4,398 2.73 
Other securities (3)
118,082 797 2.74 391,980 3,841 3.94 
Federal Home Loan Bank of New York stock36,929 862 9.47 39,599 970 9.85 
Interest-earning deposits in financial institutions118,983 1,141 3.89 262,884 3,392 5.19 
Total interest-earning assets5,413,975 60,092 4.50 5,517,942 58,648 4.27 
Non-interest-earning assets277,586 266,428 
Total assets$5,691,561 $5,784,370 
Interest-bearing liabilities:
Savings, NOW, and money market accounts$2,502,664 $12,148 1.97 %$2,464,297 $12,331 2.01 %
Certificates of deposit923,713 9,043 3.97 654,328 6,942 4.27 
Total interest-bearing deposits3,426,377 21,191 2.51 3,118,625 19,273 2.49 
Borrowed funds695,281 6,291 3.67 1,108,880 10,663 3.87 
Subordinated debt61,461 819 5.40 61,239 828 5.44 
Total interest-bearing liabilities4,183,119 28,301 2.74 4,288,744 30,764 2.89 
Non-interest-bearing deposits706,217 699,641 
Accrued expenses and other liabilities94,819 99,594 
Total liabilities4,984,155 5,087,979 
Stockholders' equity707,406 696,392 
Total liabilities and stockholders' equity$5,691,561 $5,784,371 
Net interest income$31,791 $27,884 
Net interest rate spread (4)
1.76 %  1.38 %
Net interest-earning assets (5)
$1,230,856 $1,229,198  
Net interest margin (6)
2.38 %  2.03 %
Average interest-earning assets to interest-bearing liabilities129.42 %  128.66 %

(1) Average yields and rates are annualized.
(2) Includes non-accruing loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs, which was not material.
(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 ($9.0 million at March 31, 2025 and $9.2 million at December 31, 2024, respectively) as accruing, even though they may be contractually past due. At March 31, 2025, 2.1% of PCD loans were past due 30 to 89 days, and 25.2% were past due 90 days or more, as compared to 2.9% and 27.1%, respectively, at December 31, 2024.
 
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 March 31, 2025, and December 31, 2024 (dollars in thousands):
 March 31, 2025December 31, 2024
Non-accrual loans: 
Held-for-investment
Real estate loans: 
Multifamily$2,565 $2,609 
Commercial mortgage4,565 4,578 
Home equity and lines of credit1,267 1,270 
Commercial and industrial4,972 5,807 
Total non-accrual loans held-for-investment13,369 14,264 
Loans delinquent 90 days or more and still accruing: 
Held-for-investment
Real estate loans: 
Multifamily— 164 
One-to-four family residential878 882 
Home equity and lines of credit140 140 
Total loans delinquent 90 days or more and still accruing held-for-investment1,018 1,186 
Non-performing loans held-for-sale
Commercial mortgage4,397 4,397 
Commercial and industrial500 500 
Total non-performing loans held-for-sale4,897 4,897 
Total non-performing loans19,284 20,347 
Total non-performing assets$19,284 $20,347 
Non-performing loans to total loans0.48 %0.51 %
Non-performing assets to total assets0.34 %0.36 %
Accruing loans 30 to 89 days delinquent$6,845 $9,336 

Other Real Estate Owned

At March 31, 2025, and December 31, 2024, the Company had no assets acquired through foreclosure.

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Accruing Loans 30 to 89 Days Delinquent
 
Loans 30 to 89 days delinquent and on accrual status totaled $6.8 million and $9.3 million at March 31, 2025, and December 31, 2024, respectively.

The following table sets forth delinquencies for accruing loans by type and by amount at March 31, 2025, and December 31, 2024 (dollars in thousands):

 March 31, 2025December 31, 2024
Held-for-investment
Real estate loans:
Multifamily$1,296 $2,831 
Commercial mortgage147 78 
One-to-four family residential2,584 2,407 
Home equity and lines of credit1,141 1,472 
Commercial and industrial loans1,674 2,545 
Other loans3 3 
Total delinquent accruing loans held-for-investment$6,845 $9,336 
The decrease in delinquent multifamily loans was primarily due to one relationship totaling $2.1 million that became current during the quarter ended March 31, 2025. The decrease in delinquent commercial and industrial loans was primarily due to five unsecured small business loans that were charged off totaling $797,000. Management continues to monitor the unsecured small business commercial and industrial loan portfolio which represents the majority of the commercial and industrial delinquencies in the table above.
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Rent-Regulated Multifamily Loans

Our multifamily loan portfolio at March 31, 2025 totaled $2.57 billion, or 64% of our total loan portfolio, of which $435.8 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$279,630 39.1 %$1,175 $16,441 50.6%1.48x$580 $499 $— $1,800 
>0-104,696 0.6 1,565 2,107 50.91.33— — — — 
>10-2018,397 2.6 1,415 2,834 48.71.40— — — — 
>20-3019,268 2.7 2,141 5,449 53.21.65— — — — 
>30-4014,958 2.1 1,247 3,037 47.81.59— — — — 
>40-5021,558 3.0 1,268 2,710 46.91.77— — — — 
>50-609,298 1.3 1,550 2,313 39.41.80— — — — 
>60-7020,765 2.9 2,966 11,181 53.41.51— — — — 
>70-8022,158 3.1 2,462 4,874 47.51.43— — — — 
>80-9020,516 2.9 1,140 3,124 46.11.64— — 1,124 — 
>90-100284,164 39.7 1,733 16,698 51.61.60665 2,067 3,630 4,389 
Total$715,408 100.0 %$1,442 $16,698 50.6%1.55x$1,245 $2,566 $4,754 $6,189 
The table below sets forth our New York rent-regulated loans by county (dollars in thousands):
CountyBalance
LTV*
DSCR*
Bronx$116,944 51.2%1.60x
Kings184,545 50.5%1.57
Nassau2,155 35.8%1.88
New York48,838 46.3%1.61
Queens37,633 44.3%1.69
Richmond32,258 60.1%1.41
Westchester13,405 58.7%1.78
Total$435,778 50.6%1.59x
* Weighted Average
None of the loans that are rent-regulated in New York are interest-only. During the remainder of 2025, 27 loans with an aggregate principal balance of $46.0 million are scheduled to re-price.
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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. The Bank’s total short-term borrowed funds, excluding lease obligations, floating rate advances and an overnight line of credit, were $636.0 million at March 31, 2025, and had a weighted average interest rate of 3.83%. A total of $213.7 million of these borrowings will mature in less than one year. Short-term borrowed funds, excluding floating rate advances, were $658.5 million at December 31, 2024.

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 $1.67 billion utilizing unencumbered securities of $1.10 billion, loans of $547.0 million, and encumbered securities of $17.6 million at March 31, 2025. Additionally, the Bank has remaining borrowing capacity utilizing encumbered securities through the FRB Discount Window of $281,000. 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 March 31, 2025 were $1.95 billion. This total includes fully collateralized uninsured governmental deposits and intercompany deposits of $1.01 billion, leaving estimated net uninsured deposits of approximately $934.7 million, or 22.6% of total deposits. At December 31, 2024, estimated net uninsured deposits totaled $896.5 million, or 21.7% 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 March 31, 2025, Northfield Bancorp, Inc. (standalone) had liquid assets of $16.0 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.

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At March 31, 2025, and December 31, 2024, as set forth in the following table, both Northfield Bank and Northfield Bancorp, Inc. exceeded all of the regulatory capital requirements to which they were subject at such dates.
    
Northfield BankNorthfield Bancorp, Inc.For Capital Adequacy PurposesFor Well Capitalized Under Prompt Corrective Action Provisions
As of March 31, 2025:
CBLR12.62%12.08%9.00%9.00%
As of December 31, 2024:
CBLR12.46%12.11%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 March 31, 2025, the reserve for commitments to fund unused lines of credit recorded in accrued expenses and other liabilities was $621,000.

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, 2024.

Accounting Pronouncements Not Yet Adopted

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 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, and interim periods within fiscal years beginning after December 15, 2025. Early adoption is permitted. The adoption of this guidance will not have a material impact on the Company’s consolidated financial statements.

ASU No. 2024-03. In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)”, which improves financial reporting by requiring public entities to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 is effective for the Company for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The adoption of this guidance will not have a material impact on the Company’s consolidated financial statements.
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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Management of Market Risk
General. A majority of our assets and liabilities are monetary in nature. Consequently, our most significant form of market risk is interest rate risk. Our assets, consisting primarily of mortgage-related securities and loans, generally have longer maturities than our liabilities, which consist primarily of deposits and wholesale borrowings. As a result, a principal part of our business strategy involves managing interest rate risk and limiting the exposure of our net interest income to changes in market interest rates. Accordingly, our Board of Directors has established a Management Asset-Liability Committee, comprised of our Senior Vice President (“SVP”) & Chief Investment Officer and Treasurer, who chairs this Committee, our President & 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 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 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 of 100, 200, 300, or 400 basis points, or a 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 of 100, 200, 300, or 400 basis points, 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 March 31, 2025, and December 31, 2024, 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.
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At March 31, 2025
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$5,015,374 $4,351,446 $663,928 $(165,479)(19.95)%13.24 %(15.30)%1.12 %
+3005,134,398 4,425,388 709,010 (120,397)(14.52)13.81 (10.28)1.85 
+2005,269,367 4,502,827 766,540 (62,867)(7.58)14.55 (4.97)3.25 
+1005,390,662 4,584,141 806,521 (22,886)(2.76)14.96 (1.66)2.58 
—5,499,187 4,669,780 829,407 — — 15.08 — — 
(100)5,599,053 4,749,661 849,392 19,985 2.41 15.17 2.52 (1.86)
(200)5,692,390 4,834,267 858,123 28,716 3.46 15.07 4.08 (5.23)
(300)5,790,313 4,932,479 857,834 28,427 3.43 14.81 3.88 (9.54)
(400)5,944,298 5,045,796 898,502 69,095 8.33 15.12 2.77 (13.56)
    
 
At December 31, 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$5,039,741 $4,296,533 $743,208 $(93,542)(11.18)%14.75 %(15.51)%1.73 %
+3005,132,034 4,368,409 763,625 (73,125)(8.74)14.88 (10.48)2.16 
+2005,235,010 4,443,676 791,334 (45,416)(5.43)15.12 (5.12)3.32 
+1005,338,932 4,522,702 816,230 (20,520)(2.45)15.29 (1.68)2.51 
—5,442,680 4,605,930 836,750 — — 15.37 — — 
(100)5,556,611 4,683,811 872,800 36,050 4.31 15.71 2.78 (1.12)
(200)5,660,193 4,765,981 894,212 57,462 6.87 15.80 4.94 (3.34)
(300)5,762,691 4,859,674 903,017 66,267 7.92 15.67 5.45 (6.84)
(400)5,901,487 4,969,923 931,564 94,814 11.33 15.79 4.82 (10.25)
At March 31, 2025, in the event of a 400 basis point decrease in interest rates, we would experience an 8.33% increase in estimated net portfolio value, a 2.77% increase in net interest income in year one, and a 13.56% decrease in net interest income in year two. In the event of a 400 basis point increase in interest rates, we would experience a 19.95% decrease in estimated net portfolio value, a 15.30% decrease in net interest income in year one and a 1.12% increase in net interest income in year two. Our policies provide that, in the event of a 200 basis point decrease or less in interest rates, our net present value ratio should decrease by no more than 300 basis points and 10%, and in the event of a 400 basis point increase or less, our net present value should decrease by no more than 475 basis points and 35%. In the event of a 200 basis point decrease or less, our projected net interest income should decrease by no more than 10% in year one and 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 March 31, 2025, and December 31, 2024, 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. 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.
54
ITEM 4.    CONTROLS AND PROCEDURES 
An evaluation was performed under the supervision and with the participation of the Company’s management, including the President and Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended) as of March 31, 2025. Based on that evaluation, the Company’s management, including the President and Chief Executive Officer and the Chief Financial Officer, concluded that the Company’s disclosure controls and procedures were effective.
 
During the three months ended March 31, 2025, 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.

55
PART II

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

ITEM 1A.  RISK FACTORS

During the quarter ended March 31, 2025, 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, 2024, 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 February 26, 2025, the Board of Directors of the Company approved a $5.0 million stock repurchase program. During the three months ended March 31, 2025, the Company repurchased 440,150 of its common stock outstanding at an average price of $11.36 for a total of $5.0 million pursuant to approved stock repurchase plan. As of March 31, 2025, the Company had no outstanding repurchase program. On April 24, 2025, the Board of Directors of the Company approved a new $10.0 million stock repurchase program. The repurchase program has no expiration date. The program permits shares 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 March 31, 2025.
PeriodTotal Number of Shares PurchasedAverage Price Paid per Share Total 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)
January 1, 2025 to January 31, 2025— $— — $— 
February 1, 2025 to February 28, 2025— — — 5,000 
March 1, 2025 to March 31, 2025440,150 11.36 440,150 — 
Total440,150 11.36 440,150 

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. Shares repurchased pursuant to these plans during the three months ended March 31, 2025 were as follows:

56
PeriodTotal Number of Shares PurchasedAverage Price Paid per Share
January 1, 2025 to January 31, 2025—$— 
February 1, 2025 to February 28, 202519,17711.71 
March 1, 2025 to March 31, 2025—— 
Total19,17711.71 

ITEM 3.     DEFAULTS UPON SENIOR SECURITIES
    None.

ITEM 4.     MINE SAFETY DISCLOSURES
    Not applicable.

ITEM 5.     OTHER INFORMATION
    During the three months ended March 31, 2025, 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 May 9, 2025, formatted in Inline XBRL.
(1) Filed herewith.
57
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
NORTHFIELD BANCORP, INC.
(Registrant)
 
 
Date: May 9, 2025
/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)
58

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