Northfield Bancorp, Inc. (NFBK) has reported 171.80 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $9.95 million, or $0.21 a share in the quarter, compared with $3.66 million, or $0.08 a share for the same period last year.
Revenue during the quarter grew 12.42 percent to $30.45 million from $27.09 million in the previous year period. Net interest income for the quarter rose 7.88 percent over the prior year period to $26.68 million. Non-interest income for the quarter rose 86.05 percent over the last year period to $4.15 million.
Northfield Bancorp, Inc. has made provision of $0.37 million for loan losses during the quarter, compared with a negative provision of $0.13 million in the same period last year.
Net interest margin improved 9 basis points to 3.04 percent in the quarter from 2.95 percent in the last year period. Efficiency ratio for the quarter improved to 56.92 percent from 79.75 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
John W. Alexander, chairman and chief executive officer, commented, "Strong earnings for the first quarter were driven by solid fundamentals that were enhanced by required accounting changes related to exercised stock options and proceeds received from our bank owned life insurance. While overall loans grew over 2.2 percent non-annualized in the quarter, originated loans increased over 4.6 percent non-annualized. Growth in originated loans, coupled with increased yields on other earning assets, were the primary drivers of a seven basis point expansion of our net interest margin over the linked quarter. Earnings for the quarter, as compared to prior year’s quarter, also benefited from our continued focus and discipline on managing our operating expenses."
Investments stood at $489.65 million as on Mar. 31, 2017. Shareholders equity was at $630.38 million as on Mar. 31, 2017.
Return on average assets moved up 64 basis points to 1.05 percent in the quarter from 0.41 percent in the last year period. At the same time, return on average equity increased 400 basis points to 6.44 percent in the quarter from 2.44 percent in the last year period.
Nonperforming assets stood at $6.45 million as on Mar. 31, 2017. Meanwhile, nonperforming assets to total assets was 0.19 percent in the quarter, down from 0.29 percent in the last year period.
Average equity to average assets ratio was 16.29 percent for the quarter, down from 16.69 percent for the previous year quarter.
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