NORTHFIELD BANCORP, INC (NFBK) has reported 47.53 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $8.20 million, or $0.18 a share in the quarter, compared with $5.56 million, or $0.13 a share for the same period last year. Revenue during the quarter grew 23.77 percent to $29.05 million from $23.47 million in the previous year period. Net interest income for the quarter rose 25.70 percent over the prior year period to $26.68 million. Non-interest income for the quarter rose 24.55 percent over the last year period to $2.64 million.
Northfield Bancorp has made provision of $0.28 million for loan losses during the quarter, compared with a negative provision of $0.12 million in the same period last year.
Net interest margin improved 13 basis points to 2.97 percent in the quarter from 2.84 percent in the last year period. Efficiency ratio for the quarter improved to 56.52 percent from 61.87 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 growth is the hallmark of 2016. Diluted earnings per share for the fourth quarter of 2016 increased 38% from the comparable quarter of 2015, and over 12% compared to the linked quarter. Overall, diluted earnings per share increased over 26% for the year. This was accomplished through continued strong growth in earning assets, supported by strong core deposit growth, stable to expanding net interest margin, and the successful acquisition and integration of Hopewell Valley Community Bank. Originated loans increased nearly 11% and loans held for investment, net, increased over 25%. Deposit increases of over 32% supported this growth and also allowed for the reduction in wholesale funding.”
Liabilities outpace assets growth
Total assets stood at $3,850.09 million as on Dec. 31, 2016, up 20.22 percent compared with $3,202.58 million on Dec. 31, 2015. On the other hand, total liabilities stood at $3,228.90 million as on Dec. 31, 2016, up 22.18 percent from $2,642.80 million on Dec. 31, 2015. Loans outpace deposit growth
Net loans stood at $2,943.49 million as on Dec. 31, 2016, up 25.31 percent compared with $2,348.94 million on Dec. 31, 2015. Deposits stood at $2,713.59 million as on Dec. 31, 2016, up 32.18 percent compared with $2,052.93 million on Dec. 31, 2015.
Investments stood at $516.90 million as on Dec. 31, 2016, down 7.47 percent or $41.75 million from year-ago. Shareholders equity stood at $621.20 million as on Dec. 31, 2016, up 10.97 percent or $61.42 million from year-ago.
Return on average assets moved up 16 basis points to 0.85 percent in the quarter from 0.69 percent in the last year period. At the same time, return on average equity increased 130 basis points to 5.24 percent in the quarter from 3.94 percent in the last year period.
Nonperforming assets moved down 7.17 percent or $0.64 million to $8.23 million on Dec. 31, 2016 from $8.87 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.21 percent in the quarter, down from 0.28 percent in the last year period.
Average equity to average assets ratio was 16.44 percent for the quarter, down from 18.32 percent for the previous year quarter.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
