Northfield Bancorp Q1 EPS $0.30, Net Interest Income Up 3.2%, Deposits Up 8.4%
Northfield Bancorp reported Q1 net income of $11.8M, or $0.30 EPS, reversing a $27.4M loss in Q4 and up from $7.9M year-ago, despite $1.7M merger costs. Net interest income rose to $37.0M (+3.2% QoQ, +65.1% YoY), net interest margin reached 2.76% (+6 bps), and deposits excluding brokered grew 8.4%.
1. Q1 Financial Performance
Net income was $11.8M, or $0.30 EPS, reversing a $27.4M loss in Q4 and rising from $7.9M in Q1 2025. The quarter included $1.7M of non-tax deductible merger expenses, compared to a $41.0M goodwill impairment charge in the prior quarter.
2. Net Interest Trends
Net interest income increased to $37.0M, up 3.2% annualized from Q4 2025 and 65.1% year-over-year. Net interest margin expanded by six basis points to 2.76%, driven by higher yields on loans and mortgage-backed securities.
3. Balance Sheet Highlights
Deposits excluding brokered grew by $83.3M, or 8.4% annualized, while cost of those deposits declined to 1.74%. Loan balances fell by $48.8M (5.1% annualized), primarily in multifamily loans, and non-performing loans to total loans rose to 0.56%.
4. Merger Update and Dividend
Planning for the Columbia Financial merger is progressing with regulatory and stockholder approvals underway and integration teams preparing for seamless combination. A quarterly cash dividend of $0.13 per share will be paid on May 20, 2026, to shareholders of record on May 6.