Northfield Bancorp (NFBK) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $11.8 million, or $0.30 per diluted share, up from $7.9 million, or $0.19 per share, in Q1 2025, and a net loss of $27.4 million in Q4 2025 due to a prior goodwill impairment charge.

• Results included $1.7 million in non-tax deductible merger expenses related to the pending merger with Columbia Financial, Inc.

• Net interest income rose to $37.0 million, up $5.2 million year-over-year and $296,000 sequentially, with net interest margin improving to 2.76% from 2.38%.

• Return on average assets was 0.85% and return on average equity was 6.93% for Q1 2026, both up from the prior year.

• A merger with Columbia Financial, Inc. is pending, expected to close early Q3 2026, subject to regulatory and shareholder approvals.

Financial highlights

• Total assets decreased 0.3% to $5.74 billion at March 31, 2026.

• Loans held-for-investment declined by $48.8 million (1.3%) to $3.81 billion, mainly due to lower multifamily real estate loans.

• Deposits increased by $72.8 million to $4.09 billion, while borrowings decreased by $98.0 million.

• Provision for credit losses dropped to $247,000 from $2.6 million year-over-year and $1.7 million sequentially.

• Non-interest income increased 12.9% to $3.4 million; non-interest expense rose 8.5% to $23.3 million, mainly due to merger costs and higher compensation.

Outlook and guidance

• The merger with Columbia Financial is expected to close in early Q3 2026, subject to regulatory and shareholder approvals, with integration planning underway.

• Management anticipates sufficient liquidity and capital to meet commitments and regulatory requirements.