Northfield Bancorp, Inc. (Staten Island, NY) (NFBK): history, ownership, mission, how it works & makes money

A Brief History of Northfield Bancorp, Inc. (Staten Island, NY) (NFBK)

Foundation and Early Years

Northfield Bancorp, Inc. was founded in 1887 as Northfield Bank, originally serving the Staten Island community. The bank’s focus was primarily on local savings and loans, reflecting the needs of its community. Over the decades, it expanded its services and customer base, eventually transitioning into a full-service financial institution.

Conversion to a Public Company

In 2004, Northfield Bank converted from a mutual association to a stock corporation. This transition allowed the bank to raise capital to expand its operations and offer a wider array of financial services. The conversion was completed with the initial public offering (IPO) on December 13, 2004, where Northfield Bancorp, Inc. offered 2.5 million shares at $10.00 each, raising approximately $25 million.

Acquisitions and Growth

Northfield Bancorp has pursued an aggressive growth strategy through acquisitions. Notable acquisitions include:

• The purchase of the assets and liabilities of Richmond County Savings Bank in 2016.
• The acquisition of the New Jersey-based Bayonne Community Bank in 2019, significantly expanding its footprint in that area.

Financial Performance

As of the end of fiscal year 2022, Northfield Bancorp reported the following financial metrics:

Community Involvement

Northfield Bancorp is actively involved in community service and charitable contributions. In 2021, the bank contributed $500,000 towards local community development programs and various charitable initiatives. This commitment to the community has helped strengthen its reputation and customer loyalty.

Technological Advancements

In recent years, Northfield Bancorp has invested significantly in technological upgrades to enhance its digital banking services. This includes the development of a user-friendly mobile banking application launched in 2020, which has seen a 30% increase in user adoption in 2022.

Stock Performance

Northfield Bancorp’s stock (NFBK) has shown robust performance over the years. As of October 2023, the stock is trading at approximately $27.50, with a market capitalization of around $390 million. The company's stock performance has been relatively stable, reflecting investor confidence in its growth strategy.

A Who Owns Northfield Bancorp, Inc. (Staten Island, NY) (NFBK)

Ownership Structure

As of the latest available data, Northfield Bancorp, Inc. (NFBK) has a diversified ownership structure comprising institutional investors, individual shareholders, and insider ownership. The company's shares are publicly traded on the NASDAQ under the ticker symbol NFBK.

Major Shareholders

The following table details the major shareholders of Northfield Bancorp, Inc. along with their respective ownership percentages as of the last quarterly report:

Institutional Ownership

Institutional ownership is significant in NFBK, reflecting confidence from large financial entities. The following table summarizes key statistics regarding institutional ownership:

Insider Ownership

Insider ownership can provide insights into the confidence levels of those who manage the company. The table below provides information on insider ownership:

Market Performance

As of the latest trading data, Northfield Bancorp, Inc. has demonstrated an active market presence. The following statistics reflect recent market performance:

• Current Stock Price: $26.45
• Market Capitalization: $900 million
• P/E Ratio: 12.34
• Dividend Yield: 2.50%
• 52-Week High/Low: $28.00 / $24.00

Conclusion of Ownership Trends

The ownership composition of Northfield Bancorp, Inc. illustrates a blend of institutional, insider, and retail investors, showcasing a broad base of support for the company. The figures presented here provide a snapshot of NFBK’s ownership landscape as it operates within the competitive banking sector.

Northfield Bancorp, Inc. (Staten Island, NY) (NFBK) Mission Statement

Overview

Northfield Bancorp, Inc. aligns its mission statement with its core values of community service, financial stability, and customer satisfaction. The institution primarily focuses on providing a range of financial services tailored to meet the evolving needs of its clients.

Mission Statement

The mission statement of Northfield Bancorp emphasizes the dedication to customer service, community involvement, and the importance of integrity in all interactions. It is encapsulated in the following key points:

• To deliver exceptional financial products and services that enhance the economic well-being of clients.
• To foster a supportive environment for both customers and employees.
• To actively participate in and contribute to the communities served.

Financial Performance Indicators

The financial performance of Northfield Bancorp reflects its commitment to its mission. As of the latest reporting periods, the following financial data is relevant:

Community Involvement

Northfield Bancorp is committed to community engagement through various initiatives, contributing a significant portion of its resources back to the community. The following statistics illustrate this commitment:

Customer Satisfaction

Northfield Bancorp measures its success through customer satisfaction metrics, which reflect its adherence to its mission statement. Key indicators include:

• Customer Satisfaction Score: 89%
• Net Promoter Score (NPS): 42
• Customer Retention Rate: 95%

Employee Engagement

The bank recognizes that employee satisfaction is crucial to achieving its mission. Recent metrics include:

How Northfield Bancorp, Inc. (Staten Island, NY) (NFBK) Works

Overview

Northfield Bancorp, Inc. (NFBK) operates primarily as a bank holding company. As of October 2023, NFBK has total assets of approximately $2.26 billion.

Business Model

NFBK focuses on providing a range of financial services including commercial and residential real estate loans, commercial loans, consumer loans, and deposit products.

Financial Performance

As of the latest financial report for Q3 2023, Northfield Bancorp reported:

Branch Network

Northfield Bancorp operates through a network of branches primarily located in New Jersey and New York. As of 2023, NFBK has a total of 19 branches.

Products and Services

NFBK offers a diverse array of products and services, including:

• Residential Mortgages
• Commercial Real Estate Loans
• Small Business Loans
• Consumer Loans
• Checking and Savings Accounts
• Certificates of Deposit (CDs)

Market Presence

NFBK maintains a strong presence in its market through strategic marketing and community engagement. The bank’s deposit market share in the Staten Island region is approximately 6.5%.

Recent Developments

In the year 2023, Northfield Bancorp announced the following developments:

• Expansion of digital banking services.
• Launch of a new mobile banking application.
• Introduction of a community-focused financial literacy program.

Risk Management

NFBK employs a comprehensive risk management framework which includes:

• Credit Risk Assessment
• Operational Risk Management
• Liquidity Risk Monitoring
• Regulatory Compliance

Investment and Growth Strategies

Northfield Bancorp is focused on growth through:

• Aggressive marketing of its lending products.
• Expansion into underserved markets.
• Investment in technology to enhance customer experience.

Conclusion

Northfield Bancorp, Inc. continues to position itself as a key player in the regional banking sector by leveraging its community roots and focusing on customer-centric services.

How Northfield Bancorp, Inc. (Staten Island, NY) (NFBK) Makes Money

Overview of Revenue Streams

Northfield Bancorp, Inc. primarily generates revenue through the following key streams: interest income, non-interest income, and fee-based services.

Interest Income

Interest income represents the largest source of revenue for Northfield Bancorp. As of the most recent financial year, Northfield Bancorp reported total interest income of approximately $54 million. This is derived from various loan products and investment securities.

Non-Interest Income

Non-interest income is also a significant component of Northfield Bancorp's revenue. Recent reports show that they earned $15 million in non-interest income for the latest fiscal year.

• Service Fees: $7 million
• Loan Servicing Fees: $3 million
• Investment Income: $5 million

Fee-Based Services

The fee-based services provided by Northfield Bancorp enhance their profitability. The bank offers various account services, payment processing, and investment management services which contribute to their overall revenue.

In the most recent quarter, Northfield Bancorp reported total fee income of $3.5 million from these services.

Operating Expenses

To understand the profitability better, it’s important to consider operating expenses. Northfield Bancorp's total operating expenses for the last year were roughly $40 million.

Profitability Metrics

The profitability of Northfield Bancorp can be highlighted through key financial ratios. For the fiscal year ending 2022, the bank reported:

• Return on Assets (ROA): 1.05%
• Return on Equity (ROE): 10.15%
• Net Interest Margin: 3.45%

Balance Sheet Strength

The strength of Northfield Bancorp's balance sheet is critical for its money-making capabilities. As of the latest fiscal year, the total assets of Northfield Bancorp stood at approximately $1.5 billion.

Market Position and Growth Prospects

Northfield Bancorp has been strategically positioned in the Staten Island and New Jersey markets. Their market share in the residential mortgage sector is approximately 12%.

Looking ahead, future projections indicate potential growth in their loan portfolio by approximately 5% annually over the next five years, driven by an increasing demand for housing and commercial properties.