Notable items include:

 * Earnings of $0.08 per share for the third quarter of 2009 matches
   same 2008 quarter
 * Net interest income increases 20% in the year over year quarter,
   as interest-earning assets grow over 21% to $1.8 billion
 * Declaration of fifth consecutive cash dividend of $0.04 per common
   share
 * Loans increase 13% for the year to $667 million
 * Stockholders' equity increases to $396.3 million, or 19.9% of
   total assets
 * Provision for loan losses totals $2.7 million for the third
   quarter 2009 increasing the allowance for loan losses to $14.2
   million, or 2.13% of total loans.  Non-performing loans increase
   to $35.7 million as compared to $31.0 million at June 30, 2009

AVENEL, N.J., Oct. 28, 2009 (GLOBE NEWSWIRE) -- Northfield Bancorp, Inc. (Nasdaq:NFBK), the holding company for Northfield Bank, reported net income of $3.2 million for the quarter ended September 30, 2009, compared to $3.3 million for the quarter ended September 30, 2008. Basic and diluted earnings per common share were $0.08 for both quarters ended September 30, 2009 and 2008. Net income for the nine months ended September 30, 2009, was $8.0 million, compared to $12.4 million for the nine months ended September 30, 2008. Basic and diluted earnings per common share for the nine months ended September 30, 2009 and 2008 were $0.19 and $0.29, respectively. Net income for the nine months ended September 30, 2008, included a $2.5 million, nontaxable, death benefit realized on bank owned life insurance. Excluding the realized gain on the death benefit from bank owned life insurance of $0.06 per share, basic and diluted earnings per common share for the nine months ended September 30, 2008, were $0.23 per common share.

John Alexander, Chairman and Chief Executive Officer, commented "Our financial performance remained strong during the quarter. We increased net interest income and sustained margins, and continued to build reserves for future losses, while earning $3.2 million in the quarter. We remain focused on strong loan and deposit growth while working to control costs. Our stock repurchase program is continuing and we also are pleased to announce the declaration of our fifth quarterly dividend."

Alexander further remarked, "While there are many promising signs the economy is recovering, there is still significant stress. Unemployment remains high thus affecting rents, home sales, retailers, and manufacturers. We are taking significant steps to ensure we are positioned for the future as we continue to lend to creditworthy borrowers and assist existing borrowers. Deposit growth is a major focus and as part of the strategy to expand our branch footprint, we recently opened the first of three new branch locations in Staten Island and construction has begun on our second Brooklyn branch."

Financial Condition

Total assets increased to $2.0 billion at September 30, 2009, from $1.8 billion at December 31, 2008. The increase was primarily attributable to increases in securities of $182.3 million and loans held for investment, net of $76.7 million. Loans held for investment, net totaled $666.7 million at September 30, 2009, as compared to $590.0 million at December 31, 2008. The increase was primarily in multi-family real estate loans which increased $58.3 million, or 53.5%, to $167.3 million, from $109.0 million at December 31, 2008. Loans held for investment, net also increased due to an increase in commercial real estate loans of $29.3 million, or 10.1%, to $318.4 million, as well as an increase in commercial and industrial loans of $8.5 million, or 76.9%, to $19.5 million. In addition, home equity loans also increased $1.4 million, or 5.9%, from $24.2 million at December 31, 2008, with consumer loans also experiencing an increase of $67 thousand, or 5.0% over the same time period. These increases were partially offset by decreases in residential and land & construction loans.

The Company's securities portfolio totaled $1.2 billion at September 30, 2009, as compared to $974.6 million at December 31, 2008, of which $719.6 were residential mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. At September 30, 2009, the Company also held residential mortgage-backed securities not guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae, referred to as "private label securities." These private label securities had an amortized cost of $192.9 million and an estimated fair value of $191.5 million at September 30, 2009. At September 30, 2009, the private label securities portfolio was in a net unrealized loss position of $1.3 million, consisting of gross unrealized losses of $5.6 million and gross unrealized gains of $4.3 million.

Of the $191.5 million in private label securities only three securities with an estimated fair value of $17.5 million are rated less than AAA at September 30, 2009. The first of these three securities had an estimated fair value of $5.4 million and was rated CCC, the second had an estimated fair value of $5.8 million and was rated Baa2, with the third having an estimated fair value of $6.3 million and was rated AA. The Company continues to receive principal and interest payments in accordance with the contractual terms on each of the three securities. Management has evaluated, among other things, delinquency status, estimated prepayment speeds and the estimated default rates and loss severity in liquidating the underlying collateral for each of these three securities. As a result of management's evaluation of these securities, the Company recognized other-than-temporary impairment of $1.4 million on the $5.4 million security that was rated CCC. Since management does not have the intent to sell the security, and it is more likely than not that the Company will not be required to sell the security, before its anticipated recovery, the credit component of $176,000 was recognized in earnings for the quarter ended September 30, 2009, and the non-credit component of $1.2 million was recorded as a component of accumulated other comprehensive income, net of tax. All other losses within the Company's investment portfolio were deemed to be temporary at September 30, 2009.

Nonperforming loans totaled $35.7 million (5.36% of total loans) at September 30, 2009, $31.0 million (4.71% of total loans) at June 30, 2009, $24.1 million (3.86% of total loans) at March 31, 2009, and $9.6 million, (1.63% of total loans) at December 31, 2008. Also shown for the same dates are troubled debt restructurings on which interest is accruing.

 (in thousands)
                                 Sept. 30, June 30,  March 31, Dec. 31,
                                   2009      2009      2009      2008
                                 --------  --------  -------- --------
 Non-accruing loans              $ 15,997    16,016    13,166    8,552
 Non-accruing loans subject to
  restructuring agreements         14,238    11,494     9,650      950
                                 --------  --------  -------- --------
 Total non-accruing loans          30,235    27,510    22,816    9,502
 Loans 90 days or more past
  maturity and still accruing       5,487     3,483     1,281      137
                                 --------  --------  -------- --------
 Total non-performing loans        35,722    30,993    24,097    9,639
 Other real estate owned              933       993     1,071    1,071
                                 --------  --------  -------- --------
 Total non-performing assets     $ 36,655    31,986    25,168   10,710
                                 ========  ========  ======== ========
 Loans subject to restructuring
  agreements and still accruing  $  7,258     6,838     2,414       --

Non-accruing loans subject to restructuring agreements increased to $14.2 million at September 30, 2009. These related primarily to loans that were accruing but were demonstrating weaknesses that management believed warranted formal restructurings, with the objective of maximizing the ultimate collectability of the loans. Based on a borrower's payment performance prior to the restructuring and various other uncertainties, including changes in the current economic environment, management deemed it appropriate to place certain of these loans on a non-accrual status, and recognize interest income on a cash basis, as appropriate, until the borrowers demonstrate sustained performance under the restructured terms. At September 30, 2009, total non-accruing loans subject to restructuring agreements that were performing in accordance with the restructured terms amounted to $10.1 million, or 70.2%, of the $14.2 million outstanding. In addition, loans 90 days or more past maturity and still accruing interest increased to $5.5 million. These loans are current as to the original contractual interest payment terms, are considered well secured, and are currently in the process of renewal.

Total non-accruing loans of $30.2 million, consist of the following categories at September 30, 2009: $18.6 million in commercial real estate loans, $6.4 million in construction and land loans, $1.9 million in one- to four-family real estate loans, $1.7 million in multifamily real estate loans, $1.6 million in commercial and industrial loans, and $98,000 in home equity and lines of credit. Included in the $16.0 million of non-accruing loans is a $5.1 million commercial real estate loan that was performing in accordance with its original contractual terms at September 30, 2009 that was placed on non-accrual status due to sustained financial weakness of the borrower.

Total liabilities increased to $1.6 billion at September 30, 2009, from $1.4 billion at December 31, 2008. The increase was primarily attributable to increases in deposits of $269.0 million, or 26.3%, from December 31, 2008, partially offset by a decrease in borrowings of $48.6 million, or 14.6%, over the same time period. The increase in deposits in 2009 was primarily due to an increase of $172.9 million in certificates of deposit and an increase of $96.1 million in core deposits (money market, transaction, passbook and statement savings). The decrease in borrowings is primarily attributable to maturities during the year.

Total stockholders' equity increased to $396.3 million at September 30, 2009, from $386.6 million at December 31, 2008. The increase was primarily attributable to net income of $8.0 million for the first nine months of 2009, and an increase in other comprehensive income of $14.3 million related primarily to a decrease in market interest rates that resulted in an increase in the estimated fair values of our securities available for sale. These increases were partially offset by $13.0 million in stock repurchases and dividends of approximately $2.3 million for the nine months ended September 30, 2009.