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Northfield Bancorp, Inc.(NFBK) has released its unaudited fina ncial statements for the first quarter of 2023, reporting a net income of $11.7 million and total revenue of $49.9 million. The financial data reflects the company's consolidated balance sheets, comprehensive income (loss), changes in stockholders' equity, and cash flows for the three-month period ending March 31, 2023.
Northfield Bancorp's performance highlights its strategic management of assets and liabilities and showcases the company's commitment to maintaining a strong financial position in the market. Let's delve into the details of the financial statements to better understand the factors that contributed to their Q1 2023 results.
Consolidated Balance Sheets
The Consolidated Balance Sheets show that as of March 31, 2023, Northfield Bancorp's total assets amounted to $5.66 billion, compared to $5.60 billion as of December 31, 2022. The significant components of assets included cash and due from banks, interest-bearing deposits in other financial institutions, debt securities available-for-sale, and loans held-for-investment.
Net Income Highlights
Northfield Bancorp reported a net income of $11.7 million for the first quarter of 2023, compared to $14.1 million for the same period in 2022. This decrease in net income is attributed to various factors, including changes in interest income and expenses, provision for credit losses, and non-interest income.
Revenue Performance
The company's revenue for the first quarter of 2023 amounted to $49.9 million, showing a slight decrease from the $40.2 million reported in the first quarter of 2022. The revenue was primarily driven by interest income from loans, mortgage-backed securities, and other securities. Additionally, non-interest income, including fees and service charges for customer services, income on bank-owned life insurance, and gains on available-for-sale debt securities, contributed to the total revenue.
Comprehensive Income (Loss)
The Comprehensive Income (Loss) statement highlights changes in the value of debt securities available-for-sale and post-retirement benefits adjustments. For Q1 2023, the company reported other comprehensive income of $6.0 million, compared to a loss of $25.4 million for the same period in 2022. These fluctuations were mainly due to changes in the market value of available-for-sale debt securities.
During the first quarter of 2023, Northfield Bancorp's stockholders' equity decreased from $701.4 million at the end of 2022 to $698.2 million. This decrease can be attributed to stock repurchases and dividend payments. Additionally, the company's common stock, additional paid-in capital, and retained earnings have all experienced slight fluctuations.
Northfield Bancorp reported net cash provided by operating activities of $17.8 million for the first quarter of 2023, reflecting the company's strong operational performance. Financing activities resulted in a net cash inflow of $45.2 million, mainly driven by a decrease in deposits and proceeds from FHLB advances and other borrowings.
Overall, Northfield Bancorp's unaudited financial statements for the first quarter of 2023 indicate a stable financial performance, despite some fluctuations in net income and comprehensive income. The company's focus on managing its assets and liabilities, along with a strategic approach to revenue generation, has contributed to its continued growth and resilience in the financial market. Northfield Bancorp remains well-positioned to navigate future challenges and capitalize on emerging opportunities.