**Northfield Bancorp, Inc. Reports Mixed Financial Results Amidst Merger Agreement**
Northfield Bancorp, Inc. (NFBK) reported net income of $796,000, or $0.02 per diluted common share, for the year ended December 31, 2025, a significant decrease compared to $29.9 million, or $0.72 per diluted common share, for the previous year. The company attributed the decline to a $22.9 million increase in net interest income being offset by a $3.1 million increase in the provision for credit losses on loans, a $43.3 million increase in non-interest expense (including a $41.0 million goodwill impairment charge), and a $5.7 million increase in income tax expense. The company's financial performance was also impacted by $580,000 in additional tax expense related to expired options.
Total assets increased by $87.6 million, reaching $5.75 billion as of December 31, 2025, compared to $5.67 billion the previous year. This growth was primarily driven by a $311.6 million increase in available-for-sale debt securities, which was partially offset by a $170.3 million decrease in loans receivable and the $41.0 million goodwill impairment. Total liabilities also increased, rising by $102.3 million to $5.06 billion, mainly due to a $234.0 million increase in borrowings, which offset a $122.7 million decrease in total deposits.
A significant strategic development for Northfield Bancorp is the pending merger with Columbia Financial, Inc., announced on January 31, 2026. Under the terms of the agreement, Northfield Bancorp will merge into a newly formed holding company, with Northfield Bank subsequently merging into Columbia Bank. The merger consideration will be either shares of the holding company's common stock or cash, with the exchange ratio and cash consideration dependent on the final appraised pro forma market value of the holding company. The merger is subject to regulatory and stockholder approvals and is expected to close early in the third quarter of 2026.
Operationally, Northfield Bank continues to manage its loan portfolio, with a strategic focus on commercial and industrial loans, and owner-occupied commercial real estate loans. As of December 31, 2025, multifamily loans constituted 61.2% of the total loan portfolio, while commercial real estate loans represented 23.6%. The company also reported a decrease in non-performing loans to 0.42% of total loans, compared to 0.51% in the previous year. The company's outlook is closely tied to the successful completion of the merger with Columbia Financial, and management is focused on navigating the regulatory approval process and integrating the two institutions.
About Northfield Bancorp, Inc.
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