Northfield Bancorp reports Q1 EPS 26c, consensus 28c

Reports Q1 revenue $38.2M, consensus $37.7M. Reports Q1 deposits down 1.7% at $64.7M. Reports Q1 net interest margin 2.63% vs. 2.87% last year. CEO Steven M. Klein stated, "The first quarter of 2023 brought continued macroeconomic challenges from rapidly rising interest rates, inversion of the yield curve, and upward pressure on deposit pricing. In addition, the first quarter included the addition of systemic concerns regarding the soundness of the banking system. Throughout the quarter we continued to focus on managing our net interest margin, while meeting the lending and deposit needs of our customers." Mr. Klein continued, "We delivered solid financial performance during the quarter increasing loans outstanding in each category, except for multifamily, and managing our deposit balances and related interest costs. While significant risks remain, including recession uncertainty, inflation and interest rate movements, we will continue to prudently manage our strong capital and liquidity and focus on serving our communities."