Northfield Bancorp, Inc., incorporated on June 4, 2010, is the bank holding company for Northfield Bank (the Bank). The Bank is a federally chartered savings bank. The Bank's principal business consists of originating multifamily and other commercial real estate loans, purchasing investment securities, including mortgage-backed securities and corporate bonds, and to a lesser extent depositing funds in other financial institutions. In addition, the Bank refers its customers to independent third parties that provide non-deposit investment products, and one- to four-family residential mortgage products. As of December 31, 2016, the Bank conducted business from its home office located in Staten Island, New York, its operations center located in Woodbridge, New Jersey, its 37 additional branch offices located in New York and New Jersey, and a non-branch office located in Brooklyn, New York. The branch offices are located in Staten Island, Brooklyn, and the New Jersey counties of Hunterdon, Mercer, Middlesex and Union.
Lending Activities
The Bank originates one- to four-family residential real estate loans, construction and land loans, commercial and industrial loans, and home equity loans and lines of credit. Its home equity loans and lines of credit are generated through direct mail advertisements, newspaper advertisements and online applications through its Website, and referrals from branch personnel. Its multifamily real estate loans include mixed-use properties having over four residential units and a business or businesses where the space is primarily utilized for residential purposes. The Bank grants construction and land loans to developers for the construction of single-family residences, including condominiums, and commercial properties. Construction and land loans also are made to individuals for the construction of their personal residences. The Bank makes various types of secured and unsecured commercial and industrial loans for the purpose of working capital and other general business purposes. It offers home equity loans and home equity lines of credit that are secured by the borrower's main residence or second home. As of December 31, 2016, the Bank's total loans were $2.9 billion.
Investment Activities
The Bank invests in mortgage-backed securities, including pass-through securities and real estate mortgage investment conduits (REMICs). The Bank also makes investments in debt securities issued by the United States Government, agencies of the United States Government or the United States Government-sponsored enterprises (GSEs), asset-backed securities, municipal obligations (including bonds, tax anticipation notes and bond anticipation notes), money market mutual funds, federal funds, investment grade corporate bonds, reverse repurchase agreements and certificates of deposit. As of December 31, 2016, the Bank's total available-for-sale securities amounted to $498 million and total held-to-maturity securities amounted to $10 million.
Sources of Funds
The Bank's main source of funds for its securities and lending activities is deposits. The Bank also borrows from the Federal Home Loan Bank of New York and other financial institutions to supplement cash flow needs, to manage the maturities of liabilities for interest rate and investment risk management purposes, and to manage its cost of funds. Its additional sources of funds are the proceeds of loan sales, scheduled loan and investment payments, maturing investments, loan prepayments, brokered deposits, and stockholders' equity, including retained earnings. The Bank offers a range of deposit accounts to businesses and consumers, which include interest rates and terms. Its deposit accounts consist of transaction accounts (negotiable order of withdrawal (NOW) and non-interest bearing checking accounts), savings accounts (money market, passbook and statement savings), and certificates of deposit, including individual retirement accounts. As of December 31, 2016, the Bank's total deposits amounted to approximately $2.5 billion.
Subsidiary Activities
The Bank owns NSB Services Corp., which in turn owns NSB Realty Trust. NSB Realty Trust is a Maryland real estate investment trust that holds mortgage loans, mortgage-backed securities and other investments.
581 Main St Ste 810
The company trades on NASDAQ exchange. The company headquarter is located in New Jersey, NJ. The company was established in the 1887.| Ticker | NFBK |
| Long Name | Northfield Bancorp, Inc. |
| Short Name | Northfield Bancorp |