On this page of StockholderLetter.com we present the latest annual shareholder letter from Northfield Bancorp, Inc. — ticker symbol NFBK. Reading current and past NFBK letters to shareholders can bring important insights into the investment thesis.
2024 ANNUAL REPORT
FINANCIAL ($ in Billions) ($ in Billions) ($ in Millions) ($ in Billions) HIGHLIGHTS $0.52 $0.72 12.11% 1.51% Cash Dividend Per Share Diluted Earnings Per Share Community Bank Leverage Ratio Non-Interest Expense to Average Total Assets
DEAR FELLOW STOCKHOLDER, For over 138 years, Northfield Bank has been dedicated to serving the consumers and businesses in our marketplace. I am proud of the Northfield team and their commitment to our core values of trust, respect and excellence, delivering solid financial performance, maintaining strong asset quality, and innovating to meet the needs of our communities. Our company reported $29.9 million in net income and diluted earnings per share of $0.72 for 2024. Deposits, excluding brokered, increased $96.6 million for the year, while the cost of deposits decreased to 1.95% at year-end. Our commercial loan portfolio (Owner-Occupied and Commercial & Industrial) continued to increase and amounted to $546.7 million at the end of 2024. Our asset quality also remained strong with non-performing loans to total loans amounting to 0.51% at year-end, and our community bank leverage ratio stood above well capitalized at 12.11%. Our strategy remains grounded in the fundamentals of a community bank, serving our local communities that are the backbone of our economy. We remain focused on core deposit growth, especially in low-cost transaction accounts, and growth and diversification in our loan portfolio. We continue to build on a foundation of best-in-class technology, team members that are supported with strong training and development resources, and communications and branding that tells our story and the value we bring to our communities. 1 | 2024 Annual Report This year we launched our new residential mortgage program, designed to help individuals and families achieve their dream of homeownership. This initiative not only expands our product offerings, but reflects our ongoing commitment to meeting the diverse needs of our community by allowing potential borrowers to obtain home financing from a trusted community bank that has been serving the marketplace since 1887. In addition to the launch of our residential mortgage program, we are proud to introduce our new affordable residential mortgage and home equity programs, which aim to make homeownership and financial empowerment more accessible for a broader range of customers. These initiatives include down payment assistance and competitive rates to help first-time homebuyers, low-to-moderate income families, and those seeking to utilize their home equity for improvements or other needs. By focusing on affordability and providing personalized support throughout the application and approval process, we are ensuring that more individuals and families can build long-term wealth and financial security.
The launch of our new best-in-class digital banking solutions will take place in 2025. This new platform will improve our online and mobile banking capabilities and provide customers flexibility and the tools they need to better manage their finances, while also offering businesses advanced cash management functionality and fraud detection and protection. We believe that our success is closely tied to the well-being of the communities we serve. In 2024, we strengthened our commitment to community support through meaningful contributions from Northfield Bank and the Northfield Bank Foundation, employee volunteerism, and expanded financial literacy and fraud prevention programs. By focusing on these efforts, we are not only helping to create stronger, more resilient communities, but also fulfilling our mission to be a responsible corporate citizen. Our employees are the cornerstone of our success and we remain deeply committed to fostering a supportive work environment. In 2024, we prioritized investing in our people through enhanced training and development programs aimed at nurturing talent, building leadership skills, and encouraging continuous learning. We believe that by empowering our employees, we not only enhance their personal growth but also drive the long-term success of our organization. Their dedication, expertise, and innovation are key to delivering exceptional service and creating long-term value for our stockholders. Our 2025 Annual Meeting of Stockholders is scheduled for May 28, 2025, at 10:00 a.m. Eastern Time. To maximize efficiency and participation, the meeting will only be held VIRTUALLY and stockholders may participate in the meeting via the live audio webcast at www. virtualshareholdermeeting.com/NFBK2025. Please see our 2025 Proxy Statement or visit www.eNorthfield.com for further information. In closing, I would like to extend my sincere gratitude to our employees, customers, and stockholders for your continued trust and support. As we focus on 2025 and beyond, the Northfield team remains committed to delivering on our unique approach to community banking, Banking, Locally Grown, where people, products, and the highest standards of service contribute to the well-being of our communities. On behalf of the entire team at Northfield Bancorp, thank you for your commitment and support. Steven M. Klein Chairman, President and Chief Executive Officer 2024 Annual Report | 2
OUR MISSION To be the community bank of choice, welcoming people and businesses throughout our marketplace, delivering innovative financial products and exceptional customer service to build long-term relationships and stockholder value. We are dedicated to empowering our communities with the Financial Literacy tools they need to make informed financial decisions and providing Fraud Prevention education to help consumers and businesses recognize and prevent fraudulent scams. AFFORDABLE HOUSING PROGRAMS SECURING FINANCIAL FUTURES Northfield Bank makes owning a home and accessing the equity in your house more attainable with our Affordable Mortgage, First Time Homebuyer, and Affordable Home Equity programs for individuals within low-to-moderate income tracts or who meet certain income requirements. INVESTING IN OUR COMMUNITIES $537,388 Employee & Director CRA-Eligible Volunteer Hours 283 3 | 2024 Annual Report 2024 Charitable Giving 1,500+ Non-Profit Organizations Supported in 2024
 • shareholder letter icon 4/14/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/14/2023 NFBK Stockholder Letter
 • stockholder letter icon 4/10/2024 NFBK Stockholder Letter
 • stockholder letter icon More "Banking & Savings" Category Stockholder Letters
 • Benford's Law Stocks icon NFBK Benford's Law Stock Score = 87


NFBK Shareholder/Stockholder Letter Transcript:

2024 ANNUAL
REPORT

FINANCIAL
($ in Billions)
($ in Billions)
($ in Millions)
($ in Billions)
HIGHLIGHTS
$0.52
$0.72
12.11%
1.51%
Cash Dividend
Per Share
Diluted Earnings
Per Share
Community Bank
Leverage Ratio
Non-Interest
Expense to Average
Total Assets

DEAR FELLOW
STOCKHOLDER,
For over 138 years, Northfield Bank has been dedicated to
serving the consumers and businesses in our marketplace. I am
proud of the Northfield team and their commitment to our core
values of trust, respect and excellence, delivering solid financial
performance, maintaining strong asset quality, and innovating
to meet the needs of our communities.
Our company reported $29.9 million in net income
and diluted earnings per share of $0.72 for 2024.
Deposits, excluding brokered, increased $96.6
million for the year, while the cost of deposits
decreased to 1.95% at year-end. Our commercial
loan portfolio (Owner-Occupied and Commercial &
Industrial) continued to increase and amounted to
$546.7 million at the end of 2024. Our asset quality
also remained strong with non-performing loans
to total loans amounting to 0.51% at year-end, and
our community bank leverage ratio stood above
well capitalized at 12.11%.
Our strategy remains grounded in the
fundamentals of a community bank, serving our
local communities that are the backbone of our
economy. We remain focused on core deposit
growth, especially in low-cost transaction accounts,
and growth and diversification in our loan
portfolio. We continue to build on a foundation of
best-in-class technology, team members that are
supported with strong training and development
resources, and communications and branding
that tells our story and the value we bring to our
communities.
1 | 2024 Annual Report
This year we launched our new residential
mortgage program, designed to help
individuals and families achieve their dream of
homeownership. This initiative not only expands
our product offerings, but reflects our ongoing
commitment to meeting the diverse needs of our
community by allowing potential borrowers to
obtain home financing from a trusted community
bank that has been serving the marketplace since
1887.
In addition to the launch of our residential
mortgage program, we are proud to introduce
our new affordable residential mortgage and
home equity programs, which aim to make
homeownership and financial empowerment
more accessible for a broader range of customers.
These initiatives include down payment
assistance and competitive rates to help first-time
homebuyers, low-to-moderate income families,
and those seeking to utilize their home equity
for improvements or other needs. By focusing on
affordability and providing personalized support
throughout the application and approval process,
we are ensuring that more individuals and families
can build long-term wealth and financial security.

The launch of our new best-in-class digital banking
solutions will take place in 2025. This new platform will
improve our online and mobile banking capabilities and
provide customers flexibility and the tools they need
to better manage their finances, while also offering
businesses advanced cash management functionality and
fraud detection and protection.
We believe that our success is closely tied to the well-being
of the communities we serve. In 2024, we strengthened our
commitment to community support through meaningful
contributions from Northfield Bank and the Northfield
Bank Foundation, employee volunteerism, and expanded
financial literacy and fraud prevention programs. By
focusing on these efforts, we are not only helping to create
stronger, more resilient communities, but also fulfilling our
mission to be a responsible corporate citizen.
Our employees are the cornerstone of our success and
we remain deeply committed to fostering a supportive
work environment. In 2024, we prioritized investing in
our people through enhanced training and development
programs aimed at nurturing talent, building leadership
skills, and encouraging continuous learning. We believe
that by empowering our employees, we not only enhance
their personal growth but also drive the long-term success
of our organization. Their dedication, expertise, and
innovation are key to delivering exceptional service and
creating long-term value for our stockholders.
Our 2025 Annual Meeting of Stockholders is scheduled
for May 28, 2025, at 10:00 a.m. Eastern Time. To maximize
efficiency and participation, the meeting will only be
held VIRTUALLY and stockholders may participate
in the meeting via the live audio webcast at www.
virtualshareholdermeeting.com/NFBK2025. Please see
our 2025 Proxy Statement or visit www.eNorthfield.com for
further information.
In closing, I would like to extend my sincere gratitude to
our employees, customers, and stockholders for your
continued trust and support.
As we focus on 2025 and beyond, the Northfield team
remains committed to delivering on our unique approach
to community banking, Banking, Locally Grown, where
people, products, and the highest standards of service
contribute to the well-being of our communities.
On behalf of the entire team at Northfield Bancorp, thank
you for your commitment and support.
Steven M. Klein
Chairman, President and
Chief Executive Officer
2024 Annual Report | 2

OUR MISSION
To be the community bank
of choice, welcoming people
and businesses throughout
our marketplace, delivering
innovative financial
products and exceptional
customer service to build
long-term relationships and
stockholder value.
We are dedicated to empowering our
communities with the Financial Literacy
tools they need to make informed
financial decisions and providing Fraud
Prevention education to help consumers
and businesses recognize and prevent
fraudulent scams.
AFFORDABLE
HOUSING
PROGRAMS
SECURING
FINANCIAL
FUTURES
Northfield Bank makes owning a home and
accessing the equity in your house more
attainable with our Affordable Mortgage,
First Time Homebuyer, and Affordable
Home Equity programs for individuals within
low-to-moderate income tracts or who meet
certain income requirements.
INVESTING IN OUR COMMUNITIES
$537,388
Employee & Director
CRA-Eligible Volunteer Hours
283
3 | 2024 Annual Report
2024 Charitable Giving
1,500+
Non-Profit Organizations
Supported in 2024



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