<PAGE>
<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
[X] Quarterly Report under Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended September 30, 1998
Transition Report under Section 13 or 15(d) of the
Exchange Act
For the transition period from ______ to ______
Commission File Number: 000-25057
NORTHFIELD BANCORP, INC.
- - ---------------------------------------------------------
(Exact Name of Small Business Issuer as Specified in Its
Charter)
Maryland 52-2098394
- - ------------------------------- --------------------
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
8005 Harford Road, Baltimore, Maryland 21234
- - ---------------------------------------------------------
(Address of Principal Executive Offices)
(410) 665-7900
-----------------------------------------------
(Issuer's Telephone Number, Including Area Code)
N/A
- - ---------------------------------------------------------------
(Former Name, Former Address and Former Fiscal Year, if Changed
Since Last Report)
Indicate whether the issuer (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Exchange Act
during the past 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes No X
--- -----
As of November 10, 1998, the issuer had no shares of Common
Stock issued and outstanding. *
* On November 12, 1998 the issuer sold and issued 745,442 shares
of Common Stock at a price of $10.00 per share.
<PAGE>
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CONTENTS
PAGE
----
PART I. FINANCIAL INFORMATION
---------------------
Item 1. Financial Statements
Consolidated Statements of Financial Condition
as of September 30, 1998 (unaudited) and
December 31, 1997 . . . . . . . . . . . . . . . .2
Consolidated Statements of Operations for the
Nine Months and Three Months Ended September
30, 1998 and 1997 (unaudited) . . . . . . . . . .3
Consolidated Statements of Cash Flows for the
Nine Months Ended September 30, 1998 and 1997
(unaudited) . . . . . . . . . . . . . . . . . . .4
Notes to Consolidated Financial Statements. . . . . .6
Item 2. Management's Discussion and Analysis or Plan
of Operation . . . . . . . . . . . . . . . . . . .9
PART II. OTHER INFORMATION
-----------------
Item 1. Legal Proceedings. . . . . . . . . . . . . . . . . .12
Item 2. Changes in Securities and Use of Proceeds. . . . . .12
Item 3. Defaults Upon Senior Securities. . . . . . . . . . .12
Item 4. Submission of Matters to a Vote of Security
Holders. . . . . . . . . . . . . . . . . . . . . .12
Item 5. Other Information. . . . . . . . . . . . . . . . . .12
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . .12
SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . . .13
1<PAGE>
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NORTHFIELD BANCORP, INC.
------------------------
AND SUBSIDIARIES
----------------
Baltimore, Maryland
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
---------------------------------------------------------
<TABLE>
<CAPTION>
September 30, December 31,
1998 1997
------------ ------------
(Unaudited)
Assets
------
<S> <C> <C>
Cash $ 249,433 $ 116,900
Interest bearing deposits in other banks 3,617,645 3,513,650
Mortgage backed securities - held to
maturity (fair value $1,938,671 - September
30, 1998 and $2,010,934 - December 31,
1997) 1,881,277 1,955,008
Loans receivable, net 33,094,947 29,961,032
Accrued interest receivable - loans 172,361 149,536
- investments 16,085 25,000
- mortgage backed
securities 12,432 12,693
Premises and equipment, at cost, less
accumulated depreciation 138,529 40,374
Federal Home Loan Bank of Atlanta stock
at cost 272,900 226,400
Deferred income taxes 26,717 26,279
Prepaid income taxes 9,022 --
Prepaid expenses and other assets 251,406 57,544
----------- ------------
Total assets $39,742,754 $ 36,084,416
=========== ============
Liabilities and Retained Earnings
---------------------------------
Liabilities
- - -----------
Deposit accounts $36,087,818 $ 32,621,766
Advance payments by borrowers for expenses 298,605 371,262
Income taxes payable -- 62,964
Other liabilities 205,084 134,667
----------- ------------
Total liabilities 36,591,507 33,190,659
Commitments and contingencies
Retained earnings (substantially restricted) 3,151,247 2,893,757
----------- ------------
Total retained earnings 3,151,247 2,893,757
----------- ------------
Total liabilities and retained earnings $39,742,754 $ 36,084,416
=========== ============
</TABLE>
The accompanying notes to the consolidated financial statements
are an integral part of these statements.
2<PAGE>
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NORTHFIELD BANCORP, INC.
------------------------
AND SUBSIDIARIES
----------------
Baltimore, Maryland
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
-------------------------------------------------
<TABLE>
<CAPTION>
For Nine Months Ended For Three Months Ended
September 30, September 30,
--------------------- ----------------------
1998 1997 1998 1997
------- ------- ------- ----------
<S> <C> <C> <C> <C>
Income
- - ------
Interest and fees on loans $1,895,954 $1,590,223 $637,526 $579,799
Interest on securities available
for sale -- 12,181 -- 4,060
Interest on mortgage backed securities 115,057 126,707 38,111 40,612
Other interest income 184,863 191,807 69,205 47,048
----------- ---------- -------- --------
Total interest income 2,195,874 1,920,918 744,842 671,519
Interest Expense
- - ----------------
Interest on deposits 1,293,013 1,072,229 446,283 366,653
Interest on short-term borrowings 1,516 11,962 349 10,428
----------- ---------- -------- --------
Total interest expense 1,294,529 1,084,191 446,632 377,081
----------- ---------- -------- --------
Net interest income 901,345 836,727 298,210 294,438
Provision for losses on loans -- 7,500 -- 2,500
----------- ---------- -------- --------
Net interest income after provision
for losses on loans 901,345 829,227 298,210 291,938
Non-Interest Income (Loss)
- - -------------------------
Fees on loans 7,493 7,551 2,874 3,372
Fees on deposits 8,944 10,889 2,960 3,603
All other income 5,676 5,218 228 1,986
----------- ---------- -------- --------
Net non-interest income 22,113 23,658 6,062 8,961
Non-Interest Expenses
- - ---------------------
Compensation and related expenses 220,353 225,506 71,747 79,162
Occupancy 60,457 47,384 25,814 15,847
Deposit insurance 15,273 10,430 5,329 4,745
Service bureau expense 44,654 42,107 14,272 12,985
Furniture, fixtures and equipment
expense 16,457 22,464 6,285 7,045
Advertising 20,577 22,441 8,488 7,908
Other 137,121 73,138 68,379 25,417
----------- ---------- -------- --------
Total non-interest expenses 514,892 443,470 200,314 153,109
----------- ---------- -------- --------
Income before tax provision 408,566 409,415 103,958 147,790
Provision for income tax 151,076 154,279 39,217 58,303
----------- ---------- -------- --------
Net income $ 257,490 $ 255,136 $ 64,741 $ 89,487
=========== ========== ======== ========
</TABLE>
The accompanying notes to the consolidated financial statements
are an integral part of these statements.
3<PAGE>
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NORTHFIELD BANCORP, INC.
------------------------
AND SUBSIDIARIES
----------------
Baltimore, Maryland
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
-------------------------------------------------
<TABLE>
<CAPTION>
For Nine Months Ended
September 30,
---------------------
1998 1997
-------- --------
<S> <C> <C>
Operating Activities
- - --------------------
Net Income $ 257,490 $ 255,136
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities
------------------------------------------
Net amortization of premiums and
accretion of discounts on certificates
of deposit 2,471 6,207
Stock dividends on investments -- (11,896)
Net amortization of premiums and
accretion of discounts on mortgage
backed securities 49 2,876
Loan fees deferred 77,083 72,428
Amortization of deferred loan fees (36,002) (18,759)
Provision for losses on loans -- 7,500
(Increase) in accrued
interest on loans (22,825) (32,726)
Decrease in accrued interest on investments 8,915 10,903
Decrease in accrued interest on mortgage
backed securities 261 1,628
Provision for depreciation 18,020 15,152
Change in deferred income taxes (438) 3,362
(Increase) decrease in prepaid income taxes (9,022) 782
Increase in prepaid expenses and other assets (193,862) (12,417)
Increase (decrease) in accrued interest
payable (277) 7,330
Increase (decrease) in income taxes payable (62,964) 54,396
Increase in other liabilities 70,417 52,151
----------- -----------
Net cash provided by operating activities 109,318 414,053
Cash Flows from Investing Activities
- - ------------------------------------
Proceeds from maturing certificates
of deposit $ 538,001 $ 682,154
Purchases of certificates of deposit (590,000) (150,000)
Purchases of mortgage backed securities (784,712) --
Principal collected on mortgage backed
securities 858,394 231,824
Purchase of loans (60,682) (304,557)
Longer term loans originated (8,005,768) (8,573,189)
Principal collected on longer term loans 4,832,445 2,960,505
Net (increase) decrease in short-term loans 59,009 (123,979)
Purchases of premises and equipment (116,175) (898)
Purchase of Federal Home Loan Bank
of Atlanta stock (46,500) --
------------ -----------
Net cash used by investing activities (3,315,988) (5,278,140)
</TABLE>
4<PAGE>
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NORTHFIELD BANCORP, INC.
------------------------
AND SUBSIDIARIES
----------------
Baltimore, Maryland
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
-------------------------------------------------
<TABLE>
<CAPTION>
For Nine Months Ended
September 30,
--------------------------
1998 1997
---------- ----------
<S> <C> <C>
Cash Flows from Financing Activities
- - ------------------------------------
Net increase (decrease) in demand
deposits, money market, passbook
accounts and advance payments by
borrowers for taxes and insurance $1,504,965 $ (606,523)
Net increase in certificates of
deposit 1,888,707 1,539,882
Proceeds from Federal Home Loan Bank
of Atlanta advances -- 1,600,000
---------- -----------
Net cash provided by financing
activities 3,393,672 2,533,359
---------- -----------
Increase (decrease) in cash and cash
equivalents 187,000 (2,330,728)
Cash and cash equivalents at beginning
of period 2,744,442 3,645,304
---------- -----------
Cash and cash equivalents at end of period $2,931,442 $ 1,314,576
========== ===========
Reconciliation of cash and cash equivalents:
Cash $ 249,433 $ 207,781
Interest bearing accounts in other banks 3,617,645 2,282,054
---------- -----------
3,867,078 2,489,835
Less - Certificates of deposit maturing
in 90 days or more included in
interest bearing accounts in
other banks (935,636) (1,175,259)
---------- -----------
Cash and cash equivalents $2,931,442 $ 1,314,576
========== ===========
Supplemental disclosures of cash flows
information:
Cash paid during year for:
Interest $1,294,806 $ 1,076,861
Income taxes $ 223,500 $ 95,700
</TABLE>
The accompanying notes to the consolidated financial statements
are an integral part of these statements.
5<PAGE>
<PAGE>
NORTHFIELD BANCORP, INC.
------------------------
AND SUBSIDIARIES
----------------
Baltimore, Maryland
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
- - ------------------------------------------------------
Note 1 - Summary of Significant Accounting Policies
------------------------------------------
Business
--------
The Association's primary business activity is the
acceptance of deposits from the general public in its
market area and using the proceeds for investments and
loan originations. The Association is subject to
competition from other financial institutions. The
Association is subject to the regulations of certain
federal agencies and undergoes periodic examinations
by those regulatory authorities.
Note 2 - Basis of Presentation
---------------------
The accompanying unaudited consolidated financial
statements have been prepared in accordance with
instructions for Form 10-QSB and therefore, do not
include all disclosures necessary for a complete
presentation of the statements of condition, statements
of operations and statements of cash flows in conformity
with generally accepted accounting principles. However,
all adjustments which, in the opinion of management, are
necessary for the fair presentation of the interim
financial statements have been included. Such
adjustments were of a normal recurring nature. The
results of operations for the three months ended
September 30, 1998 are not necessarily indicative of the
results that may be expected for the entire year.
Note 3 - Statement of Cash Flows
-----------------------
In the statement of cash flows, cash and cash
equivalents include cash and interest bearing deposits
in other banks with a maturity date of less than ninety
days.
Note 4 - Plan of Conversion
------------------
On December 17, 1997, the Board of Directors adopted
a Plan of Conversion ("Plan"), whereby the Association
will convert from a federally chartered mutual savings
and loan to a federally chartered stock savings bank.
The Plan is subject to approval of regulatory
authorities and the Association's members at a special
meeting. The stock of the Association will be issued to
a holding company formed in connection with the
conversion. The capital stock will be offered at a
price to be determined by the Board of Directors based
upon an appraisal to be made by an independent appraisal
firm. The exact number of shares to be offered will be
determined by the Board of Directors in conjunction with
that appraisal. A Subscription Offering of shares of
common stock will be offered initially to Eligible
Account Holders, Employee Stock Benefit Plans of the
Association, supplemental Eligible Account Holders and
other members. Any shares of common stock not sold in
the Subscription Offering will be sold in a Community
Offering.
6<PAGE>
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NORTHFIELD FEDERAL SAVINGS
Baltimore, Maryland
NOTES TO FINANCIAL STATEMENTS
Note 4 - Plan of Conversion - Continued
------------------
At the time of the conversion, the Association will
establish a Liquidation Account in an amount equal to
its capital as of the date of the latest statement of
financial condition appearing in the final prospectus.
The Liquidation Account will be maintained for the
benefit of Eligible Account Holders and Supplemental
Eligible Account Holders who continue to maintain their
accounts at the Association after the conversion.
In the unlikely event of a complete liquidation of
the Association, and only in such event, each Eligible
Account Holder and Supplemental Eligible Account Holder
would receive from the Liquidation Account, a
liquidation distribution based on the proportionate
share of the then total remaining qualifying deposits.
Under the regulations of the Office of Thrift
Supervision ("OTS"), the Association will not be
permitted to pay dividends on its stock after the
conversion if its regulatory capital would thereby be
reduced below the amount then required for the
aforementioned Liquidation Account or the Association's
regulatory capital requirements. Federal regulations
also preclude any repurchase of the stock for three
years after the conversion except for an offer made on
a pro rata basis to all stockholders of the Association
and with the prior approval of the OTS. The
Association may, however, make capital distributions up
to 100% of its net income plus the amount that would
reduce by one-half its surplus capital ratio at the
beginning of the calendar year, subject to the
aforementioned restrictions, and the Association has
not been notified that it is in the need of more than
normal supervision. As of December 31, 1997, the
Association has not been notified that it requires more
than normal supervision.
The costs associated with the conversion are
expected to be deferred and deducted from the proceeds
from the sale of stock. If the conversion does not
occur, related expenses will be deducted from
current income. Costs of $202,366 and $22,712 were
incurred through September 30, 1998 and December 31,
1997, respectively.
Note 5 - Recent Accounting Pronouncements
--------------------------------
FASB Statement on Accounting for Derivative
Instruments and Hedging Activities - In June 1998, FASB
issued SFAS No. 133. This Statement standardizes the
accounting for derivative instruments including certain
derivative instruments embedded in other contracts, by
requiring that an entity recognize these items as
assets or liabilities in the statement of financial
position and measure them at fair value. This
Statement generally provides for matching the timing of
gain or loss
7<PAGE>
<PAGE>
NORTHFIELD FEDERAL SAVINGS
Baltimore, Maryland
NOTES TO FINANCIAL STATEMENTS
Note 5 - Recent Accounting Pronouncements - Continued
--------------------------------
recognition on the hedging instrument with the
recognition of the changes in the fair value of the
hedged asset or liability that are attributable to the
hedged risk or the earnings effect of the hedged
forecasted transaction. The Statement, which is
effective for all fiscal quarters of all fiscal years
beginning after June 15, 1999, will not affect
the Association's financial position or its results of
operations.
The Association does not intend to early implement
SFAS No. 133 or to reclassify any of its financial
instruments as a result of this Statement.
8
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NORTHFIELD BANCORP, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
OPERATION
COMPARISON OF FINANCIAL CONDITION AT SEPTEMBER 30, 1998 AND
DECEMBER 31, 1997
Total assets increased by $3.6 million, or 10%, from $36.1
million at December 31, 1997 to $39.7 million at September 30,
1998. Total liabilities increased by $3.4 million, or 10%, from
$33.2 million at December 31, 1997 to $36.6 million at September
30, 1998. The increase in assets for the period was
attributable to the growth in our loan portfolio of $3.1 million
which was the result of our capitalizing on strong loan demand
in our market area, an increase in our interest-bearing deposits
in other banks of $.1 million. Loan growth was funded from a
net increase in deposits of $3.5 million.
COMPARISON OF RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 1998 AND 1997
NET INCOME. Our net income increased $2,000, from $255,000
for the nine months ended September 30, 1997 to $257,000 for the
nine months ended September 30, 1998 due primarily to increases
in net interest income offset by increases in non-interest
expenses.
NET INTEREST INCOME. Our net interest income, which is the
difference between our interest income and our interest expense,
increased $64,000, from $837,000 for the nine months ended
September 30, 1997 to $901,000 for the nine months ended
September 30, 1998. The increase was due to an increase in the
level of interest income we received on our loan portfolio.
Interest expense also increased over these nine-month periods
due primarily to an increase in both the volume and the average
cost of our deposits.
PROVISIONS FOR LOAN LOSSES. Financial institutions are
required to establish an allowance for loan losses. The balance
of such allowance depends on the risk in the institution's loan
portfolio, its level of problem loans and general economic
conditions, among other factors. Loans which cannot be
collected are charged against the allowance and thereby reduce
its balance. An institution adds to the allowance by making a
provision for loan losses which is an expense item. During the
nine months ended September 30, 1998 we made no provision for
loan losses compared to a $8,000 provision for the comparable
period in fiscal year 1997. We determined, based on our
analysis of all pertinent information available to us concerning
our loan portfolio, that no addition to the loan loss allowance
was necessary for this period.
NON-INTEREST INCOME. Non-interest income (e.g., gains or
losses on the sale of securities, loan and deposit account fees)
decreased $1,500 over the comparative nine-month periods due to
decreases in the fees earned on loans and fees earned on
deposits offset by an increase in other income.
NON-INTEREST EXPENSE. Our non-interest expenses consist
mainly of salaries and employee benefits, rent on our offices,
federal deposit insurance premiums, data processing fees, the
expenses associated with our fixtures and equipment and
advertising. Other non-interest expenses include stationery and
supplies, bank fees and accounting and auditing fees. Non-
interest expenses increased by $71,000 for the nine months ended
September 30, 1998 compared to the same period in fiscal year
1997 due to increases in occupancy, deposit insurance and other
expenses offset by decreases in furniture, fixtures and
equipment expense, advertising and compensation and related
expense.
INCOME TAX EXPENSE. Our provision for income tax decreased
$3,000 over the comparable periods due to a decrease in our
income before the provision for taxes.
9
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COMPARISON OF RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED
SEPTEMBER 30, 1998 AND 1997
NET INCOME. Our net income decreased $24,000, from $89,000
for the three months ended September 30, 1997 to $65,000 for the
three months ended September 30, 1998 due primarily to an
increases total non-interest expense offset by an increase in
net interest income.
NET INTEREST INCOME. Our net interest income, which is the
difference between our interest income and our interest expense,
increased $4,000 from $294,000 for the three months ended
September 30, 1997 to $298,000 for the three months ended
September 30, 1998. The increase was due to an increase in the
level of interest income we received on our loan portfolio.
Interest expense also increased over these three-month periods
due primarily to an increase in both the volume and average cost
of our deposits.
PROVISION FOR LOAN LOSSES. Financial institutions are
required to establish an allowance for loan losses. The balance
of such allowance depends on the risk in the institution's loan
portfolio, its level of problems loans and general economic
conditions, among other factors. Loans which cannot be
collected are charged against the allowance and thereby reduce
its balance. An institution adds to the allowance by making a
provision for loan losses which is an expense item. During the
three months ended September 30, 1998 we made no provision for
loan losses compared to a $2,500 provision for the comparable
period in fiscal year 1997. We determined, based on our
analysis of all pertinent information available to us concerning
our loan portfolio, that no addition to the loan loss allowance
was necessary for this period.
NON-INTEREST INCOME. Non-interest income (e.g., gains or
losses on the sale of securities, loan and deposit account fees)
decreased $3,000 over the comparative three-month periods due to
decreases in the fees earned on loans, fees earned on deposits
and all other income.
NON-INTEREST EXPENSE. Our non-interest expenses consist
mainly of salaries and employee benefits, rent on our offices,
federal deposit insurance premiums, data processing fees, the
expenses associated with our fixtures and equipment and
advertising. Other non-interest expenses include stationery and
supplies, bank fees and accounting and auditing fees. Non-
interest expenses increased by $47,000 for the three months
ended September 30, 1998 compared to the same period in fiscal
year 1997 due primarily to an increase in other non-interest
expenses and increases in occupancy, deposit insurance, service
bureau expense and advertising offset by decreases in
compensation and related expense, and furniture, and equipment
expense.
INCOME TAX EXPENSE. Our provision for income tax decreased
$19,000 over the comparable periods due to a decrease in our
income before the provision for taxes.
YEAR 2000 COMPUTER PROGRAM COMPLIANCE
A great deal of information has been disseminated about the
global computer problem that may occur in the year 2000 which
would affect the speed and accuracy of the data processing that
is essential to our operations. We are conducting a thorough
review of our internal systems as well as the efforts of our
outside data processing service provider. The progress of the
plan is monitored by our board of directors. We began testing
our internal PC based applications beginning in February 1998.
We have replaced several outdated teller terminal units, other
than that we do not expect to incur significant costs to replace
existing hardware or software. The greatest potential for
problems, however, concerns the data processing provided by our
third party service bureau. The service bureau is providing us
with quarterly updates of its compliance progress and has
advised us that it expects to resolve this problem before the
year 2000 and is well on its way to doing so. We completed
10
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<PAGE>
testing with our third party data processing service bureau in
August 1998 and may conduct one final round of testing with them
in 1999. We are in the process of developing a contingency plan
to deal with the potential that if our service bureau is unable
to bring its systems into compliance despite all of our
preparations, we will be able to continue operating. There can
be no assurance in this regard, however, and it is possible that
we could experience data processing delays, errors or failures,
all of which could have a material adverse impact on our
financial condition and results of operations. However, we also
will implement our contingency plan in the event of delays,
errors or failures and expect to be able to continue operating
manually if necessary.
LIQUIDITY AND CAPITAL RESOURCES
We are required to maintain minimum levels of liquid assets
as defined by OTS regulations. This requirement, which varies
from time to time (currently 4%) depending upon economic
conditions and deposit flows, is based upon a percentage of our
deposits and short-term borrowings. The required ratio at
September 30, 1998 was 4% and our liquidity ratio for the month
ended September 30, 1998 was 23.91%.
Our primary sources of funds are deposits, repayment of
loans and mortgage-backed securities, maturities of investments
and interest-bearing deposits, funds provided from operations
and advances from the FHLB of Atlanta. While scheduled
repayments of loans and mortgage-backed securities and
maturities of investment securities are predictable sources of
funds, deposit flows and loan prepayments are greatly influenced
by the general level of interest rates, economic conditions and
competition. We use our liquidity resources principally to fund
existing and future loan commitments, to fund maturing
certificates of deposit and demand deposit withdrawals, to
invest in other interest-earning assets, to maintain liquidity,
and to meet operating expenses.
At September 30, 1998, we were in compliance with all
applicable regulatory capital requirements with total core and
tangible capital of $3.2 million (7.93% of adjusted total
assets) and total risk-based capital of $3.3 million (16.73% of
risk-weighted assets).
IMPACT OF INFLATION AND CHANGING PRICES
Our financial statements and the accompanying notes
presented herein have been prepared in accordance with generally
accepted accounting principles, which require the measurement of
financial position and operating results in terms of historical
dollars without considering the change in the relative
purchasing power of money over time and due to inflation. The
impact of inflation is reflected in the increased cost of our
operations. As a result, interest rates have a greater impact
on our performance than do the effects of general levels of
inflation. Interest rates do not necessarily move in the same
direction or to the same extent as the prices of goods and
services.
11
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<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY-
HOLDERS
None.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
None.
(a) Exhibits. The following exhibit is filed herewith:
Exhibit 27 Financial Data Schedule for the nine
months ended September 30, 1998
(b) Reports on 8-K. During the quarter ended September
30, 1998, the registrant did not file any current
reports on Form 8-K.
12<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
NORTHFIELD BANCORP, INC.
Date: November 13, 1998 /s/ G. Ronald Jobson
---------------------------
G. Ronald Jobson
President and Chief Executive
Officer
(Principal Executive Officer)
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> SEP-30-1998
<CASH> 249,433
<INT-BEARING-DEPOSITS> 3,617,645
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 0
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 33,094,947
<ALLOWANCE> 198,000
<TOTAL-ASSETS> 39,742,754
<DEPOSITS> 36,087,818
<SHORT-TERM> 0
<LIABILITIES-OTHER> 205,084
<LONG-TERM> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 39,742,754
<INTEREST-LOAN> 1,895,954
<INTEREST-INVEST> 115,057
<INTEREST-OTHER> 184,863
<INTEREST-TOTAL> 2,195,874
<INTEREST-DEPOSIT> 1,293,013
<INTEREST-EXPENSE> 1,294,529
<INTEREST-INCOME-NET> 901,345
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 514,892
<INCOME-PRETAX> 408,566
<INCOME-PRE-EXTRAORDINARY> 408,566
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 257,490
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<YIELD-ACTUAL> 7.80
<LOANS-NON> 0
<LOANS-PAST> 352,000
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 39,000
<ALLOWANCE-OPEN> 216,000
<CHARGE-OFFS> 18,000
<RECOVERIES> 0
<ALLOWANCE-CLOSE> 198,000
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
