Northfield Bancorp 8-K Northfield Bancorp, Inc. Announces Quarterly Results

EXHIBIT 99

PRESS RELEASE DATED OCTOBER 22, 2007

Company Contact:

Steven M. Klein
Chief Financial Officer
Tel: (732) 499-7200 ext. 510

FOR IMMEDIATE RELEASE

Northfield Bancorp, Inc.
Announces Quarterly Results

Avenel, New Jersey, October 22, 2007... Northfield Bancorp, Inc.,the holding company for Northfield Bank, reported net income of $3.1 million for the three months ended September 30, 2007 compared to $1.6 million for the three months ended September 30, 2006. The Company also reported net income of $10.0 million for the nine months ended September 30, 2007 compared to $7.8 million for the nine months ended September 30, 2006.

Net income for the nine months ended September 30, 2007, includes a pre-tax gain of $4.3 million ($2.6 million, net of tax) as a result of the sale of two branch locations, and associated deposit relationships, during the first quarter of 2007. Net income for the three and nine months ended September 30, 2006 includes a pre-tax charge of $1.6 million ($970,000, net of tax,) related to the recognition of an employee retirement obligation. The Company’s initial public offering has not yet closed. Accordingly, earnings per share calculations for the three and nine months ended September 30, 2007 and 2006 are not applicable.

Commenting on the quarter and year to date results, John W. Alexander, the Company’s Chairman, President, and Chief Executive Officer said, “We continue to focus and execute on our performance imperatives-prudently working to increase our loans and deposits, maintaining operating expense efficiencies, and continually evaluating profitable alternatives for the investment of capital.”

Results of Operations

Net interest income for the three months ended September 30, 2007 increased to $9.2 million, from $8.8 million for the three months ended September 30, 2006 and decreased to $25.7 million for the nine months ended September 30, 2007, from $27.9 million in the same prior year period. Net interest income increased approximately $300,000 for the three and nine months ended September 30, 2007 as a result of the earnings on cash proceeds received from stock subscriptions. The net interest margin increased to 2.84% for the three months ended September 30, 2007 from 2.71% for the same prior year period. The net interest margin decreased to 2.75% for the nine months ended September 30, 2007 from 2.85% for the same prior year period. The yield on interest-earning assets increased to 5.15% and 5.13%, respectively, for the three and nine months ended September 30, 2007, as compared to 5.01% and 4.96%, respectively, for the same prior year periods. The cost of interest-bearing liabilities increased to 2.81% and 2.88%, respectively, for the three and nine months ended September 30, 2007, as compared to 2.74% and 2.51%, respectively, for the same prior year periods. Average interest-earning assets decreased by $4.0 million and $64.6 million, respectively, for the three and nine months ended September 30, 2007, as compared to the same prior year periods due primarily to the sale of $26.6 million in deposits from two branch locations during the first quarter of 2007, partially offset by cash proceeds received on stock subscriptions in the third quarter of 2007.

Total non-interest income of $1.3 million remained substantially unchanged for the three months ended September 30, 2007 as compared to the same prior year period and increased to $8.3 million for the nine months ended September 30, 2007 as compared to $3.4 million for the same period in the prior year. The increase for the nine months ended September 30, 2007 was primarily attributable to the sale of two branch locations and deposit relationships in the first quarter of 2007, which resulted in a pre-tax gain of $4.3 million.

Total non-interest expense amounted to $5.3 million and $17.4 million, respectively, for the three and nine months ended September 30, 2007, as compared to $7.2 million and $18.5 million, respectively, for the corresponding prior year periods. This decrease was primarily attributable to the recognition of a non-recurring charge recognized when the Company entered into a supplemental retirement agreement with its former President during the quarter ended September 30, 2006. The Company recorded the present value of the future obligation, resulting in a pre-tax charge of approximately $1.6 million.

The provision for loan losses was $200,000 and $737,000, respectively, for the three and nine months ended September 30, 2007, as compared to $343,000 and $553,000, respectively, for the corresponding prior year periods. The decrease in the provision for loan losses for the three months ended September 30, 2007 was primarily attributable to a decrease in loan growth during this period. The increase in the provision for loan losses for the nine months ended September 30, 2007 compared to the corresponding period in the prior year is primarily attributable to an increase in non-performing loans, partially offset by a decrease in loan growth.

The Company recorded a provision for income taxes of $1.9 million and $5.8 million for the three and nine months ended September 30, 2007, respectively, as compared to $872,000 and $4.4 million, respectively, in the corresponding prior year periods. The effective tax rate was 37.7% and 36.7% for the three and nine months ended September 30, 3007, respectively, compared to 34.7% and 36.2%, in the corresponding prior periods. The increase in the effective tax rate was a result of increased taxable income as compared to total pre-tax income.

Financial Condition

Total assets increased to $1.6 billion at September 30, 2007 from $1.3 billion at December 31, 2006. The increase was primarily attributable to an increase in cash and cash due from banks of $203.3 million and an increase in securities available for sale of $62.2 million, both due primarily to the cash proceeds received on stock subscriptions in the third quarter of 2007. The increase in total assets was also attributable to an increase in bank owned life insurance of $8.3 million, and an increase in net loans held for investment of $17.5 million. These increases were partially offset by decreases in securities held-to-maturity, Federal Home Loan Bank of New York stock, premises and equipment, and other assets. The increase in assets was funded primarily with subscription offering proceeds related to the Company’s stock issuance plan adopted April 4, 2007.

Total liabilities increased to $1.4 billion at September 30, 2007 from $1.1 billion at December 31, 2006. The increase was primarily attributable to an increase in deposits of $280.9 million, partially offset by a decrease in securities sold under agreements to repurchase of $17.0 million. The increase in deposits was attributable primarily to stock subscription cash proceeds received from the Company’s stock offering.

Total stockholder’s equity increased to $179.6 million at September 30, 2007 from $164.0 million at December 31, 2006. The increase was primarily attributable to net income of $10.0 million for the nine months ended September 30, 2007; a $500,000 capital contribution from Northfield Bancorp, MHC, and a decrease of $5.1 million in accumulated other comprehensive loss, due primarily to a decrease in unrealized losses on securities available for sale. Generally, as market interest rates have declined between periods, the resultant market values of fixed rate securities have increased.

Asset Quality

The Company’s non-performing loans totaled $10.4 million at September 30, 2007, an increase from $7.1 million at December 31, 2006. For the nine months ended September 30, 2007 the Company realized net loan charge-offs of $836,000, which were primarily related to one loan whose remaining outstanding loan balance was fully charged-off. The increase in non-performing loans was primarily attributable to one loan in the amount of $3.4 million, which management believes to be adequately collateralized by a first mortgage on commercial real estate.

(Tables to follow)

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NORTHFIELD BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA
(Dollars in thousands)

	At			At
	September 30, 2007			December 31, 2006
	(Unaudited)
Selected Financial Condition Data:
Total assets	$	1,576,787		$	1,294,747
Cash and due from banks		269,090			65,824
Securities available for sale, at estimated market value		775,692			713,498
Securities held to maturity		21,098			26,169
Trading securities		3,589			2,667
Loans held for sale		470			125
Loans held for investment, net		426,663			409,189
Allowance for loan losses		(4,931	)		(5,030	)
Net loans held for investment		421,702			404,159
Bank owned life insurance		41,121			32,866
Non-performing loans (5)		10,368			7,115
Federal Home Loan Bank of New York stock, at cost		6,117			7,186
Securities sold under agreements to repurchase		89,000			106,000
Other borrowings		22,450			22,534
Deposits		1,270,728			989,789
Total liabilities		1,397,181			1,130,753
Total stockholder’s equity		179,606			163,994

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2007		2006		2007		2006
			(Unaudited)
Selected Operating Data:
Interest income	$	16,637	$	16,242	$	47,783	$	48,676
Interest expense		7,478		7,449		22,119		20,777
Net interest income before provision for loan losses		9,159		8,793		25,664		27,899
Provision for loan losses		200		343		737		553
Net interest income after provision for loan losses		8,959		8,450		24,927		27,346
Non-interest income		1,288		1,291		8,260		3,374
Non-interest expense		5,327		7,228		17,350		18,526
Income before income tax expense		4,920		2,513		15,837		12,194
Income tax expense		1,855		872		5,812		4,412
Net income	$	3,065	$	1,641	$	10,025	$	7,782

	At or For the Three						At or For the Nine Months
	Months Ended						Ended
	September 30,						September 30,
	2007			2006			2007			2006
Selected Financial Ratios:
Performance Ratios:
Return on assets (ratio of net income to average total assets) (1)		0.91	%		0.49	%		1.03	%		0.77	%
Return on equity (ratio of net income to average equity) (1)		7.04	%		4.22	%		7.91	%		6.86	%
Interest rate spread (1)(2)		2.34	%		2.27	%		2.25	%		2.45	%
Net interest margin (1)(3)		2.84	%		2.71	%		2.75	%		2.85	%
Efficiency ratio (4)		50.99	%		71.68	%		51.14	%		59.24	%
Non-interest expense to average total assets (1)		1.58	%		2.15	%		1.78	%		1.82	%
Average interest-earning assets to average interest-bearing liabilities		121.15	%		119.07	%		121.33	%		118.60	%
Average equity to average total assets		12.89	%		11.58	%		12.99	%		11.18	%
Asset Quality Ratios:
Non-performing loans to total assets		0.66	%		0.44	%		0.66	%		0.44	%
Non-performing loans to total loans		2.43	%		1.41	%		2.43	%		1.41	%
Allowance for loan losses to non-performing loans		47.56	%		91.50	%		47.56	%		91.50	%
Allowance for loan losses to total loans		1.16	%		1.29	%		1.16	%		1.29	%

(1)	Ratios for the three and nine months ended September 30, 2007 and 2006 are annualized.
(2)	The average interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the period.
(3)	The net interest margin represents net interest income as a percent of average interest-earning assets for the period.
(4)	The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income.
(5)	Non-performing loans is included in loans held for investment, net

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NORTHFIELD BANCORP, INC.
ANALYSIS OF NET INTEREST INCOME

	For the Three Months Ended September 30,
	2007							2006
	Average Outstanding				Average Yield/			Average Outstanding				Average Yield/
	Balance		Interest		Rate (1)			Balance		Interest		Rate (1)
			(Dollars in thousands)
Interest-earning assets:
Loans	$	425,755	$	7,283		6.79	%	$	418,031	$	7,128		6.76	%
Mortgage-backed securities		729,221		7,915		4.31			775,972		7,959		4.07
Other securities		33,670		389		4.58			55,620		673		4.80
Federal Home Loan Bank of New York stock		6,511		119		7.25			8,719		148		6.73
Interest-earning deposits in financial institutions		85,776		931		4.31			26,609		334		4.98
Total interest-earning assets		1,280,933		16,637		5.15			1,284,951		16,242		5.01
Non-interest-earning assets		58,244							46,890
Total assets	$	1,339,177						$	1,331,841
Interest-bearing liabilities:
NOW accounts	$	54,731		250		1.81		$	37,985		109		1.14
Savings accounts		378,472		682		0.71			385,746		678		0.70
Certificates of deposit		486,290		5,140		4.19			492,793		5,174		4.17
Total interest-bearing deposits		919,493		6,072		2.62			916,524		5,961		2.58
Repurchase agreements		115,033		1,187		4.09			140,065		1,271		3.60
Other borrowings		22,771		219		3.82			22,551		217		3.82
Total interest-bearing liabilities		1,057,297		7,478		2.81			1,079,140		7,449		2.74
Non-interest bearing deposit accounts		94,685							88,200
Accrued expenses and other liabilities		14,522							10,338
Total liabilities		1,166,504							1,177,678
Stockholder’s equity		172,673							154,163
Total liabilities and stockholder’s equity	$	1,339,177						$	1,331,841
Net interest income			$	9,159						$	8,793
Net interest rate spread (2)						2.34	%						2.27	%
Net interest-earning assets (3)	$	223,636						$	205,811
Net interest margin (4)						2.84	%						2.71	%
Average interest-earning assets to interest-bearing liabilities						121.15	%						119.07	%

(1)	Average yields and rates for the three months ended September 30, 2007 and 2006 are annualized.
(2)	Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3)	Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(4)	Net interest margin represents net interest income divided by average total interest-earning assets.

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NORTHFIELD BANCORP, INC.
ANALYSIS OF NET INTEREST INCOME

	For the Nine Months Ended September 30,
	2007							2006
	Average Outstanding				Average Yield/			Average Outstanding				Average Yield/
	Balance		Interest		Rate (1)			Balance		Interest		Rate (1)
			(Dollars in thousands)
Interest-earning assets:
Loans	$	422,905	$	21,329		6.74	%	$	406,125	$	20,474		6.74	%
Mortgage-backed securities		709,302		22,348		4.21			821,013		25,230		4.11
Other securities		40,798		1,452		4.76			48,836		1,606		4.40
Federal Home Loan Bank of New York stock		6,594		387		7.85			10,137		454		5.99
Interest-earning deposits in financial institutions		66,902		2,267		4.53			24,989		912		4.88
Total interest-earning assets		1,246,501		47,783		5.13			1,311,100		48,676		4.96
Non-interest-earning assets		57,739							46,736
Total assets	$	1,304,240						$	1,357,836
Interest-bearing liabilities:
NOW accounts	$	47,601		600		1.69		$	36,438		213		0.78
Savings accounts		357,193		1,861		0.70			408,176		2,138		0.70
Certificates of deposit		489,425		15,719		4.29			467,413		13,308		3.81
Total interest-bearing deposits		894,219		18,180		2.72			912,027		15,659		2.30
Repurchase agreements		110,542		3,293		3.98			165,714		4,364		3.52
Other borrowings		22,581		646		3.82			27,759		754		3.63
Total interest-bearing liabilities		1,027,342		22,119		2.88			1,105,500		20,777		2.51
Non-interest bearing deposit accounts		93,629							89,538
Accrued expenses and other liabilities		13,911							11,030
Total liabilities		1,134,882							1,206,068
Stockholder’s equity		169,358							151,768
Total liabilities and stockholder’s equity	$	1,304,240						$	1,357,836
Net interest income			$	25,664						$	27,899
Net interest rate spread (2)						2.25	%						2.45	%
Net interest-earning assets (3)	$	219,159						$	205,600
Net interest margin (4)						2.75	%						2.85	%
Average interest-earning assets to interest-bearing liabilities						121.33	%						118.60	%

(1)	Average yields and rates for the nine months ended September 30, 2007 and 2006 are annualized.
(2)	Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3)	Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(4)	Net interest margin represents net interest income divided by average total interest-earning assets.

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