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 March 31, 1999
[ ] 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)
Check whether the issuer: (1) 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 X No
--- ---
As of May 11, 1999, the issuer had 475,442 shares of Common
Stock issued and outstanding.
CONTENTS
PAGE
----
PART I. FINANCIAL INFORMATION
---------------------
Item 1. Financial Statements
Consolidated Statements of Financial Condition
as of March 31, 1999 (unaudited) and
December 31, 1998 . . . . . . . . . . . . . . . .2
Consolidated Statements of Operations for the
Three Months Ended March 31, 1999 and 1998
(unaudited). . . . . . . . . . . . . . . . . . . 3
Consolidated Statements of Comprehensive Income
for the Three Months Ended March 31, 1999
and 1998 (unaudited). . . . . . . . . . . . . . .4
Consolidated Statements of Cash Flows for the
Three Months Ended March 31, 1999 and 1998
(unaudited) . . . . . . . . . . . . . . . . . . .5
Notes to Consolidated Financial Statements. . . . . .7
Item 2. Management's Discussion and Analysis or Plan
of Operation . . . . . . . . . . . . . . . . . . .9
PART II. OTHER INFORMATION
-----------------
Item 1. Legal Proceedings. . . . . . . . . . . . . . . . . .13
Item 2. Changes in Securities and Use of Proceeds. . . . . .13
Item 3. Defaults Upon Senior Securities. . . . . . . . . . .13
Item 4. Submission of Matters to a Vote of Security
Holders. . . . . . . . . . . . . . . . . . . . . .13
Item 5. Other Information. . . . . . . . . . . . . . . . . .13
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . .13
SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . . .14
1
NORTHFIELD BANCORP, INC.
------------------------
AND SUBSIDIARY
--------------
Baltimore, Maryland
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
---------------------------------------------------------
March 31, December 31,
1999 1998
------------ ------------
(Unaudited)
Assets
------
Cash $ 216,151 $ 166,446
Interest bearing deposits in other banks 1,214,296 4,833,876
Investments available for sale 2,461,250 -
Investments held to maturity - 799,256
Mortgage backed securities available for sale 2,338,230 -
Mortgage backed securities held to maturity 539,021 2,122,590
Loans receivable, net 38,357,735 35,701,656
Accrued interest receivable - loans 178,768 163,989
- investments 33,274 19,016
- mortgage backed
securities 14,478 13,569
Premises and equipment, at cost, less
accumulated depreciation 119,220 128,325
Federal Home Loan Bank of Atlanta stock at cost 331,500 272,900
Deferred income taxes 64,475 57,526
Prepaid expenses and other assets 44,606 30,963
----------- -----------
Total assets $45,913,004 $44,310,112
=========== ===========
Liabilities and Stockholders' Equity
------------------------------------
Liabilities
- -----------
Deposit accounts $35,185,993 $36,434,786
Advance payments by borrowers for expenses 667,745 462,726
Federal Home Loan Bank advances 2,500,000 -
Income taxes payable 57,026 18,449
Other liabilities 270,724 266,230
----------- -----------
Total liabilities 38,681,488 37,182,191
Commitments and contingencies
Stockholders' Equity
- --------------------
Serial Preferred stock $.01 par value;
authorized 2,000,000 shares; none issued
or outstanding
Common stock $.01 par value; authorized
8,000,000 shares; 475,442 issued and
outstanding shares at March 31, 1999
and 475,442 shares at December 31, 1998 4,754 4,754
Additional paid-in capital 4,415,824 4,415,682
Retained earnings (substantially restricted) 3,326,533 3,200,542
Accumulated other comprehensive income,
net of taxes (29,853) -
Stock held by Rabbi Trust (134,650) (134,650)
Employee Stock Ownership Plan (351,092) (358,407)
----------- -----------
Total stockholders' equity 7,231,516 7,127,921
----------- -----------
Total liabilities and stockholders' equity $45,913,004 $44,310,112
=========== ===========
The accompanying notes to the consolidated financial statements
are an integral part of these statements.
2
NORTHFIELD BANCORP, INC.
------------------------
AND SUBSIDIARY
--------------
Baltimore, Maryland
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
-------------------------------------------------
Three Months Ended
March 31,
----------------------
1999 1998
------- ------
Income
- ------
Interest and fees on loans $725,509 $627,671
Interest on investments 61,187 54,853
Interest on mortgage backed securities 32,198 36,417
-------- --------
Total interest income 818,894 718,941
Interest Expense
- ----------------
Interest on deposits 419,303 412,765
Interest on short-term borrowings 10,289 519
-------- --------
Total interest expense 429,592 413,284
-------- --------
Net interest income 389,302 305,657
Provision for losses on loans - -
-------- --------
Net interest income after provision for
losses on loans 389,302 305,657
Non-Interest Income
- -------------------
Gain on sale of securities available for sale 14,936 -
Fees on loans 2,400 2,512
Fees on deposits 4,218 2,609
All other income 2,104 4,041
-------- --------
Net non-interest income 23,658 9,162
Non-Interest Expenses
- ---------------------
Compensation and related expenses 92,178 74,846
Occupancy 26,599 16,747
Deposit insurance 5,555 4,822
Service bureau expense 20,026 15,806
Furniture, fixtures and equipment expense 6,143 4,835
Advertising 7,276 6,476
Professional fees 13,617 12,450
Other 37,163 35,738
-------- --------
Total non-interest expenses 208,557 171,720
-------- --------
Income before tax provision 204,403 143,099
Provision for income tax 78,412 58,579
-------- --------
Net income $125,991 $ 84,520
======== ========
Basic earnings per share $ .30 $ N/A
======== ========
Diluted earnings per share $ .29 $ N/A
======== ========
The accompanying notes to consolidated financial statements
are an integral part of these statements.
3
NORTHFIELD BANCORP, INC.
------------------------
AND SUBSIDIARY
--------------
Baltimore, Maryland
CONSOLIDATED STATEMENTS OF COMPRHENSIVE INCOME (UNAUDITED)
---------------------------------------------------------
Three Months Ended
March 31,
---------------------
1999 1998
-------- --------
Net income $125,991 $ 84,520
Unrealized losses on available for sale securities,
net of tax of $18,784 at March 31, 1999 (29,853) -
-------- ---------
Comprehensive income $ 96,138 $ 84,520
======== =========
The accompanying notes to consolidated financial statements
are an integral part of these statements.
4
NORTHFIELD BANCORP, INC.
------------------------
AND SUBSIDIARY
--------------
Baltimore, Maryland
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
-------------------------------------------------
Three Months Ended
March 31,
---------------------
1999 1998
-------- --------
Operating Activities
- --------------------
Net income $ 125,991 $ 84,520
Adjustments to Reconcile Net Income to
Net Cash Provided by Operating Activities
-----------------------------------------
Net amortization of premiums and accretion of
discounts on certificates of deposit 24 1,060
Gain on sale of securities available for sale (14,936) -
Net amortization of premiums and accretion of
discounts on mortgage backed and investment
securities 2,708 (846)
Net amortization of premiums on mortgage loans
purchased 123 -
Loan fees deferred 13,039 17,064
Amortization of deferred loan fees (28,238) (9,118)
Non-cash compensation under Stock-Based Benefit
Plans 7,456 -
Increase in accrued interest (29,946) (12,415)
Provision for depreciation 10,899 3,520
Decrease in deferred income taxes 11,835 6,072
Increase in prepaid expenses and other assets (13,643) (63,240)
Increase (decrease) in accrued interest payable 3,499 (1,993)
(Decrease) increase in income taxes payable 38,577 (25,493)
Increase in other liabilities 4,494 12,764
----------- -----------
Net cash provided by operating activities 131,882 11,895
Cash Flows from Investing Activities
- ------------------------------------
Proceeds from maturing certificates of deposit 349,000 249,000
Purchases of certificates of deposit (95,000) (198,000)
Purchase of securities available for sale (1,697,594) -
Purchase of mortgage backed securities
available for sale (1,521,844) -
Purchases of mortgage backed securities
held to maturity (539,642) -
Proceeds from sale of mortgage backed securities
available for sale 1,048,335 -
Principal collected on mortgage backed securities 257,678 227,369
Longer term loans originated (4,441,303) (2,702,366)
Loans purchased (877,919) (24,015)
Principal collected on longer term loans 2,657,789 1,482,462
Net (increase) decrease in short-term loans 20,433 (26,243)
Purchases of premises and equipment (1,794) (21,559)
Purchase of Federal Home Loan Bank stock (58,600) (46,500)
----------- -----------
Net cash used by investing activities (4,900,461) (1,059,852)
5
NORTHFIELD BANCORP, INC.
------------------------
AND SUBSIDIARY
--------------
Baltimore, Maryland
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
-------------------------------------------------
Three Months Ended
March 31,
---------------------
1999 1998
-------- --------
Cash Flows from Financing Activities
- ------------------------------------
Net increase (decrease) in demand deposits,
money market, passbook accounts and advance
payments by borrowers for taxes and insurance $ (696,124) $ 1,436,597
Net increase (decrease) in certificates of
deposit (351,149) 332,931
Net increase in Federal Home Loan Bank
advances 2,500,000 -
------------ -----------
Net cash provided by financing activities 1,452,727 1,769,528
------------ -----------
Increase (decrease) in cash and cash equivalents (3,315,852) 721,571
Cash and cash equivalents at beginning of period 4,062,056 2,744,442
------------ -----------
Cash and cash equivalents at end of period $ 746,204 $ 3,466,013
============ ===========
Reconciliation of cash and cash equivalents:
Cash $ 216,151 $ 252,299
Interest bearing accounts in other banks 1,214,296 4,047,761
------------ -----------
1,430,447 4,300,060
Less - Certificates of deposit maturing in
90 days or more included in interest
bearing accounts in other banks (684,243) (834,047)
------------ -----------
Cash and cash equivalents $ 746,204 $ 3,466,013
============ ===========
Supplemental disclosures of cash flows information:
Cash paid during period for:
Interest $ 417,045 $ 414,821
Income taxes $ 28,000 $ 78,000
The accompanying notes to the consolidated financial statements
are an integral part of these statements.
6
NORTHFIELD BANCORP, INC.
------------------------
AND SUBSIDIARY
--------------
Baltimore, Maryland
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
- ------------------------------------------------------
Note 1 - Basis of Presentation
The accompanying unaudited financial statements
have been prepared in accordance with generally
accepted accounting principles for interim financial
information and in accordance with the instructions to
Form 10-QSB. Accordingly, they do not include all of
the disclosures required by generally accepted
accounting principles for complete financial
statements. In the opinion of management, all
adjustments necessary for a fair presentation
of the results of operations for the interim periods
presented have been made. Such adjustments were of a
normal recurring nature. The results of operations for
the three months ended March 31, 1999 are not
necessarily indicative of the results that may be
expected for the fiscal year December 31, 1999 or any
other interim period. The consolidated financial
statements should be read in conjunction with the
consolidated financial statements and related notes
which are incorporated by reference in the Company's
Annual Report on Form 10-KSB for the year ended
December 31,1998.
Note 2 - Cash Flow Presentation
----------------------
For purposes of the statements of cash flows,
cash and cash equivalents include cash and amounts due
from depository institutions and certificates of
deposit with original maturities of 90 days or less.
Note 3 - Earnings Per Share
------------------
Basic EPS is computed by dividing net income by
the weighted average number of common shares
outstanding for the appropriate period. Unearned ESOP
shares are not included in outstanding shares. Diluted
EPS is computed by dividing net income by the weighted
average shares outstanding as adjusted for the dilutive
effect of unvested stock awards based on the "treasury
stock" method. Earnings per share data is not
presented for the three month period ended March 31,
1998, since the Bank converted to stock form in
November 1998 and such information would not be
meaningful. Information relating to the calculations
of net income per share of common stock, summarized for
the quarter ended March 31, 1999, is as follows:
1999
----
Net income before other comprehensive income $125,991
========
Weighted Average Shares
Outstanding basic EPS 426,380
Dilutive Items
Rabbi Trust shares 13,465
--------
Adjusted weighted average shares
used for dilutive EPS 439,845
========
7
NORTHFIELD BANCORP, INC.
------------------------
AND SUBSIDIARY
--------------
Baltimore, Maryland
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
- ------------------------------------------
Note 4 - Recent Accounting Pronouncements
--------------------------------
SFAS No. 133, "Accounting for Derivative
Instruments and Hedging Activities" was issued in June,
1998. 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
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 is effective for
all fiscal quarters of all fiscal years beginning after
June 15, 1999.
The Company early implemented SFAS No. 133 on
January 1, 1999. In accordance with the
pronouncement's provisions, the Company reclassified
all of its investments and mortgage backed securities
from held to maturity to available for sale. On
January 11, 1999, the Company sold mortgage backed
securities with an aggregate net book value of
$1,033,399 for $1,048,335 and realized a gain of
$14,936.
8
ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FORWARD-LOOKING STATEMENTS
When used in this filing and in future filings by
Northfield Bancorp, Inc. (the "Company") with the Securities and
Exchange Commission, in the Company's press releases or other
public or shareholder communications, or in oral statements made
with the approval of an authorized executive officer, the words
or phrases "would be," "will allow," "intends to," "will likely
result," "are expected to," "will continue," "is anticipated,"
"estimate," "project" or similar expressions are intended to
identify "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
statements are subject to risks and uncertainties, including but
not limited to changes in economic conditions in the Company's
market area, changes in policies by regulatory agencies,
fluctuations in interest rates, demand for loans in the
Company's market area and competition, all or some of which
could cause actual results to differ materially from historical
earnings and those presently anticipated or projected.
The Company wishes to caution readers not to place undue
reliance on any such forward-looking statements, which speak
only as of the date made, and advises readers that various
factors, including regional and national economic conditions,
substantial changes in levels of market interest rates, credit
and other risks of lending and investment activities and
competitive and regulatory factors, could affect the Company's
financial performance and could cause the Company's actual
results for future periods to differ materially from those
anticipated or projected.
The Company does not undertake, and specifically disclaims
any obligations, to update any forward-looking statements to
reflect occurrences or unanticipated events or circumstances
after the date of such statements.
FINANCIAL CONDITION
Total assets of the Company were $45,913,000 as of March
31, 1999, compared to $44,310,000 as of December 31, 1998, an
increase of $1,603,000 or 3.62%. The increase was primarily
attributable to an increase in investment securities of
$1,662,000, an increase in mortgage backed securities of
$755,000 and an increase in loans receivable of $2,656,000.
These increases were partially offset by a decrease in
interest-bearing deposits in other banks of $3,620,000. The
purchase of investments and mortgage backed securities in the
current year's quarter is part of management's strategy to
maximize the high level of equity and to increase profitability.
As liquidity levels increased with the inflow of Federal Home
Loan Bank ("FHLB") advances, the funds were transferred
from interest-bearing deposits to higher yielding investments
and mortgage backed securities. Approximately ninety percent of
the investments are held as "available for sale".
9
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION -- CONTINUED
Total liabilities of the Company were $38,681,000 as of March
31, 1999, compared to $37,182,000 as of December 31, 1998, an
increase of $1,499,000 or 4.03%. The increase was due to FHLB
advances of $2,500,000 and an increase in advance payments by
borrowers for taxes and insurance of $205,000. These increases
were partially offset by a decrease in deposits of $1,249,000.
Management's plan is to take advantage of low rate FHLB advances
and invest the proceeds in higher yielding investments and loan
originations. The increase in advance payments by borrowers was
due to the cyclical nature of this account as borrowers
increased the accounts monthly and disbursements are made
primarily in July through September. The decrease in deposits
is attributed to depositors withdrawing funds to seek higher
returns in the securities markets.
Stockholders' equity was $7,232,000 as of March 31, 1999,
compared to $7,128,000 as of December 31 1998, an increase of
$104,000. The increase was principally due to net income for
the period of $126,000, which was partially offset by a net
unrealized loss on investments available for sale of $30,000.
RESULTS OF OPERATIONS
GENERAL
Net income for the three months ended March 31, 1999 was
$126,000 as compared to $85,000 for the same period in 1998.
The increase in net income of $41,000 was primarily the result
of increases in net interest income, predominantly interest and
fees on loans, and a realized gain on the sale of securities,
partially off-set by increases in total non-interest expense and
the provision for income taxes.
INTEREST INCOME
Total interest income for the three months ended March 31,
1999 was $819,000 compared to $719,000 for the same period in
1998, an increase of $100,000 or 13.91%. The increase was
primarily due to an increase of $6,939,000 in the average
balance of loans outstanding for the quarter ended March 31,
1999 over the prior year's respective quarter. Increases in
investment balances, slightly offset by a decline in rates on
mortgage backed securities, also contributed to the rise in
interest income.
The weighted average yield on interest-earning assets was
7.24% and 7.88% for the three month period ended March 31, 1999
and 1998, respectively.
10
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED
INTEREST EXPENSE
Total interest expense for the three months ended March 31,
1999 and 1998 was $430,000 and $412,000 respectively, an
increase of $18,000 or 4.37%. The increase resulted primarily
from increases in the average dollar amount of borrowings of
$1,434,000. The increase in the average dollar amount of
deposits of $1,645,000, slightly offset by a decrease in the
average yields paid to 4.82% in the current year's quarter from
4.96% in the prior year's quarter, also contributed slightly to
the increase in total interest expense.
PROVISION FOR LOAN LOSSES
There were no provisions for loan losses for the three month
periods ended March 31, 1999 and 1998. Management monitors and
adjusts its loan loss reserves based upon its analysis of the
loan portfolio. Reserves are increased by a charge to income,
the amount of which depends upon an analysis of the changing
risks inherent in the Company's loan portfolio and the relative
status of the real estate market and the economy in general.
The Company has historically experienced a limited amount of
loan charge-offs and delinquencies. At March 31, 1999,
management believes the allowance for loan losses is sufficient
since the loans are adequately secured. The assessment of the
adequacy of the allowance for loan losses involves subjective
judgment regarding future events and there can be no assurance
that additional provisions for loan losses will not be required
in future periods.
OTHER NON-INTEREST INCOME
Other income for the three months ended March 31, 1999 was
$24,000 compared to $9,000 for the same period last year, an
increase of $15,000. The increase was primarily due to gains on
the sale of securities in the current year's quarter. The
Company early implemented SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities" on January 1,
1999. In accordance with the pronouncement's provisions, the
Company reclassified all of investments and mortgage backed
securities held on January 1st from held to maturity to
available for sale.
NON-INTEREST EXPENSE
Total non-interest expense increased $37,000 to $209,000 for
the three months ended March 31, 1999 from $172,000 for March
31, 1998. The increases for the three month period was the
result of increases in salaries and related expenses, occupancy
and equipment expenses, service bureau expenses and other
expenses. The increase in salaries and related expenses of
$17,000 or 22.67% was the result of a decrease in payroll
related deferred loan origination costs, an increase in
personnel and an increase in insurance benefit expenses.
Occupancy expense increased $10,000 or 59% as a result of the
opening of an administrative office in mid-March, 1998. Service
bureau expense increased $4,000 or 25% following the addition of
several new teller terminals. The Company expects the level of
its non-interest expense to increase in future periods as a
result of expenses associated with the employee stock ownership
plan that the Company implemented in connection with its stock
conversion as well as other stock benefit plans that the Company
intends to implement in the future.
11
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS - CONTINUED
INCOME TAXES
The Company's income tax expense for the three months ended
March 31, 1999 and 1998 was $78,000 and $59,000, respectively,
representing an increase of $19,000 or 32.20%. The increase was
primarily the result of the increase in pretax income. The
effective tax rate for the three months ended March 31, 1999 was
38.36% compared to 40.94% for the same period in 1998.
YEAR 2000
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
service provider. During 1997, the Company adopted a Year 2000
Compliance Plan (the "Plan"). The objective of the Plan is to
prepare the Company for the Year 2000 date change technology.
The Company has now completed a thorough review of its internal
systems as well as the efforts of its outside data processing
service provider. The progress of the Plan is monitored by the
Company's Board of Directors. The Company began testing its
internal PC based applications beginning in February 1998. As
of March 31, 1999, the Company has spent $13,600 on its Year
2000 project. The Company has replaced several outdated teller
terminal units. The Company expects the total project to cost
$20,000, due to the following items: the replacement of a few
more teller terminal units; the cost of a customer awareness
effort; commitment fees for emergency liquidity requirements;
and service bureau fees for the use of a Year 2000 disaster
recovery facility. The greatest potential for problems,
however, concerns the data processing provided by the
Company's third party service bureau. The service bureau is
providing the Company with quarterly updates of its compliance
progress and has advised the Company that it expects to resolve
this problem before the year 2000 and is well on its way to
doing so. The Company completed testing with its third party
data processing service bureau in August 1998. The Company is
in the process of developing a contingency plan to deal with the
potential that if its service bureau is unable to bring its
systems into compliance or the Company has failures in any other
areas despite all of its preparations, the Company will be able
to continue operating. There can be no assurance in this
regard. However, it is possible that the Company could
experience data processing delays, errors or failures, all of
which could have a material adverse impact on the Company's
financial condition and results of operations. However, the
Company also will implement its contingency plan in the event of
delays, errors or failures and expects to be able to continue
operating by other means.
12
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
(a) Exhibits. The following exhibit is filed herewith:
Exhibit 27 Financial Data Schedule for the three
months ended March 31, 1999
(b) Reports on 8-K. None.
13
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: May __, 1999 /s/ G. Ronald Jobson
---------------------------
G. Ronald Jobson
President and Chief Executive
Officer
(Principal Executive Officer)