Northfield Bancorp, Inc. Announces Fourth Quarter 2012 Results

Northfield Bancorp, Inc. Announces Fourth Quarter 2012 Results

                            NOTABLE ITEMS INCLUDE:

  *NET INTEREST INCOME FOR 2012 INCREASED 5.0% OVER 2011, DRIVEN BY HIGHER
    LEVELS OF INTEREST EARNING ASSETS
  *LOAN PRODUCTION REMAINED STRONG IN 2012

    *LOANS HELD-FOR-INVESTMENT, NET, GREW 15.7%
    *MULTIFAMILY LOANS INCREASED $151.8 MILLION, OR 33.1%, FROM DECEMBER 31,
      2011

  *NONPERFORMING ASSETS AS A PERCENTAGE OF TOTAL ASSETS DROPPED TO 1.30%
  *NONPERFORMING LOANS TO TOTAL LOANS DECLINED TO 2.85%, A 18.9% DECREASE
    FROM DECEMBER 31, 2011 LEVELS
  *ALLOWANCE FOR LOAN LOSSES INCREASED TO 87.7% OF NON-PERFORMING LOANS
    HELD-FOR-INVESTMENT AND REPRESENTS 2.48% OF ORIGINATED LOANS
  *DEPOSITS CONTINUE TO INCREASE WHILE THE AVERAGE COST OF DEPOSITS DECLINED
    TO 56 BASIS POINTS FOR THE QUARTER
  *ACQUISITION OF FLATBUSH FEDERAL SAVINGS COMPLETED IN FOURTH QUARTER
  *CAPITAL REMAINS STRONG AT 14.9% OF TOTAL ASSETS

WOODBRIDGE, N.J., Jan. 24, 2013 (GLOBE NEWSWIRE) -- NORTHFIELD BANCORP, INC.
(Nasdaq:NFBK), the holding company for Northfield Bank, reported basic
earnings per common share of $0.06 and $0.30 for the quarter and year ended
December 31, 2012, respectively, as compared to $0.07 and $0.30 for the
quarter and year ended December 31, 2011, respectively. Diluted earnings per
common share was $0.06 and $0.29 for the quarter and year ended December 31,
2012, respectively, as compared to $0.07 and $0.30 for the quarter and year
ended December 31, 2011, respectively. Earnings per share amounts have been
restated to reflect the completion of our second-step conversion at a
conversion ratio of 1.4029.

John W. Alexander, Chairman and Chief Executive Officer, commenting on 2012
stated, "Northfield has just completed a memorable year. We began the year
celebrating our 125th Anniversary, a milestone few companies are able to
attain. In the first quarter we announced an agreement to acquire of Flatbush
Federal Savings and Loan Association, and completed the transaction in the
fourth quarter adding three branches to our expanding Brooklyn network.
Northfield also adopted a plan of conversion, setting in motion a strategic
decision to become a fully public company and move away from the mutual
holding company format, and I'm pleased that the strong participation of our
depositors and the community resulted in a successful stock offering that
closed today."

Continuing, Mr. Alexander added, "Financial performance in 2012 remained
strong. Loan growth was robust with an almost 16 percent increase in total
loans, driven by a 33 percent increase in multifamily loans. Notwithstanding a
challenging interest rate environment and continuing pressures on margins, we
increased net interest income over five percent, and managed the net interest
margin compression to only three basis points year over year. Additionally,
asset quality continued to improve, with nonperforming assets decreasing on
both a dollar and percentage basis. Non-performing assets to total assets were
1.30 percent at year end 2012."

"We are excited about completing our stock offering," added Mr. Alexander. "We
believe our new structure presents the greatest opportunity for us to build
long-term stockholder value. Additionally, we expect to reinstate our
quarterly dividends and request approval from our regulators to allow us to
pay a special $0.25 dividend as set forth in our offering documents."

Financial Condition

Total assets increased $436.3 million (of which $240.6 million was related to
our second step stock offering and $131.5 million was related to the
acquisition of Flatbush Federal (the "Merger")), or 18.4%, to $2.81 billion at
December 31, 2012, from $2.38 billion at December 31, 2011. The increase was
primarily attributable to increases in cash and cash equivalents of $63.5
million, securities available-for-sale of $176.9 million, net loans
held-for-investment of $168.9 million and bank owned life insurance of $15.3
million.

Total loans increased $168.5 million to $1.24 billion at December 31, 2012, as
compared to $1.07 billion at December 31, 2011. This includes $101.4 million
of loans purchased and acquired in the Merger.

Originated loans held-for-investment, net, totaled $1.07 billion at December
31, 2012, as compared to $985.9 million at December 31, 2011. The increase was
primarily due to an increase in multifamily real estate loans, which increased
$151.8 million, or 33.1%, to $610.1 million at December 31, 2012, from $458.4
million at December 31, 2011. This was partially offset by a decrease in
insurance premium loans of $59.1 million due to the sale of substantially all
of the portfolio, a decrease of $7.9 million in one-to-four family loans and a
decrease in commercial real estate loans of $11.6 million.Currently,
management is primarily focused on originating multifamily loans, with less
emphasis on other loan types.

Purchased credit-impaired (PCI) loans, primarily acquired as part of a
transaction with the Federal Deposit Insurance Corporation, totaled $75.3
million at December 31, 2012, as compared to $88.5 million at December 31,
2011.The Company recorded accretion of interest income of $6.4 million for
the year ended December 31, 2012.

The Company's securities available-for-sale portfolio totaled $1.28 billion at
December 31, 2012, compared to $1.10 billion at December 31, 2011.At December
31, 2012, $1.18 billion of the portfolio consisted of residential
mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, or
Ginnie Mae.The Company also held residential mortgage-backed securities not
guaranteed by these three entities, referred to as "private label
securities."The private label securities had an amortized cost of $7.5
million and an estimated fair value of $7.8 million at December 31, 2012.In
addition to the above mortgage-backed securities, the Company held $74.4
million in corporate bonds which were all rated investment grade at December
31, 2012, and $13.0 million of equity investments in mutual funds, which focus
on investments that qualify under the Community Reinvestment Act and money
market mutual funds.

Interest-bearing deposits in other financial institutions totaled $103.4
million at December 31, 2012, as compared to $49.7 million at December 31,
2011.The increase is primarily attributable to the funds received to purchase
stock in our second step stock offering.

Total liabilities increased $404.1 million, or 20.3%, to $2.40 billion at
December 31, 2012, from $1.99 billion at December 31, 2011.The increase was
primarily attributable to an increase in deposits of $463.3 million, of which
$240.6 million was from our second step stock offering, partially offset by a
decrease in borrowings of $62.8 million.

The increase in deposits for the year ended December 31, 2012 was due to a
$372.0 million, or 48.6%, increase in savings and money market accounts from
December 31, 2011 (including $240.6 million of deposits from the second step
stock offering and $38.4 million in deposits as a result of the Merger), and a
$79.1 million, or 31.9%, increase in transaction accounts as compared to
December 31, 2011 (including $5.5 million in deposits as a result of the
Merger) and a $12.3 million, or 2.6%, increase in certificates of deposit
accounts (including $67.6 million in deposits as a result ofthe Merger).

Borrowings decreased by $62.8 million, or 13.0%, to $419.1 million at December
31, 2012, from $481.9 million at December 31, 2011.Management utilizes
borrowings to mitigate interest rate risk, for short-term liquidity and to a
lesser extent as part of leverage strategies.The following is a table of
borrowing maturities (except capitalized leases and short-term borrowings) and
the weighted average rate by year (dollars in thousands):

                Weighted
Year Amount     Avg. Rate
2013 $72,347  3.60%
2014 66,500    2.90%
2015 114,500   2.63%
2016 108,910   2.18%
2017 50,003    1.41%
2018 2,000     3.39%
    $414,260 2.58%

Total stockholders' equity increased by $32.2 million to $414.9 million at
December 31, 2012, from $382.7 million at December 31, 2011.This increase was
primarily attributable to net income of $16.0 million for the year ended
December 31, 2012, a $761,000 increase in accumulated other comprehensive
income and a $21.0 million increase in additional paid-in capital primarily
related to the Merger and to a lesser extent the recognition of compensation
expense associated with equity awards.The increase was partially offset by
$4.2 million in net stock repurchases and dividend payments of approximately
$1.7 million.As previously announced, the Company temporarily suspended
dividend payments pending the completion of the Company's second-step
conversion.This was done in response to a new regulation implemented by the
Federal Reserve Board that requires a depositor vote to authorize our mutual
holding company parent to waive its right to receive dividends from the
Company.

Asset Quality

The following table details total non-performing assets, non-performing loans,
troubled debt restructurings (TDR) on which interest is accruing, and accruing
loans delinquent 30 to 89 days at December 31, 2012 and 2011.At December 31,
2012, the table includes $3.8 million of non-accruing loans held-for-sale and
$823,000 of other real estate owned associated with the Merger.

                                                    December 31, December 31,
                                                     2012         2011
Non-accruing loans:                                              
Held-for-investment                                  $10,348    $17,489
Held-for-sale                                        5,325       2,991
Non-accruing loans subject to restructuring                      
agreements:
Held-for-investment                                  19,152      22,844
Held-for-sale                                        122         457
Total non-accruing loans                             34,947      43,781
Loans 90 days or more past due and still accruing:               
Held-for-investment                                  621         85
Total non-performing loans                           35,568      43,866
Other real estate owned                              870         3,359
Total non-performing assets                          $36,438    $47,225
                                                                
Non-performing loans to total loans                  2.85%        4.07%
                                                                
Non-performing assets to total assets                1.30%        1.99%
                                                                
Loans subject to restructuring agreements and still  $25,697    $18,349
accruing
                                                                
Accruing loans 30 to 89 days delinquent              $14,780    $21,067

Total Non-accruing Loans

Total non-accruing loans decreased $8.8 million to $35.0 million at December
31, 2012, from $43.8 million at December 31, 2011.This decrease in 2012 was
primarily attributable to $3.4 million of loans held-for-sale being sold, $3.2
million of loans returning to accrual status, $517,000 of pay-offs and
principal pay-downs, $2.2 million of charge-offs,the sale of $7.7 million of
loans held-for-investment, and the transfer of $166,000 to other real estate
owned.The above decreases in non-accruing loans during the year ended
December 31, 2012 were partially offset by $4.2 million of loans being placed
on non-accrual status, the acquisition of $3.8 million of non-accrual loans as
a result of the Merger and advances of $561,000 during the year ended December
31, 2012.

Delinquency Status of Total Non-accruing Loans

Generally, loans are placed on non-accrual status when they become 90 days or
more delinquent, and remain on non-accrual status until they are brought
current, have a minimum of six months of performance under the loan terms, and
factors indicating reasonable doubt about the timely collection of payments no
longer exist.Therefore, loans may be current in accordance with their loan
terms, or may be less than 90 days delinquent, and still be onnon-accrual
status.

The following tables detail the delinquency status of non-accruing loans
(held-for-investment and held-for-sale) at December 31, 2012, and December 31,
2011 (dollars in thousands).All delinquent loans in the following two tables
are classified as held-for-investment, with the exception of $5.4 million and
$3.4 million of loans held-for-sale at December 31, 2012 and 2011.At December
31, 2012, the table includes $3.8 million of one-to-four family non-accruing
loans held-for-sale as a result of the Merger.

                                 December 31, 2012
                                 Days Past Due                 
Real estate loans:                0 to 29   30 to 89 90 or more Total
Commercial                       $15,646 $442   $6,337   $22,425
One -to- four family residential 356      649     5,328     6,333
Construction and land             2,070    --     --       2,070
Multifamily                      --      --     1,169     1,169
Home equity and lines of credit   107      --     1,587     1,694
Commercial and industrial loans   532      --     724       1,256
Total non-accruing loans          $18,711 $1,091 $15,145  $34,947
                                                            
                                 December 31, 2011
                                 Days Past Due                 
Real estate loans:                0 to 29   30 to 89 90 or more Total
Commercial                       $16,395 $3,613 $14,651  $34,659
One -to- four family residential 210      595     533       1,338
Construction and land             1,709    --     422       2,131
Multifamily                      523      --     1,652     2,175
Home equity and lines of credit   102      --     1,664     1,766
Commercial and industrial loans   553      --     1,022     1,575
Insurance premium loans           --      --     137       137
Total non-accruing loans          $19,492 $4,208 $20,081  $43,781

Loans Subject to Restructuring Agreements

Included in non-accruing loans are loans subject to restructuring agreements
totaling $19.3 million and $23.3 million at December 31, 2012 and December 31,
2011, respectively. At December 31, 2012, $16.0 million, or 83.0% of the
$19.3 million of loans subject to restructuring agreements, were performing in
accordance with their restructured terms, as compared to $19.2 million, or
82.3%, at December 31, 2011.

The Company also holds loans subject to restructuring agreements that are on
accrual status, which totaled $25.7 million and $18.3 million at December 31,
2012 and December 31, 2011, respectively. At December 31, 2012, all of these
loans were performing in accordance with their restructured terms. 

The following table details the amounts and categories of the loans subject to
restructuring agreements by loan type as of December 31, 2012 and December 31,
2011 (dollars in thousands).

                                At December 31, 2012   At December 31, 2011
                                Non-Accruing Accruing  Non-Accruing Accruing
Troubled debt restructurings:                                     
Real estate loans:                                                
Commercial                       $16,046    $21,785 $20,420    $13,389
One- to four-family residential  612         569      --         2,532
Construction and land            2,070       --      1,709       --
Multifamily                      --         2,041    523         1,552
Home equity and lines of credit  96          356      102         --
Commercial and industrial        451         946      547         876
Total                            $19,275    $25,697 $23,301    $18,349
                                                                 
Performing in accordance         82.96%       100.00%   82.34%       69.03%
withrestructured terms

Loans 90 Days or More Past Due and Still Accruing and Other Real Estate Owned

Loans 90 days or more past due and still accruing increased $536,000 to
$621,000 at December 31, 2012 from $85,000 at December 31, 2011.Loans 90 days
or more past due and still accruing at December 31, 2012 are considered
well-secured and in the process of collection.

Other real estate owned declined to $870,000 at December 31, 2012 from $3.4
million at December 31, 2011 due primarily to sales.At December 31, 2012,
$823,000 of other real estate owned is associated with the Merger.

Delinquency Status of Accruing Loans 30-89 Days Delinquent

Loans 30 to 89 days delinquent and on accrual status at December 31, 2012
totaled $14.8 million, a decrease of $6.3 million from the December 31, 2011,
balance of $21.1 million.The following tables set forth delinquencies for
accruing loans by type and by amount at December 31, 2012 and December 31,
2011 (dollars in thousands). At December 31, 2012, the table includes $1.3
million of one-to-four family and $218,000 of multifamily delinquent loans
associated with the Merger.

                               December 31, 2012 December 31, 2011
Real estate loans:                               
Commercial                      $4,736          $8,404
One- to four-family residential 5,584            2,258
Construction and land           159              3,041
Multifamily                     2,731            6,468
Home equity and lines of credit 44               30
Commercial and industrial loans 1,467            207
Insurance premium loans         --              568
Other loans                     59               91
Total delinquent accruing loans $14,780         $21,067

PCI Loans (Held-for-Investment)

Asset quality of PCI loans improved from December 31, 2011.At December 31,
2012, based on recorded contractual principal, 5.4% of PCI loans were past due
30 to 89 days, and 11.6% were past due 90 days or more, as compared to 9.0%
and 16.1%, respectively, at December 31, 2011.

Results of Operations

Comparison of Operating Results for the Three Months Ended December 31, 2012
and 2011

Net income was $3.2 million and $3.8 million for the quarters ended December
31, 2012 and 2011, respectively.Significant variances from the comparable
prior year period are as follows: a $231,000 increase in net interest income,
a $5.6 million decrease in the provision for loan losses, a $3.8 million
decrease in non-interest income, a $320,000 increase in non-interest expense,
and a $2.3 million increase in income tax expense.

Net interest income for the quarter ended December 31, 2012 increased
$231,000, or 1.3%, as the $36.3 million increase in our net interest-earning
assets more than offset the 18 basis point decrease in our net interest margin
to 2.96%.The increase in average interest-earning assets was due primarily to
increases in average loans outstanding of $130.3 million and in
mortgage-backed securities of $79.2 million, partially offset by a decrease in
other securities of $41.6 million.The December 31, 2012 quarter included loan
prepayment income of $559,000 compared to $317,000 for the quarter ended
December 31, 2011.Rates paid on interest-bearing liabilities decreased 24
basis points to 1.09% for the current quarter as compared to 1.33% for the
prior year comparable period. This was offset by a 38 basis point decrease in
yields earned on interest earning assets to 3.85% for the current quarter
ended December 31, 2012 as compared to 4.23% for the comparable quarter in
2011.

The provision for loan losses decreased $5.6 million, or 74.9%, to $1.9
million for the quarter ended December 31, 2012 from $7.5 million for the
quarter ended December 31, 2011.The decrease in the provision for loan losses
was due primarily to a decrease in charge-offs, a shift in the composition of
our loan portfolio to multifamily loans, which generally require lower general
reserves than our other commercial real estate loans, and a decrease in
non-performing loans and other asset quality indicators during the quarter
ended December 31, 2012.During the quarter ended December 31, 2012, the
Company recorded net charge-offs of $2.5 million (including $1.2 million
related to loans transferred to held-for-sale) compared to net charge-offs of
$6.1 million (including $4.0 million related to loans transferred to
held-for-sale) for the quarter ended December 31, 2011.

Non-interest income decreased $3.8 million, or 72.2%, to $1.5 million for the
quarter ended December 31, 2012 from $5.3 million for the quarter ended
December 31, 2011.This decrease was primarily a result of a $3.6 million
bargain purchase gain, net of tax, recorded in the fourth quarter of 2011.

Non-interest expense increased $320,000, or 2.6%, for the quarter ended
December 31, 2012 compared to the quarter ended December 31, 2011, due
primarily to a $170,000 increase in occupancy expense primarily related to new
branches and the renovation of existing branches, a $189,000 increase in data
processing fees as a result of an increase in the number of customers we serve
and a $214,000 increase in other expenses partially offset by a $310,000
decrease in compensation and employee benefits of which $350,000 is related to
a decrease in mark to market of deferred compensation.

The Company recorded income tax expense of $1.8 million for the quarter ended
December 31, 2012 compared to an income tax benefit of $466,000 for the
quarter ended December 31, 2011.The effective tax rate (benefit rate) for the
quarter ended December 31, 2012 was 35.5%, as compared to (13.9%) for the
quarter ended December 31, 2011.The increase in the effective tax rate was
primarily attributable to certain merger related expenses from the Flatbush
Federal transaction which are not deductible for tax purposes and the
recording of the bargain purchase gain net of tax expense in non-interest
income during 2011.

Comparison of Operating Results for the Year Ended December 31, 2012 and 2011

Net income was $16.0 million and $16.8 million for the year ended December 31,
2012 and 2011, respectively. Significant variances from the comparable prior
year period are as follows: a $3.3 million increase in net interest income, a
$9.1 million decrease in the provision for loan losses, a $3.2 million
decrease in non-interest income, a $7.5 million increase in non-interest
expense, and a $2.4 million increase in income tax expense.

Net interest income increased $3.3 million, or 5.0%, as average net
interest-earning assets increased by $33.2 million to $429.8 million more than
offset the three basis point decrease in our net interest margin to 2.98%.The
increase in average interest-earning assets was due primarily to a $171.7
million increase in average loans outstanding, which was partially offset by a
$7.4 million decrease in interest-earning assets in other financial
institutions, a $21.6 million decrease in mortgage-backed securities, and a
$14.5 million decrease in other securities.The year ended December 31, 2012,
included loan prepayment income of $1.5 million compared to $812,000 for the
year ended December 31, 2011.Rates paid on interest-bearing liabilities
decreased 22 basis points to 1.20% from 1.42% for the prior-year comparable
period. This was partially offset by a 21 basis point decrease in yields
earned on interest-earning assets to 3.96% from 4.17% for the prior-year
comparable period.

The provision for loan losses decreased $9.1 million, or 71.9%, to $3.5
million for the year ended December 31, 2012, from $12.6 million for the year
ended December 31, 2011.The decrease in the provision for loan losses was due
primarily to a decrease in charge-offs, a shift in the composition of our loan
portfolio to multifamily loans, which generally require lower general reserves
than our other commercial real estate loans, and a decrease in non-performing
loans and other asset quality indicators during the year ended December 31,
2012, compared to the year ended December 31, 2011.The Company recorded net
charge-offs of $3.9 million (including $1.2 million related to loans
transferred to held-for-sale) and $7.6 million (including $4.0 million related
to loans transferred to held-for-sale) during the years ended December 31,
2012 and 2011, respectively.

Non-interest income decreased $3.2 million, or 27.5%, to $8.6 million for the
year ended December 31, 2012 as compared to $11.8 million for the year ended
December 31, 2011.This decrease was primarily a result of a non-recurring
$3.6 million bargain purchase gain, net of tax, during 2011 partially offset
by a decrease in losses on other-than-temporary-impairment of securities of
$385,000.

Non-interest expense increased $7.5 million, or 18.0%, to $49.0 million for
the year ended December 31, 2012, from $41.5 million for the year ended
December 31, 2011, due primarily to a $2.5 million increase in compensation
and employee benefits primarily resulting from increased staffassociated with
branch openings and acquisitions, a $1.9 million increase in occupancy expense
and a $ 259,000 increase in furniture and equipment expense each primarily
relating to new branches and the renovation of existing branches, a $964,000
increase in data processing fees primarily related to conversion costs
associated with the FDIC-assisted transaction, a $945,000 increase in
professional fees related to merger activity, and an increase in other
non-interest expense of $904,000 primarily related to costs associated with
other real estate owned.

The Company recorded income tax expense of $8.9 million for the year ended
December 31, 2012, compared to $6.5 million for the year ended December 31,
2011.The effective tax rate for the year ended December 31, 2012, was 35.7%,
as compared to 27.8% for the year ended December 31, 2011.The increase in the
effective tax rate was primarily attributable to certain merger related
expenses from the Flatbush Federal transaction which is not deductible for tax
purposes and the recording of the bargain purchase gain net of tax expense in
non-interest income during 2011.

About Northfield Bank

Northfield Bank, founded in 1887, operates 29 full service banking offices in
Staten Island and Brooklyn, New York and Middlesex and Union counties, New
Jersey.For more information about Northfield Bank, please visit
www.eNorthfield.com.

Forward-Looking Statements: This release may contain certain "forward looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995, and may be identified by the use of such words as "may," "believe,"
"expect," "anticipate," "should," "plan," "estimate," "predict," "continue,"
and "potential" or the negative of these terms or other comparable
terminology.Examples of forward-looking statements include, but are not
limited to, estimates with respect to the financial condition, results of
operations and business of Northfield Bancorp, Inc.Any or all of the
forward-looking statements in this release and in any other public statements
made by Northfield Bancorp, Inc. may turn out to be wrong.They can be
affected by inaccurate assumptions Northfield Bancorp, Inc. might make or by
known or unknown risks and uncertainties as described in our SEC filings,
including, but not limited to, those related to general economic conditions,
particularly in the market areas in which the Company operates, competition
among depository and other financial institutions, changes in laws or
government regulations or policies affecting financial institutions, including
changes in regulatory fees and capital requirements, inflation and changes in
the interest rate environment that reduce our margins or reduce the fair value
of financial instruments, our ability to successfully integrate acquired
entities, if any, and adverse changes in the securities markets.Consequently,
no forward-looking statement can be guaranteed.Northfield Bancorp, Inc. does
not intend to update any of the forward-looking statements after the date of
this release, or conform these statements to actual events.

NORTHFIELD BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA
(Dollars in thousands, except per share amounts)
                                                           
                                          At               At
                                           December 31, 2012 December 31, 2011
                                          (unaudited)       (audited)
Selected Financial Condition Data:                          
Total assets                               $2,813,201      $2,376,918
Cash and cash equivalents                  128,761          65,269
Trading securities                         4,677            4,146
Securities available-for-sale, at          1,275,631        1,098,725
estimated fair value
Securities held-to-maturity                2,220            3,617
Loans held-for-sale                        5,447            3,900
Loans held-for-investment:                                  
Purchased credit-impaired (PCI) loans ^(1) 75,349           88,522
Loans acquired                            101,433          --
Originated loans, net                      1,066,200        985,945
Total loans held-for-investment, net       1,242,982        1,074,467
Allowance for loan losses                  (26,424)         (26,836)
Net loans held-for-investment              1,216,558        1,047,631
Non-performing loans:                                       
Held-for-investment^(2)                    30,121           40,418
Held-for-sale^(2)                          5,447            3,448
Total non-performing loans                 35,568           43,866
                                                           
Other real estate owned                    870              3,359
Bank owned life insurance                  93,042           77,778
Federal Home Loan Bank of New York stock,  12,092           12,677
at cost
                                                           
Borrowed funds                             419,122          481,934
Deposits                                   1,956,860        1,493,526
Total liabilities                         2,398,328        1,994,268
Total stockholders' equity                 $414,873        $382,650
                                                           
Total shares outstanding                   40,216,999       40,518,591

                                                         
                                      Quarter Ended       Year Ended
                                       December 31,        December 31,
                                      2012      2011      2012      2011
Selected Operating Data:                                          
Interest income                        $23,350 $23,862 $91,539 $91,017
Interest expense                       5,392    6,135    22,644   25,413
Net interest income before provision   17,958   17,727   68,895   65,604
for loan losses
Provision for loan losses              1,875    7,472    3,536    12,589
Net interest income after provision    16,083   10,255   65,359   53,015
for loan losses
Non-interest income:                                              
Bargain purchase gain (net of tax)     --      3,560    --      3,560
Non-interest income (other)            1,471    1,736    8,586    8,275
Non-interest expense                   12,527   12,207   48,998   41,530
Income before income tax expense       5,027    3,344    24,947   23,320
Income tax expense                     1,786    (466)    8,916    6,497
Net income                             $3,241  $3,810  $16,031 $16,823
                                                                 
Basic earnings per share ^(3)          $0.06   $0.07   $0.30   $0.30
Diluted earnings per share ^(3)        $0.06   $0.07   $0.29   $0.30

                                                            
NORTHFIELD BANCORP, INC.                                     
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA               
(Dollars in thousands, except per share amounts)(unaudited) 
                                                     
                       At or For the         At or For the
                      Three                Year Ended      
                       Months Ended          December 31,
                       December 31,
                      2012      2011      2012    2011   
Selected Financial                                    
Ratios:
Performance                                           
Ratios^(4):
Return on assets
(ratio of net income   0.50    %  0.63    %  0.65   % 0.72   %
to average total
assets)
Return on equity
(ratio of net income   3.16      3.92      4.08    4.27   
to average equity)
Average equity to      15.78     16.10     15.94   16.95  
average total assets
Interest rate spread   2.76      2.90      2.76    2.75   
Net interest margin    2.96      3.14      2.98    3.01   
Efficiency ratio^(5)   64.48     53.02     63.24   53.63  
Non-interest expense
to average total       1.93      2.02      1.99    1.79   
assets
Average
interest-earning
assets to average      122.70    122.39    122.83  122.23 
interest-bearing
liabilities
Asset Quality Ratios:                                 
Non-performing assets  1.30      1.99      1.30    1.99   
to total assets
Non-performing loans   2.85      4.07      2.85    4.07   
to total loans ^(6)
Allowance for loan
losses to originated
non-performing loans   87.73     66.40     87.73   66.40  
held-for-investment
^(8)
Allowance for loan
losses to total loans  2.13      2.50      2.13    2.50   
held-for-investment,
net ^(9)
Allowance for loan
losses to originated
loans                  2.48      2.72      2.48    2.72   
held-for-investment,
net ^(7)
Annualized net
charge-offs to total   0.85      2.18      0.36    0.78   
average loans
Provision for loan
losses as a multiple   0.74    x  1.29    x  0.90   x 1.74   x
of net charge-offs
                                                     
(1) Acquired from the Federal Deposit Insurance Corporation         
(2) Non-performing loans consist of non-accruing loans and
loans 90 days or more past due and still accruing, and are            
included in originated loans held-for-investment, net and
non-performing loans held-for-sale.
(3) Basic net income per common share is calculated based on
55,133,655 and 54,286,578 average shares outstanding for the
three months ended December 31, 2012, and December 31, 2011,
respectively.Basic net income per common share is calculated
based on 54,339,467 and 56,216,794 average shares outstanding
for the year ended December 31, 2012, and December 31, 2011,
respectively.Diluted earnings per share is calculated based
on 56,072,356 and 55,005,192 average shares outstanding for           
the three months ended December 31, 2012 and December 31,
2011, respectively.Diluted earnings per share is calculated
based on 55,115,680 and 56,842,888 average shares outstanding
for the year ended December 31, 2012 and December 31, 2011,
respectively.The share amounts have been restated as a result
of the completion of the second-step conversion at a ratio of
1.4029.
(4) Annualized when appropriate.                                     
(5)The efficiency ratio represents non-interest expense
divided by the sum of net interest income and non-interest            
income.
(6)Includes originated loans held-for-investment, PCI loans,        
acquired loans and non-performing loans held-for-sale.
(7)Excludes PCI and acquired loans held-for-investment.             
(8)Excludes nonperforming loans held-for-sale, carried at           
lower of cost or estimated fair value, less costs to sell.
(9) Includes PCI and acquired loans held-for-investment.            

NORTHFIELD BANCORP, INC.                                                                              
ANALYSIS OF NET INTEREST INCOME                                                                       
(Dollars in thousands)                                                                                
                                                                                      
                             For the Quarter Ended December 31,
                             2012                           2011
                              Average                Average   Average                Average
                             Outstanding            Yield/   Outstanding            Yield/  
                              Balance                Rate      Balance                Rate
                                           Interest  (1)                    Interest  (1)
                                                                                      
Interest-earning assets:                                                               
Loans (5)                     $1,182,946 $16,327 5.49    % $1,052,652 $15,770 5.94   %
Mortgage-backed securities   1,079,291    6,373     2.35     1,000,083    7,195     2.85   
Other securities             92,672       486       2.09     134,264      776       2.29   
Federal Home Loan Bank of New 13,596       156       4.56     11,387       96        3.34   
York stock
Interest-earning deposits in  42,713       8         0.07     41,630       25        0.24   
financial institutions
Total interest-earning       2,411,218    23,350    3.85     2,240,016    23,862    4.23   
assets
Non-interest-earning assets  174,435                       152,294                      
Total assets                 $2,585,653                  $2,392,310                 
                                                                                      
Interest-bearing liabilities:                                                          
Savings, NOW, and money       $1,012,941 $1,119  0.44     $835,074   $1,191  0.57   
market accounts
Certificates of deposit      489,003      1,286     1.05     523,714      1,661     1.26   
Total interest-bearing        1,501,944    2,405     0.64     1,358,788    2,852     0.83   
deposits
Borrowed funds                463,254      2,987     2.57     471,507      3,283     2.76   
Total                        1,965,198    5,392     1.09     1,830,295    6,135     1.33   
interest-bearingliabilities
Non-interest bearing deposit  193,217                       158,332                      
accounts
Accrued expenses and other    19,094                        18,429                       
liabilities
Total liabilities            2,177,509                     2,007,056                    
Stockholders' equity         408,144                       385,254                      
Total liabilities and         $2,585,653                  $2,392,310                 
stockholders' equity
                                                                                      
Net interest income                      $17,958                     $17,727        
Net interest rate spread (2)                      2.76                         2.90   
Net interest-earning assets   $446,020                    $409,721                   
(3)
Net interest margin (4)                           2.96   %                      3.14   %
Average interest-earning
assets to interest-bearing                         122.70                       122.39 
liabilities
                                                                                      
(1) Average yields and rates for the three months ended December 31, 2012, and 2011 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.
(5) Includes non-accruing loans.                                                                       

                                                                                             
NORTHFIELD BANCORP, INC.                                                                      
ANALYSIS OF NET INTEREST INCOME                                                               
(Dollars in thousands)                                                                        
                                                                                      
                             For the Year Ended December 31,                                 
                             2012                            2011                           
                              Average                Average   Average                Average
                             Outstanding            Yield/   Outstanding            Yield/  
                              Balance                Rate      Balance                Rate
                                           Interest  (1)                    Interest  (1)
                                                                                      
Interest-earning assets:                                                               
Loans (5)                     $1,100,632 $61,514 5.59    % $928,904   $55,066 5.93   %
Mortgage-backed securities   1,039,677    26,791    2.58     1,061,308    32,033    3.02   
Other securities             116,664      2,588     2.22     131,136      3,314     2.53   
Federal Home Loan Bank of New 13,391       591       4.41     10,459       439       4.20   
York stock
Interest-earning deposits in  41,462       55        0.13     48,903       165       0.34   
financial institutions
Total interest-earning       2,311,826    91,539    3.96     2,180,710    91,017    4.17   
assets
Non-interest-earning assets  153,827                       141,466                      
Total assets                 $2,465,653                  $2,322,176                 
                                                                                      
Interest-bearing liabilities:                                                          
Savings, NOW, and money       $917,210   $4,234  0.46     $741,130   $4,651  0.63   
market accounts
Certificates of deposit      480,194      5,603     1.17     566,619      7,600     1.34   
Total interest-bearing        1,397,404    9,837     0.70     1,307,749    12,251    0.94   
deposits
Borrowed funds                484,687      12,807    2.64     476,413      13,162    2.76   
Total                        1,882,091    22,644    1.20     1,784,162    25,413    1.42   
interest-bearingliabilities
Non-interest bearing deposit  173,854                       131,224                      
accounts
Accrued expenses and other    16,802                        13,260                       
liabilities
Total liabilities            2,072,747                     1,928,646                    
Stockholders' equity         392,906                       393,530                      
Total liabilities and         $2,465,653                  $2,322,176                 
stockholders' equity
                                                                                      
Net interest income                      $68,895                     $65,604        
Net interest rate spread (2)                      2.76                         2.75   
Net interest-earning assets   $429,735                    $396,548                   
(3)
Net interest margin (4)                           2.98   %                      3.01   %
Average interest-earning
assets to interest-bearing                         122.83                       122.23 
liabilities
                                                                                      
(1) 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.
(2) Net interest-earning assets represent total interest-earning assets less total                    
interest-bearing liabilities.
(3) Net interest margin represents net interest income divided by average total                       
interest-earning assets.
(4) Includes non-accruing loans.                                                                      

CONTACT: Company Contact:
         Steven M. Klein
         Chief Operating & Financial Officer
         Tel: (732) 499-7200 ext. 2510

Northfield Bancorp, Inc.