Northfield Bancorp holds annual stockholder meeting

WOODBRIDGE, NJ - Northfield Bancorp, Inc. (NASDAQ:NFBK), a federally chartered savings institution with a market capitalization of $505 million and a notable 4.37% dividend yield, announced the results of its annual stockholders meeting held on May 28, 2025. According to InvestingPro analysis, the bank has maintained consistent dividend payments for 18 consecutive years, demonstrating strong shareholder commitment. The meeting addressed several key items including the election of directors, executive compensation, and the appointment of an independent auditor. The bank’s stock has shown strong momentum recently, with a 4.29% return over the past week, and currently trades at a P/E ratio of 15.01. InvestingPro subscribers have access to additional insights, including 6 more key tips about the company’s financial health and growth prospects.

During the meeting, stockholders elected four directors to the company’s board. Gil Chapman, Steven M. Klein, and Frank P. Patafio were elected to serve three-year terms, while Paul V. Stahlin was elected for a one-year term. The votes for each director were as follows: Chapman received 25,677,212 votes for and 2,726,986 withheld, Klein had 26,908,040 votes for and 1,496,158 withheld, Patafio garnered 26,652,912 votes for and 1,751,286 withheld, and Stahlin secured 27,025,585 votes for and 1,378,613 withheld. There were 5,526,933 broker non-votes for each director.

Additionally, an advisory resolution to approve executive compensation as described in the Proxy Statement was passed with 26,238,672 votes for, 1,509,089 against, and 656,437 abstentions. There were also 5,526,933 broker non-votes on this matter.

Stockholders voted on the frequency of future advisory votes on executive compensation, with the option of "one year" receiving the highest number of votes. The board has since determined to hold future votes on executive compensation every year, in line with stockholders’ preference.

Finally, the appointment of Crowe LLP as the company’s independent registered public accounting firm for the year ending December 31, 2025, was ratified with 33,294,965 votes for, 282,607 against, and 353,829 abstentions.

These results were filed in an 8-K report with the Securities and Exchange Commission on May 30, 2025, based on a press release statement. The meeting outcomes provide insight into the governance and future direction of Northfield Bancorp, as the company continues its operations in the current fiscal year. Based on InvestingPro’s Fair Value analysis, the stock currently appears slightly undervalued, suggesting potential upside for investors.

In other recent news, Northfield Bancorp’s financial performance has drawn attention from analysts, resulting in multiple updates. The company reported a decrease in loans by 3% and deposits by 1% quarter-over-quarter, yet achieved a notable net interest margin expansion of 20 basis points. This contributed to a pre-provision net revenue beat, driven by stronger net interest income despite weaker fees and higher operational expenses. In light of these results, DA Davidson increased their price target for Northfield Bancorp to $13.00 from $12.00, maintaining a Neutral rating. Analysts at DA Davidson anticipate further net interest margin expansion and a return to loan growth in the latter half of 2025.

Piper Sandler also revised their stance on Northfield Bancorp, upgrading the stock from Neutral to Overweight and raising the price target to $14.00. This change reflects their positive outlook on the bank’s asset repricing potential and anticipated earnings growth. Piper Sandler projects a significant annual growth in earnings per share of 30% or more over the next two years. They also highlighted the bank’s valuation and financial ratios, noting a price to tangible book value per share below 70% and a leverage ratio exceeding 12%. These developments underscore Northfield Bancorp’s strategic management and growth prospects, providing a substantial margin of safety for investors.

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