nfbk-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For transition period from __________ to __________

Commission File Number: 001-35791

Northfield Bancorp, Inc.

(Exact name of registrant as specified in its charter)


Delaware						80-0882592
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

581 Main Street,

Woodbridge,

New Jersey

07095

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (732) 499-7200

Not Applicable

(Former name, former address, and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of exchange on which registered

Common stock, par value $0.01 per share

NFBK

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2026, the registrant had 41,763,852 shares of Common Stock, par value $0.01 per share, issued and outstanding.

NORTHFIELD BANCORP, INC.

Form 10-Q Quarterly Report

Table of Contents


		Page
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements	4





Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	40
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	54
Item 4.	Controls and Procedures	56

PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	57
Item 1A.	Risk Factors	57
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	57
Item 3.	Defaults Upon Senior Securities	57
Item 4.	Mine Safety Disclosures	57
Item 5.	Other Information	57
Item 6.	Exhibits	58
	SIGNATURES	59

Table of Contents

PART I

ITEM 1. FINANCIAL STATEMENTS

NORTHFIELD BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited) (In thousands, except share amounts)


	March 31, 2026		December 31, 2025
ASSETS:
Cash and due from banks	$	11,620	$	12,051
Interest-bearing deposits in other financial institutions	227,987		151,900
Total cash and cash equivalents	239,607		163,951
Trading securities	13,831		15,215
Debt securities available-for-sale, at estimated fair value (with no allowance for credit losses at March 31, 2026 and December 31, 2025)	1,378,502		1,412,419
Debt securities held-to-maturity, at amortized cost	8,278		8,339
(estimated fair value of $8,003 at March 31, 2026, and $8,144 at December 31, 2025, with no allowance for credit losses at March 31, 2026 and December 31, 2025)
Equity securities	5,000		5,000

Loans held-for-investment	3,807,957		3,856,773
Less: allowance for credit losses	(37,034)		(38,144)
Net loans held-for-investment	3,770,923		3,818,629
Accrued interest receivable	20,087		20,118
Bank-owned life insurance	184,718		182,828
Federal Home Loan Bank (“FHLB”) of New York stock, at cost	42,195		46,568
Operating lease right-of-use assets	24,588		25,789
Premises and equipment, net	19,383		19,938


Other assets	28,090		35,216
Total assets	$	5,735,202	$	5,754,010

LIABILITIES AND STOCKHOLDERS’ EQUITY:
LIABILITIES:
Deposits	$	4,088,617	$	4,015,809

FHLB advances and other borrowings	802,185		900,216
Subordinated debentures, net of issuance costs	61,721		61,665
Operating lease liabilities	28,348		29,643
Advance payments by borrowers for taxes and insurance	25,630		20,276
Accrued expenses and other liabilities	34,011		36,342
Total liabilities	5,040,512		5,063,951

STOCKHOLDERS’ EQUITY:
Preferred stock, $0.01 par value: 25,000,000 shares authorized, none issued or outstanding	—		—
Common stock, $0.01 par value: 150,000,000 shares authorized, 64,770,875 shares issued at
March 31, 2026 and December 31, 2025, 41,763,852 and 41,801,495 outstanding at March 31, 2026 and December 31, 2025, respectively	648		648
Additional paid-in-capital	593,135		592,473
Unallocated common stock held by employee stock ownership plan	(11,523)		(11,728)
Retained earnings	426,966		420,404
Accumulated other comprehensive loss	(6,571)		(4,220)
Treasury stock at cost: 23,007,023 and 22,969,380 shares at March 31, 2026 and December 31, 2025, respectively	(307,965)		(307,518)
Total stockholders’ equity	694,690		690,059
Total liabilities and stockholders’ equity	$	5,735,202	$	5,754,010

See accompanying notes to unaudited consolidated financial statements.

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NORTHFIELD BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited) (In thousands, except per share data)


	Three Months Ended March 31,
		2026		2025
Interest income:
Loans		$	45,400	$	45,283
Mortgage-backed securities		15,004		12,009
Other securities		382		797
FHLB of New York dividends		788		862
Deposits in other financial institutions		1,334		1,141
Total interest income		62,908		60,092
Interest expense:
Deposits		17,880		21,191
Borrowings		7,246		6,291
Subordinated debt		819		819
Total interest expense		25,945		28,301
Net interest income		36,963		31,791
Provision for credit losses		247		2,582
Net interest income after provision for credit losses		36,716		29,209
Non-interest income:
Fees and service charges for customer services		1,709		1,620
Income on bank-owned life insurance		1,891		1,639
Losses on available-for-sale debt securities, net		(2)		—
Losses on trading securities, net		(254)		(299)

Other		68		62
Total non-interest income		3,412		3,022
Non-interest expense:
Compensation and employee benefits		12,673		11,775
Occupancy		3,354		3,533
Furniture and equipment		376		414
Data processing		2,352		2,122
Professional fees		691		1,072
Merger related expenses		1,709		—
Advertising		159		250
Federal Deposit Insurance Corporation insurance		606		617
Credit (benefit)/loss expense for off-balance sheet exposures		(67)		103
Other		1,406		1,549
Total non-interest expense		23,259		21,435
Income before income tax expense		16,869		10,796
Income tax expense		5,026		2,920
Net income		$	11,843	$	7,876
Net income per common share:
Basic		$	0.30	$	0.19
Diluted		$	0.30	$	0.19

See accompanying notes to unaudited consolidated financial statements.

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NORTHFIELD BANCORP, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - (Continued) (Unaudited) (In thousands)

	Three Months Ended March 31,
		2026		2025
Net income		$	11,843	$	7,876
Other comprehensive (loss) income:
Unrealized (losses) gains on debt securities available-for-sale:
Net unrealized holding (losses) gains		(3,356)		11,610
Add: Reclassification adjustment for net losses included in net income		2		—
Net unrealized (losses) gains		(3,354)		11,610


Other comprehensive (loss) income before tax		(3,354)		11,610
Income tax benefit (expense) related to net unrealized holding (losses) gains on debt securities available-for-sale		1,003		(3,482)



Other comprehensive (loss) income, net of tax		(2,351)		8,128
Comprehensive income		$	9,492	$	16,004

See accompanying notes to unaudited consolidated financial statements.

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NORTHFIELD BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Three Months Ended March 31, 2026 and 2025

(Unaudited) (In thousands, except share data)



	Common Stock
	Shares Outstanding	Par Value		Additional Paid-in Capital		Unallocated Common Stock Held by the Employee Stock Ownership Plan		Retained Earnings		Accumulated Other Comprehensive Income (loss) Net of tax		Treasury Stock		Total Stockholders' Equity
Balance at December 31, 2024	42,903,598	$	648	$	591,336	$	(13,042)	$	440,760	$	(20,296)	$	(294,710)	$	704,696
Net income								7,876						7,876
Other comprehensive income, net of tax										8,128				8,128
ESOP shares allocated or committed to be released				81		214								295
Stock compensation expense				765										765
Restricted stock issuance	232,003			(2,705)								2,705		—


Cash dividends declared and paid ($0.13 per common share)								(5,387)						(5,387)
Purchase of employee restricted stock to fund statutory tax withholding	(19,177)											(224)		(224)
Repurchase of treasury stock (average cost of $11.36 per share)	(440,150)											(5,000)		(5,000)

Balance at March 31, 2025	42,676,274	$	648	$	589,477	$	(12,828)	$	443,249	$	(12,168)	$	(297,229)	$	711,149

Balance at December 31, 2025	41,801,495	$	648	$	592,473	$	(11,728)	$	420,404	$	(4,220)	$	(307,518)	$	690,059
Net income								11,843						11,843
Other comprehensive loss, net of tax										(2,351)				(2,351)
ESOP shares allocated or committed to be released				109		205								314
Stock compensation expense				553										553



Cash dividends declared and paid ($0.13 per common share)								(5,281)						(5,281)
Purchase of employee restricted stock to fund statutory tax withholding	(37,643)											(447)		(447)


Balance at March 31, 2026	41,763,852	$	648	$	593,135	$	(11,523)	$	426,966	$	(6,571)	$	(307,965)	$	694,690

See accompanying notes to unaudited consolidated financial statements.

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NORTHFIELD BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) (In thousands)


	Three Months Ended March 31,
	2026		2025
Net income	$	11,843	$	7,876
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	247		2,582
ESOP and stock compensation expense	867		1,060

Depreciation	743		812
Amortization of premiums and deferred loan costs, net of accretion of discounts and deferred loan fees	791		1,263
Amortization of debt issuance costs	56		56
Amortization of intangible assets	—		12
Amortization of operating lease right-of-use assets	1,201		1,179
Income on bank-owned life insurance	(1,891)		(1,639)



Losses on available-for-sale debt securities, net	2		—
Losses on trading securities, net	254		299

Net sales of trading securities	1,130		582
Decrease (increase) in accrued interest receivable	32		(570)
Decrease (increase) in other assets	6,836		(329)
Decrease in accrued expenses and other liabilities	(2,331)		(3,757)
Net cash provided by operating activities	19,780		9,426
Cash flows from investing activities:
Net decrease in loans receivable	46,996		27,374


Purchases of FHLB of New York stock	(10,322)		(11,315)
Redemptions of FHLB of New York stock	14,695		8,859
Purchases of debt securities available-for-sale	(147,662)		(300,647)

Proceeds from sale of equity securities	—		3,406
Principal payments and maturities on debt securities available-for-sale	177,893		165,792
Principal payments and maturities on debt securities held-to-maturity	61		443




Purchases and improvements of premises and equipment	(188)		(258)

Net cash provided by (used in) investing activities	81,473		(106,346)
Cash flows from financing activities:
Net increase (decrease) in deposits	72,808		(6,521)
Dividends paid	(5,281)		(5,387)




Purchase of treasury stock	(447)		(5,224)

Increase in advance payments by borrowers for taxes and insurance	5,354		5,213

Proceeds from borrowings and securities sold under agreements to repurchase	405,500		857,000
Repayments related to other borrowings and securities sold under agreements to repurchase	(503,531)		(814,243)
Net cash (used in) provided by financing activities	(25,597)		30,838
Net increase (decrease) in cash and cash equivalents	75,656		(66,082)
Cash and cash equivalents at beginning of period	163,951		167,744
Cash and cash equivalents at end of period	$	239,607	$	101,662

See accompanying notes to unaudited consolidated financial statements

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NORTHFIELD BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS - (Continued)

(Unaudited) (In thousands)


	Three Months Ended March 31,
	2026		2025
Supplemental cash flow information:
Cash paid during the period for:
Interest	$	26,181	$	28,301
Income taxes	133		190
Non-cash transactions:
Loan charge-offs, net	1,357		2,844

Right-of-use assets obtained in exchange for new lease liabilities	—		753

See accompanying notes to unaudited consolidated financial statements.

NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements

Note 1 – Consolidated Financial Statements

Basis of Presentation

The consolidated financial statements are comprised of the accounts of Northfield Bancorp, Inc. and its wholly owned subsidiaries, Northfield Investments, Inc. and Northfield Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries, NSB Services Corp. and NSB Realty Trust (collectively the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation.

In the opinion of management, all adjustments (consisting solely of normal and recurring adjustments) necessary for the fair presentation of the consolidated balance sheets and the consolidated statements of comprehensive income for the unaudited periods presented have been included. The results of operations and other data presented for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2026 or for any other period. Whenever necessary, certain prior year amounts are reclassified to conform to the current year presentation.

In preparing the unaudited consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheets and for the periods indicated in the consolidated statements of comprehensive income. Material estimates that are particularly susceptible to change are: the allowance for credit losses and the valuation allowance against deferred tax assets. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual amounts or results could differ significantly from those estimates.

Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for the preparation of interim financial statements.

The consolidated financial statements presented should be read in conjunction with the audited consolidated financial statements and notes to consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC.

Note 2 – Debt Securities Available-for-Sale

The following is a comparative summary of mortgage-backed securities and other debt securities available-for-sale at March 31, 2026, and December 31, 2025 (in thousands):


	March 31, 2026
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		gains		losses		value

U.S. Government agency securities	$	587	$	—	$	(48)	$	539
Mortgage-backed securities:
Pass-through certificates:
Government sponsored enterprises ("GSEs")	454,004		1,104		(11,402)		443,706
Real estate mortgage investment conduits ("REMICs"):
GSE	885,039		4,726		(3,900)		885,865

Total mortgage-backed securities	1,339,043		5,830		(15,302)		1,329,571
Other debt securities:
Municipal bonds	614		1		(1)		614

Corporate bonds	47,699		208		(129)		47,778

Total other debt securities	48,313		209		(130)		48,392
Total debt securities available-for-sale	$	1,387,943	$	6,039	$	(15,480)	$	1,378,502

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)


	December 31, 2025
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair
	cost		gains		losses		value

U.S. Government agency securities	$	607	$	—	$	(49)	$	558
Mortgage-backed securities:
Pass-through certificates:
GSE	515,162		2,508		(10,721)		506,949
REMICs:
GSE	870,020		6,123		(4,044)		872,099

Total mortgage-backed securities	1,385,182		8,631		(14,765)		1,379,048
Other debt securities:
Municipal bonds	614		1		(1)		614
Corporate bonds	32,101		268		(170)		32,199

Total other debt securities	32,715		269		(171)		32,813
Total debt securities available-for-sale	$	1,418,504	$	8,900	$	(14,985)	$	1,412,419

The following is a summary of the expected maturity distribution of debt securities available-for-sale, other than mortgage-backed securities, at March 31, 2026 (in thousands):


Available-for-sale	Amortized cost		Estimated fair value
Due in one year or less	$	4,307	$	4,311
Due after one year through five years	34,593		34,572
Due after five years through ten years	10,000		10,049

	$	48,900	$	48,932

Contractual maturities for mortgage-backed securities are not included above, as expected maturities on mortgage-backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties.

Certain securities available-for-sale are pledged or encumbered to secure borrowings under pledge agreements and repurchase agreements and for other purposes required by law. At March 31, 2026, and December 31, 2025, the fair value of debt securities available-for-sale that were pledged to secure borrowings and deposits was $704.0 million and $686.3 million, respectively.

For the three months ended March 31, 2026, the Company had no proceeds on sales of debt securities available-for-sale, with no gross realized gains and gross realized losses of $2,000 related to calls of securities. For the three months ended March 31, 2025, the Company had no proceeds on sales of debt securities available-for-sale, with no gross realized gains or losses. The Company recognized net losses of $254,000 and $299,000 on its trading securities portfolio during the three months ended March 31, 2026 and 2025, respectively.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

Gross unrealized losses on mortgage-backed securities and other debt securities available-for-sale, and the estimated fair value of the related securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2026, and December 31, 2025, were as follows (in thousands):


	March 31, 2026
	Less than 12 months				12 months or more				Total
	Unrealized		Estimated		Unrealized		Estimated		Unrealized		Estimated
	losses		fair value		losses		fair value		losses		fair value

U.S. Government agency securities	$	—	$	—	$	(48)	$	540	$	(48)	$	540
Mortgage-backed securities:
Pass-through certificates:
GSE	(751)		171,356		(10,651)		173,258		(11,402)		344,614
REMICs:
GSE	(89)		40,714		(3,811)		113,963		(3,900)		154,677

Other debt securities:
Municipal bonds	(1)		483		—		—		(1)		483
Corporate bonds	(45)		1,955		(84)		3,915		(129)		5,870


Total	$	(886)	$	214,508	$	(14,594)	$	291,676	$	(15,480)	$	506,184


	December 31, 2025
	Less than 12 months				12 months or more				Total
	Unrealized		Estimated		Unrealized		Estimated		Unrealized		Estimated
	losses		fair value		losses		fair value		losses		fair value
U.S. Government agency securities	$	—	$	—	$	(49)	$	558	$	(49)	$	558
Mortgage-backed securities:
Pass-through certificates:
GSE	(92)		51,775		(10,629)		189,412		(10,721)		241,187
REMICs:
GSE	(12)		7,980		(4,032)		120,616		(4,044)		128,596

Other debt securities:
Municipal bonds	(1)		482		—		—		(1)		482
Corporate bonds	(5)		1,995		(165)		18,837		(170)		20,832
Total	$	(110)	$	62,232	$	(14,875)	$	329,423	$	(14,985)	$	391,655

The Company held 90 pass-through mortgage-backed securities issued or guaranteed by GSEs, 61 REMIC mortgage-backed securities issued or guaranteed by GSEs, one corporate bond, and one U.S. Government agency security that were in a continuous unrealized loss position of twelve months or greater at March 31, 2026. There was 14 pass-through mortgage-backed security issued or guaranteed by a GSE, three REMIC mortgage-backed securities issued or guaranteed by GSEs, one municipal bond, and one corporate bond that were in an unrealized loss position of less than twelve months at March 31, 2026. Substantially all securities referred to above were rated investment grade at March 31, 2026.

Available-for-sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. In performing an assessment of whether any decline in fair value is due to a credit loss, the Company considers the extent to which the fair value is less than the amortized cost, changes in credit ratings, any adverse economic conditions, as well as all relevant information at the individual security level such as credit deterioration of the issuer or collateral underlying the security. In assessing the impairment, the Company compares the present value of cash flows expected to be collected with the amortized cost basis of the security. If it is determined that the decline in fair value was due to credit losses, an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. The Company did not record any allowance for credit losses on its available-for-sale debt securities as of March 31, 2026 or December 31, 2025.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The non-credit related decrease in the fair value, such as a decline due to changes in market interest rates, is recorded in other comprehensive income, net of tax. The Company also assesses its intent to sell the securities (as well as the likelihood of a near-term recovery). If the Company intends to sell an available-for-sale debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings.

The Company has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Accrued interest receivable associated with debt securities available-for-sale totaled $4.1 million and $4.2 million at March 31, 2026, and December 31, 2025, respectively, and was reported in accrued interest receivable on the consolidated balance sheets. The Company elected not to measure an allowance for credit losses on accrued interest receivable as an allowance on possible uncollectible accrued interest is not warranted.

Note 3 – Debt Securities Held-to-Maturity

The following is a summary of mortgage-backed securities held-to-maturity at March 31, 2026, and December 31, 2025 (in thousands):


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Mortgage-backed securities:
Pass-through certificates:
GSE	$	8,278	$	73	$	(348)	$	8,003
Total securities held-to-maturity	$	8,278	$	73	$	(348)	$	8,003


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Mortgage-backed securities:
Pass-through certificates:
GSE	$	8,339	$	99	$	(294)	$	8,144
Total securities held-to-maturity	$	8,339	$	99	$	(294)	$	8,144

Contractual maturities for mortgage-backed securities are not presented, as expected maturities on mortgage-backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. There were no sales of held-to-maturity securities during the three months ended March 31, 2026 or March 31, 2025.

At March 31, 2026, and December 31, 2025, debt securities held-to-maturity with a carrying value of $8.1 million and $6.7 million, respectively, were pledged to secure borrowings and deposits.

Gross unrealized losses on mortgage-backed securities held-to-maturity, and the estimated fair value of the related securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2026, and December 31, 2025, were as follows (in thousands):


	March 31, 2026
	Less than 12 months				12 months or more				Total
	Unrealized		Estimated		Unrealized		Estimated		Unrealized		Estimated
	losses		fair value		losses		fair value		losses		fair value
Mortgage-backed securities:
Pass-through certificates:
GSE	$	—	$	—	$	(348)	$	5,818	$	(348)	$	5,818

Total	$	—	$	—	$	(348)	$	5,818	$	(348)	$	5,818

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)


	December 31, 2025
	Less than 12 months				12 months or more				Total
	Unrealized		Estimated		Unrealized		Estimated		Unrealized		Estimated
	losses		fair value		losses		fair value		losses		fair value
Mortgage-backed securities:
Pass-through certificates:
GSE	$	—	$	—	$	(294)	$	5,922	$	(294)	$	5,922

Total	$	—	$	—	$	(294)	$	5,922	$	(294)	$	5,922

The Company held nine pass-through mortgage-backed debt securities held-to-maturity issued or guaranteed by GSEs that were in a continuous unrealized loss position of twelve months or greater at March 31, 2026.

The Company's held-to-maturity securities are residential mortgage-backed securities issued by Ginnie Mae, Freddie Mac and Fannie Mae, and it is expected that the securities will not be settled at prices less than the amortized cost bases of the securities as such securities are backed by the full faith and credit of and/or guaranteed by the U.S. Government. Accordingly, no allowance for credit losses has been recorded for these securities.

The Company has made the accounting policy election to exclude accrued interest receivable on held-to-maturity securities from the estimate of credit losses. Accrued interest receivable associated with held-to-maturity securities totaling $29,000 and $30,000 at March 31, 2026, and December 31, 2025, respectively, was reported in accrued interest receivable on the consolidated balance sheets. The Company elected not to measure an allowance for credit losses on accrued interest receivable as an allowance on possible uncollectible accrued interest is not warranted.

Note 4 – Equity Securities

Equity securities totaled $5.0 million at both March 31, 2026, and December 31, 2025, and consisted of an investment in a private SBA loan fund (the “SBA Loan Fund”) recorded at net asset value. As the SBA Loan Fund operates as a private fund, its shares are not publicly traded and, therefore, has no readily determinable market value. The SBA Loan Fund was recorded at net asset value as a practical expedient for reporting fair value.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

Note 5 – Loans

The following table summarizes the Company’s loans held-for-investment (in thousands):


	March 31,		December 31,
	2026		2025
Real estate loans:
Multifamily	$	2,314,049	$	2,361,365
Commercial mortgage	901,588		911,390
One-to-four family residential mortgage	164,199		165,100
Home equity and lines of credit	195,696		198,557
Construction and land	50,163		44,522
Total real estate loans	3,625,695		3,680,934
Commercial and industrial loans	172,988		166,167
Other loans	1,030		1,409
Total commercial and industrial and other loans	174,018		167,576

Loans held-for-investment (excluding purchased credit-deteriorated (“PCD”) loans)	3,799,713		3,848,510
PCD loans	8,244		8,263
Total loans held-for-investment	3,807,957		3,856,773
Allowance for credit losses	(37,034)		(38,144)
Net loans held-for-investment	$	3,770,923	$	3,818,629

In addition to originating loans, the Company may acquire loans through portfolio purchases or acquisitions of other companies. Purchased loans that have evidence of more than insignificant credit deterioration since origination are deemed PCD loans. For PCD loans, each loan pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. PCD loans totaled $8.2 million at March 31, 2026, as compared to $8.3 million at December 31, 2025. The majority of the PCD loan balances were acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. At March 31, 2026, PCD loans consisted of approximately 10% of one-to-four family residential loans, 21% of commercial real estate loans, 56% of commercial and industrial loans, and of 13% home equity loans. At December 31, 2025, PCD loans consisted of approximately 10% of one-to-four family residential loans, 21% of commercial real estate loans, 58% of commercial and industrial loans, and 11% of home equity loans.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

Credit Quality Indicators

The Company monitors the credit quality of its loan portfolio on a regular basis. Credit quality is monitored by reviewing certain credit quality indicators. Management has determined that loan-to-value (“LTV”) ratios (at period end) and internally assigned credit risk ratings by loan type are the key credit quality indicators that best measure the credit quality of the Company’s loan receivables. LTV ratios used by management in monitoring credit quality are based on current period loan balances and original appraised values at the time of origination (unless a current appraisal has been obtained as a result of the loan being deemed impaired).

The Company maintains a credit risk rating system as part of the risk assessment of its loan portfolio. The Company’s lending officers are required to assign a credit risk rating to each loan in their portfolio at origination. This risk rating is reviewed periodically and adjusted if necessary. Quarterly, management presents monitored assets to the Loan Committee. In addition, the Company engages a third-party independent loan reviewer that performs semi-annual reviews of a sample of loans, validating the credit risk ratings assigned to such loans. The credit risk ratings play an important role in the establishment of the provision for credit losses on loans and the allowance for credit losses for loans held-for-investment. After determining the loss factor for each portfolio segment held-for-investment, the collectively evaluated for impairment balance of the held-for-investment portfolio is multiplied by the collectively evaluated for impairment loss factor for the respective portfolio segment in order to determine the allowance for loans collectively evaluated for impairment.

When assigning a credit risk rating to a loan, management utilizes the Bank’s internal nine-point credit risk rating system.

1.Strong

2.Good

3.Acceptable

4.Adequate

5.Watch

6.Special Mention

7.Substandard

8.Doubtful

9.Loss

Loans rated 1 to 5 are considered pass ratings. An asset is classified substandard if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard assets have well defined weaknesses based on objective evidence, and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Assets classified as doubtful have all of the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable based on current circumstances. Assets classified as loss are those considered uncollectible and of such little value that their continuance as assets is not warranted. Assets which do not currently expose the Company to sufficient risk to warrant classification in one of the aforementioned categories, but possess weaknesses, are required to be designated special mention.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The following table presents the Company’s loans held-for-investment and current period gross charge-offs, excluding PCD loans, by loan class, credit risk ratings and year of origination, at March 31, 2026 (in thousands):


	March 31, 2026
	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total
Real Estate:
Multifamily
Pass	$	7,160	$	102,313	$	4,801	$	83,787	$	556,748	$	1,540,138	$	240	$	2,295,187
Special mention	—		—		—		—		1,097		7,472		—		8,569
Substandard	—		—		—		—		—		10,293		—		10,293
Total multifamily	7,160		102,313		4,801		83,787		557,845		1,557,903		240		2,314,049

Commercial mortgage
Pass	7,744		92,709		61,020		84,965		181,635		451,027		2,115		881,215
Special mention	—		—		—		—		—		3,692		—		3,692
Substandard	—		—		—		—		6,477		9,921		283		16,681
Total commercial mortgage	7,744		92,709		61,020		84,965		188,112		464,640		2,398		901,588

One-to-four family residential
Pass	4,303		19,772		14,691		12,863		20,339		90,019		897		162,884

Substandard	—		—		—		—		—		1,315		—		1,315
Total one-to-four family residential	4,303		19,772		14,691		12,863		20,339		91,334		897		164,199

Home equity and lines of credit
Pass	1,738		13,818		11,728		14,901		26,395		28,660		95,620		192,860
Special mention	—		—		98		—		63		—		—		161
Substandard	—		103		—		542		1,408		622		—		2,675
Total home equity and lines of credit	1,738		13,921		11,826		15,443		27,866		29,282		95,620		195,696
Current period gross charge-offs	—		—		—		—		—		5		—		5
Construction and land
Pass	1,535		24,797		250		9,380		8,867		5,334		—		50,163


Total construction and land	1,535		24,797		250		9,380		8,867		5,334		—		50,163

Total real estate loans	22,480		253,512		92,588		206,438		803,029		2,148,493		99,155		3,625,695
Commercial and industrial
Pass	5,963		9,427		12,648		11,822		13,565		14,332		92,775		160,532
Special mention	—		—		376		—		402		—		2,382		3,160
Substandard	—		—		2,507		3,652		340		1,615		1,182		9,296
Total commercial and industrial	5,963		9,427		15,531		15,474		14,307		15,947		96,339		172,988
Current-period gross charge-offs	—		—		75		—		940		479		—		1,494
Other
Pass	991		—		—		—		—		14		23		1,028

Substandard	—		—		—		—		—		2		—		2
Total other	991		—		—		—		—		16		23		1,030

Total loans held-for-investment	$	29,434	$	262,939	$	108,119	$	221,912	$	817,336	$	2,164,456	$	195,517	$	3,799,713
Total current-period gross charge-offs	$	—	$	—	$	75	$	—	$	940	$	484	$	—	$	1,499

Table of Contents

NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)


	December 31, 2025
	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
Real Estate:
Multifamily
Pass	$	102,597	$	4,818	$	84,164	$	561,040	$	600,369	$	990,193	$	284	$	2,343,465
Special mention	—		—		—		—		1,166		6,325		—		7,491
Substandard	—		—		—		—		—		10,409		—		10,409
Total multifamily	102,597		4,818		84,164		561,040		601,535		1,006,927		284		2,361,365

Commercial mortgage
Pass	92,786		61,761		85,492		183,083		135,579		326,204		2,346		887,251
Special mention	—		—		—		—		—		8,064		—		8,064
Substandard	—		—		—		6,525		—		9,265		285		16,075
Total commercial mortgage	92,786		61,761		85,492		189,608		135,579		343,533		2,631		911,390
One-to-four family residential
Pass	20,730		16,026		13,439		20,964		11,407		80,563		640		163,769

Substandard	—		—		—		—		—		1,331		—		1,331
Total one-to-four family residential	20,730		16,026		13,439		20,964		11,407		81,894		640		165,100
Home equity and lines of credit
Pass	14,828		12,458		15,300		27,309		10,564		19,831		95,525		195,815
Special mention	—		—		—		64		—		—		—		64
Substandard	104		—		438		1,419		543		174		—		2,678
Total home equity and lines of credit	14,932		12,458		15,738		28,792		11,107		20,005		95,525		198,557
Construction and land
Pass	20,120		1,375		9,409		8,051		—		5,567		—		44,522


Total construction and land	20,120		1,375		9,409		8,051		—		5,567		—		44,522
Total real estate loans	251,165		96,438		208,242		808,455		759,628		1,457,926		99,080		3,680,934
Commercial and industrial
Pass	9,971		12,546		12,222		15,355		9,791		5,887		87,829		153,601
Special mention	—		—		555		—		—		—		2,384		2,939
Substandard	—		2,520		3,152		882		1,447		369		1,257		9,627
Total commercial and industrial	9,971		15,066		15,929		16,237		11,238		6,256		91,470		166,167
Current-period gross charge-offs	—		67		855		2,371		1,112		935		—		5,340
Other
Pass	1,365		—		—		—		—		15		26		1,406

Substandard	—		—		—		—		—		3		—		3
Total other	1,365		—		—		—		—		18		26		1,409
Total loans held-for-investment	$	262,501	$	111,504	$	224,171	$	824,692	$	770,866	$	1,464,200	$	190,576	$	3,848,510
Total current-period gross charge-offs (1)	$	—	$	67	$	855	$	2,371	$	1,112	$	935	$	—	$	5,340

(1) Excludes $343,000 of current period gross charge-offs of PCD loans.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

Past Due and Non-Accrual Loans

Included in loans receivable held-for-investment are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers (excluding PCD loans). The recorded investment of these non-accrual loans was $21.0 million and $15.2 million at March 31, 2026, and December 31, 2025, respectively. Generally, originated loans are placed on non-accrual status when they become 90 days or more delinquent, or sooner if considered appropriate by management, and remain on non-accrual status until they are brought current, have six consecutive months of performance under the revised 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 on non-accruing status.

When an individual loan no longer demonstrates the similar credit risk characteristics as other loans within its current segment, the Company evaluates each for expected credit losses on an individual basis. All non-accrual loans $500,000 and above and all loans designated as Troubled Debt Restructurings (“TDRs”) prior to the adoption of Accounting Standards Update (“ASU”) No. 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”) on January 1, 2023, are individually evaluated. See “Loan Modifications Made to Borrowers Experiencing Financial Difficulty” section below for more information. The non-accrual loans individually evaluated for impairment were $16.4 million and $8.8 million at March 31, 2026, and December 31, 2025, respectively. Loans on non-accrual status with principal balances less than $500,000, and therefore not meeting the Company's definition of an impaired loan, amounted to $4.6 million and $6.4 million at March 31, 2026, and December 31, 2025, respectively. Loans past due 90 days or more and still accruing interest were $455,000 and $925,000 at March 31, 2026, and December 31, 2025, respectively, and consisted of loans that are well-secured and in the process of collection.

The following tables set forth the detail, and delinquency status, of non-performing loans (non-accrual loans and loans past due 90 days or more and still accruing), net of deferred fees and costs, at March 31, 2026, and December 31, 2025, excluding PCD loans and non-accrual loans held-for sale (in thousands):


	March 31, 2026
	Total Non-Performing Loans
	Non-Accruing Loans
	Current		30-89 Days Past Due		90 Days or More Past Due		Total		90 Days or More Past Due and Accruing		Total Non-Performing Loans
Loans held-for-investment:
Real estate loans:
Multifamily


Substandard	$	1,671	$	145	$	1,414	$	3,230	$	—	$	3,230
Total multifamily	1,671		145		1,414		3,230		—		3,230
Commercial mortgage


Substandard	59		126		11,300		11,485		51		11,536
Total commercial mortgage	59		126		11,300		11,485		51		11,536
One-to-four family residential


Substandard	—		—		—		—		127		127
Total one-to-four family residential	—		—		—		—		127		127





Home equity and lines of credit


Substandard	308		148		1,296		1,752		119		1,871
Total home equity and lines of credit	308		148		1,296		1,752		119		1,871
Total real estate	2,038		419		14,010		16,467		297		16,764
Commercial and industrial loans
Pass	—		—		—		—		128		128

Substandard	2,618		202		1,674		4,494		30		4,524
Total commercial and industrial loans	2,618		202		1,674		4,494		158		4,652



Total non-performing loans	$	4,656	$	621	$	15,684	$	20,961	$	455	$	21,416

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)


	December 31, 2025
	Total Non-Performing Loans
	Non-Accruing Loans
	Current		30-89 Days Past Due		90 Days or More Past Due		Total		90 Days or More Past Due and Accruing		Total Non-Performing Loans
Loans held-for-investment:
Real estate loans:
Multifamily


Substandard	$	2,266	$	—	$	1,422	$	3,688	$	—	$	3,688
Total multifamily	2,266		—		1,422		3,688		—		3,688
Commercial mortgage


Substandard	61		188		4,763		5,012		51		5,063
Total commercial mortgage	61		188		4,763		5,012		51		5,063
One-to-four family residential


Substandard	—		—		—		—		863		863
Total one-to-four family residential	—		—		—		—		863		863
Home equity and lines of credit
Pass	—		—		—		—		7		7

Substandard	—		100		1,678		1,778		—		1,778
Total home equity and lines of credit	—		100		1,678		1,778		7		1,785





Total real estate	2,327		288		7,863		10,478		921		11,399
Commercial and industrial loans


Substandard	2,746		122		1,864		4,732		—		4,732
Total commercial and industrial loans	2,746		122		1,864		4,732		—		4,732
Other loans
Substandard	—		—		—		—		4		4
Total other	—		—		—		—		4		4
Total non-performing loans	$	5,073	$	410	$	9,727	$	15,210	$	925	$	16,135

Table of Contents

NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The following tables set forth the detail and delinquency status of loans held-for-investment, excluding PCD loans, net of deferred fees and costs, at March 31, 2026, and December 31, 2025 (in thousands):


	March 31, 2026
			Past Due Loans
	30-89 Days Past Due		90 Days or More Past Due		90 Days or More Past Due and Accruing		Total Past Due		Current		Total Loans Receivable, net
Loans held-for-investment:
Real estate loans:
Multifamily
Pass	$	—	$	—	$	—	$	—	$	2,295,187	$	2,295,187
Special mention	—		—		—		—		8,569		8,569
Substandard	145		1,414		—		1,559		8,734		10,293
Total multifamily	145		1,414		—		1,559		2,312,490		2,314,049
Commercial mortgage
Pass	12		—		—		12		881,203		881,215
Special mention	—		—		—		—		3,692		3,692
Substandard	126		11,300		51		11,477		5,204		16,681
Total commercial mortgage	138		11,300		51		11,489		890,099		901,588
One-to-four family residential
Pass	1,040		—		—		1,040		161,844		162,884

Substandard	—		—		127		127		1,188		1,315
Total one-to-four family residential	1,040		—		127		1,167		163,032		164,199
Home equity and lines of credit
Pass	452		—		—		452		192,408		192,860
Special mention	—		—		—		—		161		161
Substandard	418		1,296		119		1,833		842		2,675
Total home equity and lines of credit	870		1,296		119		2,285		193,411		195,696
Construction and land
Pass	—		—		—		—		50,163		50,163


Total construction and land	—		—		—		—		50,163		50,163
Total real estate	2,193		14,010		297		16,500		3,609,195		3,625,695
Commercial and industrial
Pass	3,184		—		128		3,312		157,220		160,532
Special mention	2,382		—		—		2,382		778		3,160
Substandard	629		1,674		30		2,333		6,963		9,296
Total commercial and industrial	6,195		1,674		158		8,027		164,961		172,988
Other loans
Pass	—		—		—		—		1,028		1,028

Substandard	—		—		—		—		2		2
Total other loans	—		—		—		—		1,030		1,030
Total loans held-for-investment	$	8,388	$	15,684	$	455	$	24,527	$	3,775,186	$	3,799,713

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)


	December 31, 2025
	Past Due Loans
	30-89 Days Past Due		90 Days or More Past Due		90 Days or More Past Due and Accruing		Total Past Due		Current		Total Loans Receivable, net
Loans held-for-investment:
Real estate loans:
Multifamily
Pass	$	471	$	—	$	—	$	471	$	2,342,994	$	2,343,465
Special mention	—		—		—		—		7,491		7,491
Substandard	—		1,422		—		1,422		8,987		10,409
Total multifamily	471		1,422		—		1,893		2,359,472		2,361,365
Commercial mortgage
Pass	—		—		—		—		887,251		887,251
Special mention	—		—		—		—		8,064		8,064
Substandard	7,172		4,763		51		11,986		4,089		16,075
Total commercial mortgage	7,172		4,763		51		11,986		899,404		911,390
One-to-four family residential
Pass	1,076		—		—		1,076		162,693		163,769

Substandard	48		—		863		911		420		1,331
Total one-to-four family residential	1,124		—		863		1,987		163,113		165,100
Home equity and lines of credit
Pass	757		—		7		764		195,051		195,815
Special mention	—		—		—		—		64		64
Substandard	452		1,678		—		2,130		548		2,678
Total home equity and lines of credit	1,209		1,678		7		2,894		195,663		198,557
Construction and land
Pass	—		—		—		—		44,522		44,522


Total construction and land	—		—		—		—		44,522		44,522
Total real estate	9,976		7,863		921		18,760		3,662,174		3,680,934
Commercial and industrial
Pass	459		—		—		459		153,142		153,601
Special mention	898		—		—		898		2,041		2,939
Substandard	501		1,864		—		2,365		7,262		9,627
Total commercial and industrial	1,858		1,864		—		3,722		162,445		166,167
Other loans
Pass	—		—		4		4		1,402		1,406

Substandard	—		—		—		—		3		3
Total other loans	—		—		4		4		1,405		1,409
Total loans held-for-investment	$	11,834	$	9,727	$	925	$	22,486	$	3,826,024	$	3,848,510

Table of Contents

NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The following tables summarize information on non-accrual loans, excluding PCD loans, as of March 31, 2026, and December 31, 2025 (in thousands):


	March 31, 2026
	Recorded Investment		Unpaid Principal Balance		With No Related Allowance
Real estate loans:
Multifamily	$	3,230	$	3,643	$	2,777
Commercial mortgage	11,485		11,918		7,732

Home equity and lines of credit	1,752		2,002		—

Commercial and industrial	4,494		16,754		310

Total non-accrual loans	$	20,961	$	34,317	$	10,819


	December 31, 2025
	Recorded Investment		Unpaid Principal Balance		With No Related Allowance
Real estate loans:
Multifamily	$	3,688	$	4,101	$	1,681
Commercial mortgage	5,012		5,445		1,256

Home equity and lines of credit	1,778		2,027		—

Commercial and industrial	4,732		15,854		880

Total non-accrual loans	$	15,210	$	27,427	$	3,817

The following table summarizes interest income recognized on non-accrual loans, excluding PCD loans, during the three months ended March 31, 2026 and March 31, 2025 (in thousands):


	Three Months Ended March 31,
		2026		2025
Real estate loans:
Multifamily		$	40	$	34
Commercial mortgage		50		17

Home equity and lines of credit		17		8


Commercial and industrial		38		81

Total interest income on non-accrual loans		$	145	$	140

Collateral-Dependent Loans

Loans for which the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral are considered to be collateral-dependent loans. Collateral can have a significant financial effect in mitigating exposure to credit risk and, where there is sufficient collateral, an allowance for credit losses is not recognized or is minimal. For collateral-dependent loans, the allowance for credit losses is individually assessed based on the fair value of the collateral less estimated costs of sale. The Company's collateral-dependent loans are secured by real estate, inventory and equipment. Collateral values are generally based on appraisals, which are adjusted for changes in market indices. As of March 31, 2026, and December 31, 2025, the Company had $15.9 million and $8.4 million of collateral-dependent impaired loans, respectively. The collateral-dependent loans at March 31, 2026, consisted of $11.3 million of commercial real estate loans, $2.8 million of multifamily loans, $839,000 of commercial and industrial loans, and $949,000 of one-to-four family residential loans. For the three months ended March 31, 2026, there was no significant deterioration or changes in the collateral securing these loans.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The Company has modified, and may modify in the future, certain loans to borrowers experiencing financial difficulty. These modifications may include a reduction in interest rate, an extension in term, principal forgiveness and/or other than insignificant payment delay.

The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2026 and 2025, by class and by type of modification (dollars in thousands):


	Three Months Ended March 31, 2026
	Payment Delay		Term Extension and Interest Rate Reduction		Payment Delay and Interest Rate Reduction		Payment Delay, Term Extension, and Interest Rate Reduction		Total		Percentage of Total Class of Financing Receivable
Multifamily	$	—	$	—	$	4,819	$	—	$	4,819	0.21	%

Commercial and industrial	—		212		—		—		212		0.12	%
Total loans	$	—	$	212	$	4,819	$	—	$	5,031


	Three Months Ended March 31, 2025
	Payment Delay and Interest Rate Reduction		Term Extension		Payment Delay and Term Extension		Payment Delay, Term Extension, and Interest Rate Reduction		Total		Percentage of Total Class of Financing Receivable

Commercial and industrial	$	209	$	—	$	—	$	—	$	209	0.13	%
Total loans	$	209	$	—	$	—	$	—	$	209

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2026, and March 31, 2025 (in thousands):


	Weighted-Average Term Extension (in months)	Weighted-Average Interest Rate Reduction
Three Months Ended March 31, 2026
Multifamily	—	1.13	%
Commercial and industrial	36	0.75	%
Three Months Ended March 31, 2025

Commercial and industrial	—	2.50	%

There were no commitments to lend additional funds at March 31, 2026 to borrowers experiencing financial difficulty whose terms have been restructured.

At March 31, 2026, there were no modified loans during the preceding twelve months that subsequently defaulted.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts. The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2026 and 2025 (in thousands):


	As of March 31, 2026
	Current		30-89 Days Past Due		90 Days or More Past Due		Non-Accrual		Total
Multifamily	$	4,819	$	—	$	—	$	—	$	4,819
Commercial Mortgage	1,725		—		—		—		1,725

Commercial and industrial	3,063		—		—		174		3,237
Total loans	$	9,607	$	—	$	—	$	174	$	9,781


	As of March 31, 2025
	Current		30-89 Days Past Due		90 Days or More Past Due		Non-Accrual		Total

Home equity and lines of credit	$	199	$	—	$	—	$	—	$	199
Commercial and industrial	425		136		—		2,707		3,268
Total loans	$	624	$	136	$	—	$	2,707	$	3,467

Note 6 – Allowance for Credit Losses (“ACL”) on Loans

Allowance for Collectively Evaluated Loans Held-for-Investment

In estimating the quantitative component of the allowance on a collective basis, the Company uses a risk rating migration model which calculates an expected life of loan loss percentage for each loan by generating probability of default and loss given default metrics. These metrics are multiplied by the exposure at the potential default, taking into consideration estimated prepayments, to calculate the quantitative component of the ACL. The metrics are based on the migration of loans from performing to loss by credit risk rating or delinquency categories using historical life-of-loan analysis periods for each loan portfolio pool, and the severity of loss, based on the aggregate net lifetime losses incurred using the Company's own historical loss experience and comparable peer data loss history. The model's expected losses based on loss history are adjusted for qualitative adjustments to address risks that may not be adequately represented in the risk rating migration model. Among other things, these adjustments include and account for differences in: (i) changes in lending policies and procedures; (ii) changes in local, regional, national, and international economic and business conditions and developments that affect the collectability of our portfolio, including the condition of various market segments; (iii) changes in the experience, ability and depth of lending management and other relevant staff; (iv) changes in the quality of our loan review system; (v) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and (vi) the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our existing portfolio.

The Company utilizes a two-year reasonable and supportable forecast period after which estimated losses revert to historical loss experience immediately for the remaining life of the loan. In establishing its estimate of expected credit losses, the Company utilizes five externally-sourced forward-looking economic scenarios developed by Moody's Analytics (“Moody's”).

Management utilizes five different Moody's scenarios so as to incorporate uncertainties related to the economic environment. These scenarios, which range from more benign to more severe economic outlooks, include a “most likely outcome” (the “Baseline” scenario) and four less likely scenarios referred to as the “Upside” and “Downside” scenarios. Each scenario is assigned a weighting with a majority of the weighting placed on the Baseline scenario and lower weights placed on both the Upside and Downside scenarios. The weighting assigned by management is based on the economic outlook and available information at the reporting date. The model projects economic variables under each scenario based on detailed statistical analyses. The Company has identified and selected key variables that most closely correlated to its historical credit performance, which include: Gross domestic product, unemployment, and three collateral indices: the Commercial Property Price Index, the Commercial Property Price Apartment Index and the Case-Shiller Home Price Index.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

Allowance for Individually Evaluated Loans

The Company measures specific reserves for individual loans that do not share common risk characteristics with other loans, consisting of all loans previously modified as TDRs (prior to the adoption of ASU 2022-02) and non-accrual loans with an outstanding balance of $500,000 or greater. Loans individually evaluated for impairment are assessed to determine whether the loan’s carrying value is not in excess of the estimated fair value of the collateral less cost to sell, if the loan is collateral-dependent, or the present value of the expected future cash flows, if the loan is not collateral-dependent. Management performs an evaluation of each individually evaluated loan and generally obtains updated appraisals as part of the evaluation. In addition, management adjusts estimated fair values down to appropriately consider recent market conditions, our willingness to accept a lower sales price to effect a quick sale, and costs to dispose of any supporting collateral. Determining the estimated fair value of underlying collateral (and related costs to sell) can be difficult in illiquid real estate markets and is subject to significant assumptions and estimates. Management employs an independent third-party management firm that specializes in appraisal preparation and review to ascertain the reasonableness of updated appraisals. Projecting the expected cash flows for TDRs (prior to the adoption of ASU 2022-02), which are not collateral-dependent is inherently subjective and requires, among other things, an evaluation of the borrower’s current and projected financial condition. Individually evaluated loans that have no impairment losses are not considered for collective allowances described above. Upon adoption of ASU 2022-02, the Company no longer establishes a specific reserve for loan modifications to borrowers experiencing financial difficulty. Instead, these loan modifications are included in their respective pool and a historical loss rate is applied to the current loan balance to arrive at the quantitative and qualitative baseline portion of the allowance for credit losses. At March 31, 2026, and December 31, 2025, the ACL for loans individually evaluated for impairment was $1.6 million and $1.2 million, respectively.

Allowance for Credit Losses – Off-Balance Sheet Exposures

An ACL for off-balance-sheet exposures represents an estimate of expected credit losses arising from off-balance sheet exposures such as loan commitments, standby letters of credit and unused lines of credit (loans already on the books). Commitments to fund unused lines of credit are agreements to lend additional funds to customers as long as there have been no violations of any of the conditions established in the agreements (original or restructured). Commitments to originate loans generally have a fixed expiration or other termination clauses, which may require payment of a fee. Since some of these loan commitments are expected to expire without being drawn upon, total commitments do not necessarily represent future cash requirements. The reserve for off-balance sheet exposures is determined using the Current Expected Credit Losses (“CECL”) reserve factor in the related funded loan segment, adjusted for an average historical funding rate. The allowance for credit losses for off-balance sheet credit exposures is recorded in other liabilities on the consolidated balance sheets and the corresponding provision is included in other non-interest expense.

The table below summarizes the allowance for credit losses for off-balance sheet credit exposures as of, and for, the three months ended March 31, 2026, and March 31, 2025 (in thousands):


	Three Months Ended March 31,
		2026		2025
Balance at beginning of period		$	290	$	518


(Benefit) provision for credit losses		(67)		103
Balance at end of period		$	223	$	621

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The following tables set forth activity in our allowance for credit losses on loans, by loan type, as of, and for the three months ended March 31, 2026, and March 31, 2025 (in thousands):


	Three Months Ended March 31, 2026
	Real Estate
	Commercial (1)		One-to-Four Family		Home Equity and Lines of Credit		Construction and Land		Commercial and Industrial		Other		Total Loans (excluding PCD)		PCD		Total
Allowance for credit losses:
Beginning balance	$	24,482	$	2,213	$	2,880	$	102	$	5,842	$	4	$	35,523	$	2,621	$	38,144
Charge-offs	—		—		(5)		—		(1,494)		—		(1,499)		—		(1,499)
Recoveries	18		—		—		—		124		—		142		—		142
Provisions (credit)	(795)		(108)		(70)		(3)		1,310		(2)		332		(85)		247
Ending balance	$	23,705	$	2,105	$	2,805	$	99	$	5,782	$	2	$	34,498	$	2,536	$	37,034


	Three Months Ended March 31, 2025
	Real Estate
	Commercial (1)		One-to-Four Family		Home Equity and Lines of Credit		Construction and Land		Commercial and Industrial		Other		Total Loans (excluding PCD)		PCD		Total
Allowance for credit losses:
Beginning balance	$	20,949	$	2,245	$	2,254	$	103	$	6,724	$	4	$	32,279	$	2,904	$	35,183
Charge-offs	—		—		—		—		(3,098)		—		(3,098)		—		(3,098)
Recoveries	15		—		—		—		238		1		254		—		254
Provisions (credit)	561		(31)		(22)		—		2,245		(1)		2,752		(170)		2,582
Ending balance	$	21,525	$	2,214	$	2,232	$	103	$	6,109	$	4	$	32,187	$	2,734	$	34,921

(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The following tables detail the amount of loans receivable held-for-investment, net of deferred loan fees and costs, that are evaluated, individually and collectively, for impairment, and the related portion of the allowance for credit losses that is allocated to each loan portfolio segment, at March 31, 2026, and December 31, 2025 (in thousands):


	March 31, 2026
	Real Estate
	Commercial (1)		One-to-Four Family		Home Equity and Lines of Credit		Construction and Land		Commercial and Industrial		Other		Total Loans (excluding PCD)		PCD		Total
Allowance for credit losses:
Ending balance: individually evaluated for impairment	$	1,093	$	—	$	—	$	—	$	489	$	—	$	1,582	$	—	$	1,582
Ending balance: collectively evaluated for impairment	22,612		2,105		2,805		99		5,293		2		32,916		—		32,916
Ending balance: PCD loans evaluated for impairment (2)	—		—		—		—		—		—		—		2,536		2,536
Loans, net:
Ending balance	$	3,215,637	$	164,199	$	195,696	$	50,163	$	172,988	$	1,030	$	3,799,713	$	8,244	$	3,807,957
Ending balance: individually evaluated for impairment	14,654		1,212		15		—		3,268		—		19,149		—		19,149
Ending balance: collectively evaluated for impairment	3,200,983		162,987		195,681		50,163		169,720		1,030		3,780,564		—		3,780,564
Ending balance: PCD loans evaluated for impairment (2)	—		—		—		—		—		—		—		8,244		8,244


	December 31, 2025
	Real Estate
	Commercial (1)		One-to-Four Family		Home Equity and Lines of Credit		Construction and Land		Commercial and Industrial		Other		Total Loans (excluding PCD)		PCD		Total
Allowance for credit losses:
Ending balance: individually evaluated for impairment	$	705	$	—	$	—	$	—	$	488	$	—	$	1,193	$	—	$	1,193
Ending balance: collectively evaluated for impairment	23,777		2,213		2,880		102		5,354		4		34,330		—		34,330
Ending balance: PCD loans evaluated for impairment (2)	—		—		—		—		—		—		—		2,621		2,621
Loans, net:
Ending balance	$	3,272,755	$	165,100	$	198,557	$	44,522	$	166,167	$	1,409	$	3,848,510	$	8,263	$	3,856,773
Ending balance: individually evaluated for impairment	7,211		1,234		16		—		3,278		—		11,739		—		11,739
Ending balance: collectively evaluated for impairment	3,265,544		163,866		198,541		44,522		162,868		1,409		3,836,750		—		3,836,750
Ending balance: PCD loans evaluated for impairment (2)	—		—		—		—		—		—		—		8,263		8,263
PPP loans not evaluated for impairment (3)	—		—		—		—		21		—		21		—		21

(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties.

(2) Upon adoption of CECL, the Company elected to maintain pools of PCD loans that were previously accounted for under Accounting Standards Codification (“ASC”) 310-30, and will continue to evaluate PCD loans under this guidance.

(3) PPP loans are guaranteed by the SBA and therefore excluded from the allowance for credit losses.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

Note 7 – Deposits

Deposit account balances are summarized as follows (in thousands):


	March 31, 2026		December 31, 2025
Non-interest-bearing checking	$	728,601	$	736,249
Negotiable orders of withdrawal (“NOW”) and interest-bearing checking	1,528,663		1,421,244
Savings and money market	1,137,723		1,134,083
Certificates of deposit	693,630		724,233
Total deposits	$	4,088,617	$	4,015,809

Interest expense on deposit accounts is summarized for the periods indicated (in thousands):


	Three Months Ended March 31,
		2026		2025
NOW and interest-bearing checking, savings, and money market		$	11,740	$	12,148
Certificates of deposit		6,140		9,043
Total interest expense on deposit accounts		$	17,880	$	21,191

Note 8 – Subordinated Debt

On June 17, 2022, the Company issued $62.0 million in aggregate principal amount of fixed-to-floating subordinated notes (the “Notes”) to certain institutional investors. The Notes mature on June 30, 2032, unless redeemed earlier. The Notes initially bear interest, payable semi-annually in arrears, at a fixed rate of 5.00% per annum until June 30, 2027. Beginning June 30, 2027 and until maturity or redemption, the interest rate applicable to the outstanding principal amount of the Notes due will reset quarterly to an interest rate per annum equal to the then current three-month Secured Overnight Financing Rate plus 200 basis points, payable quarterly in arrears. The Company has the option to redeem the Notes, at par and in whole or in part, beginning on June 30, 2027 and to redeem the Notes at any time in whole upon certain other events. Any redemption of the Notes will be subject to prior regulatory approval to the extent required. Debt issuance costs totaled $1.1 million and are being amortized to maturity. At March 31, 2026, and December 31, 2025, subordinated debt totaled $61.7 million and $61.7 million, respectively, which included $279,000 and $335,000, respectively, of unamortized debt issuance costs. The Company recognized amortization expense of $56,000 for the three months ended March 31, 2026 and 2025.

Note 9 – Equity Incentive Plans

The following table is a summary of the Company’s stock options outstanding as of March 31, 2026, and changes therein during the three months then ended.


	Number of Stock Options	Weighted Average Grant Date Fair Value		Weighted Average Exercise Price		Weighted Average Contractual Life (years)
Outstanding and Exercisable - December 31, 2025	80,000	$	4.44	$	17.67	1.36



Outstanding and Exercisable - March 31, 2026	80,000	4.44		17.67		1.11

On February 4, 2026, the Company granted to directors and employees, under the 2019 Equity Incentive Plan, 201,172 cash-settled restricted stock units with a total grant date fair value of $2.8 million. Of these grants, 35,064 vest one year from the date of grant and 166,108 vest in equal installments over a three-year period beginning one year from the date of grant. As the awards will be settled in cash they are classified as liabilities on the consolidated balance sheets. During the three months ended March 31, 2026 and 2025, the Company recorded compensation expense of $204,000 and $0, respectively, related to the above plan.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The following is a summary of the status of the Company’s restricted stock awards and performance-based restricted stock units at March 31, 2026, and changes therein during the three months then ended.


	Restricted Stock Awards	Weighted Average Grant Date Fair Value		Performance Stock Awards	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2025	373,158	$	12.36	132,712	$	12.80

Vested	(203,206)	12.58		(29,305)	14.37

Non-vested at March 31, 2026	169,952	12.11		103,407	12.36

Expected future stock award expense related to the non-vested restricted share awards as of March 31, 2026, was $1.8 million over a weighted average period of 1.5 years. Expected future stock award expense related to the non-vested performance share awards as of March 31, 2026, was $581,000 over a weighted average period of 1.4 years.

During the three months ended March 31, 2026, and March 31, 2025, the Company recorded $553,000 and $765,000, respectively, of stock-based compensation related to the above plan.

Note 10 – Fair Value Measurements

The following tables present the assets reported on the consolidated balance sheets at their estimated fair value as of March 31, 2026, and December 31, 2025, by level within the fair value hierarchy as required by the Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board (“FASB”) ASC. Financial assets and liabilities are classified in their entirety based on the level of input that is significant to the fair value measurement. The fair value hierarchy is as follows:

•Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

•Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlations or other means.

•Level 3 Inputs – Significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities.

The methods of determining the fair value of assets and liabilities presented in this note are consistent with our methodologies disclosed in Note 16 to the Consolidated Financial Statements of the Company’s 2025 Annual Report on Form 10-K.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)


	Fair Value Measurements at March 31, 2026 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Measured on a recurring basis:
Assets:
Investment securities:
Debt securities available-for-sale:

U.S. Government agency securities	$	539	$	—	$	539	$	—
Mortgage-backed securities:
Pass-through certificates:
GSE	443,706		—		443,706		—
REMICs:
GSE	885,865		—		885,865		—

Total mortgage-backed securities	1,329,571		—		1,329,571		—
Other debt securities:

Municipal bonds	614		—		614		—
Corporate bonds	47,778		—		47,778		—

	48,392		—		48,392		—
Total debt securities available-for-sale	1,378,502		—		1,378,502		—
Trading securities	13,831		13,831		—		—
Equity securities (1)	—		—		—		—
Total	$	1,392,333	$	13,831	$	1,378,502	$	—
Measured on a non-recurring basis:
Assets:
Loans individually evaluated for impairment:
Real estate loans:
Commercial real estate	$	2,265	$	—	$	—	$	2,265


Multifamily	1,671		—		—		1,671

Total individually evaluated real estate loans	3,936		—		—		3,936
Commercial and industrial loans	2,779		—		—		2,779

Total	$	6,715	$	—	$	—	$	6,715

(1) Excludes investment measured at net asset value of $5.0 million at March 31, 2026, which has not been classified in the fair value hierarchy.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)


	Fair Value Measurements at December 31, 2025 Using:
	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Measured on a recurring basis:
Assets:
Investment securities:
Debt securities available-for-sale:

U.S. Government agency securities	$	558	$	—	$	558	$	—
Mortgage-backed securities:
Pass-through certificates:
GSE	506,949		—		506,949		—
REMICs:
GSE	872,099		—		872,099		—

Total mortgage-backed securities	1,379,048		—		1,379,048		—
Other debt securities:

Municipal bonds	614		—		614		—
Corporate bonds	32,199		—		32,199		—

	32,813		—		32,813		—
Total debt securities available-for-sale	1,412,419		—		1,412,419		—
Trading securities	15,215		15,215		—		—
Equity securities (1)	—		—		—		—
Total	$	1,427,634	$	15,215	$	1,412,419	$	—
Measured on a non-recurring basis:
Assets:
Loans individually evaluated for impairment:
Real estate loans:
Commercial real estate	$	2,718	$	—	$	—	$	2,718

Multifamily	1,681		—		—		1,681

Total individually evaluated real estate loans	4,399		—		—		4,399
Commercial and industrial loans	2,790		—		—		2,790

Total	$	7,189	$	—	$	—	$	7,189

(1) Excludes investment measured at net asset value of $5.0 million at December 31, 2025, which has not been classified in the fair value hierarchy.

The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at March 31, 2026 (dollars in thousands):

Fair Value

Valuation Methodology

Unobservable Inputs

Range of Inputs

(in thousands)

Individually evaluated loans:

Commercial real estate

2,265

Appraisals

Adjustments to selling costs

7.0% - 10.0%

Multifamily

1,671

Appraisals

Adjustments to selling costs

0% - 10.0%

Commercial and industrial loans

2,779

Discounted cash flows

Interest rates

15.0%

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2025 (dollars in thousands):

Fair Value

Valuation Methodology

Unobservable Inputs

Range of Inputs

(in thousands)

Individually evaluated loans:

Commercial real estate

2,718

Appraisals

Adjustments to selling costs

7.0% - 10.0%

Multifamily

1,681

Appraisals

Adjustments to selling costs

0% - 10.0%

Commercial and industrial loans

2,790

Discounted cash flows

Interest rates

15.0%

The valuation techniques described below were used to measure fair value of financial instruments in the tables below on a recurring basis and a non-recurring basis at March 31, 2026 and December 31, 2025.

Debt Securities Available for Sale: The estimated fair values for mortgage-backed securities, corporate, and other debt securities are obtained from an independent nationally recognized third-party pricing service. The estimated fair values are derived primarily from cash flow models, which include assumptions for interest rates, credit losses, and prepayment speeds. Broker/dealer quotes are utilized as well, when such quotes are available and deemed representative of the market. The significant inputs utilized in the cash flow models are based on market data obtained from sources independent of the Company (Observable Inputs), and are therefore classified as Level 2 within the fair value hierarchy. There were no transfers of securities between Level 1 and Level 2 during the three months ended March 31, 2026 or March 31, 2025.

Trading Securities: Fair values are derived from quoted market prices in active markets. The assets consist of publicly traded mutual funds.

Equity Securities: Fair values of equity securities consisting of publicly traded mutual funds are derived from quoted market prices in active markets.

Loans Individually Evaluated for Impairment: At March 31, 2026, and December 31, 2025, the Company had loans individually evaluated for impairment (excluding PCD loans) with outstanding principal balances of $10.7 million and $10.8 million, respectively, which were recorded at their estimated fair value of $6.7 million and $7.2 million, respectively. The Company recorded a net increase in the specific reserve for impaired loans of $389,000 and $645,000 for the three months ended March 31, 2026, and March 31, 2025, respectively. Net charge-offs of $1.4 million and $2.8 million were recorded for the three months ended March 31, 2026, and March 31, 2025, respectively, utilizing Level 3 inputs. For purposes of estimating the fair value of impaired loans, management utilizes independent appraisals, if the loan is collateral-dependent, adjusted downward by management, as necessary, for changes in relevant valuation factors subsequent to the appraisal date, or the present value of expected future cash flows for non-collateral dependent loans and TDRs.

Other Real Estate Owned: At March 31, 2026, and December 31, 2025, the Company had no assets acquired through foreclosure.

In addition, the Company may be required, from time to time, to measure the fair value of certain other financial assets on a nonrecurring basis in accordance with U.S. GAAP. The adjustments to fair value usually result from the application of lower-of-cost-or-market accounting or write downs of individual assets.

Fair Value of Financial Instruments:

The FASB ASC Topic for Financial Instruments requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring or non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. The following methods and assumptions were used to estimate the fair value of other financial assets and financial liabilities not already discussed above:

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

(a) Cash and Cash Equivalents

Cash and cash equivalents are short-term in nature with original maturities of three months or less; the carrying amount approximates fair value. Certificates of deposit having original terms of six-months or less; the carrying value generally approximates fair value. Certificates of deposit with an original maturity of six months or greater; the fair value is derived from discounted cash flows.

(b) Debt Securities (Held-to-Maturity)

The estimated fair values for substantially all of our securities are obtained from an independent nationally recognized pricing service. The independent pricing service utilizes market prices of same or similar securities whenever such prices are available. Prices involving distressed sellers are not utilized in determining fair value. Where necessary, the independent third-party pricing service estimates fair value using models employing techniques such as discounted cash flow analysis. The assumptions used in these models typically include assumptions for interest rates, credit losses, and prepayments, utilizing market observable data where available.

The Company uses net asset value as a practical expedient to record its investment in a private SBA Loan Fund since the shares in the fund are not publicly traded, do not have a readily determinable fair value and the net asset value per share is calculated in a manner consistent with the measurement principles of an investment company.

(d) Federal Home Loan Bank of New York Stock

Federal Home Loan Bank of New York (“FHLBNY”) stock is carried at cost since this is the amount for which it could be redeemed. Due to restrictions placed on the transferability of FHLBNY stock it is not practical to determine the fair value as there is no active market for this stock.

(e) Loans (Held-for-Investment)

Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as originated and purchased, and further segregated by residential mortgage, construction, land, multifamily, commercial and consumer. Each loan category is further segmented into amortizing and non-amortizing and fixed and adjustable-rate interest terms and by performing and non-performing categories. The fair value of loans is estimated using a discounted cash flow analysis. The discount rates used to determine fair value use interest rate spreads that reflect factors such as liquidity, credit, and non-performance risk of the loans.

(f) Loans (Held-for-Sale)

Held-for-sale loans are carried at the lower of aggregate cost or estimated fair value, less costs to sell, and therefore fair value is equal to carrying value.

(g) Deposits

The fair value of deposits with no stated maturity, such as interest and non-interest-bearing demand deposits, savings, NOW and money market accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities.

(h) Commitments to Extend Credit and Standby Letters of Credit

The fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of off-balance sheet commitments is insignificant and therefore not included in the following table.

(i) Borrowings

The fair value of borrowed funds is estimated by discounting future cash flows based on rates currently available for debt with similar terms and remaining maturity.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

(j) Advance Payments by Borrowers for Taxes and Insurance

Advance payments by borrowers for taxes and insurance have no stated maturity; the fair value is equal to the amount currently payable.

(k) Derivatives

The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs.

The estimated fair values of the Company’s significant financial instruments at March 31, 2026, and December 31, 2025, are presented in the following tables (in thousands):


	March 31, 2026
			Estimated Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	239,607	$	239,607	$	—	$	—	$	239,607
Trading securities	13,831		13,831		—		—		13,831
Debt securities available-for-sale	1,378,502		—		1,378,502		—		1,378,502
Debt securities held-to-maturity	8,278		—		8,003		—		8,003
Equity securities (1)	—		—		—		—		—
FHLBNY stock, at cost	42,195		N/A		N/A		N/A		N/A

Net loans held-for-investment	3,770,923		—		—		3,659,445		3,659,445
Derivative assets	4,275		—		4,275		—		4,275
Financial liabilities:
Deposits	$	4,088,617	$	—	$	4,089,747	$	—	$	4,089,747
FHLB advances and other borrowings (including securities sold under agreements to repurchase)	802,185		—		800,781		—		800,781
Subordinated debentures, net of issuance costs	61,721		—		57,404		—		57,404
Advance payments by borrowers for taxes and insurance	25,630		—		25,630		—		25,630
Derivative liabilities	4,281		—		4,281		—		4,281

(1) Excludes investment measured at net asset value of $5.0 million at March 31, 2026, which has not been classified in the fair value hierarchy.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)


	December 31, 2025
			Estimated Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	163,951	$	163,951	$	—	$	—	$	163,951
Trading securities	15,215		15,215		—		—		15,215
Debt securities available-for-sale	1,412,419		—		1,412,419		—		1,412,419
Debt securities held-to-maturity	8,339		—		8,144		—		8,144
Equity securities (1)	—		—		—		—		—
FHLBNY stock, at cost	46,568		N/A		N/A		N/A		N/A

Net loans held-for-investment	3,818,629		—		—		3,716,252		3,716,252
Derivative assets	5,040		—		5,040		—		5,040
Financial liabilities:
Deposits	$	4,015,809	$	—	$	4,017,711	$	—	$	4,017,711
FHLB advances and other borrowings (including securities sold under agreements to repurchase)	900,216		—		900,596		—		900,596
Subordinated debentures, net of issuance costs	61,665		—		57,108		—		57,108
Advance payments by borrowers for taxes and insurance	20,276		—		20,276		—		20,276
Derivative liabilities	5,045		—		5,045		—		5,045

(1) Excludes investment measured at net asset value of $5.0 million at December 31, 2025, which has not been classified in the fair value hierarchy.

Limitations

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected losses, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Fair value estimates are based on existing on-and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.

Note 11 – Earnings Per Share

Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding during the period. For purposes of calculating basic earnings per share, weighted average common shares outstanding excludes unallocated employee stock ownership plan (“ESOP”) shares that have not been committed for release and unvested restricted stock and performance-based restricted stock units.

Diluted earnings per share is computed using the same method as basic earnings per share, but reflects the potential dilution that could occur if stock options were exercised and converted into common stock and unvested shares of restricted stock and performance-based restricted stock units vested. These potentially dilutive shares are then included in the weighted average number of shares outstanding for the period using the treasury stock method. When applying the treasury stock method, the assumed proceeds from option exercises and the average unamortized compensation costs related to unvested shares of restricted stock, performance-based restricted stock units and stock options were added. This sum was then divided by the average stock price for the period to calculate assumed shares repurchased. The excess of the number of shares issuable over the number of shares assumed to be repurchased is added to basic weighted average common shares to calculate diluted earnings per share.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The following is a summary of the Company’s earnings per share calculations and reconciliation of basic to diluted earnings per share for the periods indicated (in thousands, except per share data):


	Three Months Ended March 31,
		2026		2025
Net income available to common stockholders		$	11,843	$	7,876

Weighted average shares outstanding-basic		39,785,507		40,864,529
Effect of non-vested restricted stock and stock, performance-based restricted stock units and options outstanding		137,084		58,300
Weighted average shares outstanding-diluted		39,922,591		40,922,829
Earnings per share-basic		$	0.30	$	0.19
Earnings per share-diluted		$	0.30	$	0.19
Anti-dilutive shares		140,240		1,087,489

Note 12 – Leases

The Company’s leases primarily relate to real estate property for branches and office space with terms extending from two months up to 28.8 years. At March 31, 2026, all of the Company’s leases are classified as operating leases, which are required to be recognized on the consolidated balance sheets as a right-of-use asset and a corresponding lease liability.

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets and operating lease liabilities on the consolidated balance sheets. Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recorded at the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate, at lease inception, over a similar term in determining the present value of lease payments. Certain leases include options to renew, with one or more renewal terms ranging from five to ten years. If the exercise of a renewal option is considered to be reasonably certain, the Company includes the extended term in the calculation of the right-of-use asset and lease liability.

At March 31, 2026, the Company’s operating lease right-of-use assets and operating lease liabilities included on the consolidated balance sheet were $24.6 million and $28.3 million, respectively. At December 31, 2025, the Company’s operating lease right-of-use assets and operating lease liabilities included on the consolidated balance sheet were $25.8 million and $29.6 million, respectively. Operating lease expense is recognized on a straight-line basis over the lease term, while variable lease payments are recognized as incurred. Variable lease payments include common area maintenance charges, real estate taxes, repairs and maintenance costs and utilities. Operating and variable lease expenses are recorded in occupancy expense on the consolidated statements of comprehensive income.

Supplemental lease information at or for the three months ended March 31, 2026, and March 31, 2025 is as follows (dollars in thousands):


	Three Months Ended March 31,
		2026			2025

Operating lease cost		$	1,467		$	1,462
Variable lease cost		1,045			1,200

Net lease cost		$	2,512		$	2,662
Cash paid for amounts included in measurement of operating lease liabilities		$	1,559		$	1,614
Right-of-use assets obtained in exchange for new operating lease liabilities		$	—		$	753
Weighted average remaining lease term (in years)		10.64 years			10.69 years
Weighted average discount rate		3.77		%	3.69		%

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

The following table summarizes lease payment obligations for each of the next five years and thereafter in addition to a reconcilement to the Company's current lease liability (in thousands):


Year	Amount
2026	$	4,450
2027	4,940
2028	4,691
2029	3,235
2030	2,793
Thereafter	15,490
Total lease payments	35,599
Less: imputed interest	(7,251)
Present value of lease liabilities	$	28,348

As of March 31, 2026, the Company had not entered into any leases that have not yet commenced.

Note 13 – Derivatives

The Company has interest rate derivatives resulting from a service provided to certain qualified borrowers in a loan-related transaction and, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The interest rate swap agreement which the Company executed with the commercial borrower is collateralized by the borrower’s commercial real estate financed by the Company. The collateral exceeds the maximum potential amount of future payments under the credit derivative. As these interest rate swaps do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings.

At March 31, 2026, the Company had 18 interest rate swaps with a notional amount of $141.6 million. At December 31, 2025, the Company had 18 interest rate swaps with a notional amount of $142.7 million. The Company recorded no fee income related to swaps for three months ended March 31, 2026 and 2025.

The table below presents the fair value of the derivatives as well as their location on the consolidated balance sheets (in thousands):


	Fair Value
Balance Sheet Location	March 31, 2026		December 31, 2025
Other assets	$	4,275	$	5,040
Other liabilities	4,281		5,045

Note 14 - Segment Information

The Company's reportable segment is determined by the Chief Operating Decision Maker (“CODM”), who is the President and Chief Executive Officer. The CODM's decision is based upon information provided about the Company's products and services offered, primarily banking operations, originating loans and offering a variety of deposit products. The segment is also distinguished by the level of information provided by the CODM, who uses such information to review performance of various components of the business (such as branches) which are then aggregated if operating performance, products and services, and customers are similar. The CODM will evaluate the performance of the Company's business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company's segment and in the determination of allocating resources. The CODM uses the revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The CODM uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment performance and in establishing compensation. Loans and investments provide the revenues in the banking operations. Interest expense, provisions for credit losses, and payroll provide the significant expenses in the banking operations. The Company's operations are all domestic.

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NORTHFIELD BANCORP, INC.

Notes to Unaudited Consolidated Financial Statements - (Continued)

Segment performance is evaluated using consolidated net income. Information reported internally for performance assessment by the CODM follows, inclusive of reconciliations of significant segment totals to the consolidated financial statements.


		Banking Segment
	Three Months Ended March 31,
		2026		2025
		(in thousands)
Interest income		$	62,908	$	60,092
Reconciliation of revenue
Other revenues - non-interest income		3,412		3,022
Total consolidated revenues		66,320		63,114
Less:
Interest expense		25,945		28,301
Segment net interest income and non-interest income		40,375		34,813
Less:
Compensation and employee benefits		12,673		11,775
Provision for credit losses		247		2,582
Other segment items (1) (2) (3)		10,586		9,660
Income tax expense		5,026		2,920
Segment expenses		28,532		26,937
Segment net income		$	11,843	$	7,876




Segment assets		$	5,735,202	$	5,710,000
Total consolidated assets		$	5,735,202	$	5,710,000

(1) Other segment items include occupancy, furniture and equipment, data processing, professional fees, advertising, FDIC insurance and other miscellaneous expenses.

(2) Includes depreciation expense of $743,000 and $812,000 for the three months ended March 31, 2026, and March 31, 2025, respectively.

(3) Includes amortization expense of $2.0 million and $2.5 million for the three months ended March 31, 2026, and March 31, 2025, respectively.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Merger

On January 31, 2026, Northfield Bancorp, Inc. (“Bancorp”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Columbia Financial, Inc., a Delaware corporation (“Columbia Financial”), Columbia Financial, Inc., a newly-formed Maryland corporation (the “Holding Company”), and Columbia Bank MHC, the parent mutual holding company of Columbia Financial (the “MHC”). Pursuant to the terms of the Merger Agreement and subject to the conditions set forth therein, immediately following the completion of the mutual-to-stock conversion of the MHC (the “Conversion”), Bancorp will merge with and into the Holding Company (the “Merger”), with the Holding Company continuing as the surviving corporation. Immediately following the completion of the Merger, the Holding Company will cause Northfield Bank to merge with and into Columbia Bank, the subsidiary of the Holding Company, with Columbia Bank continuing as the surviving institution.

Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of Bancorp's common stock, par value $0.01 per share (the “Northfield Common Stock”), issued and outstanding immediately before the Effective Time, other than certain shares held by Columbia Financial, the Holding Company, the MHC or the Company, will be converted, at the election of the holder, into the right to receive either shares of Holding Company Common Stock or cash (the “Cash Consideration”), as follows: (i) if the final appraised pro forma market value of the Holding Company, as determined by an independent appraiser (such appraisal, the “Independent Valuation”), immediately prior to the completion of the Conversion (the “Final Independent Appraisal”) is less than $2.3 billion, 1.425 shares of Holding Company Common Stock (the “Merger Exchange Ratio”) or $14.25 in cash (the “Per Share Cash Consideration”); (ii) if the Final Independent Valuation is equal to or greater than $2.3 billion and less than $2.6 billion, the Merger Exchange Ratio will be increased to 1.450 shares of Holding Company Common Stock and the Per Share Cash Consideration will be increased to $14.50; or (iii) if the Final Independent Valuation is greater than $2.6 billion, the Merger Exchange Ratio will be increased to 1.465 shares of Holding Company Common Stock and the Per Share Cash Consideration will be increased to $14.65. No more than 30% of the shares of Northfield Common Stock issued and outstanding as of the Effective Time (excluding shares of Northfield Common Stock to be canceled as provided the Merger Agreement) will be converted into the aggregate Cash Consideration.

The Merger remains subject to the receipt of certain depositor, stockholder and regulatory approvals and the satisfaction of other customary closing conditions. The Merger is expected to close early in the third quarter of 2026.

The foregoing description of the proposed Merger and the Merger Agreement is not complete and is qualified in its entirety by reference to the full text of the Merger Agreement, which was filed as Exhibit 2.1 to the Bancorp's Current Report on Form 8-K, dated January 31, 2026, filed with the Securities and Exchange Commission on February 2, 2026.

Cautionary Statement Regarding Forward-Looking Statements

This Quarterly Report may contain certain “forward-looking statements,” which can be identified by the use of such words as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect,” “annualized,” “could,” “may,” “should,” “will,” and words of similar meaning. These forward-looking statements include, but are not limited to:

•statements of our goals, intentions, and expectations;

•statements regarding our business plans, prospects, growth and operating strategies;

•statements regarding the quality of our loan and investment portfolios

•statements about our performance, financial condition and liquidity;

•statements regarding the merger; and

•estimates of our risks and future costs and benefits.

These forward-looking statements are based on the current beliefs and expectations of our management and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

•general economic conditions, internationally, nationally, or in our market areas, including inflationary pressures and/or recessionary conditions, employment prospects, supply chain issues, fluctuations in residential and

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commercial real estate values and market conditions, military conflict, geopolitical risks, and downgrades of the U.S. credit rating;

•competition among depository and other financial institutions, including with respect to fees and interest rates;

•changes in the interest rate environment that reduce our margins and yields, or reduce the market value of our assets, including the fair value of financial instruments, or reduce our ability to originate loans;

•adverse changes in the securities or credit markets, and changes in investor sentiment;

•changes in laws, tax policies, government regulations or policies affecting financial institutions;

•changes in regulatory fees, assessments, and capital requirements;

•the imposition of tariffs or other domestic or international governmental policies and retaliatory responses;

•changes in the quality and/or composition of our loan and securities portfolios, changes in prepayment speeds, charge-offs, and in the estimates or methodology used to determine our allowance for credit losses;

•changes in the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio;

•our ability to manage our liquidity, including unanticipated changes in our liquidity position, changes in our access to or the cost of funding, and our ability to secure alternate funding sources;

•our ability to enter new markets successfully and capitalize on growth opportunities;

•changes in consumer demand, spending, borrowing and savings habits;

•changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board (the “FASB”), the Securities and Exchange Commission (the “SEC”), or the Public Company Accounting Oversight Board;

•cyber-attacks and fraud risks, computer viruses and other technological risks that may breach the security of our website or other systems (including critical third-parties) to obtain unauthorized access to confidential information and destroy data or disable our systems;

•the failure to maintain current technologies and to successfully implement future technological enhancements;

•changes in investor sentiment with respect to financial institutions and their holding companies;

•changes in our organization, compensation structure, and benefit plans;

•our ability to attract and/or retain key employees;

•changes in the level of government support for housing finance;

•changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;

•a possible federal government shutdown;

•the ability of third-party providers to perform their obligations to us;

•the effects of natural or man-made disasters, climate change, severe weather conditions, or other extraordinary events beyond our control, and our ability to effectively respond to and manage these disruptions;

•changes in our ability to continue to pay dividends, either at current rates or at all;

•operational or risk management failures by us or critical third parties;

•increased operational risks resulting from remote work;

•negative outcomes from claims or litigation;

•our ability to manage our reputation risks;

•our ability to timely and effectively implement our strategic initiatives;

•the disruption to local, regional, national and global economic activity caused by the spread of infectious disease, epidemics, pandemics, or other extraordinary events that are beyond our control and could impact our growth, operations, earnings and asset quality;

•changes in the financial condition, results of operations, or future prospects of issuers of securities that we own;

•any unexpected delay in closing the Merger;

•the possibility that the Merger does not close when expected or at all because required regulatory, stockholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (including the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed Merger);

•the risk that the benefits from the Merger may not be fully realized or may take longer to realize than expected;

•disruption to our business as a result of the announcement and pendency of the Merger;

•the costs associated with the anticipated length of time of the pendency of the Merger, including the restrictions contained in the definitive merger agreement on our ability to operate its business outside the ordinary course during the pendency of the Merger;

•reputational risk and potential adverse reactions of the Merger by our customers, employees, vendors, contractors or other business partners; and

•the other factors set forth in “Item 1A. Risk Factors” contained in this Annual Report on Form 10-K for the year ended December 31, 2025 and in our subsequent filings with the SEC.

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Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Accordingly, you should not place undue reliance on such statements. Except as required by law, we disclaim any intention or obligation to update or revise any forward-looking statements after the date of this Quarterly Report on Form 10-Q, whether as a result of new information, future events or otherwise.

Critical Accounting Policies

Note 1 to the Company’s Audited Consolidated Financial Statements for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K, as supplemented by this report, contains a summary of our significant accounting policies. Various elements of these accounting policies are subject to estimation techniques, valuation assumptions, and other subjective assessments. Certain assets are carried on the consolidated balance sheets at estimated fair value or the lower of cost or estimated fair value. Policies with respect to the methodologies used to determine the allowance for credit losses on loans are the most critical accounting policies because they are important to the presentation of the Company’s financial condition and results of operations, involve a higher degree of complexity, and require management to make subjective judgments which often require assumptions or estimates about highly uncertain matters. The use of different judgments, assumptions, and estimates could result in material differences in the results of operations or financial condition. These critical accounting policies and their application are reviewed periodically and, at least annually, with the Audit Committee of the Board of Directors.

The accounting estimates relating to the allowance for credit losses remain "critical accounting estimates" for the following reasons:

•Changes in the provision for credit losses can materially affect our financial results;

•Estimates relating to the allowance for credit losses require us to utilize a reasonable and supportable forecast period based upon forward-looking economic scenarios in order to estimate probability of default and loss given default rates, which our Current Expected Credit Losses (“CECL”) methodology encompasses;

•The allowance for credit losses is influenced by factors outside of our control such as industry and business trends, as well as economic conditions such as trends in housing prices, interest rates, gross domestic product, inflation, and unemployment; and

•Judgment is required to determine whether the models used to generate the allowance for credit losses produce an estimate that is sufficient to encompass the current view of lifetime expected credit losses.

Our estimation process is subject to risks and uncertainties, including a reliance on historical loss and trend information that may not be representative of current conditions and indicative of future performance. Changes in such estimates could significantly impact our allowance and provision for credit losses. Accordingly, our actual credit loss experience may not be in line with our expectations.

For a further discussion of our critical accounting policies, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025.

Overview

This overview highlights selected information and may not contain all the information that is important to you in understanding our performance during the periods presented. For a more complete understanding of trends, events, commitments, uncertainties, liquidity, capital resources, and critical accounting estimates, you should read this entire document carefully, as well as our Annual Report on Form 10-K for the year ended December 31, 2025.

Net income was $11.8 million for the three months ended March 31, 2026, as compared to $7.9 million for the three months ended March 31, 2025. The increase in net income for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, was primarily due to an increase in net interest income, driven by lower funding costs and higher yields on loans and securities, as well as a decrease in the provision for credit losses on loans, partially offset by an increase in merger-related expenses. Net income for the three months ended March 31, 2026, included non-tax deductible merger-related expenses of $1.7 million, or $0.04 per share, related to the pending merger with Columbia Financial, Inc. Basic and diluted earnings per common share were $0.30 for the three months ended March 31, 2026, compared to basic and diluted earnings per common share of $0.19 for the three months ended March 31, 2025. For the three months ended March 31, 2026, our return on average assets was 0.85%, as compared to 0.56% for the three months ended March 31, 2025. For the three months ended March 31, 2026, our return on average stockholders’ equity was 6.93% as compared to 4.52% for the three months ended March 31, 2025.

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Comparison of Financial Condition at March 31, 2026 and December 31, 2025

Total assets decreased by $18.8 million, or 0.3%, to $5.74 billion at March 31, 2026, from $5.75 billion at December 31, 2025. The decrease was primarily due to decreases in loans held-for-investment, of $48.8 million, or 1.3%, available-for-sale debt securities of $33.9 million, or 2.4%, other assets of $7.1 million, or 20.2%, and Federal Home Loan Bank of New York (“FHLBNY”) stock of $4.4 million, or 9.4%, partially offset by an increase in cash and cash equivalents of $75.7 million, or 46.1%.

Cash and cash equivalents increased by $75.7 million, or 46.1%, to $239.6 million at March 31, 2026, from $164.0 million at December 31, 2025. Balances fluctuate based on the timing of receipt of security and loan repayments and the redeployment of cash into higher-yielding assets such as loans and securities, or the funding of deposit outflows or borrowing maturities.

The Company’s available-for-sale debt securities portfolio decreased by $33.9 million, or 2.4%, to $1.38 billion at March 31, 2026, from $1.41 billion at December 31, 2025. The decrease was primarily attributable to paydowns and maturities. At March 31, 2026, $1.33 billion of the portfolio consisted of residential mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. In addition, the Company held $47.8 million in corporate bonds, substantially all of which were investment grade, $614,000 in municipal bonds and $539,000 in U.S. Government agency securities at March 31, 2026. Unrealized losses, net of tax, on available-for-sale debt securities and held-to-maturity securities approximated $10.8 million and $244,000, respectively, at March 31, 2026, and $10.5 million and $206,000, respectively, at December 31, 2025. The effective duration of the securities portfolio at March 31, 2026 was 1.64 years.

Equity securities were $5.0 million at both March 31, 2026 and December 31, 2025. At March 31, 2026, equity securities were primarily comprised of an investment in a Small Business Administration ("SBA") Loan Fund. This investment in the SBA Loan Fund is utilized by Northfield Bank (the "Bank") to satisfy its Community Reinvestment Act lending requirements.

Loans held-for-investment decreased by $48.8 million, or 1.3%, to $3.81 billion at March 31, 2026 from $3.86 billion at December 31, 2025, primarily due to a decrease in multifamily real estate loans. The decrease in multifamily loan balances reflects the Company's continued strategic focus on managing concentration risk within its commercial and multifamily real estate loan portfolios, while maintaining disciplined loan pricing. Multifamily loans decreased $47.3 million, or 2.0%, to $2.31 billion at March 31, 2026 from $2.36 billion at December 31, 2025. Commercial real estate loans decreased $9.8 million, or 1.1%, to $901.6 million at March 31, 2026 from $911.4 million at December 31, 2025. Home equity and lines of credit decreased $2.9 million, or 1.4%, to $195.7 million at March 31, 2026 from $198.6 million at December 31, 2025. One-to-four family residential loans decreased $901,000, or 0.5%, to $164.2 million at March 31, 2026 from $165.1 million at December 31, 2025. Partially offsetting these decreases were increases in commercial and industrial loans of $6.8 million, or 4.1%, to $173.0 million at March 31, 2026 from $166.2 million at December 31, 2025, as a result of an increase in originations related to new lenders. Construction and land loans increased $5.6 million, or 12.7%, to $50.2 million at March 31, 2026 from $44.5 million at December 31, 2025, primarily attributable to advances on existing loans.

The following table represents the Company's loan balances and associated percentage of each major category in the Company's loan portfolio as of March 31, 2026, and December 31, 2025:


	March 31, 2026				December 31, 2025
	Amount		% of Total		Amount		% of Total
Real estate loans:
Multifamily	$	2,314,049	60.8	%	$	2,361,365	61.2	%
Commercial mortgage	901,588		23.7		911,390		23.6
One-to-four family residential mortgage	164,199		4.3		165,100		4.3
Home equity and lines of credit	195,696		5.1		198,557		5.2
Construction and land	50,163		1.3		44,522		1.2
Total real estate loans	3,625,695		95.2		3,680,934		95.5
Commercial and industrial loans	172,988		4.6		166,167		4.3

Other loans	1,030		—		1,409		—
Total commercial and industrial and other loans	174,018		4.6		167,576		4.3
Loans held-for-investment, net (excluding purchased credit-deteriorated (“PCD”) loans	3,799,713		99.8		3,848,510		99.8
PCD loans	8,244		0.2		8,263		0.2
Total loans held-for-investment, net	$	3,807,957	100.0	%	$	3,856,773	100.0	%

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The following table summarizes commercial mortgage real estate loans by property type and owner-occupied and non-owner occupied status as a percentage of the total commercial mortgage real estate portfolio as of March 31, 2026:


	March 31, 2026
	Concentration by Property Type				Percentage of Total
	Amount		% of Total		Owner-Occupied		Non-Owner Occupied
Office buildings	$	177,319	19.7	%	7.4	%	12.3	%
Mixed use (majority of space is non-residential)	151,159		16.8		2.6		14.2
Retail	132,226		14.7		2.3		12.4
Warehousing	131,102		14.5		12.1		2.4
Healthcare facilities	73,848		8.2		5.4		2.8
Manufacturing	73,005		8.1		5.7		2.4
Accommodations (hotel/motel)	46,244		5.1		0.1		5.0
Services	44,088		4.9		3.6		1.3
Schools/daycare	15,128		1.7		1.6		0.1
Recreational	10,888		1.2		1.1		0.1
Restaurants	3,832		0.4		0.3		0.1
Other	42,749		4.7		2.3		2.4
Total commercial real estate loans	$	901,588	100.0	%	44.5	%	55.5	%

The Company obtains an appraisal of the real estate collateral securing a commercial real estate loan prior to originating the loan. The appraised value is used to calculate the ratio of the outstanding loan balance to the value of the real estate collateral, or loan-to-value ratio ("LTV"). The original appraisal is used to monitor the LTVs within the commercial real estate portfolio unless an updated appraisal is received, which may happen for a variety of reasons, including but not limited to payment delinquency, additional loan requests using the same collateral, and loan modifications. The following table presents the ranges in the LTVs of our commercial mortgage loans at March 31, 2026:


LTV Range %	Number of Loans	Amount
		(Dollars in thousands)
0 - 25	185	$	69,593
>25 - 50	250	362,880
>50 - 60	102	204,945
>60 - 70	72	214,692
>70 - 80	21	43,859
>80 - 90	1	160
>90	4	5,459
Total commercial real estate loans	635	$	901,588

The following table summarizes the commercial real estate portfolio by geographic region in which the loans were originated as a percentage of total commercial real estate loans as of March 31, 2026:


Geographic Region	Amount		Percent
	(Dollars in thousands)
New York	$	477,255	53	%
New Jersey	397,532		44	%
Pennsylvania and Other	26,801		3	%
Total commercial real estate loans	$	901,588	100	%

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As of March 31, 2026, non-owner occupied commercial real estate loans (as defined by regulatory guidance) to total risk-based capital was estimated at approximately 368%. Management believes that Northfield Bank (the “Bank”) maintains appropriate risk management practices including risk assessments, board-approved underwriting policies and related procedures, which includes monitoring Bank portfolio performance, performing market analysis (economic and real estate), and stressing of the Bank’s commercial real estate portfolio under severe, adverse economic conditions. Although management believes the Bank has implemented appropriate policies and procedures to manage its commercial real estate concentration risk, the Bank’s regulators could require it to implement additional policies and procedures or could require it to maintain higher levels of regulatory capital, which might adversely affect its loan originations, the Company's ability to pay dividends, and overall profitability.

Our real estate portfolio includes credit risk exposure to loans collateralized by office buildings and multifamily properties in New York subject to some form of rent regulation limiting rent increases for rent-stabilized multifamily properties. At March 31, 2026, office-related loans represented $177.3 million, or 4.7%, of our total loan portfolio, with an average balance of $1.8 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 57%. Approximately 38% were owner-occupied. The geographic locations of the properties collateralizing our office-related loans are: 50.6% in New York, 47.9% in New Jersey and 1.5% in Pennsylvania. At March 31, 2026, our largest office-related loan had a principal balance of $85.7 million (with a net active principal balance for the Bank of $28.6 million as we have a 33.3% participation interest), was secured by an office facility located in Staten Island, New York, and was performing in accordance with its original contractual terms. At March 31, 2026, multifamily loans that have some form of rent stabilization or rent control totaled $415.9 million, or 10.9% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 50%. At March 31, 2026, our largest rent-regulated loan had a principal balance of $16.3 million, was secured by an apartment building located in Staten Island, New York, and was performing in accordance with its original contractual terms. Management continues to closely monitor its office and rent-regulated portfolios. For further details on our rent-regulated multifamily portfolio see “Asset Quality”.

Purchase credit-deteriorated (“PCD”) totaled $8.2 million and $8.3 million at March 31, 2026 and December 31, 2025, respectively. The majority of the remaining PCD loan balance consists of loans acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. The Company accreted interest income of $224,000 attributable to PCD loans for the three months ended March 31, 2026, compared to $223,000 for the three months ended March 31, 2025, respectively. PCD loans had an allowance for credit losses of approximately $2.5 million at March 31, 2026.

FHLBNY stock decreased by $4.4 million, or 9.4%, to $42.2 million at March 31, 2026, from $46.6 million at December 31, 2025. The decrease in FHLBNY stock directly correlates with lower short-term borrowing balances at March 31, 2026, as compared to December 31, 2025.

Other assets decreased by $7.1 million, or 20.2%, to $28.1 million at March 31, 2026, from $35.2 million at December 31, 2025. The decrease was primarily attributable to a decrease in tax assets (deferred and receivables) and proceeds due from broker.

Total liabilities decreased $23.4 million, or 0.5%, to $5.04 billion at March 31, 2026, from $5.06 billion at December 31, 2025. The decrease was primarily attributable to a decrease in borrowings of $98.0 million, partially offset by an increase in deposits of $72.8 million. The Company routinely utilizes brokered deposits and borrowed funds to manage interest rate risk, the cost of interest-bearing liabilities, and funding needs related to loan originations and deposit activity.

Deposits, excluding brokered deposits, increased $83.3 million, or 2.1%, to $4.06 billion at March 31, 2026 as compared to $3.98 billion at December 31, 2025. The increase in deposits, excluding brokered deposits, was primarily attributable to an increase of $99.8 million in transaction accounts, and $13.7 million in savings accounts, partially offset by decreases of $20.1 million in time deposits, and $10.1 million in money market accounts. Growth in transaction and savings accounts was primarily the result of the Company's focus on growing low/no cost checking deposits. Northfield Bank does not compete with high rate time deposits offered by competitors, which accounted for the decrease in that product category. Estimated gross uninsured deposits at March 31, 2026 were $2.07 billion, which included fully collateralized uninsured governmental deposits and intercompany deposits of $1.11 billion, leaving estimated uninsured deposits of approximately $957.6 million, or 23.4%, of total deposits. At December 31, 2025, estimated uninsured deposits, excluding fully collateralized uninsured governmental deposits and intercompany deposits, totaled $952.9 million, or 23.7% of total deposits.

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Borrowed funds decreased to $863.9 million at March 31, 2026, from $961.9 million at December 31, 2025. The decrease in borrowings was primarily due to a $40.0 million decrease in borrowings under an overnight line of credit, and a $58.0 million decrease in other borrowings. We were able to reduce our reliance on borrowings due to an increase in deposits. Management utilizes borrowings to mitigate interest rate risk, for short-term liquidity, and to a lesser extent from time to time, as part of leverage strategies.

The following table sets forth term borrowing maturities (excluding overnight borrowings, floating rate advances, and subordinated debt) and the weighted average rate by year at March 31, 2026 (dollars in thousands):


Year	Amount		Weighted Average Rate
2026	$	370,484	3.95%
2027	173,000		3.19%
2028	162,343		3.94%



	$	705,827	3.76%

Total stockholders’ equity increased by $4.6 million to $694.7 million at March 31, 2026, from $690.1 million at December 31, 2025. The increase was attributable to net income of $11.8 million for the three months ended March 31, 2026, and a $500,000 increase in equity award activity, partially offset by $5.3 million in dividend payments, and a $2.4 million increase in accumulated other comprehensive loss associated with a decrease in the estimated fair value of our debt securities available-for-sale portfolio.

Comparison of Operating Results for the Three Months Ended March 31, 2026 and 2025

Net Income. Net income was $11.8 million and $7.9 million for the three months ended March 31, 2026 and March 31, 2025, respectively. Significant variances from the comparable prior year period are as follows: a $5.2 million increase in net interest income, a $2.3 million decrease in the provision for credit losses on loans, a $390,000 increase in non-interest income, a $1.8 million increase in non-interest expense, and a $2.1 million increase in income tax expense.

Interest Income. Interest income increased $2.8 million, or 4.7%, to $62.9 million for the three months ended March 31, 2026, from $60.1 million for the three months ended March 31, 2025, primarily due to a 19 basis point increase in the yield on interest-earning assets, which increased to 4.69% for the three months ended March 31, 2026, from 4.50% for the three months ended March 31, 2025, due to higher yields on mortgage-backed securities, and a $27.1 million, or 0.5%, increase in the average balance of interest-earning assets. The increase in the average balance of interest-earning assets was primarily due to increases in the average balance of mortgage-backed securities of $218.6 million and the average balance of interest-earning deposits in financial institutions of $52.4 million, partially offset by decreases in the average balance of loans of $180.4 million and the average balance of other securities of $67.4 million. The Company accreted interest income related to PCD loans of $224,000 for the three months ended March 31, 2026, as compared to $223,000 for the three months ended March 31, 2025. Interest income for the three months ended March 31, 2026, also included loan prepayment income of $74,000 as compared to $245,000 for the three months ended March 31, 2025.

Interest Expense. Interest expense decreased $2.4 million, or 8.3%, to $25.9 million for the three months ended March 31, 2026, as compared to $28.3 million for the three months ended March 31, 2025. The decrease was primarily due to a decrease in the cost of interest-bearing liabilities, which decreased by 22 basis points to 2.52% for the three months ended March 31, 2026, from 2.74% for the three months ended March 31, 2025, and a decrease in the average balance of interest-bearing liabilities of $2.4 million, or 0.1%. The decrease in the cost of interest-bearing liabilities was driven primarily by a 34 basis point decrease in the cost of interest-bearing deposits to 2.17% from 2.51%, attributable to a shift to lower cost deposit sources such as negotiable orders of withdrawal and savings accounts. Partially offsetting the decrease was an 11 basis point increase in the cost of borrowed funds to 3.78% from 3.67%, attributable to increased utilization of short-term Federal Home Loan Bank advances. The average balance of interest-bearing liabilities decreased primarily due to an $84.5 million, or 2.5%, decrease in the average balance of interest-bearing deposits, primarily in certificates of deposit, partially offset by an $82.0 million, or 11.8%, increase in the average balance of borrowed funds.

Net Interest Income. Net interest income for the three months ended March 31, 2026, increased $5.2 million, or 16.3%, to $37.0 million, from $31.8 million for the three months ended March 31, 2025, primarily due to a 38 basis point increase in net interest margin to 2.76% from 2.38% for the three months ended March 31, 2025. The increase in net interest margin was primarily due to higher yields on loans and mortgage-backed securities, coupled with a decrease in the cost of interest-bearing liabilities.

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Provision for Credit Losses. The provision for credit losses on loans decreased by $2.3 million to $247,000 for the three months ended March 31, 2026, compared to $2.6 million for the three months ended March 31, 2025, primarily due to a decrease in general reserves, partially offset by an increase in specific reserves. The decrease in general reserves was related to a decline in loan balances and lower net charge-offs, partially offset by an increase in qualitative reserves in our multifamily portfolio. The increase in specific reserves was related to one collateral-dependent commercial real estate loan. Net charge-offs were $1.4 million for the three months ended March 31, 2026, as compared to $2.8 million for the three months ended March 31, 2025, and included charge-offs of $1.3 million and $2.4 million on small business unsecured commercial and industrial loans for the three months ended March 31, 2026 and 2025, respectively. Management continues to closely monitor the small business unsecured commercial and industrial loan portfolio, which totaled $17.6 million at March 31, 2026.

Non-interest Income. Non-interest income increased by $390,000, or 12.9%, to $3.4 million for the three months ended March 31, 2026, compared to $3.0 million for the three months ended March 31, 2025. The increase was primarily due to an increase in income on bank-owned life insurance of $252,000 and an $89,000 increase in fees and service charges for customer services.

Non-interest Expense. Non-interest expense increased by $1.8 million, or 8.5%, to $23.3 million for the three months ended March 31, 2026, compared to $21.4 million for the three months ended March 31, 2025. The increase was primarily due to a $1.7 million increase in merger expenses related to the pending Merger, and an $898,000 increase in employee compensation and benefits, primarily due to higher salary expense related to annual merit increases. Partially offsetting the increases were a $381,000 decrease in professional fees, primarily attributable to lower outsourced consulting and recruitment fees, a $170,000 decrease in credit loss expense/(benefit) for off-balance sheet exposure, and a $143,000 decrease in other non-interest expense. The decrease in credit loss expense/(benefit) for off-balance sheet exposure was due to a benefit of $67,000 recorded during the three months ended March 31, 2026, as compared to a provision of $103,000 recorded during the three months ended March 31, 2025, due to a decrease in the pipeline of loans committed and awaiting closing.

Income Tax Expense. The Company recorded income tax expense of $5.0 million for the three months ended March 31, 2026, compared to $2.9 million for the three months ended March 31, 2025. The effective tax rate for the three months ended March 31, 2026, was 29.8% compared to 27.0% for the three months ended March 31, 2025.

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The following table sets forth average balances, average yields and costs, and certain other information for the periods indicated.


	For the Three Months Ended
	March 31, 2026						March 31, 2025
	Average Outstanding Balance		Interest		Average Yield/ Rate (1)		Average Outstanding Balance		Interest		Average Yield/ Rate (1)
Interest-earning assets:
Loans (2)	$	3,826,874	$	45,400	4.81	%	$	4,007,266	$	45,283	4.58	%
Mortgage-backed securities (3)	1,351,266		15,004		4.50		1,132,715		12,009		4.30
Other securities (3)	50,701		382		3.06		118,082		797		2.74
Federal Home Loan Bank of New York stock	40,812		788		7.83		36,929		862		9.47
Interest-earning deposits in financial institutions	171,408		1,334		3.16		118,983		1,141		3.89
Total interest-earning assets	5,441,061		62,908		4.69		5,413,975		60,092		4.50
Non-interest-earning assets	242,448						277,586
Total assets	$	5,683,509					$	5,691,561

Interest-bearing liabilities:
Savings, NOW, and money market accounts	$	2,600,381	$	11,740	1.83	%	$	2,502,664	$	12,148	1.97	%
Certificates of deposit	741,462		6,140		3.36		923,713		9,043		3.97
Total interest-bearing deposits	3,341,843		17,880		2.17		3,426,377		21,191		2.51
Borrowed funds	777,238		7,246		3.78		695,281		6,291		3.67
Subordinated debt	61,685		819		5.38		61,461		819		5.40
Total interest-bearing liabilities	4,180,766		25,945		2.52		4,183,119		28,301		2.74
Non-interest-bearing deposits	719,896						706,217
Accrued expenses and other liabilities	89,610						94,819
Total liabilities	4,990,272						4,984,155
Stockholders' equity	693,237						707,406
Total liabilities and stockholders' equity	$	5,683,509					$	5,691,561

Net interest income			$	36,963					$	31,791
Net interest rate spread (4)					2.17	%					1.76	%
Net interest-earning assets (5)	$	1,260,295					$	1,230,856
Net interest margin (6)					2.76	%					2.38	%
Average interest-earning assets to interest-bearing liabilities					130.15	%					129.42	%

(1) Average yields and rates are annualized.

(2) Includes non-accruing loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs, which was not material.

(3) Securities available-for-sale and other securities are reported at amortized cost.

(4) 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.

(5) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(6) Net interest margin represents net interest income divided by average total interest-earning assets.

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Asset Quality

PCD Loans (Held-for-Investment)

The Company accounts for PCD loans at estimated fair value using discounted expected future cash flows deemed to be collectible on the date acquired. Based on its detailed review of PCD loans and experience in loan workouts, management has a reasonable expectation about the amount and timing of future cash flows and accordingly has classified PCD loans ($8.2 million at March 31, 2026 and $8.3 million at December 31, 2025, respectively) as accruing, even though they may be contractually past due. At March 31, 2026, 1.0% of PCD loans were past due 30 to 89 days, and 23.9% were past due 90 days or more, as compared to 4.0% and 23.2%, respectively, at December 31, 2025.

Loans

The following table details total non-accrual loans (excluding PCD), non-performing assets, loans over 90 days delinquent on which interest is accruing, and accruing loans 30 to 89 days delinquent at March 31, 2026, and December 31, 2025 (dollars in thousands):


	March 31, 2026			December 31, 2025
Non-accrual loans:
Held-for-investment
Real estate loans:
Multifamily	$	3,230		$	3,688
Commercial mortgage	11,485			5,012


Home equity and lines of credit	1,752			1,778
Commercial and industrial	4,494			4,732

Total non-accrual loans held-for-investment	20,961			15,210



Loans delinquent 90 days or more and still accruing:
Held-for-investment
Real estate loans:

Commercial mortgage	51			51
One-to-four family residential	127			863
Home equity and lines of credit	119			7
Commercial and industrial	158			—
Other	—			4
Total loans delinquent 90 days or more and still accruing held-for-investment	455			925







Total non-performing loans	21,416			16,135

Total non-performing assets	$	21,416		$	16,135
Non-performing loans to total loans	0.56		%	0.42		%
Non-performing assets to total assets	0.37		%	0.28		%

Accruing loans 30 to 89 days delinquent	$	7,775		$	11,424

The increase in non-accrual commercial mortgage loans at March 31, 2026 as compared to December 31, 2025, was primarily due to one loan with an outstanding balance of $6.5 million that was placed on non-accrual status as it was 90 days past due at March 31, 2026. The loan is considered well secured by collateral property in New York with an appraised value of $13.1 million and is in the process of collection.

Other Real Estate Owned

At March 31, 2026, and December 31, 2025, the Company had no assets acquired through foreclosure.

Accruing Loans 30 to 89 Days Delinquent

Loans 30 to 89 days delinquent and on accrual status totaled $7.8 million and $11.4 million at March 31, 2026, and December 31, 2025, respectively.

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The following table sets forth delinquencies for accruing loans by type and by amount at March 31, 2026, and December 31, 2025 (dollars in thousands):


	March 31, 2026		December 31, 2025
Held-for-investment
Real estate loans:
Multifamily	$	—	$	471
Commercial mortgage	12		6,984
One-to-four family residential	1,040		1,124
Home equity and lines of credit	721		1,110

Commercial and industrial loans	6,002		1,735


Total delinquent accruing loans held-for-investment	$	7,775	$	11,424

The decrease in delinquent commercial mortgage loans was primarily due to the one non-accrual loan described above.

The increase in delinquent commercial and industrial loans was primarily due to one loan which had an outstanding balance of $1.5 million and was past maturity but in the process of receiving an extension, and another loan which had an outstanding balance of $1.5 million where we are working with the borrower to pay off the loan.

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Rent-Regulated Multifamily Loans

Our multifamily loan portfolio at March 31, 2026 totaled $2.31 billion, or 61% of our total loan portfolio, of which $415.9 million, or 10.9%, of our total loan portfolio included loans collateralized by properties in New York with units subject to some percentage of rent regulation. The table below sets forth details about our multifamily loan portfolio in New York (dollars in thousands).


% Rent Regulated	Balance		% Portfolio Total NY Multifamily Portfolio		Average Balance		Largest Loan		LTV*	Debt Service Coverage Ratio (DSCR)*	30-89 Days Delinquent		Non-Accrual		Special Mention		Substandard
0	$	325,734	43.9	%	$	1,357	$	28,856	51.5%	1.51x	$	—	$	453	$	2,591	$	964
>0-10	4,598		0.6	%	1,533		2,066		49.8	1.38	—		—		—		—
>10-20	16,618		2.3	%	1,385		2,769		47.3	1.54	—		—		—		—
>20-30	18,835		2.5	%	2,093		5,319		52.0	1.43	—		—		—		—
>30-40	15,560		2.1	%	1,297		2,977		42.5	1.83	—		—		—		—
>40-50	17,524		2.4	%	1,168		2,161		46.7	1.76	—		—		—		—
>50-60	8,987		1.2	%	1,498		2,256		38.4	1.92	—		—		—		—
>60-70	21,451		2.9	%	2,681		10,890		52.4	1.45	—		—		—		—
>70-80	22,391		3.0	%	2,239		4,794		46.6	1.73	—		—		—		—
>80-90	19,932		2.7	%	1,171		3,077		49.9	1.70	—		—		—		1,097
>90-100	270,022		36.4	%	1,720		18,272		50.4	1.56	—		1,671		5,978		4,486
Total	$	741,652	100.0	%	$	1,517	$	28,856	50.4%	1.55x	$	—	$	2,124	$	8,569	$	6,547

The table below sets forth our New York rent-regulated loans by county (dollars in thousands):


County	Balance		LTV*	DSCR*
Bronx	$	114,167	50.0%	1.64x
Kings	176,295		49.3%	1.57
Nassau	2,112		35.1%	2.13
New York	43,566		45.4%	1.50
Queens	35,888		43.0%	1.92
Richmond	30,803		59.6%	1.36
Westchester	13,087		57.3%	1.21
Total	$	415,918	49.5%	1.59x

* Weighted Average

None of the loans that are rent-regulated in New York are interest-only. During the remainder of 2026, 12 loans with an aggregate principal balance of $37.1 million will re-price.

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Liquidity and Capital Resources

Liquidity. The objective of our liquidity management is to ensure the availability of sufficient funds to meet financial commitments and deposit withdrawals, to repay borrowings as they mature, and to fund new loans and investments as opportunities arise.

The Bank's primary sources of funds are deposits, principal and interest payments on loans and securities, borrowed funds, the proceeds from maturing securities and short-term investments, and to a lesser extent, proceeds from the sales of loans and securities, and wholesale borrowings. The scheduled amortization of loans and securities, as well as proceeds from borrowed funds, are predictable sources of funds. Other funding sources, however, such as deposit inflows and loan prepayments are greatly influenced by market interest rates, economic conditions, and competition. The Bank is a member of the Federal Home Loan Bank of New York (“FHLBNY”), which provides an additional source of short-term and long-term funding. The Bank also has short-term borrowing capabilities with the Federal Reserve Bank of New York (“FRBNY”). The Bank’s total short-term borrowed funds, excluding lease obligations, floating rate advances and an overnight line of credit, were $705.8 million at March 31, 2026, and had a weighted average interest rate of 3.76%. A total of $438.5 million of these borrowings will mature in less than one year. Short-term borrowed funds, excluding floating rate advances, were $763.8 million at December 31, 2025.

On June 17, 2022, the Company issued $62.0 million in aggregate principal amount of fixed to floating subordinated notes (the “Notes”). The Notes are non-callable for five years, have a stated maturity of June 30, 2032, and bear interest at a fixed rate of 5.00% until June 30, 2027. From July 2027 to the maturity date or early redemption date, the interest rate will reset quarterly to a level equal to the then current three-month Secured Overnight Financing Rate plus 200 basis points.

The Bank has the ability to obtain additional funding from the FHLBNY and FRBNY of approximately $1.73 billion utilizing unencumbered securities of $606.6 million, loans of $1.12 billion, and encumbered securities of $2.0 million at March 31, 2026. Additionally, the Bank has remaining borrowing capacity utilizing encumbered securities through the FRBNY Discount Window of $65.6 million. The Bank expects to have sufficient funds available to meet current commitments in the normal course of business.

We monitor our liquidity position on a daily basis. We anticipate that we will have sufficient funds to meet our current funding commitments. Based on our deposit retention experience and current pricing strategy, we anticipate that a significant portion of maturing time deposits will be retained. However, if a substantial portion of these deposits are not retained, we may utilize FHLB advances, the FRBNY Discount Window, brokered deposits, sell unencumbered securities or raise interest rates on deposits to attract new accounts, which may result in higher levels of interest expense.

The Company has a diversified deposit base, and government deposits are collateralized by assets or letters of credit issued by the FHLBNY. Estimated gross uninsured deposits at March 31, 2026 were $2.07 billion. This total includes fully collateralized uninsured governmental deposits and intercompany deposits of $1.1 billion, leaving estimated net uninsured deposits of approximately $957.6 million, or 23.4% of total deposits. At December 31, 2025, estimated net uninsured deposits totaled $952.9 million, or 23.7% of total deposits.

Northfield Bancorp, Inc. (standalone) is a separate legal entity from the Bank and must provide for its own liquidity to pay dividends, repurchase its stock, and for other corporate purposes. Northfield Bancorp, Inc.'s primary source of liquidity is dividend payments from the Bank. At March 31, 2026, Northfield Bancorp, Inc. (standalone) had liquid assets of $6.6 million.

Capital Resources. Federal regulations require federally insured depository institutions to meet several minimum capital standards: a common equity Tier 1 capital to risk-based assets ratio of 4.5%, a Tier 1 capital to risk-based assets ratio of 6.0%, a total capital to risk-based assets of 8.0%, and a 4.0% Tier 1 capital to total assets leverage ratio. In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets in addition to the amount necessary to meet its minimum risk-based capital requirements.

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The federal banking agencies developed a “Community Bank Leverage Ratio” (“CBLR”) (the ratio of a bank’s tangible equity capital to average total consolidated assets) for financial institutions with assets of less than $10 billion. A qualifying community bank that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered “well capitalized” under Prompt Corrective Action statutes. The federal banking agencies have approved 9% as the current minimum capital for the CBLR, with 8% as the minimum capital for the CBLR, effective July1, 2026. Northfield Bank and Northfield Bancorp have elected to opt into the CBLR framework. The CBLR replaced the risk-based and leverage capital requirements in the generally applicable capital rules.

At March 31, 2026, and December 31, 2025, as set forth in the following table, both Northfield Bank and Northfield Bancorp, Inc. exceeded all of the regulatory capital requirements to which they were subject at such dates.


	Northfield Bank	Northfield Bancorp, Inc.	For Capital Adequacy Purposes	For Well Capitalized Under Prompt Corrective Action Provisions
As of March 31, 2026:
CBLR	13.08%	12.34%	9.00%	9.00%
As of December 31, 2025:
CBLR	12.84%	12.24%	9.00%	9.00%

Off-Balance Sheet Arrangements and Contractual Obligations

In the normal course of operations, the Company engages in a variety of financial transactions that, in accordance with U.S. GAAP, are not recorded in the financial statements. These transactions primarily relate to lending commitments. These arrangements are not expected to have a material impact on the Company's results of operations or financial condition.

Commitments to fund unused lines of credit are agreements to lend additional funds to customers as long as there have been no violations of any of the conditions established in the agreements (original or restructured). Commitments to originate loans generally have a fixed expiration or other termination clauses, which may require payment of a fee. Since some of these loan commitments are expected to expire without being drawn upon, total commitments do not necessarily represent future cash requirements. At March 31, 2026, the reserve for commitments to fund unused lines of credit recorded in accrued expenses and other liabilities was $223,000.

For further information regarding our off-balance sheet arrangements and contractual obligations, see "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Accounting Pronouncements Not Yet Adopted

ASU No. 2024-03. In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)”, which improves financial reporting by requiring public entities to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 is effective for the Company for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.

ASU No. 2025-01. In January 2025, the FASB issued No ASU 2025-01, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date”. This ASU amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. Adoption of ASU 2024-03 and ASU 2025-01 is not expected to have a significant impact on the Company's consolidated financial statements.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Management of Market Risk

General. A majority of our assets and liabilities are monetary in nature. Consequently, our most significant form of market risk is interest rate risk. Our assets, consisting primarily of mortgage-related securities and loans, generally have longer maturities than our liabilities, which consist primarily of deposits and wholesale borrowings. As a result, a principal part of our business strategy involves managing interest rate risk and limiting the exposure of our net interest income to changes in market interest rates. Accordingly, our Board of Directors has established a Management Asset-Liability Committee, comprised of our Senior Vice President (“SVP”) & Chief Investment Officer and Treasurer, who chairs this Committee, our President & Chief Executive Officer, our Executive Vice President (“EVP”) & Chief Risk Officer, our EVP & Chief Financial Officer, our EVP & Chief Lending Officer, our EVP & Chief Branch Administration, Deposit Operations & Business Development Officer, and other officers and staff as necessary or appropriate. This committee is responsible for, among other things, evaluating the interest rate risk inherent in our assets and liabilities, for recommending to the Risk Committee of our Board of Directors the level of risk that is appropriate given our business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk consistent with the guidelines approved by the Board of Directors.

We seek to manage our interest rate risk in order to minimize the exposure of our earnings and capital to changes in interest rates. As part of our ongoing asset-liability management, we currently use the following strategies to manage our interest rate risk:

•originating multifamily loans and commercial real estate loans that generally have shorter maturities than one-to-four family residential real estate loans and have higher interest rates that generally reset from five to ten years;

•investing in investment grade corporate securities and REMICs; and

•obtaining general financing through lower-cost core deposits, brokered deposits, and longer-term FHLB advances and repurchase agreements.

Shortening the average term of our interest-earning assets by increasing our investments in shorter-term assets, as well as originating loans with variable interest rates, helps to match the maturities and interest rates of our assets and liabilities better, thereby reducing the exposure of our net interest income to changes in market interest rates.

Net Portfolio Value Analysis. We compute amounts by which the net present value of our assets and liabilities (net portfolio value or “NPV”) would change in the event market interest rates change over an assumed range of rates. Our simulation model uses a discounted cash flow analysis to measure the interest rate sensitivity of our NPV. Depending on current market interest rates, we estimate the economic value of these assets and liabilities under the assumption that interest rates experience an instantaneous and sustained increase or decrease of 100, 200, 300, or 400 basis points, which is based on the current interest rate environment. A basis point equals one-hundredth of one percent, and 100 basis points equals one percent. An increase in interest rates from 3% to 4% would mean, for example, a 100 basis point increase in the “Change in Interest Rates” column below.

Net Interest Income Analysis. In addition to NPV calculations, we analyze our sensitivity to changes in interest rates through our net interest income model. Net interest income is the difference between the interest income we earn on our interest-earning assets, such as loans and securities, and the interest we pay on our interest-bearing liabilities, such as deposits and borrowings. In our model, we estimate what our net interest income would be for a twelve-month period. Depending on current market interest rates we then calculate what the net interest income would be for the same period under the assumption that interest rates experience an instantaneous and sustained increase or decrease of 100, 200, 300, or 400 basis points, which is based on the current interest rate environment.

The following tables set forth, as of March 31, 2026, and December 31, 2025, our calculation of the estimated changes in our NPV, NPV ratio, and percent change in net interest income that would result from the designated instantaneous and sustained changes in interest rates (dollars in thousands). Computations of prospective effects of hypothetical interest rate changes are based on numerous assumptions, including relative levels of market interest rates, loan prepayments and deposit repricing characteristics, including decay rates, and correlations to movements in interest rates, and should not be relied on as indicative of actual results.

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	At March 31, 2026
Change in Interest Rates (basis points)	Estimated Present Value of Assets		Estimated Present Value of Liabilities		Estimated NPV		Estimated Change In NPV		Estimated Change in NPV %		Estimated NPV/Present Value of Assets Ratio		Next 12 Months Net Interest Income Percent Change		Months 13-24 Net Interest Income Percent Change
+400	$	5,166,736	$	4,430,300	$	736,436	$	(182,448)	(19.86)	%	14.25	%	(9.77)	%	3.29	%
+300	5,280,681		4,496,394		784,287		(134,597)		(14.65)		14.85		(5.82)		3.92
+200	5,411,862		4,565,541		846,321		(72,563)		(7.90)		15.64		(2.11)		4.65
+100	5,532,220		4,638,078		894,142		(24,742)		(2.69)		16.16		(0.31)		3.27
—	5,633,273		4,714,389		918,884		—		—		16.31		—		—
(100)	5,717,997		4,792,259		925,738		6,854		0.75		16.19		(1.61)		(6.34)
(200)	5,794,621		4,875,020		919,601		717		0.08		15.87		(4.65)		(14.02)
(300)	5,881,780		4,976,091		905,689		(13,195)		(1.44)		15.40		(8.15)		(19.67)
(400)	6,030,552		5,084,857		945,695		26,811		2.92		15.68		(8.73)		(21.44)


	At December 31, 2025
Change in Interest Rates (basis points)	Estimated Present Value of Assets		Estimated Present Value of Liabilities		Estimated NPV		Estimated Change In NPV		Estimated Change in NPV %		Estimated NPV/Present Value of Assets Ratio		Next 12 Months Net Interest Income Percent Change		Months 13-24 Net Interest Income Percent Change
+400	$	5,194,812	$	4,475,588	$	719,224	$	(179,786)	(20.00)	%	13.85	%	(13.79)	%	0.80	%
+300	5,312,975		4,542,244		770,731		(128,279)		(14.27)		14.51		(8.63)		2.30
+200	5,445,185		4,612,008		833,177		(65,833)		(7.32)		15.30		(3.91)		3.65
+100	5,560,823		4,685,217		875,606		(23,404)		(2.60)		15.75		(1.18)		2.89
—	5,661,264		4,762,254		899,010		—		—		15.88		—		—
(100)	5,749,823		4,840,638		909,185		10,175		1.13		15.81		(0.95)		(5.80)
(200)	5,831,247		4,923,454		907,793		8,783		0.98		15.57		(2.40)		(12.48)
(300)	5,928,588		5,025,916		902,672		3,662		0.41		15.23		(4.78)		(16.83)
(400)	6,104,291		5,121,781		982,510		83,500		9.29		16.10		(5.32)		(18.86)

At March 31, 2026, in the event of a 400 basis point decrease in interest rates, we would experience a 2.92% increase in estimated net portfolio value, an 8.73% decrease in net interest income in year one, and a 21.44% decrease in net interest income in year two. In the event of a 400 basis point increase in interest rates, we would experience a 19.86% decrease in estimated net portfolio value, a 9.77% decrease in net interest income in year one and a 3.29% increase in net interest income in year two. Our policies provide that, in the event of a 200 basis point decrease or less in interest rates, our net present value ratio should decrease by no more than 300 basis points and 10%, and in the event of a 400 basis point increase or less, our net present value should decrease by no more than 475 basis points and 35%. In the event of a 200 basis point decrease or less, our projected net interest income should decrease by no more than 10% in year one and 20% in year two, and in the event of a 400 basis point increase or less, our projected net interest income should decrease by no more than 39% in year one and 24% in year two. At March 31, 2026, and December 31, 2025, we were in compliance with all Board-approved policies with respect to interest rate risk management.

Certain shortcomings are inherent in the methodologies used in determining interest rate risk through changes in net portfolio value and net interest income. Our model requires us to make certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. We also apply consistent parallel yield curve shifts (in both directions) to determine possible changes in net interest income if the theoretical yield curve shifts occurred gradually. Net interest income analysis also adjusts the asset and liability repricing analysis based on changes in prepayment rates resulting from the parallel yield curve shifts. In addition, the net portfolio value and net interest income information presented assume that the composition of our interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and assume that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. Accordingly, although interest rate risk calculations provide an indication of our interest rate risk exposure at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on our net portfolio value or net interest income and will differ from actual results.

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ITEM 4. CONTROLS AND PROCEDURES

An evaluation was performed under the supervision and with the participation of the Company’s management, including the President and Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended) as of March 31, 2026. Based on that evaluation, the Company’s management, including the President and Chief Executive Officer and the Chief Financial Officer, concluded that the Company’s disclosure controls and procedures were effective.

During the three months ended March 31, 2026, there were no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II

ITEM 1. LEGAL PROCEEDINGS

The Company and subsidiaries are subject to various legal actions arising in the normal course of business. In the opinion of management, the resolution of these legal actions is not expected to have a material adverse effect on the Company’s consolidated financial condition or results of operations.

ITEM 1A. RISK FACTORS

During the quarter ended March 31, 2026, there have been no material changes to the risk factors as previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission, except as previously disclosed in our other filings with the Securities and Exchange Commission.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES

(a)Unregistered Sale of Equity Securities. There were no sales of unregistered securities during the period covered by this report.

(b)Use of Proceeds. Not applicable.

(c)Repurchases of Our Equity Securities.

Historically share repurchases have been made through programs that permit the Company's shares of common stock to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. During the quarter ended March 31, 2026, the Company did not repurchase any shares (other than shares repurchased to satisfy tax withholding obligations associated with the vesting of restricted stock or performance shares earned) and as of March 31, 2026, the Company had no outstanding repurchase program.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

During the three months ended March 31, 2026, no directors or executive officers of the Company adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) and/or any “Rule 10b5-1 trading arrangement.”

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ITEM 6. EXHIBITS

The following exhibits required by Item 601 of Regulation S-K are included with this Quarterly Report on Form 10-Q.


Exhibit Number						Description
31.1						Certification of Steven M. Klein, Chairman, President and Chief Executive Officer, Pursuant to Rule 13a-14(a) and Rule 15d-14(a).(1)
31.2						Certification of William R. Jacobs, Executive Vice President and Chief Financial Officer, Pursuant to Rule 13a-14(a) and Rule 15d-14(a).(1)
32						Certification of Steven M. Klein, Chairman, President and Chief Executive Officer, and William R. Jacobs, Executive Vice President and Chief Financial Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(1)
101.INS						XBRL (Extensible Business Reporting Language) Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document.
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104						Cover page information from the Company's Quarterly Report on Form 10-Q filed May 11, 2026, formatted in Inline XBRL.

(1) Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

NORTHFIELD BANCORP, INC.

(Registrant)

Date: May 11, 2026