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Northfield Bancorp to record one-time charge in Q4 from branch closures

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Northfield Bancorp to record one-time charge in Q4 from branch closures

Woodbridge, N.J.-based Northfield Bancorp Inc. expects to record a one-time charge in occupancy costs of about $1.2 million in the fourth quarter, attributable to accelerated lease rental expense and accelerated leasehold amortization expense.

This is in connection with Northfield Bancorp unit Northfield Bank's earlier announced plans to combine three branch offices into one. Two of the branches are in Brooklyn, N.Y., and one is in Milltown, N.J. The consolidations are expected to occur Dec. 31.

Northfield Bancorp also reported net income of $13.1 million, or 28 cents per share, for the quarter ended Sept. 30, compared to $9.1 million, or 19 cents per share, for the same period in 2018.