Net income up 24% in 3Q for Northfield

Real Estate Weekly, Oct 30, 2002

John W. Alexander, chairman of the board and chief executive officer of Northfield Savings Bank, the principal operating subsidiary of NSB Holding Corporation, announced continued excellent financial results for the third quarter of 2002.

"In spite of the economy's tepid performance, Northfield continues to show strong growth as we head into the fourth quarter of the year," Alexander reported. "Our net income for the quarter ending Sept. 30 increased more than 24% from one year ago, from $2.927 to $3.65 million. Our capital base, which allows us to expand and provide new and innovative services to our depositors, grew by quarter end to more than $102 million, an increase of more than 16% from one year ago."

At the end of the third quarter of 2002, Northfield also had deposits of more than $672 million, an increase of more than $78 million or 14% more than one year ago.

Northfield's competitive rates, personal service and commitment to investing in its community were reflected in its strong residential mortgage lending for the quarter. Total residential mortgage loans closed year-to-date have already surpassed the number of loans closed in the previous year.

Albert J. Regen, Northfield's president, emphasized the bank's dedication to its Staten Island customer base.

"We recently introduced Overdraft Edge(SM) as a product that can give our customers peace of mind when writing a check, we've opened new drive-up ATM kiosks."