Northfield Savings Bank releases 1Q earnings

Real Estate Weekly, May 7, 2003

Northfield Savings Bank, the principal operating subsidiary of NSB Holding Corporation, announced excellent earnings results for the first quarter of 2003.

"Despite the slow pace of the economy, the newly expanded Northfield Savings Bank continues to produce significant earnings. We are very pleased with our first quarterly report since acquiring Liberty Bank of New Jersey," said John W. Alexander, chairman of the board and chief executive officer of Northfield.

"The seven full service Liberty branches located in Middlesex and Union counties become a part of the Northfield banking family, joining the twelve full service offices of Northfield operating in Staten Island. Together, they make up a significantly larger community-oriented financial institution. The resulting resources are helping to improve services and offering more convenience for our customers," he added.

The bank's net earnings of $3.543 million represent an increase of 12% over Northfield's stand alone earnings in the first quarter of 2002. The capital base or net worth grew to more than $131 million, an increase of more than 45% over last year. Deposits at quarter end exceeded $1 .026 billion, a more than 67% increase as a result of the merger and deposit growth, when compared to Northfield's deposits at March 31, 2002. The combined assets of Northfield Savings Bank amount to more than $1.4 billion, an increase of more than 37% over the previous year.

Albert J. Regen, president of Northfield, said, "Northfield manages its capital wisely, provides its customers with a great mix of products and services, and delivers those products and services with a wide array of convenient banking options. As a corporate citizen of Staten Island and now Union and Middlesex counties in New Jersey,

Northfield Savings Bank will continue to support charities in its branch communities that are involved with housing, economic development, healthcare, social services, education, cultural affairs, and the arts."