 NOTABLE ITEMS FOR THE QUARTER INCLUDE: DILUTED EARNINGS PER SHARE OF 0.23 FOR THE SECOND QUARTER OF 2020, COMPARED TO 0.10 FOR THE FIRST QUARTER OF 2020, AND 0.17 FOR THE SECOND QUARTER OF 2019 Results for the second quarter of 2020 included a 0.01 net decrease in diluted earnings per share related to: 1.8 million in incremental loan loss provisions related to the impact of the COVID-19 pandemic, due primarily to an increase in estimated loss factors related to overall unemployment, and downgrades in loan ratings for forbearance loans; and 205,000 in merger related expenses, partially offset by: 665,000 in gains on loans sold, and a 618,000 reduction in the allowance for loan losses related to the sale of loans. COMPLETED ACQUISITION OF VSB BANCORP, INC. ON JULY 1, 2020 LOANS INCREASED 80.2 MILLION, OR 9.0 ANNUALIZED, AS COMPARED TO MARCH 31, 2020 Originated over 900 loans totaling over 109 million under the Paycheck Protection Program, helping our small business customers retain over 13,000 employees. Sold approximately 48 million in longer duration loans. IMPLEMENTED LOAN RELIEF PROGRAMS FOR BORROWERS AFFECTED BY COVID-19 TO DEFER INTEREST ANDOR PRINCIPAL PAYMENTS GENERALLY FOR A 90-DAY PERIOD As of June 30, 2020, 262 deferral requests approved or executed, totaling 345.9 million, or 9.7, of total loans. As of July 21, 2020, 150.5 million of COVID-19 modified loans reached their forbearance expiration. 86.5 million, or 58 have returned to contractual monthly payments, 51.4 million, or 34, have requested or been approved for a second 90-day forbearance period, and 12.6 million, or 8, are past due for their July payment. In addition, two loans, totaling 2.9 million, have been granted initial forbearance since June 30, 2020. NET INTEREST INCOME INCREASED 297,000, OR 1.0, OVER THE TRAILING QUARTER, AND 3.1 MILLION, OR 11.3, COMPARED TO THE PRIOR YEAR QUARTER NON-PERFORMING LOANS TO TOTAL LOANS WAS 0.27 AT JUNE 30, 2020, COMPARED TO 0.29 AT DECEMBER 31, 2019 DEPOSITS, EXCLUDING BROKERED, INCREASED 279.5 MILLION, OR 34.5 ANNUALIZED, AS COMPARED TO MARCH 31, 2020 CASH DIVIDEND DECLARED OF 0.11 PER SHARE OF COMMON STOCK, PAYABLE AUGUST 19, 2020, TO STOCKHOLDERS OF RECORD AS OF AUGUST 5, 2020WOODBRIDGE, N.J., July 22, 2020 GLOBE NEWSWIRE -- NORTHFIELD BANCORP, INC. Nasdaq:NFBK, the holding company for Northfield Bank, reported diluted earnings per common share of 0.23 and 0.33 for the quarter and six months ended June 30, 2020, respectively, as compared to 0.17 and 0.36 per diluted share for the quarter and six months ended June 30, 2019, respectively. Earnings for the quarter and six months ended June 30, 2020, included a gain on sale of loans of 665,000, and merger-related expenses of 205,000 and 384,000, respectively. Earnings for the quarter and six months ended June 30, 2020, also included incremental loan loss provisions of 1.8 million, and 8.0 million, respectively, related to COVID-19 estimated loss factors related to overall unemployment and downgrades in loan ratings for forbearance loans, and a reduction in loan loss provisions of 618,000 related to the sale of loans in the quarter ended June 30, 2020.Commenting on the quarter, Steven M. Klein, the Companys President and Chief Executive Officer noted, Our strong financial results produced during a time of unprecedented challenges are an affirmation of our conservative and disciplined business model, and to the efforts and teamwork of the entire organization to serve our customers, communities and stockholders. Mr. Klein continued, Our commitment and investment in digital capabilities and training allowed us to support our employees and customers seamlessly, and the hard work of our team to originate loans under the Paycheck Protection Program provided us the opportunity to support the critical small businesses that are the backbone of our economy, while expanding our relationships with our customers and with others in the community.Mr. Klein further noted, Im pleased to announce that the Board of Directors has declared a dividend of 0.11 per common share, payable on August 19, 2020, to stockholders of record on August 5, 2020.Results of OperationsComparison of Operating Results for the Six Months Ended June 30, 2020 and 2019 Net income was 15.3 million and 17.0 million for the six months ended June 30, 2020 and June 30, 2019, respectively. Significant variances from the comparable prior year period are as follows: a 5.7 million increase in net interest income, a 9.6 million increase in the provision for loan losses, a 1.5 million decrease in non-interest income, a 4.4 million decrease in non-interest expense, and a 634,000 increase in income tax expense. Net interest income for the six months ended June 30, 2020, increased 5.7 million, or 10.4, to 60.2 million, from 54.5 million for the six months ended June 30, 2019, primarily due to a 498.3 million, or 11.7, increase in our average interest-earning assets, partially offset by a four basis point decrease in our net interest margin to 2.55 from 2.59 for the six months ended June 30, 2019. The increase in our average interest-earning assets was due to increases in average loans outstanding of 290.0 million, average mortgage-backed securities of 262.7 million, average interest-earning deposits in financial institutions of 33.1 million, and average Federal Home Loan Bank of New York FHLBNY stock of 7.0 million, partially offset by decreases in average other securities of 94.6 million. The decrease in net interest margin was due to lower yields on interest-earning assets which decreased 24 basis points to 3.55 for the six months ended June 30, 2020, from 3.79 for the six months ended June 30, 2019, partially offset by a 26 basis point decrease in the cost of our interest-bearing liabilities to 1.24 for the six months ended June 30, 2020, from 1.50 for the six months ended June 30, 2019. Net interest income for the six months ended June 30, 2020, included loan prepayment income of 992,000 as compared to 594,000 for the six months ended June 30, 2019.The provision for loan losses increased by 9.6 million to 10.1 million for the six months ended June 30, 2020, compared to 550,000 for the six months ended June 30, 2019. The increase in the provision primarily reflects increased reserves related to the Coronavirus Disease 2019 COVID-19 pandemic, including increases to our qualitative loss factors primarily related to higher unemployment, and loan risk rating changes related to loan modification requests, and, to a lesser extent, increased delinquencies, and loan growth. Net charge-offs were 292,000 and 215,000 for the six months ended June 30, 2020, and June 30, 2019, respectively.The Coronavirus Aid, Relief, and Economic Security CARES Act, a stimulus package signed into law on March 27, 2020, to address economic disruption caused by the COVID-19 pandemic, provides financial institutions with the option to defer adoption of the Financial Accounting Standards Boards Accounting Standard Update ASU No. 2016-13, Financial Instruments - Credit Losses Topic 326 until the earlier of the end of the pandemic or December 31, 2020. The Company has elected to defer adoption of ASU No. 2016-13 and its Current Expected Credit Loss methodology CECL. Upon the Companys future adoption of CECL, the change from the incurred loss methodology to the CECL methodology will be recognized through an adjustment to retained earnings, with an effective retrospective implementation date of January 1, 2020.Non-interest income decreased 1.5 million, or 26.1, to 4.3 million for the six months ended June 30, 2020, from 5.9 million for the six months ended June 30, 2019, primarily due to decreases of 561,000 in fees and service charges for customer services and 1.8 million in gains on trading securities, net, partially offset by a 665,000 gain on the sale of a portfolio of multifamily loans, and an increase in other income of 373,000. The decrease in fees and service charges for customer services was primarily due to a decline in overdraft charges, attributable to fees waived due to the COVID-19 pandemic, as well as a decline in overdrafts due to lower consumer spending. For the six months ended June 30, 2020, losses on trading securities were 366,000 as compared to gains of 1.4 million for the six months ended June 30, 2019. The trading portfolio is utilized to fund the Companys deferred compensation obligation to certain employees and directors of the Companys deferred compensation plan the Plan. The participants of this Plan, at their election, defer a portion of their compensation. Gains and losses on trading securities have no effect on net income since participants benefit from, and bear the full risk of, changes in the trading securities market values. Therefore, the Company records an equal and offsetting amount in compensation expense, reflecting the change in the Companys obligations under the Plan. The increase in other income is primarily attributable to an increase in swap fee income. Non-interest expense decreased 4.4 million, or 11.6, to 33.5 million for the six months ended June 30, 2020, compared to 38.0 million for the six months ended June 30, 2019. This is due primarily to: i a 3.1 million decrease in employee compensation and benefits, 1.8 million of which is related to the Companys deferred compensation plan, which is described above and has no effect on net income, coupled with a 1. 