Northfield Bancorp Files Plans For $821.3M IPO
Northfield Bancorp Inc. announced Thursday it plans to issue up to an estimated $821.3 million in stock as part of its ownership conversion from a mutual holding company.
The filing with the Securities and Exchange Commission comes a week after the New Jersey-based bank's board approved the demutualization plan.
The offering comes as many companies in recent months have issued new shares or debt, though the IPO market has cooled somewhat of late.
Depositors of Northfield Bank, which has 18 branches in New York City and New Jersey, as of March 31, will have the first opportunity to purchase the shares, slated to price at $10 each. Up to 46.3 million can be sold, but at least 29.8 million must be in order for the demutualization to proceed. The exchange ratio for current holders will range from 1.2073 shares to 1.8784 shares, depending on the amount of stock sold.
In the first quarter, Northfield's profit rose to $3.4 million, or 8 cents a share, from $2.7 million, or 6 cents a share, a year earlier, as interest income increased 2.6% to $21 million. Loan-loss provisions have remain muted while charge-offs tumbled.
Current shares of Northfield, which will be swapped for new stock after the IPO, closed Wednesday at $13.14 and were inactive premarket.
