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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><!-- xbrl,dc --><B>As filed with the Securities and Exchange Commission on June&nbsp;9, 2010</B>
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</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><b>Registration No.&nbsp;333-</b><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 6pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-1</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Northfield Bancorp, Inc. and<BR>
Northfield Bank 401(k) Savings Plan</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR></TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>6712</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Being applied for</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Primary Standard Industrial
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Classification Code Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification Number)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>581 Main Street<BR>
Woodbridge, New Jersey 07095<BR>
(732)&nbsp;499-7200</B><BR>
(Address, Including Zip Code, and Telephone Number, Including Area Code, of<BR>
Registrant&#146;s Principal Executive Offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Mr. John W. Alexander<BR>
Chairman, President and Chief Executive Officer<BR>
581 Main Street<BR>
Woodbridge, New Jersey 07095<BR>
(732)&nbsp;499-7200</B><BR>
(Address, Including Zip Code, and Telephone Number, Including Area Code, of<BR>
Agent for Service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Copies to:<BR>
Edward A. Quint, Esq.<BR>
Eric Luse, Esq.<BR>
Luse Gorman Pomerenk &#038; Schick, P.C.<BR>
5335 Wisconsin Avenue, N.W., Suite&nbsp;780<BR>
Washington, D.C. 20015<BR>
(202)&nbsp;274-2000</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Approximate date of commencement of proposed sale to the public: </B>As soon as practicable after
this registration statement becomes effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If any of the securities being registered on this Form are to be offered on a delayed or continuous
basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, check the following box: <FONT style="font-family: Wingdings">&#254;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If this Form is filed to register additional shares for an offering pursuant to Rule 462(b)
under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering: <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act,
check the following box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering: <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act,
check the following box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering: <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated
filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the Exchange Act.
(Check one):
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR></TR>
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<TR valign="bottom">
    <TD align="center" valign="top">Large accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Accelerated filer <FONT style="font-family: Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
<FONT style="white-space: nowrap">(Do not check if a smaller reporting company)</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Smaller reporting company <FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of each class of</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>securities to be registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>offering price per share</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>aggregate offering price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>registration fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, $0.01 par
value per share</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">82,129,380 shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">$10.00</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">$821,293,800 (1)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">$58,559</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Participation interests</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">1,186,679 interests (2)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">(2)</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 3pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>The securities of Northfield Bancorp, Inc. to be purchased by the Northfield Bank 401(k)
Savings Plan are included in the amount shown for the common stock. Accordingly, no separate
fee is required for the participation interests. In accordance with Rule 457(h) of the
Securities Act of 1933, as amended, the registration fee has been calculated on the basis of
the number of shares of common stock that may be purchased with the current assets of such
Plan.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The registrant hereby amends this registration statement on such date or dates as may be necessary
to delay its effective date until the registrant shall file a further amendment which specifically
states that this registration shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until the registration statement shall become effective on such date
as the Securities and Exchange Commission, acting pursuant to said Section&nbsp;8(a), may determine.</B>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><B>Prospectus Supplement</B></U>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Interests in</B>
</DIV>


<DIV align="Center" style="font-size: 18pt; margin-top: 6pt"><B>NORTHFIELD BANK<BR>
EMPLOYEE SAVINGS PLAN</B>
</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><B>Offering of Up to 1,186,679 Shares of</B>
</DIV>

<DIV align="Center" style="font-size: 18pt; margin-top: 6pt"><B>NORTHFIELD BANCORP, INC.</B>
</DIV>
<DIV align="center" style="font-size: 12pt"><B>Common Stock</B></DIV>



<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the conversion of Northfield Bancorp, MHC from the mutual to stock form of
organization, Northfield Bancorp, Inc., a newly formed Delaware corporation
(&#147;Northfield-Delaware&#148;), is offering shares of common stock for sale. Northfield-Delaware is
allowing participants in the Northfield Bank Employee Savings Plan (the &#147;Plan&#148;) to invest all or a
portion of their accounts in stock units representing an ownership interest in the common stock of
Northfield-Delaware (the &#147;Common Stock&#148;). Presently, participants have the right to invest in the
Northfield Bancorp, Inc. Stock Fund which purchases shares of Northfield Bancorp, Inc., the
federally-chartered mid-tier holding company of Northfield Bank (hereinafter, the federal mid-tier
holding company will be referred to as &#147;Northfield-Federal&#148; and the existing stock fund will be
referred to as &#147;Northfield-Federal Stock Fund&#148;.)
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the value of the Plan assets at March&nbsp;31, 2010, the trustee of the Plan could
purchase or acquire up 1,186,679 shares of the Common Stock, at the purchase price of $10.00 per
share. This prospectus supplement relates to the initial election of Plan participants to direct
the trustee of the Plan to invest all or a portion of their Plan accounts (other than amounts
invested in the Northfield-Federal Stock Fund) in stock units representing an ownership interest in
the Northfield-Delaware Stock Fund at the time of the stock offering.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Delaware&#146;s prospectus, dated August &#95;&#95;&#95;, 2010, is attached to this prospectus
supplement. It contains detailed information regarding the stock offering of Northfield-Delaware
Common Stock and the financial condition, results of operations and business of Northfield Bank.
This prospectus supplement provides information regarding the Plan. You should read this prospectus
supplement together with the prospectus and keep both for future reference.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>For a discussion of risks that you should consider, see &#147;Risk Factors&#148; beginning on page &#95;&#95;&#95;
of the prospectus.</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The interests in the Plan and the offering of common stock of Northfield-Delaware have not
been approved or disapproved by the Office of Thrift Supervision, the Securities and Exchange
Commission or any other federal or state agency. Any representation to the contrary is a criminal
offense.</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The securities offered in this prospectus supplement are not deposits or accounts and are not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus supplement may be used only in connection with offers and sales by
Northfield-Delaware, in the stock offering, of stock units representing an interest in shares of
common stock in the Northfield-Delaware Stock Fund of the Plan. No one may use this prospectus
supplement to reoffer or resell interests in shares of common stock of Northfield-Delaware acquired
through the Plan.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should rely only on the information contained in this prospectus supplement and the
accompanying prospectus. Northfield-Delaware, Northfield Bank and the Plan have not authorized
anyone to provide you with information that is different.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus supplement does not constitute an offer to sell or solicitation of an offer to
buy any securities in any jurisdiction to any person to whom it is unlawful to make an offer or
solicitation in that jurisdiction. Neither the delivery of this prospectus supplement and the
prospectus nor any sale of common stock or stock units representing an ownership interest in common
stock of Northfield-Delaware shall under any circumstances imply that there has been no change in
the affairs of Northfield Bank or the Plan since the date of this prospectus supplement, or that
the information contained in this prospectus supplement or incorporated by reference is correct as
of any time after the date of this prospectus supplement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The date of this prospectus supplement is &#95;&#95;&#95;&#95;&#95;&#95;, 2010.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="94%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">THE OFFERING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#102">Securities Offered</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#103">Northfield-Delaware Stock Fund</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#104">Purchase Priorities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#105">Purchases in the Offering and Oversubscriptions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#106">Composition of and Purpose of Stock Units</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#107">Value of Plan Assets</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#108">Election to Purchase Stock Units in the Stock Offering</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#109">How to Order Stock in the Offering</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#110">Order Deadline</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#111">Irrevocability of Transfer Direction</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#112">Future Direction to Purchase Common Stock</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#113">Voting Rights of Common Stock</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#114">DESCRIPTION OF THE PLAN</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#115">Introduction</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#116">Eligibility and Participation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#117">Contributions Under the Plan</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#118">Limitations on Contributions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#119">Vesting</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#120">In-Service Distributions from the Plan</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#121">Distribution upon Retirement, Disability, or upon Termination of Employment</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#122">Forms of Distributions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#123">Investment of Contributions and Account Balances</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#124">Performance History and Fund Description</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#125">Investment in Common Stock of Northfield-Delaware</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#126">Administration of the Plan</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#127">Amendment and Termination</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#128">Merger, Consolidation or Transfer</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#129">Federal Income Tax Consequences</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#130">Notice of Your Rights Concerning Employer Securities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#131">Additional Employee Retirement Income Security Act (&#147;ERISA&#148;) Considerations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#132">Securities and Exchange Commission Reporting and Short-Swing Profit Liability</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#133">Financial Information Regarding Plan Assets</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#134">LEGAL OPINION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE OFFERING</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A name="102"><B>Securities Offered</B></a>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Northfield-Delaware is offering stock
units in the Northfield Bank 401(k)
Savings Plan (the &#147;Plan&#148;). The stock
units represent indirect ownership of
Northfield-Delaware&#146;s common stock
through the Northfield-Delaware Stock
Fund being established under the Plan
in connection with the stock
offering. Given the purchase price
of $10 per share in the stock
offering, the Plan may purchase (or
acquire) up to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> shares of
Northfield-Delaware common stock in
the stock offering.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Only employees of Northfield Bank may
become participants in the Plan and
only participants may purchase stock
units in the Northfield-Delaware Inc
Stock Fund. Your investment in stock
units in connection with the stock
offering through the
Northfield-Delaware Stock Fund is
subject to the purchase priorities
contained in the Plan of Conversion
and Reorganization of Northfield
Bancorp, MHC.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Information with regard to the Plan
is contained in this prospectus
supplement and information with
regard to the financial condition,
results of operations and business of
Northfield-Delaware is contained in
the accompanying prospectus. The
address of the principal executive
office of Northfield-Delaware and
Northfield Bank is 581 Main Street,
Woodbridge, New Jersey 07095.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>All questions about completing the
Special Investment Election Form
should be addressed to Madeline
Frank, Senior Vice President and
Director of Human Resources,
Northfield Bank, 581 Main Street,
Woodbridge, New Jersey 07095;
telephone number (732)&nbsp;499-7200 ext.
2570; or e-mail Ms.&nbsp;Frank at</I></B>
<u><B><I>mfrank@enorthfield.com</I></B></u><B><I>.</I></B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Questions about the common stock
being offered or about the prospectus
may be directed to the Stock
Information Center at
1-877-</I></B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B><I>.</I></B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A name="103"><B>Northfield-Delaware Stock Fund</B></a>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In connection with the stock
offering, you may elect to transfer
all or part of your account balances
in the Plan (except from the
Northfield-Federal Stock Fund) to the
Northfield-Delaware Stock Fund, to be
used to purchase stock units
representing an ownership interest in
the common stock of
Northfield-Delaware issued in the
stock offering. The
Northfield-Delaware Stock Fund is a
new fund in the Plan established to
hold share of common stock of
Northfield-Delaware It is different
from the Northfield-Federal Stock
Fund, which presently holds shares of
Northfield-Federal, the
federally-</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">chartered mid-tier holding
company of Northfield Bank that will
be eliminated in the reorganization
of Northfield Bancorp, MHC into
Northfield-Delaware, the newly formed
stock holding company of Northfield
Bank. At the close of the
reorganization and offering, shares
of Northfield-Federal held in the
Northfield-Federal Stock Fund will be
exchanged for shares of
Northfield-Delaware pursuant to the
exchange ratio (discussed in greater
detail in the accompanying
prospectus) and the
Northfield-Federal Stock Fund will be
merged into and become part of the
Northfield-Delaware Stock Fund.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A name="104"><B>Purchase Priorities</B></a>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All Plan participants are eligible to
direct a transfer of funds to the
Northfield-Delaware Stock Fund.
However, such directions are subject
to the purchase priorities in the
Plan of Conversion and Reorganization
of Northfield Bancorp, MHC, which
provides for a subscription offering
and a community offering. In the
offering, the purchase priorities are
as follows and apply in case more
shares are ordered than are available
for sale (an &#147;oversubscription&#148;):</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subscription Offering:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:30px; text-indent:-21px">(1)&nbsp;Depositors of Northfield Bank
with $50 or more as of March&nbsp;31,
2009, get first priority.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:30px; text-indent:-21px">(2)&nbsp;Northfield Bank&#146;s tax-qualified
plans, including the employee stock
ownership plan, get second priority.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:30px; text-indent:-21px">(3)&nbsp;Depositors of Northfield Bank
with $50 or more on deposit as of
June&nbsp;30, 2010, get third priority.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:30px; text-indent:-21px">(4)&nbsp;Depositors of Northfield Bank as
of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2010, get fourth
priority.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Community Offering:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:30px; text-indent:-21px">(5)&nbsp;Natural persons residing in the
New Jersey counties of Bergen, Essex,
Hudson, Hunterdon, Middlesex,
Monmouth, Morris, Ocean, Passaic,
Somerset, Sussex and Union, the New
York Counties of Bronx, Kings,
Nassau, New York, Putnam, Queens,
Richmond, Rockland, Suffolk and
Westchester, and Pike County,
Pennsylvania get fifth priority.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If you fall into subscription
offering categories (1),
(3)&nbsp;or (4), you have subscription
rights to purchase stock units
representing an ownership interest in
shares of Northfield-Delaware common
stock in the subscription offering
and you may use funds in the Plan to
pay for the stock units. You may
also be able to purchase stock units
representing an ownership interest in
shares of Northfield-Delaware</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">common
stock in the subscription offering
even though you are ineligible to
purchase through subscription
offering categories (1), (3)&nbsp;or (4)
by purchasing stock in the Plan
through subscription offering
category (2), reserved for Northfield
Bank&#146;s tax-qualified employee plans.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A name="105"><B>Purchases in the Offering and
Oversubscriptions</B></a>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The trustee of the
Northfield-Delaware Stock Fund will
purchase common stock of
Northfield-Delaware in the stock
offering in accordance with your
directions. Once you make your
election, the amount that you elect
to transfer from your existing
investment options for the purchase
of stock units in connection with the
stock offering will be sold from your
existing investment options and
transferred to the
Northfield-Delaware Stock Fund and
held in a money market account
pending the formal closing of the
stock offering, several weeks later.
After the end of the stock offering
period, we will determine whether all
or any portion of your order will be
filled (if the offering is
oversubscribed you may not receive
any or all of your order, depending
on your purchase priority, as
described above, and whether the Plan
will purchase through category 2).
The amount that can be used toward
your order will be applied to the
purchase of common stock of
Northfield-Delaware and will be
denominated in stock units in the
Plan.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In the event the offering is
oversubscribed, <I>i.e.</I>, there are more
orders for common stock of
Northfield-Delaware than shares
available for sale in the offering,
and the trustee is unable to use the
full amount allocated by you to
purchase interests in common stock of
Northfield-Delaware in the offering,
the amount that cannot be invested in
common stock of Northfield-Delaware,
and any interest earned on such
amount, will be reinvested in the
existing funds of the Plan, in
accordance with your then existing
investment election (in proportion to
your investment direction for future
contributions). The prospectus
describes the allocation procedures
in the event of an oversubscription.
If you choose not to direct the
investment of your account balances
towards the purchase of any stock
units representing an ownership
interest in common stock of
Northfield-Delaware through the
Northfield-Delaware Stock Fund in
connection with the offering, your
account balances will remain in the
investment funds of the Plan as
previously directed by you.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A name="106"><B>Composition of and Purpose of Stock
Units</B></a>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Northfield-Delaware Stock Fund
will invest in the common stock of
Northfield-Delaware In addition, the
Northfield-Delaware Stock Fund will
maintain a cash component for
liquidity purposes. Liquidity is
required in order to facilitate daily
transactions such as investment
transfers or distributions from the
Northfield-Delaware Stock Fund. For
purchases in the offering, there will
be no cash component. A stock unit
will be valued at $10. After the
offering, stock units will consist of
a percentage interest in both the
common</TD>
</TR>
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</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">stock of Northfield-Delaware
and cash held in the
Northfield-Delaware Stock Fund. Unit
values (similar to the stock&#146;s share
price) and the number of units
(similar to number of shares) are
used to communicate the dollar value
of a participant&#146;s account.
Following the stock offering, each
day the stock unit value of the
Northfield-Delaware Stock Fund will
be determined by dividing the total
market value of the fund at the end
of the day by the total number of
units held in the fund by all
participants as of the previous day&#146;s
end. The change in stock unit value
reflects the day&#146;s change in stock
price, any cash dividends accrued and
the interest earned on the cash
component of the fund, less any
investment management fees. The
market value and unit holdings of
your account in the
Northfield-Delaware Stock Fund is
reported to you on your quarterly
statements.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A name="107"><B>Value of Plan Assets</B></a>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As of March&nbsp;31, 2010, the market
value of the assets of the Plan was
approximately $11,866,790. Of this
amount, approximately $5,814,453 was
invested in the Northfield-Federal
Stock Fund. The Plan administrator
informed each participant of the
value of his or her account balance
under the Plan as of March&nbsp;31, 2010.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A name="108"><B>Election to Purchase Stock Units in
the Stock Offering</B></a>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In connection with the stock
offering, the Plan will permit you to
direct the trustee to transfer all or
part of the funds which represent
your current beneficial interest in
the assets of the Plan (other than
amounts invested in the
Northfield-Federal Stock Fund) to the
Northfield-Delaware Stock Fund. You
may not transfer amounts that you
have invested in the
Northfield-Federal Stock Fund into
the Northfield-Delaware Stock Fund.
The shares of common stock of
Northfield-Federal in the
Northfield-Federal Stock Fund will
automatically be exchanged for
Northfield-Delaware common stock
pursuant to the exchange ratio. The
trustee of the Plan will subscribe
for Northfield-Delaware common stock
offered for sale in connection with
the stock offering, in accordance
with each participant&#146;s direction.
In order to purchase stock units
representing an ownership interest in
common stock of Northfield-Delaware
in the stock offering through the
Plan, you must purchase stock units
representing an ownership interest in
at least 25 shares in the offering
through the Plan. The prospectus
describes maximum purchase limits for
investors in the stock offering. The
trustee will pay $10 per stock unit
in the offering, which will be the
same price paid by all other persons
who purchase shares in the
subscription and community offerings.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A name="109"><B>How to Order Stock in the Offering</B></a>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Enclosed is a Special Investment
Election Form on which you can elect
to purchase stock units in the
Northfield-Delaware Stock Fund in
connection with the stock offering.
Please note the following
stipulations concerning this
election:</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:30px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp; You can direct all or a
portion of your current account
(other than amounts invested in the
Northfield-Federal Stock Fund) to the
Northfield-Delaware Stock Fund in
increments of $10.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:30px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp; Your election is subject to a
minimum purchase of 25 stock units,
which equals $250.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:30px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp; Your election, plus any order
you placed outside the Plan, are
together subject to a maximum
purchase of 300,000 shares, which
equals $3,000,000.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:30px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp; The election period closes at
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>:00 p.m., Eastern Time, on <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2010.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:30px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp; During the stock offering
period, you will continue to have the
ability to transfer amounts that are
not directed to purchase stock units
in the Northfield-Delaware Stock Fund
among all other investment funds.
However, you will not be permitted to
change the investment amounts that
you designated to be transferred to
the Northfield-Delaware Stock Fund on
your Special Election Form.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:30px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp; The amount you elect to
transfer to the Northfield-Delaware
Stock Fund will be held separately
until the offering closes.
Therefore, this money is not
available for distributions, loans,
or withdrawals until the transaction
is completed, which is expected to be
several weeks after the closing of
the subscription offering period.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If you wish to use all or part of
your account balance in the Plan to
purchase common stock of
Northfield-Delaware issued in the
stock offering, you should indicate
that decision on the Special
Investment Election Form. <B>If you do
not wish to make an election, you
should check Box E in Section&nbsp;D of
the Special Investment Election Form
and return the form to Madeline
Frank, at Northfield Bank, 581 Main
Street, Woodbridge, New Jersey 07095</B><B><I>,</I></B>
<B>to be received no later than</B>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>, Eastern Time, on</B>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>, 2010. You may return
your Special Investment Election Form
by hand delivery, inter-office mail
or by mailing it to Ms.&nbsp;Frank at the
above address in the enclosed
self-addressed envelope, so long as
it is received by the time specified.</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A name="110"><B>Order Deadline</B></a>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>You must return your Special
Investment Election Form to Madeline
Frank, at Northfield Bank, to be
received no later than <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> p.m.,
Eastern Time, on </B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>, 2010.</B></TD>
</TR>
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</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A name="111"><B>Irrevocability of Transfer Direction</B></a>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u><B>Once you make an election to transfer
amounts to the Northfield-Delaware
Stock Fund in connection with the
stock offering, you may not change
your election</B></u>. Your election is
irrevocable. You will, however,
continue to have the ability to
transfer amounts not directed towards
the purchase of stock units among all
of the other investment funds on a
daily basis. You may also continue
to transfer funds into and out of the
Northfield-Federal Stock Fund which
will purchase shares of
Northfield-Federal in the open market
(but not in the offering) or sell the
shares in your account until the
closing of the offering.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A name="112"><B>Future Direction to Purchase Common
Stock</B></a>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">You will be able to purchase stock
units representing an ownership
interest in stock <U>after</U> the offering
through your investment in the
Northfield-Delaware Stock Fund. You
may direct that your future
contributions or your account balance
in the Plan be transferred to the
Northfield-Delaware Stock Fund.
After the offering, to the extent
that shares are available, the
trustee of the Plan will acquire
common stock of Northfield-Delaware
at your election in open market
transactions at the prevailing price.
You may change your investment
allocation on a daily basis. Special
restrictions may apply to transfers
directed to and from the
Northfield-Delaware Stock Fund by the
participants who are subject to the
provisions of Section&nbsp;16(b) of the
Securities Exchange Act of 1934, as
amended, relating to the purchase and
sale of securities by officers,
directors and principal shareholders
of Northfield-Delaware.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><A name="113"><B>Voting Rights of Common Stock</B></a>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Plan provides that you may direct
the trustee as to how to vote any
shares of Northfield-Delaware common
stock held by the Northfield-Delaware
Stock Fund, and the interest in such
shares that is credited to your
account. If the trustee does not
receive your voting instructions, the
Plan administrator will exercise
these rights as it determines in its
discretion and will direct the
trustee accordingly. All voting
instructions will be kept
confidential<B>.</B></TD>
</TR>
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</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="114"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF THE PLAN</B>
</DIV>

<DIV align="left">
<A name="115"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Introduction</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank originally adopted the Northfield Savings Bank Employee Savings Plan (the
&#147;Plan&#148;) effective as of January&nbsp;1, 1980, and amended and restated it most recently effective as of
January&nbsp;1, 2010. The Plan is a tax-qualified plan with a cash or deferred compensation feature
established in accordance with the requirements under Section 401(a) and Section 401(k) of the
Internal Revenue Code of 1986, as amended (the &#147;Code&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank intends that the Plan, in operation, will comply with the requirements under
Section 401(a) and Section 401(k) of the Code. Northfield Bank will adopt any amendments to the
Plan that may be necessary to ensure the continuing qualified status of the Plan under the Code and
applicable Treasury Regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Employee Retirement Income Security Act (&#147;ERISA&#148;). </I>The Plan is an &#147;individual account plan&#148;
other than a &#147;money purchase pension plan&#148; within the meaning of ERISA. As such, the Plan is
subject to all of the provisions of Title I (Protection of Employee Benefit Rights) and Title II
(Amendments to the Code Relating to Retirement Plans) of ERISA, except to the funding requirements
contained in Part&nbsp;3 of Title I of ERISA which by their terms do not apply to an individual account
plan (other than a money purchase plan). The Plan is not subject to Title IV (Plan Termination
Insurance) of ERISA. The funding requirements contained in Title IV of ERISA are not applicable to
participants or beneficiaries under the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Reference to Full Text of Plan. </I>The following portions of this prospectus supplement summarize
certain provisions of the Plan. They are not complete and are qualified in their entirety by the
full text of the Plan. Copies of the Plan are available to all employees by filing a request with
the Plan Administrator at Northfield Bank, 581 Main Street, Woodbridge, New Jersey 07095. You are
urged to read carefully the full text of the Plan.
</DIV>
<DIV align="left">
<A name="116"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Eligibility and Participation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a salaried employee of Northfield Bank, you are eligible to participate in the Plan
upon completion of a period of 365&nbsp;days of employment, counted from your date of hire. Employees
compensated on an hourly or exclusively on a commission basis, leased employees, and employees
covered by a collective bargaining agreement are not eligible to participate in the Plan. If you
were a participant in the Liberty Bank 401(k) Savings Plan on December&nbsp;31, 2002, and became an
employee of Northfield Bank on January&nbsp;1, 2003, you became eligible to participate in the Plan on
January&nbsp;1, 2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2010, there were 175 employees, former employees and beneficiaries eligible to
participate in the Plan and 131 employees participating by making elective deferral contributions.
</DIV>
<DIV align="left">
<A name="117"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Contributions Under the Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan provides for several kinds of contributions, including elective deferral
contributions, matching contributions made on behalf of employees who make elective deferral
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">contributions, and discretionary employer contributions. Each type is summarized below. In
determining contribution amounts under the Plan, an employee&#146;s annual compensation in excess of
$245,000 is disregarded, as are certain other amounts of employee compensation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Elective Deferral Contributions</I>. As an eligible employee, you may elect to make an elective
deferral contribution by authorizing a reduction in the compensation you would otherwise receive by
a specified amount. This amount is then deposited in your Plan account. You may elect to
contribute between 2% and 15% of your salary (as defined in the Plan). You may change the amount
of your elective deferral contributions, including discontinuing or resuming them, by filing a form
with the Plan administrator. In addition, if you are over age 50 before the close of the plan year
and have made the maximum elective deferral set forth above, you may also make &#147;catch-up&#148;
contributions, in accordance with the tax laws and subject to the tax law limits (for 2010, the
limit on catch-up contributions is $5,500).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>After-Tax Contributions</I>. Prior to January&nbsp;1, 1993, the Plan permitted you to save on an
after-tax basis. The amount, if any, of after-tax contributions previously made on your behalf is
held in a separate account. After-tax contributions are invested in the same investment funds as
elective deferral contributions and earnings on after-tax contributions are tax-deferred until they
are actually paid to you. The Plan does not currently permit you to make after-tax contributions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Matching Contributions</I>. Northfield Bank will match a portion of your elective deferral
contributions. Northfield Bank will make a matching contribution equal to 25% of your
contribution, on up to the first 6% of your base salary contributed if you have been making
elective deferral contributions for less than 36&nbsp;months (e.g., your maximum matching contribution
will be 1.5% of your base salary). If you have been making elective deferral contributions for 36
months or more, Northfield Bank will make a matching contribution equal to 50% of your
contribution, up to the first 6% of your base salary contributed (e.g., your maximum matching
contribution will be 3% of your base salary).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Discretionary Employer Contributions</I>. Discretionary employer contributions may be made for
each plan year in an amount determined by Northfield Bank. Discretionary employer contributions
will be allocated to your account based on the ratio of your salary during the plan year for which
the contribution is made to the total salaries of all employees eligible for a discretionary
employer contribution for that year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Special Contributions</I>. In addition to any other contributions, Northfield Bank may, in its
discretion, make Special Contributions for a plan year to the Before Tax Contribution Account of an
Eligible Employee to the extent necessary to insure that the Plan complies with the
non-discrimination requirements of Section 401(k) of the Internal Revenue Code. Such
contributions, if made, may be made only to non-highly compensated employees and will be allocated
in proportion to such person&#146;s eligible compensation for the plan year.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Prior Pension Plan Contributions</I>. If you were a participant in The Retirement Plan of
Northfield Savings Bank in RSI Retirement Trust on March&nbsp;31, 1996, and you elected to have amounts
transferred from the pension plan to the Plan in connection with the termination of the pension
plan, those amounts were deposited in the prior pension plan contribution account set up on your
behalf.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Prior Employer Matching Contributions</I>. If you were a participant in the Liberty Bank 401(k)
Savings Plan, the matching contributions made on your behalf (including earnings and appreciation,
less any distributions and any losses, depreciation of expenses) were deposited into the prior
employer matching contribution account set up on your behalf.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Rollover Contributions</I>. You may elect to roll over qualified distributions from another plan
or a rollover individual retirement account (&#147;IRA&#148;) into the Plan. Internal Revenue Service
(&#147;IRS&#148;) rules govern whether a distribution from another plan or an IRA qualifies for rollover into
the Plan, and you may be required to provide information to show that the distribution you wish to
roll over qualifies under IRS rules.
</DIV>
<DIV align="left">
<A name="118"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Limitations on Contributions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Limitations on Elective Deferral Contributions. </I>For the plan year beginning January&nbsp;1, 2010,
the amount of your elective deferral contributions may not exceed $16,500 per calendar year. This
amount may be adjusted periodically by law, based on changes in the cost of living. Contributions
in excess of this limit are known as excess deferrals. If you defer amounts in excess of this
limitation, your gross income for federal income tax purposes will include the excess in the year
of the deferral. In addition, unless the excess deferral is distributed before April&nbsp;15 of the
following year, it will be taxed again in the year distributed. Income on the excess deferral
distributed by April&nbsp;15 of the immediately succeeding year will be treated, for federal income tax
purposes, as earned and received by you in the tax year in which the contribution is made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Catch-up Contributions</I>. If you have made the maximum amount of regular elective deferral
contributions allowed by the Plan or other legal limits and you have attained at least age 50 (or
will reach age 50 prior to the end of the plan year), you are also eligible to make an additional
catch-up contribution. You may authorize your employer to withhold a specified dollar amount of
your compensation for this purposes. For 2010, the maximum catch-up contribution is $5,500.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Limitation on Plan Contributions for Highly Compensated Employees. </I>Special provisions of the
Code limit the amount of employee deferrals and employer matching contributions that may be made to
the Plan in any year on behalf of highly compensated employees, in relation to the amount of
employee deferrals and employer matching contributions made by or on behalf of all other employees
eligible to participate in the Plan. A highly compensated employee includes any employee who (1)
was a 5% owner of Northfield-Federal or Northfield-Delaware at any time during the current or
preceding year, or (2)&nbsp;had compensation for the preceding year of more than $110,000. The dollar
amounts in the foregoing sentence may be adjusted annually to reflect increases in the cost of
living. If these limitations are exceeded, the level of deferrals by highly compensated employees
may have to be adjusted.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="119"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Vesting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your vested interest in your elective deferral contributions, after-tax contributions,
rollover contributions, discretionary employer contributions, prior pension plan contributions, and
prior employer matching contributions is always 100%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matching contributions become vested according to the following schedule:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Years of Service</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Vested Interest</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center">Less than 1&nbsp;year</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0%</TD>
</TR>
<TR valign="bottom">
    <TD align="center">1&nbsp;year but less than 2</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center">2&nbsp;years but less than 3</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">40%</TD>
</TR>
<TR valign="bottom">
    <TD align="center">3&nbsp;years but less than 4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">60%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center">4&nbsp;years but less than 5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">80%</TD>
</TR>
<TR valign="bottom">
    <TD align="center">5&nbsp;years or more</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are credited with a year of service for each 365-day period of employment, measured from
your date of hire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will become immediately 100% vested in your matching contributions upon attainment of your
normal retirement age, if you become permanently disabled or terminate employment as a result of
your death.
</DIV>
<DIV align="left">
<A name="120"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>In-Service Distributions from the Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Loans</I>. You may apply for a loan under the Plan, subject to the rules and limitations imposed
by the Internal Revenue Code and the Plan document. The amount of any loan is limited to the
lesser of $50,000 or 50% of your vested account balance under the Plan. The minimum amount of loan
and the term of the loan is determined in accordance with the guidelines of the loan policy
established by Northfield Bank with respect to the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Non-Hardship Withdrawals from the Plan</I>. A substantial federal tax penalty may be imposed on
withdrawals made prior to your attainment of age 59<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>, regardless of whether such a withdrawal
occurs during your employment with Northfield Bank or after termination of employment. If you have
not yet reached age 59<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>, you may request a withdrawal from some of your Plan accounts for any
reason. Withdrawals will be made in the following order: first, from your after-tax contribution
account; second, from your rollover contribution account; third, from the vested portion of your
matching contribution account, provided you have completed 60 or more consecutive months of
participation in the Plan or prior plan or in the former Liberty Bank 401(k) Savings Plan, and,
fourth, from the vested portion of your prior employer matching contribution account, provided you
have completed 60 or more consecutive months of participation in the Plan or in the former Liberty
Bank 401(k) Savings Plan. You may not make more than one withdrawal in any calendar year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon attainment of age 59<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>, you may withdraw from your Plan accounts for any reason.
Withdrawals will be made in the following order: first, from your after-tax contribution account;
second, from your rollover contribution account; third, from your elective deferral contribution
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">account; fourth, from the vested portion of your matching contribution account; fifth, from
your prior employer matching contribution account; sixth, from your discretionary employer
contribution account, and seventh, from your prior pension plan contribution account. You may not
make more than one withdrawal in any calendar year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Hardship Withdrawals</I>. You may be eligible for a hardship withdrawal if you have an immediate
and substantial financial need to meet certain expenses and you have no other reasonably available
resources to meet your need. Among other requirements, you must first withdraw all amounts
available to you under the non-hardship provisions of the Plan before you may apply for a hardship
withdrawal. Your hardship withdrawal may include amounts necessary to pay any federal, state or
local income taxes or penalties expected to result from the withdrawal. The financial needs for
which you can receive a hardship withdrawal are:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase of your principal residence (not including mortgage payments);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Payment of post-secondary school education for the next 12&nbsp;months for you, your spouse
or dependents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unreimbursed medical expenses which were previously incurred, or expenses which are
necessary to obtain medical care for you, your spouse or dependents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prevention of eviction from your principal residence or foreclosure on the mortgage of
your principal residence;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Payment of funeral expenses for your parent, spouse, child, or dependent; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expenses for the repair of damage to your principal residence that would qualify for a
casualty loss deduction under the Internal Revenue Code.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You must show that the amount does not exceed the amount you need to meet your financial need,
you must have obtained all other distributions and non-taxable loans available to you under any
employer plan, and you may not have any elective deferral contributions or matching contributions
made on your behalf for at least six months.
</DIV>

<DIV align="left">
<A name="121"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Distribution Upon Retirement, Disability, or Upon Termination of Employment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may choose to have retirement benefits begin on or after your normal retirement date (age
65) or your early retirement date (the first day of any month coincident with or following the date
you terminate employment after you attain age 55). If you continue working after your normal
retirement date, your distribution will generally be deferred at least until your actual retirement
date (your postponed retirement date). You are also eligible for a benefit distribution if you
become disabled while you are an active employee of Northfield Bank. In addition, if you terminate
your employment before you are eligible to retire, for any reason other than disability or death,
you will be entitled to the vested value of your Plan accounts.
</DIV>

<DIV align="left">
<A name="122"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Forms of Distributions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan distributions at retirement, upon disability or upon termination of employment for
reasons other than death will be made in the following standard forms of payment, unless you choose
an optional form of payment. If you terminate employment at your normal, early or postponed
retirement date, or upon becoming permanently disabled, and the value of your Plan accounts is
$1,000 or less, your benefits will be paid to you in a single cash payment as soon as
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">administratively possible following your termination of employment. If the value of your Plan
accounts exceeds $5,000, you benefits will be paid to you at the time you would have reached your
normal retirement date or postponed retirement date, in a single cash payment. If the value of
your Plan accounts is at least $1,000 but does not exceed $5,000, and you have not elected to
receive your benefit under an available optional form of payment, the value of your Plan account
will be transferred to an individual retirement account (&#147;IRA&#148;) established on your behalf by the
Plan administrator.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you terminate employment for reasons other than retirement or disability and the value of
your vested Plan accounts is $1,000 or less, your benefits will be paid to you in a single cash
payment as soon as administratively possible after your termination of employment. If you
terminate employment for reasons other than retirement or disability and the value of your vested
Plan accounts is greater than $5,000, your benefits will be paid in a single cash payment at the
time you would have reached your normal retirement date. If you terminate employment for reasons
other than retirement or disability and your Plan accounts is greater than $1,000 but does not
exceed $5,000 and you have not elected to receive your benefits under an available optional form of
payment, the value of your Plan accounts will be transferred to a rollover IRA established on your
behalf by the Plan administrator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Optional forms of payment include a single cash payment, deferred payment and rollovers. A
single cash payment is available if you terminate employment at any time on or after your early
retirement date and prior to your normal retirement date or due to disability, and the value of
your vested Plan accounts exceeds $1,000. You may also elect to receive the value of your vested
Plan accounts in a single cash payment if you terminate employment for reasons other than
retirement or disability and the value of your vested accounts exceeds $5,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may elect to defer receipt of your vested Plan accounts until after your normal retirement
date or after your actual retirement date (if you retire after your normal retirement date),
provided you receive at least a portion of your account balance no later than the first day of
April following the calendar year in which you retire (or terminate employment due to disability)
or, if later, you attain age 70<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regardless of the reason for which you terminate employment or the value of your Plan
accounts, you may request that the value of your Plan accounts be transferred to a rollover IRA,
another employer&#146;s qualified plan, a Section 403(b) annuity contract or a Section 457(b)
governmental plan maintained by a state or agency of the state, if the other plan or contract
permits it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you die and have not made a valid election as to how payments are to be made, the value of
your vested Plan account will be paid to your beneficiary in a single cash payment. If your
designated beneficiary is your spouse and you die before attaining age 70<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>, payment to your spouse
will be made no later than the date you would have attained age 70<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>. If your designated
beneficiary is your spouse and you die on or after attaining age 70<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>, payment to your spouse will
be made as soon as administratively possible. If your designated beneficiary is not your spouse,
payment to your designated beneficiary will be made within one year of the date of your death.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="123"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment of Contributions and Account Balances</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All amounts credited to your accounts under the Plan are held in the Plan trust (the &#147;Trust&#148;),
which is administered by the trustee appointed by Northfield Bank&#146;s Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the effective date of the stock offering, you were provided the opportunity to direct
the investment of your account into one of the following funds:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Alger MidCap Growth Institutional Fund (I)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>American Beacon Large Cap Value Fund</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Evergreen International Equity Fund (A)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Federated Kaufmann Fund A</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invesco Capital Development Fund (A)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neuberger Berman Genesis Fund Trust</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PIMCO Total Return Fund (Adm)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SSgA S&#038;P 500 Index Fund</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sunrise Retirement Balanced Fund</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sunrise Retirement Balanced Equity Fund</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sunrise Retirement Capital Preservation Fund</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sunrise Retirement Diversified Equity Fund</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sunrise Retirement Diversified Equity with Income Fund</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sunrise Retirement Diversified Income Fund</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sunrise Retirement Income Fund</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>T. Rowe Price Growth Stock Fund (Inv)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Wells Fargo Stable Return Fund (J)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Northfield-Federal Stock Fund</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once in any calendar quarter, you may submit a request form (including an electronic form) to
a Plan representative to increase, decrease, suspend or resume your elective deferral
contributions. If you increase or decrease your contribution percentage, the change will go into
effect as of the first payroll period following 10&nbsp;days after you submit your written request or as
soon as possible thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may change your investment direction of future contributions at any time by telephone
through Pentegra Retirement Services at (800)&nbsp;433-4422 or through the Internet (which can be
reached via <U>www.pentegra.com</U>). For further information regarding changes to your investment
directions, please contact Madeline G. Frank, Senior Vice President/Human Resources at (732)
499-7200, ext. 2570. In addition, if permitted by the Plan Committee, you may submit a written
request to a Plan representative at least 10&nbsp;days prior to the date the change is to take effect.
If your change in investment direction is made in this manner, it will become effective as of the
first payroll period following your written notice to the Plan representative, or as soon as
possible thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You can transfer existing investment account balances from one fund to another at any time, by
telephone though the Pentegra Retirement Services or through the Internet.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the stock offering, the Plan now provides that in addition to the funds
specified above, you may direct the trustee, or its representative, to invest all or a portion of
your account in the Northfield-Delaware Stock Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pending investment in shares of Common Stock, amounts allocated towards the purchase of Common
Stock in the stock offering will be held in a money market fund. In the event of an
oversubscription that prevents you from purchasing all of the shares of Common Stock that you
ordered in the stock offering, the amounts that you elected to invest but were unable to invest,
plus any earnings on those amounts, will be reinvested among the other funds of the Plan in
accordance with your then existing investment election (in proportion to your investment direction
for future contributions).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the stock offering, you may elect to have both past contributions and earnings, as
well as future contributions to your account invested among the funds listed above and the
Northfield-Delaware Stock Fund.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="124"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Performance History and Fund Description</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides performance data with respect to the investment funds available
under the Plan through March&nbsp;31, 2010:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AVERAGE ANNUALIZED RETURNS AS OF MARCH 31, 2010</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 0px solid #000000"><B><I>Total Return</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000"><B><I>Annualized Total Return</I></B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B><I>Investment Option</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B><I>Quarter</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B><I>1-Year</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B><I>3-Year</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B><I>5-Year</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B><I>10-Year</I></B><SUP style="FONT-size: 85%; vertical-align: text-top"><B><I>1</I></B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Alger MidCap Growth Institutional Fund I</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.29</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">60.10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-5.57</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.07</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.02</TD>
    <TD nowrap>%</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>American Beacon Large Cap Value Fund</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.58</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">56.68</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-5.91</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.77</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.59</TD>
    <TD nowrap>%</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Evergreen International Equity Fund</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.79</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">41.74</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-8.04</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.61</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.80</TD>
    <TD nowrap>%</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Federated Kaufmann Fund ( A)</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.72</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">46.37</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-2.79</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.64</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.56</TD>
    <TD nowrap>%</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Invesco Capital Development Fund (A)</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.61</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">56.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-5.65</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.95</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.23</TD>
    <TD nowrap>%</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Neuberger Berman Genesis Fund (Tr)</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">47.74</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.12</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.66</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.71</TD>
    <TD nowrap>%</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>PIMCO Total Return Fund (Adm)</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.91</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.36</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.46</TD>
    <TD nowrap>%</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>SSgA S&#038;P 500 Index Fund</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.34</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">49.44</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-4.27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.78</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-0.80</TD>
    <TD nowrap>%</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Sunrise Retirement Balanced Fund</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.65</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">30.83</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.54</TD>
    <TD nowrap>%</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Sunrise Retirement Balanced Equity Fund</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.06</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">38.27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.86</TD>
    <TD nowrap>%</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Sunrise Retirement Capital Preservation Fund</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.95</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.95</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.83</TD>
    <TD nowrap>%</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Sunrise Retirement Diversified Equity Fund</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.77</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">49.83</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-4.24</TD>
    <TD nowrap>%</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px"><B><I>Sunrise Retirement Diversified Equity with
Income Fund</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.45</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">44.46</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-2.08</TD>
    <TD nowrap>%</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Sunrise Retirement Diversified Income Fund</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.14</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">24.83</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.73</TD>
    <TD nowrap>%</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Sunrise Retirement Income Fund</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.55</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD nowrap>%</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>T. Rowe Price Growth Stock Fund (Inv)</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">48.34</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD nowrap align="right">-2.32</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.46</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD nowrap>%</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Wells Fargo Stable Return Fund (J)</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.53</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.37</TD>
    <TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.33</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.54</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.09</TD>
    <TD nowrap>%</TD>
</TR>
<tr><td>&nbsp;</td></tr><TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Northfield-Federal Stock Fund</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">32.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">44.55</TD>
    <TD nowrap>%<SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>If no ten-year record is available, return is since the funds inception.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Annualized performance.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>This represents the return from November&nbsp;7, 2007.</TD>
</TR>

</TABLE>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a brief description of each of the Plan&#146;s investment funds. For more
complete information with respect to a particular fund, you should request a prospectus for that
fund. You may request a prospectus for a particular fund by contacting Madeline Frank at (732)
499-7200, ext. 2570.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Alger MidCap Growth Institutional Fund I</B>. The fund seeks long-term capital appreciation. The
fund focuses on mid-size companies that the fund&#146;s management believes demonstrate promising growth
potential. It normally invests at least 80% of assets in the equity securities of
medium-capitalization companies that the fund&#146;s management believes demonstrate promising growth
potential. A medium-capitalization company has a market capitalization within the range of
companies in the Russell Mid-cap Growth index.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>American Beacon Large Cap Value Fund</B>. The fund&#146;s assets are invested primarily in equity
securities of large market capitalization U.S. companies. The fund&#146;s managers select stocks that,
in their opinion, have above-average earnings growth potential and are also selling at a discount
to the market. These companies generally have market capitalizations similar to the market
capitalization of the companies in the Russell 1000 index. These may consist of common and
preferred stocks, convertible securities, U.S. dollar-denominated American Depositary Receipts and
U.S. dollar-denominated foreign stocks traded on U.S. exchanges.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Evergreen International Equity Fund (A)</B>. The fund seeks long-term capital growth and
secondarily, modest income. The fund invests 80% of assets in equity securities issued by
established and quality non-U.S. companies located in countries with developed markets and may
purchase securities across all market capitalizations. It normally invests at least 65% of assets
in securities of at least three countries other than the United States. The fund normally intends
to seek modest income from dividends paid by its equity holdings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Federated Kaufman Fund (A)</B>. The fund seeks capital appreciation. The fund primarily invests
in common stocks of small and medium-sized companies. To select investments, the advisor evaluates
a company&#146;s growth prospects, the economic outlook for its industry, new-product development,
management, security value, and financial characteristics. It may invest up to 30% of assets in
foreign securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Invesco Capital Development Fund (A)</B>. The fund seeks long-term growth of capital by investing
primarily in common stocks of mid-cap companies that the fund&#146;s management believes can generate
sustainable growth in revenue, earnings and cash flow that is not fully reflected in investor
expectations or equity valuations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neuberger Berman Genesis Fund Trust</B>. This fund seeks growth of capital. The fund invests
primarily in common stocks of companies with market capitalizations of $2&nbsp;billion or less at the
time of purchase. The fund&#146;s management generally looks for undervalued companies whose current
market shares and balance sheets are strong.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>PIMCO Total Return Fund (Adm)</B>. The fund seeks maximum total return, consistent with
preservation of capital and prudent investment management. The fund seeks to achieve its
investment objective by investing in a diversified portfolio of fixed income instruments. The
average portfolio duration normally varies within a three- to six-year frame.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SSgA S&#038;P 500 Index Fund</B>. The fund seeks to replicate the total return of the S&#038;P 500 index.
The fund substantially invests all of investable assets in a corresponding portfolio of the State
Street Equity 500 index portfolio that has the same investment objective as and investment policies
that are substantially similar to those of the fund. It invests at least 80% of total assets in
stocks in the S&#038;P 500 index in proportion to their weighting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Sunrise Retirement Balanced Fund</B>. The fund targets 55% of its assets in a diversified mix of
equity mutual funds and 45% in fixed-income mutual funds. The equity allocation includes mutual
funds that invest in U.S. large-cap, mid-cap and small-cap equity securities, as well as non-U.S.
equity securities. The fixed-income exposure will be invested in intermediate-term fixed-income
and money market mutual funds. This fund&#146;s strategic asset class targets include: 30% U.S.
large-cap equity, 15% U.S. mid/small-cap equity, 10% non-U.S. equity, 42% fixed-income, and 3% cash
equivalents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Sunrise Retirement Balanced Equity Fund</B>. The fund targets 70% of its assets in a diversified
mix of equity mutual funds and 30% in fixed-income mutual funds. The equity allocation includes
mutual funds that invest in U.S. large-cap, mid-cap and small-cap equity securities, as well as
non-U.S. equity securities. The fixed-income exposure will be invested in intermediate-term
fixed-income and money market mutual funds. This fund&#146;s strategic asset class targets include: 35%
U.S. large-cap equity, 22% U.S. mid/small-cap equity, 13% non-U.S. equity, 27% fixed-income, and 3%
cash equivalents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Sunrise Retirement Capital Preservation Fund</B>. The fund targets 10% of its assets in a
diversified mix of equity mutual funds and 90% in fixed-income mutual funds. The equity allocation
includes mutual funds that invest in U.S. large-cap equity securities. The fixed-income exposure
will be invested in intermediate- and short-term fixed-income, as well as money market mutual
funds. This fund&#146;s strategic asset class targets include: 10% U.S. large-cap equity, 87%
fixed-income, and 3% cash equivalents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Sunrise Retirement Diversified Equity Fund</B>. The fund seeks to be 97% invested in a
diversified mix of equity mutual funds, including mutual funds that invest in U.S. large-cap,
mid-cap and small-cap equity securities, as well as non-U.S. equity securities. The balance will
be invested in a money market portfolio. The fund&#146;s strategic asset class targets include: 42%
U.S. large-cap equity, 35% U.S. mid/small-cap equity, 20% non-U.S. equity, and 3% cash equivalents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Sunrise Retirement Diversified Equity with Income Fund</B>. The fund targets 85% of its assets in
a diversified mix of equity mutual funds and 15% in fixed-income mutual funds. The equity
allocation includes mutual funds that invest in U.S. large-cap, mid-cap and small-cap equity
securities, as well as non-U.S. equity securities. The fixed-income exposure will be invested in
intermediate-term fixed-income and money market mutual funds. The fund&#146;s strategic asset class
targets include: 40% U.S. large-cap equity, 28% U.S. mid/small-cap equity, 17% non-U.S. equity, 12%
fixed-income, and 3% cash equivalents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Sunrise Retirement Diversified Income Fund</B>. The fund targets 40% of its assets in a
diversified mix of equity mutual funds and 60% in fixed-income mutual funds. The equity
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">allocation includes mutual funds that invest in U.S. large-cap, mid-cap and small-cap equity
securities, as well as non-U.S. equity securities. The fixed-income exposure will be invested in
intermediate-term fixed-income and money market mutual funds. The fund&#146;s strategic asset class
targets include: 25% U.S. large-cap equity, 10% U.S. mid/small cap equity, 5% non-U.S. equity, 57%
fixed-income, and 3% cash equivalents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Sunrise Retirement Income Fund</B>. The fund targets 25% of its assets in a diversified mix of
equity mutual funds and 75% in fixed-income mutual funds. The equity allocation includes mutual
funds that invest in U.S. large-cap and small-cap equity securities. The fixed-income exposure
will be invested in intermediate- and short-term fixed-income, as well as money market, mutual
funds. The fund&#146;s strategic asset class targets include: 20% U.S. large-cap equity, 5% U.S.
mall-cap equity, 72% fixed-income, and 3% cash equivalents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>T.&nbsp;Rowe Price Growth Stock Fund (R)</B>. The fund seeks long-term growth of capital; income is
secondary. The fund normally invests at least 80% of assets in the common stocks of a diversified
group of growth companies. It mostly seeks investments in companies that have the ability to pay
increasing dividends through strong cash flow. The fund generally looks for companies with an
above-average rate of earnings growth and a lucrative niche in the economy. While it invests most
assets in U.S. common stocks, the fund may also purchase other securities, including foreign
stocks, futures, and options.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Wells Fargo Stable Return Fund (J)</B>. The fund seeks safety of principal and consistency of
returns with minimal volatility. The fund is intended for conservative investors seeking more
income than money market funds without the price fluctuation of stock or bond funds. The fund
invests in financial instruments issued by highly rated companies. These include guaranteed
investment contracts (GICs), security backed investment contracts, separate account GICs, and cash
equivalents. The fund is one of the oldest and largest stable value collective funds in the nation
and has been managed by the same portfolio management team since 1988.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Northfield-Federal Stock Fund. </B>The Northfield-Federal Stock Fund consists primarily of shares
of common stock of Northfield-Federal and a small amount of cash to provide for liquidity for
transactions and distributions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>An investment in any of the funds listed above is not a deposit of a bank and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with
any mutual fund investment, there is always a risk that you may lose money on your investment in
any of the funds listed above.</B>
</DIV>
<DIV align="left">
<A name="125"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investment in Common Stock of Northfield-Delaware</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Northfield-Delaware Stock Fund will consist primarily of investments in common stock of
Northfield-Delaware, Inc. The trustee will use all amounts allocated to the Northfield-Delaware
Stock Fund pursuant to the Special Investment Election Form to acquire shares in the conversion and
common stock offering. Shares of Northfield-Delaware, Inc. which were held in the
Northfield-Federal Stock Fund prior to the conversion and common stock offering will be
automatically converted into shares of common stock of Northfield-Delaware, in accordance
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with the exchange ratio. After the offering, the trustee will, to the extent practicable, use
amounts held by it in the Northfield-Delaware Stock Fund, including cash dividends paid on common
stock held in the Northfield-Delaware Stock Fund, to purchase shares of common stock of
Northfield-Delaware, taking into consideration cash amounts needed to maintain liquidity in the
account. It is expected that all purchases will be made at prevailing market prices. Under
certain circumstances, the trustee may be required to limit the daily volume of shares purchased.
Pending investment in common stock, amounts allocated towards the purchase of shares in the
offering will be held in the Northfield-Delaware Stock Fund in an interest-bearing account. In the
event of an oversubscription, any earnings that result therefrom will be reinvested among the other
funds of the 401(k) plan in accordance with your then existing investment election (in proportion
to your investment direction allocation percentages).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the offering, Northfield-Delaware, Inc., a Delaware corporation will be 100% owned
by its public shareholders, including Northfield Bank&#146;s tax-qualified plans. Currently, Northfield
Bank is a wholly-owned subsidiary of Northfield-Federal, a federal mid-tier holding company, that
is a majority-owned subsidiary of Northfield Bancorp, MHC, a mutual holding company. The
historical performance of the Northfield-Federal Stock Fund, the predecessor to the
Northfield-Delaware Stock Fund is set forth on page &#95;&#95;&#95;. Performance of the Northfield-Delaware
Stock Fund will be dependent upon a number of factors, including the financial condition and
profitability of Northfield-Delaware and Northfield Bank and market conditions for the common stock
generally. An investment in the fund is not insured or guaranteed by the FDIC or any other
government agency. It is possible to lose money by investing in the fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this prospectus supplement, none of the shares of Northfield-Delaware common
stock have been issued or are outstanding and there is no established market for
Northfield-Delaware common stock. Accordingly, there is no record of the historical performance of
the Northfield-Delaware Stock Fund. Performance of the Northfield-Delaware Stock Fund depends on a
number of factors, including the financial condition and profitability of Northfield-Delaware and
Northfield Bank and market conditions for Northfield-Delaware common stock generally.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in the Northfield-Delaware Stock Fund involve special risks common to investments
in the common stock of Northfield-Delaware
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>For a discussion of material risks you should consider, see &#147;Risk Factors&#148; beginning on page
&#95;&#95;&#95; of the attached prospectus and &#147;Notice of Your Rights Concerning Employer Securities&#148; below.</I>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>An investment in any of the funds listed above is not a deposit of a bank and
is not insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency. As with any mutual fund investment, there is
always a risk that you may lose money on your investment in any of the funds
listed above.</B></TD>
</TR>




</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left">
<A name="126"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Administration of the Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>The Trustee and Custodian</I></B>. The trustee of the Plan is Pentegra Trust Company. Pentegra Trust
Company serves as trustee for all the investments funds under the Plan, including during the
offering period for Northfield-Delaware common stock. Following the offering period, Pentegra
Trust Company will also serve as the trustee of the Northfield-Delaware Stock Fund<B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Plan Administrator</I></B><B>. </B>Pursuant to the terms of the Plan, the Plan is administered by the Plan
Administrator, Northfield Bank. The address of the Plan Administrator is 581 Main Street,
Woodbridge, New Jersey 07095<B>, </B>telephone number (732)&nbsp;499-7200, ext. 2570. The Plan Administrator
is responsible for the administration of the Plan, interpretation of the provisions of the Plan,
prescribing procedures for filing applications for benefits, preparation and distribution of
information explaining the Plan, maintenance of Plan records, books of account and all other data
necessary for the proper administration of the Plan, preparation and filing of all returns and
reports relating to the Plan which are required to be filed with the U.S. Department of Labor and
the Internal Revenue Service, and for all disclosures required to be made to participants,
beneficiaries and others under Sections&nbsp;104 and 105 of ERISA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Reports to Plan Participants</I></B>. The Plan Administrator will furnish you a statement at least
quarterly showing the balance in your account as of the end of that period, the amount of
contributions allocated to your account for that period, and any adjustments to your account to
reflect earnings or losses (if any).
</DIV>
<DIV align="left">
<A name="127"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Amendment and Termination</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is the intention of Northfield Bank to continue the Plan indefinitely. Nevertheless,
Northfield Bank may terminate the Plan at any time. If the Plan is terminated in whole or in part,
then regardless of other provisions in the Plan, you will have a fully vested interest in your
accounts. Northfield Bank reserves the right to make any amendment or amendments to the Plan which
do not cause any part of the trust to be used for, or diverted to, any purpose other than the
exclusive benefit of participants or their beneficiaries; provided, however, that Northfield Bank
may make any amendment it determines necessary or desirable, with or without retroactive effect, to
comply with ERISA.
</DIV>
<DIV align="left">
<A name="128"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Merger, Consolidation or Transfer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of the merger or consolidation of the Plan with another plan, or the transfer of
the trust assets to another plan, the Plan requires that you would receive a benefit immediately
after the merger, consolidation or transfer which is equal to or greater than the benefit you would
have been entitled to receive immediately before the merger, consolidation or transfer.
</DIV>
<DIV align="left">
<A name="129"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Federal Income Tax Consequences</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a brief summary of the material federal income tax aspects of the Plan. You
should not rely on this summary as a complete or definitive description of the material federal
income tax consequences relating to the Plan. Statutory provisions change, as do their
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">interpretations, and their application may vary in individual circumstances. Finally, the
consequences under applicable state and local income tax laws may not be the same as under the
federal income tax laws. Please consult your tax advisor with respect to any distribution from the
Plan and transactions involving the Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a &#147;tax-qualified retirement plan,&#148; the Code affords the Plan special tax treatment,
including:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;the sponsoring employer is allowed an immediate tax deduction for the amount contributed
to the Plan each year;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;participants pay no current income tax on amounts contributed by the employer on their
behalf; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;earnings of the Plan are tax-deferred, thereby permitting the tax-free accumulation of
income and gains on investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank will administer the Plan to comply with the requirements of the Code as of the
applicable effective date of any change in the law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Lump-Sum Distribution</I>. A distribution from the Plan to a participant or the beneficiary of a
participant will qualify as a lump-sum distribution if it is made within one taxable year, on
account of the participant&#146;s death, disability or separation from service, or after the participant
attains age 59 <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>, and consists of the balance credited to the participant under the Plan and all
other profit sharing plans, if any, maintained by Northfield Bank. The portion of any lump-sum
distribution required to be included in your taxable income for federal income tax purposes
consists of the entire amount of the lump-sum distribution, less the amount of after-tax
contributions, if any, you have made to this Plan and any other profit sharing plans maintained by
Northfield Bank, which is included in the distribution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Northfield-Delaware Common Stock Included in Lump-Sum Distribution</I>. If a lump-sum distribution
includes Northfield-Delaware common stock, the distribution generally will be taxed in the manner
described above, except that the total taxable amount may be reduced by the amount of any net
unrealized appreciation with respect to Northfield-Delaware common stock; that is, the excess of
the value of Northfield-Delaware common stock at the time of the distribution over its cost or
other basis of the securities to the trust. The tax basis of Northfield-Delaware common stock, for
purposes of computing gain or loss on its subsequent sale, equals the value of Northfield-Delaware
common stock at the time of distribution, less the amount of net unrealized appreciation. Any gain
on a subsequent sale or other taxable disposition of Northfield-Delaware common stock, to the
extent of the amount of net unrealized appreciation at the time of distribution, will constitute
long-term capital gain, regardless of the holding period of Northfield-Delaware common stock. Any
gain on a subsequent sale or other taxable disposition of Northfield-Delaware common stock, in
excess of the amount of net unrealized appreciation at the time of distribution, will be considered
long-term capital gain. The recipient of a distribution may elect to include the amount of any net
unrealized appreciation in the total taxable amount of the distribution, to the extent allowed by
regulations to be issued by the Internal Revenue Service.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Distributions: Rollovers and Direct Transfers to Another Qualified Plan or to an IRA</I>. You may
roll over virtually all distributions from the Plan to another qualified plan or to an individual
retirement account in accordance with the terms of the other plan or account.
</DIV>
<DIV align="left">
<A name="130"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Notice of Your Rights Concerning Employer Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal law provides specific rights concerning investments in employer securities. Because
you may in the future have investments in the Northfield-Delaware Stock Fund under the Plan, you
should take the time to read the following information carefully.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Your Rights Concerning Employer Securities</I>. The Plan must allow you to elect to move any
portion of your account that is invested in the Northfield-Federal Stock Fund and
Northfield-Delaware. Stock Fund from that investment into other investment alternatives under the
Plan. You may contact the Plan Administrator shown above for specific information regarding this
right, including how to make this election. In deciding whether to exercise this right, you will
want to give careful consideration to the information below that describes the importance of
diversification. All of the investment options under the Plan are available to you if you decide
to diversify out of either the Northfield-Federal. Stock Fund or the Northfield-Delaware Stock
Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The Importance of Diversifying Your Retirement Savings</I>. To help achieve long-term retirement
security, you should give careful consideration to the benefits of a well-balanced and diversified
investment portfolio. Spreading your assets among different types of investments can help you
achieve a favorable rate of return, while minimizing your overall risk of losing money. This is
because market or other economic conditions that cause one category of assets, or one particular
security, to perform very well often cause another asset category, or another particular security,
to perform poorly. If you invest more than 20% of your retirement savings in any one company or
industry, your savings may not be properly diversified. Although diversification is not a
guarantee against loss, it is an effective strategy to help you manage investment risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In deciding how to invest your retirement savings, you should take into account all of your
assets, including any retirement savings outside of the Plan. No single approach is right for
everyone because, among other factors, individuals have different financial goals, different time
horizons for meeting their goals, and different tolerance for risk. Therefore, you should
carefully consider the rights described here and how these rights affect the amount of money that
you invest in employer common stock through the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is also important to periodically review your investment portfolio, your investment
objectives, and the investment options under the Plan to help ensure that your retirement savings
will meet your retirement goals.
</DIV>
<DIV align="left">
<A name="131"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional Employee Retirement Income Security Act (&#147;ERISA&#148;) Considerations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As noted above, the Plan is subject to certain provisions of ERISA, including special
provisions relating to control over the Plan&#146;s assets by participants and beneficiaries. The
Plan&#146;s feature that allows you to direct the investment of your account balances is intended to
satisfy the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">requirements of section 404(c) of ERISA relating to control over plan assets by a participant
or beneficiary. The effect of this is two-fold. First, you will not be deemed a &#147;fiduciary&#148;
because of your exercise of investment discretion. Second, no person who otherwise is a fiduciary,
such as Northfield Bank, the Plan administrator, or the Plan&#146;s trustee is liable under the
fiduciary responsibility provision of ERISA for any loss which results from your exercise of
control over the assets in your Plan account.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because you will be entitled to invest all or a portion of your account balance in the Plan in
Northfield-Delaware common stock, the regulations under section 404(c) of the ERISA require that
the Plan establish procedures that ensure the confidentiality of your decision to purchase, hold,
or sell employer securities, except to the extent that disclosure of such information is necessary
to comply with federal or state laws not preempted by ERISA. These regulations also require that
your exercise of voting and similar rights with respect to the common stock be conducted in a way
that ensures the confidentiality of your exercise of these rights.
</DIV>
<DIV align="left">
<A name="132"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Securities and Exchange Commission Reporting and Short-Swing Profit Liability</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16 of the Securities Exchange Act of 1934 imposes reporting and liability requirements
on officers, directors, and persons beneficially owning more than 10% of public companies such as
Northfield-Delaware Section 16(a) of the Securities Exchange Act of 1934 requires the filing of
reports of beneficial ownership. Within 10&nbsp;days of becoming an officer, director or person
beneficially owning more than 10% of the shares of Northfield-Delaware, a Form&nbsp;3 reporting initial
beneficial ownership must be filed with the Securities and Exchange Commission. Changes in
beneficial ownership, such as purchases, sales and gifts generally must be reported periodically,
either on a Form&nbsp;4 within 2 business days after the change occurs, or annually on a Form&nbsp;5 within
45&nbsp;days after the close of Northfield-Delaware&#146;s fiscal year. Discretionary transactions in and
beneficial ownership of the common stock through the Northfield-Delaware Stock Fund of the Plan by
officers, directors and persons beneficially owning more than 10% of the common stock of
Northfield-Delaware generally must be reported to the Securities and Exchange Commission by such
individuals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the reporting requirements described above, Section 16(b) of the Securities
Exchange Act of 1934 provides for the recovery by Northfield-Delaware of profits realized by an
officer, director or any person beneficially owning more than 10% of Northfield-Delaware&#146;s common
stock resulting from non-exempt purchases and sales of Northfield-Delaware common stock within any
six-month period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities and Exchange Commission has adopted rules that provide exemptions from the
profit recovery provisions of Section 16(b) for all transactions in employer securities within an
employee benefit plan, provided certain requirements are met. These requirements generally involve
restrictions upon the timing of elections to acquire or dispose of employer securities for the
accounts of Section 16(b) persons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except for distributions of common stock due to death, disability, retirement, termination of
employment or under a qualified domestic relations order, persons affected by Section 16(b) are
required to hold shares of common stock distributed from the Plan for six months following
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such distribution and are prohibited from directing additional purchases of units within the
Northfield-Delaware Stock Fund for six months after receiving such a distribution.
</DIV>

<DIV align="left">
<A name="133"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financial Information Regarding Plan Assets</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial information representing the net assets available for Plan benefits and the change
in net assets available for Plan benefits at December&nbsp;31, 2009, is available upon written request
to the Plan Administrator at the address shown above.
</DIV>
<DIV align="left">
<A name="134"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LEGAL OPINION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the issuance of the common stock has been passed upon by Luse Gorman Pomerenk
&#038; Schick, P.C., Washington, D.C., which firm is acting as special counsel to Northfield Bank in
connection with Northfield-Delaware&#146;s stock offering.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PROSPECTUS</B>
</DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC.</B></Div>
<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>(Proposed Holding Company for Northfield Bank)<BR>
Up to 40,250,000 Shares of Common Stock<BR>
(Subject to increase to up to 46,287,500 shares)</B>
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc., a newly formed Delaware corporation, is offering up to 40,250,000
shares of common stock for sale at $10.00 per share in connection with the conversion of Northfield
Bancorp, MHC from the mutual holding company to the stock holding company form of organization. The
shares we are offering represent the ownership interest in Northfield Bancorp, Inc., a federal
corporation, currently owned by Northfield Bancorp, MHC. In the prospectus, we will refer to
Northfield Bancorp, Inc., the Delaware corporation, as &#147;Northfield-Delaware,&#148; and we will refer to
Northfield Bancorp, Inc., the federal corporation, as &#147;Northfield-Federal.&#148; Northfield-Federal&#146;s
common stock is currently traded on the Nasdaq Global Select Market under the trading symbol
&#147;NFBK.&#148; For a period of 20 trading days after the completion of the conversion and offering, we
expect our shares of common stock will trade on the Nasdaq Global Select Market under the symbol
&#147;NFBKD,&#148; and, thereafter, our trading symbol will revert to &#147;NFBK.&#148;
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares of common stock are first being offered in a subscription offering to eligible
depositors and tax-qualified employee benefit plans of Northfield Bank as described in this
prospectus. Eligible depositors and tax-qualified employee benefit plans have priority rights to
buy all of the shares offered. Shares not purchased in the subscription offering will
simultaneously be offered for sale to the general public in a community offering, with a preference
given to residents of the communities of Northfield Bank and existing stockholders of
Northfield-Federal. We also may offer for sale shares of common stock not purchased in the
subscription or community offerings in a syndicated community offering through a syndicate of
selected dealers.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering up to 40,250,000 shares of common stock for sale on a best efforts basis. We
may sell up to 46,287,500 shares of common stock because of demand for the shares of common stock
or changes in market conditions, without resoliciting purchasers. We must sell a minimum of
29,750,000 shares in the offering in order to complete the offering and the conversion.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the shares we are selling in the offering, the remaining interest in
Northfield-Federal currently held by the public will be exchanged for shares of common stock of
Northfield-Delaware using an exchange ratio that will result in existing public stockholders of
Northfield-Federal owning approximately the same percentage of Northfield-Delaware common stock as
they owned in Northfield-Federal immediately prior to the completion of the conversion. We will
issue up to 31,166,852 shares of common stock in the exchange, which may be increased to up to
35,841,880 shares if we sell 46,287,500 shares of common stock in the offering.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The minimum order is 25 shares. The offering is expected to expire at 4:00 p.m., Eastern
Time, on &#091;termination date&#093;. We may extend this expiration date without notice to you until
&#091;extension date&#093;. Once submitted, orders are irrevocable unless the offering is terminated or is
extended, with Office of Thrift Supervision approval, beyond &#091;extension date&#093;, or the number of
shares of common stock to be sold is increased to more than 46,287,500 shares or decreased to less
than 29,750,000 shares. If the offering is extended past &#091;extension date&#093;, or if the number of
shares to be sold is increased to more than 46,287,500 shares or decreased to less than 29,750,000
shares, we will resolicit subscribers, and all funds delivered to us to purchase shares of common
stock will be returned promptly with interest. Funds received in the subscription and the community
offering prior to the completion of the offering will be held in a segregated account at Northfield
Bank and will earn interest at &#091;interest rate&#093;%.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandler O&#146;Neill &#038; Partners, L.P. will assist us in selling the shares on a best efforts basis
in the subscription and community offerings, and will serve as sole book-running manager for any
syndicated community offering. Sandler O&#146;Neill &#038; Partners, L.P. is not required to purchase any
shares of common stock that are being offered for sale.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OFFERING SUMMARY<BR>
Price: $10.00 per Share</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Minimum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Midpoint</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Adjusted Maximum</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,287,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross offering proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">297,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">350,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">402,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">462,875,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated offering expenses,
excluding selling agent
commissions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,681,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,681,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,681,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,681,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling agent commissions (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,796,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,350,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">11,904,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,691,650</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated net proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">287,021,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">337,967,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">388,913,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">447,501,850</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated net proceeds per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9.67</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The amounts shown assume that 50% of the shares are sold in the subscription and
community offerings and the remaining 50% are sold in a syndicated community offering. The
amounts shown include fees and selling commissions payable by us: (i)&nbsp;to Sandler O&#146;Neill &#038;
Partners, L.P. in connection with the subscription and community offerings equal to 1.0% of
the aggregate amount of common stock in the subscription and community offerings (net of
insider purchases and shares purchased by our employee stock ownership plan), or
approximately $2.1&nbsp;million, at the adjusted maximum of the offering range; and (ii)&nbsp;to
Sandler O&#146;Neill &#038; Partners, L.P. and any other broker-dealers participating in the
syndicated offering equal to 5.0% of the aggregate amount of common stock sold in the
syndicated community offering, or approximately $11.6&nbsp;million at the adjusted maximum of
the offering. Sandler O&#146;Neill &#038; Partners, L.P. will not be separately reimbursed for
expenses if the offering is completed. See &#147;The Conversion and Offering&#151;Plan of
Distribution; Selling Agent Compensation&#148; for information regarding compensation to be
received by Sandler O&#146;Neill &#038; Partners, L.P. and the other broker-dealers that may
participate in the syndicated community offering and &#147;Pro Forma Data&#148; for the assumptions
regarding the number of shares that may be sold in the subscription and community offerings
and the syndicated community offering used to determine the estimated offering expenses.
If all shares of common stock were sold in the syndicated community offering, the maximum
selling agent commissions would be approximately $14.9&nbsp;million, $17.5&nbsp;million, $20.1
million and $23.1&nbsp;million at the minimum, midpoint, maximum, and adjusted maximum levels of
the offering, respectively.</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>This investment involves a degree of risk, including the possible loss of principal.<BR>
Please read &#147;Risk Factors&#148; beginning on page 16.</B>
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>These securities are not deposits or accounts and are not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Neither the Securities and Exchange
Commission, the Office of Thrift Supervision, nor any state securities regulator has approved or
disapproved of these securities or determined if this Prospectus is accurate or complete. Any
representation to the contrary is a criminal offense.</I></B>
</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>Sandler O&#146;Neill &#043; Partners, L.P.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">For assistance, please contact the Stock Information Center, toll-free, at (____) ___-____.<BR>
The date of this prospectus is &#091;Prospectus Date&#093;.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;MAP TO BE INSERTED ON INSIDE FRONT COVER&#093;</B>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#135"><B>SUMMARY</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#136"><B>RISK FACTORS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#137"><B>SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA OF NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>28</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#138"><B>FORWARD-LOOKING STATEMENTS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>30</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#139"><B>HOW WE INTEND TO USE THE PROCEEDS FROM THE OFFERING</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>31</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#140"><B>OUR DIVIDEND POLICY</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#141"><B>MARKET FOR THE COMMON STOCK</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>33</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#142"><B>HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>35</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#143"><B>CAPITALIZATION</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>36</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#144"><B>PRO FORMA DATA</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>38</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#145"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>46</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#146"><B>BUSINESS OF NORTHFIELD-DELAWARE</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>83</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#147"><B>BUSINESS OF NORTHFIELD BANCORP, INC. AND NORTHFIELD BANK</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>84</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#148"><B>SUPERVISION AND REGULATION</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>102</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#149"><B>TAXATION</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>111</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#150"><B>MANAGEMENT</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>113</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#151"><B>BENEFICIAL OWNERSHIP OF COMMON STOCK</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>141</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#152"><B>SUBSCRIPTIONS BY DIRECTORS AND EXECUTIVE OFFICERS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>143</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#153"><B>THE CONVERSION AND OFFERING</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>144</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#154"><B>COMPARISON OF STOCKHOLDERS&#146; RIGHTS FOR EXISTING STOCKHOLDERS OF NORTHFIELD BANCORP, INC.</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>167</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#155"><B>RESTRICTIONS ON ACQUISITION OF NORTHFIELD-DELAWARE</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>172</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#156"><B>DESCRIPTION OF CAPITAL STOCK OF NORTHFIELD-DELAWARE FOLLOWING THE CONVERSION</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>175</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#157"><B>TRANSFER AGENT</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>177</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#158"><B>EXPERTS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>177</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#159"><B>LEGAL MATTERS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>177</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#160"><B>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>177</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#161"><B>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>F-1</B></TD>
    <TD>&nbsp;</TD>
</TR>
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</TABLE>
</DIV>







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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="135"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUMMARY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary explains the significant aspects of the conversion, the offering and the
exchange of existing shares of <font style="white-space: nowrap">Northfield-Federal</font> common stock for shares of Northfield-Delaware
common stock. It may not contain all of the information that is important to you. For additional
information before making an investment decision, you should read this entire document carefully,
including the consolidated financial statements and the notes to the consolidated financial
statements, and the section entitled &#147;Risk Factors.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Companies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Northfield-Delaware</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares being offered will be issued by Northfield-Delaware, a newly formed Delaware
corporation. Upon completion of the conversion, Northfield-Delaware will become the successor
corporation to Northfield-Federal and the parent holding company for Northfield Bank.
Northfield-Delaware&#146;s executive offices are located at 581 Main Street, Suite&nbsp;810, Woodbridge, New
Jersey 07095, and its telephone number at this address is (732)&nbsp;499-7200.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Northfield Bank</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank is a community bank that has served the banking needs of its customers since
1887. Northfield Bank conducts business primarily from its home office located in Staten Island,
New York, its operations center located in Woodbridge, New Jersey, its 17 additional branch offices
located in New York and New Jersey and its lending offices located in Brooklyn, New York and
Gwinnett County, Georgia. The branch offices are located in the New York counties of Richmond
(Staten Island) and Kings (Brooklyn) and the New Jersey counties of Union and Middlesex.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank&#146;s principal business consists of taking deposits, primarily through its
retail banking offices, and investing those funds in loans and securities. Northfield Bank offers
a variety of deposit accounts with a range of interest rates and terms, and relies on its
convenient locations, customer service and competitive pricing and products to attract and retain
deposits. To a lesser extent, Northfield Bank uses borrowed funds and brokered deposits as
additional sources of funds. Northfield Bank&#146;s principal lending activity is originating
multifamily and commercial real estate loans for retention in its portfolio, and also offering a
variety of other types of loans for individuals and small businesses. Northfield Bank&#146;s investment
securities portfolio is comprised principally of mortgage-backed securities and corporate bonds.
Northfield Bank is subject to comprehensive regulation and examination by the Office of Thrift
Supervision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank&#146;s website address is <U>www.eNorthfield.com</U>. Information on this website
is not and should not be considered a part of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Northfield-Federal and Northfield Bancorp, MHC</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Federal is a federally chartered corporation that currently is the parent holding
company of Northfield Bank. At March&nbsp;31, 2010, Northfield-Federal had consolidated assets of $2.1
billion, deposits of $1.4&nbsp;billion and stockholders&#146; equity of $396.3&nbsp;million. At March&nbsp;31, 2010,
Northfield-Federal had 43,722,522 shares of common stock outstanding, of which 19,080,838 shares,
or 43.6%, were owned by the public (including Northfield Bank Foundation) and will be exchanged for
shares of common stock of Northfield-Delaware as part of the conversion. The remaining 24,641,684
shares of common stock of Northfield-Federal are held by Northfield Bancorp, MHC, a federally
chartered mutual holding company. The shares of common stock being offered by Northfield-Delaware
represent Northfield Bancorp, MHC&#146;s ownership interest in Northfield-Federal. Upon completion of
the conversion and offering, Northfield Bancorp, MHC&#146;s shares will be cancelled and Northfield
Bancorp, MHC and Northfield-Federal will no longer exist.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Our Current Organizational Structure</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have been organized in mutual holding company form since 1995, and in the two-tiered mutual
holding company structure since 2002. In November&nbsp;2007, Northfield-Federal sold 19,265,316 shares
of its common stock to the public, representing 43.0% of its then-outstanding shares, at $10.00 per
share. Northfield-Federal issued 24,641,684 shares to Northfield Bancorp, MHC, and 896,061 shares
to Northfield Bank Foundation, which was formed in connection with the initial stock offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms of Northfield Bancorp, MHC&#146;s plan of conversion and reorganization,
Northfield Bancorp, MHC is now converting from the mutual holding company corporate structure to
the stock holding company corporate structure. As part of the conversion, we are offering for sale
the majority ownership interest in Northfield-Federal that is currently held by Northfield Bancorp,
MHC. We are not contributing additional shares to the Northfield Bank Foundation in connection
with the conversion and offering. Upon completion of the conversion and offering, Northfield
Bancorp, MHC and Northfield-Federal will cease to exist, and we will complete the transition of our
organization from being partially owned by public stockholders to being fully owned by public
stockholders. Upon completion of the conversion, public stockholders of Northfield-Federal will
receive shares of common stock of Northfield-Delaware in exchange for their shares of
Northfield-Federal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following diagram shows our current organizational structure:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y84957y8495701.gif" alt="(FLOW CHART)">
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the conversion and offering are completed, we will be organized as a fully public
holding company, as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y84957y8495702.gif" alt="(FLOW CHART)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Business Strategy</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our business strategies are to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>remain a community-oriented financial institution;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continue to increase our lending;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>improve asset quality;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expand through branching and acquisitions; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>employ securities investment strategies to increase income.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations&#151;Business Strategy&#148; for a more complete discussion of our business strategy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reasons for the Conversion and Offering</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our primary reasons for converting to the fully public stock form of ownership and undertaking
the stock offering are to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>eliminate some of the uncertainties associated with proposed financial
regulatory reforms;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increase our capital;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transition us to a more familiar and flexible organizational structure;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>improve the liquidity of our shares of common stock; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>support any future mergers and acquisitions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;The Conversion and Offering&#148; for a more complete discussion of our reasons for conducting
the conversion and offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Terms of the Offering</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering between 29,750,000 and 40,250,000 shares of common stock to eligible
depositors of Northfield Bank, to our tax-qualified employee benefit plans and, to the extent
shares remain available, to residents of the New Jersey Counties of Bergen, Essex, Hudson,
Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex and Union, the New York
Counties of Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk and
Westchester, and Pike County, Pennsylvania. To the extent shares of common stock remain available,
we are also offering the shares to our existing public stockholders and to the general public in a
community offering and, if necessary, to the general public in a syndicated community offering.
The number of shares of common stock to be sold may be increased to up to 46,287,500 shares as a
result of demand for the shares of common stock in the offering or changes in market conditions.
Unless the number of shares of common stock to be offered is increased to more than 46,287,500
shares or decreased to fewer than 29,750,000 shares, or the offering is extended beyond &#091;extension
date&#093;, subscribers will not have the opportunity to change or cancel their stock orders once
submitted. If the offering is extended past &#091;extension date&#093;, or if the number of shares to be
sold is increased to more than 46,287,500 shares or decreased to less than 29,750,000 shares, all
subscribers&#146; stock orders will be canceled, their withdrawal authorizations will be canceled and
funds delivered to us to purchase shares of common stock in the subscription and community
offerings will be returned promptly with interest at &#091;interest rate&#093;%. We will then resolicit
subscribers, giving them an opportunity to place a new order for a period of time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purchase price of each share of common stock to be offered for sale in the offering is
$10.00. All investors will pay the same purchase price per share. Investors will not be charged a
commission to purchase shares of common stock in the offering. Sandler O&#146;Neill &#038; Partners, L.P.,
our marketing agent in the offering, will use its best efforts to assist us in selling shares of
our common stock but is not obligated to purchase any shares of common stock in the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How We Determined the Offering Range, the Exchange Ratio and the $10.00 Per Share Stock Price</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of common stock we are offering for sale and the exchange ratio for the exchange of
shares of Northfield-Delaware for shares of Northfield-Federal are based on an independent
appraisal of the estimated market value of Northfield-Delaware, assuming the conversion, exchange
and offering are completed. RP Financial, LC., our independent appraiser, has estimated that, as
of May&nbsp;14, 2010, this market value was $621.0&nbsp;million. Based on Office of Thrift Supervision
regulations, this market value forms the midpoint of a valuation range with a minimum of $527.9
million and a maximum of $714.2&nbsp;million. Based on this valuation and the valuation range, the
56.4% ownership interest of Northfield Bancorp, MHC in Northfield-Federal being sold in the
offering and the $10.00 per share price, the number of shares of common stock being offered for
sale by Northfield-Delaware will range from 29,750,000 shares to 40,250,000 shares. The $10.00 per
share price was selected primarily because it is the price most commonly used in mutual-to-stock
conversions of financial institutions. The exchange ratio will range from 1.2073 shares at the
minimum of the offering range to 1.6334 at the maximum of the offering range, and will preserve the
existing percentage ownership of public stockholders of Northfield-Federal (excluding any new
shares purchased by them in the stock offering and their receipt of cash in lieu of fractional
shares). If demand for shares or market conditions warrant, the appraisal can be increased by 15%,
which would result in an appraised value of $821.3&nbsp;million, an offering of 46,287,500 shares of
common stock, and an exchange ratio of 1.8784.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The appraisal is based in part on Northfield-Federal&#146;s financial condition and results of
operations, the pro forma effect of the additional capital raised by the sale of shares of common
stock in the offering, and an analysis of a peer group of ten publicly traded thrift holding
companies that RP Financial, LC. considers comparable to Northfield-Federal. The appraisal peer
group consists of the following companies. Asset size for all companies is as of March&nbsp;31, 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Ticker</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Company Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Symbol</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Exchange</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Headquarters</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total Assets</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="3">(in millions)</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brookline Bancorp, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">BRKL</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nasdaq</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brookline, MA</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,639</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Danvers Bancorp, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DNBK</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nasdaq</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Danvers, MA</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,455</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ESB Financial Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ESBF</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nasdaq</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">Ellwood City, PA</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,955</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ESSA Bancorp, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ESSA</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nasdaq</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stroudsburg, PA</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,059</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Flushing Financial Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">FFIC</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nasdaq</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">Lake Success, NY</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,183</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NewAlliance Bancshares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">NAL</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">NYSE</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Haven, CT</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,501</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OceanFirst Financial Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">OCFC</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nasdaq</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Toms River, NJ</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,199</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provident NY Bancorp, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">PBNY</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nasdaq</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Montebello, NY</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,936</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">United Financial Bancorp</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">UBNK</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nasdaq</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">W. Springfield, MA</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,513</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Westfield Financial Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">WFD</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nasdaq</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Westfield, MA</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,200</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents a summary of selected pricing ratios for the peer group
companies and Northfield-Delaware (on a pro forma basis) based on annual earnings and other
information as of and for the twelve months ended March&nbsp;31, 2010, as reflected in the appraisal
report. Compared to the average pricing of the peer group, our pro forma pricing ratios at the
midpoint of the offering range indicated a discount of 20.1% on a price-to-book value basis, a
discount of 30.4% on a price-to-tangible book value basis, and a premium of 110.0% on a
price-to-earnings basis.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price-to-earnings</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price-to-book</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price-to-tangible</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>multiple (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>value ratio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>book value ratio</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Northfield-Delaware
(on a pro forma
basis, assuming
completion of the
conversion)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjusted Maximum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67.18</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">101.73</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">103.84</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Maximum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.68</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">94.79</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">96.90</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Midpoint</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.23</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">87.87</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">89.93</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minimum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.72</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">80.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">82.03</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Valuation of peer
group companies, all
of which are fully
converted (on an
historical basis)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Averages</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.40</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">109.94</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">129.19</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Medians</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.88</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">104.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">134.53</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Price-to-earnings multiples calculated by RP Financial, LC. in the independent appraisal are
based on an estimate of &#147;core&#148; or recurring earnings. These ratios are different than those
presented in &#147;Pro Forma Data.&#148;</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The independent appraisal does not indicate trading market value. Do not assume or
expect that our valuation as indicated in the appraisal means that after the conversion and
offering the shares of our common stock will trade at or above the $10.00 per share purchase price.
Furthermore, the pricing ratios presented in the appraisal were utilized by RP Financial, LC. to
estimate our </B><B><I>pro forma </I></B><B>appraised value for regulatory purposes and not to compare the relative
value of shares of our common stock with the value of the capital stock of the peer group. The
value of the capital stock of a particular company may be affected by a number of factors such as
financial performance, asset size and market location.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a more complete discussion of the amount of common stock we are offering for sale and the
independent appraisal, see &#147;The Conversion and Offering&#151;Stock Pricing and Number of Shares to be
Issued.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>After-Market Stock Price Performance Provided by Independent Appraiser</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents stock price performance information for all second-step
conversions completed between January&nbsp;1, 2009 and May&nbsp;14, 2010. None of these companies were
included in the group of 10 comparable public companies utilized in RP Financial, LC.&#146;s valuation
analysis.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Completed Second-Step Conversion Offerings<BR>
Closing Dates between January&nbsp;1, 2009 and May&nbsp;14, 2010</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>Percentage Price Change</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>From Initial Trading Date</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Company Name and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Conversion</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Through May 14,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Ticker Symbol</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exchange</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>One Day</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>One Week</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>One Month</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Eagle Bancorp Montana, Inc. (EBMT)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">4/5/10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Nasdaq</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ocean Shore Holding Co. (OSHC)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/21/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Nasdaq</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">40.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Northwest Bancshares, Inc. (NWBI)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12/18/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Nasdaq</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">23.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Average</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">22.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Median</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">23.2</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock price performance is affected by many factors, including, but not limited to:
general market and economic conditions; the interest rate environment; the amount of proceeds a
company raises in its offering; and numerous factors relating to the specific company, including
the experience and ability of management, historical and anticipated operating results, the nature
and quality of the company&#146;s assets, and the company&#146;s market area. None of the companies listed
in the table above are exactly similar to Northfield-Delaware, the pricing ratios for their stock
offerings may have been different from the pricing ratios for Northfield-Delaware shares of common
stock and the market conditions in which these offerings were completed may have been different
from current market conditions. Furthermore, this table presents only short-term performance with
respect to companies that recently completed their second-step conversions and may not be
indicative of the longer-term stock price performance of these companies. <B>The performance of these
stocks may not be indicative of how our stock will perform.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Our stock price may trade below $10.00 per share, as the stock prices of many second-step
conversions completed prior to 2009 have decreased below the initial offering price. Before you
make an investment decision, we urge you to carefully read this prospectus, including, but not
limited to, the section entitled &#147;Risk Factors&#148; beginning on page 16.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Exchange of Existing Shares of Northfield-Federal Common Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are currently a stockholder of Northfield-Federal, your shares will be canceled at the
completion of the conversion and will be exchanged for shares of common stock of
Northfield-Delaware. The number of shares of common stock you receive will be based on the
exchange ratio, which will depend upon our final appraised value. The following table shows how
the exchange ratio will adjust, based on the valuation of Northfield-Delaware and the number of
shares of common stock issued in the offering. The table also shows the number of shares of
Northfield-Delaware common stock a hypothetical owner of Northfield-Federal common stock would
receive in exchange for 100 shares of Northfield-Federal common stock owned at the completion of
the conversion, depending on the number of shares of common stock issued in the offering.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Equivalent</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Equivalent</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Pro Forma</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares to</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of Common</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tangible</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>be</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Shares of Northfield-Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock to be</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Based</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Book Value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Received</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Shares to be Sold in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>to be Issued for Shares of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Issued in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Upon</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>for 100</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>This Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Northfield-Federal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Conversion</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exchange</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exchanged</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Existing</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>and Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Ratio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Price (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Share (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minimum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">56.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,036,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">43.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,786,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.2073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">12.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Midpoint</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,101,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,101,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maximum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,166,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,416,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.6334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">15% above Maximum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,287,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,841,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,129,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8784</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the value of shares of Northfield-Delaware common stock to be received in
the conversion by a holder of one share of Northfield-Federal, pursuant to the exchange ratio,
based upon the $10.00 per share purchase price.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the pro forma tangible book value per share at each level of the offering range
multiplied by the respective exchange ratio.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you own shares of Northfield-Federal common stock in a brokerage account in &#147;street
name,&#148; your shares will be exchanged automatically, and you do not need to take any action to
exchange your shares of common stock. If your shares are represented by physical
Northfield-Federal stock certificates, after the completion of the conversion and stock offering,
our exchange agent will mail to you a transmittal form with instructions to surrender your stock
certificates. New certificates of Northfield-Delaware common stock will be mailed to you within
five business days after the exchange agent receives properly executed transmittal forms and your
Northfield-Federal stock certificates. <B>You should not submit a stock certificate until you receive
a transmittal form.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No fractional shares of Northfield-Delaware common stock will be issued to any public
stockholder of Northfield-Federal. For each fractional share that otherwise would be issued,
Northfield-Delaware will pay in cash an amount equal to the product obtained by multiplying the
fractional share interest to which the holder otherwise would be entitled by the $10.00 per share
offering price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding options to purchase shares of Northfield-Federal common stock also will convert
into and become options to purchase shares of Northfield-Delaware common stock based upon the
exchange ratio. The aggregate exercise price, duration and vesting schedule of these options will
not be affected by the conversion. At March&nbsp;31, 2010, there were 2,072,540 outstanding options to
purchase shares of <font style="white-space: nowrap">Northfield-Federal</font> common stock, 402,060 of which have vested. Such outstanding
options will be converted into options to purchase 2,502,177 shares of common stock at the minimum
of the offering range and 3,385,287 shares of common stock at the maximum of the offering range.
Because Office of Thrift Supervision regulations prohibit us from repurchasing our common stock
during the first year following the conversion unless compelling business reasons exist for such
repurchases, we may use authorized but unissued shares to fund option exercises that occur during
the first year following the conversion. If all existing options were exercised for authorized,
but unissued shares of common stock following the conversion, stockholders would experience
dilution of approximately 4.53% at both the minimum and the maximum of the offering range.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How We Intend to Use the Proceeds From the Offering</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to invest at least 50% of the net proceeds from the stock offering in Northfield
Bank, loan funds to our employee stock ownership plan to fund its purchase of our shares of common
stock in the stock offering and retain the remainder of the net proceeds from the offering.
Therefore, assuming we sell 35,000,000 shares of common stock in the stock offering, and we have
net proceeds of $338.0&nbsp;million, we intend to invest $169.0&nbsp;million in Northfield Bank, loan $14.0
million to our employee stock ownership plan to fund its purchase of our shares of common stock and
retain the remaining $155.0&nbsp;million of the net proceeds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may use the funds we retain to acquire other financial institutions, for investments, to
pay cash dividends, to repurchase shares of common stock and for other general corporate purposes.
Northfield Bank may use the proceeds it receives from us to acquire other financial institutions,
to expand its branch network and to support increased lending and other products and services.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see the section of this prospectus entitled &#147;How We Intend to Use the Proceeds from the
Offering&#148; for more information on the proposed use of the proceeds from the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Persons Who May Order Shares of Common Stock in the Offering</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering the shares of common stock in a subscription offering in the following
descending order of priority:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>First, to depositors with accounts at Northfield Bank with aggregate balances
of at least $50 at the close of business on March&nbsp;31, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Second, to our tax-qualified employee benefit plans (including Northfield
Bank&#146;s employee stock ownership plan and 401(k) plan), which will receive, without
payment therefor, nontransferable subscription rights to purchase in the aggregate up
to 10% of the shares of common stock sold in the offering. We expect our employee
stock ownership plan to purchase 4% of the shares of common stock sold in the stock
offering, although we reserve the right to have the employee stock ownership plan
purchase more than 4% of the shares sold in the offering to the extent necessary to
complete the offering at the minimum of the offering range.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Third, to depositors with accounts at Northfield Bank with aggregate
balances of at least $50 at the close of business on June&nbsp;30, 2010.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fourth, to depositors of Northfield Bank at the close of business on
&#091;depositor record date&#093;.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of common stock not purchased in the subscription offering will be offered for sale to
the general public in a community offering, with a preference given first to natural persons
(including trusts of natural persons) residing in the New Jersey Counties of Bergen, Essex, Hudson,
Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex and Union, the New York
Counties of Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk and
Westchester, and Pike County, Pennsylvania. To the extent shares of common stock remain available,
we are also offering the shares to Northfield-Federal&#146;s public stockholders as of &#091;stockholder
record date&#093;. The community offering is expected to begin concurrently with the subscription
offering. We also may offer for sale shares of common stock not purchased in the subscription
offering or the community offering through a syndicated community offering managed by Sandler
O&#146;Neill &#038; Partners, L.P. We have the right to accept or reject, in our sole discretion, orders
received in the community offering or syndicated community offering. Any determination to accept
or reject stock orders in the community offering and the syndicated community offering will be
based on the facts and circumstances available to management at the time of the determination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we receive orders for more shares than we are offering, we may not be able to fully or
partially fill your order. Shares will be allocated first to categories in the subscription
offering. A detailed description of the subscription offering, the community offering and the
syndicated community offering, as well as a discussion regarding allocation procedures, can be
found in the section of this prospectus entitled &#147;The Conversion and Offering.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Limits on How Much Common Stock You May Purchase</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The minimum number of shares of common stock that may be purchased is 25.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, no individual may purchase more than 300,000 shares ($3.0&nbsp;million) of common stock.
If any of the following persons purchases shares of common stock, their purchases, in all
categories of the offering, when combined with your purchases, cannot exceed 300,000 shares ($3.0
million) of common stock:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>your spouse or relatives of you or your spouse living in your house;</TD>
</TR>

</TABLE>
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>most companies, trusts or other entities in which you are a trustee, have
a substantial beneficial interest or hold a senior position; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other persons who may be your associates or persons acting in concert with you.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless we determine otherwise, persons having the same address and persons exercising
subscription rights through qualifying deposit accounts registered to the same address will be
subject to the overall purchase limitation of 300,000 shares ($3.0&nbsp;million).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the above purchase limitations, there is an ownership limitation for current
stockholders of Northfield-Federal other than our employee stock ownership plan. Shares of common
stock that you purchase in the offering individually and together with persons described above,
<I>plus </I>any shares you and they receive in exchange for existing shares of Northfield-Federal common
stock, may not exceed 5% of the total shares of common stock to be issued and outstanding after the
completion of the conversion. However, if you already own more than 5% of the total shares of
common stock to be issued and outstanding after the completion of the conversion, you do not need
to divest any of your shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Office of Thrift Supervision approval, we may increase or decrease the purchase and
ownership limitations at any time. See the detailed description of the purchase limitations in the
section of this prospectus headed &#147;The Conversion and Offering&#151;Additional Limitations on Common
Stock Purchases.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How You May Purchase Shares of Common Stock in the Subscription Offering and the Community Offering</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the subscription offering and community offering, you may pay for your shares only by:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>personal check, bank check or money order made payable directly to Northfield
Bancorp, Inc.; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorizing us to withdraw available funds from the types of Northfield Bank
deposit accounts designated on the stock order form.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank is not permitted to lend funds to anyone for the purpose of purchasing shares
of common stock in the offering. Additionally, you may not use a Northfield Bank line of credit
check or any type of third party check to pay for shares of common stock. Please do not submit
cash or wire transfers. You may not designate withdrawal from Northfield Bank&#146;s accounts with
check-writing privileges. You may not authorize direct withdrawal from a Northfield Bank
retirement account. See &#147;&#151;Using Individual Retirement Accounts.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You can subscribe for shares of common stock in the offering by delivering a signed and
completed original stock order form, together with full payment payable to Northfield Bancorp, Inc.
or authorization to withdraw funds from one or more of your Northfield Bank deposit accounts,
provided that the stock order form is <I>received </I>before 4:00 p.m., Eastern Time, on &#091;termination
date&#093;, which is the end of the offering period. You may submit your stock order form and payment
by mail using the stock order reply envelope provided, or by overnight delivery to our Stock
Information Center at the address noted on the Stock Order Form. You may hand-deliver stock order
forms to the Stock Information Center, which will be located at Northfield Bank&#146;s Avenel office,
1410 St. Georges Avenue, Second floor, Avenel, New Jersey. Hand-delivered stock order forms will
only be accepted at this location. We will not accept stock order forms at our other branch
offices. <B>Please do not mail stock order forms to Northfield Bank&#146;s offices.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see &#147;The Conversion and Offering&#151; Procedure for Purchasing Shares&#151;Payment for Shares&#148;
for a complete description of how to purchase shares in the stock offering.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Using Individual Retirement Account Funds to Purchase Shares of Common Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may be able to subscribe for shares of common stock using funds in your individual
retirement account, or IRA. If you wish to use some or all of the funds in your Northfield Bank
individual retirement account, the applicable funds must be transferred to a self-directed account
maintained by an independent trustee, such as a brokerage firm, and the purchase must be made
through that account. If you do not have such an account, you will need to establish one before
placing your stock order. An annual administrative fee may be payable to the independent trustee.
Because individual circumstances differ and the processing of retirement fund orders takes
additional time, we recommend that you contact our Stock Information Center promptly, preferably at
least two weeks before the &#091;termination date&#093; offering deadline, for assistance with purchases
using your individual retirement account or other retirement account that you may have at
Northfield Bank <I>or elsewhere</I>. Whether you may use such funds for the purchase of shares in the
stock offering may depend on timing constraints and, possibly, limitations imposed by the
institution where the funds are held.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;The Conversion and Offering&#151;Procedure for Purchasing Shares&#151;Payment for Shares&#148; and
&#147;&#151;Using Individual Retirement Account Funds&#148; for a complete description of how to use IRA funds to
purchase shares in the stock offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Purchases by Officers and Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect our directors and executive officers, together with their associates, to subscribe
for &#95;&#95;&#95; shares of common stock in the offering, representing &#95;&#95;&#95;% of shares to be
sold at the minimum of the offering range. The purchase price paid by them will be the same $10.00
per share price paid by all other persons who purchase shares of common stock in the offering.
Following the conversion, our directors and executive officers, together with their associates, are
expected to beneficially own &#95;&#95;&#95; shares of common stock, or &#95;&#95;&#95;% of our total
outstanding shares of common stock at the minimum of the offering range, which includes shares they
currently own that will be exchanged for new shares of Northfield-Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Subscriptions by Directors and Executive Officers&#148; for more information on the proposed
purchases of our shares of common stock by our directors and executive officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Deadline for Orders of Shares of Common Stock in the Subscription and Community Offering</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The deadline for purchasing shares of common stock in the subscription and community offering
is 4:00 p.m., Eastern Time, on &#091;termination date&#093;, unless we extend this deadline. If you wish to
purchase shares of common stock, a properly completed and signed original stock order form,
together with full payment, must be received (not postmarked) by this time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we will make reasonable attempts to provide this prospectus and offering materials to
holders of subscription rights, the subscription offering and all subscription rights will expire
at 4:00 p.m., Eastern Time, on &#091;termination date&#093;, whether or not we have been able to locate each
person entitled to subscription rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;The Conversion and Offering&#151; Procedure for Purchasing Shares&#151;Expiration Date&#148; for a
complete description of the deadline for purchasing shares in the stock offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>You May Not Sell or Transfer Your Subscription Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office of Thrift Supervision regulations prohibit you from transferring your subscription
rights. If you order shares of common stock in the subscription offering, you will be required to
state that you are purchasing the common stock for yourself and that you have no agreement or
understanding to sell or transfer your subscription rights. We intend to take legal action,
including reporting persons to federal agencies, against anyone who we believe has sold or
transferred his or her subscription rights. We will not accept your order if we have reason to
believe that you have sold or transferred your subscription rights. On the order form, you may not
add the names of others for joint stock registration who do not have subscription rights or who
qualify only in a lower subscription
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">offering priority than you do. You may add only those who were eligible to purchase shares of
common stock in the subscription offering at your date of eligibility. In addition, the stock
order form requires that you list all deposit accounts, giving all names on each account and the
account number at the applicable eligibility date. Failure to provide this information, or
providing incomplete or incorrect information, may result in a loss of part or all of your share
allocation if there is an oversubscription.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Delivery of Stock Certificates</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates representing shares of common stock sold in the subscription offering and
community offering will be mailed to the certificate registration address noted by purchasers on
the stock order form. Stock certificates will be sent to purchasers by first-class mail as soon as
practicable after the completion of the conversion and stock offering. We expect trading in the
stock to begin on the business day of or on the business day following the completion of the
conversion and stock offering. The conversion and stock offering are expected to be completed as
soon as practicable following satisfaction of the conditions described below in &#147;&#151;Conditions to
Completion of the Conversion and the Offering.&#148; <B>It is possible that until certificates for the
common stock are delivered to purchasers, purchasers might not be able to sell the shares of common
stock that they ordered, even though the common stock will have begun trading. </B>Your ability to
sell the shares of common stock before receiving your stock certificate will depend on arrangements
you may make with a brokerage firm. If you are currently a stockholder of Northfield-Federal, see
&#147;The Conversion and Offering&#151;Exchange of Existing Stockholders&#146; Stock Certificates.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conditions to Completion of the Conversion</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We cannot complete the conversion and offering unless:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The plan of conversion and reorganization is approved by at least <I>a
majority of votes eligible </I>to be cast by members of Northfield Bancorp, MHC (depositors
of Northfield Bank) as of &#091;depositor record date&#093;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The plan of conversion and reorganization is approved by at least
<I>two-thirds of the outstanding </I>shares of common stock of Northfield-Federal as of
&#091;stockholder record date&#093;, including shares held by Northfield Bancorp, MHC;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The plan of conversion and reorganization is approved by at least <I>a
majority of the outstanding </I>shares of common stock of Northfield-Federal as of
&#091;stockholder record date&#093;, excluding those shares held by Northfield Bancorp, MHC;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We sell at least the minimum number of shares of common stock offered; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We receive the final approval of the Office of Thrift Supervision to
complete the conversion and offering.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bancorp, MHC intends to vote its shares in favor of the plan of conversion and
reorganization. At &#091;stockholder record date&#093;, Northfield Bancorp, MHC owned 56.4% of the
outstanding shares of common stock of Northfield-Federal. The directors and executive officers of
Northfield-Federal and their affiliates owned &#95;&#95;&#95; shares of Northfield-Federal (excluding
exercisable options), or &#95;&#95;&#95;% of the outstanding shares of common stock and &#95;&#95;&#95;% of the
outstanding shares of common stock, excluding shares owned by Northfield Bancorp, MHC. They intend
to vote those shares in favor of the plan of conversion and reorganization.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Steps We May Take if We Do Not Receive Orders for the Minimum Number of Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we do not receive orders for at least 29,750,000 shares of common stock, we may take
several steps in order to issue the minimum number of shares of common stock in the offering range.
Specifically, we may:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increase the purchase and ownership limitations; and/or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>seek regulatory approval to extend the offering beyond &#091;extension date&#093;, so
long as we resolicit subscriptions that we have previously received in the offering;
and/or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increase the shares purchased by the employee stock ownership plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If one or more purchase limitations are increased, subscribers in the subscription offering
who ordered the maximum amount will be, and, in our sole discretion, some other large purchasers
may be, given the opportunity to increase their subscriptions up to the then-applicable limit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Possible Change in the Offering Range</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RP Financial, LC. will update its appraisal before we complete the offering. If, as a result
of demand for the shares or changes in market conditions, RP Financial, LC. determines that our pro
forma market value has increased, we may sell up to 46,287,500 shares in the offering without
further notice to you. If our pro forma market value at that time is either below $527.9&nbsp;million
or above $821.3&nbsp;million, then, after consulting with the Office of Thrift Supervision, we may:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>terminate the stock offering and promptly return all funds (with interest paid on
funds received in the subscription and community offerings);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>set a new offering range; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>take such other actions as may be permitted by the Office of Thrift Supervision and
the Securities and Exchange Commission.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we set a new offering range, we will promptly return funds, with interest at &#091;interest
rate&#093;% for funds received for purchases in the subscription and community offerings, and cancel any
authorization to withdraw funds from deposit accounts for the purchase of shares of common stock.
We will resolicit subscribers, allowing them to place a new stock order for a period of time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Possible Termination of the Offering</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may terminate the offering at any time prior to the special meeting of members of
Northfield Bancorp, MHC that is being called to vote on the conversion, and at any time after
member approval with the approval of the Office of Thrift Supervision. If we terminate the
offering, we will promptly return your funds with interest at &#091;interest rate&#093;% and we will cancel
deposit account withdrawal authorizations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Benefits to Management and Potential Dilution to Stockholders Resulting from the Conversion</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect our employee stock ownership plan, which is a tax-qualified retirement plan for the
benefit of all of our employees, to purchase up to 4% of the shares of common stock we sell in the
offering. These shares, when combined with shares owned by our existing employee stock ownership
plan, will be less than 8% of the shares outstanding following the conversion. If we receive
orders for more shares of common stock than the maximum of the offering range, the employee stock
ownership plan will have first priority to purchase shares over this maximum, up to a total of 4%
of the shares of common stock sold in the offering. This would reduce the number of shares
available for allocation to eligible account holders. For further information, see
&#147;Management&#151;Executive Compensation&#151;Employee Stock Ownership Plan and Trust.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office of Thrift Supervision regulations permit us to implement one or more new stock-based
benefit plans no earlier than six months after completion of the conversion. Our current intention
is to implement one or more new stock-based incentive plans, but we have not determined whether we
would adopt the plans within 12&nbsp;months following the completion of the conversion or more than 12
months following the completion of the conversion. Stockholder approval of these plans would be
required. If we implement stock-based benefit plans within 12&nbsp;months following the completion of
the conversion, the stock-based benefit plans would reserve a number of shares up to 4% of the
shares of common stock sold in the offering (reduced by amounts purchased in the stock offering by
our 401(k) plan using its purchase priority in the stock offering) for awards of restricted stock
to key employees and directors, at no cost to the recipients. If we implement stock-based benefit
plans within 12&nbsp;months following the completion of the conversion, the stock-based benefit plans
would also reserve a number of shares up to 10% of the shares of common stock sold in the offering
for issuance pursuant to the exercise of stock options by key employees and directors. The total
number of shares available under the stock-based benefit plans is subject to adjustment as may be
required by Office of Thrift Supervision regulations or policy to reflect shares of common stock or
stock options previously granted by Northfield-Federal or Northfield Bank. For stock-based benefit
plans adopted within 12&nbsp;months following the completion of the conversion, current Office of Thrift
Supervision policy would require that the total number of shares of restricted stock and the total
number of shares available for the exercise of stock options not exceed 4% and 10%, respectively,
of our total outstanding shares following the conversion. If the stock-based benefit plan is
adopted more than 12&nbsp;months after the completion of the conversion, shares of our common stock
available for restricted stock or the exercise of stock options under the plan may exceed the
percentage limitations set forth above. We have not yet determined the number of shares that would
be reserved for issuance under these plans. For a description of our current stock-based benefit
plan, see &#147;Management&#151;Compensation Discussion and Analysis&#151;Equity Awards.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the number of shares of common stock and the aggregate dollar
value of grants that are available under one or more stock-based benefit plans if such plans
reserve a number of shares of common stock equal to not more than 4% and 10% of the shares sold in
the stock offering for restricted stock awards and stock options, respectively. The table shows
the dilution to stockholders if all such shares are issued from authorized but unissued shares,
instead of shares purchased in the open market. A portion of the stock grants shown in the table
below may be made to non-management employees or consultants. The table also sets forth the number
of shares of common stock to be acquired by the employee stock ownership plan for allocation to all
qualifying employees.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Number of Shares to be Granted or Purchased</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Dilution</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Value of Grants (In</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>As a</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Resulting</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Thousands (1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>At</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>From</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>At</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>At</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Adjusted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Common</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Issuance of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>At</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Adjusted</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Minimum of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Stock to be</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares for</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Minimum</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Sold in the</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Stock-Based</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Offering</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Range</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Range</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Range</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Range</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employee stock ownership plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,190,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,851,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">N/A </TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,515</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restricted stock awards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,190,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,851,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,515</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,975,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,628,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.34</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,265</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,355,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,331,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.31</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">54,295</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The actual value of restricted stock awards will be determined based on their fair value as
of the date grants are made. For purposes of this table, fair value for stock awards is
assumed to be the same as the offering price of $10.00 per share. The fair value of stock
options has been estimated at $3.73 per option using the Black-Scholes option pricing model,
adjusted for the exchange ratio, with the following assumptions: a grant-date share price and
option exercise price of $10.00; an expected option life of 6.5&nbsp;years; a dividend yield of
1.4%; a risk-free rate of return of 3.10%; and a volatility rate of 38.29%. The actual value
of option grants will be determined by the grant-date fair value of the options, which will
depend on a number of factors, including the valuation assumptions used in the option pricing
model ultimately adopted.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>No dilution is reflected for the employee stock ownership plan because such shares are
assumed to be purchased in the stock offering.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may fund our stock-based benefit plans through open market purchases, as opposed to
new issuances of stock; however, if any options previously granted under our existing 2008 Equity
Incentive Plan are exercised during the first year following completion of the offering, they will
be funded with newly issued shares as Office of Thrift Supervision regulations do not permit us to
repurchase our shares during the first year following the completion of the offering except to fund
the grants of restricted stock under our stock-based benefit plan or under
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">extraordinary circumstances. We have been advised by the staff of the Office of Thrift
Supervision that the exercise of outstanding options and cancellation of treasury shares in the
conversion will not constitute an extraordinary circumstance for purposes of this test.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents information as of March&nbsp;31, 2010 regarding our employee stock
ownership plan, our 2008 Equity Incentive Plan and our proposed stock-based benefit plan. The
table below assumes that 71,416,852 shares are outstanding after the offering, which includes the
sale of 40,250,000 shares in the offering at the maximum of the offering range and the issuance of
shares in exchange for shares of Northfield-Federal using an exchange ratio of 1.6334. It also
assumes that the value of the stock is $10.00 per share.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares Outstanding</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares at Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated Value of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>After the</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Existing and New Stock Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Participants</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Offering Range</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Conversion</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Employee Stock Ownership Plan:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employees</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares purchased in 2007 offering (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,868,706</TD>
    <TD nowrap>&nbsp;(2)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,687,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.02</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares to be purchased in this offering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,610,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total employee stock ownership plan shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,478,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">44,787,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.27</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Restricted Stock Awards:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">Directors, Officers <BR>
and Employees</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008 Equity Incentive Plan (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,434,352</TD>
    <TD nowrap>&nbsp;(3)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">14,343,520</TD>
    <TD nowrap>&nbsp;(4)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.01</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">New shares of restricted stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,610,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16,100,000</TD>
    <TD nowrap>&nbsp;(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total shares of restricted stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,044,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">31,134,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.26</TD>
    <TD nowrap>%(5)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Stock Options:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">Directors, Officers <BR>
and Employees</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008 Equity Incentive Plan (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,195,349</TD>
    <TD nowrap>&nbsp;(6)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,069,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.02</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">New stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,385,287</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12,627,121</TD>
    <TD nowrap>&nbsp;(7)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,580,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,696,145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.76</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total of stock benefit plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,103,694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">95,617,265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20.29</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The number of shares indicated has been adjusted for the 1.6334 exchange ratio at the
maximum of the offering range.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>As of March&nbsp;31, 2010, 290,111 of these shares, or 177,612 shares prior to adjustment for the
exchange, have been allocated.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>As of March&nbsp;31, 2010, 1,354,987 of these shares, or 829,550 shares prior to adjustment for
the exchange, have been awarded, and 285,567 of these shares, or 174,830 shares prior to
adjustment for the exchange have vested.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>The value of restricted stock awards is determined based on their fair value as of the date
grants are made. For purposes of this table, the fair value of awards under the new
stock-based benefit plan is assumed to be the same as the offering price of $10.00 per share.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>The number of shares of restricted stock set forth in the table would exceed regulatory
limits if a stock-based incentive plan were adopted within one year of the completion of the
conversion. Accordingly, the number of new shares of restricted stock set forth in the table
would have to be reduced such that the aggregate amount of stock awards would be 4% or less of
our outstanding, unless we obtain a waiver from the Office of Thrift Supervision, or we
implement the incentive plan more than 12&nbsp;months after completion of the conversion. We have
not determined whether we will implement a new stock-based incentive plan earlier than 12
months after completion of the conversion or more than 12&nbsp;months after the completion of the
conversion.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>As of March&nbsp;31, 2010, options to purchase 3,407,926 of these shares, or 2,086,400 shares
prior to adjustment for the exchange, have been awarded, and options to purchase 656,725 of
these shares, or 402,060 shares prior to adjustment for the exchange, have vested.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>The weighted-average fair value of stock options to be granted has been estimated at $3.73
per option, adjusted for the exchange ratio, using the Black-Scholes option pricing model.
The fair value of stock options uses the Black-Scholes option pricing model with the following
assumptions: exercise price, $10.00; trading price on date of grant, $10.00; dividend yield,
1.4%; expected life, 6.5&nbsp;years; expected volatility, 38.29%; and risk-free rate of return,
3.10%. The actual value of option grants will be determined by the grant-date fair value of
the options, which will depend on a number of factors, including the valuation assumptions
used in the option pricing model ultimately adopted.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Market for Common Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Existing publicly held shares of Northfield-Federal&#146;s common stock are quoted on the Nasdaq
Global Select Market under the symbol &#147;NFBK.&#148; Upon completion of the conversion, the shares of
common stock of Northfield-Delaware will replace the existing shares. For a period of 20 trading
days after the completion of the conversion and offering, we expect our shares of common stock will
trade on the Nasdaq Global Select Market under the symbol &#147;NFBKD,&#148; and, thereafter, our trading
symbol will revert to &#147;NFBK.&#148; In order to list our stock on the Nasdaq Global Select Market, we
are required to have at least three broker-dealers who will make a market in
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">our common stock. As of March&nbsp;31, 2010, Northfield-Federal had 22 registered market makers in
its common stock, including Sandler O&#146;Neill &#038; Partners, L.P. Sandler O&#146;Neill &#038; Partners, L.P. has
advised us that it intends to make a market in our common stock following the offering, but it is
under no obligation to do so.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Our Dividend Policy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2010, Northfield-Federal paid a quarterly cash dividend of $0.05 per share,
which equals $0.20 per share on an annualized basis. After the conversion, we intend to continue
to pay cash dividends on a quarterly basis. We expect the quarterly dividends per share to be
between $0.03 and $0.04 per share, depending on how many shares of common stock are sold in the
offering. This would approximately preserve the dividend amount that Northfield-Federal
stockholders currently receive, as adjusted to reflect the exchange ratio. The dividend rate and
the continued payment of dividends will depend on a number of factors, including our capital
requirements, our financial condition and results of operations, tax considerations, statutory and
regulatory limitations, and general economic conditions. No assurance can be given that we will
continue to pay dividends or that they will not be reduced or eliminated in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For information regarding our historical dividend payments, see &#147;Selected Consolidated
Financial and Other Data&#148; and &#147;Market for the Common Stock.&#148; For information regarding our current
and proposed dividend policy, see &#147;Our Dividend Policy.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Tax Consequences</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bancorp, MHC, Northfield-Federal, Northfield Bank and Northfield-Delaware have
received an opinion of counsel, Luse Gorman Pomerenk &#038; Schick, P.C., regarding the material federal
income tax consequences of the conversion, and have received opinions of Crowe Horwath LLP
regarding the material New York and New Jersey state tax consequences of the conversion. As a
general matter, the conversion will not be a taxable transaction for purposes of federal or state
income taxes to Northfield Bancorp, MHC, Northfield-Federal (except for cash paid for fractional
shares), Northfield Bank, Northfield-Delaware, persons eligible to subscribe in the subscription
offering, or existing stockholders of Northfield-Federal. Existing stockholders of
Northfield-Federal who receive cash in lieu of fractional share interests in shares of
Northfield-Delaware will recognize a gain or loss equal to the difference between the cash received
and the tax basis of the fractional share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How You Can Obtain Additional Information&#151;Stock Information Center</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our banking personnel may not, by law, assist with investment-related questions about the
offering. If you have any questions regarding the conversion or offering, please call our Stock
Information Center. The toll-free telephone number is (&#95;&#95;&#95;) &#95;&#95;&#95;-&#95;&#95;&#95;. The Stock Information
Center is open Monday through Friday between 10:00&nbsp;a.m. and 4:00 p.m., Eastern Time. The Stock
Information Center will be closed on weekends and bank holidays.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="136"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RISK FACTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>You should consider carefully the following risk factors in evaluating an investment in the
shares of common stock.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Related to Our Business</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We have been negatively affected by current market and economic conditions. A continuation or
worsening of these conditions could adversely affect our operations, financial condition and
earnings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The severe economic recession of 2008 and 2009 and the weak economic recovery since then have
resulted in continued uncertainty in the financial markets and the expectation of weak general
economic conditions, including high levels of unemployment, continuing through 2010. The resulting
economic pressure on consumers and businesses has adversely affected our business, financial
condition, and results of operations. The credit quality of loan and investment securities
portfolios has deteriorated at many financial institutions and the values of real estate collateral
supporting many commercial loans and home mortgages have declined and may continue to decline. Our
commercial and multi-family real estate loan customers have experienced increases in vacancy rates
and declines in rental rates for both multi-family and commercial properties. Financial companies&#146;
stock prices have been negatively affected, as has the ability of banks and bank holding companies
to raise capital or borrow in the debt markets. A continuation or worsening of these conditions
could result in reduced loan demand and further increases in loan delinquencies, loan losses, loan
loss provisions, costs associated with monitoring delinquent loans and disposing of foreclosed
property, and otherwise negatively affect our operations, financial condition and earnings.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Our concentration in multifamily loans, commercial real estate loans, and construction and land
lending could expose us to increased lending risks and related loan losses.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our current business strategy is to continue to emphasize multifamily loans and to a lesser
extent commercial real estate loans. At March&nbsp;31, 2010, $559.3&nbsp;million, or 75.9% of our total loan
portfolio, consisted of multifamily, commercial real estate, and construction and land loans. In
addition, at March&nbsp;31, 2010, our largest industry concentration of commercial real estate loans was
hotels and motels, which totaled $29.4&nbsp;million, or 8.8% of commercial real estate loans at that
date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These types of loans generally expose a lender to greater risk of non-payment and loss than
one- to four-family residential mortgage loans because repayment of the loans often depends on the
successful operations and the income stream of the borrowers. Such loans typically involve larger
loan balances to single borrowers or groups of related borrowers compared to one- to four-family
residential mortgage loans. Also, many of our borrowers have more than one of these types of loans
outstanding. Consequently, an adverse development with respect to one loan or one credit
relationship can expose us to a significantly greater risk of loss compared to an adverse
development with respect to a one- to four-family residential real estate loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, if loans that are collateralized by real estate become troubled and the value of
the real estate has been significantly impaired, then we may not be able to recover the full
contractual amount of principal and interest that we anticipated at the time we originated the
loan, which could cause us to increase our provision for loan losses and adversely affect our
operating results and financial condition. Also, the collateral underlying commercial business
loans may fluctuate in value. Some of our commercial business loans are collateralized by
equipment, inventory, accounts receivable or other business assets, and the liquidation of
collateral in the event of default is often an insufficient source of repayment because accounts
receivable may be uncollectible and inventories may be obsolete or of limited use.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction and land lending involves additional risks because of the inherent difficulty in
estimating a property&#146;s value both before and at completion of the project. Construction costs may
exceed original estimates as a result of increased materials, labor or other costs. In addition,
because of current uncertainties in the residential and commercial real estate markets, property
values have become more difficult to determine than they have been
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">historically. The repayment of construction and land acquisition and development loans often
depends on the ability of the borrower to sell or lease the property. These loans also require
ongoing monitoring.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A significant portion of our loan portfolio is unseasoned.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our loan portfolio has grown to $736.6&nbsp;million at March&nbsp;31, 2010, from $387.8&nbsp;million at
December&nbsp;31, 2005. It is difficult to assess the future performance of these recently originated
loans because of our relatively limited history in commercial real estate, multifamily, and
construction lending. In addition, we purchased $35.4&nbsp;million of insurance premium finance loans
during the quarter ended December&nbsp;31, 2009, and grew this portfolio to $40.0&nbsp;million at March&nbsp;31,
2010. These loans may have delinquency or charge-off levels above our historical experience, which
could adversely affect our future performance.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>If our allowance for loan losses is not sufficient to cover actual loan losses, our earnings could
decrease.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We make various assumptions and judgments about the collectability of our loan portfolio,
including the creditworthiness of our borrowers and the value of the real estate and other assets
serving as collateral for the repayment of many of our loans. In determining the amount of the
allowance for loan losses, we review our loans and our loss and delinquency experience, as well as
the experience of other similarly situated institutions, and we evaluate other factors including,
among other things, current economic conditions. If our assumptions are incorrect, our allowance
for loan losses may not be sufficient to cover losses inherent in our loan portfolio, which would
require additions to our allowance. Material additions to our allowance would materially decrease
our net income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, bank regulators periodically review our allowance for loan losses and, based on
information available to them at the time of their review, may require us to increase our allowance
for loan losses or recognize further loan charge-offs. An increase in our allowance for loan
losses or loan charge-offs as required by these regulatory authorities may have a material adverse
effect on our financial condition and results of operations.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Declines in real estate values could decrease our loan originations and increase delinquencies and
defaults.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Declines in real estate values in our market area could adversely affect our results of
operations. Like all financial institutions, we are subject to the effects of any economic
downturn. In particular, a significant decline in real estate values would likely lead to a
decrease in new multifamily, commercial real estate, and home equity lending and increased
delinquencies and defaults in our real estate loan portfolio. Declines in the average sale prices
of real estate in our primary market area could lead to higher loan losses.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Government responses to economic conditions may adversely affect our operations, financial
condition and earnings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New federal legislation has been introduced in Congress that would change the bank regulatory
framework, as well as lending and funding practices and liquidity standards for banks. Bank
regulatory agencies also have been responding aggressively to concerns and adverse trends
identified in examinations. Ongoing uncertainty and adverse developments in the financial services
industry and the domestic and international credit markets, and the effect of new legislation and
regulatory actions in response to these conditions, may adversely affect our operations by
restricting our business operations, including our ability to originate or sell loans, modify loan
terms, or foreclose on property securing loans. These events may have a significant adverse effect
on our financial performance and operating flexibility. In addition, these risks could affect the
performance and value of our loan and investment securities portfolios, which also would negatively
affect our financial performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, the Board of Governors of the Federal Reserve System, in an attempt to help the
overall economy, has, among other things, kept interest rates low through its targeted federal
funds rate and the purchase of mortgage-backed securities. If the Federal Reserve increases the
federal funds rate, overall interest rates will likely rise, which may negatively impact the
housing markets and the U.S. economic recovery. In addition, deflationary pressures, while
possibly lowering our operating costs, could have a significant negative effect on our borrowers,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">especially our business borrowers, and the values of underlying collateral securing loans,
which could negatively affect our financial performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Legislation has been introduced in Congress that would, among other things, eliminate the Office of
Thrift Supervision, tighten capital standards, create a new Consumer Financial Protection Bureau
and result in new laws and regulations that are expected to increase our costs of operations.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legislation has been introduced in Congress that would implement significant changes to the
current bank regulatory structure. The most recent bill passed by the U.S. Senate would eliminate
our current primary federal regulator, the Office of Thrift Supervision, and require Northfield
Bank to be regulated by the Office of the Comptroller of the Currency (the primary federal
regulator for national banks). The Senate bill also provides that the Board of Governors of the
Federal Reserve System would be responsible for supervising and regulating savings and loan holding
companies like Northfield-Delaware, in addition to bank holding companies which it currently
regulates. If the Federal Reserve Board&#146;s current regulations applied to savings and loan holding
companies like Northfield-Delaware, Northfield-Delaware would become subject to bank holding
company capital requirements to which it is not currently subject. These capital requirements are
substantially similar to the capital requirements currently applicable to Northfield Bank, as
described in &#147;Supervision and Regulation&#151;Federal Banking Regulation&#151;Capital Requirements.&#148; The
Senate bill also requires the bank regulators to set minimum capital levels for holding companies
that are as strong as those required for the insured depository subsidiaries, but the components of
Tier 1 capital would be restricted to capital instruments that are currently considered to be Tier
1 capital for insured depository institutions. This would effectively eliminate the ability of
bank holding companies to include trust preferred securities or subordinated debt as Tier 1
capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proposed legislation would also create a new Consumer Financial Protection Bureau with
broad powers to supervise and enforce consumer protection laws. The Consumer Financial Protection
Bureau would have broad rule-making authority for a wide range of consumer protection laws that
would apply to all banks and savings institutions such as Northfield Bank, including the authority
to prohibit &#147;unfair, deceptive or abusive&#148; acts and practices. The Consumer Financial Protection
Bureau would have examination and enforcement authority over all banks and savings institutions
with more than $10&nbsp;billion in assets. Under the Senate bill, banks and savings institutions with
$10&nbsp;billion or less in assets would be examined by their applicable bank regulators. The new
legislation would also weaken the federal preemption available for national banks and federal
savings associations, and would give state attorneys general the ability to enforce applicable
consumer laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proposed legislation would also broaden the base for Federal Deposit Insurance Corporation
insurance assessments to be based on the average consolidated total assets less tangible equity
capital of a financial institution, and restrict bank proprietary trading in securities. Lastly,
the proposed legislation would increase stockholder influence over boards of directors by requiring
companies to give stockholders a <font style="white-space: nowrap">non-binding</font> vote on executive compensation, and allow stockholders
to nominate their own candidates using a company&#146;s proxy ballots. Public companies would also be
required to adopt majority voting for the election of directors, and the Federal Reserve Board
would be directed to promulgate rules prohibiting excessive compensation paid to bank holding
company executives, regardless of whether the company is publicly traded or not.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If adopted, the proposed legislation and its implementing regulations are expected to increase
our operating and compliance costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>We are subject to extensive regulatory oversight.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and our subsidiaries are subject to extensive regulation and supervision. Regulators have
intensified their focus on bank lending criteria and controls, and on the USA PATRIOT Act&#146;s
anti-money laundering and Bank Secrecy Act compliance requirements. There also is increased
scrutiny of our compliance practices generally and particularly with the rules enforced by the
Office of Foreign Assets Control. It is possible that we are not in full compliance with these
requirements. Our failure to comply with these and other regulatory requirements could lead to,
among other remedies, administrative enforcement actions and legal proceedings. In addition,
proposed future legislation and regulations are likely to to have a significant effect on the
financial services industry. Regulatory or
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">legislative changes could make regulatory compliance more difficult or expensive for us, and
could cause us to change or limit some of our products and services, or the way we operate our
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Legislative or regulatory responses to perceived financial and market problems could impair our
rights against borrowers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current and future proposals made by members of Congress would reduce the amount distressed
borrowers are otherwise contractually obligated to pay under their mortgage loans, and may limit
the ability of lenders to foreclose on mortgage collateral. If proposals such as these, or other
proposals limiting Northfield Bank&#146;s rights as a creditor, were to be implemented, we could
experience increased credit losses on our loans and mortgage-backed securities, or increased
expense in pursuing our remedies as a creditor.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Recent health care legislation could increase our expenses or require us to pass further costs on
to our employees, which could adversely affect our operations, financial condition and earnings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legislation enacted in 2010 requires companies to provide expanded health care coverage to
their employees, such as affordable coverage to part-time employees and coverage to dependent adult
children of employees. Companies will also be required to enroll new employees automatically into
one of their health plans. Compliance with these and other new requirements of the health care
legislation will increase our employee benefits expense, and may require us to pass these costs on
to our employees, which could give us a competitive disadvantage in hiring and retaining qualified
employees.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Changes in market interest rates could adversely affect our financial condition and results of
operations.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our financial condition and results of operations are significantly affected by changes in
market interest rates. Our results of operations substantially depend on our net interest income,
which is the difference between the interest income we earn on our interest-earning assets and the
interest expense we pay on our interest-bearing liabilities. Our interest-bearing liabilities
generally reprice or mature more quickly than our interest-earning assets. If rates increase
rapidly, we may have to increase the rates we are willing to pay on our deposits and borrowed funds
more quickly than any changes in interest rates on our loans and investments, resulting in a
negative effect on interest spreads and net interest income. In addition, the effect of rising
rates could be compounded if deposit customers move funds from savings accounts to higher rate
certificate of deposit accounts. Conversely, should market interest rates fall below current
levels, our net interest margin could also be negatively affected if competitive pressures keep us
from further reducing rates on our deposits, while the yields on our assets decrease more rapidly
through loan prepayments and interest rate adjustments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also are subject to reinvestment risk associated with changes in interest rates. Changes
in interest rates may affect the average life of loans and mortgage-related securities. Decreases
in interest rates often result in increased prepayments of loans and mortgage-related securities,
as borrowers refinance their loans to reduce borrowings costs. Under these circumstances, we are
subject to reinvestment risk to the extent we are unable to reinvest the cash received from such
prepayments in loans or other investments that have interest rates that are comparable to the
interest rates on existing loans and securities. Additionally, increases in interest rates may
decrease loan demand and/or may make it more difficult for borrowers to repay adjustable rate
loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in interest rates also affect the value of our interest earning assets and in
particular our securities portfolio. Generally, the value of securities fluctuates inversely with
changes in interest rates. At March&nbsp;31, 2010, the fair value of our securities portfolio
(excluding Federal Home Loan Bank of New York stock) totaled $1.2&nbsp;billion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March&nbsp;31, 2010, our simulation model indicated that our net portfolio value (the net
present value of our interest-earning assets and interest-bearing liabilities) would decrease by
9.6% if there was an instantaneous parallel 200 basis point increase in market interest rates. See
&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#151;Management
of Market Risk.&#148;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Strong competition within our market areas may limit our growth and profitability.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition in the banking and financial services industry is intense. In our market areas,
we compete with commercial banks, savings institutions, mortgage brokerage firms, credit unions,
finance companies, mutual funds, money market funds, insurance companies, and brokerage and
investment banking firms operating locally and elsewhere. Some of our competitors have greater
name recognition and market presence than we do and offer certain services that we do not or cannot
provide. This can give them an advantage in attracting business. In addition, larger competitors
may be able to price loans and deposits more aggressively than we do.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the recent crisis in the financial services industry has resulted in a number of
financial services companies, such as investment banks and automobile and real estate finance
companies, electing to become bank holding companies. These financial services companies
traditionally have generated funds from sources other than insured bank deposits. Many of the
alternative funding sources traditionally utilized by these companies are no longer available.
This has resulted in these companies relying more on insured bank deposits to fund their
operations, which has increased competition for deposits and may increase the related costs of such
deposits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our profitability depends on our continued ability to compete successfully in our market
areas. For additional information see &#147;Business of Northfield-Federal and Northfield Bank&#151;Market
Area and Competition.&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The requirement to account for certain assets at estimated fair value, and a proposal to account
for additional financial assets and liabilities at estimated fair value, may adversely affect our
results of operations.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We report certain assets, including securities, at fair value, and a recent proposal would
require us to report most of our financial assets and liabilities at fair value. Generally, for
securities that are reported at fair value, we use quoted market prices or valuation models that
utilize observable market inputs to estimate fair value. Because we carry these assets on our
books at their estimated fair value, we may record losses even if the asset in question presents
minimal credit risk. Under current accounting requirements, elevated delinquencies, defaults, and
estimated losses from the disposition of collateral in our private-label mortgage-backed securities
portfolio may require us to recognize additional other-than-temporary impairments in future periods
with respect to our securities portfolio. The amount and timing of any impairment recognized will
depend on the severity and duration of the decline in the estimated fair value of the asset and our
estimate of the anticipated recovery period. Under proposed accounting requirements, we may be
required to record reductions in the fair value of nearly all of our financial assets and
liabilities (including loans) either through a charge to net income or through a reduction to
accumulated other comprehensive income. Accordingly, we could be required to record losses on
assets such as loans where we have no intention to sell the loan and expect the loan to be repaid
in full. This could result in a decrease in net income, or a decrease in our stockholders&#146; equity,
or both.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>We could record future losses on our securities portfolio.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December&nbsp;31, 2009, we recognized total other-than-temporary impairment
on our securities portfolio of $1.4&nbsp;million, of which $176,000 was considered to be credit-related
and, therefore, in accordance with applicable accounting standards, recorded as a loss through a
reduction of non-interest income. A number of factors or combinations of factors could require us
to conclude in one or more future reporting periods that an unrealized loss that exists with
respect to our securities portfolio constitutes additional impairment that is other than temporary,
which could result in material losses to us. These factors include, but are not limited to, a
continued failure by an issuer to make scheduled interest payments, an increase in the severity of
the unrealized loss on a particular security, an increase in the continuous duration of the
unrealized loss without an improvement in value or changes in market conditions and/or industry or
issuer specific factors that would render us unable to forecast a full recovery in value. In
addition, the fair values of securities could decline if the overall economy and the financial
condition of some of the issuers continues to deteriorate and there remains limited liquidity for
these securities.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>If our investment in the common stock of the Federal Home Loan Bank of New York is classified as
other-than-temporarily impaired or as permanently impaired, earnings and stockholders&#146; equity could
decrease.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We own stock of the Federal Home Loan Bank of New York, which is part of the Federal Home Loan
Bank system. The Federal Home Loan Bank of New York common stock is held to qualify for membership
in the Federal Home Loan Bank of New York and to be eligible to borrow funds under the Federal Home
Loan Bank of New York&#146;s advance programs. The aggregate cost of our Federal Home Loan Bank of New
York common stock as of March&nbsp;31, 2010, was $5.0&nbsp;million based on its par value. There is no
market for Federal Home Loan Bank of New York common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Federal Home Loan Bank of New York is not reporting current operating
difficulties, recent published reports indicate that certain member banks of the Federal Home Loan
Bank System may be subject to accounting rules and asset quality risks that could result in
materially lower regulatory capital levels. In an extreme situation, it is possible that the
capital of the Federal Home Loan Bank System, including the Federal Home Loan Bank of New York,
could be substantially diminished. Consequently, there is a risk that our investment in Federal
Home Loan Bank of New York common stock could be deemed other-than-temporarily impaired at some
time in the future, and if this occurs, it would cause earnings and stockholders&#146; equity to
decrease by the impairment charge.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We hold intangible assets that could be classified as impaired in the future. If these assets are
considered to be either partially or fully impaired in the future, our earnings and the book values
of these assets would decrease.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are required to test our goodwill and core deposit intangible assets for impairment on a
periodic basis. The impairment testing process considers a variety of factors, including the
current market price of our common shares. It is possible that future impairment testing could
result in a partial or full impairment of the value of our goodwill or core deposit intangible
assets, or both. If an impairment determination is made in a future reporting period, our earnings
and the book value of these intangible assets will be reduced by the amount of the impairment. If
an impairment loss is recorded, it will have little or no effect on the tangible book value of our
shares of common stock or our regulatory capital levels.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Northfield Bank is required to maintain a significant percentage of its total assets in residential
mortgage loans and investments secured by residential mortgage loans, which restricts our ability
to diversify our loan portfolio.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A federal savings bank or thrift differs from a commercial bank in that it is required to
maintain at least 65% of its total assets in &#147;qualified thrift investments,&#148; which generally
include loans and investments, for the purchase, refinance, construction, improvement, or repair of
residential real estate, as well as home equity loans, education loans and small business loans.
To maintain our federal savings bank charter we have to be a &#147;qualified thrift lender&#148; or &#147;QTL&#148; in
nine out of each 12 immediately preceding months. The QTL requirement limits the extent to which
we can grow our commercial loan portfolio. However, a loan that does not exceed $2&nbsp;million
(including a group of loans to one borrower) that is for commercial, corporate, business, or
agricultural purposes is included in our qualified thrift investments. Because of the QTL
requirement, we may be limited in our ability to change our asset mix and increase the yield on our
earning assets by growing our commercial loan portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, if we continue to grow our commercial loan portfolio and our single-family
residential mortgage loan portfolio decreases, it is possible that in order to maintain our QTL
status, we could be forced to buy mortgage-backed securities or other qualifying assets at times
when the terms of such investments may not be attractive. Alternatively, we may find it necessary
to pursue different structures, including converting Northfield Bank&#146;s savings bank charter to a
commercial bank charter.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Any future Federal Deposit Insurance Corporation insurance premiums or special assessments will
adversely affect our earnings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of its plan to restore the Federal Deposit Insurance Corporation&#146;s insurance reserve
ratio to 1.15% of estimated insured deposits, the Federal Deposit Insurance Corporation imposed a
special assessment equal to five basis points of assets less Tier 1 capital as of June&nbsp;30, 2009,
which was payable on September&nbsp;30, 2009. In addition, the Federal Deposit Insurance Corporation
increased its quarterly deposit insurance assessment rates and amended the method by which rates
are calculated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;12, 2009, the Federal Deposit Insurance Corporation also approved a final rule
requiring insured depository institutions to prepay on December&nbsp;30, 2009, their estimated quarterly
risk-based assessments for the fourth quarter of 2009, and for all of 2010, 2011, and 2012.
Estimated assessments for the fourth quarter of 2009 and for all 2010 are based upon the assessment
rate in effect on September&nbsp;30, 2009, with three basis points added for the 2011 and 2012
assessment rates. In addition, a 5% annual growth rate in the assessment base is assumed. Prepaid
assessments are to be applied against the actual quarterly assessments until exhausted, and may not
be applied to any special assessments that may occur in the future. Any unused prepayments will be
returned to the institution on June&nbsp;30, 2013. On December&nbsp;30, 2009, we prepaid $5.7&nbsp;million in
estimated assessment fees for the fourth quarter of 2009 through 2012. Actions the Federal Deposit
Insurance Corporation takes in the future could result in significantly higher deposit insurance
premiums, special assessments, or prepaid assessments, which could have a significant affect on our
earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>We may face risks with respect to future expansion.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to increase the size of our operations through <I>de novo </I>branching, and may continue
to seek whole bank or branch acquisitions in the future. Growth strategies involve a number of
risks, including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the potential inability to generate deposits or originate loans in amounts that
offset the costs of establishing new branch offices;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the time and costs associated with identifying and evaluating potential acquisitions
and merger partners;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>time and costs associated with the integration and operation of acquired
institutions, and the inability to successfully integrate the operations of an acquired
institution, or to achieve financial results comparable to or better than our
historical experience;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the incurrence and possible impairment of goodwill associated with an acquisition
and possible adverse short-term effects on results of operations; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the risk of loss of key employees and customers.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Risks associated with system failures, interruptions, or breaches of security could negatively
affect our earnings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology systems are critical to our business. We use various technology
systems to manage our customer relationships, general ledger, securities, deposits, and loans.
Although we have established policies and procedures to prevent or limit the impact of system
failures, interruptions, and security breaches, such events may still occur, or may not be
adequately addressed if they do occur. In addition, any compromise of our systems could deter
customers from using our products and services. Although we rely on security systems to provide
security and authentication necessary to effect the secure transmission of data, these precautions
may not protect our systems from compromises or breaches of security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we outsource a majority of our data processing to certain third-party providers.
If these third-party providers encounter difficulties, or if we have difficulty communicating with
them, our ability to adequately
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">process and account for transactions could be affected, and our business operations could be
adversely affected. Threats to information security also exist in the processing of customer
information through various other vendors and their personnel.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The occurrence of any system failures, interruption, or breach of security could damage our
reputation and result in a loss of customers and business thereby subjecting us to additional
regulatory scrutiny, or could expose us to litigation and possible financial liability. Any of
these events could have a material adverse effect on our financial condition and results of
operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Related to the Offering</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The future price of the shares of common stock may be less than the $10.00 purchase price per share
in the offering.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you purchase shares of common stock in the offering, you may not be able to sell them later
at or above the $10.00 purchase price in the offering. In several cases, shares of common stock
issued by newly converted savings institutions or mutual holding companies have traded below the
initial offering price. The aggregate purchase price of the shares of common stock sold in the
offering will be based on an independent appraisal. The independent appraisal is not intended, and
should not be construed, as a recommendation of any kind as to the advisability of purchasing
shares of common stock. The independent appraisal is based on certain estimates, assumptions and
projections, all of which are subject to change from time to time. After the shares begin trading,
the trading price of our common stock will be determined by the marketplace, and may be influenced
by many factors, including prevailing interest rates, the overall performance of the economy,
investor perceptions of Northfield-Delaware and the outlook for the financial services industry in
general. Price fluctuations may be unrelated to the operating performance of particular companies.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Our failure to effectively deploy the net proceeds may have an adverse effect on our financial
performance and the value of our common stock.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to invest between $143.5&nbsp;million and $194.5&nbsp;million of the net proceeds of the
offering (or $223.8&nbsp;million at the adjusted maximum of the offering range) in Northfield Bank. We
may use the remaining net proceeds to invest in short-term investments, repurchase shares of common
stock, pay dividends or for other general corporate purposes. We also expect to use a portion of
the net proceeds we retain to fund a loan for the purchase of shares of common stock in the
offering by the employee stock ownership plan. Northfield Bank may use the net proceeds it
receives to fund new loans, expand its retail banking franchise by acquiring new branches or by
acquiring other financial institutions or other financial services companies, or for other general
corporate purposes. However, with the exception of the loan to the employee stock ownership plan,
we have not allocated specific amounts of the net proceeds for any of these purposes, and we will
have significant flexibility in determining the amount of the net proceeds we apply to different
uses and the timing of such applications. We have not established a timetable for reinvesting the
net proceeds, and we cannot predict how long we will require to reinvest the net proceeds.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Our return on equity will be low following the stock offering. This could negatively affect the
trading price of our shares of common stock.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income divided by average equity, known as &#147;return on equity,&#148; is a ratio many investors
use to compare the performance of a financial institution to its peers. Following the stock
offering, we expect our consolidated equity to be between $659.9&nbsp;million at the minimum of the
offering range and $807.1&nbsp;million at the adjusted maximum of the offering range. Based upon our
annualized income for the quarter ended March&nbsp;31, 2010, and these pro forma equity levels, our
return on equity would be 2.05% and 1.68% at the minimum and adjusted maximum of the offering
range, respectively. We expect our return on equity to remain low until we are able to leverage the
additional capital we receive from the stock offering. Although we will be able to increase net
interest income using proceeds of the stock offering, our return on equity will be negatively
affected by added expenses associated with our employee stock ownership plan and the stock-based
benefit plan we intend to adopt. Until we
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">can increase our net interest income and non-interest income and leverage the capital raised
in the stock offering, we expect our return on equity to remain low, which may reduce the market
price of our shares of common stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Our stock-based benefit plans would increase our expenses and reduce our income.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to adopt one or more new stock-based benefit plans after the conversion, subject to
stockholder approval, which would increase our annual compensation and benefit expenses related to
the stock options and shares granted to participants under our stock-based benefit plan. The
actual amount of these new stock-related compensation and benefit expenses will depend on the
number of options and stock awards actually granted under the plan, the fair market value of our
stock or options on the date of grant, the vesting period and other factors which we cannot predict
at this time. In the event we adopt the plan within 12&nbsp;months following the conversion, under
current Office of Thrift Supervision policy the total shares of common stock reserved for issuance
pursuant to awards of restricted stock and grants of options under our existing and proposed
stock-based benefit plans would be limited to 4% and 10%, respectively, of the total shares of our
common stock outstanding. If we award restricted shares of common stock or grant options in excess
of these amounts under stock-based benefit plans adopted more than 12&nbsp;months after the completion
of the conversion, our costs would increase further.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we would recognize expense for our employee stock ownership plan when shares are
committed to be released to participants&#146; accounts, and we would recognize expense for restricted
stock awards and stock options over the vesting period of awards made to recipients. The expense
in the first year following the offering for shares purchased in the offering has been estimated to
be approximately $617,000 ($370,000 after tax) at the adjusted maximum of the offering range as set
forth in the pro forma financial information under &#147;Pro Forma Data,&#148; assuming the $10.00 per share
purchase price as fair market value. Actual expenses, however, may be higher or lower, depending on
the price of our common stock. For further discussion of our proposed stock-based plans, see
&#147;Management&#151;Compensation Discussion and Analysis&#151;Long-Term Stock-Based Compensation.&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The implementation of stock-based benefit plans may dilute your ownership interest. Historically,
stockholders have approved these stock-based benefit plans.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to adopt one or more new stock-based benefit plans following the stock offering.
These plans may be funded either through open market purchases or from the issuance of authorized
but unissued shares of common stock. Our ability to repurchase shares of common stock to fund
these plans will be subject to many factors, including, but not limited to, applicable regulatory
restrictions on stock repurchases, the availability of stock in the market, the trading price of
the stock, our capital levels, alternative uses for our capital and our financial performance.
While our intention is to fund the new stock-based benefit plan through open market purchases,
stockholders would experience a 7.31% reduction in ownership interest at the adjusted maximum of
the offering range in the event newly issued shares of our common stock are used to fund stock
options and shares of restricted common stock in an amount equal to up to 10% and 4%, respectively,
of the shares sold in the offering. In the event we adopt the plan within 12&nbsp;months following the
conversion, under current Office of Thrift Supervision policy the total shares of common stock
reserved for issuance pursuant to awards of restricted stock and grants of options under our
existing and proposed stock-based benefit plans would be limited to 4% and 10%, respectively, of
the total shares of our common stock outstanding. In the event we adopt the plan more than 12
months following the conversion, the plan would not be subject to these limitations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the implementation of the stock-based benefit plan will be subject to stockholder
approval, historically, the overwhelming majority of stock-based benefit plans adopted by savings
institutions and their holding companies following mutual-to-stock conversions have been approved
by stockholders.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>We have not determined when we will adopt one or more new stock-based benefit plans. Stock-based
benefit plans adopted more than 12&nbsp;months following the completion of the conversion may exceed
regulatory restrictions on the size of stock-based benefit plans adopted within 12&nbsp;months, which
would further increase our costs.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we adopt stock-based benefit plans more than 12&nbsp;months following the completion of the
conversion, then grants of shares of common stock or stock options under our existing and proposed
stock-based benefit plans may exceed 4% and 10%, respectively, of our total outstanding shares.
Stock-based benefit plans that provide for awards in excess of these amounts would increase our
costs beyond the amounts estimated in &#147;&#151;Our stock-based benefit plans would increase our expenses,
which would reduce our income.&#148; Stock-based benefit plans that provide for awards in excess of
these amounts could also result in dilution to stockholders in excess of that described in &#147;&#151;The
implementation of stock-based benefit plans may dilute your ownership interest.&#148; Although the
implementation of stock-based benefit plans would be subject to stockholder approval, the
determination as to the timing of the implementation of such plans will be at the discretion of our
board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Various factors may make takeover attempts more difficult to achieve.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors has no current intention to sell control of Northfield-Delaware.
Provisions of our certificate of incorporation and bylaws, federal regulations, Delaware law and
various other factors may make it more difficult for companies or persons to acquire control of
Northfield-Delaware without the consent of our board of directors. You may want a takeover attempt
to succeed because, for example, a potential acquiror could offer a premium over the then
prevailing price of our common stock. The factors that may discourage takeover attempts or make
them more difficult include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Office of Thrift Supervision regulations</I></B><B>. </B>Office of Thrift Supervision
regulations prohibit, for three years following the completion of a conversion, the
direct or indirect acquisition of more than 10% of any class of equity security of a
savings institution regulated by the Office of Thrift Supervision without the prior
approval of the Office of Thrift Supervision.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Certificate of Incorporation and Bylaws of Northfield-Delaware and
statutory provisions. </I></B>Provisions of the certificate of incorporation and bylaws of
Northfield-Delaware and Delaware law may make it more difficult and expensive to pursue
a takeover attempt that management opposes, even if the takeover is favored by a
majority of our stockholders. These provisions also would make it more difficult to
remove our current Board of Directors or management, or to elect new directors.
Additional provisions include limitations on voting rights of beneficial owners of more
than 10% of our common stock, the election of directors to staggered terms of three
years and not permitting cumulative voting in the election of directors. Our bylaws
also contain provisions regarding the timing and content of stockholder proposals and
nominations and qualification for service on the Board of Directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Charter of Northfield Bank. </I></B>The charter of Northfield Bank will provide
that for a period of five years from the closing of the conversion and stock offering,
no person other than Northfield-Delaware may directly or indirectly acquire or offer to
acquire the beneficial ownership of more than 10% of any class of equity security of
Northfield Bank. This provision does not apply to any <font style="white-space: nowrap">tax-qualified</font> employee benefit
plan we establish, as well as other acquisitions specified in the charter. In
addition, during this five-year period, all shares owned over the 10% limit may not be
voted on any matter submitted to stockholders for a vote.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Stock options and restricted stock</I></B><B>. </B>We have previously granted to
employees and directors stock options and shares of restricted stock that may require
payments to these persons in the event of a change in control of Northfield-Delaware.
We currently expect to issue additional stock options and shares of restricted stock
following the conversion. These payments may have the effect of
</TD>
</TR>
</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increasing the costs of acquiring Northfield-Delaware, thereby discouraging future
takeover attempts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Significant ownership by our directors, executive officers and stock
benefit plans. </I></B>Following the conversion and stock offering, our directors, executive
officers and stock benefit plans are expected to beneficially own in the aggregate
approximately &#95;&#95;&#95;% of our shares of common stock to be outstanding based upon
sales of shares at the minimum of the offering range. This significant ownership could
make it more difficult to obtain the required vote for a takeover or merger that
management opposes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Employment agreements</I></B><B>. </B>Northfield Bank has employment agreements with
certain of its executive officers that will remain in effect following the stock
offering. These agreements may have the effect of increasing the costs of acquiring
Northfield-Delaware, thereby discouraging future takeover attempts.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>See &#147;Restrictions on Acquisition of Northfield-Delaware.&#148;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>There may be a decrease in stockholders&#146; rights for existing stockholders of Northfield-Federal.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the conversion, existing stockholders of Northfield-Federal will become
stockholders of Northfield-Delaware. In addition to the provisions discussed above that may
discourage takeover attempts that are favored by stockholders, some rights of stockholders of
Northfield-Delaware will be reduced compared to the rights stockholders currently have in
Northfield-Federal. The reduction in stockholder rights results from differences between the
federal and Delaware chartering documents and bylaws, and from distinctions between federal and
Delaware law. Many of the differences in stockholder rights under the certificate of incorporation
and bylaws of Northfield-Delaware are not mandated by Delaware law but have been chosen by
management as being in the best interests of Northfield-Delaware and its stockholders. The
certificate of incorporation and bylaws of Northfield-Delaware include the following provisions:
(i)&nbsp;greater lead time required for stockholders to submit proposals for new business or to nominate
directors; and (ii)&nbsp;approval by at least 80% of the outstanding shares of capital stock entitled to
vote generally is required to amend the bylaws and certain provisions of the certificate of
incorporation. See &#147;Comparison of Stockholders&#146; Rights For Existing Stockholders of
Northfield-Federal&#148; for a discussion of these differences.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>You may not revoke your decision to purchase Northfield-Delaware common stock in the subscription
or community offerings after you send us your order.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds submitted or automatic withdrawals authorized in connection with a purchase of shares of
common stock in the subscription and community offerings will be held by us until the completion or
termination of the conversion and offering, including any extension of the expiration date.
Because completion of the conversion and offering will be subject to regulatory approvals and an
update of the independent appraisal prepared by RP Financial, LC., among other factors, there may
be one or more delays in the completion of the conversion and offering. Orders submitted in the
subscription and community offerings are irrevocable, and purchasers will have no access to their
funds unless the offering is terminated, or extended beyond &#091;extension date&#093;, or the number of
shares to be sold in the offering is increased to more than 46,287,500 shares or decreased to fewer
than 29,750,000 shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>An active trading market for our common stock may not develop.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Federal&#146;s common stock is currently quoted on the Nasdaq Global Select Market.
Upon completion of the conversion, the common stock of Northfield-Delaware will replace the
existing shares. An active public trading market for Northfield-Delaware&#146;s common stock may not
develop or be sustained after this stock offering. If an active trading market for our common
stock does not develop, you may not be able to sell all of your shares of common stock on short
notice, and the sale of a large number of shares at one time could depress the market price.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The distribution of subscription rights could have adverse income tax consequences.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the subscription rights granted to certain depositors of Northfield Bank are deemed to have
an ascertainable value, receipt of such rights may be taxable in an amount equal to such value.
Whether subscription rights are considered to have ascertainable value is an inherently factual
determination. We have received an opinion of counsel, Luse Gorman Pomerenk &#038; Schick, P.C., that
it is more likely than not that such rights have no value; however, such opinion is not binding on
the Internal Revenue Service.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="137"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA<BR>
OF NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables set forth selected consolidated historical financial and other data of
Northfield-Federal and its subsidiaries for the years and at the dates indicated. The following is
only a summary and you should read it in conjunction with the consolidated financial statements of
Northfield-Federal and notes beginning on page F-1 of this prospectus. The information at December
31, 2009 and 2008, and for the years ended December&nbsp;31, 2009, 2008, and 2007 is derived in part
from the audited consolidated financial statements that appear in this prospectus. The information
at December&nbsp;31, 2007, 2006 and 2005 and for the years ended December&nbsp;31, 2006 and 2005, is derived
in part from audited consolidated financial statements that do not appear in this prospectus. The
information at March&nbsp;31, 2010 and for the three months ended March&nbsp;31, 2010 and 2009, is unaudited
and reflects only normal recurring adjustments that are, in the opinion of management, necessary
for a fair presentation of the results for the interim periods presented. The results of
operations for the three months ended March&nbsp;31, 2010, are not necessarily indicative of the results
to be achieved for all of 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>At</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>At December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23"><B>(In thousands)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Selected Financial Condition Data:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,097,803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,002,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,757,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,386,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,294,747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,408,562</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,368</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trading securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,360</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities available-for-sale, at
estimated market value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,216,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,131,803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">957,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">802,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">713,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">863,064</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities held-to-maturity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,841</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans held-for-investment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">737,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">729,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">589,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">424,329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">409,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">387,467</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowance for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17,146</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,414</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,778</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,636</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,030</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,795</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loans held-for-investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">720,079</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">713,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">581,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">418,693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">404,159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">382,672</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bank owned life insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,635</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal Home Loan Bank of New
York stock, at cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,702</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,186</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,529</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other real estate owned</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,392,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,316,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,024,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">877,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">989,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,010,146</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Borrowed funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">332,084</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233,629</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,701,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,610,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,371,183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,019,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,130,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,256,803</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">396,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">386,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,759</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>For the Three Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>For the Years Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="26"><B>(Dollars in thousands except per share amounts)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Selected Operating Data:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">85,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">75,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">65,702</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">64,867</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">66,302</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,234</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net interest income
before provision for
loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,068</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,629</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net interest income
after provision for
loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,553</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,226</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,439</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,354</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,258</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,535</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expense (benefit)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,555</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,376</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,159</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)&nbsp;per
common share basic and
diluted (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">NA</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">NA</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average basic
shares outstanding (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,509,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,089,331</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,405,774</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,133,856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,076,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">NA</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">NA</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average diluted
shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,823,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,104,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,532,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">NA</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">NA</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><I>(footnotes on following page)</I>
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>At or For the Three</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>March 31, (8)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>At or For the Years Ended December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Selected Financial Ratios and Other Data:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Performance Ratios:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Return on average assets (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.67</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.63</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.64</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.01</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.78</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.80</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.88</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Return on average equity (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.87</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.09</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.22</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.01</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.63</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest rate spread (2)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.68</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.66</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.37</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.34</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.67</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest margin (2)(4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.03</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.07</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.87</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.81</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.94</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividend payout ratio (7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">22.83</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">28.30</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">24.54</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.66</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Efficiency ratio (2)(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">56.05</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">56.68</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">55.26</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">46.94</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">77.57</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">58.01</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">45.79</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-interest expense to average total assets (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.80</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.78</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.82</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.58</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.66</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.77</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.42</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average interest-earning assets to average
interest-bearing liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">126.45</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">131.30</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">130.44</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">136.94</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">123.33</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">118.89</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">115.69</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average equity to average total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">19.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21.86</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20.82</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">23.84</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.73</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">11.47</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.21</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Asset Quality Ratios:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-performing assets to total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.46</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.39</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.61</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.71</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.55</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-performing loans to total loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.79</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.86</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.73</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.63</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.32</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.74</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.53</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowance for loan losses to non-performing loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">34.26</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">40.78</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">36.86</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">91.07</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">57.31</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">70.70</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">232.88</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowance for loan losses to total loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.33</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.57</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.49</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.33</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.23</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.24</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net charge-offs to average loans outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.37</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.38</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Capital Ratios:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total capital (to risk-weighted assets) (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">28.59</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">33.82</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">28.52</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">34.81</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">38.07</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25.03</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">23.72</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tier I capital (to risk-weighted assets) (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27.31</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">32.61</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27.24</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">33.68</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">37.23</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">24.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">22.97</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tier I capital (to adjusted assets (for 2005 and
2006), average assets (for 2007 and forward) (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.91</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.85</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.98</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.84</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12.38</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.62</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other Data:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of full service offices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Full time equivalent employees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">201</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Net loss per share in 2007 is calculated for the period that the shares of common stock were
outstanding (November&nbsp;8, 2007 through December&nbsp;31, 2007). The net loss for this period was
$1.5&nbsp;million.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>2008 performance ratios include a $2.5&nbsp;million tax-exempt gain from the death of an officer
and $463,000 ($292,000, net of tax) in costs associated with our conversion to a new core
processing system that was completed in January&nbsp;2009. 2007 performance ratios include the
after-tax effect of: a charge of $7.8&nbsp;million due to the contribution to the Northfield Bank
Foundation; a gain of $2.4&nbsp;million as a result of the sale of two branch locations, and
associated deposit relationships; net interest income of $810,000 (after tax) related to
short-term investment returns earned on subscription proceeds (net of interest paid during the
stock offering); and the reversal of state and local tax liabilities of approximately $4.5
million, net of federal taxes. 2006 performance ratios include the effect of a $931,000
(after tax )charge related to a supplemental retirement agreement entered into with our former
president.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>The interest rate spread represents the difference between the weighted-average yield on
interest earning assets and the weighted-average costs of interest-bearing liabilities.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>The net interest margin represents net interest income as a percent of average
interest-earning assets for the period.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>The efficiency ratio represents non-interest expense divided by the sum of net interest
income and non-interest income.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Ratios for 2005 and 2006 were determined pursuant to Federal Deposit Insurance Corporation
regulations. Beginning November&nbsp;6, 2007, Northfield Bank became subject to the capital
requirements under Office of Thrift Supervision regulations. While the capital regulations of
these two agencies are substantially similar, they are not identical.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Dividend payout ratio is calculated as total dividends declared for the year (excluding
dividend waived by Northfield Bancorp, MHC) divided by net income for the year. The following
table sets forth total cash dividends paid per period, which is calculated by multiplying the
dividends declared per share by the number of shares outstanding as of the applicable record
date.</TD>
</TR>

</TABLE>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>For the Three Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>For the Year Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>(In Thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends paid to public stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">774</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">738</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends paid to Northfield Bancorp, MHC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total dividends paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">774</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">738</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total dividends waived by Northfield Bancorp, MHC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">986</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total dividends paid and total dividends waived</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,758</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,724</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Annualized where appropriate.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left">
<A name="138"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus contains forward-looking statements, which can be identified by the use of
words such as &#147;estimate,&#148; &#147;project,&#148; &#147;believe,&#148; &#147;intend,&#148; &#147;anticipate,&#148; &#147;plan,&#148; &#147;seek,&#148; &#147;expect&#148;
and words of similar meaning. These forward-looking statements include, but are not limited to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements of our goals, intentions and expectations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements regarding our business plans, prospects, growth and operating
strategies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>statements regarding the quality of our loan and investment portfolios;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>estimates of our risks and future costs and benefits.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These forward-looking statements are based on current beliefs and expectations of our
management and are inherently subject to significant business, economic and competitive
uncertainties and contingencies, many of which are beyond our control. In addition, these
forward-looking statements are subject to assumptions with respect to future business strategies
and decisions that are subject to change.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following factors, among others, could cause actual results to differ materially from the
anticipated results or other expectations expressed in the forward-looking statements:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>general economic conditions, either nationally or in our market areas,
that are worse than expected;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>competition among depository and other financial institutions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>inflation and changes in the interest rate environment that reduce our
margins or reduce the fair value of financial instruments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adverse changes in the securities markets;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in laws or government regulations or policies affecting financial
institutions, including changes in regulatory fees and capital requirements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to enter new markets successfully and capitalize on growth
opportunities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to successfully integrate acquired entities, if any;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in consumer spending, borrowing and savings habits;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in accounting policies and practices, as may be adopted by the
bank regulatory agencies, the Financial Accounting Standards Board the Securities and
Exchange Commission and the Public Company Accounting Oversight Board;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in our organization, compensation and benefit plans; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in the financial condition or future prospects of issuers of
securities that we own.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of these and other uncertainties, our actual future results may be materially
different from the results indicated by these forward-looking statements. Please see &#147;Risk
Factors&#148; beginning on page 16.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="139"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>HOW WE INTEND TO USE THE PROCEEDS FROM THE OFFERING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we cannot determine what the actual net proceeds from the sale of the shares of
common stock in the offering will be until the offering is completed, we anticipate that the net
proceeds will be between $287.0&nbsp;million and $388.9&nbsp;million, or $447.5&nbsp;million if the offering range
is increased by 15%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to distribute the net proceeds as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="30" style="border-bottom: 1px solid #000000"><B>Based Upon the Sale at $10.00 Per Share of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>29,750,000 Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>35,000,000 Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>40,250,000 Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>46,287,500 Shares (1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Net</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Proceeds</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Proceeds</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Proceeds</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Proceeds</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="30"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Offering proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">297,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">350,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">402,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">462,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less offering expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net offering proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">287,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">337,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">388,914</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">447,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distribution of net proceeds:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">To Northfield Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">143,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">168,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">194,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">223,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">To fund loan to employee
stock ownership plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,515</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Retained by
Northfield-Delaware (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">131,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">45.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">154,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">45.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">178,357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">45.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">205,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">45.9</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>As adjusted to give effect to an increase in the number of shares, which could occur due to a
15% increase in the offering range to reflect demand for the shares or changes in market
conditions following the commencement of the offering.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>In the event the stock-based benefit plan providing for stock awards and stock options is
approved by stockholders, and assuming shares are purchased for the stock awards at $10.00 per
share, an additional $11.9&nbsp;million, $14.0&nbsp;million, $16.1&nbsp;million and $18.5 of net proceeds
will be used by Northfield-Delaware. In this case, the net proceeds retained by
Northfield-Delaware would be $119.7&nbsp;million, $141.0&nbsp;million, $162.3&nbsp;million and $186.7
million, respectively, at the minimum, midpoint, maximum and adjusted maximum of the offering
range.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for shares of common stock made through withdrawals from existing deposit
accounts will not result in the receipt of new funds for investment but will result in a reduction
of Northfield Bank&#146;s deposits. The net proceeds may vary because total expenses relating to the
offering may be more or less than our estimates. For example, our expenses would increase if a
syndicated community offering were used to sell shares of common stock not purchased in the
subscription and community offerings. In addition, amounts shown for the distribution of the net
proceeds at the minimum of the offering range to fund the loan to the employee stock ownership plan
and to be proceeds retained by Northfield-Delaware may change if we exercise our right to have the
employee stock ownership plan purchase more than 4% of the shares of common stock offered if
necessary to complete the offering at the minimum of the offering range.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Delaware may use the proceeds it retains from the offering:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to invest in securities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to finance the acquisition of financial institutions, although we do not
currently have any agreements or understandings regarding any specific acquisition
transaction;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to pay cash dividends to stockholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to repurchase shares of our common stock; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for other general corporate purposes.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initially, a substantial portion of the net proceeds will be invested in short-term
investments, investment-grade debt obligations and mortgage-backed securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under current Office of Thrift Supervision regulations, we may not repurchase shares of our
common stock during the first year following the completion of the conversion, except when
extraordinary circumstances exist and with prior regulatory approval, or except to fund management
recognition plans (which would require notification to the Office of Thrift Supervision) or tax
qualified employee stock benefit plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank may use the net proceeds it receives from the offering:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to fund new loans, including commercial real estate and commercial
business loans, one- to four-family residential mortgage loans, real estate
construction loans and consumer loans;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to expand its retail banking franchise by establishing or acquiring new
branches or by acquiring other financial institutions or other financial services
companies as opportunities arise, although we do not currently have any understandings
or agreements to acquire a financial institution or other entity. We currently intend
to open ten new branch offices by December&nbsp;31, 2013, and also establish an internet
banking platform during that same time period;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to enhance existing products and services and to support the development
of new products and services;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to invest in mortgage-backed securities and collateralized mortgage
obligations, and debt securities issued by the U.S. Government, U.S. Government
agencies or U.S. Government sponsored enterprises; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for other general corporate purposes.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initially, a substantial portion of the net proceeds will be invested in short-term
investments, investment-grade debt obligations and mortgage-backed securities. We have not
determined specific amounts of the net proceeds that would be used for the purposes described
above. The use of the proceeds outlined above may change based on many factors, including, but not
limited to, changes in interest rates, equity markets, laws and regulations affecting the financial
services industry, our relative position in the financial services industry, the attractiveness of
potential acquisitions to expand our operations, and overall market conditions. We estimate the
costs of constructing a new branch office to be between approximately $1.0&nbsp;million and $3.0
million, depending on the size and location of the branch office, excluding the costs to acquire
land, which we generally lease.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect our return on equity to decrease as compared to our performance in recent years,
until we are able to reinvest effectively the additional capital raised in the offering. Until we
can increase our net interest income and non-interest income, we expect our return on equity to be
below the industry average, which may negatively affect the value of our common stock. See &#147;Risk
Factors&#151;Our failure to effectively deploy the net proceeds may have an adverse impact on our
financial performance and the value of our common stock.&#148;
</DIV>
<DIV align="left">
<A name="140"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OUR DIVIDEND POLICY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2010, Northfield-Federal paid a quarterly cash dividend of $0.05 per share,
which equals $0.20 per share on an annualized basis. After the conversion, we intend to continue
to pay cash dividends on a quarterly basis. We expect the quarterly dividends per share to be
between $0.03 and $0.04 per share, depending on how many shares of common stock are sold in the
offering. This would approximately preserve the dividend amount that Northfield-Federal
stockholders currently receive, as adjusted to reflect the exchange ratio. The dividend rate and
the continued payment of dividends will depend on a number of factors including our capital
requirements, our financial condition and results of operations, tax considerations, statutory and
regulatory
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">limitations, and general economic conditions. We cannot assure you that we will not reduce or
eliminate dividends in the future.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Federal began declaring dividends during the quarter ended December&nbsp;31, 2008, and
dividends have been declared in each subsequent quarterly period. Northfield Bancorp, MHC owns
24,641,684 shares of Northfield-Federal common stock. Northfield-Federal has received
non-objection from the Office of Thrift Supervision to waive receipt of all prior dividend payments
on the Northfield-Federal shares owned by Northfield Bancorp, MHC. Cash dividends paid by
Northfield-Federal during the three months ended March&nbsp;31, 2010 were $772,000. Dividends waived by
Northfield Bancorp, MHC during the three months ended March&nbsp;31, 2010 were $986,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the rules of the Office of Thrift Supervision, after the completion of the conversion,
Northfield Bank will not be permitted to pay dividends on its capital stock to Northfield-Delaware,
its sole stockholder, if Northfield Bank&#146;s stockholder&#146;s equity would be reduced below the amount
of the liquidation account established in connection with the conversion. In addition, Northfield
Bank will not be permitted to make a capital distribution if, after making such distribution, it
would be undercapitalized. Northfield Bank must generally file an application with the Office of
Thrift Supervision for approval of a capital distribution if the total capital distributions for
the applicable calendar year exceed the sum of the Northfield Bank&#146;s net income for that year to
date plus its retained net income for the preceding two years or Northfield Bank would not be at
least adequately capitalized following the distribution. In addition, any payment of dividends by
Northfield Bank to us that would be deemed to be drawn out of Northfield Bank&#146;s bad debt reserves,
if any, would require a payment of taxes at the then-current tax rate by Northfield Bank on the
amount of earnings deemed to be removed from the reserves for such distribution. Northfield Bank
does not intend to make any distribution to us that would create such a federal tax liability. See
&#147;The Conversion and Offering&#151;Liquidation Rights.&#148; For further information concerning additional
federal and state law and regulations regarding the ability of Northfield Bank to make capital
distributions, including the payment of dividends to Northfield-Federal, see &#147;Taxation&#151;Federal
Taxation&#148; and &#147;Supervision and Regulation&#151;Federal Banking Regulation.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unlike Northfield Bank, Northfield-Delaware is not restricted by Office of Thrift Supervision
regulations on the payment of dividends to its stockholders, except that it will not be permitted
to pay dividends on its common stock if its stockholders&#146; equity would be reduced below the amount
of the liquidation account established by Northfield-Delaware in connection with the conversion.
However, the source of dividends will depend on the net proceeds retained by Northfield-Delaware
and earnings thereon, and dividends from Northfield Bank. In addition, Northfield-Delaware will be
subject to state law limitations on the payment of dividends. Delaware law generally limits
dividends to our capital surplus or, if there is no capital surplus, our net profits for the fiscal
year in which the dividend is declared and/or the preceding fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will file a consolidated federal tax return with Northfield Bank. Accordingly, it is
anticipated that any cash distributions made by us to our stockholders would be treated as cash
dividends and not as a non-taxable return of capital for federal tax purposes. Additionally,
pursuant to Office of Thrift Supervision regulations, during the three-year period following the
conversion, we will not take any action to declare an extraordinary dividend to stockholders that
would be treated by recipients as a tax-free return of capital for federal income tax purposes.
</DIV>
<DIV align="left">
<A name="141"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MARKET FOR THE COMMON STOCK</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Federal&#146;s common stock is currently quoted on the Nasdaq Global Select Market under
the symbol &#147;NFBK.&#148; Upon completion of the conversion, the new shares of common stock of
Northfield-Delaware will replace the existing shares. For a period of 20 trading days after the
completion of the conversion and offering, we expect our shares of common stock will trade on the
Nasdaq Global Select Market under the symbol &#147;NFBKD,&#148; and, thereafter, our trading symbol will
revert to &#147;NFBK.&#148; In order to list our stock on the Nasdaq Global Select Market, we are required
to have at least three broker-dealers who will make a market in our common stock. As of March&nbsp;31,
2010, <font style="white-space: nowrap">Northfield-Federal</font> had 22 registered market makers in its common stock, including Sandler
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">O&#146;Neill &#038; Partners, L.P. Sandler O&#146;Neill &#038; Partners, L.P. has advised us that it intends to
make a market in our common stock following the offering, but it is under no obligation to do so.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The development of a public market having the desirable characteristics of depth, liquidity
and orderliness depends on the existence of willing buyers and sellers, the presence of which is
not within our control or that of any market maker. The number of active buyers and sellers of our
common stock at any particular time may be limited, which may have an adverse effect on the price
at which our common stock can be sold. There can be no assurance that persons purchasing the
common stock will be able to sell their shares at or above the $10.00 price per share in the
offering. Purchasers of our common stock should have a long-term investment intent and should
recognize that there may be a limited trading market in our common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the high and low trading prices for shares of
Northfield-Federal common stock for the periods indicated, and the dividends paid during those
periods. As of the close of business on &#091;stockholder record date&#093;, there were &#95;&#95;&#95; shares
of common stock outstanding, including &#95;&#95;&#95; publicly held shares (excluding shares held by
Northfield Bancorp, MHC), and approximately &#95;&#95;&#95; stockholders of record.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The high and low closing prices for the quarterly periods noted below were obtained from the
Nasdaq Stock Market.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Price Per Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Dividends Paid</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2010</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third quarter (through _______, 2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">15.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">12.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">12.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">11.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">12.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">11.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">12.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">11.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On &#95;&#95;&#95;, 2010, the business day immediately preceding the public announcement of the
conversion, and on &#95;&#95;&#95;, the closing prices of Northfield-Federal common stock as
reported on the Nasdaq Global Select Market were $&#95;&#95;&#95;&nbsp;per share and $&#95;&#95;&#95;&nbsp;per share,
respectively. On the effective date of the conversion, all publicly held shares of
Northfield-Federal common stock, including shares of common stock held by our officers and
directors, will be converted automatically into and become the right to receive a number of shares
of Northfield-Delaware common stock determined pursuant to the exchange ratio. See &#147;The Conversion
and Offering&#151;Share Exchange Ratio for Current Stockholders.&#148; Options to purchase shares of
Northfield-Federal common stock will be converted into options to purchase a number of shares of
<font style="white-space: nowrap">Northfield-Delaware</font> common stock determined pursuant to the exchange ratio, for the same aggregate
exercise price. See &#147;Beneficial Ownership of Common Stock.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="142"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March&nbsp;31, 2010, Northfield Bank exceeded all of the applicable regulatory capital
requirements and was considered &#147;well capitalized.&#148; The table below sets forth the historical
equity capital and regulatory capital of Northfield Bank at March&nbsp;31, 2010, and the pro forma
equity capital and regulatory capital of Northfield Bank, after giving effect to the sale of shares
of common stock at $10.00 per share. The table assumes the receipt by Northfield Bank of 50% of
the net offering proceeds. See &#147;How We Intend to Use the Proceeds from the Offering.&#148;
</DIV>
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Northfield Bank</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="30">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Historical at</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="30" style="border-bottom: 1px solid #000000"><B>Pro Forma at March 31, 2010, Based Upon the Sale in the Offering of (1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>29,750,000 Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>35,000,000 Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>40,250,000 Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>46,287,500 Shares (2)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Assets (3)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Assets (3)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Assets (3)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Assets (3)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Assets (3)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="38"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">310,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15.17</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">429,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19.64</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">451,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20.38</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">472,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">21.10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">496,925</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">21.90</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Core capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">278,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.91</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">398,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.56</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">419,642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19.32</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">440,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20.06</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">465,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20.90</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Core requirement (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Excess</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">178,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.91</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">291,041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.56</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">311,041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14.32</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">331,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15.06</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">354,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15.90</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tier 1 risk-based
capital (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">278,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">27.31</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">398,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">37.97</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">419,642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">39.81</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">440,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">41.62</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">465,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">43.69</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Risk-based
requirement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,226</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Excess</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">217,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">21.31</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">335,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">31.97</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">356,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">33.81</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">377,356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">35.62</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">401,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">37.69</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total risk-based
capital (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">291,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">28.59</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">411,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">39.22</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">432,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">41.05</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">454,037</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">42.86</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">478,501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">44.92</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Risk-based
requirement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Excess</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">189,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.59</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">306,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">29.22</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">327,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">31.05</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">348,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">32.86</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">371,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">34.92</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="9" align="left">Reconciliation of capital infused into Northfield
Bank:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="9" align="left">Net proceeds</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">143,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">168,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">194,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">223,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="9" align="left">Less: Common stock acquired by stock-based benefit
plan</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,515</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="9" align="left">Less: Common stock acquired by employee stock
ownership plan</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,515</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pro forma increase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">119,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">140,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">162,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">186,721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pro forma capital levels assume that the employee stock ownership plan purchases 4% of the
shares of common stock sold in the stock offering with funds we lend. Pro forma generally
accepted accounting principles (&#147;GAAP&#148;) and regulatory capital have been reduced by the amount
required to fund this plan. See &#147;Management&#148; for a discussion of the employee stock ownership
plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>As adjusted to give effect to an increase in the number of shares which could occur due to a
15% increase in the offering range to reflect demand for the shares or changes in market
conditions following the commencement of the offering.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Tangible and core capital levels are shown as a percentage of total adjusted assets.
Risk-based capital levels are shown as a percentage of risk-weighted assets.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>The current Office of Thrift Supervision core capital requirement for financial institutions
is 3% of total adjusted assets for financial institutions that receive the highest supervisory
rating for safety and soundness and a 4% to 5% core capital ratio requirement for all other
financial institutions.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Pro forma amounts and percentages assume net proceeds are invested in assets that carry a 50%
risk weighting.</TD>
</TR>

</TABLE>








<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="143"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAPITALIZATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents the historical consolidated capitalization of Northfield-Federal
at March&nbsp;31, 2010 and the pro forma consolidated capitalization of Northfield-Delaware after giving
effect to the conversion and offering, based upon the assumptions set forth in the &#147;Pro Forma Data&#148;
section.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Northfield-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 0px solid #000000"><B>Pro Forma at March 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Federal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Based upon the Sale in the Offering at $10.00 per Share of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Historical at</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>29,750,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>35,000,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>40,250,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>46,287,500</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>March 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares (1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,392,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,392,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,392,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,392,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,392,445</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Borrowed funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,060</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total deposits and borrowed funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,685,965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,685,505</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,685,505</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,685,505</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,685,505</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Stockholders&#146; equity:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred stock, $0.01 par value,
25,000,000 shares authorized
(post-conversion) (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock, $0.01 par value,
150,000,000 shares authorized
(post-conversion); shares to be
issued as reflected (3) (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">821</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Additional paid-in capital (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">490,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">541,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">592,197</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">650,678</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">MHC capital contribution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Retained earnings (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214,779</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated other comprehensive
income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,690</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Less:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Treasury stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,520</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,520</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,520</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,520</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,520</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock held by employee
stock ownership plan (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,660</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,560</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(29,660</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(31,760</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(34,175</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock to be acquired by
stock-based benefit plan (7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,515</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">396,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">689,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">706,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">753,362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">807,120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pro Forma Shares Outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Shares offered for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,287,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Exchange shares issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,036,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,101,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,166,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,841,880</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,722,522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,786,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,101,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,416,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,129,380</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total stockholders&#146; equity as a
percentage of total assets (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.89</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">27.95</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">29.35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30.69</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">32.18</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tangible equity as a percentage of
total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">27.26</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">28.67</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30.03</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">31.53</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>As adjusted to give effect to an increase in the number of shares of common stock that
could occur due to a 15% increase in the offering range to reflect demand for shares or
changes in market conditions following the commencement of the subscription and community
offerings.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Does not reflect withdrawals from deposit accounts for the purchase of shares of common
stock in the conversion and offering. These withdrawals would reduce pro forma deposits
and assets by the amount of the withdrawals.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Northfield-Federal currently has 10,000,000 authorized shares of preferred stock and
90,000,000 authorized shares of common stock, par value $0.01 per share. On a pro forma
basis, common stock and additional paid-in capital have been revised to reflect the number
of shares of Northfield-Delaware common stock to be outstanding.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>No effect has been given to the issuance of additional shares of Northfield-Delaware
common stock pursuant to the exercise of options under one or more stock-based benefit
plans. If the plans are implemented within the first year after the closing of the
offering, an amount up to 10% of the shares of Northfield-Delaware common stock sold in
the offering will be reserved for issuance upon the exercise of options under the plans,
subject to adjustment as may be required by Office of Thrift Supervision regulations or
policy to reflect stock options previously granted by Northfield-Federal or Northfield
Bank so that the total shares available for issuance upon the exercise of stock options
does not exceed 10% of Northfield-Delaware&#146;s outstanding shares immediately after the
conversion and offering. No effect has been given to the exercise of options currently
outstanding. See &#147;Management.&#148;</TD>
</TR>

</TABLE>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><I>(Footnotes continue on following page)</I>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>(continued from previous page)</I>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>The retained earnings of Northfield Bank will be substantially restricted after the
conversion. See &#147;The Conversion and Offering&#151;Liquidation Rights&#148; and &#147;Supervision and
Regulation&#151;Federal Banking Regulation.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Assumes that 4% of the shares sold in the offering will be acquired by the employee stock
ownership plan financed by a loan from Northfield-Delaware. The loan will be repaid
principally from Northfield Bank&#146;s contributions to the employee stock ownership plan.
Since Northfield-Delaware will finance the employee stock ownership plan debt, this debt
will be eliminated through consolidation and no liability will be reflected on
Northfield-Delaware&#146;s consolidated financial statements. Accordingly, the amount of
shares of common stock acquired by the employee stock ownership plan is shown in this
table as a reduction of total stockholders&#146; equity.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Assumes a number of shares of common stock equal to 4% of the shares of common stock to
be sold in the offering will be purchased for grant by one or more stock-based benefit
plans. If the stock-based benefit plans are adopted within 12&nbsp;months following the
conversion, the amount reserved for restricted stock awards would be subject to adjustment
as may be required by Office of Thrift Supervision regulations or policy to reflect
restricted stock previously granted by Northfield-Federal or Northfield Bank so that the
total shares reserved for restricted stock awards does not exceed 4% of
Northfield-Delaware&#146;s outstanding shares immediately after the conversion and offering.
The funds to be used by the plan to purchase the shares will be provided by
Northfield-Delaware. The dollar amount of common stock to be purchased is based on the
$10.00 per share subscription price in the offering and represents unearned compensation.
This amount does not reflect possible increases or decreases in the value of common stock
relative to the subscription price in the offering. As Northfield-Delaware accrues
compensation expense to reflect the vesting of shares pursuant to the plan, the credit to
capital will be offset by a charge to operations. Implementation of the plan will require
stockholder approval.</TD>
</TR>

</TABLE>





<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="144"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRO FORMA DATA</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes historical data of Northfield-Federal and pro forma data at and
for the three months ended March&nbsp;31, 2010, and the year ended December&nbsp;31, 2009. This information
is based on assumptions set forth below and in the tables, and should not be used as a basis for
projections of market value of the shares of common stock following the conversion and offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net proceeds in the tables are based upon the following assumptions:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#95;&#95;&#95; shares of common stock will be purchased by our executive
officers and directors, and their associates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our employee stock ownership plan will purchase 4% of the shares of common
stock sold in the offering, with a loan from <font style="white-space: nowrap">Northfield-Delaware</font>. The loan will be
repaid in substantially equal payments of principal and interest (at the prime rate of
interest, calculated as of the date of the origination of the loan) over a period of 30
years. Interest income that we earn on the loan will offset the interest paid by
Northfield Bank;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sandler O&#146;Neill &#038; Partners, L.P. will receive a fee equal to 1.0% of the
dollar amount of shares of common stock sold in the subscription and community
offerings and 5.0% of the dollar amount of shares sold in the syndicated community
offering, with 50% of the total shares sold being sold in the subscription and
community offerings. No fee will be paid with respect to shares of common stock
purchased by our qualified and non-qualified employee stock benefit plans, or stock
purchased by our officers, directors and employees, and their immediate families, and
no fee will be paid with respect to exchange shares; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>total expenses of the offering, other than the fees to be paid to Sandler
O&#146;Neill &#038; Partners, L.P., will be $1.7&nbsp;million.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We calculated pro forma consolidated net income for the three months ended March&nbsp;31, 2010, and
the year ended December&nbsp;31, 2009, as if the estimated net proceeds we received had been invested at
the beginning of the period at an assumed interest rate of 2.55% (1.53% on an after-tax basis).
This represents the yield on the five-year U.S. Treasury Note as of March&nbsp;31, 2010, which, in light
of current market interest rates, we consider to more accurately reflect the pro forma reinvestment
rate than the arithmetic average of the weighted average yield earned on our interest earning
assets and the weighted average rate paid on our deposits, which is the reinvestment rate generally
required by Office of Thrift Supervision regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We further believe that the reinvestment rate is factually supportable because:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the yield on the U.S Treasury Note can be determined and/or estimated from
third-party sources; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we believe that U.S. Treasury securities are not subject to credit losses due to a
U.S. Government guarantee of payment of principal and interest.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We calculated historical and pro forma per share amounts by dividing historical and pro forma
amounts of consolidated net income and stockholders&#146; equity by the indicated number of shares of
common stock. We adjusted these figures to give effect to the shares of common stock purchased by
the employee stock ownership plan. We computed per share amounts for each period as if the shares
of common stock were outstanding at the beginning of each period, but we did not adjust per share
historical or pro forma stockholders&#146; equity to reflect the earnings on the estimated net proceeds.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pro forma table gives effect to the implementation of one or more stock-based benefit
plans. Subject to the receipt of stockholder approval, we have assumed that the stock-based
benefit plans will acquire for restricted stock awards a number of shares of common stock equal to
4% of the shares of common stock sold in the stock offering at the same price for which they were
sold in the stock offering. We assume that awards of common stock granted under the plans vest
over a five-year period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also assumed that the stock-based benefit plans will grant options to acquire shares
of common stock equal to 10% of the shares of common stock sold in the stock offering. In
preparing the table below, we assumed that stockholder approval was obtained, that the exercise
price of the stock options and the market price of the stock at the date of grant were $10.00 per
share and that the stock options had a term of ten years and vested over five years. We applied
the Black-Scholes option pricing model to estimate a grant-date fair value of $3.73 for each
option. In addition to the terms of the options described above, the Black-Scholes option pricing
model assumed an estimated volatility rate of 38.29% for the shares of common stock, a dividend
yield of 1.4%, an expected option life of 6.5&nbsp;years and a risk-free rate of return of 3.10%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may grant options and award shares of common stock under one or more stock-based benefit
plans in excess of 10% and 4%, respectively, of the shares of common stock sold in the stock
offering and that vest sooner than over a five-year period if the stock-based benefit plans are
adopted more than one year following the stock offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As discussed under &#147;How We Intend to Use the Proceeds from the Stock Offering,&#148; we intend to
contribute 50% of the net proceeds from the stock offering to Northfield Bank, and we will retain
the remainder of the net proceeds from the stock offering. We will use a portion of the proceeds
we retain for the purpose of making a loan to the employee stock ownership plan and retain the rest
of the proceeds for future use.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pro forma table does not give effect to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>withdrawals from deposit accounts for the purpose of purchasing shares of
common stock in the stock offering;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our results of operations after the stock offering; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in the market price of the shares of common stock after the stock
offering.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following pro forma information may not be
representative of the financial effects of the
offering at the dates on which the offering actually
occurs, and should not be taken as indicative of
future results of operations. Pro forma consolidated
stockholders&#146; equity represents the difference between
the stated amounts of our assets and liabilities. The
pro forma stockholders&#146; equity is not intended to
represent the fair market value of the shares of
common stock and may be different than the amounts
that would be available for distribution to
stockholders if we liquidated. Moreover, pro forma
stockholders&#146; equity per share does not give effect to
the liquidation accounts to be established in the
conversion or, in the unlikely event of a liquidation
of Northfield Bank, to the tax effect of the recapture
of the bad debt reserve. See &#147;The Conversion and
Offering&#151;Liquidation Rights.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>At or for the Three Months Ended March 31, 2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Based upon the Sale at $10.00 Per Share of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>29,750,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>35,000,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>40,250,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>46,287,500</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares (1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>(Dollars in thousands, except per share amounts)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross proceeds of offering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">297,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">350,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">402,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">462,875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Market value of shares issued in the exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230,364</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">311,670</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">358,420</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Pro forma market capitalization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">527,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">621,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">714,170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">821,295</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross proceeds of offering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">297,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">350,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">402,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">462,875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,373</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Estimated net proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">337,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388,914</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">447,502</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock purchased by employee stock ownership plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,515</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock purchased by stock-based benefit plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,515</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash received from the mutual holding company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Estimated net proceeds, as adjusted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">263,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">309,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">356,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">410,472</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>For the Three Months Ended March&nbsp;31, 2010</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated net earnings:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Historical</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,381</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pro forma adjustments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income on adjusted net proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,186</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,364</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,570</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Employee stock ownership plan (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(60</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(70</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(81</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(93</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Stock awards (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(357</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(420</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(483</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(556</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Stock options (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(499</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(588</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(676</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(777</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Pro forma net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earning per share (5):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Historical</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pro form adjustments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income on adjusted net proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Employee stock ownership plan (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Stock awards (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Stock options (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Pro forma earnings per share (5) (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Offering price to pro forma net earnings per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.71</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.67</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50.00</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50.00</TD>
    <TD>x</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of shares used in earnings per share calculations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,934,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,569,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,204,960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,135,704</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>At March&nbsp;31, 2010</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stockholders&#146; equity:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Historical</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">396,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">396,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">396,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">396,286</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Estimated net proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">337,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388,914</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">447,502</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity increase from the mutual holding company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock purchased by employee stock ownership plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,515</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock purchased by stock-based benefit plan (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,515</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pro forma stockholders equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">659,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">706,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">753,362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">807,120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(16,318</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(16,318</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(16,318</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(16,318</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pro forma tangible stockholders equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">643,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">690,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">737,044</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">790,802</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; equity per share:(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Historical</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4.84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Estimated net proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plus: Assets received from the mutual holding company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock acquired by employee stock ownership plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock acquired by stock-based benefit plan (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pro forma stockholders&#146; equity per share (6) (7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.31</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.26</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.20</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pro forma tangible stockholders&#146; equity per share (6) (7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Offering price as percentage of pro forma stockholders&#146;
equity per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">80.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">87.87</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">94.79</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">101.73</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Offering price as percentage of pro forma stockholders&#146;
equity per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">82.03</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">89.93</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">96.90</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">103.84</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Number of shares outstanding for pro forma book value
per share calculations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,786,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,101,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,416,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,129,380</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(Footnotes begin on following page)</I>
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>As adjusted to give effect to an increase in the number of shares that could
occur due to a 15% increase in the offering range to reflect demand for the shares or
changes in market conditions following the commencement of the stock offering.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Assumes that 4% of the shares of common stock sold in the offering will be purchased by
the employee stock ownership plan. For purposes of this table, the funds used to acquire
these shares are assumed to have been borrowed by the employee stock ownership plan from
Northfield-Delaware. Northfield Bank intends to make annual contributions to the employee
stock ownership plan in an amount at least equal to the required principal and interest
payments on the debt. Northfield Bank&#146;s total annual payments on the employee stock
ownership plan debt are based upon 30 equal annual installments of principal and interest.
Financial Accounting Standards Board Accounting Standards Codification 718-40,
&#147;Employers&#146; Accounting for Employer Stock Ownership Plans&#148; (&#147;ASC 718-40&#148;) requires that an
employer record compensation expense in an amount equal to the fair value of the shares
committed to be released to employees. The pro forma adjustments assume that the employee
stock ownership plan shares are allocated in equal annual installments based on the number
of loan repayment installments assumed to be paid by Northfield Bank, the fair value of
the common stock remains equal to the subscription price and the employee stock ownership
plan expense reflects an effective combined federal and state tax rate of 40.0%. The
unallocated employee stock ownership plan shares are reflected as a reduction of
stockholders&#146; equity. No reinvestment is assumed on proceeds contributed to fund the
employee stock ownership plan. The pro forma net income further assumes that 9,917,
11,667, 13,417 and 15,429 shares were committed to be released during the period at the
minimum, midpoint, maximum, and adjusted maximum of the offering range, respectively, and
in accordance with ASC 718-40, only the employee stock ownership plan shares committed to
be released during the period were considered outstanding for purposes of net income per
share calculations.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Assumes that, if approved by Northfield-Delaware&#146;s stockholders, one or more stock-based
benefit plans purchase an aggregate number of shares of common stock equal to 4% of the
shares to be sold in the offering. Such amount is subject to adjustment as may be
required by Office of Thrift Supervision regulations or policy to reflect restricted stock
previously granted by Northfield-Federal or Northfield Bank (or may be a greater number of
shares if the plan is implemented more than one year after completion of the conversion).
Stockholder approval of the plans and purchases by the plans may not occur earlier than
six months after the completion of the conversion. The shares may be acquired directly
from <font style="white-space: nowrap">Northfield-Delaware</font> or through open market purchases. Shares in the stock-based
benefit plan are assumed to vest over a period of five years. The funds to be used to
purchase the shares will be provided by <font style="white-space: nowrap">Northfield-Delaware</font>. The table assumes that
(i)&nbsp;the stock-based benefit plan acquires the shares through open market purchases at
$10.00 per share, (ii)&nbsp;5% of the amount contributed to the plan is amortized as an expense
during the three months ended March&nbsp;31, 2010, and (iii)&nbsp;the plan expense reflects an
effective combined federal and state tax rate of 40.0%. Assuming stockholder approval of
the stock-based benefit plans and that shares of common stock (equal to 4% of the shares
sold in the offering) are awarded through the use of authorized but unissued shares of
common stock, stockholders would have their ownership and voting interests diluted by
approximately 2.20% at the maximum of the offering range.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Assumes that, if approved by Northfield-Delaware&#146;s stockholders, one or more stock-based
benefit plans grant options to acquire an aggregate number of shares of common stock equal
to 10% of the shares to be sold in the offering. Such amount is subject to adjustment as
may be required by Office of Thrift Supervision regulations or policy to reflect stock
options previously granted by Northfield-Federal or Northfield Bank (or may be a greater
number of shares if the plan is implemented more than one year after completion of the
conversion). Stockholder approval of the plans may not occur earlier than six months after
the completion of the conversion. In calculating the pro forma effect of the stock-based
benefit plans, it is assumed that the exercise price of the stock options and the trading
price of the common stock at the date of grant were $10.00 per share, the estimated
grant-date fair value determined using the <font style="white-space: nowrap">Black-Scholes</font> option pricing model was $3.73
for each option, the aggregate grant-date fair value of the stock options was amortized to
expense on a straight-line basis over a five-year</TD>
</TR>

</TABLE>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><I>(Footnotes continue on following page)</I>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>(continued from previous page)</I>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>vesting period of the options, and that 25% of the amortization expense (or the
assumed portion relating to options granted to directors) resulted in a tax benefit
using an assumed tax rate of 40.0%. The actual expense will be determined by the
grant-date fair value of the options, which will depend on a number of factors,
including the valuation assumptions used in the option pricing model ultimately adopted.
Under the above assumptions, the adoption of the stock-based benefit plans will result
in no additional shares under the treasury stock method for purposes of calculating
earnings per share. There can be no assurance that the actual exercise price of the
stock options will be equal to the $10.00 price per share. If a portion of the shares
used to satisfy the exercise of options comes from authorized but unissued shares, our
net income per share and stockholders&#146; equity per share would decrease. The issuance of
authorized but unissued shares of common stock pursuant to the exercise of options under
such plan would dilute stockholders&#146; ownership and voting interests by approximately
5.64% at the maximum of the offering range.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Per share figures include publicly held shares of Northfield-Federal common stock that
will be exchanged for shares of Northfield-Delaware common stock in the conversion. See
&#147;The Conversion and Offering&#151;Share Exchange Ratio for Current Stockholders.&#148; Net income
per share computations are determined by taking the number of shares assumed to be sold in
the offering and the number of new shares assumed to be issued in exchange for publicly
held shares and, in accordance with ASC 718-40, subtracting the employee stock ownership
plan shares which have not been committed for release during the period. See note 2. The
number of shares of common stock actually sold and the corresponding number of exchange
shares may be more or less than the assumed amounts. Pro forma net income per share has
been annualized for purposes of calculating the offering price to pro forma net earnings
per share.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>The retained earnings of Northfield Bank will be substantially restricted after the
conversion. See &#147;Our Dividend Policy,&#148; &#147;The Conversion and Offering&#151;Liquidation Rights&#148;
and &#147;Supervision and Regulation&#151;Federal Banking Regulation&#151;Capital Distributions.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Per share figures include publicly held shares of Northfield-Federal common stock that
will be exchanged for shares of <font style="white-space: nowrap">Northfield-Delaware</font> common stock in the conversion.
Stockholders&#146; equity per share calculations are based upon the sum of (i)&nbsp;the number of
subscription shares assumed to be sold in the offering and (ii)&nbsp;shares to be issued in
exchange for publicly held shares at the minimum, midpoint, maximum and adjusted maximum
of the offering range, respectively. The exchange shares reflect an exchange ratio of
1.2073, 1.4204, 1.6334 and 1.8784 at the minimum, midpoint, maximum and adjusted maximum
of the offering range, respectively. The number of shares actually sold and the
corresponding number of exchange shares may be more or less than the assumed amounts.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>At or for the Year Ended December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Based upon the Sale at $10.00 Per Share of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>29,750,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>35,000,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>40,250,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>46,287,500</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares (1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>(Dollars in thousands, except per share amounts)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross proceeds of offering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">297,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">350,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">402,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">462,875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Market value of shares issued in the exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230,364</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">311,670</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">358,420</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Pro forma market capitalization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">527,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">621,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">714,170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">821,295</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross proceeds of offering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">297,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">350,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">402,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">462,875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,373</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Estimated net proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">337,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388,914</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">447,502</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock purchased by employee stock ownership plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,515</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock purchased by stock-based benefit plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,515</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash received from the mutual holding company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Estimated net proceeds, as adjusted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">263,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">309,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">356,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">410,472</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>For the Year Ended December&nbsp;31, 2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated net earnings:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Historical</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,074</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pro forma adjustments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income on adjusted net proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,280</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Employee stock ownership plan (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(238</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(280</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(322</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(370</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Stock awards (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,428</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,680</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,932</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,222</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Stock options (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,997</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,350</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,702</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,108</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Pro forma net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,654</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earning per share (5):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Historical</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pro form adjustments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income on adjusted net proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Employee stock ownership plan (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Stock awards (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Stock options (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.04</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.04</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.04</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.04</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Pro forma earnings per share (5) (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Offering price to pro forma net earnings per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.00</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.62</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.63</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.82</TD>
    <TD>x</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of shares used in earnings per share calculations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,046,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,878,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,709,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,866,188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>At December&nbsp;31, 2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; equity:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Historical</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">391,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">391,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">391,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">391,540</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Estimated net proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">337,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388,914</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">447,502</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity increase from the mutual holding company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock purchased by employee stock ownership plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,515</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock purchased by stock-based benefit plan (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,515</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pro forma stockholders equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">655,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">701,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">748,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">802,374</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(16,361</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(16,361</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(16,361</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(16,361</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pro forma tangible stockholders equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">638,763</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">685,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">732,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">786,013</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; equity per share:(7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Historical</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4.78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Estimated net proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Plus: Assets received from the mutual holding company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock acquired by employee stock ownership plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock acquired by stock-based benefit plan (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pro forma stockholders&#146; equity per share (6) (7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.31</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.26</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.23</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.20</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pro forma tangible stockholders&#146; equity per share (6) (7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Offering price as percentage of pro forma stockholders&#146;
equity per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">80.58</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">88.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">95.42</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">102.35</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Offering price as percentage of pro forma stockholders&#146;
equity per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">82.64</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">90.58</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">97.56</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">104.49</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Number of shares outstanding for pro forma book value
per share calculations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,786,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,101,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,416,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,129,380</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><I>(Footnotes begin on following page)</I>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>As adjusted to give effect to an increase in the number of shares that could occur
due to a 15% increase in the offering range to reflect demand for the shares or changes
in market conditions following the commencement of the stock offering.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Assumes that 4% of the shares of common stock sold in the offering will be purchased by
the employee stock ownership plan. For purposes of this table, the funds used to acquire
these shares are assumed to have been borrowed by the employee stock ownership plan from
Northfield-Delaware. Northfield Bank intends to make annual contributions to the employee
stock ownership plan in an amount at least equal to the required principal and interest
payments on the debt. Northfield Bank&#146;s total annual payments on the employee stock
ownership plan debt are based upon 30 equal annual installments of principal and interest.
Financial Accounting Standards Board Accounting Standards Codification 718-40,
&#147;Employers&#146; Accounting for Employer Stock Ownership Plans&#148; (&#147;ASC 718-40&#148;) requires that an
employer record compensation expense in an amount equal to the fair value of the shares
committed to be released to employees. The pro forma adjustments assume that the employee
stock ownership plan shares are allocated in equal annual installments based on the number
of loan repayment installments assumed to be paid by Northfield Bank, the fair value of
the common stock remains equal to the subscription price and the employee stock ownership
plan expense reflects an effective combined federal and state tax rate of 40.0%. The
unallocated employee stock ownership plan shares are reflected as a reduction of
stockholders&#146; equity. No reinvestment is assumed on proceeds contributed to fund the
employee stock ownership plan. The pro forma net income further assumes that 39,667,
46,667, 53,667 and 61,717 shares were committed to be released during the year at the
minimum, midpoint, maximum, and adjusted maximum of the offering range, respectively, and
in accordance with ASC 718-40, only the employee stock ownership plan shares committed to
be released during the period were considered outstanding for purposes of net income per
share calculations.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Assumes that, if approved by Northfield-Delaware&#146;s stockholders, one or more stock-based
benefit plans purchase an aggregate number of shares of common stock equal to 4% of the
shares to be sold in the offering, subject to adjustment as may be required by Office of
Thrift Supervision regulations or policy to reflect restricted stock previously granted by
Northfield-Federal or Northfield Bank (and may be a greater number of shares if the plan
is implemented more than one year after completion of the conversion). Stockholder
approval of the plans and purchases by the plans may not occur earlier than six months
after the completion of the conversion. The shares may be acquired directly from
Northfield-Delaware or through open market purchases. Shares in the stock-based benefit
plan are assumed to vest over a period of five years. The funds to be used to purchase the
shares will be provided by Northfield-Delaware. The table assumes that (i)&nbsp;the
stock-based benefit plan acquires the shares through open market purchases at $10.00 per
share, (ii)&nbsp;20% of the amount contributed to the plan is amortized as an expense during
the year ended December&nbsp;31, 2009, and (iii)&nbsp;the plan expense reflects an effective
combined federal and state tax rate of 40.0%. Assuming stockholder approval of the
stock-based benefit plans and that shares of common stock (equal to 4% of the shares sold
in the offering) are awarded through the use of authorized but unissued shares of common
stock, stockholders would have their ownership and voting interests diluted by
approximately 2.20% at the maximum of the offering range.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Assumes that, if approved by Northfield-Delaware&#146;s stockholders, one or more stock-based
benefit plans grant options to acquire an aggregate number of shares of common stock equal
to 10% of the shares to be sold in the offering, subject to adjustment as may be required
by Office of Thrift Supervision regulations or policy to reflect stock options previously
granted by Northfield-Federal or Northfield Bank (and may be a greater number of shares if
the plan is implemented more than one year after completion of the conversion).
Stockholder approval of the plans may not occur earlier than six months after the
completion of the conversion. In calculating the pro forma effect of the stock-based
benefit plans, it is assumed that the exercise price of the stock options and the trading
price of the common stock at the date of grant were $10.00 per share, the estimated
grant-date fair value determined using the <font style="white-space: nowrap">Black-Scholes</font> option pricing model was $3.73
for each option, the aggregate grant-date fair value of the stock options was amortized to
expense on a straight-line basis over a five-year</TD>
</TR>

</TABLE>



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</DIV>




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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>(continued from previous page)</I></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
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    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
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<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>vesting period of the options, and that 25% of the amortization expense (or the
assumed portion relating to options granted to directors) resulted in a tax benefit
using an assumed tax rate of 40.0%. The actual expense will be determined by the
grant-date fair value of the options, which will depend on a number of factors,
including the valuation assumptions used in the option pricing model ultimately adopted.
Under the above assumptions, the adoption of the stock-based benefit plans will result
in no additional shares under the treasury stock method for purposes of calculating
earnings per share. There can be no assurance that the actual exercise price of the
stock options will be equal to the $10.00 price per share. If a portion of the shares
used to satisfy the exercise of options comes from authorized but unissued shares, our
net income per share and stockholders&#146; equity per share would decrease. The issuance of
authorized but unissued shares of common stock pursuant to the exercise of options under
such plan would dilute stockholders&#146; ownership and voting interests by approximately
5.64% at the maximum of the offering range.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Per share figures include publicly held shares of Northfield-Federal common stock that
will be exchanged for shares of Northfield-Delaware common stock in the conversion. See
&#147;The Conversion and Offering&#151;Share Exchange Ratio for Current Stockholders.&#148; Net income
per share computations are determined by taking the number of shares assumed to be sold in
the offering and the number of new shares assumed to be issued in exchange for publicly
held shares and, in accordance with ASC 718-40, subtracting the employee stock ownership
plan shares which have not been committed for release during the year. See note 2. The
number of shares of common stock actually sold and the corresponding number of exchange
shares may be more or less than the assumed amounts. Pro forma net income per share has
been annualized for purposes of calculating the offering price to pro forma net earnings
per share.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>The retained earnings of Northfield Bank will be substantially restricted after the
conversion. See &#147;Our Dividend Policy,&#148; &#147;The Conversion and Offering&#151;Liquidation Rights&#148;
and &#147;Supervision and Regulation&#151;Federal Banking Regulation&#151;Capital Distributions.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Per share figures include publicly held shares of Northfield-Federal common stock that
will be exchanged for shares of <font style="white-space: nowrap">Northfield-Delaware</font> common stock in the conversion.
Stockholders&#146; equity per share calculations are based upon the sum of (i)&nbsp;the number of
subscription shares assumed to be sold in the offering and (ii)&nbsp;shares to be issued in
exchange for publicly held shares at the minimum, midpoint, maximum and adjusted maximum
of the offering range, respectively. The exchange shares reflect an exchange ratio of
1.2073, 1.4204, 1.6334 and 1.8784 at the minimum, midpoint, maximum and adjusted maximum
of the offering range, respectively. The number of shares actually sold and the
corresponding number of exchange shares may be more or less than the assumed amounts.</TD>
</TR>

</TABLE>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="145"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<BR>
AND RESULTS OF OPERATIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This discussion and analysis reflects our consolidated financial statements and other relevant
statistical data, and is intended to enhance your understanding of our financial condition and
results of operations. The information in this section has been derived from the audited and
unaudited consolidated financial statements, which appear beginning on page F-1 of this prospectus.
You should read the information in this section in conjunction with the business and financial
information regarding Northfield-Federal provided in this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Overview</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal business consists of accepting deposits and investing such funds in mortgage
loans, secured commercial business loans and in investment securities, consisting primarily of
mortgage-backed securities. Our business is affected by prevailing economic conditions,
particularly market interest rates. Additionally, we are subject to government policies
concerning, among other things, monetary and fiscal affairs, housing and financial institutions and
regulations regarding lending and other operations, privacy and consumer disclosure. We rely on
our convenient locations, customer service, and competitive products and pricing to attract and
retain deposits. Lending activities are affected by market interest rates, loan demand and local
economic conditions. Sources of funds for lending and investing activities include deposits,
borrowings, loan and investment repayments, and income from our operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our lending focus has been originating commercial real estate and multifamily loans in the
markets we serve. At March&nbsp;31, 2010, total loans held for investment were $736.6&nbsp;million, or
35.1% of total assets, with $519.8&nbsp;million, or 70.5% of the total portfolio, consisting of
commercial real estate loans ($332.4&nbsp;million, or 45.1%) and multifamily loans ($187.4&nbsp;million, or
25.4%). Our loan portfolio has continued to grow in 2010 but at slower rates than we experienced
in 2008 and 2009. We do not originate for retention in our portfolio &#147;interest only&#148; residential
mortgage loans on one- to four-family residential properties, where the borrower pays interest for
an initial period and thereafter the loan converts to a fully amortizing loan. We do not offer
loans that provide for negative amortization of principal, such as &#147;Option ARM&#148; loans, where the
borrower can pay less than the interest owed on the loan, thereby resulting in an increased
principal balance during the life of the loan. We also do not offer, and have not offered,
&#147;subprime loans&#148; (loans that generally target borrowers with weakened credit histories typically
characterized by payment delinquencies, previous charge-offs, judgments, bankruptcies, or borrowers
with questionable repayment capacity as evidenced by low credit scores or high debt-burden ratios).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our investing focus has been purchasing mortgage-backed securities. At March&nbsp;31, 2010,
securities available-for-sale had an estimated fair value of $1.2&nbsp;billion, or 58.0% of total
assets, with $943.6&nbsp;million, or 77.6%, consisting of mortgage-backed securities. At March&nbsp;31,
2010, 74.9% of our securities portfolio consisted of securities issued by the U.S. government, U.S.
government agencies or U.S. government sponsored enterprises. We do not own any common or
preferred stock issued by Fannie Mae or Freddie Mac.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our net income has decreased over the past year, and totaled $12.1&nbsp;million for the year ended
December&nbsp;31, 2009, compared to $15.8&nbsp;million for the year ended December&nbsp;31, 2008. Much of the
reduction in our net income has resulted from increased loan loss reserves relating to
deteriorating asset quality, which also has recently affected much of the financial institution
industry, and from increases in employee compensation and benefits and Federal Deposit Insurance
Corporation insurance premiums, which were partially offset by an increase in net interest income.
Our net income was $3.4&nbsp;million for the three months ended March&nbsp;31, 2010, compared to $2.7&nbsp;million
for the three months ended March&nbsp;31, 2009. The increase was a result of an increase in net
interest income and an increase in non-interest income (primarily gains on sales of securities,
net), partially offset by an increase in non-interest expense (primarily employee compensation and
benefits).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the completion of the conversion, our non-interest expense is expected to increase
because of the increased compensation expenses associated with the purchase of shares of common
stock by our employee stock ownership plan and the possible implementation of one or more
stock-based benefit plans, if approved by our
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">stockholders no earlier than six months after the completion of the conversion, and because of
our anticipated growth. For further information, see &#147;Summary&#151; Benefits to Management and
Potential Dilution to Stockholders Resulting from the Conversion;&#148; &#147;Risk Factors&#151; Our <font style="white-space: nowrap">stock-based</font>
benefit plans would increase our expenses and reduce our income;&#148; &#147;Management&#151;Benefits to be
Considered Following Completion of the Conversion;&#148; and &#147;Risk Factors&#151;We may face risks with
respect to future expansion.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Business Strategy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal objective is to build long-term value for our stockholders by operating a
profitable community-oriented financial institution dedicated to meeting the banking needs of our
customers. Our board of directors has sought to accomplish this objective through the adoption of
a strategy designed to increase profitability, while maintaining a strong capital position and high
asset quality. We cannot assure you that we will successfully implement our business strategy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highlights of our business strategy are as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Remaining a community-oriented institution. </I></B>We have been in business for over 123&nbsp;years,
growing through internal expansion and outside acquisitions. We offer a variety of financial
products and services to meet the needs of small businesses and individuals in our market area, and
we are dedicated to providing quality personal service to our customers. We consider our
competitive products and pricing, branch network, reputation for superior customer service and
financial strength as our major strengths in attracting and retaining customers. Over the last
several years, we have significantly upgraded our technology capabilities, and currently offer
mobile banking, remote deposit capture, electronic check clearing, and online business customer
cash management. We intend to further capitalize on our technology capabilities to improve
operating efficiencies and enhance customer service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Continuing to increase our lending</I></B>. We have grown our loan portfolio to $736.6&nbsp;million at
March&nbsp;31, 2010 from $424.2&nbsp;million at December&nbsp;31, 2007. To achieve this growth, we have continued
to emphasize the origination of loans other than residential mortgage loans, primarily multi-family
and commercial real estate loans. These loans have higher yields than residential mortgage loans
and generally have periodic adjustable interest rates and/or shorter terms, which assists us in
managing our interest rate risk. Despite a difficult economic environment, we have continued to
lend to qualified borrowers as other lenders have ceased or curtailed their lending, and we were
able to increase our loan portfolio in 2009 and the first quarter of 2010. In October&nbsp;2009, we
also began to offer loans to finance premiums on commercial insurance policies, and such loans
totaled $40.0&nbsp;million at March&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the past several years, we have particularly emphasized the origination of multi-family
loans. At March&nbsp;31, 2010, our multifamily portfolio totaled $187.4&nbsp;million, or 25.4% of total
loans, compared to $14.2&nbsp;million, or 3.3% of total loans, at December&nbsp;31, 2007. At March&nbsp;31, 2010,
our commercial real estate loan portfolio totaled $332.4&nbsp;million, or 45.1% of total loans, compared
to $243.9&nbsp;million, or 57.5% of total loans, at December&nbsp;31, 2007. We intend to continue to
emphasize multi-family lending, and, as economic conditions improve, we will seek to increase the
origination of commercial real estate, commercial and home equity loans as well. However, a
continuation or worsening of economic conditions could make it more difficult to execute our
strategy, at least until economic conditions improve. Also, the additional capital raised in the
stock offering will increase our lending capacity by enabling us to originate more loans and loans
with larger balances; however, this increased lending can also expose us to increased risks, as
discussed in the Risk Factors section of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Improving asset quality. </I></B>Maintaining loan quality historically has been, and will continue to
be, a key element of our business strategy. We employ conservative underwriting standards for new
loan originations and maintain sound credit administration practices while the loans are
outstanding. In addition, substantially all of our loans are secured, predominantly by real
estate. However, during the current economic recession, we have experienced increases in
delinquent and non-performing loans. At March&nbsp;31, 2010, our non-performing loans totaled $50.0
million or 6.79% of total loans. At the same time charge-offs have remained relatively low at
0.38% of average loans outstanding for the year ended December&nbsp;31, 2008, 0.37% for the year ended
December&nbsp;31, 2009, and were 0.11% for the three months ended March&nbsp;31, 2010.
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To mitigate our exposure to potential loss during this weak economic period, we have
de-emphasized the origination of commercial real estate loans and construction and land loans. We
have also increased our allowance for loan losses from $5.6&nbsp;million, or 1.33% of loans held for
investment, net, at December&nbsp;31, 2007, to $17.1&nbsp;million, or 2.33% of loans held for investment,
net, at March&nbsp;31, 2010. We will also work with willing and able borrowers experiencing financial
difficulties in order to maximize the recovery of the loan balance, and, when circumstances
warrant, we may grant modifications to existing loan terms and conditions that we would not
otherwise consider, commonly referred to as troubled debt restructurings (&#147;TDRs&#148;). At March&nbsp;31,
2010, we had $21.9&nbsp;million of loans classified as TDRs, of which $8.8&nbsp;million were accruing
interest and $13.1&nbsp;million were on non-accrual status. At March&nbsp;31, 2010, $16.2&nbsp;million, or 74.1%
of loans subject to restructuring agreements (accruing and non-accruing) were performing in
accordance with their restructured terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Expanding through branching and acquisitions. </I></B>We intend to continue <I>de novo </I>branching to
expand our presence within and outside our primary market area. We currently expect to establish
ten <I>de novo </I>branch offices by December&nbsp;31, 2013, and also expect to establish an internet platform
to gather deposits during that same time period. In conjunction with this expansion strategy, we
may dispose of underperforming or overlapping branches, if appropriate. We also believe that
acquisition opportunities exist both within and beyond our current market area. We will consider
pursuing whole-bank and branch acquisition opportunities on a selective basis in areas that will
afford us the opportunity to add complementary products to our existing business or expand our
franchise geographically. Currently, we do not have any plans or arrangements to acquire other
financial institutions or dispose of existing branch offices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Employing securities investment strategies to increase income. </I></B>We determine whether to invest
in securities or loans depending on the relative risks and returns available for each type of
investment. If opportunities exist, we may purchase additional investment securities and fund
those purchases with additional borrowings at an initial positive interest rate spread, commonly
referred to as leverage transactions, in an effort to increase our net income and return on equity.
Leveraging can expose a company to greater interest rate risk in a rising interest rate
environment, and there can be no assurance that a leveraging strategy would be successful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Critical Accounting Policies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical accounting policies are defined as those that involve significant judgments and
uncertainties, and could potentially result in materially different results under different
assumptions and conditions. We believe that the most critical accounting policies upon which our
financial condition and results of operation depend, and which involve the most complex subjective
decisions or assessments, are the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Allowance for Loan Losses, Impaired Loans, Troubled Debt Restructurings and Other Real Estate
Owned</I></B>. The allowance for loan losses is the estimated amount considered necessary to cover
probable and reasonably estimatable credit losses inherent in the loan portfolio at the balance
sheet date. The allowance is established through the provision for loan losses that is charged
against income. In determining the allowance for loan losses, we make significant estimates and
judgments. The determination of the allowance for loan losses is considered a critical accounting
policy by management because of the high degree of judgment involved, the subjectivity of the
assumptions used, and the potential for changes in the economic environment that could result in
changes to the amount of the recorded allowance for loan losses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The allowance for loan losses has been determined in accordance with GAAP. We are responsible
for the timely and periodic determination of the amount of the allowance required. We believe that
our allowance for loan losses is adequate to cover identifiable losses, as well as estimated losses
inherent in our portfolio for which certain losses are probable but not specifically identifiable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management performs a quarterly evaluation of the adequacy of the allowance for loan losses.
The analysis of the allowance for loan losses has a component for impaired loan losses and a
component for general loan losses. Management has defined an impaired loan to be a loan for which
it is probable, based on current information, that we will not collect all amounts due in
accordance with the contractual terms of the loan agreement.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have defined the population of impaired loans to be all non-accrual loans with an
outstanding balance of $500,000 or greater, and all loans subject to a troubled debt restructuring.
Impaired loans are individually assessed to determine that the loan&#146;s carrying value is not in
excess of the estimated fair value of the collateral (less cost to sell), if the loan is collateral
dependent, or the present value of the expected future cash flows, if the loan is not collateral
dependent. Management performs a detailed evaluation of each impaired loan and generally obtains
updated appraisals as part of the evaluation. In addition, management adjusts estimated fair
values down to appropriately consider recent market conditions, our willingness to accept lower
sales price to effect a quick sale, and costs to dispose of any supporting collateral. Determining
the estimated fair value of underlying collateral (and related costs to sell) can be difficult in
illiquid real estate markets and is subject to significant assumptions and estimates. Management
employs an independent third party expert in appraisal preparation and review to ascertain the
reasonableness of updated appraisals. Projecting the expected cash flows under troubled debt
restructurings is inherently subjective and requires, among other things, an evaluation of the
borrower&#146;s current and projected financial condition. Actual results may be significantly
different than our projections, and our established allowance for loan losses on these loans, and
could have a material effect on our financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The second component of the allowance for loan losses is the general loss allocation. This
assessment is performed on a portfolio basis, excluding loans analyzed for impairment and TDRs,
with loans being grouped by collateral type and delinquency status. We apply an estimated loss
rate to each loan group. The loss rates applied are based on our loss experience as adjusted for
our qualitative assessment of relevant changes related to: underwriting standards; delinquency
trends; collection, charge-off and recovery practices; the nature or volume of the loan group;
lending staff; concentration of loan type; current economic conditions; and other relevant factors
considered appropriate by management. In evaluating the estimated loss factors to be utilized for
each loan group, management also reviews our actual loss history over the prior eight quarters and
loss history as reported by the Office of Thrift Supervision and Federal Deposit Insurance
Corporation for institutions both nationally and in our market area, for periods that are believed
to have been under similar economic conditions. This evaluation is inherently subjective as it
requires material estimates that may be susceptible to significant revisions based on changes in
economic and real estate market conditions. Actual loan losses may be significantly different than
the allowance for loan losses we have established, and could have a material effect on our
financial results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This quarterly process is performed by the accounting department, with the assistance of the
credit administration department and our Chief Lending Officer, and approved by the Chief Financial
Officer. All supporting documentation with regard to the evaluation process is maintained by the
accounting department. Each quarter a summary of the allowance for loan losses is presented by the
Controller to the Audit Committee of the board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have a concentration of loans secured by real property located in New York and New Jersey.
As a substantial amount of our loan portfolio is collateralized by real estate, appraisals of the
underlying value of property securing loans are critical in determining the amount of the allowance
required for specific loans. Assumptions for appraisal valuations are instrumental in determining
the value of properties. Overly optimistic assumptions or negative changes to assumptions could
significantly affect the valuation of a property securing a loan and the related allowance
determined. The assumptions supporting such appraisals are reviewed by management to determine
that the resulting values reasonably reflect amounts realizable on the collateral. Based on the
composition of our loan portfolio, we believe the primary risks are increases in vacancy rates and
declines in rental rates for both multi-family and commercial properties, a decline in the economy
generally, increases in interest rates and a decline in real estate market values in New York or
New Jersey. Any one or a combination of these events may adversely affect our loan portfolio
resulting in delinquencies, increased loan losses, and future loan loss provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we believe we have established and maintained the allowance for loan losses at
adequate levels, changes may be necessary if future economic or other conditions differ
substantially from our estimation of the current operating environment. Although management uses
the information available, the level of the allowance for loan losses remains an estimate that is
subject to significant judgment. In addition, the Office of Thrift Supervision, as an integral
part of their examination process, will periodically review our allowance for loan losses. Such
agency may require us to recognize adjustments to the allowance based on their judgments about
information available to them at the time of their examination.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also maintain an allowance for estimated losses on off-balance sheet credit risks related
to loan commitments and standby letters of credit. Management utilizes a methodology similar to
its allowance for loan loss methodology to estimate losses on these items. The allowance for
estimated credit losses on these items is included in other liabilities and any changes to the
allowance are recorded as a component of other non-interest expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate we acquire as a result of foreclosure is classified as real estate owned. When we
acquire other real estate owned, it generally obtains a current appraisal to substantiate the net
carrying value of the asset. The asset is recorded at the lower of cost or estimated fair value,
establishing a new cost basis. Holding costs and declines in estimated fair value result in
charges to expense after acquisition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Goodwill. </I></B>Business combinations accounted for under the acquisition method requires us to
record goodwill as an asset on our financial statements, which is an unidentifiable intangible
asset equal to the excess of the purchase price that we pay for another company over the estimated
fair value of the net assets acquired. Net assets acquired include identifiable intangible assets
such as core deposit intangibles and non-compete agreements. We evaluate goodwill for impairment
annually on December&nbsp;31, and more often if circumstances warrant, and we will reduce its carrying
value through a charge to earnings if impairment exists. Future events or changes in the estimates
that we use to determine the carrying value of our goodwill or which otherwise adversely affect its
value could have a material adverse effect on our results of operations. As of March&nbsp;31, 2010,
goodwill had a carrying value of $16.2&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Securities Valuation and Impairment</I></B>. Our securities portfolio is comprised of mortgage-backed
securities and to a lesser extent corporate bonds, agency bonds, and mutual funds. Our
available-for-sale securities portfolio is carried at estimated fair value, with any unrealized
gains or losses, net of taxes, reported as accumulated other comprehensive income or loss in
stockholders&#146; equity. Our trading securities portfolio is reported at estimated fair value. Our
<font style="white-space: nowrap">held-to-maturity</font> securities portfolio, consisting of debt securities for which we have a positive
intent and ability to hold to maturity, is carried at amortized cost. We conduct a quarterly
review and evaluation of the available-for-sale and <font style="white-space: nowrap">held-to-maturity</font> securities portfolios to
determine if the estimated fair value of any security has declined below its amortized cost, and
whether such decline is other-than-temporary. If the amortized cost of an investment exceeds its
fair value, we evaluate, among other factors, general market
conditions, the duration and extent to which the fair value is less
than cost, the probability of a near-term recovery in value and our
intent to sell the security and whether it is more likely than not
that we will be required to sell the security before full recovery of
our investment or maturity. If such decline is deemed
other-than-temporary, for equity securities, an
impairment charge is recorded through current earnings based upon the
estimated fair value of the security at time of impairment and a
new cost basis in the investment is established. For debt investment
securities deemed to be other-than temporarily impaired, and we
believe it is not more likely than not that we will be required to
sell the security before full recovery of our investment or maturity, the
investment is written down through current earnings by the impairment
related to the estimated credit loss and the noncredit-related
impairment is recognized in other comprehensive income. The estimated fair values of our securities are primarily
affected by changes in interest rates, credit quality, and market liquidity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management is responsible for determining the estimated fair value of our securities. In
determining estimated fair values, management utilizes the services of an independent third party
recognized as a specialist in pricing securities. The independent pricing service utilizes market
prices of same or similar securities whenever such prices are available. Prices involving
distressed sellers are not utilized in determining fair value. Where necessary, the independent
third party pricing service estimates fair value using models employing techniques such as
discounted cash flow analyses. The assumptions used in these models typically include assumptions
for interest rates, credit losses, and prepayments, utilizing observable market data, where
available. Where the market price of the same or similar securities is not available, the
valuation becomes more subjective and involves a high degree of judgment. On a quarterly basis, we
review the pricing methodologies utilized by the independent third party pricing service for each
security type. In addition, we compare securities prices to a second independent pricing service
that is utilized as part of our asset liability risk management process. At March&nbsp;31, 2010, and
for each quarter end in 2009, all securities were priced by the independent third party pricing
service, and management made no adjustment to the prices received.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Determining that a security&#146;s decline in estimated fair value is other-than-temporary is
inherently subjective, and becomes increasing difficult as it relates to mortgage-backed securities
that are not guaranteed by the U.S. Government, or a U.S. Government Sponsored Enterprise (e.g.,
Fannie Mae and Freddie Mac). In performing our evaluation of securities in an unrealized loss
position, we consider among other things, the severity, and duration of time that the security has
been in an unrealized loss position and the credit quality of the issuer. As it relates to
mortgage-backed securities not guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac, we
perform a review of the key underlying loan collateral risk characteristics including, among other
things, origination dates,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">interest rate levels, composition of variable and fixed rates, reset dates (including related
pricing indices), current loan to original collateral values, locations of collateral, delinquency
status of loans, and current credit support. In addition, for securities experiencing declines in
estimated fair values of over 10%, as compared to its amortized cost, management also reviews
published historical and expected prepayment speeds, underlying loan collateral default rates, and
related historical and expected losses on the disposal of the underlying collateral on defaulted
loans. This evaluation is inherently subjective as it requires estimates of future events, many of
which are difficult to predict. Actual results could be significantly different than our estimates
and could have a material effect on our financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Federal Home Loan Bank Stock Impairment Assessment</I></B>. Northfield Bank is a member of the
Federal Home Loan Bank System, which consists of 12 regional Federal Home Loan Banks. As a member
of the Federal Home Loan Bank of New York, Northfield Bank is required to acquire and hold shares
of capital stock in the Federal Home Loan Bank of New York in an amount determined by a
&#147;membership&#148; investment component and an &#147;activity-based&#148; investment component. As of March&nbsp;31,
2010, Northfield Bank was in compliance with its ownership requirement. At March&nbsp;31, 2010,
Northfield Bank held $5.0&nbsp;million of Federal Home Loan Bank of New York common stock. In
performing our evaluation of our investment in Federal Home Loan Bank of New York stock, on a
quarterly basis, management reviews the most recent financial statements of the Federal Home Loan
Bank of New York and determines whether there have been any adverse changes to its capital position
as compared to the trailing period. In addition, management reviews the Federal Home Loan Bank of
New York&#146;s most recent President&#146;s Report in order to determine whether or not a dividend has been
declared for the current reporting period. Furthermore, management obtains the credit rating of
the Federal Home Loan Bank of New York from an accredited credit rating company to ensure that no
changes have occurred that would negatively affect our investment in the Federal Home Loan Bank of
New York. At March&nbsp;31, 2010, it was determined by management that our investment in Federal Home
Loan Bank stock was not impaired.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Deferred Income Taxes. </I></B>We use the asset and liability method of accounting for income taxes.
Under this method, deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax bases. Deferred tax assets and
liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. If it is determined
that it is more likely than not that the deferred tax assets will not be realized, a valuation
allowance is established. We consider the determination of this valuation allowance to be a
critical accounting policy because of the need to exercise significant judgment in evaluating the
amount and timing of recognition of deferred tax liabilities and assets, including projections of
future taxable income. These judgments and estimates are reviewed quarterly as regulatory and
business factors change. A valuation allowance for deferred tax assets may be required if the
amounts of taxes recoverable through loss carry backs decline, or if we project lower levels of
future taxable income. Such a valuation allowance would be established and any subsequent changes
to such allowance would require an adjustment to income tax expense that could adversely affect our
operating results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Stock Based Compensation. </I></B>We recognize the cost of employee services received in exchange for
awards of equity instruments based on the grant-date fair value for all awards granted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We estimate the per share fair value of option grants on the date of grant using the
Black-Scholes option pricing model using assumptions for the expected dividend yield, expected
stock price volatility, risk-free interest rate and expected option term. These assumptions are
based on our judgments regarding future option exercise experience and market conditions. These
assumptions are subjective in nature, involve uncertainties, and, therefore, cannot be determined
with precision. The Black-Scholes option pricing model also contains certain inherent limitations
when applied to options that are not traded on public markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The per share fair value of options is highly sensitive to changes in assumptions. In
general, the per share fair value of options will move in the same direction as changes in the
expected stock price volatility, risk-free interest rate and expected option term, and in the
opposite direction of changes in the expected dividend yield. For example, the per share fair
value of options will generally increase as expected stock price volatility increases, risk-free
interest rate increases, expected option term increases and expected dividend yield decreases. The
use of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">different assumptions or different option pricing models could result in materially different
per share fair values of options.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As our common stock does not have a significant amount of historical price volatility, we
utilized the historical stock price volatility of a peer group when valuing stock options.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Comparison of Financial Condition at March&nbsp;31, 2010 and December&nbsp;31, 2009</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets increased $95.5&nbsp;million, or 4.8%, to $2.1&nbsp;billion at March&nbsp;31, 2010, from $2.0
billion at December&nbsp;31, 2009. The increase in total assets reflected increases in securities of
$84.2&nbsp;million, cash and cash equivalents of $8.3&nbsp;million, and loans held for investment, net, of
$8.0&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents increased $8.3&nbsp;million, or 19.4%, to $50.8&nbsp;million at March&nbsp;31,
2010, from $42.5&nbsp;million at December&nbsp;31, 2009. We have been maintaining increased balances in
other financial institutions while we evaluate opportunities to deploy funds into higher yielding
investments such as loans and securities with acceptable risk and return characteristics.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities available-for-sale increased $84.4&nbsp;million, or 7.5%, to $1.2&nbsp;billion at March&nbsp;31,
2010, from $1.1&nbsp;billion at December&nbsp;31, 2009. The increase was primarily attributable to purchases
of $217.2&nbsp;million and an increase of $5.7&nbsp;million in net unrealized gains, partially offset by
maturities and principal paydowns of $123.6&nbsp;million and sales of $15.2&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities held-to-maturity decreased $520,000, or 7.7%, to $6.2&nbsp;million at March&nbsp;31, 2010,
from $6.7&nbsp;million at December&nbsp;31, 2009. The decrease was attributable to maturities and principal
paydowns during the quarter ended March&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March&nbsp;31, 2010, $788.2&nbsp;million of our securities were residential mortgage-backed
securities issued or guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. We also held residential
mortgage-backed securities not issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae,
which are referred to as &#147;private label securities.&#148; These private label securities had an
amortized cost of $158.5&nbsp;million and an estimated fair value of $161.6&nbsp;million at March&nbsp;31, 2010.
The private label securities portfolio was in a net unrealized gain position of $3.1&nbsp;million,
consisting of gross unrealized gains of $5.5&nbsp;million and gross unrealized losses of $2.4&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of the $161.6&nbsp;million in private label securities, three securities with an estimated fair
value of $13.8&nbsp;million (amortized cost of $15.8&nbsp;million) were rated less than AAA at March&nbsp;31,
2010. Of the three securities, one had an estimated fair value of $2.6&nbsp;million (amortized cost of
$2.7&nbsp;million) and was rated A&#043;, another had an estimated fair value of $6.1&nbsp;million (amortized cost
of $7.4&nbsp;million) and was rated Baa2 (subsequently downgraded to Caa2), and the remaining security
had an estimated fair value of $5.1&nbsp;million (amortized cost of $5.7&nbsp;million) and was rated CCC. As
of March&nbsp;31, 2010, we continued to receive principal and interest payments in accordance with the
contractual terms of each of these securities. Management has evaluated, among other things,
delinquency status, location of collateral, estimated prepayment speeds, and the estimated default
rates and loss severity in liquidating the underlying collateral for each of these three
securities. Since management does not have the intent to sell the securities, and it is more
likely than not that we will not be required to sell the securities before their anticipated
recovery (which may be at maturity), we believe that the unrealized losses of $2.0&nbsp;million at March
31, 2010, are temporary, and as such, are recorded as a component of accumulated other
comprehensive income, net of tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment, net totaled $737.2&nbsp;million at March&nbsp;31, 2010, compared to $729.3
million at December&nbsp;31, 2009. The increase was primarily in multi-family real estate loans, which
increased $9.0&nbsp;million, or 5.0%, to $187.4&nbsp;million, from $178.4&nbsp;million at December&nbsp;31, 2009,
reflecting our continued emphasis on this type of loan. Commercial real estate loans increased
$4.6&nbsp;million, or 1.4%, to $332.4&nbsp;million, and home equity loans increased $2.0&nbsp;million, or 7.8%,
from $26.1&nbsp;million at December&nbsp;31, 2009. These increases were partially offset by decreases in
residential loans, land and construction loans, commercial and industrial loans, and insurance
premium loans.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank of New York stock, at cost, decreased $1.4&nbsp;million, or 21.7%, from $6.4
million at December&nbsp;31, 2009 to $5.0&nbsp;million at March&nbsp;31, 2010. This decrease was attributable to
a decrease in borrowings outstanding with the Federal Home Loan Bank of New York over the same time
period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other real estate owned decreased $405,000, or 21.0%, from $1.9&nbsp;million at December&nbsp;31, 2009,
to $1.5&nbsp;million at March&nbsp;31, 2010. This decrease was primarily attributable to downward valuation
adjustments recorded against the carrying balances of the properties which resulted from the
continued deterioration in estimated fair values, coupled with the sale of real estate owned
properties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets decreased $2.2&nbsp;million, or 14.6%, to $12.7&nbsp;million at March&nbsp;31, 2010, from $14.9
million at December&nbsp;31, 2009. The decrease in other assets was attributable to a decrease in
deferred tax assets, which resulted primarily from an increase in net unrealized gains on our
securities portfolio from December&nbsp;31, 2009, to March&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits increased $76.0&nbsp;million, or 5.8%, to $1.4&nbsp;billion at March&nbsp;31, 2010, from $1.3
billion at December&nbsp;31, 2009. The increase in deposits during the first quarter of 2010 was
primarily due to an increase of short-term certificates of deposit originated through the
CDARS<SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP> Network in the amount of $82.0&nbsp;million. We utilize this funding source as a cost
effective alternative to other short-term funding sources. In addition, savings and money market
accounts, and transaction accounts increased $27.2&nbsp;million and $1.9&nbsp;million, respectively, from
December&nbsp;31, 2009 to March&nbsp;31, 2010. These increases were partially offset by a decrease of $35.1
million in certificates of deposit (originated by Northfield Bank) over the same time period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings increased $13.6&nbsp;million, or 4.8%, to $293.1&nbsp;million at March&nbsp;31, 2010, from $279.4
million at December&nbsp;31, 2009. The increase in borrowings was primarily the result of our
increasing longer-term borrowings to locking in lower interest rates in the historically low
interest rate environment, partially offset by maturities during the quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders&#146; equity increased to $396.3&nbsp;million at March&nbsp;31, 2010, from $391.5&nbsp;million
at December&nbsp;31, 2009. The increase was primarily attributable to net income of $3.4&nbsp;million for
the quarter ended March&nbsp;31, 2010, and an increase in accumulated other comprehensive income of $3.5
million resulting primarily from a decrease in market interest rates that resulted in an increase
in the estimated fair value of our securities available for sale. The increase in stockholders&#146;
equity also was attributable to a $1.1&nbsp;million increase in additional paid-in capital primarily
related to the recognition of compensation expense associated with equity awards. These increases
were partially offset by $2.8&nbsp;million in stock repurchases, and the payment of approximately
$772,000 in dividends for the quarter ended March&nbsp;31, 2010. Through March&nbsp;31, 2010, we had
repurchased 1,910,089 shares of common stock at an average cost of $11.79 per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Comparison of Financial Condition at December&nbsp;31, 2009 and 2008</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets increased $244.5&nbsp;million, or 13.9%, to $2.0&nbsp;billion at December&nbsp;31, 2009, from
$1.8&nbsp;billion at December&nbsp;31, 2008. The increase in total assets reflected increases in securities
of $167.4&nbsp;million and loans held for investment, net of $139.3&nbsp;million, partially offset by a
decrease of $53.7&nbsp;million in certificates of deposit in other financial institutions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit in other financial institutions decreased $53.7&nbsp;million, or 100.0%,
from December&nbsp;31, 2008, to $0 at December&nbsp;31, 2009. The decrease was primarily a result of our
utilizing the excess cash to fund loans and purchase higher yielding investment securities during
the year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-investment, net of deferred loan fees, increased $139.3&nbsp;million, or 23.6%, to
$729.3&nbsp;million at December&nbsp;31, 2009, from $590.0&nbsp;million at December&nbsp;31, 2008. We continue to
focus on originating multifamily and commercial real estate loans to the extent such loan demand
exists while meeting our underwriting standards. Multi-family real estate loans increased $69.9
million, or 64.4%, to $178.4&nbsp;million, from $108.5&nbsp;million at December&nbsp;31, 2008. Commercial real
estate loans increased $38.7&nbsp;million, or 13.4%, to $327.8&nbsp;million, commercial and industrial loans
increased $8.2&nbsp;million, or 74.6%, to $19.3&nbsp;million, and home equity loans and lines of credit
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">increased $1.9&nbsp;million, or 8.0%, from $24.2&nbsp;million at December&nbsp;31, 2008. In addition, we
purchased approximately $35.4&nbsp;million of insurance premium loans during the quarter ended December
31, 2009, and grew this portfolio to $40.4&nbsp;million at year end. These increases were partially
offset by decreases in residential loans, and land and construction loans.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our securities portfolio totaled $1.1&nbsp;billion at December&nbsp;31, 2009, as compared to $974.6
million at year end 2008, an increase of $167.4&nbsp;million, or 17.2%. Securities available-for-sale
increased $174.2&nbsp;million, or 18.2%, to $1.1&nbsp;billion at December&nbsp;31, 2009, from $957.6&nbsp;million at
December&nbsp;31, 2008. The increase was primarily due to the purchase of approximately $655.8&nbsp;million
of securities partially offset by pay-downs and maturities of $500.5&nbsp;million and sales of $3.3
million. The purchases were funded primarily by increased deposits, pay-downs, and maturities.
Securities held-to-maturity decreased $7.7&nbsp;million, or 53.4%, to $6.7&nbsp;million at December&nbsp;31, 2009,
from $14.5&nbsp;million at December&nbsp;31, 2008. The decrease was primarily attributable to sales of
approximately $3.4&nbsp;million, coupled with pay-downs and maturities of $4.6&nbsp;million. We routinely
sell securities after a substantial portion (85% of the principal) has been recovered through
repayments as the cost of servicing such investments becomes too high compared to the potential
earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2009, $773.9&nbsp;million of our securities portfolio consisted of residential
mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. At
December&nbsp;31, 2009, we also held residential mortgage-backed securities that were not guaranteed by
Fannie Mae, Freddie Mac or Ginnie Mae, which are referred to as &#147;private label securities.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our available-for-sale securities portfolio at December&nbsp;31, 2009, consisted of securities with
the following amortized cost: $469.5&nbsp;million of pass-through mortgage-backed securities, of which
$404.1&nbsp;million were issued or guaranteed by U.S. Government-sponsored enterprises (&#147;GSEs&#148;) and
$65.4&nbsp;million were issued by non-GSEs; $455.9&nbsp;million of real estate mortgage conduits (&#147;REMICs&#148;),
of which $344.2&nbsp;million were issued or guaranteed by GSEs and $111.8&nbsp;million were issued by
non-GSEs; and $185.4&nbsp;million of other securities, consisting of corporate obligations, GSE bonds,
and equity securities which primarily consisted of a money market mutual fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in the above available-for-sale security amounts at December&nbsp;31, 2009, were 23
residential mortgage-backed senior class securities issued by non-GSEs with an amortized cost of
$177.1&nbsp;million and an estimated fair value of $176.7&nbsp;million. Eight of these securities were in an
unrealized loss position with an amortized cost of $40.1&nbsp;million and estimated fair value of $36.3
million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of the eight non-GSE securities in an unrealized loss position all but three were rated AAA at
December&nbsp;31, 2009. These three securities had a total amortized cost of $20.1&nbsp;million and an
estimated fair value of $16.6&nbsp;million at December&nbsp;31, 2009. The first of these three securities
had an estimated fair value of $5.5&nbsp;million, was rated AA (downgraded to a rating of A subsequent
to December&nbsp;31, 2009), and had the following underlying collateral characteristics: 84% originated
in 2004 and 16% originated in 2005. The second security had an estimated fair value of $5.9
million, was rated Baa2, and had the following underlying collateral characteristics: 83%
originated in 2004 and 17% originated in 2005. The remaining security had an estimated fair value
of $5.2&nbsp;million, was rated CCC, and was supported by collateral entirely originated in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the quarter ended September&nbsp;30, 2009, we recognized an other-than-temporary impairment
charge of $1.4&nbsp;million on the $5.2&nbsp;million security that was rated CCC. Since management does not
have the intent to sell the security, and it is more likely than not that we will not be required
to sell the security before the anticipated recovery of the estimated fair value, the credit
component of $176,000 was recognized in earnings during the quarter ended September&nbsp;30, 2009, and
the non-credit component of $1.2&nbsp;million was recorded as a component of accumulated other
comprehensive income, net of tax. We continue to receive principal and interest payments in
accordance with the contractual terms of these securities. Management has evaluated, among other
things, delinquency status, estimated prepayment speeds and the estimated default rates and loss
severity in liquidating the underlying collateral for each of these three securities. As a result
of management&#146;s evaluation of these securities, we believe that unrealized losses at December&nbsp;31,
2009, are temporary, and as such, are recorded as a component of accumulated other comprehensive
income, net of tax. All other losses within our investment portfolio were deemed to be temporary
at December&nbsp;31, 2009.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management evaluated the remaining five non-GSE securities that experienced unrealized losses
of less than 5% at December&nbsp;31, 2009. These five securities, with an amortized cost of $20.1
million, and estimated fair value of $19.7&nbsp;million, were reviewed for key underlying loan risk
characteristics including origination dates, interest rate levels, composition of variable and
fixed rates, reset dates (including related pricing indices), current loan to original collateral
values, locations of collateral, delinquency status of loans, and current credit support.
Management believes that it is not probable that we will not receive all amounts due under the
contractual terms of the securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits increased $292.4&nbsp;million, or 28.5%, to $1.3&nbsp;billion at December&nbsp;31, 2009, from $1.0
billion at December&nbsp;31, 2008. Certificates of deposit increased $161.8&nbsp;million, or 38.7%, to
$579.4&nbsp;million at December&nbsp;31, 2009, from $417.6&nbsp;million at December&nbsp;31, 2008. Savings and money
market accounts increased $115.3&nbsp;million, or 25.7%, to $564.6&nbsp;million at December&nbsp;31, 2009, from
$449.3&nbsp;million at December&nbsp;31, 2008. Transaction accounts increased $15.4&nbsp;million, or 9.8%, to
$172.9&nbsp;million at December&nbsp;31, 2009, from $157.6&nbsp;million at December&nbsp;31, 2008. The increase in
deposits was attributable primarily to our continued focus on growing the deposit franchise by
offering competitive pricing and products, as well as an increase in consumer demand for Federal
Deposit Insurance Corporation insured deposit products resulting from the financial market turmoil
experienced in late 2008 and continuing into 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total borrowings decreased $52.7&nbsp;million, or 15.9%, to $279.4&nbsp;million at December&nbsp;31, 2009,
from $332.1&nbsp;million at December&nbsp;31, 2008. The decrease in borrowings was attributable primarily to
maturities during the year with such funding being replaced with deposits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders&#146; equity increased to $391.5&nbsp;million at December&nbsp;31, 2009, from $386.6
million at December&nbsp;31, 2008. The increase was primarily attributable to net income of $12.1
million for the year ended December&nbsp;31, 2009, and other comprehensive income of $12.2&nbsp;million
resulting primarily from a decrease in market interest rates that resulted in an increase in the
estimated fair value of our securities available for sale. The increase in stockholders&#146; equity
also was attributable to a $3.0&nbsp;million increase in additional paid-in capital primarily related to
the recognition of compensation expense associated with equity awards. These increases were
partially offset by $19.9&nbsp;million in stock repurchases and the declaration and payment of
approximately $3.0&nbsp;million in dividends for the year ended December&nbsp;31, 2009. In February&nbsp;2009,
our Board of Directors authorized a stock repurchase program pursuant to which we may repurchase up
to 2,240,153 of our outstanding shares. We are conducting the repurchases in accordance with a
Rule&nbsp;10b5-1 trading plan, and through December&nbsp;31, 2009, we had purchased 1,716,063 shares of
common stock at an average cost of $11.61 per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Comparison of Operating Results for the Three Months Ended March&nbsp;31, 2010 and 2009</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Net income</I></B>. Net income increased $646,000, or 23.6%, for the quarter ended March&nbsp;31, 2010,
compared to the quarter ended March&nbsp;31, 2009. Net interest income increased $1.8&nbsp;million, or
14.0%, and non-interest income increased $754,000, or 77.8%, which was partially offset by an
increase of $286,000, or 17.4%, in the provision for loan losses, an increase of non-interest
expense of $1.3&nbsp;million, or 17.2%, and an increase in income tax expense of $271,000, or 17.3%,
over the same time periods.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Interest income</I></B><B>. </B>Interest income increased $525,000, or 2.6%, to $21.0&nbsp;million for the three
months ended March&nbsp;31, 2010, from $20.5&nbsp;million for the three months ended March&nbsp;31, 2009. The
increase in interest income was primarily the result of an increase in average interest-earning
assets of $261.4&nbsp;million, or 15.5%. The increase in average interest-earning assets was primarily
attributable to an increase in average loans of $133.2&nbsp;million, or 22.1%, and an increase in
securities (other than mortgage-backed securities) of $197.4&nbsp;million, partially offset by a
decrease in average mortgage-backed securities of $34.6&nbsp;million, or 3.7%. The effect of the
increase in average interest-earning assets was partially offset by a decrease in the yield on
interest-earning assets to 4.38% for the three months ended March&nbsp;31, 2010, from 4.93% for the
three months ended March&nbsp;31, 2009. The rates earned on all asset categories, other than Federal
Home Loan Bank of New York stock, decreased due to the general decline in market interest rates for
these asset types. The yield earned on Federal Home Loan Bank of New York stock, increased from
4.10% for the quarter ended March&nbsp;31, 2009, to 6.35% for the quarter ended March&nbsp;31, 2010.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Interest expense</I></B><B>. </B>Interest expense decreased $1.3&nbsp;million, or 16.4%, to $6.5&nbsp;million for the
three months ended March&nbsp;31, 2010, from $7.7&nbsp;million for the three months ended March&nbsp;31, 2009.
The decrease was attributable to decreases in interest expense on deposits of $1.0&nbsp;million, or
20.3%, and in interest expense on borrowings of $258,000, or 9.3%. The decrease in interest
expense on deposits was attributable to a decrease in the cost of deposits of 76 basis points, or
36.7%, to 1.31% for the quarter ended March&nbsp;31, 2010, from 2.07% for the quarter ended March&nbsp;31,
2009, reflecting lower market interest rates for short-term deposits. The decrease in the cost of
deposits was partially offset by an increase of $253.5&nbsp;million, or 26.1%, in average
interest-bearing deposits outstanding between the two quarters. The decrease in interest expense
on borrowings was primarily attributable to a decrease in the average cost of borrowings of 42
basis points, to 3.26%, from 3.68% for the quarter ended March&nbsp;31, 2009, reflecting lower market
interest rates for borrowed funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Net Interest Income</I></B><B>. </B>Net interest income increased $1.8&nbsp;million, or 14.0%, due primarily to
interest earning assets increasing $261.4&nbsp;million, or 15.5%, partially offset by a decrease in the
net interest margin of four basis points, or 1.3%, over the prior year comparable quarter. The net
interest margin decreased slightly for the quarter as the average yield earned on interest earning
assets decreased more than the decrease in the average cost of interest-bearing liabilities. The
general decline in interest rates was due to the overall low interest rate environment. The
increase in average interest earning assets was due primarily to an increase in average loans
outstanding of $133.2&nbsp;million, and other securities of $197.4&nbsp;million, which was partially offset
by decreases in mortgage-backed securities, and interest-earning assets in other financial
institutions. Other securities consist primarily of investment-grade corporate bonds, and
government-sponsored enterprise bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Provision for Loan Losses</I></B><B>. </B>The provision for loan losses was $1.9&nbsp;million for the quarter
ended March&nbsp;31, 2010, an increase of $286,000, or 17.4%, from the $1.6&nbsp;million provision recorded
in the quarter ended March&nbsp;31, 2009. The increase in the provision for loan losses in the current
quarter was due primarily to an increase in general loss factors utilized in management&#146;s estimate
of credit losses inherent in the loan portfolio in recognition of our elevated level of delinquent
loans, as well as the current weak economic environment and real estate market. Although loan
growth in the first quarter of 2009 exceeded that of the current quarter, we experienced greater
growth in our loans past due and non-performing loans during the current quarter as compared to the
first quarter of 2009, resulting in a larger increase in general loss factors. Net charge-offs for
the quarter ended March&nbsp;31, 2010, were $198,000, as compared to $595,000 for the quarter ended
March&nbsp;31, 2009. The allowance for loan losses was $17.1&nbsp;million, or 2.33% of loans held for
investment, net at March&nbsp;31, 2010, compared to $15.4&nbsp;million, or 2.11% of loans held for
investment, net at December&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Non-interest Income</I></B><B>. </B>Non-interest income increased $754,000, or 77.8%, to $1.7&nbsp;million for
the quarter ended March&nbsp;31, 2010, compared to $969,000 the quarter ended March&nbsp;31, 2009, primarily
as a result of $615,000 in gains on securities transactions during the quarter ended March&nbsp;31,
2010, as compared to $154,000 in losses on securities transactions during the quarter ended March
31, 2009. Securities gains in the first quarter of 2010 included gross realized gains of $270,000
on the sale of available-for-sale mortgage-backed securities. Securities gains in the first
quarter of 2010 included $345,000 related to our trading portfolio, while the first quarter of 2009
included securities losses of $161,000 related to our trading portfolio. We use the trading
portfolio to fund our deferred compensation plan obligation to certain employees and directors of
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, we
record an equal and offsetting amount in non-interest expense, reflecting the change in our
obligations under the plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Non-interest Expense</I></B><B>. </B>Total non-interest expense increased $1.3&nbsp;million, or 17.2%, to $9.1
million for the quarter ended March&nbsp;31, 2010, from $7.8&nbsp;million for the quarter ended March&nbsp;31,
2009. This increase was attributable, in part, to a $1.0&nbsp;million increase in employee compensation
and benefits expense, $506,000 of which related to our deferred compensation plan, which is
described above, and had no effect on net income. The remaining increase in employee compensation
and benefits expense related to additional costs associated with equity award grants which occurred
on January&nbsp;30, 2009, coupled with increases in full-time equivalent employees, primarily related to
our insurance premium finance division formed in October&nbsp;2009, higher health care costs, and to a
lesser extent salary adjustments effective January&nbsp;1, 2010.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Income Tax Expense</I></B><B>. </B>We recorded income tax expense of $1.8&nbsp;million and $1.6&nbsp;million for the
quarters ended March&nbsp;31, 2010 and 2009, respectively. The effective tax rate for the quarter ended
March&nbsp;31, 2010, was 35.2%, as compared to 36.5% for the quarter ended March&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Comparison of Operating Results for the Years Ended December&nbsp;31, 2009 and 2008</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>General. </I></B>Net income decreased $3.8&nbsp;million or 23.7%, to $12.1&nbsp;million for the year ended
December&nbsp;31, 2009, from $15.8&nbsp;million for the year ended December&nbsp;31, 2008. Included in 2008 net
income was a $2.5&nbsp;million tax-exempt gain from the death of an officer and $463,000 ($292,000, net
of tax) in costs associated with our conversion to a new core processing system that was completed
in January&nbsp;2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Interest Income. </I></B>Interest income increased by $10.5&nbsp;million, or 14.0%, to $85.6&nbsp;million for
the year ended December&nbsp;31, 2009, as compared to $75.0&nbsp;million for the year ended December&nbsp;31,
2008. The increase was primarily the result of an increase in average <font style="white-space: nowrap">interest-earning</font> assets of
$298.9&nbsp;million, or 20.0%, partially offset by a decrease in the average rate earned of 26 basis
points, or 5.2%, to 4.77% for the year ended December&nbsp;31, 2009, from 5.03% for the year ended
December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income on loans increased $7.3&nbsp;million, or 23.0%, to $38.9&nbsp;million for the year ended
December&nbsp;31, 2009, from $31.6&nbsp;million for the year ended December&nbsp;31, 2008. The average balance of
loans increased $149.9&nbsp;million, or 29.7%, to $653.7&nbsp;million for the year ended December&nbsp;31, 2009,
from $503.9&nbsp;million for the year ended December&nbsp;31, 2008, reflecting our current efforts to grow
our multifamily and commercial real estate loan portfolios, and the purchase of an insurance
premium loan portfolio during the fourth quarter of 2009. The yield on our loan portfolio
decreased 32 basis points, or 5.1%, to 5.95% for the year ended December&nbsp;31, 2009, from 6.27% for
the year ended December&nbsp;31, 2008, primarily as a result of decreases in interest rates on new
originations and on our adjustable-rate loans, due to the lower interest rate environment in 2009,
and the effect of non-accrual loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income on mortgage-backed securities increased $4.2&nbsp;million, or 11.0%, to $42.3
million for the year ended December&nbsp;31, 2009, from $38.1&nbsp;million for the year ended December&nbsp;31,
2008. The increase resulted from an increase in the average balance of mortgage-backed securities
of $76.4&nbsp;million, or 9.0%, to $920.8&nbsp;million for the year ended December&nbsp;31, 2009, from $844.4
million for the year ended December&nbsp;31, 2008. The increase is due primarily to the implementation
of ongoing leveraging strategies within board approved risk parameters. The yield we earned on
mortgage-backed securities increased eight basis points, or 1.8%, to 4.59% for the year ended
December&nbsp;31, 2009, from 4.51% for the year ended December&nbsp;31, 2008. The increase in yield was due
primarily to paydowns on lower yielding securities and the purchase of higher yielding
private-label mortgage-backed securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income on other securities increased $1.9&nbsp;million, or 139.1%, to $3.2&nbsp;million for the
year ended December&nbsp;31, 2009, from $1.3&nbsp;million for the year ended December&nbsp;31, 2008. The increase
resulted from an increase in the average balance of other securities, primarily corporate bonds, of
$91.0&nbsp;million, or 252.9%, to $127.0&nbsp;million for the year ended December&nbsp;31, 2009, from $36.0
million for the year ended December&nbsp;31, 2008, partially offset by a 121 basis point decrease in the
yield on this portfolio, to 2.54% for the year ended December&nbsp;31, 2009. The increase in other
securities related primarily to the purchase of shorter-term bonds, which had relatively low
interest rates due to the current interest rate environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income on deposits in other financial institutions decreased $2.6&nbsp;million, or 76.2%,
to $801,000 for the year ended December&nbsp;31, 2009, from $3.4&nbsp;million for the year ended December&nbsp;31,
2008. The average balance of deposits in other financial institutions decreased $14.1&nbsp;million, or
14.5%, to $83.2&nbsp;million for the year ended December&nbsp;31, 2009, from $97.2&nbsp;million for the year ended
December&nbsp;31, 2008. The yield on deposits in other financial institutions decreased 250 basis
points for the year ended December&nbsp;31, 2009, from 3.46% for the year ended December&nbsp;31, 2008,
primarily due to the continued general decline in the interest rate environment in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Interest Expense. </I></B>Interest expense increased $721,000, or 2.6%, to $29.0&nbsp;million for the year
ended December&nbsp;31, 2009, from $28.3&nbsp;million for the year ended December&nbsp;31, 2008. The increase
resulted from an increase of $283.5&nbsp;million, or 26.0%, in the average balance of <font style="white-space: nowrap">interest-bearing</font>
liabilities being partially offset by a
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">decrease in the rate paid on interest-bearing liabilities of 48 basis points, or 18.5%, to 2.11%
for the year ended December&nbsp;31, 2009, from 2.59% for the year ended December&nbsp;31, 2008.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense on interest-bearing deposits decreased $308,000, or 1.7%, to $18.2&nbsp;million
for the year ended December&nbsp;31, 2009, as compared to $18.5&nbsp;million, for the year ended December&nbsp;31,
2008. This decrease was a result of a 59 basis point, or 25.9%, decline in the average rate paid
on interest-bearing deposits, to 1.69% for the year ended December&nbsp;31, 2009, as compared to 2.28%
for the year ended December&nbsp;31, 2008. The rate paid on certificates of deposit decreased 105 basis
points, or 30.5%, to 2.39% for the year ended December&nbsp;31, 2009, as compared to 3.44%, for the year
ended December&nbsp;31, 2008. The rate paid on savings, NOW, and money market accounts also decreased
25 basis points, or 18.9%, to 1.07% for the year ended December&nbsp;31, 2009, as compared to 1.32%, for
the year ended December&nbsp;31, 2008. The decrease in the cost of deposits was partially offset by an
increase of $263.3&nbsp;million, or 32.4%, in the average balance of deposits outstanding, to $1.077
billion at December&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense on borrowings (repurchase agreements and other borrowings) increased $1.0
million, or 10.6%, to $10.8&nbsp;million for the year ended December&nbsp;31, 2009, from $9.7&nbsp;million for the
year ended December&nbsp;31, 2008. The average balance of borrowings increased $20.1&nbsp;million, or 7.3%,
to $297.4&nbsp;million for the year ended December&nbsp;31, 2009, from $277.2&nbsp;million for the year ended
December&nbsp;31, 2008. The average balance of borrowings increased due to our implementing
shorter-term securities leverage strategies within board approved risk parameters in 2009. The
average rate paid on borrowings also increased 11 basis points to 3.62%, or 3.1%, for the year
ended December&nbsp;31, 2009, from 3.51% for the year ended December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Net Interest Income. </I></B>Net interest income increased $9.8&nbsp;million, or 20.9%, for the year ended
December&nbsp;31, 2009, primarily due to an increase in average interest-earning assets of $298.9
million, or 20.0%, and an increase in the net interest margin of three basis points for the reasons
detailed above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Provision for Loan Losses. </I></B>We recorded a provision for loan losses of $9.0&nbsp;million for the
year ended December&nbsp;31, 2009, and $5.1&nbsp;million for the year ended December&nbsp;31, 2008. We had
charge-offs of $2.4&nbsp;million and $1.9&nbsp;million for the years ended December&nbsp;31, 2009 and 2008,
respectively. The increase in charge-offs in 2009 was primarily attributable to an increase of
$346,000 in charge-offs related to commercial real estate loans and an increase of $164,000 in
charge-offs related to multifamily real estate loans. The increased provisioning and charge-offs
during the year ended December&nbsp;31, 2009, compared to the year ended December&nbsp;31, 2008, resulted in
an allowance for loans losses of $15.4&nbsp;million, or 2.11% of total loans receivable at December&nbsp;31,
2009, compared to $8.8&nbsp;million, or 1.49% of total loans receivable at December&nbsp;31, 2008. The
increase in the provision for loan losses in 2009 was due to a number of factors including an
increase in total loans outstanding, changes in composition of the loan portfolio, increases in
non-accrual loans and delinquencies, impairment losses on specific loans, and increases in general
loss factors utilized in management&#146;s estimate of credit losses inherent in the loan portfolio in
recognition of the current economic environment and real estate market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Non-interest Income. </I></B>Non-interest income decreased $760,000, or 12.4%, to $5.4&nbsp;million for
the year ended December&nbsp;31, 2009, from $6.2&nbsp;million for the year ended December&nbsp;31, 2008. The
decrease was due primarily to the absence of a previously recognized $2.5&nbsp;million, nontaxable,
death benefit realized on bank owned life insurance during the year ended December&nbsp;31, 2008. This
was partially offset by an increase of $2.2&nbsp;million, or 167.6%, in gains on securities
transactions, net, from a loss of $1.3&nbsp;million during the year ended December&nbsp;31, 2008, to a gain
of $891,000 recognized during the year ended December&nbsp;31, 2009. We recorded net securities gains
during 2009 of $299,000, which primarily resulted from the sale of smaller balance mortgage-backed
securities. We routinely sell these smaller balance securities as the cost of servicing becomes
prohibitive. Securities gains during 2009 also included $592,000 related to our trading portfolio,
which is utilized to fund our deferred compensation obligation to certain employees and directors
who contribute to the plan. We recorded securities losses of $1.3&nbsp;million in 2008 in our trading
portfolio. 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&#146; market
values. Therefore, we record an equal and offsetting amount in non-interest expense, reflecting
the change in our obligations under the plan.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Non-interest Expense</I></B><I>. </I>Non-interest expense increased $9.4&nbsp;million, or 37.8%, to $34.3&nbsp;million
for the year ended December&nbsp;31, 2009, from $24.9&nbsp;million for the year ended December&nbsp;31, 2008.
This includes a $2.1&nbsp;million increase in Federal Deposit Insurance Corporation deposit insurance
expense for the year ended December&nbsp;31, 2009, of which approximately $770,000 related to the
Federal Deposit Insurance Corporation&#146;s special assessment recognized in the second quarter of
2009. Non-interest expense also increased in 2009 due to an increase of $5.2&nbsp;million in
compensation and employee benefits expense, which included $2.1&nbsp;million for equity awards. The
remaining increase in employee compensation and benefits costs pertained to an increase of
approximately $1.9&nbsp;million related to the deferred compensation plan (explained in the prior
paragraph), coupled with increases in personnel, higher health care costs, and merit and market
salary adjustments effective January&nbsp;1, 2009. Non-interest expense also increased in 2009 due to
higher levels of professional fees associated with loan restructurings and collection efforts,
increases in personnel, and higher premises and equipment costs associated with additional
operations center leasehold improvements, branch improvements, and lease payments on future branch
locations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Income Tax Expense. </I></B>We recorded a provision for income taxes of $6.6&nbsp;million for the year
ended December&nbsp;31, 2009, compared to $7.2&nbsp;million for the year ended December&nbsp;31, 2008. The
effective tax rate for the year ended December&nbsp;31, 2009, was 35.4%, compared to 31.2% for the year
ended December&nbsp;31, 2008. The increase in the effective tax rate was the result of a higher
percentage of pre-tax income being subject to taxation in 2009, compared to 2008. Income on bank
owned life insurance in 2008 included a $2.5&nbsp;million, nontaxable, death benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Comparison of Operating Results for the Years Ended December&nbsp;31, 2008 and 2007</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>General. </I></B>Net income increased $5.3&nbsp;million or 50.7%, to $15.8&nbsp;million for the year ended
December&nbsp;31, 2008, from $10.5&nbsp;million for the year ended December&nbsp;31, 2007. Included in 2008 net
income is a $2.5&nbsp;million tax-exempt life insurance gain due to the death of an officer and $463,000
($292,000, net of tax) in costs associated with our conversion to a new core processing system that
was completed in January&nbsp;2009. Included in 2007 net income is a $12.0&nbsp;million ($7.8&nbsp;million, net
of tax) charge related to our contribution to the Northfield Bank Foundation, which was
substantially offset by net interest income of approximately $1.4&nbsp;million ($795,000 net of tax)
related to short-term investment returns earned on subscription proceeds (net of interest paid
during the stock offering), the reversal of state and local tax liabilities of $4.5&nbsp;million, net of
federal taxes, as a result of our concluding an audit by the State of New York with respect to our
combined state tax returns for years 2000 through 2006, and a gain of $4.3&nbsp;million ($2.4&nbsp;million,
net of tax) related to the sale of two branch locations and associated deposit relationships.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Interest Income. </I></B>Interest income increased by $9.3&nbsp;million, or 14.2%, to $75.0&nbsp;million for
the year ended December&nbsp;31, 2008, as compared to $65.7&nbsp;million for the year ended December&nbsp;31,
2007. The increase was primarily the result of an increase in average interest-earning assets of
$207.2&nbsp;million, or 16.1%, partially offset by a decrease in the average rate earned of eight basis
points, or 1.6%, to 5.03% for the year ended December&nbsp;31, 2008, from 5.11% for the year ended
December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income on loans increased $3.2&nbsp;million, or 11.3%, to $31.6&nbsp;million for the year ended
December&nbsp;31, 2008, from $28.4&nbsp;million for the year ended December&nbsp;31, 2007. The average balance of
loans increased $80.0&nbsp;million, or 18.9%, to $503.9&nbsp;million for the year ended December&nbsp;31, 2008,
from $423.9&nbsp;million for the year ended December&nbsp;31, 2007, reflecting our current efforts to grow
our multifamily and commercial real estate loan portfolios. The yield on our loan portfolio
decreased 43 basis points, or 6.4%, to 6.27% for the year ended December&nbsp;31, 2008, from 6.70% for
the year ended December&nbsp;31, 2007, primarily as a result of decreases in interest rates on our
<font style="white-space: nowrap">adjustable-rate</font> loans, and the generally lower interest rate environment in 2008. The Federal
Reserve lowered its discount rate 400 basis points during 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income on mortgage-backed securities increased $7.5&nbsp;million, or 24.5%, to $38.1
million for the year ended December&nbsp;31, 2008, from $30.6&nbsp;million for the year ended December&nbsp;31,
2007. The increase resulted from an increase in the average balance of mortgage-backed securities
of $126.2&nbsp;million, or 17.6%, to $844.4&nbsp;million for the year ended December&nbsp;31, 2008, from $718.3
million for the year ended December&nbsp;31, 2007. The increase is due primarily to the implementation
of ongoing leveraging strategies within board approved risk
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">parameters. The yield earned on mortgage-backed securities increased 25 basis points to 4.51% for
the year ended December&nbsp;31, 2008, from 4.26% for the year ended December&nbsp;31, 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income on deposits in other financial institutions decreased $749,000, or 18.2%, to
$3.3&nbsp;million for the year ended December&nbsp;31, 2008, from $4.1&nbsp;million for the year ended December
31, 2007. The average balance of deposits in other financial institutions increased $5.0&nbsp;million,
or 5.4%, to $97.2&nbsp;million for the year ended December&nbsp;31, 2008, from $92.2&nbsp;million for the year
ended December&nbsp;31, 2007. The yield on deposits in other financial institutions decreased 100 basis
points, or 22.4%, for the year ended December&nbsp;31, 2008, from 4.46% for the year ended December&nbsp;31,
2007, primarily due to the generally lower interest rate environment in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Interest Expense. </I></B>Interest expense decreased $580,000, or 2.01%, to $28.2&nbsp;million for the
year ended December&nbsp;31, 2008, from $28.8&nbsp;million for the year ended December&nbsp;31, 2007. The
decrease resulted from an increase of $47.7&nbsp;million, or 4.6% in the average balance of
interest-bearing liabilities being more than offset by a decrease in the rate paid on
interest-bearing liabilities of 18 basis points, or 6.5%, to 2.59% for the year ended December&nbsp;31,
2008, from 2.77% for the year ended December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense on interest-bearing deposits decreased $5.2&nbsp;million, or 22.1%, to $18.5
million for the year ended December&nbsp;31, 2008, as compared to $23.8&nbsp;million, for the year ended
December&nbsp;31, 2007. This decrease was due to a decrease in average interest bearing deposits of
$101.6&nbsp;million, or 11.1%, to $813.2&nbsp;million for the year ended December&nbsp;31, 2008, from $914.8 for
the year ended December&nbsp;31, 2007. The decrease in average interest-bearing deposits was the result
of our maintaining deposit pricing discipline in 2008, and choosing not to compete on interest
rate, in certain circumstances. In the latter part 2008, pricing competition somewhat subsided,
depositor awareness of a financial institution&#146;s financial strength increased, and our introduction
of a competitively priced money market account, and statement savings account, were the primary
reasons that our year end deposit balances increasing to over $1&nbsp;billion. The average rate paid on
interest-bearing deposits decreased 32 basis points, or 12.3%, to 2.28% for the year ended December
31, 2008, as compared to 2.60% for the year ended December&nbsp;31, 2007. The rate paid on certificates
of deposit decreased 91 basis points, or 20.9%, to 3.44% for the year ended December&nbsp;31, 2008, as
compared to 4.35%, for the year ended December&nbsp;31, 2007. The rate paid on savings, NOW, and money
market accounts increased 53 basis points, or 67.1%, to 1.32% for the year ended December&nbsp;31, 2008,
as compared to 0.79%, for the year ended December&nbsp;31, 2007 due to the introduction of competitively
priced money market and statement savings accounts in the latter part of 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense on borrowings (repurchase agreements and other borrowings) increased $4.6
million, or 91.9%, to $9.7&nbsp;million for the year ended December&nbsp;31, 2008, from $5.1&nbsp;million for the
year ended December&nbsp;31, 2007. The average balance of borrowings increased $149.3&nbsp;million, or
116.7%, to $277.3&nbsp;million for the year ended December&nbsp;31, 2008, from $127.9&nbsp;million for the year
ended December&nbsp;31, 2007. The average balance of borrowings increased due to our implementing
securities leverage strategies within board approved risk parameters in 2008. The average rate
paid on borrowings decreased 46 basis points to 3.51%, or 11.6%, for the year ended December&nbsp;31,
2008, from 3.97% for the year ended December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Net Interest Income</I></B><B>. </B>Net interest income increased $9.9&nbsp;million, or 26.9%, for the year ended
December&nbsp;31, 2008, primarily as the result of an increase in average interest-earning assets of
$207.2&nbsp;million, or 16.1%, coupled with an increase in the net interest margin of 26 basis points,
or 9.1%, from 2.87% to 3.13%. The change in average interest-earning assets and the net interest
margin for 2008 was due partially to our completion of our stock issuance in November&nbsp;2007,
resulting in gross proceeds of $192.7&nbsp;million, which included $82.4&nbsp;million in transfers from
deposit accounts. We deployed the net proceeds from the stock offering into loans, short-term
investments, and securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Provision for Loan Losses. </I></B>We recorded a provision for loan losses of $5.1&nbsp;million for the
year ended December&nbsp;31, 2008, and $1.4&nbsp;million for the year ended December&nbsp;31, 2007. We had
charge-offs of $1.9&nbsp;million and $836,000 for the years ended December&nbsp;31, 2008 and 2007,
respectively. The allowance for loans losses was $8.8&nbsp;million, or 1.49% of total loans receivable
at December&nbsp;31, 2008, compared to $5.6&nbsp;million, or 1.33% of total loans receivable at December&nbsp;31,
2007. The increase in the provision for loan losses was due primarily to loan growth, provisions
for impaired loans, and increases in certain general loss factors utilized in management&#146;s
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">calculation of the allowance for loan losses in response to continued deterioration in general
real estate collateral values and weakness in the overall economy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Non-interest Income. </I></B>Non-interest income decreased $3.3&nbsp;million or 35.1%, to $6.2&nbsp;million for
the year ended December&nbsp;31, 2008, from $9.4&nbsp;million for the year ended December&nbsp;31, 2007. The
decrease was primarily attributable to a $4.3&nbsp;million gain on the sale of two branch offices and
associated deposit relationships recognized in March&nbsp;2007. Non-interest income for the year ended
December&nbsp;31, 2008, also included market losses of $1.3&nbsp;million on trading securities as compared to
$71,000 in market gains for the year ended December&nbsp;31, 2007. These decreases were partially
offset by the recognition of a $2.5&nbsp;million nontaxable death benefit realized on bank owned life
insurance for the year ended December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Non-interest Expense</I></B><I>. </I>Non-interest expense decreased $11.1&nbsp;million, or 30.9%, to $24.9
million for the year ended December&nbsp;31, 2008, from $36.0&nbsp;million for the year ended December&nbsp;31,
2007. This decrease was primarily attributable to the contribution of shares of our common stock
and cash with a value of $12.0&nbsp;million to the Northfield Bank Foundation during the fourth quarter
of 2007. In addition, compensation and employee benefits decreased by $962,000, to $11.7&nbsp;million
for the year ended December&nbsp;31, 2008, from $12.7&nbsp;million for the year ended December&nbsp;31, 2007. The
decrease was primarily related to $1.3&nbsp;million in market losses on trading securities utilized to
fund our deferred compensation plan for certain officers and directors who chose to defer all or a
portion of their compensation received from us. The market losses recorded as a reduction to
non-interest income have the direct result of reducing amounts owed to the deferred compensation
plan participants. Excluding this adjustment, compensation and employee benefits expense increased
approximately $338,000, or 2.6%, and was primarily the result on annual cost of living, merit, and
competitive market adjustments to salaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occupancy, and furniture and equipment expense increased $946,000, or 24.2%, to $4.8&nbsp;million
for the year ended December&nbsp;31, 2008 as compared to $3.9&nbsp;million for the year ended December&nbsp;31,
2007. The increases were due to the occupancy of our new operations center and depreciation on
capital improvements. Professional fees increased $366,000, or 30.0%, to $1.6&nbsp;million, for the year
ended December&nbsp;31, 2008, as compared to $1.2&nbsp;million, for the year ended December&nbsp;31, 2007. The
increase in professional fees was due primarily to additional costs of being a public company,
third party consultants utilized to assist us in complying with internal control reporting
requirements under the Sarbanes-Oxley Act of 2002, and third-party consultation related to the
implementation of our equity incentive plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Income Tax Expense. </I></B>We recorded a provision for income taxes of $7.2&nbsp;million for the year
ended December&nbsp;31, 2008, as compared to a benefit of $1.6&nbsp;million for the year ended December&nbsp;31,
2007. The increase in income tax expense of $8.7&nbsp;million was due primarily to the reversal of $4.5
million in state and local income tax liabilities, net of federal taxes, for the year ended
December&nbsp;31, 2007. In 2007, we concluded an audit by the State of New York with respect to our
combined state tax returns for years 2000 through 2006. In addition, the increase in income tax
expense for the year ended December&nbsp;31, 2008, was due to an increased level of taxable income for
the year ended December&nbsp;31, 2008, as compared to year ended December&nbsp;31, 2007.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Average Balances and Yields</B>. The following tables set forth average balance sheets, average
yields and costs, and certain other information at and for the periods indicated. No
tax-equivalent yield adjustments have been made, as we had no tax-free interest-earning assets
during the periods. All average balances are daily average balances based upon amortized costs.
Non-accrual loans are included in the computation of average balances. The yields set forth below
include the effect of deferred fees, discounts, and premiums that are amortized or accreted to
interest income or interest expense.
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22" style="border-bottom: 1px solid #000000"><B>For the Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>At</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Yield/</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Yield/</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Yield/ Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Interest</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Interest</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate (1)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="26"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interest-earning assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.17</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">734,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,293</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.68</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">601,245</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,571</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.78</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage-backed securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">909,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">943,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">229,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal Home Loan Bank of
New York stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest-earning deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,561</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total interest-earning
assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,944,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,683,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-interest-earning assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,051,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,770,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interest-bearing liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Savings, NOW, and money
market accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">637,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">523,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certificates of deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">588,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">448,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total interest-bearing
deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,226,175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">972,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.07</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">311,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total interest-bearing
liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,537,973</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,277,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-interest-bearing
deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued expenses and other
liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,657,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,383,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">394,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">386,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total liabilities and
stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,051,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,770,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest rate spread (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.68</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.48</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest-earning
assets (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">406,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">406,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest margin (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.03</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.07</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average interest-earning
assets to interest-bearing
liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">126.45</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">131.80</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><I>(footnotes on following page)</I>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->62<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="34" style="border-bottom: 1px solid #000000"><B>For the Years Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Yield/</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Yield/</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Yield/</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Interest</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Interest</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Interest</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="34"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interest-earning assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">653,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.95</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">503,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">31,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">423,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.70</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage-backed securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">920,785</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">844,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,072</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">718,279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,576</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,954</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal Home Loan Bank of
New York stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,428</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,486</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">519</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest-earning deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">801</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total interest-earning
assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,792,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,493,185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,285,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,702</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-interest-earning assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,649</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,614</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,879,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,573,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,352,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interest-bearing
liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Savings, NOW, and money
market accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">566,894</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">445,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">450,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certificates of deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">509,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,656</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total interest-bearing
deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,076,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">813,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">914,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,763</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297,365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,763</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277,227</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total interest-bearing
liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,373,869</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,090,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,042,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-interest-bearing
deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,499</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued expenses and other
liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,487,894</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,198,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,153,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">375,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total liabilities and
stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,879,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,573,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,352,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">56,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">46,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest rate spread (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest-earning
assets (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">418,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">402,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">243,301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest margin (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.87</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average interest-earning
assets to interest-bearing
liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">130.44</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">136.94</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">123.33</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Annualized.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Net interest rate spread represents the difference between the weighted average yield on
interest-earning assets and the weighted average cost of interest-bearing liabilities.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Net interest-earning assets represents total interest-earning assets less total
interest-bearing liabilities.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Net interest margin represents net interest income divided by average total interest-earning
assets.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->63<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Rate/Volume Analysis</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents the effects of changing rates and volumes on our net interest
income for the periods indicated. The rate column shows the effects attributable to changes in
rate (changes in rate multiplied by prior volume). The volume column shows the effects
attributable to changes in volume (changes in volume multiplied by prior rate). The total column
represents the sum of the prior columns. For purposes of this table, changes attributable to both
rate and volume, which cannot be segregated, have been allocated proportionately based on the
changes due to rate and the changes due to volume.
</DIV>


<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2010 vs. 2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2009 vs. 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2008 vs. 2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Increase (Decrease)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Increase (Decrease)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Increase (Decrease)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Due to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Increase</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Due to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Increase</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Due to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Increase</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Volume</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Decrease)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Volume</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Decrease)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Volume</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Decrease)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="34"><B>(In thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interest-earning assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(142</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,539</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,272</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,626</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,219</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage-backed
securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(396</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,537</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,933</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,496</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(59</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(274</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(382</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(370</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(752</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Federal Home Loan Bank
of New York stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(228</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(253</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(81</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest-earning
deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(111</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(270</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(381</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(427</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,132</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,559</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(989</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(749</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total
interest-earning
assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,982</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,280</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,519</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,178</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,347</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interest-bearing
liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Savings, NOW and money
market accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">671</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(887</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(216</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(415</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,353</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,315</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Certificates of deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,299</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,088</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(789</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,531</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(488</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,770</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,786</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,556</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,975</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,005</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,946</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(308</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,808</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,433</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,241</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(326</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(258</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,029</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(507</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,661</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total
interest-bearing
liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,301</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,263</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,639</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,940</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(580</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in net interest
income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(531</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">762</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,927</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Loan Quality</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One of our key objectives has been and continues to be to maintain a high level of loan
quality. In addition to maintaining sound credit standards for new loan originations, we use
proactive collection and workout processes associated with delinquent or problem loans. We
actively market properties that we acquire through foreclosure or otherwise in the loan collection
process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When a loan is over 15&nbsp;days delinquent, we generally send the borrower a late charge notice.
When the loan is 30&nbsp;days past due, we generally mail the borrower a letter reminding the borrower
of the delinquency and, except for loans secured by one- to four-family residential real estate, we
attempt personal, direct contact with the borrower to determine the reason for the delinquency, to
ensure that the borrower correctly understands the terms of the loan, and to emphasize the
importance of making payments on or before the due date. If necessary, additional late charges and
delinquency notices are issued and the account will be monitored periodically. After the
90<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of delinquency, we will send the borrower a final demand for payment and
generally refer the loan to legal counsel to commence foreclosure and related legal proceedings.
Our loan officers can shorten these time frames in consultation with the Chief Lending Officer.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->64<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, loans are placed on non-accrual status when payment of principal or interest is 90
days or more delinquent unless the loan is considered well-secured and in the process of
collection. Loans also are placed on non-accrual status at any time if the ultimate collection of
principal or interest in full is in doubt. When loans are placed on non-accrual status, unpaid
accrued interest is reversed, and further income is recognized only to the extent received, and
only if the principal balance is deemed fully collectible. The loan may be returned to accrual
status if both principal and interest payments are brought current and factors indicating doubtful
collection no longer exist, including performance by the borrower under the loan terms for a
six-month period. Therefore, loans may be current in accordance with their loan terms, or may be
less than 90&nbsp;days delinquent, and still be on non-accrual status. Our Chief Lending Officer
reports monitored loans, including all loans rated watch, special mention, substandard, doubtful or
loss, to the board of directors on a monthly basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For economic reasons and to maximize the recovery of loans, we work with borrowers
experiencing financial difficulties, and will consider modifications to a borrower&#146;s existing loan
terms and conditions that we would not otherwise consider, commonly referred to as TDRs. We record
an impairment loss associated with TDRs, if any, based on the present value of expected future cash
flows discounted at the original loan&#146;s effective interest rate. We will report the loan as a TDR
through the end of the calendar year that the restructuring takes place and until such time that
the loan yields a market rate of interest (a rate equal to or greater than the rate we were willing
to accept at the time of the restructuring for a new loan with comparable risk).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->65<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Non-Performing and Restructured Loans. </I></B>The table below sets forth the amounts and categories
of our non-performing assets at the dates indicated. At March&nbsp;31, 2010 and December&nbsp;31, 2009,
2008, 2007, 2006, and 2005, we had troubled debt restructurings of $13.1&nbsp;million, $10.7&nbsp;million,
$1.0&nbsp;million, $1.3&nbsp;million, $1.7&nbsp;million, and $885,000, respectively, which are included in the
appropriate categories which appear within non-accrual loans. Additionally, we had $8.8&nbsp;million
and $7.3&nbsp;million of troubled debt restructurings on accrual status at March&nbsp;31, 2010 and December
31, 2009, respectively, that do not appear in the table below. We had no troubled debt
restructurings on accrual status at December&nbsp;31, 2008, 2007, 2006, and 2005.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>At March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>At December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-accrual loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">One- to four-family residential</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">290</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Multifamily</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Home equity and lines of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial and industrial loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">885</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insurance premium loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total non-accrual loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,338</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,606</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,361</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans delinquent 90&nbsp;days or more and
still accruing:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,976</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">One- to four-family residential</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">698</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Multifamily</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Home equity and lines of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial and industrial loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insurance premium loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total loans delinquent 90&nbsp;days or
more and still accruing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">698</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total non-performing loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,059</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other real estate owned</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total non-performing assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">51,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">43,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,059</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratios:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-performing loans to total loans
held-for-investment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.79</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.73</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.63</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.32</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.74</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.53</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-performing assets to total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.46</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.61</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.71</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.55</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,097,803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,002,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,757,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,386,918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,294,747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,408,562</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans held-for-investment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">737,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">729,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">589,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">424,329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">409,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">387,467</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->66<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth the property types collateralizing non-accrual commercial real
estate loans as of March&nbsp;31, 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>At March 31, 2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Manufacturing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">39.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Office building</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,277</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restaurant</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Retail</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Recreational</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Warehouse</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-accruing loans increased $2.7&nbsp;million to $44.3&nbsp;million at March&nbsp;31, 2010, from
$41.6&nbsp;million at December&nbsp;31, 2009. This increase was primarily attributable to $6.3&nbsp;million of
commercial real estate loans and $429,000 of multifamily real estate loans being placed on
non-accrual status, and being designated as impaired during the first quarter of 2010. These loans
did not require material increases to the allowance for loan losses at March&nbsp;31, 2010, as the
estimated collateral values, including costs to sell, were considered adequate in relation to the
outstanding loan balances. These increases were partially offset by a payoff of $504,000 on one
commercial real estate loan and principal paydowns of approximately $757,000. In addition, a $2.8
million commercial real estate loan relationship was returned to accrual status. The loans under
this relationship were current as to principal and interest at March&nbsp;31, 2010, and factors
indicating doubtful collection no longer existed, including the borrower&#146;s performance under the
original loans&#146; terms for greater than six months. At March&nbsp;31, 2010, $16.2&nbsp;million, or 74.1% of
loans subject to restructuring agreements (accruing and non-accruing) were performing in accordance
with their restructured terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans 90&nbsp;days or more past due and still accruing interest increased to $5.7&nbsp;million from
$191,000 at December&nbsp;31, 2009. The majority of the increase was due to one loan relationship for
$3.7&nbsp;million that at March&nbsp;31, 2010, was current on interest payments in accordance with the
original contractual terms of the loans, but was past maturity. These loans were considered well
secured and in the process of collection. The loans are being refinanced by the Company to
permanent real estate mortgages in accordance with our current underwriting standards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The increase in non-performing loans during 2009 was primarily attributable to an increase of
$24.4&nbsp;million in non-performing commercial real estate loans. During 2009, 15 commercial real
estate loans totaling $26.3&nbsp;million were placed on non-accrual status, while one loan that was
previously classified as non-accrual at December&nbsp;31, 2008 was reclassified to other real estate
owned. The increase in non-performing loans also was attributable to an increase of $4.0&nbsp;million
in construction and land loans over the same time period. During 2009, six construction and land
loans totaling $6.8&nbsp;million were placed on non-accrual status, while one loan that was previously
classified as non-accrual at December&nbsp;31, 2008, was sold.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->67<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables detail the delinquency status of non-accrual loans at March&nbsp;31, 2010 and
December&nbsp;31, 2009.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>At March 31, 2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Days Past Due of Non-Accrual Loans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>0 to 29</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>30 to 89</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>90 or Greater</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>(In thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32,755</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">One- to four-family residential</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,195</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,637</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Multifamily</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,507</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Home equity and lines of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial and industrial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">690</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premium finance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total non-accrual loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,349</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">44,338</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>At December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Days Past Due of Non-Accrual Loans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>0 to 29</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>30 to 89</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>90 or Greater</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>(In thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,802</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">One- to four-family residential</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,066</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,843</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Multifamily</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Home equity and lines of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial and industrial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,470</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,739</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total non-accrual loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">41,631</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A discussion of the most significant nonaccrual loans at March&nbsp;31, 2010 is as follows.
These loans comprise $26.0&nbsp;million, or 58.7%, of total nonaccrual loans of $44.3&nbsp;million at March
31, 2010.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An owner occupied commercial real estate relationship with a carrying value of $8.5
million at March&nbsp;31, 2010. The business and collateral are located in New Jersey and
consists of a first mortgage on a commercial manufacturing facility, and a second
mortgage on the primary residence of the owner of the borrower. At March&nbsp;31, 2010, the
relationship is in the process of being restructured to reduce the borrower&#146;s current
debt service.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An owner occupied commercial real estate loan with a carrying value of $5.1&nbsp;million
at March&nbsp;31, 2010. The business and collateral are located in New Jersey and consists
of a first mortgage on a manufacturing facility. The operating company filed for
bankruptcy protection in the first quarter of 2010.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A commercial real estate loan with a carrying value of $3.5&nbsp;million at March&nbsp;31,
2010 secured by a first mortgage on an office building located in New York. At March
31, 2010, the relationship is in the process of being restructured to reduce the
borrower&#146;s current debt service.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A commercial real estate loan with a carrying value of $3.1&nbsp;million at March&nbsp;31,
2010 secured by a first mortgage on a retail property in New Jersey, the primary tenant
being a recreational facility. During the quarter ended March&nbsp;31, 2010, we
restructured the loan to reduce the borrower&#146;s debt service.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A relationship with a carrying value of $3.1&nbsp;million, consisting of three loans, at
March&nbsp;31, 2010 secured by first mortgages on three individual properties. The largest
loan has a carrying balance of $1.9&nbsp;million and is secured by a mixed-use commercial
property located in New York. The borrower filed for bankruptcy protection in January
2010. The borrower has made payments and at March&nbsp;31, 2010 the three loans were each
31&nbsp;days past due.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->68<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>One relationship consisting of two construction loans with a carrying value of $2.7
million at March&nbsp;31, 2010. These loans are secured by first mortgages on ten one- to
four-family residential real estate properties in various stages of construction in New
York. These loans were restructured in 2009. At March&nbsp;31, 2010, the borrower has two
signed contracts for the sale of houses and expects to deliver these units in the third
quarter of 2010. At March&nbsp;31, 2010, one loan in the amount of $1.7&nbsp;million was 31&nbsp;days
past due to interest, and the other loan was current.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The next four largest non-accrual loans at March&nbsp;31, 2010 had a total carrying value of $7.4
million, and consisted of three commercial real estate loans with a total carrying value of $5.1
million and one construction loan with a carrying balance of $2.3&nbsp;million.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->69<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Delinquent Loans</I></B>. The following table sets forth our total amounts of delinquencies for
accruing loans by type and by amount at the dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Delinquent Accruing Loans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>90 Days and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>30 to 89 Days</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Over</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>(In thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">At March&nbsp;31, 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,976</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,061</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">One- to four-family residential mortgage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,346</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,233</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Multifamily</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,536</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Home equity and line of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">213</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial and industrial loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,194</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insurance premium loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">282</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">44,081</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">At December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,573</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,573</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">One- to four-family residential mortgage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,716</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,976</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,976</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Multifamily</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,086</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,086</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Home equity and line of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,555</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial and industrial loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">618</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insurance premium loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">917</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,474</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">At December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,075</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">One- to four-family residential mortgage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,505</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,505</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Home equity and line of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">496</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial and industrial loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">At December&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,997</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">One- to four-family residential mortgage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">804</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,243</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial and industrial loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">475</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,685</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">At December&nbsp;31, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,989</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">One- to four-family residential mortgage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,678</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,384</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Home equity and line of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">937</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial and industrial loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">498</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,554</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">At December&nbsp;31, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">One- to four-family residential mortgage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">769</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Home equity and line of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">838</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->70<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March&nbsp;31, 2010, we had $38.4&nbsp;million of accruing loans that were 30 to 89&nbsp;days
delinquent, compared to $28.3&nbsp;million and $6.2&nbsp;million of such loans at December&nbsp;31, 2009 and 2008,
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-accruing loans subject to restructuring agreements totaled $13.1&nbsp;million, $10.7&nbsp;million
and $1.0&nbsp;million at March&nbsp;31, 2010, December&nbsp;31, 2009 and December&nbsp;31, 2008, respectively. During
the three months ended March&nbsp;31, 2010, we entered into one troubled debt restructuring totaling
$3.1&nbsp;million that was classified as non-accrual at March&nbsp;31, 2010. During the year ended December
31, 2009, we entered into eight troubled debt restructurings totaling $9.8&nbsp;million that were
classified as non-accrual at December&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, during the three months ended March&nbsp;31, 2010, we entered into one troubled debt
restructuring agreement totaling $1.6&nbsp;million for which interest was still accruing at March&nbsp;31,
2010, and, for the year ended December&nbsp;31, 2009, we entered into six troubled debt restructuring
agreements totaling $7.3&nbsp;million for which interest was still accruing at December&nbsp;31, 2009. The
table below sets forth the amounts and categories of the troubled debt restructurings as of March
31, 2010, December&nbsp;31, 2009 and December&nbsp;31, 2008.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>At March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>At December 31</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Non-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Non-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Non-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Accruing</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Accruing</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Accruing</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Accruing</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Accruing</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Accruing</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22"><B>(In thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Troubled Debt Restructurings:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,499</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Multifamily</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial and industrial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recent increases in delinquencies and non-performing loans have been directly related
to the current economic downturn. As a result of increased unemployment rates, and decreasing real
estate values, delinquencies and non-accrual loans have risen from December&nbsp;31, 2008 to March&nbsp;31,
2010. These factors have attributed to the growth in our allowance for loan losses as detailed
below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other Real Estate Owned</I></B><B>. </B>Real estate acquired by us as a result of foreclosure or by deed in
lieu of foreclosure is classified as real estate owned. On the date property is acquired it is
recorded at the lower of cost or estimated fair value, establishing a new cost basis. Estimated
fair value generally represents the sale price a buyer would be willing to pay on the basis of
current market conditions, including normal terms from other financial institutions, less the
estimated costs to sell the property. Holding costs and declines in estimated fair value result in
charges to expense after acquisition. At March&nbsp;31, 2010, we owned 11 properties with a combined
carrying value of $1.5&nbsp;million. The properties consisted of 10 single family and mixed use
properties located in Trenton, New Jersey, and one commercial real estate property located in South
Orange, New Jersey. We are currently renting certain of the properties and have contracted with
third parties to assist in disposing of all properties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Potential Problem Loans and Classification of Assets. </I></B>The current economic environment is
negatively affecting certain borrowers. Our loan officers continue to monitor their loan
portfolios, including evaluation of borrowers&#146; business operations, current financial condition,
underlying values of any collateral, and assessment of their financial prospects in the current and
deteriorating economic environment. Based on this evaluation, we determine an appropriate strategy
to assist borrowers, with the objective of maximizing the recovery of the related loan balances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our policies, consistent with regulatory guidelines, provide for the classification of loans
and other assets that are considered to be of lesser quality as substandard, doubtful, or loss
assets. An asset is considered substandard if it is inadequately protected by the current net
worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard assets
include those assets characterized by the distinct possibility that we will sustain some loss if
the deficiencies are not corrected. Assets classified as doubtful have all of the weaknesses
inherent in those classified substandard with the added characteristic that the weaknesses present
make collection or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->71<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">liquidation in full, on the basis of currently existing facts, conditions and values, highly
questionable and improbable. Assets (or portions of assets) classified as loss are those
considered uncollectible and of such little value that their continuance as assets is not
warranted. Assets that do not expose us to risk sufficient to warrant classification in one of the
aforementioned categories, but which possess potential weaknesses that deserve our close attention,
are designated as special mention. On the basis of our review of our assets at March&nbsp;31, 2010,
classified assets consisted of substandard assets of $50.4&nbsp;million ($41.1&nbsp;million of which are
reported as non-performing assets or delinquent loans in the preceding tables) and no doubtful or
loss assets. At that date, we also had $24.7&nbsp;million of assets designated as special mention
($24.5&nbsp;million of which are reported as non-performing assets or delinquent loans in the preceding
tables).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The classification of our assets (and the amount of our loss allowances) is subject to review
by our principal federal regulator, the Office of Thrift Supervision, which can require that we
adjust our classification and related loss allowances. We regularly review our asset portfolio to
determine whether any assets require classification in accordance with applicable regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Allowance for Loan Losses</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We provide for loan losses based on the consistent application of our documented allowance for
loan loss methodology. Loan losses are charged to the allowance for loans losses and recoveries
are credited to it. Additions to the allowance for loan losses are provided by charges against
income based on various factors which, in our judgment, deserve current recognition in estimating
probable losses. We regularly review the loan portfolio and make adjustments for loan losses in
order to maintain the allowance for loan losses in accordance with U.S. generally accepted
accounting principles (&#147;GAAP&#148;). The allowance for loan losses consists primarily of the following
two components:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Allowances established for impaired loans (which we generally define as
non-accrual loans with an outstanding balance of $500,000 or greater). The amount of
impairment provided for as an allowance is represented by the deficiency, if any,
between the present value of expected future cash flows discounted at the original
loan&#146;s effective interest rate or the underlying collateral value (less estimated costs
to sell,) if the loan is collateral dependent, and the carrying value of the loan.
Impaired loans that have no impairment losses are not considered for general valuation
allowances described below.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>General allowances established for loan losses on a portfolio basis for
loans that do not meet the definition of impaired. The portfolio is grouped into
similar risk characteristics, primarily loan type, loan-to-value, if collateral
dependent, and delinquency status. We apply an estimated loss rate to each loan group.
The loss rates applied are based on our cumulative prior two-year loss experience
adjusted, as appropriate, for the environmental factors discussed below. This
evaluation is inherently subjective, as it requires material estimates that may be
susceptible to significant revisions based upon changes in economic and real estate
market conditions. Actual loan losses may be significantly more than the allowance for
loan losses we have established, which could have a material negative effect on our
financial results.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The adjustments to our loss experience are based on our evaluation of several environmental
factors, including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in local, regional, national, and international economic and
business conditions and developments that affect the collectability of our portfolio,
including the condition of various market segments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in the nature and volume of our portfolio and in the terms of our
loans;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in the experience, ability, and depth of lending management and
other relevant staff;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->72<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in the volume and severity of past due loans, the volume of
nonaccrual loans, and the volume and severity of adversely classified or graded loans;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in the quality of our loan review system;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in the value of underlying collateral for collateral-dependent
loans;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the existence and effect of any concentrations of credit, and changes in
the level of such concentrations; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the effect of other external factors such as competition and legal and
regulatory requirements on the level of estimated credit losses in our existing
portfolio.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In evaluating the estimated loss factors to be utilized for each loan group, management also
reviews actual loss history over an extended period of time as reported by the Office of Thrift
Supervision and Federal Deposit Insurance Corporation for institutions both nationally and in our
market area for periods that are believed to have been under similar economic conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We evaluate the allowance for loan losses based on the combined total of the impaired and
general components. Generally when the loan portfolio increases, absent other factors, our
allowance for loan loss methodology results in a higher dollar amount of estimated probable losses
than would be the case without the increase. Generally when the loan portfolio decreases, absent
other factors, our allowance for loan loss methodology results in a lower dollar amount of
estimated probable losses than would be the case without the decrease.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each quarter we evaluate the allowance for loan losses and adjust the allowance as appropriate
through a provision or recovery for loan losses. While we use the best information available to
make evaluations, future adjustments to the allowance may be necessary if conditions differ
substantially from the information used in making the evaluations. In addition, as an integral
part of their examination process, the Office of Thrift Supervision will periodically review the
allowance for loan losses. The Office of Thrift Supervision may require us to adjust the allowance
based on their analysis of information available to them at the time of their examination. Our
last examination was as of June&nbsp;30, 2009.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->73<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth activity in our allowance for loan losses for the periods
indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>At or For the Three Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>At or For the Years Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="26"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,166</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Charge-offs:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,348</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,002</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">One- to four-family residential</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(63</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(110</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(595</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(686</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(761</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Multifamily</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(164</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Home equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Commercial and industrial loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(141</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(165</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(814</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Insurance premium loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(51</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Total charge-offs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(198</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(595</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,402</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,940</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(836</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Recoveries:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total recoveries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Net (charge-offs) recoveries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(198</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(595</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,402</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,940</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(836</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provisions (benefits)&nbsp;for loan losses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">797</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">One- to four-family residential</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(129</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(130</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(545</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,354</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Multifamily</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Home equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(347</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Commercial and industrial loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(807</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">784</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Insurance premium loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Unallocated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(65</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(42</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Total provisions for loan
losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,629</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,827</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,795</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratios:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net charge-offs to average loans
outstanding (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.37</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.38</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowance for loan losses to
<font style="white-space: nowrap">non-performing</font> loans at end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232.88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowance for loan losses to loans
held-for-investment, net at end of
period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.24</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Annualized where applicable.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The allowance for loan losses to non-performing loans decreased to 34.3% at March&nbsp;31,
2010 from 36.9% at December&nbsp;31, 2009. This decrease was primarily attributable to an increase in
non-performing loans of $8.2&nbsp;million, to $50.0&nbsp;million at March&nbsp;31, 2010 from $41.8&nbsp;million at
December&nbsp;31, 2009, partially offset by an increase of $1.7&nbsp;million, or 11.2%, in the allowance for
loan losses for the three months ended March&nbsp;31, 2010. The increase in non-performing loans was
primarily attributable to increases in non-performing commercial real estate loans, and to a lesser
extent, multifamily real estate loans during the three months ended March&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The allowance for loan losses to non-performing loans decreased to 36.9% at December&nbsp;31, 2009
from 91.1% at December&nbsp;31, 2008. This decrease was primarily attributable to an increase in
non-performing loans of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->74<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">$32.2&nbsp;million, to $41.8&nbsp;million at December&nbsp;31, 2009 from $9.6&nbsp;million at December&nbsp;31, 2008,
partially offset by an increase of $6.6&nbsp;million, or 75.6%, in the allowance for loan losses over
the same time period. The increase in non-performing loans was primarily attributable to increases
in non-performing commercial real estate loans, and to a lesser extent, construction and land loans
during the same time period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The non-performing loans noted above were secured by real estate with either current
appraisals, or appraisals that are relatively current (within 18&nbsp;months) and have been adjusted
downward when appropriate by management for perceived declines in real estate values. Generally
loans are charged down to the appraised values less costs to sell, which reduces the coverage ratio
of the allowance for loan losses to <font style="white-space: nowrap">non-performing</font> loans. We do not adjust appraised values
upwards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The allowance for loan losses was $17.1&nbsp;million, or 2.3% of loans held for investment, net at
March&nbsp;31, 2010, compared to $15.4&nbsp;million, or 2.1% of loans held for investment, net at December
31, 2009. The increase in the allowance for loan losses was due primarily to an increase in
general loss factors utilized in management&#146;s estimate of credit losses inherent in the loan
portfolio in recognition of our elevated level of delinquent loans, as well as the current weak
economic environment and real estate market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The allowance for loan losses to loans held-for-investment, net, increased to 2.11% at
December&nbsp;31, 2009, from 1.49% at December&nbsp;31, 2008. This increase was attributable to an increase
of $6.6&nbsp;million, or 75.6%, in the allowance for loan losses between December&nbsp;31, 2008 and December
31, 2009, partially offset by an increase in the loan portfolio over the same time period. The
increase in our allowance for loan losses during the year was primarily attributable to specific
reserves on impaired loans, and in general loss factors related to increases in non-accrual loans,
loans 30 to 89&nbsp;days delinquent, and declines in general economic conditions and real estate values.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment losses on specific loans increased $2.1&nbsp;million, or 674.3%, from $310,000 for the
year ended December&nbsp;31, 2008, to $2.4&nbsp;million for the year ended December&nbsp;31, 2009. At December
31, 2008, we had four loans classified as impaired and recorded impairment losses totaling $310,000
on two of the four impaired loans. At December&nbsp;31, 2009, we had 30 loans classified as impaired
and recorded a total of $2.4&nbsp;million of specific reserves on eleven of the 30 impaired loans. The
increase in specific reserves recorded on impaired loans was attributable to an increase in
impaired loans coupled with decreasing values of the underlying loan collateral.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December&nbsp;31, 2009, we recorded charge-offs of $2.4&nbsp;million, an increase
of $462,000, or 23.8%, as compared to the year ended December&nbsp;31, 2008. The increase in
charge-offs was primarily attributable to a $346,000 increase in charge-offs related to commercial
real estate loans. As a result of higher charge-offs, an increase in non-accrual commercial real
estate loans and commercial real estate loans past due 30 to 89&nbsp;days, coupled with the general
decline in real estate values and the current economic downturn, our historical and general loss
factors have increased, thus increasing the allowance for loan losses allocated to commercial real
estate loans by $3.2&nbsp;million, or 62.3%, from $5.2&nbsp;million December&nbsp;31, 2008, to $8.4&nbsp;million at
December&nbsp;31, 2009. In addition, we experienced increased charge-offs of approximately $164,000 in
multifamily real estate loans, an increase of 100% from the year ended December&nbsp;31, 2008. As a
result of the charge-offs incurred, as well as increased levels of multifamily real estate loans on
non-accrual status and 30 to 89&nbsp;days past due, coupled with the general decline in real estate
values and the current economic downturn, our historical and general loss factors have increased,
thus increasing the allowance for loan losses allocated to multifamily real estate loans by $1.1
million, or 136.8%, from $788,000 at December&nbsp;31, 2008, to $1.9&nbsp;million at December&nbsp;31, 2009. The
allowance for loan losses allocated to commercial and industrial loans and construction and land
loans also increased $1.4&nbsp;million and $427,000, respectively, from December&nbsp;31, 2008, to December
31, 2009. These increases were attributable to increased historical and general loss factors which
resulted from additional charge-offs taken during the year ended December&nbsp;31, 2009, coupled with
increased levels of non-accrual loans, and loans that are 30 to 89&nbsp;days past due, and the current
economic downturn. Our allowance for loan losses could increase in future periods if charge-offs
and non-performing loans continue to increase.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->75<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Allocation of Allowance for Loan Losses. </I></B>The following tables set forth the allowance for
loan losses allocated by loan category and the percent of loans in each category to total loans at
the dates indicated. The allowance for loan losses allocated to each category is not necessarily
indicative of future losses in any particular category and does not restrict the use of the
allowance to absorb losses in other categories. All changes to the allowance during the periods
indicated were the result of provisions or benefits for loan losses, as well as charge-offs, as set
forth in the previous table, as we had no recoveries between the dates indicated in this table.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>At March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>At December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Loans in Each</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Loans in Each</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Loans in Each</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Allowance for</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Category to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Allowance for</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Category to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Allowance for</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Category to</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loan Losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loan Losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loan Losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total Loans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">45.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">44.99</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">49.05</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">One- to four-family residential</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">226</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Multifamily</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Home equity and lines of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial and industrial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,877</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insurance premium finance loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total allocated allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unallocated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22" style="border-bottom: 1px solid #000000"><B>At December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Loans in Each</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Loans in Each</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Loans in Each</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Allowance for</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Category to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Allowance for</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Category to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Allowance for</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Category to</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loan Losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loan Losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loan Losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total Loans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">57.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50.75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">42.72</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">One- to four-family residential</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,848</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Multifamily</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Home equity and lines of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial and industrial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.08</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insurance premium finance loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total allocated allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unallocated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Management of Market Risk</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>General</I></B>. A majority of our assets and liabilities are monetary in nature. Consequently, our
most significant form of market risk is interest rate risk. Our assets, consisting primarily of
mortgage-related assets and loans, generally have longer maturities than our liabilities, which
consist primarily of deposits and wholesale funding. As a result, a principal part of our business
strategy involves managing interest rate risk and limiting the exposure of our net interest income
to changes in market interest rates. Accordingly, our board of directors has established a risk
committee, comprised of our Treasurer, who chairs this Committee, our Chief Executive Officer, our
Chief Financial Officer, our Chief Lending Officer, and our Executive Vice President of Operations.
This committee is responsible for, among other things, evaluating the interest rate risk inherent
in our assets and liabilities, recommending to the risk committee of our board of directors the
level of risk that is appropriate given our business strategy, operating environment, capital,
liquidity and performance objectives, and managing this risk consistent with the guidelines
approved by the board of directors.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->76<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We seek to manage our interest rate risk in order to minimize the exposure of our earnings and
capital to changes in interest rates. As part of our ongoing asset-liability management, we
currently use the following strategies to manage our interest rate risk:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>originate commercial real estate loans and multifamily real estate loans that
generally have interest rates that reset every five years;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>invest in shorter maturity investment grade corporate securities and
mortgage-related securities; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtain general financing through lower cost deposits and wholesale funding and
repurchase agreements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Net Portfolio Value Analysis</I></B><B>. </B>We compute the net present value of our interest-earning assets
and interest-bearing liabilities (net portfolio value or &#147;NPV&#148;) over a range of assumed market
interest rates. Our simulation model uses a discounted cash flow analysis to measure the net
portfolio value. We estimate the economic value of these assets and liabilities under the
assumption that interest rates experience an instantaneous, parallel, and sustained increase of
100, 200, or 300 basis points, or a decrease of 100 and 200 basis points, which is based on the
current interest rate environment. A basis point equals one-hundredth of one percent, and 100
basis points equals one percent. An increase in interest rates from 3% to 4% would mean, for
example, a 100 basis point increase in the &#147;Change in Interest Rates&#148; column below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Net Interest Income Analysis. </I></B>We also analyze our sensitivity to changes in interest rates
through our net interest income model. Net interest income is the difference between the interest
income we earn on our interest-earning assets, such as loans and securities, and the interest we
pay on our interest-bearing liabilities, such as deposits and borrowings. We estimate what our net
interest income would be for a twelve-month period. We then calculate what the net interest income
would be for the same period under the assumption that interest rates experience an instantaneous
and sustained increase of 100, 200, or 300 basis points or a decrease of 100 and 200 basis points,
which is based on the current interest rate environment.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->77<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tables below set forth, as of March&nbsp;31, 2010 and December&nbsp;31, 2009, our calculation of the
estimated changes in our net portfolio value, net portfolio value ratio, and percent change in net
interest income that would result from the designated instantaneous and sustained changes in
interest rates. Computations of prospective effects of hypothetical interest rate changes are
based on numerous assumptions, including relative levels of market interest rates, loan prepayments
and deposit decay, and should not be relied on as indicative of actual results.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="27" style="border-bottom: 1px solid #000000"><B>At March 31, 2010</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>NPV/Present</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net Interest</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Interest Rates</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Present Value of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Present Value of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Income Percent</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(basis points)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Liabilities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Estimated NPV</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Change In NPV</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Ratio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Change</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="27"><B>(Dollars in thousands)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#043;300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,971,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,587,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">384,018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(66,863</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">19.48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11.66</TD>
    <TD nowrap>)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#043;200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,018,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,611,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">407,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(43,504</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20.18</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7.26</TD>
    <TD nowrap>)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#043;100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,065,712</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,635,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">430,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(20,853</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20.82</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3.01</TD>
    <TD nowrap>)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,111,964</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,661,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21.35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,148,563</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,687,185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">461,378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21.47</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,174,609</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,710,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21.36</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3.13</TD>
    <TD nowrap>)%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="27" style="border-bottom: 1px solid #000000"><B>At December 31, 2009</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Change in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>NPV/Present</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net Interest</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Interest Rates</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Present Value of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Present Value of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Income Percent</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(basis points)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Liabilities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Estimated NPV</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Change In NPV</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Ratio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Change</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="27"><B>(Dollars in thousands)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#043;300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,884,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,502,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">382,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(62,473</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20.31</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5.24</TD>
    <TD nowrap>)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#043;200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,931,727</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,524,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">406,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(38,317</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21.07</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3.36</TD>
    <TD nowrap>)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#043;100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,977,999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,548,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">429,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,486</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21.73</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.36</TD>
    <TD nowrap>)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,017,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,572,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">445,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">22.07</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,054,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,596,234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">458,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">22.32</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.48</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,072,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,618,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">453,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21.88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2.39</TD>
    <TD nowrap>)%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Assumes an instantaneous and sustained uniform change in interest rates at all maturities.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>NPV includes non-interest earning assets and liabilities.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tables above indicate that at March&nbsp;31, 2010, in the event of a 200 basis point
decrease in interest rates, we would experience a 3.0% increase in estimated net portfolio value
and a 3.1% decrease in net interest income. In the event of a 300 basis point increase in interest
rates, we would experience a 14.8% decrease in net portfolio value and an 11.7% decrease in net
interest income. In addition, the tables above indicate that at December&nbsp;31, 2009, in the event of
a 200 basis point decrease in interest rates, we would experience a 1.8% increase in estimated net
portfolio value and a 2.4% decrease in net interest income. In the event of a 300 basis point
increase in interest rates, we would experience a 14.0% decrease in net portfolio value and a 5.2%
decrease in net interest income. Our policies provide that, in the event of a 300 basis point
increase/decrease or less in interest rates, our net portfolio value ratio should decrease by no
more than 400 basis points and in the event of a 200 basis point increase/decrease, our projected
net interest income should decrease by no more than 20.0%. Additionally, our policy states that
our net portfolio value should be at least 8.5% of total assets before and after such shock. At
March&nbsp;31, 2010 and December&nbsp;31, 2009, we were in compliance with all board approved policies with
respect to interest rate risk management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain shortcomings are inherent in the methodologies used in determining interest rate risk
through changes in net portfolio value and net interest income. Our model requires us to make
certain assumptions that may or may not reflect the manner in which actual yields and costs respond
to changes in market interest rates. In this regard, the net portfolio value and net interest
income information presented assume that the composition of our interest-sensitive assets and
liabilities existing at the beginning of a period remains constant over the period being measured
and assume that a particular change in interest rates is reflected uniformly across the yield curve
regardless of the duration or repricing of specific assets and liabilities. Accordingly, although
interest rate risk calculations provide an indication of our interest rate risk exposure at a
particular point in time, such measurements
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->78<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">are not intended to and do not provide a precise forecast of the effect of changes in market
interest rates on our net interest income and will differ from actual results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Liquidity and Capital Resources</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity is the ability to fund assets and meet obligations as they come due. Our primary
sources of funds consist of deposit inflows, loan repayments, borrowings through repurchase
agreements and advances from money center banks and the Federal Home Loan Bank of New York, and
repayments, maturities and sales of securities. While maturities and scheduled amortization of
loans and securities are reasonably predictable sources of funds, deposit flows and mortgage
prepayments are greatly influenced by general interest rates, economic conditions, and competition.
Our board asset and liability management committee is responsible for establishing and monitoring
our liquidity targets and strategies in order to ensure that sufficient liquidity exists for
meeting the borrowing needs and deposit withdrawals of our customers as well as unanticipated
contingencies. We seek to maintain a ratio of liquid assets (not subject to pledge) as a
percentage of deposits and borrowings of 35% or greater. At March&nbsp;31, 2010, this ratio was 72.9%.
We believe that we had sufficient sources of liquidity to satisfy our short- and long-term
liquidity needs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We regularly adjust our investments in liquid assets based upon our assessment of:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expected loan demand;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expected deposit flows;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>yields available on interest-earning deposits and securities; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the objectives of our asset/liability management program.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our most liquid assets are cash and cash equivalents, and mortgage-related securities issued
or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac, that we can either borrow against
or sell. We also have the ability to surrender bank owned life insurance contracts. The surrender
of these contracts would subject us to income taxes and penalties for increases in the cash
surrender values over the original premium payments. We also have the ability to generate brokered
deposits through our participation in the CDARS program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth our primary sources of liquidity at March&nbsp;31, 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>At March 31, 2010</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(In thousands)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,811</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unpledged securities (issued or guaranteed by the
U.S. Government, Fannie Mae, Freddie Mac or Federal
Home Loan Bank of New York)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">589,476</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March&nbsp;31, 2010, we had $23.9&nbsp;million in outstanding loan commitments. In addition, we
had $38.3&nbsp;million in unused lines of credit to borrowers. Certificates of deposit due within one
year of March&nbsp;31, 2010, totaled $525.5&nbsp;million, or 37.7% of total deposits. If these deposits do
not remain with us, we will be required to seek other sources of funds, including loan sales, other
deposit products, including replacement certificates of deposit, securities sold under agreements
to repurchase (repurchase agreements), and advances from the Federal Home Loan Bank of New York and
other borrowing sources. Depending on market conditions, we may be required to pay higher rates on
such deposits or other borrowings than we currently pay on the certificates of deposit due on or
before March&nbsp;31, 2010. We believe, based on past experience, that a significant portion of such
deposits will remain with us, and we have the ability to attract and retain deposits by adjusting
the interest rates offered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our cash flows are derived from operating activities, investing activities and financing
activities as reported in our Consolidated Statements of Cash Flows included in our Consolidated
Financial Statements.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->79<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our primary investing activities are purchasing mortgage-backed securities and originating
loans. During the three months ended March&nbsp;31, 2010 and the years ended December&nbsp;31, 2009 and
2008, we purchased securities classified as available for sale totaling $217.2&nbsp;million, $655.8
million and $421.7&nbsp;million, respectively. During the three months ended March&nbsp;31, 2010 and the
years ended December&nbsp;31, 2009 and 2008, we originated $43.8&nbsp;million, $183.3&nbsp;million and $202.6
million of loans, respectively. Additionally, during the fourth quarter of 2009 we purchased $35.4
million of premium finance loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing activities consist primarily of activity in deposit accounts and borrowings
(repurchase agreements and Federal Home Loan Bank of New York advances). We experienced a net
increase in total deposits of $76.0&nbsp;million for the three months ended March&nbsp;31, 2010, a net
increase of $292.4&nbsp;million for the year ended December&nbsp;31, 2009 and a net increase of $147.2
million for the year ended December&nbsp;31, 2008. Deposit flows are affected by the overall level of
interest rates, the interest rates and products offered by us and our competitors, and by other
factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings increased by $13.6&nbsp;million for the three months ended March&nbsp;31, 2010, decreased by
$52.7&nbsp;million for the year ended December&nbsp;31, 2009 and increased by $207.7&nbsp;million for the year
ended December&nbsp;31, 2008. At March&nbsp;31, 2010, we had the ability to borrow an additional $200.0
million from the Federal Home Loan Bank of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have a detailed contingency funding plan that is reviewed and reported to the board risk
committee on at least a quarterly basis. This plan includes monitoring cash on a daily
basis to determine our liquidity needs. Additionally, management performs a stress test on our
retail deposits and wholesale funding sources in several scenarios on a quarterly basis. The
stress scenarios include deposit attrition of up to 50%, and selling our securities
available-for-sale portfolio at a discount of 10% to its current estimated fair value. As of March
31, 2010, we maintained significant liquidity under all stress scenarios.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank is subject to various regulatory capital requirements, including a risk-based
capital measure. The risk-based capital guidelines include both a definition of capital and a
framework for calculating risk-weighted assets by assigning assets and off-balance sheet items to
broad risk categories. At March&nbsp;31, 2010, Northfield Bank exceeded all regulatory capital
requirements and is considered &#147;well capitalized&#148; under regulatory guidelines. See &#147;Supervision
and Regulation&#151;Federal Banking Regulation&#151;Capital Requirements&#148; and Note 12 of the Notes to the
Consolidated Financial Statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The net proceeds from the stock offering will significantly increase our liquidity and capital
resources. Over time, the initial level of liquidity will be reduced as net proceeds from the stock
offering are used for general corporate purposes, including the funding of loans. Our financial
condition and results of operations will be enhanced by the net proceeds from the stock offering,
resulting in increased net interest-earning assets and net interest income. However, due to the
increase in equity resulting from the net proceeds from the stock offering, our return on equity
will be adversely affected following the stock offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Off-Balance Sheet Arrangements and Aggregate Contractual Obligations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Commitments. </I></B>As a financial services provider, we routinely are a party to various financial
instruments with off-balance-sheet risks, such as commitments to extend credit, and unused lines of
credit. While these contractual obligations represent our potential future cash requirements, a
significant portion of commitments to extend credit may expire without being drawn upon. Such
commitments are subject to the same credit policies and approval process applicable to loans we
originate. In addition, we routinely enter into commitments to sell mortgage loans. However, such
amounts are not significant to our operations. For additional information, see Note 11 of the
Notes to the Consolidated Financial Statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Contractual Obligations. </I></B>In the ordinary course of our operations we enter into certain
contractual obligations. Such obligations include leases for premises and equipment, agreements
with respect to borrowed funds and deposit liabilities, and agreements with respect to investments.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->80<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes our significant fixed and determinable contractual obligations
and other funding needs by payment date at December&nbsp;31, 2009. The payment amounts represent those
amounts due to the recipient and do not include any unamortized premiums or discounts or other
similar carrying amount adjustments.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>Payments Due by Period</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Less than</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>One to Three</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Three to Five</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>More than</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Contractual Obligations</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>One Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18"><B>(In thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">61,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">90,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">118,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">272,682</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating leases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,999</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capitalized leases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">763</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">810</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,013</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certificates of deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">517,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">579,373</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">581,910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">127,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">151,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">888,067</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commitments to extend credit (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">43,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">43,472</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes repurchase agreements, Federal Home Loan Bank of New York advances, and accrued
interest payable at December&nbsp;31, 2009.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes unused lines of credit which are assumed to be funded within the year.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Recent Accounting Pronouncements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective July&nbsp;1, 2009, the FASB established the Accounting Standards Codification (&#147;ASC&#148;) as
the source of authoritative U. S. generally accepted accounting principles recognized by the FASB
to be applied by nongovernmental entities. Rules and interpretative releases of the Securities and
Exchange Commission under authority of federal securities laws are also sources of authoritative
guidance for Securities and Exchange Commission registrants. The ASC did not have a material
affect on our consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC 810, &#147;Consolidation,&#148; replaces the quantitative-based risks and rewards calculation for
determining which enterprise, if any, has a controlling financial interest in a variable interest
entity with an approach focused on identifying which enterprise has the power to direct the
activities of a variable interest entity that most significantly affect the entity&#146;s economic
performance and (i)&nbsp;the obligation to absorb losses of the entity or (ii)&nbsp;the right to receive
benefits from the entity. The pronouncement was effective January&nbsp;1, 2010, and did not have a
material effect on our consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC 860, &#147;Transfers and Servicing,&#148; improves the information a reporting entity provides in
its financial statements about a transfer of financial assets, including the effect of a transfer
on an entity&#146;s financial position, financial performance and cash flows and the transferor&#146;s
continuing involvement in the transferred assets. ASC 860 eliminates the concept of a qualifying
special-purpose entity and changes the guidance for evaluation for consolidation. This
pronouncement was effective January&nbsp;1, 2010. The adoption of ASC 860 did not have a material
effect on our consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC 855, &#147;Subsequent Events,&#148; establishes general standards of accounting for and disclosure
of events that occur after the balance sheet date but before financial statements are issued or
available to be issued. ASC 855 sets forth (i)&nbsp;the period after the balance sheet date during
which management of a reporting entity should evaluate events or transactions that may occur for
potential recognition or disclosure in the financial statements, (ii)&nbsp;the circumstances under which
an entity should recognize events or transactions occurring after the balance sheet date in its
financial statements, and (iii)&nbsp;the disclosures that an entity should make about events or
transactions that occurred after the balance sheet date. ASC 855 was effective for the period ended
June&nbsp;30, 2009. The adoption of ASC 855 did not have a material effect on our consolidated
financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting Standards Update No.&nbsp;2010-09 under ASC 855 removes the requirement for a Securities
and Exchange Commission filer to disclose the date through which subsequent events have been
evaluated. This change alleviates potential conflicts between subtopic 855-10 and the Securities
and Exchange Commission&#146;s requirements. The new guidance did not have a significant effect on our
consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC 260, &#147;Earnings Per Share,&#148; addresses whether instruments granted in share-based payment
transactions are participating securities prior to vesting and, therefore, need to be included in
the earnings allocation
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->81<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in computing earnings per share. This ASC was effective for financial statements issued for
fiscal years beginning after December&nbsp;15, 2008. The adoption of ASC 260 did not have a material
effect on our consolidated financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These following three ASCs (ASC 820, ASC 825, and ASC 320) were effective for the period ended
June&nbsp;30, 2009:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ASC 820, &#147;Fair Value Measurements and Disclosures,&#148; provides guidance for estimating
fair value when the volume and level of activity for the asset or liability have
decreased significantly. ASC 820 also provides guidance on identifying circumstances
that indicate a transaction is not orderly. The adoption of ASC 820 did not have a
material effect on our consolidated financial statements other than disclosures.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ASC 825, &#147;Financial Instruments,&#148; requires disclosures about fair value of financial
instruments in interim reporting periods of publicly traded companies that previously
were only required to be disclosed in annual financial statements. The adoption of ASC
825 did not have a material effect on our consolidated financial statements other than
disclosures.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ASC 320, &#147;Investments &#150; Debt and Equity Securities,&#148; amends previous
other-than-temporary impairment guidance in generally accepted accounting principles
(GAAP)&nbsp;for debt securities to make the guidance more operational and to improve the
presentation and disclosure of other-than-temporary impairments on debt and equity
securities in the financial statements. This ASC does not amend existing recognition
and measurement guidance related to other-than-temporary impairments of equity
securities. The adoption of ASC 320 resulted in $1.2&nbsp;million of impairment charges
being recorded in other comprehensive income for the quarter ended September&nbsp;30, 2009.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting Standards Update No.&nbsp;2009-05 under ASC 820 provides clarification for circumstances
in which a quoted price in an active market for the identical liability is not available. In such
circumstances, a reporting entity is required to measure fair value using one or more of the
following techniques: (i)&nbsp;a valuation technique that uses: (a)&nbsp;the quoted price of the identical
liability when traded as an asset; or (b)&nbsp;quoted prices for similar liabilities or similar
liabilities when traded as assets; or (ii)&nbsp;another valuation technique that is consistent with the
principles of ASC 820, such as an income approach or a market approach. The update clarifies that
when estimating the fair value of a liability, a reporting entity is not required to include a
separate adjustment relating to the existence of a restriction that prevents the transfer of the
liability. The new authoritative accounting guidance also clarifies that the quoted price for an
identical liability traded as an asset in an active market would also be a Level 1 measurement,
provided that the quoted price does not need to be adjusted to reflect factors specific to the
asset that do no apply to the fair value measurement of the liability. The new guidance did not
have a material effect on our consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting Standards Update No.&nbsp;2010-06 under ASC 820 requires new disclosures and clarifies
certain existing disclosure requirements about fair value measurement. Specifically, the update
requires an entity to disclose separately the amounts of significant transfers in and out of Level
1 and Level 2 fair value measurements and describe the reasons for such transfers. A reporting
entity is required to present separately information about purchases, sales, issuances, and
settlements in the reconciliation for fair value measurements using Level 3 inputs. In addition,
the update clarifies the following requirements of the existing disclosure: (i)&nbsp;for the purposes of
reporting fair value measurement for each class of assets and liabilities, a reporting entity needs
to use judgment in determining the appropriate classes of assets; and (ii)&nbsp;a reporting entity is
required to include disclosures about the valuation techniques and inputs used to measure fair
value for both recurring and nonrecurring fair value measurements. The amendments are effective
for interim and annual reporting periods beginning after December&nbsp;15, 2009, except for the separate
disclosures of purchases, sales, issuances, and settlements in the roll forward of activity in
Level 3 fair value measurements. Those disclosures are effective for fiscal years beginning after
December&nbsp;15, 2010, and for interim periods within those fiscal years. The new guidance is not
expected to have a material effect on our consolidated financial statements.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting Standards Update No.&nbsp;2009-12 under ASC 820 amends Subtopic 820-10 to permit a
reporting entity to measure the fair value of certain investments on the basis of net asset value
per share of the investment (or its equivalent). This update also requires new disclosure, by
major category of investments, about the attributes of investments within the scope of this
amendment to the Codification. The new guidance under ASC 820 became effective for financial
statements issued for periods ending after December&nbsp;15, 2009. Our adoption of this new
authoritative guidance did not have a material effect on our financial statements or its
disclosures at December&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASC 805, &#147;Business Combinations,&#148; applies to all transactions and other events in which one
entity obtains control over one or more other businesses. The new guidance requires an acquirer,
upon initially obtaining control of another entity, to recognize the assets, liabilities and any
non-controlling interest in the acquiree at fair value as of the acquisition date. Contingent
consideration is required to be recognized and measured at fair value on the date of acquisition
rather than at a later date when the amount of that consideration may be determinable beyond a
reasonable doubt. This fair value approach replaces the cost-allocation process previously
required whereby the cost of an acquisition was allocated to the individual assets acquired and
liabilities assumed based on their estimated fair value. The new guidance requires acquirers to
expense acquisition-related costs as incurred rather than allocating such costs to the assets
acquired and liabilities assumed, as was previously the case. Specific requirements must be met in
order to accrue for a restructuring plan in purchase accounting. Pre-acquisition contingencies are
to be recognized at fair value, unless it is a non-contractual contingency that is not likely to
materialize, in which case, nothing should be recognized in purchase accounting, and, instead, that
contingency would be subject to the probable and estimable recognition criteria of contingencies.
The new guidance is effective for all business combinations closing after January&nbsp;1, 2009, and will
affect our accounting for business combinations after such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional new authoritative accounting guidance under ASC 805, requires that assets acquired
and liabilities assumed in a business combination that arise from contingencies be recognized at
fair value if fair value can be reasonably estimated. If fair value of such an asset or liability
cannot be reasonably estimated, the asset or liability would generally be recognized in accordance
with ASC 450, &#147;Contingencies.&#148; This new guidance removes subsequent accounting guidance for assets
and liabilities arising from contingencies and requires entities to develop a systematic and
rational basis for subsequently measuring and accounting for assets and liabilities arising from
contingencies. The new guidance eliminates the requirement to disclose an estimate of the range of
outcomes of recognized contingencies at the acquisition date. For unrecognized contingencies,
entities are required to include only the disclosures required under ASC 450. The new guidance
also requires that contingent consideration arrangements of an acquiree assumed by the acquirer in
a business combination be treated as contingent consideration of the acquirer and should be
initially and subsequently measured at fair value. ASC 805 is effective for assets or liabilities
arising from contingencies in business combinations after January&nbsp;1, 2009, and will affect our
accounting for business combinations after such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Effect of Inflation and Changing Prices</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our consolidated financial statements and related notes have been prepared in accordance with
GAAP. GAAP generally requires the measurement of financial position and operating results in terms
of historical dollars without consideration for changes in the relative purchasing power of money
over time due to inflation. The effect of inflation is reflected in the increased cost of our
operations. Unlike industrial companies, our assets and liabilities are primarily monetary in
nature. As a result, changes in market interest rates have a greater effect on our performance
than inflation.
</DIV>
<DIV align="left">
<A name="146"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BUSINESS OF NORTHFIELD-DELAWARE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Delaware is a Delaware corporation, organized in June&nbsp;2010. Upon completion of the
conversion, Northfield-Delaware will become the holding company of Northfield Bank and will succeed
to all of the business and operations of Northfield-Federal and each of Northfield-Federal and
Northfield Bancorp, MHC will cease to exist.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->83<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initially following the completion of the conversion, Northfield-Delaware will have
approximately $87.4&nbsp;million in cash and other assets held by Northfield-Federal and Northfield
Bancorp, MHC as of March&nbsp;31, 2010, and the net proceeds it retains from the offering, part of which
will be used to make a loan to the Northfield Bank Employee Stock Ownership Plan, and will have no
significant liabilities. See &#147;How We Intend to Use the Proceeds From the Offering.&#148;
Northfield-Delaware intends to use the support staff and offices of Northfield Bank and will pay
Northfield Bank for these services. If Northfield-Delaware expands or changes its business in the
future, it may hire its own employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Delaware intends to invest the net proceeds of the offering as discussed under &#147;How
We Intend to Use the Proceeds From the Offering.&#148; In the future, we may pursue other business
activities, including mergers and acquisitions, investment alternatives and diversification of
operations. There are, however, no current understandings or agreements for these activities.
</DIV>
<DIV align="left">
<A name="147"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BUSINESS OF NORTHFIELD BANCORP, INC.<BR>
AND NORTHFIELD BANK</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Northfield-Federal</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Federal is a federally chartered corporation that owns all of the outstanding
shares of common stock of Northfield Bank. At March&nbsp;31, 2010, Northfield-Federal had consolidated
assets of $2.1&nbsp;billion, deposits of $1.4&nbsp;billion and stockholders&#146; equity of $396.3&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank became the wholly-owned subsidiary of Northfield-Federal&#146;s New York
predecessor in 1995, when Northfield Bank reorganized into the two-tier mutual holding company
structure. In November&nbsp;2007, Northfield-Federal converted from a New York corporation to a
federally chartered corporation and concurrently sold 19,265,316 shares of its common stock to the
public, representing 43% of its then-outstanding shares, at $10.00 per share. An additional
24,641,684 shares, or 55% of the outstanding shares, were issued to Northfield Bancorp, MHC, and
896,061 shares, or 2% of the outstanding shares, plus $3.0&nbsp;million of cash were issued to the
Northfield Bank Foundation. As part of this stock offering, we established an employee stock
ownership plan, which acquired 1,756,279 shares of common stock in the stock offering, financed by
a loan from Northfield-Federal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Federal&#146;s home office is located at 1410 St. Georges Avenue, Avenel, New Jersey
07001 and the telephone number is <font style="white-space: nowrap">(732)&nbsp;499-7200</font>. Its website address is
<U>www.eNorthfield.com</U>. Information on this website is not and should not be considered a
part of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Northfield Bank</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank was organized in 1887 and is currently a federally chartered savings bank.
Northfield Bank conducts business primarily from its home office located in Staten Island, New
York, its operations center located in Woodbridge, New Jersey, its 17 additional branch offices
located in New York and New Jersey and its lending offices located in Brooklyn, New York and
Gwinnett County, Georgia. The branch offices are located in Staten Island and Brooklyn and the New
Jersey counties of Union and Middlesex.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank&#146;s principal business consists of originating multifamily and commercial real
estate loans, purchasing investment securities, including mortgage-backed securities and corporate
bonds, and investing funds in other financial institutions. Northfield Bank also offers
construction and land loans, commercial and industrial loans, one- to four-family residential
mortgage loans, and home equity loans and lines of credit. In addition, Northfield Bank offers
loans to finance premiums on insurance policies, including commercial property and casualty, and
professional liability insurance. Northfield Bank offers a variety of deposit accounts, including
certificates of deposit, passbook, statement, and money market savings accounts, transaction
deposit accounts (negotiable orders of withdrawal (NOW)&nbsp;accounts and non-interest bearing demand
accounts), individual retirement accounts, and to a lesser extent when it is deemed cost effective,
brokered deposits. Deposits are Northfield Bank&#146;s primary source of funds for its lending and
investing activities. Northfield Bank also uses borrowed funds as a source of funds, principally
repurchase agreements with brokers and Federal Home Loan Bank of New York advances. In addition
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->84<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to traditional banking services, Northfield Bank offers insurance products through NSB
Insurance Agency, Inc. Northfield Bank owns 100% of NSB Services Corp., which, in turn, owns 100%
of the voting common stock of a real estate investment trust, NSB Realty Trust, which holds
primarily mortgage loans and other real estate related investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank is subject to comprehensive regulation and examination by the Office of Thrift
Supervision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank&#146;s main office is located at 1731 Victory Boulevard, Staten Island, New York
10314, and its telephone number at this address is (718)&nbsp;448-1000. Its website address is
<U>www.eNorthfield.com</U>. Information on this website is not and should not be considered to be
a part of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Market Area and Competition</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have been in business for over 122&nbsp;years, offering a variety of financial products and
services to meet the needs of the communities we serve. Our retail banking network consists of
multiple delivery channels including full-service banking offices, automated teller machines, and
telephone and internet banking capabilities. We consider our competitive products and pricing,
branch network, reputation for superior customer service, and financial strength, as our major
strengths in attracting and retaining customers in our market areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We face intense competition in our market area both in making loans and attracting deposits.
Our market areas have a high concentration of financial institutions, including large money center
and regional banks, community banks, and credit unions. We face additional competition for
deposits from money market funds, brokerage firms, mutual funds, and insurance companies. Some of
our competitors offer products and services that we do not offer, such as trust services and
private banking.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, turmoil in the United States and world economies, and more specifically in the
financial services industry, has resulted in financial services companies such as investment banks,
and automobile and real estate finance companies, electing to become bank holding companies. These
financial services companies have traditionally received their funding from sources other than
insured bank deposits. Many of the alternative funding sources traditionally used by these
companies are no longer available, which has resulted in their relying more on insured bank
deposits to fund their operations, thereby increasing competition for deposits and related costs of
such deposits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our deposit sources are primarily concentrated in the communities surrounding our banking
offices in the New York Counties of Richmond (Staten Island) and Kings (Brooklyn), and Union and
Middlesex Counties in New Jersey. As of June&nbsp;30, 2009 (the latest date for which information is
publicly available), we ranked fifth in deposit market share in Staten Island with an 8.85% market
share. We had a 0.09% market share in Brooklyn, New York. In Middlesex and Union Counties in New
Jersey, as of June&nbsp;30, 2009, we had a combined market share of 0.69%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the unemployment rates for the communities we serve and the
national average for the last five years, as provided by the Bureau of Labor Statistics.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>Unemployment Rate At December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Union County, NJ</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Middlesex County, NJ</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richmond County, NY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kings County, NY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">National Average</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->85<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth median household income at December&nbsp;31, 2008 for the
communities we serve, as provided by the U.S. Census Bureau.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Median Household Income</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>At December 31, 2008</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Union County, NJ</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">67,127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Middlesex County, NJ</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">77,015</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richmond County, NY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">72,557</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kings County, NY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">43,172</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the disruption in the financial markets has generally affected the banking industry
negatively, it has created opportunities for Northfield Bank. With many lenders reducing their
loan originations, we have continued to lend to qualified borrowers and we were able to increase
our loan portfolio in 2009 and in the first quarter of 2010. While our lending has increased in
this difficult environment, we are committed to maintaining our loan underwriting standards. We do
not originate or purchase sub-prime loans, negative amortization loans or option ARM loans. A
continuation or worsening of current economic conditions could make it more difficult in the future
to maintain the loan growth we experienced during 2009, as reflected in lower loan growth during
the first quarter of 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Lending Activities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal lending activity is the origination of multifamily real estate loans and
commercial real estate loans. We also originate one- to four-family residential real estate loans,
construction and land loans, commercial and industrial loans, home equity loans and lines of credit
and loans to finance premiums on insurance policies, including commercial property and casualty,
and professional liability insurance.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->86<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Loan Portfolio Composition. </I></B>The following table sets forth the composition of our loan
portfolio, by type of loan at the dates indicated, excluding loans held for sale of $0, $0, $0,
$270,000, $125,000, and $0 at March&nbsp;31, 2010 and December&nbsp;31, 2009, 2008, 2007, 2006, and 2005,
respectively.
</DIV>
<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 0px solid #000000"><B>At March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="38" style="border-bottom: 1px solid #000000"><B>At December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="46"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">332,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">45.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">327,802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">44.99</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">289,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">49.05</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">243,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">57.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">207,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50.75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">165,657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">42.72</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">One- to four-family residential</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,898</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,477</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Multifamily</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187,372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Home equity and lines of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,797</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial and
industrial loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.08</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insurance premium loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,299</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">736,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">728,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">589,489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">424,198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">409,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">387,812</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
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</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other items:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred loan costs (fees), net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(345</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Allowance for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,146</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,414</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,778</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,636</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,030</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,795</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net loans held-for-investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">720,079</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">713,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">581,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">418,693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">404,159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">382,672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->87<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Loan Portfolio Maturities. </I></B>The following table summarizes the scheduled repayments of
our loan portfolio at December&nbsp;31, 2009. Demand loans (loans having no stated repayment schedule
or maturity) and overdraft loans are reported as being due in the year ending December&nbsp;31, 2010.
Maturities are based on the final contractual payment date and do not reflect the effect of
prepayments and scheduled principal amortization.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>One- to Four-Family</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Commercial Real Estate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Residential</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Construction and Land</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Multifamily</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="30"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Due during the
years ending
December&nbsp;31,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.03</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.61</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.96</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,084</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013 to 2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2015 to 2019</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2020 to 2024</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2025 and beyond</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">276,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,564</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">327,802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.43</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">90,898</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.54</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">44,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.02</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">178,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.02</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Home Equity and Lines</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Commercial and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>of Credit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Industrial</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Insurance Premium</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="38"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Due during the
years ending
December&nbsp;31,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.67</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.23</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">40,349</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.84</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.89</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">83,299</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.24</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,227</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013 to 2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2015 to 2019</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2020 to 2024</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,527</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2025 and beyond</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">739</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">511,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.58</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">40,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.84</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,299</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">728,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.17</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2010, we had a total of $511.4&nbsp;million in loans due to mature in 2025
and beyond, of which $33.5&nbsp;million, or 6.6%, were fixed-rate loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the scheduled repayments of fixed- and adjustable-rate loans at
December&nbsp;31, 2009, that are contractually due after December&nbsp;31, 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Due After December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fixed Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Adjustable Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>(In thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21,538</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">300,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">321,996</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">One- to four-family residential</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,874</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,226</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Multifamily</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172,905</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Home equity and lines of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,502</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial and industrial loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,795</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insurance premium loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">107,491</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">537,910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">645,401</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Commercial Real Estate Loans. </I></B>Commercial real estate loans totaled $332.4&nbsp;million, or
45.13% of our loan portfolio as of March&nbsp;31, 2010. Commercial real estate loans at March&nbsp;31, 2010
included $29.4&nbsp;million secured primarily by hotels and motels, $57.2&nbsp;million secured by office
buildings, and $65.3&nbsp;million secured by manufacturing buildings. Approximately $155.1&nbsp;million of
our commercial real estate loans are <font style="white-space: nowrap">owner-occupied</font> businesses. At March&nbsp;31, 2010, our commercial
real estate loan portfolio consisted of 333 loans with an average loan balance of approximately
$1.0&nbsp;million although there are a large number of loans with balances substantially greater than
this average. At March&nbsp;31, 2010, our largest commercial real estate loan had a principal balance
of $9.7&nbsp;million, and was secured by a hotel. At March&nbsp;31, 2010, this loan was performing in
accordance with its original contractual terms. In recent years, we have originated limited
amounts of commercial real estate loans due to economic conditions. We expect that we would
increase our originations of commercial real estate loans if economic conditions improve.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantially all of our commercial real estate loans are secured by properties located in our
primary market areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth the property types collateralizing our commercial real estate loans
as of March&nbsp;31, 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>At March 31, 2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Manufacturing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">65,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Office building</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Warehouse</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accommodations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mixed use</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Retail</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restaurant</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Schools/day care</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Recreational</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">332,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our commercial real estate loans typically amortize over 20- to 25-years with interest
rates that generally adjust after an initial five-year period, and every five years thereafter.
Margins generally range from 275 basis points to 350 basis points above the average yield on United
States Treasury securities, adjusted to a constant maturity of similar term, as published by the
Federal Reserve Board. Adjustable rate loans originated during 2009 and the first quarter of 2010,
generally have been indexed to the five year London Interbank Offered Rate (LIBOR)&nbsp;swaps rate as
published in the Federal Reserve Statistical Release adjusted for a negotiated margin. We also
originate, to a lesser extent, 10- to 15-year fixed-rate, fully amortizing loans. In general, our
commercial real estate loans have interest rate floors equal to the interest rate on the date the
loan is originated, and have prepayment penalties should the loan be repaid in the first three to
five years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the underwriting of commercial real estate loans, we generally lend up to the lesser of 75%
of the property&#146;s appraised value or purchase price. Certain single use property types have lower
loan to appraised value ratios. We base our decision to lend primarily on the economic viability
of the property and the creditworthiness of the borrower. In evaluating a proposed commercial real
estate loan, we emphasize the ratio of the property&#146;s projected net cash flow to the loan&#146;s debt
service requirement (generally requiring a minimum ratio of 120%), computed after deduction for a
vacancy factor, where applicable, and property expenses we deem appropriate. Personal guarantees
are usually obtained from commercial real estate borrowers. We require title insurance, fire and
extended coverage casualty insurance, and, if appropriate, flood insurance, in order to protect our
security interest in
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the underlying property. Although a significant portion of our commercial real estate loans
are referred by brokers, we underwrite all commercial real estate loans in accordance with our
underwriting standards.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate loans generally carry higher interest rates and have shorter terms than
one- to four-family residential real estate loans. Commercial real estate loans generally have
greater credit risks compared to one- to four-family residential real estate loans, as they
typically involve larger loan balances concentrated with single borrowers or groups of related
borrowers. In addition, the payment of loans secured by income-producing properties typically
depends on the successful operation of the property, as repayment of the loan generally is
dependent on sufficient income from the property to cover operating expenses and debt service.
Changes in economic conditions that are not within a borrower&#146;s or lender&#146;s control could affect
the value of the collateral for the loan or the future cash flow of the property. Additionally,
any decline in real estate values may be more pronounced for commercial real estate than for
residential properties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Multifamily Real Estate Loans. </I></B>In recent years, we have focused on originating multifamily
real estate loans. Loans secured by multifamily and mixed use properties totaled $187.4&nbsp;million,
or 25.44% of our total loan portfolio, at March&nbsp;31, 2010. We classify mixed use properties as
multifamily when they have more than four residential family units and a business or businesses.
At March&nbsp;31, 2010, we had 234 multifamily real estate loans with an average loan balance of
$801,000. At March&nbsp;31, 2010, our largest multifamily real estate loan had a principal balance of
$7.8&nbsp;million and was performing in accordance with its original contractual terms. Substantially
all of our multifamily real estate loans are secured by properties located in our market areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our multifamily real estate loans typically amortize over 20 to 30&nbsp;years with interest rates
that adjust after an initial five- or 10-year period, and every five years thereafter. Margins
generally range from 275 basis points to 350 basis points above the average yield on United States
Treasury securities, adjusted to a constant maturity of similar term, as published by the Federal
Reserve Board. Variable rate loans originated during 2009 and the first quarter of 2010 generally
have been indexed to the five-year LIBOR swaps rate as published in the Federal Reserve Statistical
Release adjusted for a negotiated margin. We also originate, to a lesser extent, 10- to 15-year
fixed-rate, fully amortizing loans. In general, our multifamily real estate loans have interest
rate floors equal to the interest rate on the date the loan is originated, and have prepayment
penalties should the loan be prepaid in the first three to five years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In underwriting multifamily real estate loans, we consider a number of factors, including the
projected net cash flow to the loan&#146;s debt service requirement (generally requiring a minimum ratio
of 115%), the age and condition of the collateral, the financial resources and income level of the
borrower, and the borrower&#146;s experience in owning or managing similar properties. Multifamily real
estate loans generally are originated in amounts up to 75% of the appraised value of the property
securing the loan. Due to competitive considerations, we typically do not obtain personal
guarantees from multifamily real estate borrowers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans secured by multifamily real estate properties generally have greater credit risk than
one- to four-family residential real estate loans. This increased credit risk is a result of
several factors, including the concentration of principal in a limited number of loans and
borrowers, the effects of general economic conditions on income producing properties, and the
increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment
of loans secured by multifamily real estate properties typically depends on the successful
operation of the property. If the cash flow from the project is reduced, the borrower&#146;s ability to
repay the loan may be impaired.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In a ruling that was contrary to a 1996 advisory opinion from the New York State Division of
Housing and Community Renewal that owners of housing units who benefited from the receipt of &#147;J-51&#148;
tax incentives under the Rent Stabilization Law are eligible to decontrol apartments, the New York
State Court of Appeals ruled, on October&nbsp;22, 2009, that residential housing units located in two
major housing complexes in New York City had been illegally decontrolled by the current and
previous property owners. This ruling may subject to litigation other property owners that have
previously or are currently benefiting from a J-51 tax incentive, possibly resulting in a
significant reduction to property cash flows. Based on management&#146;s assessment of its multifamily
loan portfolio, it believes that only one loan may be affected by the recent ruling regarding J-51.
The loan, which is our largest multifamily
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">residential real estate loan, noted above, has a principal balance of $7.8&nbsp;million at March
31, 2010, and is performing in accordance with its original contractual terms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Construction and Land Loans. </I></B>At March&nbsp;31, 2010, construction and land loans totaled $39.5
million, or 5.36% of total loans receivable. At March&nbsp;31, 2010, the additional unadvanced portion
of these construction loans totaled $9.8&nbsp;million. At March&nbsp;31, 2010, we had 41 construction and
land loans with an average loan balance of $964,000. At March&nbsp;31, 2010, our largest construction
and land loan had a principal balance of $4.8&nbsp;million and was for the purpose of purchasing
commercial land. This loan is performing in accordance with its original contractual terms. In
recent years, we have originated limited amounts of construction and land loans due to economic
conditions. We expect that we would increase our originations of these types of loans if economic
conditions improve.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our construction and land loans typically are interest only loans with interest rates that are
tied to the prime rate as published by <I>The Wall Street Journal</I>. Margins generally range from zero
basis points to 200 basis points above the prime rate. We also originate, to a lesser extent, 10-
to 15-year fixed-rate, fully amortizing land loans. In general, our construction and land loans
have interest rate floors equal to the interest rate on the date the loan is originated, and we do
not typically charge prepayment penalties for these types of loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We grant construction and land loans to experienced developers for the construction of
single-family residences, including condominiums, and commercial properties. Construction and land
loans also are made to individuals for the construction of their personal residences. Advances on
construction loans are made in accordance with a schedule reflecting the cost of construction, but
are generally limited to a loan-to-completed-appraised-value ratio of 70%. Repayment of
construction loans on residential properties normally is expected from the sale of units to
individual purchasers, or in the case of individuals building their own property, with a permanent
mortgage. In the case of income-producing property, repayment usually is expected from permanent
financing upon completion of construction. We typically offer the permanent mortgage financing on
our construction loans on income-producing properties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land loans also help finance the purchase of land intended for future development, including
single-family housing, multifamily housing, and commercial property. In some cases, we may make an
acquisition loan before the borrower has received approval to develop the land. In general, the
maximum loan-to-value ratio for a land acquisition loan is 50% of the appraised value of the
property, and the maximum term of these loans is two years. If the maturity of the loan exceeds
two years, the loan must be an amortizing loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction and land loans generally carry higher interest rates and have shorter terms than
one- to four- family residential real estate loans. Construction and land loans have greater
credit risk than long-term financing on improved, owner-occupied real estate. Risk of loss on a
construction loan depends largely upon the accuracy of the initial estimate of the value of the
real estate at completion of construction as compared to the estimated cost (including interest) of
construction and other assumptions. If the estimate of construction costs is inaccurate, we may
decide to advance additional funds beyond the amount originally committed in order to protect the
value of the real estate. However, if the estimated value of the completed project is inaccurate,
the borrower may hold the real estate with a value that is insufficient to assure full repayment of
the construction loan upon its sale. In the event we make a land acquisition loan on real estate
that is not yet approved for the planned development, there is a risk that approvals will not be
granted or will be delayed. Construction loans also expose us to a risk that improvements will not
be completed on time in accordance with specifications and projected costs. In addition, the
ultimate sale or rental of the real estate may not occur as anticipated and the market value of
collateral, when completed, may be less than the outstanding loans against the real estate.
Substantially all of our construction and land loans are secured by real estate located in our
primary market areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Commercial and Industrial Loans. </I></B>At March&nbsp;31, 2010, commercial and industrial loans totaled
$17.8&nbsp;million, or 2.42% of the total loan portfolio. As of March&nbsp;31, 2010, we had 95 commercial
and industrial loans with an average loan balance of $188,000, although we originate these types of
loans in amounts substantially greater and smaller than this average. At March&nbsp;31, 2010, our
largest commercial and industrial loan had a principal balance of $3.0&nbsp;million and was performing
in accordance with its original contractual terms. At March&nbsp;31, 2010, $14.7
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">million, or 82.6% of our commercial and industrial loans, were secured loans, and the
remaining $3.1&nbsp;million, or 17.4%, were unsecured. The security generally consists of (i)&nbsp;second
mortgages on commercial real estate and (ii)&nbsp;business assets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our commercial and industrial loans typically amortize over 10&nbsp;years with interest rates that
are tied to the prime rate as published in <I>The Wall Street Journal</I>. Margins generally range from
zero basis points to 300 basis points above the prime rate. We also originate, to a lesser extent,
10&nbsp;year fixed-rate, fully amortizing loans. In general, our commercial and industrial loans have
interest rate floors equal to the interest rate on the date the loan is originated and have
prepayment penalties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We make various types of secured and unsecured commercial and industrial loans to customers in
our market area for the purpose of working capital and other general business purposes. The terms
of these loans generally range from less than one year to a maximum of 15&nbsp;years. The loans are
either negotiated on a fixed-rate basis or carry adjustable interest rates indexed to a market rate
index.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial credit decisions are based on our credit assessment of the applicant. We evaluate
the applicant&#146;s ability to repay in accordance with the proposed terms of the loan and assess the
risks involved. Personal guarantees of the principals are typically obtained. In addition to
evaluating the loan applicant&#146;s financial statements, we consider the adequacy of the primary and
secondary sources of repayment for the loan. Credit agency reports of the guarantors&#146; personal
credit history supplement our analysis of the applicant&#146;s creditworthiness. We also attempt to
confirm with other banks and conduct trade investigations as part of our credit assessment of the
borrower. Collateral supporting a secured transaction also is analyzed to determine its
marketability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial loans generally carry higher interest rates than one- to four-
family residential real estate loans of like maturity because they have a higher risk of default
since their repayment generally depends on the successful operation of the borrowers&#146; business.
Commercial and industrial loans have greater credit risk than one- to four- family residential real
estate loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Insurance premium loans. </I></B>At March&nbsp;31, 2010, insurance premium loans totaled $40.0&nbsp;million, or
5.43% of the total loan portfolio. As of March&nbsp;31, 2010, we had 4,517 insurance premium loans with
an average loan balance of $9,000, although we originate these types of loans in amounts
substantially greater and smaller than this average. At March&nbsp;31, 2010, our largest insurance
premium loan had a principal balance of $961,000 and was performing in accordance with its original
contractual terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our insurance premium loans typically amortize over nine to 12&nbsp;months at fixed rates and
typically require a down payment of 15% to 20%. These loans are structured (down payment and
repayment term) such that the unpaid loan balance is generally fully secured by the unearned
premiums refundable by insurance carriers. Insurance premium loan credit decisions generally are
based on our credit assessment of the insurance carrier, and in some instances, the credit
assessment of the borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>One- to Four-Family Residential Real Estate Loans. </I></B>At March&nbsp;31, 2010, we had 554 one- to
four-family residential real estate loans outstanding with an aggregate balance of $90.0&nbsp;million,
or 12.22% of our total loan portfolio. As of March&nbsp;31, 2010, the average balance of one- to
four-family residential mortgage real estate loans was $162,000, although we originate this type of
loan in amounts substantially greater and smaller than this average. At March&nbsp;31, 2010, our largest
loan of this type had a principal balance of $2.4&nbsp;million and was performing in accordance with its
original contractual terms. We expect the balance of these loans to decrease in the future, as we
are currently selling our originations of one- to four-family residential real estate loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One- to four-family residential real estate loans generally are underwritten according to
Freddie Mac guidelines using their proprietary automated underwriting software, and we refer to
loans that conform to such guidelines as &#147;conforming loans.&#148; We generally originate both fixed-
and adjustable-rate loans in amounts up to the maximum conforming loan limits as established by the
Office of Federal Housing Enterprise Oversight, which as of December&nbsp;31, 2009, is generally
$417,000 for single-family homes. We also originate loans above the lending limit for conforming
loans, which are referred to as &#147;jumbo loans.&#148; We originate a limited number of fixed-rate jumbo
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">loans with terms generally up to 15&nbsp;years and adjustable-rate jumbo loans with an initial
fixed-rate period of 10&nbsp;years. We generally underwrite jumbo loans in a manner similar to
conforming loans. These loans generally are eligible for sale to various firms that specialize in
purchasing non-conforming loans. Jumbo loans are common in our market area although we have never
sold jumbo loans to any third parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will originate loans with loan-to-value ratios in excess of 80%, up to and including a
loan-to-value ratio of 95%. We require private mortgage insurance for all loans with loan-to-value
ratios exceeding 80%. Generally, we will retain in our portfolio loans with loan-to-value ratios
up to and including 90%, and sell loans with loan-to-value ratios that exceed 90%. We currently
retain the servicing rights on loans sold which generates fee income, or, in the case of loans
serviced for the State of New York Mortgage Agency, income tax credits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not originate for retention in our portfolio &#147;interest only&#148; mortgage loans on one- to
four-family residential properties, where the borrower pays interest for an initial period and
thereafter the loan converts to a fully amortizing loan. We also do not offer loans that provide
for negative amortization of principal, such as &#147;Option ARM&#148; loans, where the borrower can pay less
than the interest owed on the loan, thereby resulting in an increased principal balance during the
life of the loan. We do not offer, and have not offered, &#147;subprime loans&#148; (loans that generally
target borrowers with weakened credit histories typically characterized by payment delinquencies,
previous charge-offs, judgments, bankruptcies, or borrowers with questionable repayment capacity as
evidenced by low credit scores or high debt-burden ratios).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Home Equity Loans and Lines of Credit. </I></B>At March&nbsp;31, 2010, we had 480 home equity loans and
lines of credit with an aggregate outstanding balance of $28.1&nbsp;million, or 3.82% of our total loan
portfolio. Of this total, there were outstanding home equity lines of credit of $12.8&nbsp;million, or
1.74% of our total loan portfolio. At March&nbsp;31, 2010, the average home equity loans and lines of
credit balance was $59,000 although we originate these types of loans in amounts substantially
greater and lower than this average. At March&nbsp;31, 2010, our largest home equity line of credit was
$1.5&nbsp;million and our largest home equity loan was $331,000, and both were performing in accordance
with their original contractual terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We offer home equity loans and home equity lines of credit that are secured by the borrower&#146;s
primary residence or second home. Home equity lines of credit are variable rate loans tied to the
prime rate as published in <I>The Wall Street Journal, </I>adjusted for a margin, and have a maximum term
of 20&nbsp;years during which time the borrower is required to make principal payments based on a
20-year amortization schedule. Home equity lines generally have interest rate floors and ceilings.
The borrower is permitted to draw against the line during the entire term. Our home equity lines
of credit have a ceiling rate and a floor rate. Our home equity loans typically are fully
amortizing with fixed terms to 20&nbsp;years. Home equity loans and lines of credit generally are
underwritten with the same criteria we use to underwrite fixed-rate, one- to <font style="white-space: nowrap">four-family</font>
residential real estate loans. Home equity loans and lines of credit may be underwritten with a
loan-to-value ratio of 80% when combined with the principal balance of the existing mortgage loan.
We appraise the property securing the loan at the time of the loan application to determine the
value of the property. At the time we close a home equity loan or line of credit, we record a
mortgage to perfect our security interest in the underlying collateral.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Loan Originations, Purchases, Sales, Participations, and Servicing. </I></B>Lending activities are
conducted in all branch locations. All loans we originate for our portfolio are underwritten
pursuant to our policies and procedures. Freddie Mac underwriting standards are utilized for loans
we originate to sell in the secondary market. We may, based on proper approvals, make exceptions
to our policies and procedures. We originate both adjustable-rate and fixed-rate loans. Our
ability to originate fixed- or adjustable-rate loans is dependent on the relative customer demand
for such loans, which is affected by various factors including current market interest rates as
well as anticipated future market interest rates. Our loan origination and sales activity may be
adversely affected by a rising interest rate environment that typically results in decreased loan
demand. A significant portion of our commercial real estate loans and multifamily real estate
loans are generated by referrals from loan brokers, accountants, and other professional contacts.
Most of our one- to four-family residential real estate loans are generated through referrals from
branch personnel. Our home equity loans and lines of credit typically are generated through direct
mail advertisements, newspaper advertisements, and referrals from branch personnel.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We generally retain in our portfolio all adjustable-rate loans we originate, as well as
shorter-term, fixed-rate residential loans (terms of 10&nbsp;years or less). Loans we sell consist
primarily of conforming, longer-term, fixed-rate residential loans. We sold no one- to four-family
residential real estate loans during the three months ended March&nbsp;31, 2010 and we sold $7.4&nbsp;million
of one- to four-family residential real estate loans (generally fixed-rate loans, with terms of 15
years or longer) during the year ended December&nbsp;31, 2009. We had no loans <font style="white-space: nowrap">held-for-sale</font> at March
31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We sell our loans without recourse, except for standard representations and warranties
provided in secondary market transactions. Currently, we retain the servicing rights on all one-
to four-family residential real estate loans we sell. At March&nbsp;31, 2010, we were servicing loans
for others of $71.7&nbsp;million of one- to four-family residential mortgage loans. Historically, the
origination of loans held for sale and related servicing activity has not been material to our
operations. Loan servicing includes collecting and remitting loan payments, accounting for
principal and interest, contacting delinquent borrowers, supervising foreclosures and property
dispositions in the event of unremedied defaults, making certain insurance and tax payments on
behalf of the borrowers and generally administering the loans. We retain a portion of the interest
paid by the borrower on the loans we service as consideration for our servicing activities, or, in
the case of loans serviced for the State of New York Mortgage Agency, we receive an income tax
credit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the fourth quarter of 2009, we purchased approximately $35.4&nbsp;million in insurance
premium loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Loan Approval Procedures and Authority</I></B>. Northfield Bank&#146;s lending activities follow written,
non-discriminatory underwriting standards established by our board of directors. The loan approval
process is intended to assess the borrower&#146;s ability to repay the loan and the value of any
collateral that will secure the loan. To assess the borrower&#146;s ability to repay, we review the
borrower&#146;s employment and credit history, and information on the historical and projected income
and expenses of the borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In underwriting a loan secured by real property, we require an appraisal of the property by an
independent licensed appraiser approved by our board of directors. The appraisal is subject to
review by an independent third party we hire. We review and inspect properties before disbursement
of funds during the term of a construction loan. Generally, management obtains updated appraisals
when a loan is deemed impaired. These appraisals may be more limited than those prepared for the
underwriting of a new loan. In addition, when we acquire other real estate owned, we generally
obtain a current appraisal to substantiate the net carrying value of the asset.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of Northfield Bank has established a loan committee to: periodically
review and recommend for approval our policies related to lending (collectively, the &#147;loan
policies&#148;) as prepared by management; approve or reject loans meeting certain criteria; and monitor
loan quality, including concentrations, and certain other aspects of our lending functions, as
applicable. Northfield Bank&#146;s lending officers have individual lending authority that is approved
by the board of directors. Aggregate lending relationships in amounts up to $1.0&nbsp;million that are
secured by real estate can be approved by a senior vice president, while aggregate amounts up to
$1.5&nbsp;million that are secured by real estate can be approved by a senior vice president with the
concurrence of our Chief Lending Officer, and aggregate amounts up to $2.5&nbsp;million that are secured
by real estate can be approved by a senior vice president with the concurrence of our Chief Lending
Officer and our Chief Executive Officer. Approval of the loan committee is required for all
commercial real estate loans in excess of $2.5&nbsp;million and for all multi-family real estate loans
in excess of $4.0&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We conduct investment transactions in accordance with our board approved investment policy
which is reviewed at least annually by the asset liability committee, and any changes to the policy
are subject to ratification by the full board of directors. This policy dictates that investment
decisions give consideration to the safety of the investment, liquidity requirements, potential
returns, the ability to provide collateral for pledging requirements, and consistency with our
interest rate risk management strategy. Any two of our Treasurer, Chief Executive Officer, Chief
Financial Officer and our other two executive vice presidents may approve securities portfolio
transactions, within policy requirements. NSB Services Corp.&#146;s and NSB Realty Trust&#146;s investment
officers execute security
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">portfolio transactions in accordance with investment policies that substantially mirror our
investment policy. All purchase and sale transactions are reviewed by the asset liability
committee at least quarterly.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our current investment policy permits investments in mortgage-backed securities, including
pass-through securities and real estate mortgage investment conduits (&#147;REMICs&#148;). The investment
policy also permits, with certain limitations, investments in debt securities issued by the United
States Government, agencies of the United States Government or United States Government-sponsored
enterprises (GSEs), <font style="white-space: nowrap">asset-backed</font> securities, money market mutual funds, federal funds, investment
grade corporate bonds, reverse repurchase agreements, and certificates of deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank&#146;s investment policy does not permit investment in municipal bonds, preferred
and common stock of other entities including U.S. Government sponsored enterprises or equity
securities other than our required investment in the common stock of the Federal Home Loan Bank of
New York, or as permitted for community reinvestment purposes or for the purposes of funding our
deferred compensation plan. Northfield-Federal may invest in equity securities of other financial
institutions up to certain limitations. As of March&nbsp;31, 2010, we held no asset-backed securities
other than mortgage-backed securities. Our board of directors may change these limitations in the
future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our current investment policy does not permit hedging through the use of such instruments as
financial futures, interest rate options, and swaps.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the time of purchase, we must designate a security as either <font style="white-space: nowrap">held-to-maturity</font>,
available-for-sale, or trading, based upon our ability and intent to hold such securities. Trading
securities and securities available-for-sale are reported at estimated fair value, and securities
<font style="white-space: nowrap">held-to-maturity</font> are reported at amortized cost. A periodic review and evaluation of the
available-for-sale and held-to-maturity securities portfolios is conducted to determine if the
estimated fair value of any security has declined below its carrying value and whether such
impairment is <font style="white-space: nowrap">other-than-temporary</font>. If such impairment is deemed to be other-than-temporary, the
security is written down to a new cost basis and the resulting loss is charged against earnings.
The estimated fair values of our securities are obtained from an independent nationally recognized
pricing service (see &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations&#151;Critical Accounting Policies&#148; for further discussion). At March&nbsp;31, 2010, our
investment portfolio consisted primarily of mortgage-backed securities guaranteed by GSEs and to a
lesser extent private label mortgage-backed securities, mutual funds, corporate securities, and
agency bonds. The market for these securities consists primarily of other financial institutions,
insurance companies, real estate investment trusts, and mutual funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We purchase mortgage-backed securities insured or guaranteed primarily by Fannie Mae, Freddie
Mac, or Ginnie Mae, and to a lesser extent, we acquire securities issued by private companies
(private label). We invest in mortgage-backed securities to achieve positive interest rate spreads
with minimal administrative expense, and to lower our credit risk as a result of the guarantees
provided by Fannie Mae, Freddie Mac, or Ginnie Mae. In September&nbsp;2008, the Federal Housing Finance
Agency placed Freddie Mac and Fannie Mae into conservatorship. The U.S. Treasury Department has
established financing agreements to ensure that Freddie Mac and Fannie Mae meet their obligations
to holders of mortgage-backed securities that they have issued or guaranteed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities are securities sold in the secondary market that are collateralized
by pools of mortgages. Certain types of mortgage-backed securities are commonly referred to as
&#147;pass-through&#148; certificates because the principal and interest of the underlying loans is &#147;passed
through&#148; pro rata to investors, net of certain costs, including servicing and guarantee fees, in
proportion to an investor&#146;s ownership in the entire pool. The issuers of such securities pool
mortgages and resell the participation interests in the form of securities to investors. The
interest rate of the security is lower than the interest rates of the underlying loans to allow for
payment of servicing and guaranty fees. Ginnie Mae, a United States Government agency, and GSEs,
such as Fannie Mae and Freddie Mac, may guarantee the payments or guarantee the timely payment of
principal and interest to investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities are more liquid than individual mortgage loans since there is a
more active market for such securities. In addition, mortgage-backed securities may be used to
collateralize our specific
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">liabilities and obligations. Investments in mortgage-backed securities issued or guaranteed
by GSEs involve a risk that actual payments will be greater or less than estimated at the time of
purchase, which may require adjustments to the amortization of any premium or accretion of any
discount relating to such interests, thereby affecting the net yield on our securities. We
periodically review current prepayment speeds to determine whether prepayment estimates require
modification that could cause adjustment of amortization or accretion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We invest in certain mortgage-backed securities (which we refer to as REMICs) that are issued
by special-purpose entities that aggregate pools of mortgages and mortgage-backed securities and
create different classes of securities with varying maturities and amortization schedules, as well
as a residual interest, with each class possessing different risk characteristics. The cash flows
from the underlying collateral are generally divided into &#147;tranches&#148; or classes that have
descending priorities with respect to the distribution of principal and interest cash flows, while
cash flows on pass-through mortgage-backed securities are distributed pro rata to all security
holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The timely payment of principal and interest on these REMICs is generally supported (credit
enhanced) in varying degrees by either insurance issued by a financial guarantee insurer, letters
of credit, over collateralization, or subordination techniques. Substantially all of these
securities are rated &#147;AAA&#148; by Standard &#038; Poors or Moodys at the time of purchase. Privately issued
REMICs and pass-throughs can be subject to certain credit-related risks normally not associated
with U.S. Government agency and U.S. Government-sponsored enterprise <font style="white-space: nowrap">mortgage-backed</font> securities.
The loss protection generally provided by the various forms of credit enhancements is limited, and
losses in excess of certain levels are not protected. Furthermore, the credit enhancement itself
may be subject to the creditworthiness of the credit enhancer. Thus, in the event a credit
enhancer does not fulfill its obligations, the holder could be subject to risk of loss similar to a
purchaser of a whole loan pool. Management believes that the credit enhancements are adequate to
protect us from material losses on our privately issued mortgage-backed securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March&nbsp;31, 2010, our corporate bond portfolio consisted of $136.7&nbsp;million of short-term
investment grade securities. Our investment policy provides that we may invest up to 15% of our
tier-one risk-based capital in corporate bonds from individual issuers which, at the time of
purchase, are within the three highest investment-grade ratings from Standard &#038; Poors or Moodys.
The maturity of these bonds may not exceed 10&nbsp;years, and there is no aggregate limit for this
security type. Corporate bonds from individual issuers with investment-grade ratings, at the time
of purchase, below the top three ratings are limited to the lesser of 1% of our total assets or 15%
of our tier-one risk-based capital and must have a maturity of less than one year. Aggregate
holdings of this security type cannot exceed 5% of our total assets. Bonds that subsequently
experience a decline in credit rating below investment grade are monitored at least monthly.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables set forth the amortized cost and estimated fair value of our
available-for-sale and held-to-maturity securities portfolios (excluding Federal Home Loan Bank of
New York common stock) at the dates indicated. As of March&nbsp;31, 2010 and December&nbsp;31, 2009, 2008,
and 2007, we also had a trading portfolio with a market value of $3.7&nbsp;million, $3.4&nbsp;million, $2.5
million and $3.6&nbsp;million, respectively, consisting of mutual funds quoted in actively traded
markets. These securities are utilized to fund non-qualified deferred compensation obligations.
</DIV>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 0px solid #000000"><B>At March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22" style="border-bottom: 1px solid #000000"><B>At December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
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    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
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    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
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    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost</B></TD>
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    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(In thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Securities available-for-sale:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage-backed securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Pass-through certificates:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:75px; text-indent:-15px">GSEs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">366,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">381,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">404,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">418,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">532,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">546,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">491,758</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">486,562</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Non-GSEs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,867</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">REMICs:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:75px; text-indent:-15px">GSEs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">344,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">349,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">245,492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171,709</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171,207</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Non-GSEs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,756</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,446</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,522</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity investments (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,412</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">GSE bonds bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporate bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,247</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total securities
available-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,189,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,216,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,110,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,131,803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">957,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">957,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">808,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">802,817</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Consists of mutual funds.</TD>
</TR>

</TABLE>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 0px solid #000000"><B>At March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22" style="border-bottom: 1px solid #000000"><B>At December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="30"><B>(In thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Securities held-to-maturity:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage-backed securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Pass-through certificates:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:75px; text-indent:-15px">GSEs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">869</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,320</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">REMICs:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:75px; text-indent:-15px">GSEs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,029</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total securities
held-to-maturity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,588</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,440</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the amortized cost and estimated fair value of securities
investments as of March&nbsp;31, 2010 that exceeded 10% of our stockholders&#146; equity as of that date.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>At March 31, 2010</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amortized Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Estimated Fair Value</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>(In thousands)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage-backed securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fannie Mae</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">290,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">301,421</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Freddie Mac</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">449,858</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">458,537</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">JP Morgan Chase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">60,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">61,882</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Direct obligations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fannie Mae</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">59,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">60,137</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Federal Home Loan Bank of New York</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">41,619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">41,449</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->97<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Portfolio Maturities and Yields. </I></B>The composition and maturities of the investment
securities portfolio at March&nbsp;31, 2010, are summarized in the following table. Maturities are
based on the final contractual payment dates, and do not reflect the effect of scheduled principal
repayments, prepayments, or early redemptions that may occur. All of our securities at March&nbsp;31,
2010, were taxable securities.
</DIV>
<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>More than One Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>More than Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>One Year or Less</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>through Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>through Ten Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>More than Ten Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Yield</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Yield</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Yield</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Yield</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Yield</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="42"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Securities available-for-sale:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage-backed securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Pass-through certificates:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">GSEs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">126,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">179,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.47</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">60,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.92</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">366,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">381,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.45</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Non-GSEs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,543</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.04</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.14</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">REMICs:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">GSEs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.47</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.86</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.81</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.45</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Non-GSEs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.96</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.52</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.54</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.37</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.37</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">GSE bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.35</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporate bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.85</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.80</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.81</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:52px; text-indent:-15px">Total securities
available-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">563,034</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.02</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">360,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.71</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">233,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,189,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,216,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.60</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Securities held-to-maturity:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage-backed securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Pass-through certificates:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">GSEs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">869</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.36</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">869</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.36</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">REMICs:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.78</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.78</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:52px; text-indent:-15px">Total securities
held-to-maturity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->98<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sources of Funds</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>General. </I></B>Deposits traditionally have been our primary source of funds for our investment and
lending activities. We also borrow from the Federal Home Loan Bank of New York and other financial
institutions to supplement cash flow needs, to lengthen the maturities of liabilities for interest
rate risk management purposes, and to manage our cost of funds. Our additional sources of funds
are the proceeds of loan sales, scheduled loan payments, maturing investments, loan prepayments,
and retained income on other earning assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Deposits. </I></B>We accept deposits primarily from the areas in which our offices are located. We
rely on our convenient locations, customer service, and competitive products and pricing to attract
and retain deposits. We offer a variety of deposit accounts with a range of interest rates and
terms. Our deposit accounts consist of transaction accounts (NOW and non-interest bearing checking
accounts), savings accounts (money market, passbook, and statement savings), and certificates of
deposit, including individual retirement accounts. We accept brokered deposits (through the CDARS
program) on a limited basis. At March&nbsp;31, 2010, we had brokered certificates of deposit totaling
$136.7&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rates offered generally are established weekly, while maturity terms, service fees,
and withdrawal penalties are reviewed on a periodic basis. Deposit rates and terms are based
primarily on current operating strategies and market interest rates, liquidity requirements, and
our deposit growth goals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March&nbsp;31, 2010, we had a total of $626.2&nbsp;million in certificates of deposit, of which
$525.5&nbsp;million had remaining maturities of one year or less. Based on our experience and current
pricing strategy, we believe we will retain a significant portion of these accounts at maturity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables set forth the distribution of our average total deposit accounts, by
account type, for the periods indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22" style="border-bottom: 1px solid #000000"><B>For the Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-interest bearing demand</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">109,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">94,185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.83</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NOW</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Money market accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208,181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Savings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">364,281</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">356,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certificates of deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">588,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">448,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,335,815</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,066,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.88</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22" style="border-bottom: 1px solid #000000"><B>For the Year Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-interest bearing demand</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">99,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">94,499</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.41</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NOW</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Money market accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157,620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,444</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Savings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">357,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">317,426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certificates of deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">509,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,176,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.55</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">907,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.04</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->99<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>For the Year Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>December 31, 2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-interest bearing demand</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">96,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.57</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NOW</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Money market accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Savings accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">401,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certificates of deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">464,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,011,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.35</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2010, the aggregate amount of our outstanding certificates of deposit in
amounts equal to $100,000 or more was $339.8&nbsp;million. The following table sets forth the maturity
of these certificates at March&nbsp;31, 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>At</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>March 31, 2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(In thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Three months or less</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">189,950</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Over three months through six months</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,494</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Over six months through one year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,072</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Over one year to three years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,610</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Over three years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,678</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">339,804</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Borrowings. </I></B>Our borrowings consist primarily of securities sold under agreements to
repurchase (repurchase agreements) with third party financial institutions, as well as advances
from the Federal Home Loan Bank of New York, and the Federal Reserve Bank. As of March&nbsp;31, 2010,
our repurchase agreements totaled $244.7&nbsp;million, or 14.38% of total liabilities, our capitalized
lease obligations totaled $2.1&nbsp;million, or 0.12% of total liabilities, and our Federal Home Loan
Bank advances totaled $46.3&nbsp;million, or 2.72% of total liabilities. At March&nbsp;31, 2010, we had the
ability to borrow an additional $200&nbsp;million under our existing credit facilities with the Federal
Home Loan Bank of New York. Repurchase agreements are primarily secured by mortgage-backed
securities. Advances from the Federal Home Loan Bank of New York are secured by our investment in
the common stock of the Federal Home Loan Bank of New York as well by pledged mortgage-backed
securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information concerning balances and interest rates on our
borrowings at and for the periods indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>At or For the Three Months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>At or For the Years Ended December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>(Dollars in thousands)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">293,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">281,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">279,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">332,084</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">124,420</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average balance during period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">311,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">304,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">297,365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">277,227</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">127,926</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maximum outstanding at any month end</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">336,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">323,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">345,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">382,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">156,459</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average interest rate at end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.45</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.67</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.63</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.70</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.12</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average interest rate during period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.26</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.68</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.62</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.51</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.97</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Employees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2010, we had 204 full-time employees and 33 part-time employees. Our
employees are not represented by any collective bargaining group. Management believes that we have
a good working relationship with our employees.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->100<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Subsidiary Activities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Federal owns 100% of Northfield Investment, Inc., an inactive New Jersey investment
company, and 100% of Northfield Bank. Northfield Bank owns 100% of NSB Services Corp., a Delaware
corporation, which in turn owns 100% of the voting common stock of NSB Realty Trust. NSB Realty
Trust is a Maryland real estate investment trust that holds mortgage loans, mortgage-backed
securities and other investments. These entities enable us to segregate certain assets for
management purposes, and promote our ability to raise regulatory capital in the future through the
sale of preferred stock or other capital-enhancing securities or borrow against assets or stock of
these entities for liquidity purposes. At March&nbsp;31, 2010, Northfield Bank&#146;s investment in NSB
Services Corp. was $580.6&nbsp;million, and NSB Services Corp. had assets of $580.8&nbsp;million and
liabilities of $141,000 at that date. At March&nbsp;31, 2010, NSB Services Corp.&#146;s investment in NSB
Realty Trust was $584.9&nbsp;million, and NSB Realty Trust had $584.9&nbsp;million in assets, and liabilities
of $24,000 at that date. NSB Insurance Agency, Inc. is a New York corporation that receives
nominal commissions from the sale of life insurance by employees of Northfield Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Legal Proceedings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the normal course of business, we may be party to various outstanding legal proceedings and
claims. In the opinion of management, the consolidated financial statements will not be materially
affected by the outcome of such legal proceedings and claims as of March&nbsp;31, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Expense and Tax Allocation Agreements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank will enter into an agreement with Northfield-Delaware to provide it with
certain administrative support services, whereby Northfield Bank will be compensated at not less
than the fair market value of the services provided. In addition, Northfield Bank and
Northfield-Delaware will enter into an agreement to establish a method for allocating and for
reimbursing the payment of their consolidated tax liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Properties</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We operate from our home office in Staten Island, New York, our operations center located at
581 Main Street, Woodbridge, New Jersey, and our additional 17 branch offices located in New York
and New Jersey. Our branch offices are located in the New York Counties of Richmond, and Kings and
the New Jersey Counties of Middlesex and Union. We also have a customer service center in
Lawrenceville, Georgia related to insurance premium financing. The net book value of our premises,
land, and equipment was $13.1&nbsp;million at March&nbsp;31, 2010.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->101<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information with respect to our full-service banking offices
and our loan centers, including the expiration date of leases with respect to leased facilities.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avenel
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bay Ridge
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bay Street</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1410 St. Georges Ave.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8512 Third Ave.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">385 Bay St.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avenel, New Jersey 07001
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brooklyn, New York 11209
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Staten Island, New York 10301</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3/31/2035
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10/31/2025
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1/31/2027</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bulls Head
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Castleton Corners
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">East Brunswick</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1497 Richmond Ave.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Northfield Bank main office)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">755 State Highway 18</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Staten Island, New York 10314
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1731 Victory Blvd.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">East Brunswick, New Jersey 08816</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3/31/2037
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Staten Island, New York 10314
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6/30/2013</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Eltingville
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Forest Avenue Shoppers Town
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Greenridge</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4355 Amboy Rd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1481 Forest Ave.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3227 Richmond Ave.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Staten Island, New York 10312
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Staten Island, New York 10302
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Staten Island, New York 10312</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7/5/2018
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11/5/2016
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12/31/2015</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Linden
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Milltown
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monroe Township</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">501 N. Wood Ave.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">336 Ryders Lane
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1600 Perrineville Rd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Linden, New Jersey 07036
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Milltown, New Jersey 08850
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monroe, New Jersey 08831</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3/1/2029
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9/30/2040
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3/1/2024</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">New Dorp Shopping Center
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pathmark Shopping Mall
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pleasant Plains</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2706 Hylan Blvd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1351 Forest Ave.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6420 Amboy Rd.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Staten Island, New York 10306
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Staten Island, New York 10302
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Staten Island, New York 10309</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9/30/2010
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10/21/2016
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5/31/2032</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Prince&#146;s Bay
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rahway
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">West Brighton</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5775 Amboy Rd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1515 Irving St.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">519 Forest Ave.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Staten Island, New York 10309
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rahway, New Jersey 07065
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Staten Island, New York 10310</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6/30/2056</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Commercial Loan Center
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Woodbridge
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Premium Finance Loan Center</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8517 Fourth Ave., 2<SUP style="FONT-size: 85%; vertical-align: text-top">nd</SUP> Floor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(corporate headquarters)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3169 Holcomb Bridge Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brooklyn, New York 11209
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">581 Main St.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Norcross, Georgia 30071</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9/30/2013
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Woodbridge, New Jersey 07095
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4/30/2012</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6/30/2018</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left">
<A name="148"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUPERVISION AND REGULATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank is examined and supervised by the Office of Thrift Supervision and is subject
to examination by the Federal Deposit Insurance Corporation. This regulation and supervision
establishes a comprehensive framework of activities in which an institution may engage and is
intended primarily for the protection of the Federal Deposit Insurance Corporation&#146;s deposit
insurance fund and depositors. Under this system of federal regulation, financial institutions are
periodically examined to ensure that they satisfy applicable standards with respect to their
capital adequacy, assets, management, earnings, liquidity and sensitivity to market interest rates.
Following completion of its examination, the federal agency critiques the institution&#146;s operations
and assigns its rating (known as an institution&#146;s CAMELS rating). Under federal law, an
institution may not disclose its CAMELS rating to the public. Northfield Bank also is a member of
and owns stock in the Federal Home Loan Bank of New York, which is one of the twelve regional banks
in the Federal Home Loan Bank System. Northfield Bank is also regulated to a lesser extent by the
Board of Governors of the Federal Reserve System, governing reserves to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->102<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">be maintained against deposits and other matters. The Office of Thrift Supervision examines
Northfield Bank and prepares reports for the consideration of its board of directors on any
operating deficiencies. Northfield Bank&#146;s relationship with its depositors and borrowers is also
regulated to a great extent by federal law and, to a much lesser extent, state law, especially in
matters concerning the ownership of deposit accounts and the form and content of Northfield Bank&#146;s
mortgage documents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any change in these laws or regulations, whether by the Federal Deposit Insurance Corporation,
the Office of Thrift Supervision or Congress, could have a material adverse impact on
Northfield-Delaware and Northfield Bank and their operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a savings and loan holding company following the conversion, Northfield-Delaware will be
required to comply with the rules and regulations of the Office of Thrift Supervision, and will be
required to file certain reports with and will be subject to examination by the Office of Thrift
Supervision. Northfield-Delaware will also be subject to the rules and regulations of the
Securities and Exchange Commission under the federal securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is a brief description of certain regulatory requirements that are or will be
applicable to Northfield-Delaware and Northfield Bank. The description below is limited to certain
material aspects of the statutes and regulations addressed, and is not intended to be a complete
description of such statutes and regulations and their effects on Northfield-Delaware and
Northfield Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Proposed Federal Legislation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legislation has been introduced in Congress that would implement sweeping changes to the
current bank regulatory structure. The most recent bill passed by the U.S. Senate would eliminate
our current primary federal regulator, the Office of Thrift Supervision, and require Northfield
Bank to be regulated by the Office of the Comptroller of the Currency (the primary federal
regulator for national banks). The Senate bill also provides that the Board of Governors of the
Federal Reserve System would be responsible for supervising and regulating savings and loan holding
companies like Northfield-Delaware, in addition to bank holding companies which it currently
regulates. If the Federal Reserve Board&#146;s current regulations applied to savings and loan holding
companies like Northfield-Delaware, Northfield-Delaware would become subject to bank holding
company capital requirements to which it is not currently subject. These capital requirements are
substantially similar to the capital requirements currently applicable to Northfield Bank, as
described in &#147;&#151;Federal Banking Regulation&#151;Capital Requirements.&#148; The Senate bill also requires the
bank regulators to set minimum capital levels for holding companies that are as strong as those
required for the insured depository subsidiaries, but the components of Tier 1 capital would be
restricted to capital instruments that are currently considered to be Tier 1 capital for insured
depository institutions. This would effectively eliminate the ability of bank holding companies to
include trust preferred securities or subordinated debt as Tier 1 capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proposed legislation would also create a new Consumer Financial Protection Bureau with
broad powers to supervise and enforce consumer protection laws. The Consumer Financial Protection
Bureau would have broad rule-making authority for a wide range of consumer protection laws that
would apply to all banks and savings institutions such as Northfield Bank, including the authority
to prohibit &#147;unfair, deceptive or abusive&#148; acts and practices. The Consumer Financial Protection
Bureau would have examination and enforcement authority over all banks and savings institutions
with more than $10&nbsp;billion in assets. Under the Senate bill, banks and savings institutions with
$10&nbsp;billion or less in assets would be examined by their applicable bank regulators. The new
legislation would also weaken the federal preemption available for national banks and federal
savings associations, and would give state attorneys general the ability to enforce applicable
consumer laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proposed legislation would also broaden the base for Federal Deposit Insurance Corporation
insurance assessments to be the average consolidated total assets less tangible equity capital of a
financial institution, and restrict bank proprietary trading in securities. Lastly, the proposed
legislation would increase stockholder influence over boards of directors by requiring companies to
give stockholders a non-binding vote on executive compensation, and allow stockholders to nominate
their own candidates using a company&#146;s proxy ballots. Public companies would also be required to
adopt majority voting for the election of directors, and the Federal Reserve Board would be
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->103<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">directed to promulgate rules prohibiting excessive compensation paid to bank holding company
executives, regardless of whether the company is publicly traded or not.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Federal Banking Regulation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Business Activities. </I></B>A federal savings bank derives its lending and investment powers from
the Home Owners&#146; Loan Act, as amended, and the regulations of the Office of Thrift Supervision.
Under these laws and regulations, Northfield Bank may invest in mortgage loans secured by
residential and nonresidential real estate, commercial business loans and consumer loans, certain
types of debt securities and certain other assets, subject to applicable limits. Northfield Bank
also may establish subsidiaries that may engage in activities not otherwise permissible for
Northfield Bank, including real estate investment and securities and insurance brokerage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Capital Requirements. </I></B>Office of Thrift Supervision regulations require savings banks to meet
three minimum capital standards: a 1.5% tangible capital ratio, a 4% leverage ratio (3% for savings
banks receiving the highest rating on the CAMELS rating system) and an 8% risk-based capital ratio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The risk-based capital standard for savings banks requires the maintenance of Tier 1 (core)
and total capital (which is defined as core capital and supplementary capital) to risk-weighted
assets of at least 4% and 8%, respectively. In determining the amount of risk-weighted assets, all
assets, including certain off-balance sheet assets, are multiplied by a risk-weight factor of 0% to
100%, assigned by the Office of Thrift Supervision, based on the risks believed inherent in the
type of asset. Core capital is defined as common stockholders&#146; equity (including retained
earnings), certain noncumulative perpetual preferred stock and related surplus and minority
interests in equity accounts of consolidated subsidiaries, less intangibles other than certain
mortgage servicing rights and credit card relationships. The components of supplementary capital
currently include cumulative preferred stock, long-term perpetual preferred stock, mandatory
convertible securities, subordinated debt and intermediate preferred stock, the allowance for loan
and lease losses limited to a maximum of 1.25% of risk-weighted assets and up to 45% of net
unrealized gains on available-for-sale equity securities with readily determinable fair values.
Overall, the amount of supplementary capital included as part of total capital cannot exceed 100%
of core capital. Additionally, a savings bank that retains credit risk in connection with an asset
sale may be required to maintain additional regulatory capital because of the purchaser&#146;s recourse
to the savings bank. Northfield Bank does not typically engage in asset sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March&nbsp;31, 2010, Northfield Bank&#146;s capital exceeded all applicable requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Loans-to-One Borrower. </I></B>Generally, a federal savings bank may not make a loan or extend credit
to a single or related group of borrowers in excess of 15% of unimpaired capital and surplus. An
additional amount may be loaned, equal to 10% of unimpaired capital and surplus, if the loan is
secured by readily marketable collateral, which generally does not include real estate. As of
March&nbsp;31, 2010, Northfield Bank was in compliance with the loans-to-one borrower limitations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Qualified Thrift Lender Test. </I></B>As a federal savings bank, Northfield Bank must satisfy the
qualified thrift lender, or &#147;QTL,&#148; test. Under the QTL test, Northfield Bank must maintain at
least 65% of its &#147;portfolio assets&#148; in &#147;qualified thrift investments&#148; in at least nine months of
the most recent 12&nbsp;months. &#147;Portfolio assets&#148; generally means total assets of a savings
institution, less the sum of specified liquid assets up to 20% of total assets, goodwill and other
intangible assets, and the value of property used in the conduct of the savings bank&#146;s business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Qualified thrift investments&#148; include various types of loans made for residential and housing
purposes, investments related to such purposes, including certain mortgage-backed and related
securities, and loans for personal, family, household and certain other purposes up to a limit of
20% of portfolio assets. &#147;Qualified thrift investments&#148; also include 100% of an institution&#146;s
credit card loans, education loans and small business loans. Northfield Bank also may satisfy the
QTL test by qualifying as a &#147;domestic building and loan association&#148; as defined in the Internal
Revenue Code.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->104<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A savings bank that fails the qualified thrift lender test must either convert to a bank
charter or operate under specified restrictions. At March&nbsp;31, 2010, Northfield Bank held 75.1% of
its &#147;portfolio assets&#148; in &#147;qualified thrift investments,&#148; and satisfied this test.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Capital Distributions. </I></B>Office of Thrift Supervision regulations govern capital distributions
by a federal savings bank, which include cash dividends, stock repurchases and other transactions
charged to the capital account. A savings bank must file an application for approval of a capital
distribution if:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the total capital distributions for the applicable calendar year exceed the sum of
the savings bank&#146;s net income for that year to date plus the savings bank&#146;s retained
net income for the preceding two years;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the savings bank would not be at least adequately capitalized following the
distribution;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the distribution would violate any applicable statute, regulation, agreement or
Office of Thrift Supervision-imposed condition; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the savings bank is not eligible for expedited treatment of its filings.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Even if an application is not otherwise required, every savings bank that is a subsidiary of a
holding company must still file a notice with the Office of Thrift Supervision at least 30&nbsp;days
before the board of directors declares a dividend or approves a capital distribution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Office of Thrift Supervision may disapprove a notice or application if:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the savings bank would be undercapitalized following the distribution;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the proposed capital distribution raises safety and soundness concerns; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the capital distribution would violate a prohibition contained in any statute,
regulation or agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Federal Deposit Insurance Act provides that an insured depository institution
may not make any capital distribution, if after making such distribution the institution would be
undercapitalized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Liquidity. </I></B>A federal savings bank is required to maintain a sufficient amount of liquid
assets to ensure its safe and sound operation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Community Reinvestment Act and Fair Lending Laws. </I></B>All savings banks have a responsibility
under the Community Reinvestment Act and related regulations of the Office of Thrift Supervision to
help meet the credit needs of their communities, including low- and <font style="white-space: nowrap">moderate-income</font> neighborhoods.
In connection with its examination of a federal savings bank, the Office of Thrift Supervision is
required to assess the association&#146;s record of compliance with the Community Reinvestment Act. In
addition, the Equal Credit Opportunity Act and the Fair Housing Act prohibit lenders from
discriminating in their lending practices on the basis of characteristics specified in those
statutes. An association&#146;s failure to comply with the provisions of the Community Reinvestment Act
could, at a minimum, result in denial of certain corporate applications such as branches or
mergers, or in restrictions on its activities. The failure to comply with the Equal Credit
Opportunity Act and the Fair Housing Act could result in enforcement actions by the Office of
Thrift Supervision, as well as other federal regulatory agencies and the Department of Justice.
Northfield Bank received a &#147;satisfactory&#148; Community Reinvestment Act rating in its most recent
federal examination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Transactions with Related Parties. </I></B>A federal savings bank&#146;s authority to engage in
transactions with its affiliates is limited by Office of Thrift Supervision regulations and by
Sections&nbsp;23A and 23B of the Federal Reserve Act and its implementing Regulation&nbsp;W. An affiliate is
a company that controls, is controlled by, or is under
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">common control with an insured depository institution such as Northfield Bank.
Northfield-Delaware will be an affiliate of Northfield Bank. In general, loan transactions between
an insured depository institution and its affiliate are subject to certain quantitative and
collateral requirements. In this regard, transactions between an insured depository institution
and its affiliate are limited to 10% of the institution&#146;s unimpaired capital and unimpaired surplus
for transactions with any one affiliate and 20% of unimpaired capital and unimpaired surplus for
transactions in the aggregate with all affiliates. Collateral in specified amounts ranging from
100% to 130% of the amount of the transaction must usually be provided by affiliates in order to
receive loans from the association. In addition, Office of Thrift Supervision regulations prohibit
a savings bank from lending to any of its affiliates that are engaged in activities that are not
permissible for bank holding companies and from purchasing the securities of any affiliate, other
than a subsidiary. Finally, transactions with affiliates must be consistent with safe and sound
banking practices, not involve low-quality assets and be on terms that are as favorable to the
institution as comparable transactions with non-affiliates. The Office of Thrift Supervision
requires savings banks to maintain detailed records of all transactions with affiliates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank&#146;s authority to extend credit to its directors, executive officers and 10%
stockholders, as well as to entities controlled by such persons, is currently governed by the
requirements of Sections 22(g) and 22(h) of the Federal Reserve Act and Regulation&nbsp;O of the Federal
Reserve Board. Among other things, these provisions require that extensions of credit to insiders
(i)&nbsp;be made on terms that are substantially the same as, and follow credit underwriting procedures
that are not less stringent than, those prevailing for comparable transactions with unaffiliated
persons and that do not involve more than the normal risk of repayment or present other unfavorable
features, and (ii)&nbsp;not exceed certain limitations on the amount of credit extended to such persons,
individually and in the aggregate, which limits are based, in part, on the amount of Northfield
Bank&#146;s capital. In addition, extensions of credit in excess of certain limits must be approved by
Northfield Bank&#146;s board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Enforcement. </I></B>The Office of Thrift Supervision has primary enforcement responsibility over
federal savings institutions and has the authority to bring enforcement action against all
&#147;institution-affiliated parties,&#148; including stockholders, and attorneys, appraisers and accountants
who knowingly or recklessly participate in wrongful action likely to have an adverse effect on an
insured institution. Formal enforcement action by the Office of Thrift Supervision may range from
the issuance of a capital directive or cease and desist order, to removal of officers and/or
directors of the institution and the appointment of a receiver or conservator. Civil penalties
cover a wide range of violations and actions, and range up to $25,000 per day, unless a finding of
reckless disregard is made, in which case penalties may be as high as $1&nbsp;million per day. The
Federal Deposit Insurance Corporation also has the authority to terminate deposit insurance or to
recommend to the Director of the Office of Thrift Supervision that enforcement action be taken with
respect to a particular savings institution. If action is not taken by the Director, the Federal
Deposit Insurance Corporation has authority to take action under specified circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Standards for Safety and Soundness. </I></B>Federal law requires each federal banking agency to
prescribe certain standards for all insured depository institutions. These standards relate to,
among other things, internal controls, information systems and audit systems, loan documentation,
credit underwriting, interest rate risk exposure, asset growth, compensation, and other operational
and managerial standards as the agency deems appropriate. The federal banking agencies adopted
Interagency Guidelines Prescribing Standards for Safety and Soundness to implement the safety and
soundness standards required under federal law. The guidelines set forth the safety and soundness
standards that the federal banking agencies use to identify and address problems at insured
depository institutions before capital becomes impaired. The guidelines address internal controls
and information systems, internal audit systems, credit underwriting, loan documentation, interest
rate risk exposure, asset growth, compensation, fees and benefits. If the appropriate federal
banking agency determines that an institution fails to meet any standard prescribed by the
guidelines, the agency may require the institution to submit to the agency an acceptable plan to
achieve compliance with the standard. If an institution fails to meet these standards, the
appropriate federal banking agency may require the institution to submit a compliance plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Prompt Corrective Action Regulations</I></B><B>. </B>Under the prompt corrective action regulations, the
Office of Thrift Supervision is required and authorized to take supervisory actions against
undercapitalized savings banks. For this purpose, a savings bank is placed in one of the following
five categories based on the savings bank&#146;s capital:
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>well-capitalized (at least 5% leverage capital, 6% Tier 1 risk-based capital and 10%
total risk-based capital);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adequately capitalized (at least 4% leverage capital (3% for savings banks with a
composite examination rating of 1), 4% Tier 1 <font style="white-space: nowrap">risk-based</font> capital and 8% total
risk-based capital);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>undercapitalized (less than 4% leverage capital (3% for savings banks with a
composite examination rating of 1), 4% Tier 1 risk-based capital or 3% leverage
capital);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>significantly undercapitalized (less than 6% total risk-based capital, 3% Tier 1
risk-based capital or 3% leverage capital); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>critically undercapitalized (less than 2% tangible capital).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, the Office of Thrift Supervision is required to appoint a receiver or conservator
for a savings bank that is &#147;critically undercapitalized&#148; within specific time frames. The
regulations also provide that a capital restoration plan must be filed with the Office of Thrift
Supervision within 45&nbsp;days of the date a savings bank receives notice that it is
&#147;undercapitalized,&#148; &#147;significantly undercapitalized&#148; or &#147;critically undercapitalized.&#148; The
criteria for an acceptable capital restoration plan include, among other things, the establishment
of the methodology and assumptions for attaining adequately capitalized status on an annual basis,
procedures for ensuring compliance with restrictions imposed by applicable federal regulations, the
identification of the types and levels of activities in which the savings bank will engage while
the capital restoration plan is in effect, and assurances that the capital restoration plan will
not appreciably increase the current risk profile of the savings bank. Any holding company for the
savings bank required to submit a capital restoration plan must guarantee the lesser of: an amount
equal to 5% of a savings bank&#146;s assets at the time it was notified or deemed to be undercapitalized
by the Office of Thrift Supervision, or the amount necessary to restore the savings bank to
adequately capitalized status. This guarantee remains in place until the Office of Thrift
Supervision notifies the savings bank that it has maintained adequately capitalized status for each
of four consecutive calendar quarters, and the Office of Thrift Supervision has the authority to
require payment and collect payment under the guarantee. Failure by a holding company to provide
the required guarantee will result in certain operating restrictions on the savings bank, such as
restrictions on the ability to declare and pay dividends, pay executive compensation and management
fees, and increase assets or expand operations. The Office of Thrift Supervision may also take any
one of a number of discretionary supervisory actions against undercapitalized savings banks,
including the issuance of a capital directive and the replacement of senior executive officers and
directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March&nbsp;31, 2010, Northfield Bank met the criteria for being considered &#147;well-capitalized.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Insurance of Deposit Accounts. </I></B>In October&nbsp;2008, deposit insurance by the Federal Deposit
Insurance Corporation was increased to a maximum of $250,000 per depositor. On January&nbsp;1, 2014,
the maximum insurance amount will return to $100,000 per depositor for all deposit accounts except
certain retirement accounts, which will remain at $250,000 per depositor. In addition, under the
Federal Deposit Insurance Corporation&#146;s Transaction Account Guarantee Program, most of our
non-interest-bearing transaction accounts are guaranteed regardless of amount until June&nbsp;30, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Federal Deposit Insurance Reform Act of 2005 (the &#147;Reform Act&#148;), the Federal
Deposit Insurance Corporation is authorized to set the reserve ratio for the Deposit Insurance Fund
annually at between 1.15% and 1.5% of estimated insured deposits. As of June&nbsp;30, 2008, the reserve
ratio had decreased to 1.01% as a result of bank failures. As part of a plan to restore the
reserve ratio to 1.15%, the Federal Deposit Insurance Corporation imposed a special assessment on
all insured institutions equal to five basis points of assets less Tier 1 capital as of June&nbsp;30,
2009, which was payable on September&nbsp;30, 2009. In addition, the Federal Deposit Insurance
Corporation has increased its quarterly deposit insurance assessment rates and amended the method
by which rates are calculated. Beginning in the second quarter of 2009, institutions are assigned
an initial base assessment rate ranging from 12 to 45 basis points of deposits depending on risk
category. The initial base assessment is then
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">adjusted based upon the level of unsecured debt, secured liabilities and brokered deposits, to
establish a total base assessment rate ranging from seven to 77.5 basis points.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;12, 2009, the Federal Deposit Insurance Corporation approved a final rule
requiring insured depository institutions to prepay on December&nbsp;30, 2009, their estimated quarterly
risk-based assessments for the fourth quarter of 2009, and for all of 2010, 2011, and 2012.
Estimated assessments for the fourth quarter of 2009 and for all of 2010 are based upon the
assessment rate in effect on September&nbsp;30, 2009, with three basis points added for the 2011 and
2012 assessment rates. In addition, a 5% annual growth in the assessment base is assumed. Prepaid
assessments are to be applied against the actual quarterly assessments until exhausted, and may not
be applied to any special assessments that may occur in the future. Any unused prepayments will be
returned to the institution on June&nbsp;30, 2013. On December&nbsp;30, 2009, we prepaid $5.7&nbsp;million in
estimated assessment fees for the fourth quarter of 2009 through 2012. Because the prepaid
assessments represent the prepayment of future expense, they do not affect our regulatory capital
(the prepaid asset will have a risk-weighting of 0%) or tax obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance of deposits may be terminated by the Federal Deposit Insurance Corporation upon a
finding that an institution has engaged in unsafe or unsound practices, is in an unsafe or unsound
condition to continue operations or has violated any applicable law, regulation, rule, order or
condition imposed by the Federal Deposit Insurance Corporation. We do not believe we are taking or
are subject to any action, condition or violation that could lead to termination of our deposit
insurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the Federal Deposit Insurance Corporation assessments, the Financing
Corporation (&#147;FICO&#148;) is authorized to impose and collect, with the approval of the Federal Deposit
Insurance Corporation, assessments for anticipated payments, issuance costs and custodial fees on
bonds issued by the FICO in the 1980s to recapitalize the former Federal Savings and Loan Insurance
Corporation. The bonds issued by the FICO are due to mature in 2017 through 2019. For the quarter
ended March&nbsp;31, 2010, the annualized FICO assessment was equal to 1.06 basis points for each $100
in domestic deposits maintained at an institution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Temporary Liquidity Guarantee Program. </I></B>The Federal Deposit Insurance Corporation&#146;s Temporary
Liquidity Guarantee Program provides full federal deposit insurance coverage for non-interest
bearing transaction deposit accounts, regardless of dollar amount, until December&nbsp;31, 2010.
Effective June&nbsp;30, 2010, we opted not to participate in this component of the Temporary Liquidity
Guarantee Program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Prohibitions Against Tying Arrangements</I></B><B>. </B>Federal savings banks are prohibited, subject to
some exceptions, from extending credit to or offering any other service, or fixing or varying the
consideration for such extension of credit or service, on the condition that the customer obtain
some additional service from the institution or its affiliates or not obtain services of a
competitor of the institution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Federal Home Loan Bank System. </I></B>Northfield Bank is a member of the Federal Home Loan Bank
System, which consists of 12 regional Federal Home Loan Banks. The Federal Home Loan Bank System
provides a central credit facility primarily for member institutions as well as other entities
involved in home mortgage lending. As a member of the Federal Home Loan Bank of New York,
Northfield Bank is required to acquire and hold shares of capital stock in the Federal Home Loan
Bank. As of March&nbsp;31, 2010, Northfield Bank was in compliance with this requirement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Federal Reserve System</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Reserve Board regulations require savings banks to maintain noninterest-earning
reserves against their transaction accounts, such as negotiable order of withdrawal and regular
checking accounts. At March&nbsp;31, 2010, Northfield Bank was in compliance with these reserve
requirements.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Other Regulations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other charges collected or contracted for by Northfield Bank are subject to state
usury laws and federal laws concerning interest rates. Northfield Bank&#146;s operations are also
subject to federal laws applicable to credit transactions, such as the:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Truth-In-Lending Act, governing disclosures of credit terms to consumer borrowers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Home Mortgage Disclosure Act, requiring financial institutions to provide
information to enable the public and public officials to determine whether a financial
institution is fulfilling its obligation to help meet the housing needs of the
community it serves;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Equal Credit Opportunity Act, prohibiting discrimination on the basis of race, creed
or other prohibited factors in extending credit;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fair Credit Reporting Act, governing the use and provision of information to credit
reporting agencies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fair Debt Collection Act, governing the manner in which consumer debts may be
collected by collection agencies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Truth in Savings Act; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rules and regulations of the various federal agencies charged with the
responsibility of implementing such federal laws.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The operations of Northfield Bank also are subject to the:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of
consumer financial records and prescribes procedures for complying with administrative
subpoenas of financial records;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Electronic Funds Transfer Act and Regulation&nbsp;E promulgated thereunder, which govern
automatic deposits to and withdrawals from deposit accounts and customers&#146; rights and
liabilities arising from the use of automated teller machines and other electronic
banking services;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check Clearing for the 21<SUP style="FONT-size: 85%; vertical-align: text-top">st</SUP> Century Act (also known as &#147;Check 21&#148;), which
gives &#147;substitute checks,&#148; such as digital check images and copies made from that
image, the same legal standing as the original paper check;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The USA PATRIOT Act, which requires savings banks to, among other things, establish
broadened anti-money laundering compliance programs, and due diligence policies and
controls to ensure the detection and reporting of money laundering. Such required
compliance programs are intended to supplement existing compliance requirements that
also apply to financial institutions under the Bank Secrecy Act and the Office of
Foreign Assets Control regulations; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Gramm-Leach-Bliley Act, which places limitations on the sharing of consumer
financial information by financial institutions with unaffiliated third parties.
Specifically, the Gramm-Leach-Bliley Act requires all financial institutions offering
financial products or services to retail customers to provide such customers with the
financial institution&#146;s privacy policy and provide such customers the opportunity to
&#147;opt out&#148; of the sharing of certain personal financial information with unaffiliated
third parties.</TD>
</TR>




</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Holding Company Regulation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon completion of the conversion, Northfield-Delaware will be a unitary savings and loan
holding company, subject to regulation and supervision by the Office of Thrift Supervision. The
Office of Thrift Supervision will have enforcement authority over Northfield-Delaware and its
non-savings institution subsidiaries. Among other things, this authority permits the Office of
Thrift Supervision to restrict or prohibit activities that are determined to be a risk to
Northfield Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Delaware&#146;s activities are limited to those activities permissible for financial
holding companies or for multiple savings and loan holding companies. A financial holding company
may engage in activities that are financial in nature, including underwriting equity securities and
insurance, incidental to financial activities or complementary to a financial activity. A multiple
savings and loan holding company is generally limited to activities permissible for bank holding
companies under Section&nbsp;4(c)(8) of the Bank Holding Company Act, subject to the prior approval of
the Office of Thrift Supervision, and certain additional activities authorized by Office of Thrift
Supervision regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal law prohibits a savings and loan holding company, directly or indirectly, or through
one or more subsidiaries, from acquiring control of another savings institution or holding company
thereof, without prior written approval of the Office of Thrift Supervision. It also prohibits the
acquisition or retention of, with specified exceptions, more than 5% of the equity securities of a
company engaged in activities that are not closely related to banking or financial in nature or
acquiring or retaining control of an institution that is not federally insured. In evaluating
applications by holding companies to acquire savings institutions, the Office of Thrift Supervision
must consider the financial and managerial resources and future prospects of the savings
institution involved, the effect of the acquisition on the risk to the insurance fund, the
convenience and needs of the community and competitive factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Federal Securities Laws</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Delaware common stock will be registered with the Securities and Exchange
Commission after the conversion and stock offering. Northfield-Delaware will be subject to the
information, proxy solicitation, insider trading restrictions and other requirements under the
Securities Exchange Act of 1934.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registration under the Securities Act of 1933 of shares of common stock issued in
Northfield-Delaware&#146;s public offering does not cover the resale of those shares. Shares of common
stock purchased by persons who are not affiliates of Northfield-Delaware may be resold without
registration. Shares purchased by an affiliate of Northfield-Delaware will be subject to the
resale restrictions of Rule&nbsp;144 under the Securities Act of 1933. If Northfield-Delaware meets the
current public information requirements of Rule&nbsp;144 under the Securities Act of 1933, each
affiliate of Northfield-Delaware that complies with the other conditions of Rule&nbsp;144, including
those that require the affiliate&#146;s sale to be aggregated with those of other persons, would be able
to sell in the public market, without registration, a number of shares not to exceed, in any
three-month period, the greater of 1% of the outstanding shares of Northfield-Delaware, or the
average weekly volume of trading in the shares during the preceding four calendar weeks. In the
future, Northfield-Delaware may permit affiliates to have their shares registered for sale under
the Securities Act of 1933.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->110<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sarbanes-Oxley Act of 2002</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sarbanes-Oxley Act of 2002 addresses, among other issues, corporate governance, auditing
and accounting, executive compensation, and enhanced and timely disclosure of corporate
information. As directed by the Sarbanes-Oxley Act, our Chief Executive Officer and Chief Financial
Officer will be required to certify that our quarterly and annual reports do not contain any untrue
statement of a material fact. The rules adopted by the Securities and Exchange Commission under
the Sarbanes-Oxley Act have several requirements, including having these officers certify that:
they are responsible for establishing, maintaining and regularly evaluating the effectiveness of
our internal control over financial reporting; they have made certain disclosures to our auditors
and the audit committee of the board of directors about our internal control over financial
reporting; and they have included information in our quarterly and annual reports about their
evaluation and whether there have been changes in our internal control over financial reporting or
in other factors that could materially affect internal control over financial reporting. We have
existing policies, procedures and systems designed to comply with these regulations, and we are
further enhancing and documenting such policies, procedures and systems to ensure continued
compliance with these regulations.
</DIV>
<DIV align="left">
<A name="149"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TAXATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Federal Taxation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>General</I></B><I>. </I>Northfield Bancorp, MHC, Northfield-Federal and Northfield Bank are, and
Northfield-Delaware will be, subject to federal income taxation in the same general manner as other
corporations, with some exceptions discussed below. The following discussion of federal taxation
is intended only to summarize certain pertinent federal income tax matters and is not a
comprehensive description of the tax rules applicable to Northfield-Federal, Northfield-Delaware or
Northfield Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bancorp, MHC, Northfield-Federal and Northfield Bank are not currently under audit
with respect to their federal income tax returns and their federal income tax returns have not been
audited for the past five years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Method of Accounting</I></B><I>. </I>For federal income tax purposes, Northfield-Federal currently reports
its income and expenses on the accrual method of accounting and uses a tax year ending December&nbsp;31
for filing its federal and state income tax returns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Bad Debt Reserves</I></B><I>. </I>Historically, Northfield Bank was subject to special provisions in the tax
law applicable to qualifying savings banks regarding allowable tax bad debt deductions and related
reserves. Tax law changes were enacted in 1996 that eliminated the ability of savings banks to use
the percentage of taxable income method for computing tax bad debt reserves for tax years after
1995, and required recapture into taxable income over a six-year period of all bad debt reserves
accumulated after a savings bank&#146;s last tax year beginning before January&nbsp;1, 1988. Northfield Bank
recaptured its post December&nbsp;31, 1987, bad-debt reserve balance over the six-year period ended
December&nbsp;31, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Federal is required to use the specific charge off method to account for tax bad
debt deductions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Taxable Distributions and Recapture</I></B><I>. </I>Prior to 1996, bad debt reserves created prior to 1988
were subject to recapture into taxable income if Northfield Bank failed to meet certain thrift
asset and definitional tests or made certain distributions. Tax law changes in 1996 eliminated
thrift-related recapture rules. However, under current law, pre-1988 tax bad debt reserves remain
subject to recapture if Northfield Bank makes certain non-dividend distributions, repurchases any
of its common stock, pays dividends in excess of earnings and profits, or fails to qualify as a
&#147;bank&#148; for tax purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2009, the total federal pre-base year bad debt reserve of Northfield Bank was
approximately $5.9&nbsp;million.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->111<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Alternative Minimum Tax</I></B><I>. </I>The Internal Revenue Code of 1986, as amended, imposes an
alternative minimum tax at a rate of 20% on a base of regular taxable income plus certain tax
preferences, less any available exemption. The alternative minimum tax is imposed to the extent it
exceeds the regular income tax. Net operating losses can offset no more than 90% of alternative
taxable income. Certain payments of alternative minimum tax may be used as credits against regular
tax liabilities in future years. Northfield-Federal&#146;s consolidated group has not been subject to
the alternative minimum tax and has no such amounts available as credits for carryover.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Net Operating Loss Carryovers. </I></B>A financial institution may carry back net operating losses to
the preceding two taxable years and forward to the succeeding 20 taxable years. However, as a
result of recent legislation, subject to certain limitations, the carryback period for net
operating losses incurred in 2008 or 2009 (but not both years) has been expanded to five years. At
December&nbsp;31, 2009, Northfield Bancorp Inc.&#146;s consolidated group had no net operating loss
carryforwards for federal income tax purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Corporate Dividends-Received Deduction</I></B><I>. </I>Northfield-Federal may exclude from its federal
taxable income 100% of dividends received from Northfield Bank as a wholly-owned subsidiary by
filing consolidated tax returns. The corporate dividends-received deduction is 80% when the
corporation receiving the dividend owns at least 20% of the stock of the distributing corporation.
The dividends-received deduction is 70% when the corporation receiving the dividend owns less than
20% of the distributing corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>State Taxation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bancorp, MHC and Northfield Bank report income on a calendar year basis to New York
State. New York State franchise tax on corporations is imposed in an amount equal to the greater
of (a)&nbsp;7.1% (for 2007 and forward) of &#147;entire net income&#148; allocable to New York State, (b)&nbsp;3% of
&#147;alternative entire net income&#148; allocable to New York State, or (c)&nbsp;0.01% of the average value of
assets allocable to New York State plus nominal minimum tax of $250 per company. Entire net income
is based on federal taxable income, subject to certain modifications. Alternative entire net income
is equal to entire net income without certain modifications.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bancorp, MHC and Northfield Bank report income on a calendar year basis to New York
City. New York City franchise tax on corporations is imposed in an amount equal to the greater of
(a)&nbsp;9.0% of &#147;entire net income&#148; allocable to New York State, (b)&nbsp;3% of &#147;alternative entire net
income&#148; allocable to New York City, or (c)&nbsp;0.01% of the average value of assets allocable to New
York City plus nominal minimum tax of $250 per company. Entire net income is based on federal
taxable income, subject to certain modifications. Alternative entire net income is equal to entire
net income without certain modifications.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Federal and Northfield Bank file New Jersey Corporation Business Tax returns on a
calendar year basis. Generally, the income derived from New Jersey sources is subject to New
Jersey tax. Northfield-Federal and Northfield Bank pay the greater of the corporate business tax
at 9% of taxable income or the minimum tax of $1,200 per entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31, 2005, Northfield Bank did not meet the definition of a domestic building and
loan association for New York State and City tax purposes. As a result, we were required to
recognize a $2.2&nbsp;million deferred tax liability for state and city thrift-related base-year bad
debt reserves accumulated after December&nbsp;31, 1987.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our state tax returns are not currently under audit or have not been subject to an audit
during the past five years, except as follows. Our New York state tax returns for the years ended
December&nbsp;31, 2000, through December&nbsp;31, 2006, were subject to an audit by the State of New York
with respect to our operation of NSB Services Corp. as a Delaware corporation not subject to New
York State taxation. In 2007, the Company concluded the audit by the State of New York with
respect to the Company&#146;s combined state tax returns for years 2000 through 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a Delaware business corporation, Northfield-Delaware will be required to file an annual
report with and pay franchise taxes to the state of Delaware.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="150"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MANAGEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shared Management Structure</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The directors of Northfield-Delaware are the same persons who are the directors of Northfield
Bank. In addition, each executive officer of Northfield-Delaware is also an executive officer of
Northfield Bank. We expect that Northfield-Delaware and Northfield Bank will continue to have
common executive officers until there is a business reason to establish separate management
structures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Executive Officers of Northfield-Delaware and Northfield Bank</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information regarding the executive officers of
Northfield-Delaware and Northfield Bank. Age information is as of December&nbsp;31, 2009. The
executive officers of Northfield-Delaware and Northfield Bank are elected annually.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Position</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John W. Alexander
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">60</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board, President and Chief Executive Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kenneth J. Doherty
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">52</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, Chief Lending Officer</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Madeline G. Frank
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">65</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President, Corporate Secretary</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Steven M. Klein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">44</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, Chief Financial Officer</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael J. Widmer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">50</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President, Operations</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The business experience for the past five years of each of our executive officers other than
Mr.&nbsp;Alexander is set forth below. Unless otherwise indicated, executive officers have held their
positions for at least the past five years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Kenneth J. Doherty </I></B>joined Northfield Bank in 1988, and currently serves as Executive Vice
President and Chief Lending Officer. Previously, Mr.&nbsp;Doherty worked with the Federal Home Loan
Bank Board (the predecessor to the Office of Thrift Supervision).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Madeline G. Frank </I></B>joined Northfield Bank in 1983 and has served as Director of Human Resources
of Northfield Bank since that time. Ms.&nbsp;Frank also serves as Corporate Secretary for
Northfield-Federal and Northfield Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Steven M. Klein </I></B>joined Northfield-Federal and Northfield Bank in March&nbsp;2005 as Executive Vice
President and Chief Financial Officer. Mr.&nbsp;Klein was an audit partner in the community banking
practice of KPMG LLP from September&nbsp;2003 to March&nbsp;2005, and was employed by KPMG LLP beginning in
1986. Mr.&nbsp;Klein is a licensed certified public accountant in the State of New Jersey, and a member
of the American Institute of Certified Public Accountants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Michael J. Widmer </I></B>joined Northfield Bank in 2002 and currently serves as Executive Vice
President, Operations. Mr.&nbsp;Widmer served as the Executive Vice President and Chief Financial
Officer, and as a Director, of Liberty Bancorp, Inc. and Liberty Bank, located in Avenel, New
Jersey, until they were acquired by Northfield Bancorp, Inc. and Northfield Bank, respectively, in
2002.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Directors of Northfield-Delaware and Northfield Bank</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Delaware has nine directors. Directors serve three-year staggered terms so that
approximately one-third of the directors are elected at each annual meeting. Directors of
Northfield Bank will be elected by Northfield-Delaware as its sole stockholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following details include for each of our directors: their age as of December&nbsp;31, 2009;
the year in which they first became a director; the year that their term expires; and their
business experience for at least the past five years. With the exception of Ms.&nbsp;Catino, none of
the directors listed below currently serves as a director, or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->113<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">served as a director during the past five years, of a publicly-held entity (other than
Northfield-Federal). Ms.&nbsp;Catino serves on the board of directors of Middlesex Water Company, which
is traded on the Nasdaq Stock Market, LLC under the symbol &#147;MSEX.&#148; The following also includes the
particular experience, qualifications, attributes, or skills, considered by the Nominating and
Corporate Governance Committee that led the Board to conclude that such person should serve as a
director of Northfield-Federal. The mailing address for each person listed is 581 Main Street,
Suite&nbsp;810, Woodbridge, New Jersey 07095. Each of the persons listed as a director is also a
trustee of Northfield Bancorp, MHC and a director of Northfield Bank.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Age,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Director Since,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Term Expiration</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Experience, Qualifications, Attributes, Skills</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John W. Alexander,<BR> 60,
director since<BR> 1997,
term expires 2011
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Business Experience: </I>Mr.&nbsp;Alexander joined
Northfield Bank in 1997, and has served as
Chairman of the Board and Chief Executive Officer
since 1998 and Chairman of the Board of
Northfield-Federal since 2002. Mr.&nbsp;Alexander was
also named President of Northfield Bank and
Northfield-Federal in October&nbsp;2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Reasons why this person should serve as a
director</I>: Mr.&nbsp;Alexander is a former tax partner
with a national accounting and auditing firm,
specializing in financial institution taxation
and asset securitization. Mr.&nbsp;Alexander is a
registered certified public accountant, with
strong analytical and leadership skills. Mr.
Alexander resides in Staten Island, New York, and
is involved in local professional and community
organizations including the Staten Island
University Hospital, the Staten Island Economic
Development Corporation, and the Northfield Bank
Foundation.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" rowspan="2"><DIV style="margin-left:0px; text-indent:-0px">John R. Bowen, 69, <BR>
director since 2003, <BR>
term expires 2013
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Business and Other Experience: </I>Mr.&nbsp;Bowen has over
35&nbsp;years of experience in all aspects of
community banking, and retired as the Chief
Executive Officer of Liberty Bank, in 2002.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Reasons why this person should serve as a
director</I>: Mr.&nbsp;Bowen has extensive knowledge of
banking regulation and internal control, and has
strong risk assessment and leadership skills.
Mr.&nbsp;Bowen also has extensive experience in loan
origination and monitoring. Mr.&nbsp;Bowen is a
resident of New Jersey and is involved in local
professional and community organizations
including the Gateway Regional Chamber of
Commerce, and as director of the Northfield Bank
Foundation.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD rowspan="2" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Annette Catino, 53, <BR>
director since 2003, <BR>
term expires 2011
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Business Experience:</I> Since 1991 Ms.&nbsp;Catino has
served as President and Chief Executive Officer
of QualCare, Inc., Piscataway, New Jersey, a
privately held company which is a managed care
organization.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Reasons why this person should serve as a
director:</I> Ms.&nbsp;Catino has over 25&nbsp;years of
business experience in the healthcare industry.
Ms.&nbsp;Catino has strong analytical and leadership
skills and has extensive experience with
healthcare, municipal, and state governmental
entities. Ms.&nbsp;Catino also has the requisite
qualifications to be designated as an audit
committee financial expert under the SEC&#146;s rules
and regulations. Ms.&nbsp;Catino is a resident of New
Jersey and is involved in local professional and
community organizations including the Boards of
Caucus Educational Corporation, the Val Skinner
Foundation, and the Meridian Healthcare
Perspective. She most recently served on
Governor Christie&#146;s transition committee on
healthcare and was named by New Jersey Business
as one of the top 50 most influential people in
healthcare. In 2009, she received Monmouth
University&#146;s Distinguished Business Leadership
Award for her civic and business leadership.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->114<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Age,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Director Since,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Term Expiration</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Experience, Qualifications, Attributes, Skills</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD rowspan="2" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gil Chapman, 56, <BR>
director since 2005, <BR>
term expires 2013
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Business Experience: </I>Mr.&nbsp;Chapman has over 25
years of business experience, most recently
owning and operating an automobile dealership in
Staten Island, New York, which was sold in 2008.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Reasons why this person should serve as a
director</I>: Mr.&nbsp;Chapman has strong marketing,
sales, and customer service assessment skills.
Mr.&nbsp;Chapman also has significant experience in
employee development and training. Mr.&nbsp;Chapman
is a resident of New Jersey, and is involved in
local professional and community organizations
including the National Association of Corporate
Directors and, as a former Staten Island
businessman, the Staten Island Economic
Development Corporation, and the Staten Island
Urban League.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John P. Connors, Jr., <BR>
53, director since <BR>
2002, term expires <BR>
2011
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Business Experience: </I>Mr.&nbsp;Connors is the managing
partner of the law firm of Connors &#038; Connors,
P.C., located in Staten Island, New York.<BR><BR>
<I>Reasons why this person should serve as a
director</I>: Mr.&nbsp;Connors has over 25&nbsp;years of
business experience as a practicing lawyer. Mr.
Connors is admitted to practice in the state and
federal courts of the States of New York and New
Jersey and the District of Columbia. Mr.&nbsp;Connors
has strong risk management skills, and in-depth
knowledge of contract and professional liability
law related to key areas of our operations. Mr.
Connors also has knowledge of and relationships
with many of the residents and businesses located
in Staten Island, New York. Mr.&nbsp;Connors is a
resident of Staten Island, and is involved in
local professional and community organizations
including the Richmond County Bar Association,
Notre Dame Academy, The Heart Institute, and the
Northfield Bank Foundation.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John J. DePierro, 69, <BR>
director since 1984, <BR>
term expires 2013
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Business Experience: </I>Mr.&nbsp;DePierro has over 45
years of business experience in the healthcare
industry. Mr.&nbsp;DePierro is currently a consultant
to the healthcare industry and is a retired Chief
Executive Officer of a major Staten Island health
care system.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Reasons why this person should serve as a
director</I>: Mr.&nbsp;DePierro has strong leadership
skills, and extensive knowledge of corporate
governance, as well as knowledge of and
relationships with many of the residents and
businesses located in Staten Island, New York.
Mr.&nbsp;DePierro is a resident of Staten Island, New
York, and is involved in local professional and
community organizations including directorships
at the Seton Foundation for Learning, Mount
Manresa Jesuit Retreat House, and the Northfield
Bank Foundation.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->115<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, Age,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Director Since,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Term Expiration</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Experience, Qualifications, Attributes, Skills</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD rowspan="2" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Susan Lamberti, 67, <BR>
director since 2001, <BR>
term expires 2012
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Business Experience: </I>Ms.&nbsp;Lamberti was an educator
with the New York City public schools until her
retirement in 2002.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Reasons why this person should serve as a
director</I>: Ms.&nbsp;Lamberti has over 30&nbsp;years of
experience in the New York City Public School
system. Ms.&nbsp;Lamberti has strong training and
development skills, and has extensive knowledge
of and relationships with many residents and
businesses located in Staten Island, New York.
Ms.&nbsp;Lamberti is a resident of Staten Island, and
is involved in local professional and community
organizations including the National Association
of Corporate Directors, Sisters of Charity
Housing Development Fund Corporation, Service
Auxiliary of Staten Island University Hospital,
and the Northfield Bank Foundation.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD rowspan="2" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Albert J. Regen, 72, <BR>
director since 1990, <BR>
term expires 2012
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Business Experience: </I>Mr.&nbsp;Regen served as the
President of Northfield Bank from 1990 until his
retirement in September&nbsp;2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Reasons why this person should serve as a
director</I>: Mr.&nbsp;Regen has over 30&nbsp;years of
experience in community banking. Mr.&nbsp;Regen has
extensive knowledge in the treasury area as well
as interest rate risk management. Mr.&nbsp;Regen is
currently a resident of New Jersey and is a
director of Northfield Bank Foundation. Mr.
Regen was formerly a resident of Staten Island,
New York and has extensive knowledge of and
relationships with many of the residents and
businesses located in Staten Island, New York.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Patrick E. Scura, Jr., <BR>
65, director since <BR>
2006, term expires <BR>
2012
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Business Experience: </I>Mr.&nbsp;Scura was an audit
partner at KPMG LLP for 27&nbsp;years, until his
retirement in 2005.<BR><BR>
<I>Reasons why this person should serve as a
director</I>: Mr.&nbsp;Scura is a former audit partner
with a national accounting and auditing firm,
specializing in community banking. Mr.&nbsp;Scura has
over 35&nbsp;years of experience auditing public
company financial institutions in New Jersey.
Mr.&nbsp;Scura is a licensed certified public
accountant, and has strong risk assessment,
financial reporting, and internal control
expertise. Mr.&nbsp;Scura also has extensive
knowledge of and relationships with community
banks in our market area. Mr.&nbsp;Scura has the
requisite qualifications to be designated as an
audit committee financial expert under the SEC&#146;s
rules and regulations. Mr.&nbsp;Scura resides in New
Jersey, and is involved in local professional and
community organizations including St. Peter&#146;s
College, and the American Institute of Certified
Public Accountants.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board Independence</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors affirmatively determines the independence of each director in
accordance with Nasdaq Stock Market rules, which include all elements of independence as set forth
in the listing requirements for Nasdaq securities. The Board of Directors has determined that each
of the following non-employee Directors is independent of Northfield-Federal:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John R. Bowen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Susan Lamberti</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Annette Catino
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Albert J. Regen</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gil Chapman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Patrick E. Scura, Jr.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John J. DePierro</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->116<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Codes of Conduct and Ethics</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Federal has adopted a Code of Conduct and Ethics for Senior Financial Officers that
is applicable to our chief executive officer, chief financial officer, and controller. The Code of
Conduct and Ethics for Senior Financial Officers is available on our website at
<U>www.eNorthfield.com</U>. Amendments to and waivers of the Code of Conduct and Ethics for Senior
Financial Officers will be disclosed in the manner required by applicable law, rule, or listing
standard.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Federal and Northfield Bank have also adopted a Code of Conduct and Ethics that is
applicable to all employees, officers and directors, which is available on our website at
<U>www.eNorthfield.com</U>. Employees, officers, and directors acknowledge annually that they
will comply with all aspects of the Code of Conduct and Ethics for Employees, Officers, and
Directors<B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Transactions With Certain Related Persons</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Loans and Extensions of Credit</I></B>. The Sarbanes-Oxley Act of 2002 generally prohibits us from
making loans to our executive officers and directors, but it contains a specific exemption from
such prohibition for loans made by Northfield Bank to our executive officers and directors in
compliance with federal banking regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate amount of our outstanding loans to our executive officers and directors and
their related entities was approximately $800,000 at December&nbsp;31, 2009. All of such loans were
made in the ordinary course of business, were made on substantially the same terms, including
interest rates and collateral, as those prevailing at the time for comparable loans with persons
not related to Northfield Bank, and did not involve more than the normal risk of collectibility or
present other unfavorable features. These loans were performing according to their original terms
at December&nbsp;31, 2009, and were made in compliance with federal banking regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other Transactions. </I></B>Stanley A. Applebaum, who retired from the Board May&nbsp;27, 2009, and John
P. Connors, Jr. are practicing attorneys who perform legal work directly for or on behalf of
Northfield Bank. During the year ended December&nbsp;31, 2009, Mr.&nbsp;Applebaum and Mr.&nbsp;Connors received
fees, either from Northfield Bank, or directly from our customers, in connection with transactions
with Northfield Bank, in the amounts of approximately $140,000 and $31,400, respectively. The
Board of Directors authorizes the appointment of Mr.&nbsp;Applebaum and Mr.&nbsp;Connors each year, and the
Compensation Committee of the Board of Directors reviews a summary of the services performed and
the total fees paid for services on an annual basis. All transactions with Mr.&nbsp;Applebaum and Mr.
Connors are in the ordinary course of business, and the terms and fees are considered to be
consistent with those prevailing at the time for comparable transactions with other persons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Director Compensation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every three years, director compensation is reviewed in detail by the Compensation Committee,
in consultation with the Nominating and Corporate Governance Committee. The Compensation Committee
considers, among other things, our size and complexity, as well as the responsibilities,
marketplace availability of necessary skill sets, and the time commitment necessary for the Board,
its committees, and its committee chairs, to adequately discharge their oversight role and
responsibilities. The Compensation Committee utilizes the assistance of a third-party compensation
consultant, Pearl Meyer &#038; Partners (PM&#038;P), and available peer and survey data, regarding director
compensation at other comparable financial institutions, as part of this process. For interim
years between detailed reviews, the Compensation Committee reviews current market conditions and
trends in director compensation in consultation with its third-party compensation consultant. The
Compensation Committee is scheduled to perform its detailed review of director (and executive)
compensation in 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2008, stockholders approved the Northfield-Federal 2008 Equity Incentive Plan.
The objective of equity awards is to further align the interests of our employees and directors
with those of other stockholders and reward sustained performance. In January&nbsp;2009 the
Compensation Committee granted equity awards to each director, consisting of 27,750 shares of
restricted common stock, and 69,300 options to purchase shares of common stock at a price of $9.94
per share, representing the closing price of our common stock on the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->117<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">grant date. The equity awards vest in equal installments over a five-year period, commencing
one year from the date of the grant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to November&nbsp;2007, we were a mutual organization and did not have equity compensation
available to employees or directors. The Compensation Committee&#146;s objectives in granting equity
awards in January&nbsp;2009 included further aligning the interests of directors with those of our other
stockholders, consistent with comparable peers that recently completed initial public offerings,
and with organizations that were established stock companies. The Compensation Committee consulted
with PM&#038;P during this process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the Director and committee fee structure for the Board and its
standing committees (all of which were due and payable in cash) for the year ended December&nbsp;31,
2009. Directors who are also our employees receive no additional compensation for service as a
director. Attendance fees, and one-fourth of any annual retainer, are paid on a quarterly basis,
in arrears, unless a director elects to have such fees or a portion thereof, deferred under our
non-qualified deferred compensation plan, described below.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Board</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Nominating and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Audit</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>of Directors</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Corporate Governance</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Committee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Committee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Annual Retainer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Annual Retainer-Chair</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Per Meeting
Attendance Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,250</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other committees of the Board receive, in cash, an $850 per meeting attendance fee
and an annual committee chair retainer of $3,000. In addition, the Lead Independent Director
receives an annual retainer of $3,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also pay directly or reimburse Directors for normal, customary, and necessary business
expenses associated with relevant professional memberships, and participation in professional
training seminars.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->118<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth for the year ended December&nbsp;31, 2009, certain information as to
the total remuneration we paid our directors. Mr.&nbsp;Alexander does not receive separate compensation
for his service as a director. The &#147;Non-equity incentive plan compensation,&#148; &#147;Change in pension
value and nonqualified deferred compensation earnings&#148; and &#147;All other compensation&#148; columns have
been omitted from the table because no director earned any compensation during the year ended
December&nbsp;31, 2009, of a type required to be disclosed in those columns.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fees earned or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>paid in cash(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards(4) (6)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options(5) (6)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stanley A. Applebaum (1) (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">520,281</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John R. Bowen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">561,381</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Annette Catino</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">565,581</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gil Chapman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">565,381</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John P. Connors, Jr. (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">556,681</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John J. DePierro</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">563,531</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Susan Lamberti</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">559,431</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Albert J. Regen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">562,531</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Patrick E. Scura, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">573,931</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>During 2009, Messrs.&nbsp;Applebaum and Connors provided legal services to or for the benefit
of Northfield Bank that are not included in the table above. See &#147;&#151;Transactions With
Certain Related Persons&#148; for a discussion of fees received for legal services provided in
2009.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Applebaum retired and was granted emeritus status on May&nbsp;27, 2009.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes retainer payments, meeting fees, and committee and/or chairmanship fees earned
during the calendar year, whether the director received payment of such amounts or elected
to defer them.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the aggregate grant date fair value of 27,750 shares of restricted stock
awarded to each director on January&nbsp;30, 2009, based upon a grant date stock price of $9.94
per share, which was the final reported sales price of our common stock on the date of the
grant. The restricted stock awards vest in equal installments over a five-year period,
commencing one year from the date of the grant.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the aggregate grant date fair value of options to purchase 69,300 shares of
our common stock awarded to each director on January&nbsp;30, 2009. The options vest in equal
installments over a five-year period, commencing one year from the date of the grant and
have an exercise price of $9.94 per share, which was the final reported sales price of our
common stock on the date of the grant. The grant date fair value was $3.22 per option and
was determined using the Black-Scholes method assuming an option&#146;s average life of 6.5
years; 2.17% risk free rate of return; 35.33% volatility; and 1.61% dividend yield.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2009, each Director held 27,750 unvested shares of restricted stock,
and 69,300 unvested stock options with an exercise price of $9.94 per share.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Executive Compensation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Compensation Committee Report</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee has reviewed and discussed the section entitled &#147;Compensation
Discussion and Analysis&#148; included in this prospectus with management. Based on this review and
discussion, the Compensation Committee recommended to the Board of Directors that the &#147;Compensation
Discussion and Analysis&#148; be included in this prospectus. The members of the Compensation Committee
are: Annette Catino, who serves as Chairman; Gil Chapman; John J. DePierro; and Patrick E. Scura,
Jr.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Compensation Discussion and Analysis</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Persons Covered. </I></B>This discussion and analysis addresses compensation for 2009 for the
following executive officers: John W. Alexander, Chairman, President and Chief Executive Officer;
Steven M. Klein, Executive Vice President and Chief Financial Officer; Kenneth J. Doherty,
Executive Vice President and Chief Lending Officer; Michael J. Widmer, Executive Vice President of
Operations; and Madeline G. Frank, Senior Vice President and Corporate Secretary. These five
executives are referred to in this discussion as the &#147;Named Executive Officers.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->119<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Executive Summary. </I></B>Prior to completing our initial public offering in November&nbsp;2007, we were
wholly-owned by our mutual holding company. As a mutually owned company, our compensation programs
were, by nature, limited, and consisted primarily of base salary and annual cash incentive
compensation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The key components of our compensation program continue to evolve and are being designed,
augmented and modified, as appropriate, to ensure that we attract and retain superior financial
services executive talent, and reward sustainable performance. We strive to create a compensation
program that provides balance between shorter-term and longer-term performance, fixed and
performance-based compensation, and cash and equity compensation. A primary objective of our
current compensation program is to align the interests of our executives with those of our
stockholders. Our 2009 compensation program included competitively benchmarked base salaries, a
formal annual cash incentive compensation program directly linked to, among other things, our
strategic objectives, and beginning in January&nbsp;2009, an equity incentive plan. Notwithstanding
unprecedented challenges in national and global economies and financial markets, our financial
performance in 2009 continued to exceed that of our peers. We have remained committed to our
disciplined and balanced approach to providing community banking services and utilizing the same
philosophy in designing a compensation program that is consistent with effective risk management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Role of the Compensation Committee. </I></B>The Compensation Committee of the Board of Directors is
responsible for overseeing and approving, subject to ratification by the Board of Directors, the
compensation of the Named Executive Officers, including the Chief Executive Officer. As part of
these duties, the Committee administers our cash and equity incentive compensation plans and
conducts an annual performance review of the Chief Executive Officer and, in consultation with the
Chief Executive Officer, reviews the performance of the other Named Executive Officers. The Board
of Directors has ultimate authority to ratify the compensation of all Named Executive Officers,
including the Chief Executive Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee also reviews, oversees, and approves the management and
implementation of Northfield Bank&#146;s employee benefit plans. The Committee has a formal charter
that describes the Committee&#146;s scope of authority and its duties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee consists of four Directors, all of whom are &#147;independent&#148; as set
forth in the listing requirements for Nasdaq securities. The Nominating and Corporate Governance
Committee of the Board of Directors evaluates the independence of Committee members at least
annually, using the standards contained in Nasdaq listing requirements. This evaluation, and the
determination that each member of the Committee is independent, was made most recently in March
2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Role of Executives in Committee Activities. </I></B>The executive officers who serve as a resource to
the Compensation Committee are the Chief Executive Officer, the Chief Financial Officer, and the
Director of Human Resources. Executives provide the Compensation Committee with input regarding
employee compensation philosophy, processes, and decisions for employees other than Named Executive
Officers. This communication assists in the design and alignment of compensation programs
throughout Northfield Bank. In addition to providing factual information such as company-wide
performance on relevant measures, these executives articulate management&#146;s views on current
compensation programs and processes, recommend relevant performance measures to be used for future
evaluations, and otherwise supply information to assist the Compensation Committee. The Chief
Executive Officer also provides information about individual performance assessments for the other
Named Executive Officers, and expresses to the Compensation Committee his views on the appropriate
levels of compensation for the other Named Executive Officers for the ensuing year. At the request
of the Compensation Committee, the Chief Financial Officer communicates directly with third-party
consultants, providing third-party consultants with company-specific data and information, and
assisting in the evaluation of the estimated financial effect regarding any proposed changes to the
various components of compensation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executives participate in Committee activities purely in an informational and advisory
capacity and have no vote in the Committee&#146;s decision-making process. The Chief Executive Officer
and Chief Financial Officer do not attend those portions of Compensation Committee meetings during
which their performance is evaluated or their compensation is being determined. No executive
officer other than the Chief Executive Officer attends those
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->120<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">portions of Compensation Committee meetings during which the performance of the other Named
Executive Officers is evaluated or their compensation is being determined. In addition, the
Compensation Committee meets in executive session as appropriate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Use of Consultants. </I></B>The Compensation Committee periodically engages an independent
compensation consultant to assist it in the compensation process for Named Executive Officers. The
consultant is retained by and reports directly to the Compensation Committee. The Compensation
Committee places no restrictions on the consultant within the scope of contracted services and such
consultant is not engaged by management for any purpose. The consultant provides expertise and
information about competitive trends in the employment marketplace, including established and
emerging compensation practices at other companies. The consultant also provides proxy statement
and survey data, and assists in assembling relevant comparison groups for various purposes and
establishing benchmarks for base salary, equity awards, and cash incentives from the comparison
group proxy statement and survey data.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 2009, the Compensation Committee engaged PM&#038;P, an independent compensation consulting
firm, as its advisor on executive and Board compensation matters. During 2009, PM&#038;P assisted the
Compensation Committee in making equity award recommendations for Directors, Named Executive
Officers, and other employees under our 2008 Equity Incentive Plan, as well as provided support in
the development of the 2009 cash incentive plan. In addition, PM&#038;P performed a market update on
executive compensation data it prepared as part of the Compensation Committee&#146;s comprehensive
review conducted in 2007 for Named Executive Officers. Although the Committee undertakes a
comprehensive assessment every three years, it utilizes PM&#038;P to provide ongoing market trends and
guidance for pay structures each year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Compensation Objectives and Philosophy. </I></B>The overall objectives of our compensation program
are to retain, motivate, and reward employees and officers (including the Named Executive Officers)
for sustained performance, and to provide competitive compensation to attract talent to our
organization. The methods used to achieve these goals for Named Executive Officers are influenced
by the compensation and employment practices of our competitors within the financial services
industry, and elsewhere in the marketplace, for executive talent. Other considerations include
each Named Executive Officer&#146;s individual performance in achieving both financial and non-financial
corporate goals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our compensation program is designed to reward the Named Executive Officers based on their
level of assigned management responsibilities, individual experience and performance levels, and
knowledge of banking and our business. The creation of long-term value is highly dependent on the
development and effective execution of our business strategy by our executive officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Factors that influence the design of our executive compensation program include, among other
things, the items listed below.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We operate in a highly regulated industry, and we value industry-specific experience
that promotes the safe and sound operation of Northfield Bank.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We value executives with sufficient experience in our markets relating to the
behavior of our customers, products, and investments in various phases of the economic
cycle.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We operate in interest rate and credit markets that are often volatile. We value
disciplined decision-making that respects our business plan but adapts appropriately to
change.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We value the retention and development of performing incumbent executives.
Recruitment of executives can have substantial monetary costs, unpredictable outcomes,
and a disruptive effect on our operations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our 2009 compensation program for our Named Executive Officers includes three key components.
The first component is base salary, which is designed to provide a reasonable level of predictable
income commensurate
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->121<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with market standards of the position held. The second component is an annual cash incentive
plan, designed to reward our executives for attaining specific performance goals that support our
strategic objectives, and the third component, which was added in January&nbsp;2009, is the granting of
equity incentive awards in the form of shares of common stock, and options to purchase shares of
common stock at a specified price. We also provide benefits and perquisites to the Named Executive
Officers at levels that are competitive and appropriate for their roles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Benchmarking. </I></B>Our compensation program is periodically evaluated in relation to benchmark
data derived from information reported in publicly-available proxy statements and from market
survey data. The Compensation Committee will generally review and consider updated peer proxy and
market survey compensation data every three years. In 2007, the Compensation Committee engaged
PM&#038;P to assist it in completing a comprehensive competitive review. The Compensation Committee
selected the following companies for use in benchmarking Named Executive Officers&#146; 2007
compensation package. Although the Compensation Committee seeks to update the comprehensive
analysis every three years, PM&#038;P reviewed and updated the data in November&nbsp;2008 to reflect
appropriate market movement and provide the Compensation Committee with ongoing perspective of our
pay practices. The peer group used for the 2007 analysis is listed below and was selected based
upon similar asset size, geographic region, and business model to us.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dime Community Bancshares, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">State Bancorp, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Synergy Financial Group, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TrustCo BankCorp NY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bancorp Rhode Island, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First of Long Island Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Provident New York Bancorp
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suffolk Bancorp
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Berkshire Bancorp, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Flushing Financial Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rockville Financial, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Benjamin Franklin Bancorp, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Oceanfirst Financial Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Oritani Financial Corp.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Roma Financial Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kearny Financial Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Financial Bancorp, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Clifton Savings Bancorp, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sterling Bancorp
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Westfield Financial, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Assembling the Components of Compensation. </I></B>The Compensation Committee analyzes the level and
relative mix of executive compensation by component (e.g., base salary, incentives, and benefits)
and in the aggregate. The Chief Executive Officer provides recommendations to the Committee
relating to compensation to be paid to the Named Executive Officers other than himself. Based on
their analysis, the Compensation Committee approves each Named Executive Officer&#146;s compensation,
subject to ratification by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When evaluating the mix of total compensation, the Compensation Committee considers among
other things, general market practices, benchmarking studies conducted by the consultant, the
alignment of cash and equity incentive awards with our strategic objectives and performance, and
the desire to reward performance through incentive compensation within Board-approved risk
parameters. The Compensation Committee seeks to create appropriate incentives without encouraging
behaviors that result in undue risk. These components are periodically evaluated in relation to
benchmark data derived from information reported in publicly-available proxy statements and from
market survey data.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Base Salary. </I></B>Base salary is designed to provide a reasonable level of predictable income
commensurate with market standards of the position held adjusted for specific job responsibilities
assigned, individual experience, and demonstrated performance. Named Executive Officers are
eligible for periodic adjustments to their base salary as a result of changes in the cost of
living, individual performance, updated market analysis, or significant changes in their duties and
responsibilities. The Compensation Committee annually reviews and approves base salaries, and
changes thereto, for Named Executive Officers, including our Chief Executive Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base salary amounts for 2009 were determined based on a review of peer proxy and survey data
provided by PM&#038;P in 2007, and updated in November&nbsp;2008 by PM&#038;P. The Compensation Committee
reviewed the 50th percentile of peer proxy and survey data, and a pay range around the median to
allow for recognition of each Named Executive Officer&#146;s specific experience, responsibilities and
performance, estimated value in the marketplace, and the Committee&#146;s view of each Named Executive
Officer&#146;s role in our future success. For 2009, the Compensation Committee generally targeted base
salary compensation at the 65th percentile for each of the Named Executive Officers.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->122<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee considered the responsibility, significant experience, contributions, and
performance of each Named Executive Officer, their value in the marketplace, and their critical
roles in our future successes, and determined in December&nbsp;2008, that existing base salaries
properly reflected these factors and made a determination not to change base salaries for any Named
Executive Officers in 2009, with the exception of Mr.&nbsp;Widmer, whose annual base salary was
increased by 4.5%, to $230,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Cash Incentives. </I></B>The Compensation Committee developed and implemented a Management Incentive
Plan (the &#147;Cash Incentive Plan,&#148; or &#147;CIP&#148;) for 2009. The Cash Incentive Plan provides
performance-based annual cash incentives to reward our Named Executive Officers for the execution
of specific financial and non-financial elements of our strategic business plan, as well as,
individual goals related to each executive&#146;s function area. The Cash Incentive Plan requires that
we achieve our designated corporate goal for an individual to earn a percentage of the total cash
award available under the Cash Incentive Plan. The CIP also provides that Named Executive Officers
must achieve individual goals, as determined by the Compensation Committee, to receive the
remaining percentage of the total cash award available to him or her under the CIP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee evaluates the reasonableness and likelihood of attaining designated
incentive goals, including stretch goals, in an effort to ensure that such targets appropriately
reward performance, but do not encourage undue risk taking. Actual performance over the applicable
measurement period may exceed or fall short of the targets resulting in the Named Executive Officer
receiving an annual incentive cash award that is above or below the initial targeted level. Annual
incentive cash awards granted in prior years are not taken into account by the Compensation
Committee in the process of setting performance targets for the current year. The Committee
believes that doing so would be inconsistent with the underlying reasons for the use of incentive
compensation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Risk Assessment and Related Considerations. </I>During 2009, the Compensation Committee, in
consultation with PM&#038;P, and with the assistance of the Chief Executive Officer and Chief Financial
Officer, performed a risk assessment of our compensation program (including cash incentive
compensation) for all employee levels within our organization. The objective of the review was to
determine if the compensation programs, at all employee levels, encouraged behavior that exposed us
to unacceptable levels of risk in relation to its business model. The review evaluated the balance
of compensation elements between cash and equity, fixed versus variable compensation, and long-term
versus short-term compensation. The review considered the level of potential cash incentive
compensation as compared to base salary, the focus of individual goals, and the number, weighting,
and balance of goals, as well as internal controls in place to mitigate possible high risk
behaviors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon its risk assessment, the Compensation Committee concluded that the compensation
programs (including cash incentive compensation) for all employee levels were based on balanced
performance metrics that were reasonable in relation to base salary, and promoted disciplined
progress towards longer-term strategic goals. The Compensation Committee also concluded that the
compensation programs did not motivate improper risk taking, and are not reasonably likely to have
a material adverse effect on us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>2009 Cash Incentive Plan. </I>For 2009, the Compensation Committee set a &#147;target&#148; total cash
incentive award of 15% of base salary for each Named Executive Officer. The actual cash incentive
award range was defined as 7.5% for &#147;threshold&#148; performance and 22.5% for &#147;stretch&#148; performance, of
base salary. These targets were intentionally set lower than current market practice as part of
our shift from its compensation philosophy as a mutually owned bank (greater focus on cash
compensation weighted towards base salary) to that of a public company (which includes equity
compensation and a greater weighting of compensation towards long-term incentive compensation
rather than short-term incentives).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee established one shared corporate goal (the &#147;Corporate Goal&#148;) and
individual performance goals for each Named Executive Officer. The target Corporate Goal measured
the attainment of the Board-approved budgeted net income (before taxes) of approximately $18.1
million. The stretch goal was 120% or greater of budgeted net income (before taxes) and the
threshold was 90% of budgeted net income (before taxes). If 80% of budgeted net income (before
taxes) is not achieved, Named Executive Officers are not eligible to receive incentive payments for
achievement of their individual performance goals.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->123<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individual performance goals were aligned with our strategic business plan and focused on the
following areas:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Individual Performance Goals</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top" NOWRAP>John W. Alexander</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Effectuate a capital deployment strategy;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Develop and execute upon a customer satisfaction enhancement program; and
Enhance profitability and manage enterprise risk, while ensuring
liquidity and interest rate risk remain within Board approved parameters</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Steven M. Klein</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Implement formal leverage strategies to meet specified pre-tax net
income targets (threshold-$720,000, target-$800,000, stretch-$960,000)
within Board approved interest rate risk parameters;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maintain or reduce budgeted non-interest expense within Board approved
levels (threshold-$100,000, target-$150,000, stretch-$200,000); and</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adapt reporting processes to monitor and support strategic plan</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top" NOWRAP>Kenneth J. Doherty</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Originate loans to specified targets (threshold-$105&nbsp;million,
target-$117&nbsp;million, stretch-$140&nbsp;million), while minimizing credit
risk;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Implement automated credit underwriting and monitoring systems; and <BR>
Enhance credit monitoring reports to the Risk Committee of the Board</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Michael J. Widmer</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase outstanding deposits to specified targets (threshold-$58
million, target-$65.4&nbsp;million, stretch-$77.4&nbsp;million);</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Convert core bank systems to new data processor;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expand deposit franchise, and enhance brand;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Finalize agreements, develop construction plans on existing sites; and</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Identify and evaluate potential branch sites</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Madeline G. Frank</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Develop automated accounting and reporting system for equity awards;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Implement a formal new hire evaluation program to identify individuals
with desired customer service skill sets; and</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Implement an employee satisfaction survey, evaluate results and
implement upon a management approved response</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of our Chief Executive Officer&#146;s potential cash incentive award, 85% was based on the
achievement of the Corporate Goal, and 15% was based on the attainment of his individual goals. Of
our other Named Executive Officers&#146; potential cash incentive awards, 75% was based on the
achievement of their Corporate Goal, and 25% was based on the attainment of individual goals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In evaluating actual performance as compared to the established Corporate Goal, the
Compensation Committee may, at its discretion, exclude items that are considered non-recurring in
nature. In addition, the Cash Incentive Plan permitted the Compensation Committee to increase or
decrease a cash incentive award based upon its consideration of a Named Executive Officer&#146;s
performance or achievements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>2009 Award Determinations. </I>In February&nbsp;2010, the Compensation Committee evaluated achievement
of the Corporate Goal. Our reported 2009 net income (before taxes) was $18.7&nbsp;million, which
exceeded our &#147;target&#148; goal of $18.1&nbsp;million. In accordance with the Cash Incentive Plan, the
Corporate Goal &#147;target&#148; award of 12.75% (15% target award times 85% weighting) for Mr.&nbsp;Alexander,
and 11.25% (15% target award times 75% weighting) for all other Named Executive Officers increased
(on a pro-rata basis) to approximately 13.6% (16% pro-rata award times 85% weighting) for Mr.
Alexander, and 12.0% (16% pro-rata award times 75% weighting) for all other
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->124<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Named Executive Officers. The Compensation Committee made no upward adjustments to our 2009
reported net income (before taxes) in evaluating achievement of the Corporate Goal.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The remaining 15% of Mr.&nbsp;Alexander&#146;s eligible award, and 25% of each other Named Executive
Officer&#146;s eligible award was determined based on each executive&#146;s attainment of individual goals,
which were evaluated by the Compensation Committee in its annual evaluation of each Named Executive
Officer&#146;s performance. In February&nbsp;2010, the Compensation Committee concluded that Mr.&nbsp;Alexander
and Ms.&nbsp;Frank had achieved each of their individual performance goals and determined that the
&#147;target&#148; award (no &#147;stretch&#148; goals were assigned to Mr.&nbsp;Alexander or Ms.&nbsp;Frank) was earned by each
of them for all assigned goals. The Compensation Committee also concluded that Messrs.&nbsp;Klein,
Doherty, and Widmer had substantially met each of their assigned goals at the &#147;target&#148; level,
except for their goals related to implementing leverage strategies, loan originations, and
expanding the deposit franchise, respectively, which were achieved at the &#147;stretch&#148; payout level.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Alexander&#146;s corporate goal cash incentive payout was $92,178. Mr.&nbsp;Alexander&#146;s individual
goal cash incentive payout of $15,210 for 2009 reflects the Compensation Committee&#146;s assessment of
his attainment of his &#147;target&#148; goal related to his leadership in developing and executing a
customer satisfaction program. The Committee also evaluated Mr.&nbsp;Alexander&#146;s leadership in
achieving our core strategic business goals, including effective capital deployment, and continual
improvement in customer service. The Compensation Committee attributed our results to Mr.
Alexander&#146;s vision for our organization and discipline in adhering to our conservative business
model focused on conservative credit underwriting and securities investments, franchise growth, and
operating expense discipline.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Klein&#146;s corporate goal cash incentive payout was $36,095. Mr.&nbsp;Klein&#146;s individual goal
cash incentive payout of $14,062 for 2009 reflects the following: achievement of his &#147;stretch&#148; goal
for executing securities leveraging opportunities in a volatile market that contributed to net
interest income at or above the stretch level of $960,000, and the attainment of his &#147;target&#148; goal
of reducing budgeted non-interest expense by $150,000. The Committee excluded the effect of the
following items from reported non-interest expense: FDIC Deposit Insurance special assessment of
approximately $1&nbsp;million, $600,000 in deferred compensation plan expense associated with market
adjustments in the underlying plan assets, and approximately $600,000 in loan workout professional
fees and collateral valuation adjustments associated with other real estate owned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Doherty&#146;s corporate goal cash incentive payout was $33,688. Mr.&nbsp;Doherty&#146;s individual goal
cash incentive payment of $8,750 for 2009 reflects the following: achievement of his &#147;stretch&#148; goal
for loan originations exceeding $140&nbsp;million; achievement of his &#147;target&#148; goal related to
implementation of credit monitoring software; and achievement of his &#147;target&#148; award related to
enhancing credit monitoring reporting to the Board. The Compensation Committee also considered Mr.
Doherty&#146;s goal related to minimizing credit risks in the loan portfolio. The Committee noted that
credit deterioration occurred in the industry and not just at Northfield, and appropriate actions
were taken to minimize credit risk, including formation of a credit department, and a loan
operations department. However, the Committee believes that certain actions could have been
implemented more timely and a reduction of Mr.&nbsp;Doherty&#146;s individual incentive award in the amount
of $3,500 was made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Widmer&#146;s corporate goal cash incentive payout was $27,673. Mr.&nbsp;Widmer&#146;s individual cash
incentive payment of $9,703 for 2009 reflects the following: achievement of his &#147;stretch&#148; goal for
deposit growth exceeding $77.4&nbsp;million, achievement of his &#147;target&#148; goal related to the conversion
to a new operating system, achievement of his &#147;target&#148; goal for our opening or constructing two new
branches, and achievement of his &#147;target&#148; goal for committing to one new branch location in New
Jersey.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ms.&nbsp;Frank&#146;s corporate goal cash incentive payout was $20,454. Ms.&nbsp;Frank&#146;s individual cash
incentive payment of $6,375 for 2009 reflects achievement of her &#147;target&#148; goal related to the
planning and implementation of an employee satisfaction survey, and the development and execution
of a planned response to the survey results.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->125<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 2009, the Named Executive Officers&#146; total &#147;target&#148; award opportunities, and actual
incentives awarded as a percentage of &#147;target&#148; are detailed below.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Actual Award as a</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>percentage of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Target Award</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Target Award</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Opportunity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Actual Award</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Opportunity</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(%)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John W. Alexander</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steven M. Klein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kenneth J. Doherty</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Michael J. Widmer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Madeline G. Frank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,829</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105.2</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Equity Awards. </I>In December&nbsp;2008, stockholders approved the Northfield-Federal 2008
Equity Incentive Plan. The objective of equity awards is to further align the interests of our
executives with those of stockholders and reward sustained performance. In January&nbsp;2009 the
Compensation Committee granted equity awards in the form of common stock, and options to purchase
common stock at $9.94 per share, representing the closing price of our common stock on the grant
date, to each of the Named Executive Officers. The equity awards vest in equal installments over a
five-year period, commencing one year from the date of the grant. The Compensation Committee
consulted with PM&#038;P during this process.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to November&nbsp;2007, we were a mutual organization and did not have equity compensation
available to employees. The Compensation Committee&#146;s objective in granting equity awards in
January&nbsp;2009 was to provide employees with a substantial equity interest in us, consistent with
comparable peers that recently completed initial public offerings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Broad-based benefits</I>. We also provide to our Named Executive Officers certain broad-based
benefits available to all of our qualifying employees, as well as fringe benefits and perquisites,
and restoration and other termination benefits, not generally available to all qualifying
employees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summarizes the significant broad-based benefits in which the Named Executive
Officers were eligible to participate in 2009:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a defined contribution 401(k) retirement plan and discretionary profit-sharing plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an employee stock ownership plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>medical coverage (all employees share between 20% to 30% of the cost, depending on their
elections);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pre-tax health and dependent care spending accounts; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>group life insurance coverage (death benefit capped at $750,000, with the value of the
death benefit over $50,000 being reported as taxable income to all employees).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Northfield Bank Employee Stock Ownership Plan was established effective January&nbsp;1, 2007.
The employee stock ownership plan allocates a certain number of shares of our common stock on an
annual basis, which are allocated among plan participants primarily on the basis of eligible
compensation in the year of allocation, subject to Internal Revenue Code limitations. All eligible
employees, including Named Executive Officers, participate in the plan and received an allocation
of common stock for 2009.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->126<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Executive Benefits and Perquisites. </I>In addition to the broad-based benefits described above,
the Named Executive Officers received the following fringe benefits and perquisites in 2009:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all Named Executive Officers may participate in a non-qualified deferred
compensation plan. The plan provides restoration of benefits capped under Northfield
Bank&#146;s broad-based benefits due to Internal Revenue Code salary limitations or
limitations due to participation requirements under tax-qualified plans. The plan also
permits elective salary and cash incentive award deferrals;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Messrs.&nbsp;Klein, Doherty, and Widmer received a monthly automobile allowance of $800;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all Named Executive Officers pay for and are provided with reimbursement for
long-term disability insurance coverage;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Messrs.&nbsp;Alexander, Klein, Doherty, and Widmer are reimbursed for appropriate spousal
expenses for attendance at business events; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Messrs.&nbsp;Alexander, Klein, Doherty, and Widmer are provided a cellular phone
allowance of $100 per month for business usage. We also reimburse individuals for the
cost of cellular phone equipment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We incur the expense of one country club membership and related expenses for Mr.&nbsp;Alexander.
Mr.&nbsp;Alexander reimburses Northfield Bank for personal expenses pertaining to club usage. In lieu
of a monthly automobile allowance, Mr.&nbsp;Alexander receives use of an automobile (including all
operating expenses) leased by Northfield Bank for business and personal use. Personal use of the
automobile is reported as taxable income to Mr.&nbsp;Alexander. In addition, Northfield Bank pays an
annual premium on a whole-life insurance policy for the benefit of Mr.&nbsp;Alexander.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee reviews the other components of executive compensation (broad-based
benefits and executive perquisites) on an annual basis. Changes to the level or types of
broad-based benefits within these categories, including considerations relating to the addition or
elimination of benefits and plan design changes, are made by the Compensation Committee on an
aggregate basis with respect to the group of employees entitled to those benefits, and not
necessarily with reference to a particular Named Executive Officer&#146;s compensation. Decisions about
these components of compensation are made without reference to the Named Executive Officers&#146; salary
and annual cash incentives, as they involve issues of more general application and often include
consideration of trends in the industry or in the employment marketplace.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Employment Agreements. </I>In addition to the components of executive compensation described
above, Messrs.&nbsp;Alexander, Klein, Doherty, and Widmer are each parties to employment agreements with
Northfield Bank. See &#147;Employment Agreements&#148; for a description of these agreements and &#147;Potential
Payments to Named Executive Officers&#148; for information about potential payments to these individuals
upon termination of their employment with Northfield Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The executive employment agreements are designed to allow us to retain the services of the
designated executives while reducing, to the extent possible, unnecessary disruptions to our
operations. In addition, the Compensation Committee believes that the employment agreements better
align the interests of the executive with those of our stockholders. The Compensation Committee
believes that these agreements allow executives to more objectively evaluate opportunities for
stockholders without causing undue personal financial conflicts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee reviewed prevailing market practices, consulted with PM&#038;P on the
competitiveness and reasonableness of the terms of the agreements, and negotiated the agreements
with the individuals. The Compensation Committee believes such agreements are common and necessary
to retain executive talent.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->127<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The agreements are for a three-year period, are reviewed for renewal annually by the
Compensation Committee of the Board of Directors, and provide for salary and incentive cash
compensation payments, as well as additional post-employment benefits, primarily health benefits,
under certain conditions, as defined in the employment agreements. See &#147;&#151;Employment Agreements&#148;
for further discussion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Exceptions to Usual Procedures. </I></B>The Compensation Committee may recommend to the Board of
Directors that they approve the payment of special cash compensation to one or more Named Executive
Officers in addition to payments approved during the normal annual compensation-setting cycle. The
Committee may make such a recommendation if it believes it would be appropriate to reward one or
more Named Executive Officers in recognition of contributions to a particular project, or in
response to competitive and other factors that were not addressed during the normal annual
compensation-setting cycle. The Compensation Committee did not make any such recommendation
related to our Named Executive Officers for 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee will consider off-cycle compensation adjustments whenever a Named Executive
Officer&#146;s status, role or responsibilities change, or an executive officer is hired. The Committee
may depart from the compensation guidelines it would normally follow for executives in the case of
outside hires.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee considers, but is not bound by, the tax treatment of each component
of compensation. Under Section 162(m) of the Internal Revenue Code, annual compensation paid to a
Named Executive Officer is not deductible if it exceeds $1&nbsp;million unless it qualifies as
&#147;performance-based compensation&#148; as defined in the Internal Revenue Code and related tax
regulations. Base salary is not a form of performance-based compensation. Fringe benefits and
perquisites also do not qualify as performance-based compensation. Annual incentive cash awards
may qualify as a form of performance-based compensation under the income tax regulations. In 2009,
and for prior years, we were not subject to tax deduction limitations under Section&nbsp;162(m).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Committee Actions During 2009 Affecting 2010 Compensation, and Other Actions by the Committee.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every three years, executive compensation is reviewed in detail by the Compensation Committee.
The Compensation Committee is scheduled to perform its detailed review of executive compensation
in 2010. Typically, the review commences in the middle of the year after peer proxy information
becomes readily available. In 2009, the Compensation Committee reviewed current compensation
trends and practices, in consultation with PM&#038;P, and made a determination that Named Executive
Officers&#146; base salaries for 2010 would remain unchanged from 2009 until such review was complete.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December of 2009, the Compensation Committee approved a 2010 cash incentive compensation
plan, with a similar structure to our 2009 cash incentive compensation plan. The plan contains
similar terms and conditions as our prior year plan. The &#147;threshold,&#148; &#147;target,&#148; and &#147;stretch&#148;
award payouts are 10%, 20%, and 30%, respectively, with a &#147;Corporate Goal&#148; that can be earned based
upon our achieving at least 90% of Board-approved budgeted net income (before income taxes), and
&#147;individual awards&#148; that are based on the achievement of goals aligned with our strategic
objectives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Compensation Tables</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Summary Compensation Table. </I></B>The following table sets forth for the three years ended December
31, 2009, certain information as to the total remuneration we paid to Mr.&nbsp;Alexander, who serves as
Chairman of the Board, President and Chief Executive Officer, Mr.&nbsp;Klein, who serves as Executive
Vice President and Chief Financial Officer, and the three most highly compensated executive
officers of Northfield-Federal or Northfield Bank other than Messrs.&nbsp;Alexander and Klein. The
&#147;Bonus&#148; and &#147;Change in Pension Value and Nonqualified Deferred Compensation Earnings&#148; columns have
been omitted from the Summary Compensation Table because no listed individual earned any
compensation during the years ended December&nbsp;31, 2009, 2008, or 2007 of a type required to be
disclosed in those columns.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->128<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="CENTER" colspan="29" style="border-bottom: 1px solid #000000"><B>Summary Compensation Table</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Non-equity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>incentive plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Salary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awards (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and principal position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(1) ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John W. Alexander,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">676,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,669,920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,356,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,951,684</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chairman of the Board, President </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">676,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">881,361</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">and Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">990,896</TD>
    <TD>&nbsp;</TD>
</TR>
 <TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steven M. Klein, Executive</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">778,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">661,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,843,591</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vice President and Chief</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">379,634</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">384,620</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kenneth J. Doherty,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">725,620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">618,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,719,838</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Executive Vice President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,853</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">355,603 </TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">and Chief Lending Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">360,276</TD>
    <TD>&nbsp;</TD>
</TR>
 <TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Michael J. Widmer,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">596,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">507,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,418,056</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Executive Vice President,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">283,516</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,642</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Madeline G. Frank, Senior</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,330</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,829</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">443,257</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vice President and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210,280</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporate Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,824</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214,824</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The individuals listed in this table participate in certain medical and dental coverage
plans, not disclosed in the Summary Compensation Table, that are generally available to
salaried employees and do not discriminate in scope, terms and operation. The amount shown
for each individual for the year ended December&nbsp;31, 2009, includes our direct out-of-pocket
costs (reduced for Mr.&nbsp;Alexander, in the case of the figures shown for automobiles by the
amount that we would otherwise have paid in cash reimbursements during the year for business
use) for the following items:</TD>
</TR>

</TABLE>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Mr. Alexander</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Mr. Klein</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Mr. Doherty</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Mr. Widmer</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Ms. Frank</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employer contributions to qualified and
non-qualified deferred
compensation plans
(including 401(k),
ESOP and non-qualified
deferred compensation
plans)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">75,485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24,596</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Life insurance premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,203</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term disability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Automobile</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,768</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Club dues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Travel expense for
spouse to accompany on
business travel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reimbursement for
business cell phone
and data usage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">141,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">53,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">53,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">46,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,896</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the aggregate grant date fair value of restricted stock awarded to the employee on
January&nbsp;30, 2009, based upon a grant date stock price of $9.94 per share, which was the final
reported sales price of our common stock on the date of the grant. The restricted stock
awards vest in equal installments over a five-year period, commencing one year from the date
of the grant. No forfeitures were assumed in calculating the aggregate grant date fair value.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the aggregate grant date fair value of options to purchase shares of common stock
awarded to each employee on January&nbsp;30, 2009. The options vest in equal installments over a
five-year period, commencing one year from the date of the grant and have an exercise price of
$9.94 per share, which was the final reported sales price of the common stock on the date of
the grant. The grant date fair value was $3.22 per option and was determined using the
Black-Scholes method assuming an option&#146;s average life of 6.5&nbsp;years; 2.17% risk free rate of
return; 35.33% volatility, and 1.61% dividend yield. No forfeitures were assumed in
calculating the aggregate grant date fair value.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Amount represents an annual discretionary stipend provided to employees whose work location
was moved from New York to New Jersey.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->129<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Plan-Based Awards</I></B><I>. </I>As further discussed in &#147;Compensation Discussion and
Analysis&#151;Assembling the Components of Compensation,&#148; we maintained a cash incentive award program
and equity incentive award program (both based upon Board- and stockholder-approved plans) for our
Named Executive Officers for the year ended December&nbsp;31, 2009. The following table sets forth for
the year ended December&nbsp;31, 2009, certain information as to grants of plan-based cash and equity
awards.
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">

<TD nowrap align="center" colspan="33" style="border-bottom: 1px solid #000000"><B>Grants of Plan-based Awards Table</B> &#151; <B>2009</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All other</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grant</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>date fair</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>awards:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>awards:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>or base</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>value of</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Estimated future payouts under</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>stock and</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>non-equity incentive plan awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>shares of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>option</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Threshold</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Target</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>stock or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>awards (1)</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Grant date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>units</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John W. Alexander</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/14/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,669,920</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">421,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,356,425</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steven M. Klein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/14/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">778,302</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">661,710</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kenneth J. Doherty</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/14/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">725,620</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">618,240</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Michael J. Widmer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/14/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">596,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">507,955</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Madeline G. Frank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/14/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,202</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,330</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>See footnotes 2 and 3 to the Summary Compensation Table for further information regarding
grant date fair value of restricted stock and option awards.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information regarding stock awards and stock
options outstanding at December&nbsp;31, 2009:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>Option Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Stock Awards</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Market</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>value of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>or units</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>shares or</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>of stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>units of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>unexercised</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>that</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>stock that</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>have not</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>have not</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Grant</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(exercisable)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(unexercisable)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>expiration</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>vested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>vested (2)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>date (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John W. Alexander</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">421,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,271,360</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steven M. Klein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,058,616</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kenneth J. Doherty</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">986,960</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Michael J. Widmer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">811,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Madeline G. Frank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">01/30/19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,816</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Stock options expire if unexercised 10&nbsp;years from the grant date.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Amount is based on a $13.52 per share closing price of our common stock on December&nbsp;31, 2009.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no options exercised or restricted stock vested during the year ended December
31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Nonqualified Deferred Compensation Plan. </I></B>Northfield Bank maintains a non-qualified deferred
compensation plan to provide for the elective deferral of non-employee director fees by
participating members of the Board of Directors, and the elective deferral of compensation and/or
performance-based compensation payable to eligible employees of Northfield Bancorp, MHC and
Northfield Bank. A designated amount of director fees, compensation and/or performance based
compensation may be deferred until one of the specified events in the plan
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">occurs, which permits all or part of the monies so deferred, together with earnings, to be
distributed to participants or their beneficiaries. In addition, the plan provides eligible
employees of Northfield Bank with supplemental retirement income from Northfield Bank when such
amounts are not payable under the contribution formula of the Northfield Bank 401(k) Savings Plan
(the &#147;401(k) Savings Plan&#148;), due to reductions and other limitations imposed under the Internal
Revenue Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members of the Board of Trustees of Northfield Bancorp, MHC and the Boards of Directors of
Northfield-Federal and Northfield Bank, and certain employees are eligible to participate in the
plan. Eligible trustees, directors or employees become participants upon agreeing in a written
enrollment agreement to defer any portion of their trustee fees, director fees, compensation,
and/or performance-based compensation. Each participant may request that his or her deferred
compensation account be deemed to be invested in any one or more of the investment options
available to Northfield Bancorp, MHC, or Northfield Bank, in our sole discretion. A participant
may periodically request a change to his or her investment allocation deemed available under the
plan. In the event any participant fails to direct the investment of his or her deferred
compensation account, or to the extent the employer chooses not to honor the participant&#146;s request,
the deferred compensation account will be deemed to bear interest at the rate prevailing for
30-year United States Treasury Bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to amounts of deferred trustee or director fees, deferred compensation or
performance-based compensation, distributions will be made under the plan in the event of the
participant&#146;s retirement, death, termination due to disability, separation from service prior to
the participant&#146;s retirement date, upon the establishment of an unforeseeable emergency, upon a
change in control, or upon the attainment of a specific date of distribution, in a single lump sum
or in up to 15 annual installment payments, as designated by the participant in his or her
enrollment agreement. In the case of an unforeseeable emergency, the amounts distributed will not
exceed the amounts necessary to satisfy the emergency plus an amount necessary to pay any taxes
owed on the distribution. In the event the participant fails to designate a payment schedule on
his enrollment agreement or if the entire balance credited to the participant&#146;s account is less
than $10,000, payment will be made in a single lump sum. In the event a participant dies before
receiving the full amount of his benefit, the remaining amounts will be paid to the participant&#146;s
designated beneficiary according to the participant&#146;s form of election or, if there is no
designated beneficiary at the time of the participant&#146;s death, to the participant&#146;s estate in a
single lump sum. Distributions to certain &#147;specified employees&#148; on account of their separation
from service may be delayed for six months, if necessary, to comply with Internal Revenue Code
Section&nbsp;409A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the non-qualified deferred compensation plan provides for benefits which
supplement those paid under the 401(k) Savings Plan in the event of normal, early or postponed
retirement, death or termination of service. Such benefits will be equal to the sum of: (i)&nbsp;the
maximum amount of employer matching contributions provided to a participant each calendar year,
assuming a participant&#146;s maximum contributions, reduced by the amount of employer matching
contributions made for the participant under the 401(k) Savings Plan for such year, adjusted by
gains and losses; (ii)&nbsp;commencing January&nbsp;1, 2000, the amount of employer matching contributions
not credited to a participant&#146;s 401(k) Savings Plan account as a result of an employer error,
adjusted by gains and losses, if any; and (iii)&nbsp;the maximum amount of discretionary employer
contributions that would be provided to a participant under the 401(k) Savings Plan, assuming an
allocation without taking into account the limitations imposed by the Internal Revenue Code,
reduced by the amount of discretionary employer contributions actually made to a participant under
the 401(k) Savings Plan for each such year, adjusted by gains and losses, if any. Benefits payable
under this plan that supplement matching contributions under the 401(k) Savings Plan will be
aggregated with benefits payable under the Supplemental ESOP (described below). Upon the
occurrence of a distribution event, such benefits will be payable in either a lump sum or
installments over a period of up to 15&nbsp;years, at the election of the participant made in accordance
with Section&nbsp;409A of the Internal Revenue Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The non-qualified deferred compensation plan is considered an unfunded plan for tax and
Employee Retirement Income Security Act purposes. All obligations owing under the plan are payable
from the general assets of Northfield Bank and Northfield Bancorp, MHC, and are subject to the
claims of Northfield Bank&#146;s or Northfield Bancorp, MHC&#146;s creditors.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Supplemental Employee Stock Ownership Plan</I></B><I>. </I>The Northfield Bank Supplemental Employee Stock
Ownership Plan (the &#147;Supplemental ESOP&#148;) is a benefit restoration plan that provides additional
cash benefits, equal to the participant&#146;s account balance, at retirement or other termination of
employment (or upon a change in control) to participants who are key employees, who are approved by
the Compensation Committee and whose benefits under the tax-qualified employee stock ownership
plan, described below, are limited by tax law limitations applicable to tax-qualified plans.
Messrs.&nbsp;Alexander, Klein, and Doherty are the current participants in this plan. The Supplemental
ESOP credits each participant who also participates in the tax-qualified employee stock ownership
plan with an annual amount equal to the sum of the difference (expressed in dollars) between (a)
the number of shares of common stock of Northfield-Federal that would have been allocated to the
participant&#146;s account in the employee stock ownership plan, but for the tax law limitations, plus
earnings thereon, and (b)&nbsp;the actual number of shares allocated to the participant&#146;s account in the
employee stock ownership plan plus earnings thereon. In each case, the number of shares will be
multiplied by the fair market value of the shares on the allocation date to determine the annual
allocation amount. Each participant is permitted to make investment recommendations for the annual
amount credited to his or her account among a broadly diversified group of mutual funds selected
for investment by a committee appointed by Northfield Bank&#146;s Board of Directors to administer the
Supplemental ESOP. Northfield Bank has established a rabbi trust to hold assets attributable to
the Supplemental ESOP to informally fund its benefit obligation. Northfield Bank, at its
discretion, may account for the Supplemental ESOP solely as bookkeeping entries. Whether or not a
rabbi trust is established, the participant&#146;s account value is based on the value of the
investments in which the participant invests, or is deemed to invest, his account. Benefits
distributed to participants from the Supplemental ESOP will be aggregated with benefits payable
under the matching contributions portion of the Nonqualified Deferred Compensation Plan (described
above). Upon the occurrence of a distribution event, such benefits will be payable in either a
lump sum or installments over a period of up to 15&nbsp;years, at the election of the participant made
in accordance with Section&nbsp;409A of Internal Revenue Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information with respect to our nonqualified deferred
compensation plans at and for the year ended December&nbsp;31, 2009.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="21" style="border-bottom: 1px solid #000000"><B>Nonqualified Deferred Compensation At And For The Year Ended December 31, 2009</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Executive</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registrant</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate balance</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>contributions in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>contributions in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>earnings in last</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>withdrawals/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>at last fiscal year</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>last fiscal year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>last fiscal year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>fiscal year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>distributions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>end</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)(3)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John W. Alexander</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,084</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">309,235</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,502,019</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steven M. Klein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,346</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kenneth J. Doherty</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,835</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Michael J. Widmer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,486</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Madeline G. Frank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,377</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Contributions included in the &#147;Executive contributions in last fiscal year&#148; and the
&#147;Registrant contributions in last fiscal year&#148; columns are included as compensation for the
listed individuals in the Summary Compensation Table.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Amounts included in the &#147;Aggregate earnings in last fiscal year&#148; are not included as
compensation for the listed individuals in the Summary Compensation Table as such earnings are
not preferential or &#147;above market.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Amounts included in the &#147;Aggregate balance at last fiscal year end&#148; previously were reported
as compensation for the listed individuals except to the extent that such balances reflect
earnings, all of which were not preferential or &#147;above market.&#148;</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Short- and Long-Term Disability</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Named Executive Officers and certain other members of senior management at Northfield Bank
will be paid their full salary for the duration of any period of short-term disability, up to 26
weeks. Senior management receives this benefit in lieu of the ability to &#147;bank&#148; paid time off for
future use, which is only available to employees of Northfield Bank who are not senior management.
With respect to long-term disability, senior management employees are required to purchase
long-term disability coverage and Northfield Bank provides such persons a bonus payment in
recognition of their payment of such coverage. The amount of the bonus is in the sole discretion
of Northfield Bank.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Life Insurance Coverage</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees of Northfield Bank receive life insurance coverage of up to three times salary, if
hired before January&nbsp;1, 2003, and up to two times salary, if hired on or after January&nbsp;1, 2003.
Such life insurance coverage is generally capped at $500,000. However, in the case of senior
management, such life insurance coverage is capped at $750,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>401(k) Savings Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank maintains the 401(k) Savings Plan, which is a tax-qualified defined
contribution plan with a salary deferral feature under Section 401(k) of the Internal Revenue Code.
Salaried employees, who have completed at least one year of eligible service, as defined in the
plan, are eligible to participate in the plan. Employees who are paid on an hourly basis,
employees who are paid exclusively on a commission basis, leased employees or employees covered by
a collective bargaining agreement are not eligible to participate in the 401(k) Savings Plan.
Eligible employees may contribute from 2% to 15% of their base salary to the 401(k) Savings Plan
on a pre-tax basis each year, subject to the limitations of the Internal Revenue Code (for 2009,
the limit was $16,500, exclusive of any catch-up contributions). Employees who have been making
before-tax contributions for less than 36&nbsp;months will receive an employer matching contribution
equal to 25% of the first 6% of <font style="white-space: nowrap">before-tax</font> base salary contributions. Employees who have
participated for 36 or more months will receive an employer matching contribution equal to 50% of
their first 6% of before-tax base salary contributions. In addition, we may make discretionary
employer contributions on behalf of eligible employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 401(k) Savings Plan permits employees to invest in common stock of Northfield-Federal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Employee Stock Ownership Plan and Trust</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We maintain the employee stock ownership plan to promote employee ownership of our common
stock. At the employee stock ownership plan&#146;s inception, the employee stock ownership plan trust
borrowed funds from Northfield-Federal and used those funds to purchase 1,756,279 shares of common
stock of Northfield-Federal. The collateral for the loan is the common stock purchased by the
employee stock ownership plan. The loan will be repaid principally from discretionary
contributions made by Northfield Bank to the employee stock ownership plan over a period of up to
30&nbsp;years. The loan documents provide that the loan may be repaid over a shorter period, without
penalty for prepayments. The interest rate on the loan equals the prime interest rate as of
closing of the stock offering, and adjusts annually at the beginning of each calendar year. Shares
purchased by the employee stock ownership plan are held in a suspense account for allocation among
participants as the loan is repaid primarily on the basis of compensation in the year of
allocation, subject to Internal Revenue Code limitations. Benefits under the plan vest at the rate
of 20% per year of credited service beginning in the second year of credited service so that a
participant with six years of credited service will become fully vested. Credit is given for
vesting purposes to participants for years of service with Northfield Bank prior to the adoption of
the plan. Credit is also given to those employees who were employed at Liberty Bank at the time of
its acquisition by Northfield Bank for their years of service at Liberty Bank. A participant&#146;s
interest in his account under the plan fully vests in the event of termination of service due to a
participant&#146;s normal retirement, death, disability, or upon a change in control (as defined in the
plan). In the event of a change in control, the employee stock ownership plan will terminate, loan
amounts outstanding will be repaid, and remaining shares will fully vest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the conversion, the trustee for our existing employee stock ownership plan
is expected to purchase, on behalf of the employee stock ownership plan, 4% of the shares of common
stock sold in the offering. We anticipate that the employee stock ownership plan will fund its
stock purchase with a loan from Northfield-Delaware equal to the aggregate purchase price of the
common stock. The loan will have a ten-year term and be repaid principally through Northfield Bank
contribution to the employee stock ownership plan and dividends payable on common stock held by the
employee stock ownership plan over the term of the loan. The interest rate for the employee stock
ownership plan loan is expected to be the prime rate of interest, determined as of the date of
origination of the loan. See &#147;Pro Forma Data.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->133<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The trustee will hold the shares purchased by the employee stock ownership plan in an
unallocated suspense account, and shares will be released from the suspense account on a pro-rata
basis as we repay the loan. The trustee will allocate the shares released among participants on
the basis of each participant&#146;s proportional share of eligible plan compensation relative to all
participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We reserve the right to purchase shares of common stock in the open market following the
offering in order to fund all or a portion of the employee stock ownership plan. We also reserve
the right to have the employee stock ownership plan purchase more than 4% of the shares of common
stock sold in the offering if necessary to complete the offering at the minimum of the offering
range.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Pension Benefits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the individuals listed in the Summary Compensation Table had accumulated pension
benefits either at or during the year ended December&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Employment Agreements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank has entered into employment agreements with each of Messrs.&nbsp;Alexander, Klein,
Doherty, and Widmer. Northfield-Federal is a signatory to each of the agreements for the sole
purpose of guaranteeing payments thereunder. Each of these agreements has an initial term of three
years. Each year, on the anniversary date of these agreements, the employment agreements renew for
an additional year so that the remaining term will be three years unless notice of nonrenewal is
provided to the executive prior to such anniversary date. The Compensation Committee of the Board
of Directors conducts an annual performance evaluation of each executive for purposes of
determining whether to renew the employment agreement. The Compensation Committee also evaluates
the terms and conditions of the agreements prior to renewal, in consultation with an independent
third party compensation consultant, to determine that such terms and conditions are competitive
with the market for the designated positions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the employment agreements, base salaries for Messrs.&nbsp;Alexander, Klein, Doherty, and
Widmer on December&nbsp;31, 2009, were $676,000, $300,000, $280,000, and $230,000, respectively. In
addition to base salary, each agreement provides for, among other things, participation in cash
incentive programs and other employee retirement benefit and fringe benefit plans applicable to
executive employees. Northfield Bank also will pay or reimburse each executive for all reasonable
business expenses incurred by the executive in the performance of his obligations. In addition,
Northfield Bank will provide Mr.&nbsp;Alexander with a life insurance policy, pay or reimburse Mr.
Alexander for the annual dues associated with his membership in a country club, and pay directly or
reimburse Mr.&nbsp;Alexander for the expense of leasing an automobile and reasonable expenses associated
with the use of such automobile. Each employment agreement may be terminated for cause at any
time, in which event the executive would have no right to receive compensation or other benefits
under the employment agreement for any period after termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain events resulting in the executive&#146;s termination or resignation entitle the executive
to payments of severance benefits following termination of employment. In the event the
executive&#146;s employment is terminated for reasons other than &#147;just cause&#148; (as defined in the
employment agreement), &#147;disability&#148; (as defined in the employment agreements), or death, or in the
event the executive resigns during the term of the agreement following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the failure to elect or reelect or to appoint or reappoint the executive to his
executive position, and in the case of Mr.&nbsp;Alexander, the failure to nominate or
re-nominate him as a director of Northfield Bank or Northfield-Federal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a material change in the nature or scope of the executive&#146;s authority that
would cause the executive&#146;s position to become one of lesser importance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a relocation of the executive&#146;s principal place of employment by more than 30
miles from designated areas;</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->134<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a material reduction in the benefits and perquisites of executive, other than a
reduction in pay or benefits of all Northfield Bank employees;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the liquidation or dissolution of Northfield Bank or Northfield-Federal that
would affect the status of the executive; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a material breach of the employment agreement by Northfield Bank,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the executive would be entitled to a lump sum cash severance payment and the continuation of
certain welfare benefits for a period of time after termination of employment, as more fully
described under the table &#147;Potential Payments to Named Executive Officers.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event an executive resigns in connection with or following a &#147;change in control&#148; (as
defined in the employment agreement), the executive would also be entitled to a lump sum cash
severance payment and the continuation of certain welfare benefits, including health and life
insurance benefits for a period of time after termination of employment, as more fully described
under the table &#147;Potential Payments to Named Executive Officers.&#148; Payments will be made in a lump
sum within 30&nbsp;days after the date of termination, or, if necessary to avoid penalties under Section
409A of the Internal Revenue Code, no later than the first day of the seventh month following the
date of termination. In addition, the executive and his family would be entitled, at no expense to
the executive, to the continuation of life, medical, dental and disability coverage for 36&nbsp;months
following the date of termination. If such benefits cannot be provided, a lump sum cash payment
for the value of such benefits will be made to the executive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, in the event payments to the executive would result in an
&#147;excess parachute payment&#148; as defined in Section&nbsp;280G of the Internal Revenue Code, payments under
the employment agreements would be reduced in order to avoid such a result.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event Mr.&nbsp;Alexander becomes disabled, his obligation to perform services under the
employment agreement will terminate and he will receive the benefits provided under any disability
program sponsored by Northfield-Federal or Northfield Bank. To the extent disability benefits for
Mr.&nbsp;Alexander are less than his base salary on the effective date of his termination of employment,
and less than 66 2/3% of his base salary after the first year following termination, he will
receive a supplemental disability benefit equal to the difference between the benefits provided
under any disability program sponsored by Northfield-Federal or Northfield Bank and his base salary
for one year following the date of termination, and 66 2/3% of his base salary after the first year
following termination, until the earliest to occur of his death, recovery of disability or the date
he attains age 65. If disability payments to Mr.&nbsp;Alexander are not taxable to him for federal
income tax purposes, such amounts shall be tax adjusted assuming a combined federal, state and city
tax rate of 38%, for purposes of determining the reduction in payments under the agreement, to
reflect the tax-free nature of the disability payments. In addition, Mr.&nbsp;Alexander and his
dependents will continue to be covered, at no cost to them, under all benefit plans, including
retirement plans, life insurance plans and non-taxable medical and dental plans in which they
participated prior to the occurrence of his disability, until the earliest of his recovery from
disability or attaining age 65.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The employment agreements for Messrs.&nbsp;Klein, Doherty, and Widmer provide that in the event of
the executive&#146;s disability, the executive&#146;s obligation to perform services under the employment
agreement will terminate, and the executive will continue to receive his then current base salary
for one year. Such payment will be reduced by the amount of any short- or long-term disability
benefits payable under any disability program sponsored by Northfield-Federal or Northfield Bank.
If disability payments to Messrs.&nbsp;Klein, Doherty, or Widmer are not subject to federal income tax,
then amounts payable to the executives under the employment agreements shall be tax adjusted in a
manner similar to payments to Mr.&nbsp;Alexander. In addition, the executive and his dependents will
continue to be provided with certain medical, dental and other health benefits on the same terms as
those provided prior to the executive&#146;s termination for a period of one year.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->135<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of the executive&#146;s death, the executive&#146;s estate or beneficiaries will be paid
the executive&#146;s base salary for one year and will receive continued medical, dental, and other
health benefits for one year on the same terms as those provided prior to the executive&#146;s death.
Upon retirement at age 65 or such later date determined by the Board of Directors, the executive
will receive only those benefits to which he is entitled under any retirement plan of Northfield
Bank to which he is a party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon termination of the executive&#146;s employment other than in connection with a change in
control or for cause, the executive agrees not to compete with Northfield Bank for a period of two
years in any city, town or county in which the executive&#146;s normal business office is located and
Northfield Bank has an office or has filed an application for regulatory approval to establish an
office.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->136<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Potential Payments to Named Executive Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth estimates of the amounts that would be payable to the listed
individuals, under their employment agreements and stock option and restricted stock agreements in
the event of their termination of employment on December&nbsp;31, 2009, under designated circumstances.
Ms.&nbsp;Frank is not subject to an employment contract, but is party to stock option and restricted
stock agreements. Amounts related to the acceleration of equity awards for Ms.&nbsp;Frank would be
$274,686 in the event of a discharge without cause or resignation with good reason &#151; with a change
in control at December&nbsp;31, 2009. See note 9 to the table below for further information. The table
does not include vested or accrued benefits under qualified and non-qualified benefit plans or
qualified or non-qualified deferred compensation plans that are disclosed elsewhere in this proxy
statement. The estimates shown are highly dependent on a variety of factors, including but not
limited to the date of termination, interest rates, federal, state, and local tax rates, and
compensation history. Actual payments due could vary substantially from the estimates shown. We
consider each termination scenario listed below to be exclusive of all other scenarios and do not
expect that any of our executive officers would be eligible to collect the benefits shown under
more than one termination scenario. If an executive officer is terminated for &#147;just cause&#148; as
defined in the employment agreement, we have no contractual payment or other obligations under the
employment agreement.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Mr.</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Mr.</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Mr.</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Mr.</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Alexander</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Klein</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Doherty</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Widmer</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Disability</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Salary continuation (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,126,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">140,253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">129,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">104,124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Medical, dental and other health
benefits (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Life insurance (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,449,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">156,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">146,456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">120,650</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Death</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Salary (lump-sum payment) (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">676,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">280,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">230,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Medical, dental and other health
benefits (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">692,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">316,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">296,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">246,526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Discharge Without Cause or Resignation With
Good Reason </B>&#151; <B>no Change in
Control </B>(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Salary (lump sum)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,028,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">900,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">840,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">690,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bonus (lump sum)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">311,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,045</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Retirement contributions (lump sum)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">227,172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,477</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,484</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Medical, dental and other health
benefits (6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,313</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Life insurance contributions (7)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,322</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,757,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,219,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,168,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">977,164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Discharge Without Cause or Resignation With
Good Reason </B>&#151; <B>Change in Control Related </B>(8)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Salary (lump sum)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,028,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">900,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">840,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">690,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bonus (lump sum)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">507,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185,010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Acceleration of vesting of equity awards
(9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,779,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,794,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,674,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,375,945</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Retirement contributions (lump sum)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">227,172</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,477</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,484</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Medical, dental and other health benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,313</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Life insurance contributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,322</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,732,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,138,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,924,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,431,074</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>In the case of disability, Mr.&nbsp;Alexander&#146;s employment agreement provides for supplemental
salary continuation until the earlier of: recovery from such disability, attaining age 65, or
death. The reported figure assumes salary continuation until Mr.&nbsp;Alexander attains the age of
65. Mr.&nbsp;Klein, Mr.&nbsp;Doherty, and Mr.&nbsp;Widmer receive salary continuation benefits for one-year
following such disability. The employment agreement provides the executive with his base
salary in the first year following disability, reduced by any assumed <font style="white-space: nowrap">short-term</font> or long-term
disability insurance benefits provided under separate insurance plans we maintain. Mr.
Alexander&#146;s employment agreement provides for second-year benefits and benefits for every year
thereafter, equal to 66 2/3% of his base salary. Such amounts due under the employment
agreements are reduced by any assumed short-term or long-term disability insurance benefits
provided under separate insurance plans on a </TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->137<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>tax-equivalent basis (assuming a 38% tax rate), if such short-term or long-term disability benefits
are excludable for federal income tax purposes. Supplemental salary continuation benefits have
been discounted at an annual compounding rate of 2.00% for Mr.&nbsp;Alexander. The figures presented
for Mr.&nbsp;Klein, Mr.&nbsp;Doherty, and Mr.&nbsp;Widmer are presented without discount.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Alexander&#146;s employment agreement provides for medical, dental, and other health benefits
to him and his family, at no cost to him, until Mr.&nbsp;Alexander recovers from such disability,
or Mr.&nbsp;Alexander attains the age of 65. Mr.&nbsp;Klein&#146;s, Mr.&nbsp;Doherty&#146;s, and Mr.&nbsp;Widmer&#146;s
employment agreements provide for one year of medical, dental, and other health benefits on
the same terms, including cost sharing by the executive, as provided to the executive prior to
his disability. The reported figure for Mr.&nbsp;Alexander reflects the estimated present value of
the future premium cost of such benefits, calculated utilizing substantially the same health
care cost increase assumptions we use in measuring our liability for such benefits for
financial statement purposes. For purposes of this presentation, the estimated future costs
were discounted at a 2.00% annual compounding rate. The figures presented for Mr.&nbsp;Klein, Mr.
Doherty, and Mr.&nbsp;Widmer are presented without discount.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Alexander&#146;s employment agreement provides for life insurance continuation benefits. Mr.
Alexander receives an annual reimbursement for a whole-life policy premium through 2014 in the
amount of $35,660. In addition, the employment agreement provides for the continuation of
group life insurance for Mr.&nbsp;Alexander until the earlier of: recovering from such disability
or Mr.&nbsp;Alexander attaining the age of 65. The reported figure in the table assumes that group
term life insurance benefits will continue until Mr.&nbsp;Alexander attains the age of 65, with an
assumed annual cost increase of 4% and a present value discount rate of 2.00% annual
compounding rate. The agreement in effect for Mr.&nbsp;Alexander provides for salary continuation
at his base salary for the first year after such disability and 66 2/3% of his base salary
after the first year. Such payments continue until Mr.&nbsp;Alexander&#146;s death, recovery from such
disability, or the date he attains age 65. The figures shown assume any amounts owed to Mr.
Alexander will be reduced by applicable short-term and long-term disability payments received
from insurance carriers without discount for present value. Mr.&nbsp;Klein, Mr.&nbsp;Doherty, and Mr.
Widmer are provided a salary continuation for the first year after such disability. The
figures shown assume any amounts owed will be reduced by applicable short-term and long-term
disability payments received from insurance carriers without discount for present value.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Each of the employment agreements provides for a lump-sum death benefit equal to one-year of
base salary for each executive. The employment agreements also provide for the continuation
of medical, dental, and other health benefits to the executive&#146;s family for a period of
one-year at the same terms and cost to the executive immediately prior to his death.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Each of the employment agreements provides for the lump-sum payment of: three times base
salary; three times the average annual bonus/and or incentive award for three years prior to
the year of termination; and the retirement contributions or payments that we would have made
on the executive&#146;s behalf, as if the executive had continued his employment for a 36-month
period, based on contributions or payments made (on an annualized basis) at the date of
termination.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Each of the employment agreements provides for medical, dental, and other health benefits to
the executive and his family, at no cost to the executive for a period of 36&nbsp;months from the
date of termination. The reported figures reflect the estimated present value of the future
premium cost of such benefits, calculated utilizing substantially the same health care cost
increase assumptions we used in measuring our liability for such benefits for financial
statement purposes. For purposes of this presentation, the estimated future costs were
discounted at a 2.00% annual compounding rate.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Each of the employment agreements provides for life insurance benefits to the executive and
his family, at no cost to the executive for a period of 36&nbsp;months from the date of
termination. Mr.&nbsp;Alexander receives an annual reimbursement of $35,660 for a whole-life
insurance policy. Mr.&nbsp;Alexander, Mr.&nbsp;Klein, Mr.&nbsp;Doherty, and Mr.&nbsp;Widmer also participate in
our group life insurance plan. The reported figures in the table assume that the
reimbursement to Mr.&nbsp;Alexander for his whole-life insurance policy will continue for a period
of three years. The reported figures also include the estimated costs of group term life
insurance benefits for Mr.&nbsp;Alexander, Mr.&nbsp;Klein, Mr.&nbsp;Doherty, and Mr.&nbsp;Widmer for a three year
period with an assumed annual cost increase of 4% and a present value discount rate of 2.00%
compounded annually.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Under each of the employment agreements, amounts payable under a change in control are
identical to those payable for &#147;Discharge Without Cause or Resignation With Good Reason &#151; no
Change in Control&#148; except that: (i)&nbsp;payments pertaining to bonus and/or incentive awards are
based upon the highest annual bonus and/or incentive award earned in any of the three years
preceding the year in which the termination occurs and (ii)&nbsp;each of the employment agreements
limits the total payments to an executive to an amount that is one dollar less than three
times the executive&#146;s &#147;base amount&#148; as defined in Section&nbsp;280G of the Internal Revenue Code.
The amounts presented in the table have not been reduced to reflect any cut-back required to
avoid an excess parachute payment under Section&nbsp;280G of the Internal Revenue Code.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Amounts represent the value of unvested equity awards at December&nbsp;31, 2009 calculated as the
sum of: (a)&nbsp;unvested restricted stock of 168,000 shares, 78,300 shares, 73,000 shares, 60,000
shares, and 13,300 shares for Mr.&nbsp;Alexander, Mr.&nbsp;Klein, Mr.&nbsp;Doherty, Mr.&nbsp;Widmer, and Ms.
Frank, respectively, multiplied by the closing price of our common stock on December&nbsp;31, 2009,
of $13.52 per share; and (b)&nbsp;unvested stock options of 421,250 options, 205,500 options,
192,000 options, 157,750 options, and 26,500 options for Mr.&nbsp;Alexander, Mr.&nbsp;Klein, Mr.
Doherty, Mr.&nbsp;Widmer, and Ms.&nbsp;Frank, respectively, multiplied by $3.58 per option. The $3.58
value of each option represents the closing price of our common stock on December&nbsp;31, 2009 of
$13.52 per share less the option exercise price of $9.94 per share.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->138<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Benefits to be Considered Following Completion of the Conversion</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the stock offering, we intend to adopt a new stock-based benefit plan that will
provide for grants of stock options and restricted common stock awards. If adopted within 12
months following the completion of the conversion, the number of shares reserved for the exercise
of stock options or available for stock awards under the stock-based benefit plan would be limited
to 10% and 4%, respectively, of the shares sold in the stock offering, subject to adjustment as may
be required by Office of Thrift Supervision regulations or policy to reflect shares of common stock
or stock options previously granted by Northfield-Federal or Northfield Bank, so that the total
shares reserved for stock options and restricted stock awards does not exceed 10% and 4%,
respectively, of Northfield-Delaware&#146;s outstanding shares immediately after the conversion and
offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The stock-based benefit plan will not be established sooner than six months after the stock
offering and if adopted within one year after the stock offering would require the approval of a
majority of the votes eligible to be cast by stockholders. If the stock-based benefit plan is
established after one year after the stock offering, it would require the approval of our
stockholders by a majority of votes cast. The following additional restrictions would apply to our
stock-based benefit plan only if the plan is adopted within one year after the stock offering:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>non-employee directors in the aggregate may not receive more than 30% of
the options and restricted stock awards authorized under the plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any one non-employee director may not receive more than 5% of the options
and restricted stock awards authorized under the plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any officer or employee may not receive more than 25% of the options and
restricted stock awards authorized under the plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any tax-qualified employee stock benefit plans and management stock
benefit plans, in the aggregate, may not hold more than 10% of the shares sold in the
offering, unless Northfield Bank has tangible capital of 10% or more, in which case any
tax-qualified employee stock benefit plans and management stock benefit plans, may hold
up to 12% of the shares sold in the offering;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the options and restricted stock awards may not vest more rapidly than 20%
per year, beginning on the first anniversary of stockholder approval of the plan;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accelerated vesting is not permitted except for death, disability or upon
a change in control of Northfield Bank or Northfield-Delaware; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our executive officers or directors must exercise or forfeit their options
in the event that Northfield Bank becomes critically undercapitalized, is subject to
enforcement action or receives a capital directive.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not determined whether we will present the stock-based benefit plan for stockholder
approval prior to or more than 12&nbsp;months after the completion of the conversion. In the event
either federal or state regulators change their regulations or policies regarding stock-based
benefit plans, including any regulations or policies restricting the size of awards and vesting of
benefits as described above, the restrictions described above may not be applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may obtain the shares needed for our stock-based benefit plans by issuing additional shares
of common stock from authorized but unissued shares or through stock repurchases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The actual value of the shares awarded under the stock-based benefit plan will be based in
part on the price of Northfield-Delaware&#146;s common stock at the time the shares are awarded. The
stock-based benefit plan is subject to stockholder approval, and cannot be implemented until at
least six months after the offering. The following table
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->139<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">presents the total value of all shares that would be available for award and issuance under
the stock-based benefit plan, assuming the shares are awarded when the market price of our common
stock ranges from $8.00 per share to $14.00 per share.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>1,851,500 Shares</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1,190,000 Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>1,400,000 Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1,610,000 Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awarded at Maximum</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awarded at Minimum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awarded at Midpoint of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Awarded at Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of Offering Range, As</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Share Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>of Offering Range</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Offering Range</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>of Offering Range</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Adjusted</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="19"><B>(In thousands, except share price information)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">$</TD>
    <TD valign="top" align="right">8.00</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">$</TD>
    <TD valign="top" align="right">9,520</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">$</TD>
    <TD valign="top" align="right">11,200</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">$</TD>
    <TD valign="top" align="right">12,880</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">$</TD>
    <TD valign="top" align="right">14,812</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">10.00</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">11,900</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">14,000</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">16,100</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">18,515</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">12.00</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">14,280</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">16,800</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">19,320</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">22,218</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">14.00</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">16,660</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">19,600</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">22,540</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">25,921</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The grant-date fair value of the options granted under the stock-based benefit plan will
be based in part on the price of shares of common stock of Northfield-Delaware at the time the
options are granted. The value also will depend on the various assumptions utilized in the option
pricing model ultimately adopted. The following table presents the total estimated value of the
options to be available for grant under the <font style="white-space: nowrap">stock-based</font> benefit plan, assuming the market price and
exercise price for the stock options are equal and the range of market prices for the shares is
$8.00 per share to $14.00 per share. The Black-Scholes option pricing model provides an estimate
only of the fair value of the options, and the actual value of the options may differ significantly
from the value set forth in this table.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2,975,000 Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>3,500,000 Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>4,025,000 Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>4,628,750 Options</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grant-Date Fair</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>at Minimum of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>at Midpoint of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>at Maximum of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>at Maximum of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exercise Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Value Per Option</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Range</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Range</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Range</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Range, As Adjusted</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="23"><B>(In thousands, except exercise price and fair value information)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap valign="top" align="right">$</TD>
    <TD valign="top" align="right">8.00</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">$</TD>
    <TD valign="top" align="right">2.98</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">$</TD>
    <TD valign="top" align="right">8,866</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">$</TD>
    <TD valign="top" align="right">10,430</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">$</TD>
    <TD valign="top" align="right">11,995</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">$</TD>
    <TD valign="top" align="right">13,794</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">10.00</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">3.73</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">11,097</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">13,055</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">15,013</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">17,265</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">12.00</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">4.48</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">13,328</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">15,680</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">18,032</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">20,737</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">14.00</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">5.22</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">15,530</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">18,270</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">21,011</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">24,162</TD>
    <TD valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The tables presented above are provided for informational purposes only. There can be no
assurance that our stock price will not trade below $10.00 per share. Before you make an
investment decision, we urge you to read this prospectus carefully, including, but not limited to,
the section entitled &#147;Risk Factors&#148; beginning on page 16.</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->140<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="151"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BENEFICIAL OWNERSHIP OF COMMON STOCK</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides the beneficial ownership of shares of common stock of
Northfield-Federal held by our directors and executive officers, individually and as a group, and
all individuals known to management to own more than 5% of our common stock as of &#091;stockholder
record date&#093;. Unless otherwise indicated, each of the named individuals has sole voting power and
sole investment power with respect to the number of shares shown.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percent of All</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Common</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name of Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Outstanding</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B><I>Directors:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">John W. Alexander</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">374,422</TD>
    <TD nowrap>&nbsp;(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">John R. Bowen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">57,105</TD>
    <TD nowrap>&nbsp;(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Annette Catino</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">83,481</TD>
    <TD nowrap>&nbsp;(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Gil Chapman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">61,610</TD>
    <TD nowrap>&nbsp;(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">John P. Connors, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">57,145</TD>
    <TD nowrap>&nbsp;(5)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">John J. DePierro</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50,822</TD>
    <TD nowrap>&nbsp;(6)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Susan Lamberti</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">71,610</TD>
    <TD nowrap>&nbsp;(7)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Albert J. Regen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">92,100</TD>
    <TD nowrap>&nbsp;(8)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Patrick E. Scura, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">74,110</TD>
    <TD nowrap>&nbsp;(9)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B><I>Executive Officers Other Than Directors:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Kenneth J. Doherty</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">160,398</TD>
    <TD nowrap>&nbsp;(10)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Madeline G. Frank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50,098</TD>
    <TD nowrap>&nbsp;(11)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Steven M. Klein</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">160,505</TD>
    <TD nowrap>&nbsp;(12)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Michael J. Widmer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">128,810</TD>
    <TD nowrap>&nbsp;(13)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">All directors and executive officers as
a group (13 persons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Northfield Bancorp, MHC<BR>
1731 Victory Boulevard<BR>
Staten Island, New York 10314</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Northfield Bancorp, MHC and all
directors and executive officers as a
group</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Wellington Management Company, LLP<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,509,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">75 State Street<BR>
Boston, MA 02109 (14)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Less than 1%.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 9,130 shares held jointly with Mr.&nbsp;Alexander&#146;s spouse, 28,538 shares held in Mr.
Alexander&#146;s individual retirement account accounts, 63,445 shares held by Mr.&nbsp;Alexander&#146;s
spouse, and 6,059 shares allocated to Mr.&nbsp;Alexander under Northfield Bank&#146;s employee stock
ownership plan. Also includes 134,400 shares of unvested stock awards over which Mr.
Alexander has voting control and 84,250 shares that may be acquired within 60&nbsp;days by
exercising options.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 5,667 shares held in Mr.&nbsp;Bowen&#146;s individual retirement account account, 3,673 shares
held by Mr.&nbsp;Bowen&#146;s spouse, and 6,155 shares held in Northfield Bancorp Inc.&#146;s 401(k) Plan.
Also includes 22,200 shares of unvested stock awards over which Mr.&nbsp;Bowen has voting control
and 13,860 shares that may be acquired within 60&nbsp;days by exercising options.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 34,771 shares held jointly with Ms.&nbsp;Catino&#146;s spouse, 7,000 shares held in Ms.
Catino&#146;s individual retirement account account, and 100 shares held in Ms.&nbsp;Catino&#146;s SEP
account. Also includes 22,200 shares of unvested stock awards over which Ms.&nbsp;Catino has
voting control and 13,860 shares that may be acquired within 60&nbsp;days by exercising options.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 20,000 shares held jointly with Mr.&nbsp;Chapman&#146;s spouse and 5,550 shares held by Mr.
Chapman&#146;s spouse. Also includes 22,200 shares of unvested stock awards over which Mr.&nbsp;Chapman
has voting control and 13,860 shares that may be acquired within 60&nbsp;days by exercising
options.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 13,197 shares held in Mr.&nbsp;Connors&#146; individual retirement account accounts, 1,738
shares held jointly with Mr.&nbsp;Connors&#146; spouse, and 600 shares held by Mr.&nbsp;Connors&#146; spouse.
Also includes 22,200 shares of unvested stock awards over which Mr.&nbsp;Connors has voting control
and 13,860 shares that may be acquired within 60&nbsp;days by exercising options.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 5,392 shares held jointly with Mr.&nbsp;DePierro&#146;s spouse. Also includes 22,200 shares
of unvested stock awards over which Mr.&nbsp;DePierro has voting control and 13,860 shares that may
be acquired within 60&nbsp;days by exercising options.</TD>
</TR>

</TABLE>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><I>(footnotes continued on following page)</I>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->141<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>(continued from prior page)</I>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>All shares held jointly with Ms.&nbsp;Lamberti&#146;s spouse. Also includes 22,200 shares of unvested
stock awards over which Ms.&nbsp;Lamberti has voting control and 13,860 shares that may be acquired
within 60&nbsp;days by exercising options.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 13,200 shares held jointly with Mr.&nbsp;Regen&#146;s spouse and 14,682 shares held by Mr.
Regen&#146;s spouse. Also includes 22,200 shares of unvested stock awards over which Mr.&nbsp;Regen has
voting control.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 22,200 shares of unvested stock awards over which Mr.&nbsp;Scura has voting control and
13,860 shares that may be acquired within 60&nbsp;days by exercising options.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 18,366 shares held jointly with Mr.&nbsp;Doherty&#146;s spouse, 1,549 shares held as custodian
for Mr.&nbsp;Doherty&#146;s child, 3,368 shares held by Mr.&nbsp;Doherty&#146;s spouse, 24,892 shares held in
Northfield Bank&#146;s 401(k) Plan, and 6,059 shares allocated to Mr.&nbsp;Doherty under Northfield
Bank&#146;s employee stock ownership plan. Also includes 58,400 shares of unvested stock awards
over which Mr.&nbsp;Doherty has voting control and 38,400 shares that may be acquired within 60
days by exercising options.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 2,050 shares held by Ms.&nbsp;Frank&#146;s child, 14,981 shares held in Northfield Bank&#146;s
401(k) Plan, and 4,467 shares allocated to Ms.&nbsp;Frank under Northfield Bank&#146;s employee stock
ownership plan. Also includes 10,640 shares of unvested stock awards over which Ms.&nbsp;Frank has
voting control and 5,300 shares that may be acquired within 60&nbsp;days by exercising options.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 24,751 shares held in Northfield Bank&#146;s 401(k) Plan and 6,059 shares allocated to
Mr.&nbsp;Klein under Northfield Bank&#146;s employee stock ownership plan. Also includes 62,640 shares
of unvested stock awards over which Mr.&nbsp;Klein has voting control and 41,100 shares that may be
acquired within 60&nbsp;days by exercising options.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(13)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 10,000 shares held jointly with Mr.&nbsp;Widmer&#146;s spouse, 6,700 shares held by Mr.
Widmer&#146;s spouse, 4,203 shares held in Mr.&nbsp;Widmer&#146;s individual retirement account account,
14,921 shares held in Northfield Bank&#146;s 401(k) Plan, and 5,833 shares allocated to Mr.&nbsp;Widmer
under Northfield Bank&#146;s employee stock ownership plan. Also includes 48,000 shares of
unvested stock awards over which Mr.&nbsp;Widmer has voting control and 31,550 shares that may be
acquired within 60&nbsp;days by exercising options.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(14)</TD>
    <TD>&nbsp;</TD>
    <TD>Based on a Schedule&nbsp;13-G as filed with the Securities and Exchange Commission on February&nbsp;12,
2010.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->142<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left">
<A name="152"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUBSCRIPTIONS BY DIRECTORS AND EXECUTIVE OFFICERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth, for each of Northfield-Delaware&#146;s directors and executive
officers, and for all of these individuals as a group, the following information:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of exchange shares to be held upon completion of the conversion,
based upon their beneficial ownership of Northfield-Federal common stock as of
&#091;stockholder record date&#093;;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the proposed purchases of subscription shares, assuming sufficient shares of
common stock are available to satisfy their subscriptions; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the total shares of common stock to be held upon completion of the
conversion.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In each case, it is assumed that subscription shares are sold at the minimum of the offering
range. See &#147;The Conversion and Offering&#151;Additional Limitations on Common Stock Purchases.&#148;
Regulations of the Office of Thrift Supervision prohibit our directors and officers from selling
the shares they purchase in the offering for one year after the date of purchase. Subscriptions by
management through our 401(k) plan are included in the proposed purchases set forth below and will
be counted as part of the maximum number of shares such individuals may subscribe for in the stock
offering and as part of the maximum number of shares directors and officers may purchase in the
stock offering.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Proposed Purchases of Stock in the</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Total Common Stock to be Held at</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Offering (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Minimum of Offering Range (3)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exchange Shares to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name of Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Be Held (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John W. Alexander, Chairman of
the Board, President and Chief
Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">%</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John R. Bowen, Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Annette Catino, Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gil Chapman, Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John P. Connors, Jr., Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John J. DePierro, Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Susan Lamberti, Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Albert J. Regen, Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Patrick E. Scura, Jr. , Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kenneth J. Doherty, Executive
Vice President, Chief Lending
Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Madeline G. Frank, Senior Vice
President, Corporate Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steven M. Klein, Executive Vice
President, Chief Financial
Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Michael J. Widmer, Executive
Vice President, Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total for Directors and
Executive Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">%</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Less than 1%.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes proposed subscriptions, if any, by associates.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Based on information presented in &#147;Beneficial Ownership of Common Stock,&#148; and assuming an
exchange ratio of 1.2073 at the minimum of the offering range.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>At the maximum of the offering range, directors and executive officers would own <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> shares, or <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>% of our outstanding shares of common stock.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->143<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left">
<A name="153"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE CONVERSION AND OFFERING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of Northfield-Federal and the Board of Trustees of Northfield Bancorp,
MHC have approved the plan of conversion and reorganization. The plan of conversion and
reorganization must also be approved by the members of Northfield Bancorp, MHC (depositors of
Northfield Bank) and the stockholders of Northfield-Federal A special meeting of members and a
special meeting of stockholders have been called for this purpose. The Office of Thrift Supervision
has conditionally approved the plan of conversion and reorganization; however, such approval does
not constitute a recommendation or endorsement of the plan of conversion and reorganization by that
agency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The respective Boards of Directors of Northfield Bancorp, MHC and Northfield-Federal adopted
the plan of conversion and reorganization on June&nbsp;4, 2010. Pursuant to the plan of conversion and
reorganization, our organization will convert from the mutual holding company form of organization
to the fully stock form. Northfield Bancorp, MHC, the mutual holding company parent of
Northfield-Federal, will be merged into Northfield-Federal, and Northfield Bancorp, MHC will no
longer exist. Northfield-Federal, which owns 100% of Northfield Bank, will be merged into a new
Delaware corporation named Northfield Bancorp, Inc. As part of the conversion, the 56.4% ownership
interest of Northfield Bancorp, MHC in Northfield-Federal will be offered for sale in the stock
offering. When the conversion is completed, all of the outstanding common stock of Northfield Bank
will be owned by Northfield-Delaware, and all of the outstanding common stock of
Northfield-Delaware will be owned by public stockholders. Northfield Bancorp, MHC and
Northfield-Federal will cease to exist. A diagram of our corporate structure before and after the
conversion is set forth in the &#147;Summary&#148; section of this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the plan of conversion and reorganization, at the completion of the conversion and
offering, each share of Northfield-Federal common stock owned by persons other than Northfield
Bancorp, MHC will be converted automatically into the right to receive new shares of
Northfield-Delaware common stock determined pursuant to an exchange ratio. The exchange ratio will
ensure that immediately after the exchange of existing shares of Northfield-Federal for new shares,
the public stockholders will own the same aggregate percentage of shares of common stock of
Northfield-Delaware that they owned in Northfield-Federal immediately prior to the conversion,
excluding any shares they purchased in the offering and their receipt of cash paid in lieu of
fractional shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to retain between $131.6&nbsp;million and $205.2&nbsp;million of the net proceeds of the
offering and to invest between $143.5&nbsp;million and $223.8&nbsp;million of the net proceeds in Northfield
Bank. The conversion will be consummated only upon the issuance of at least the minimum number of
shares of our common stock offered pursuant to the plan of conversion and reorganization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The plan of conversion and reorganization provides that we will offer shares of common stock
for sale in the subscription offering to eligible account holders, our tax-qualified employee
benefit plans, including our employee stock ownership plan and 401(k) plan, supplemental eligible
account holders and other members. In addition, we expect to offer common stock for sale in a
community offering to members of the general public, with a preference given in the following
order:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Natural persons (including trusts of natural persons) residing in the New
Jersey Counties of Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris,
Ocean, Passaic, Somerset, Sussex and Union, the New York Counties of Bronx, Kings,
Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk and Westchester, and Pike
County, Pennsylvania; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Northfield-Federal&#146;s public stockholders as of &#091;stockholder record date&#093;.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have the right to accept or reject, in whole or in part, any orders to purchase shares of
the common stock received in the community offering. The community offering, if any, may begin at
the same time as, during, or after the subscription offering and must be completed within 45&nbsp;days
after the completion of the subscription offering unless otherwise extended by the Office of Thrift
Supervision. See &#147;&#151;Community Offering.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->144<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also may offer for sale shares of common stock not purchased in the subscription or
community offerings through a syndicated community offering to be managed by Sandler O&#146;Neill &#038;
Partners, L.P. See &#147;&#151;Syndicated Community Offering&#148; herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We determined the number of shares of common stock to be offered in the offering based upon an
independent valuation appraisal of the estimated pro forma market value of Northfield-Delaware.
All shares of common stock to be sold in the offering will be sold at $10.00 per share. Investors
will not be charged a commission to purchase shares of common stock. The independent valuation
will be updated and the final number of the shares of common stock to be issued in the offering
will be determined at the completion of the offering. See &#147;&#151;Stock Pricing and Number of Shares to
be Issued&#148; for more information as to the determination of the estimated pro forma market value of
the common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a brief summary of the conversion and is qualified in its entirety by
reference to the provisions of the plan of conversion and reorganization. A copy of the plan of
conversion and reorganization is available for inspection at each branch office of Northfield Bank
and at the Northeast Regional and the Washington, D.C. offices of the Office of Thrift Supervision.
The plan of conversion and reorganization is also filed as an exhibit to Northfield Bancorp, MHC&#146;s
application to convert from mutual to stock form of which this prospectus is a part, copies of
which may be obtained from the Office of Thrift Supervision. The plan of conversion and
reorganization is also filed as an exhibit to the registration statement we have filed with the
Securities and Exchange Commission, of which this prospectus is a part, copies of which may be
obtained from the Securities and Exchange Commission or online at the Securities and Exchange
Commission&#146;s website, <U>www.sec.gov</U>. See &#147;Where You Can Find Additional Information.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reasons for the Conversion</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our primary reasons for converting and undertaking the stock offering are to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>eliminate some of the uncertainties associated with proposed financial
regulatory reforms</I></B>. As a federal mutual holding company, we are currently regulated by
the Office of Thrift Supervision. Proposed financial reform legislation would result
in changes to our primary bank and holding company regulator, and may result in changes
in regulations applicable to us including, but not limited to, capital requirements,
payment of dividends and conversions to stock form. In addition, the Federal Reserve
Board, which is the proposed federal regulator for holding companies of banks like
Northfield Bank, currently does not allow mutual holding companies to waive the
receipt of dividends from their mid-tier holding company subsidiaries, and any waived
dividends result in dilution to the ownership interests of minority stockholders in the
event of a second-step conversion. While we cannot predict with certainty whether such
reforms will be enacted or the form they may take, we believe the conversion will
eliminate some of the uncertainties associated with the proposed legislation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>increase our capital</I></B>. While Northfield Bank currently exceeds all
regulatory capital requirements and is not subject to any directive or recommendation
from any banking regulatory agency to raise capital, the proceeds from the sale of
common stock will increase our capital during a period of significant economic and
regulatory uncertainty, particularly for the financial services industry.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>transition us to a more familiar and flexible organizational structure</I></B>.
The stock holding company structure is a more familiar form of organization, which we
believe will make our common stock more appealing to investors, and will give us
greater flexibility to structure mergers and acquisitions and to access the capital
markets through possible future equity and debt offerings, although we have no current
plans, agreements or understandings regarding any mergers and acquisitions or
additional securities offerings.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->145<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>improve the liquidity of our shares of common stock</I></B><I>. </I>The larger number of shares that will be outstanding after completion of the conversion and offering is
expected to result in a more liquid and active market than currently exists for
Northfield-Federal common stock. A more liquid and active market would make it easier
for our shareholders to buy and sell our common stock and would give us greater
flexibility in implementing capital management strategies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>support future mergers and acquisitions</I></B><I>. </I>Although we do not currently
have any understandings or agreements regarding any specific acquisition transaction,
the additional capital raised in the offering may help support, and make us a more
attractive and competitive bidder for, mergers or acquisitions of other financial
institutions, as opportunities arise.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Approvals Required</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The affirmative vote of a majority of the total votes eligible to be cast by the members of
Northfield Bancorp, MHC is required to approve the plan of conversion and reorganization. By their
approval of the plan of conversion and reorganization, the members of Northfield Bancorp, MHC will
also be approving the merger of Northfield Bancorp, MHC into Northfield-Federal. The affirmative
vote of the holders of at least two-thirds of the outstanding shares of common stock of
Northfield-Federal and the affirmative vote of the holders of a majority of the outstanding shares
of common stock of Northfield-Federal held by the public stockholders of Northfield-Federal are
also required to approve the plan of conversion and reorganization. The plan of conversion and
reorganization also must be approved by the Office of Thrift Supervision, which has given its
conditional approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Share Exchange Ratio for Current Stockholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office of Thrift Supervision regulations provide that in a conversion of a mutual holding
company to fully stock form, the public stockholders will be entitled to exchange their shares for
common stock of the new holding company, provided that the mutual holding company demonstrates to
the satisfaction of the Office of Thrift Supervision that the basis for the exchange is fair and
reasonable. At the completion of the conversion, each publicly held share of Northfield-Federal
common stock will be automatically converted into the right to receive a number of shares of
Northfield-Delaware common stock. The number of shares of common stock will be determined pursuant
to the exchange ratio, which ensures that the public stockholders will own the same percentage of
common stock in Northfield-Delaware after the conversion as they held in Northfield-Federal
immediately prior to the conversion, exclusive of their purchase of additional shares of common
stock in the offering and their receipt of cash in lieu of fractional exchange shares. The exchange
ratio will not depend on the market value of Northfield-Delaware common stock. The exchange ratio
will be based on the percentage of Northfield-Federal common stock held by the public, the
independent valuation of Northfield-Delaware prepared by RP Financial, LC. and the number of shares
of common stock issued in the offering. The exchange ratio is expected to range from approximately
1.2073 exchange shares for each publicly held share of <font style="white-space: nowrap">Northfield-Federal</font> at the minimum of the
offering range to 1.8784 exchange shares for each publicly held share of Northfield-Federal at the
adjusted maximum of the offering range.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->146<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows how the exchange ratio will adjust, based on the number of shares of
common stock issued in the offering. The table also shows how many shares of Northfield-Delaware a
hypothetical owner of Northfield-Federal common stock would receive in the exchange for 100 shares
of common stock owned at the completion of the conversion, depending on the number of shares issued
in the offering.
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Equivalent</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Equivalent</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares to</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of Common</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Pro Forma</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>be</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Shares of Northfield-Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock to be</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Based</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Book</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Received</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Shares to be Sold in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>to be Issued for Shares of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Issued in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Upon</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value Per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>for 100</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>This Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Northfield-Federal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Conversion</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exchange</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exchanged</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Existing</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>and Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Ratio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Price (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Share (2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Shares</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minimum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">56.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,036,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">43.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,786,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.2073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">12.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Midpoint</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,101,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,101,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maximum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,166,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,416,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.6334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">15% above Maximum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,287,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,841,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,129,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8784</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the value of shares of Northfield-Delaware common stock to be received in the
conversion by a holder of one share of Northfield-Federal, pursuant to the exchange ratio,
based upon the $10.00 per share offering price.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the pro forma book value per share at each level of the offering range multiplied
by the respective exchange ratio.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options to purchase shares of Northfield-Federal common stock that are outstanding
immediately prior to the completion of the conversion will be converted into options to purchase
shares of Northfield-Delaware common stock, with the number of shares subject to the option and the
exercise price per share to be adjusted based upon the exchange ratio. The aggregate exercise
price, term and vesting period of the options will remain unchanged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exchange of Existing Stockholders&#146; Stock Certificates</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The conversion of existing outstanding shares of Northfield-Federal common stock into the
right to receive shares of Northfield-Delaware common stock will occur automatically at the
completion of the conversion. As soon as practicable after the completion of the conversion, our
exchange agent will send a transmittal form to each public stockholder of Northfield-Federal who
holds physical stock certificates. The transmittal forms will contain instructions on how to
exchange stock certificates of Northfield-Federal common stock for stock certificates of
Northfield-Delaware common stock. We expect that stock certificates evidencing shares of
Northfield-Delaware common stock will be distributed within five business days after the exchange
agent receives properly executed transmittal forms, Northfield-Federal stock certificates and other
required documents. Shares held by public stockholders in street name (such as in a brokerage
account) will be exchanged automatically upon the completion of the conversion; no transmittal
forms will be mailed relating to these shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No fractional shares of Northfield-Delaware common stock will be issued to any public
stockholder of Northfield-Federal when the conversion is completed. For each fractional share that
would otherwise be issued to a stockholder who holds a stock certificate, we will pay by check an
amount equal to the product obtained by multiplying the fractional share interest to which the
holder would otherwise be entitled by the $10.00 offering purchase price per share. Payment for
fractional shares will be made as soon as practicable after the receipt by the exchange agent of
the transmittal forms and the surrendered Northfield-Federal stock certificates. If your shares of
common stock are held in street name, you will automatically receive cash in lieu of fractional
shares in your account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>You should not forward your stock certificates until you have received transmittal forms,
which will include forwarding instructions. </B>After the conversion, stockholders will not receive
shares of Northfield-Delaware common stock and will not be paid dividends on the shares of
Northfield-Delaware common stock until existing certificates representing shares of
Northfield-Federal common stock are surrendered for exchange in compliance with the terms of the
transmittal form. When stockholders surrender their certificates, any unpaid dividends will be paid
without interest. For all other purposes, however, each certificate that represents shares of
Northfield-Federal common stock outstanding at the effective date of the conversion will be
considered to evidence
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->147<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ownership of shares of Northfield-Delaware common stock into which those shares have been
converted by virtue of the conversion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a certificate for Northfield-Federal common stock has been lost, stolen or destroyed, our
exchange agent will issue a new stock certificate upon receipt of appropriate evidence as to the
loss, theft or destruction of the certificate, appropriate evidence as to the ownership of the
certificate by the claimant, and appropriate and customary indemnification, which is normally
effected by the purchase of a bond from a surety company at the stockholder&#146;s expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All shares of Northfield-Delaware common stock that we issue in exchange for existing shares
of Northfield-Federal common stock will be considered to have been issued in full satisfaction of
all rights pertaining to such shares of common stock, subject, however, to our obligation to pay
any dividends or make any other distributions with a record date prior to the effective date of the
conversion that may have been declared by us on or prior to the effective date, and which remain
unpaid at the effective date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Effects of Conversion on Depositors, Borrowers and Members</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Continuity</I></B><I>. </I>The conversion will not affect the normal business of Northfield Bank of accepting
deposits and making loans. Northfield Bank will continue to be a federally chartered savings bank
and will continue to be regulated by the Office of Thrift Supervision. After the conversion,
Northfield Bank will continue to offer existing services to depositors, borrowers and other
customers. The directors serving Northfield-Federal at the time of the conversion will be the
directors of Northfield-Delaware after the conversion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Effect on Deposit Accounts</I></B><I>. </I>Pursuant to the plan of conversion and reorganization, each
depositor of Northfield Bank at the time of the conversion will automatically continue as a
depositor after the conversion, and the deposit balance, interest rate and other terms of such
deposit accounts will not change as a result of the conversion. Each such account will be insured
by the Federal Deposit Insurance Corporation to the same extent as before the conversion.
Depositors will continue to hold their existing certificates, passbooks and other evidences of
their accounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Effect on Loans</I></B><I>. </I>No loan outstanding from Northfield Bank will be affected by the conversion,
and the amount, interest rate, maturity and security for each loan will remain as it was
contractually fixed prior to the conversion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Effect on Voting Rights of Members</I></B><I>. </I>At present, all depositors of Northfield Bank are members
of, and have voting rights in, Northfield Bancorp, MHC as to all matters requiring membership
action. Upon completion of the conversion, depositors will cease to be members of Northfield
Bancorp, MHC and will no longer have voting rights. Upon completion of the conversion, all voting
rights in Northfield Bank will be vested in Northfield-Delaware as the sole stockholder of
Northfield Bank. The stockholders of Northfield-Delaware will possess exclusive voting rights
with respect to Northfield-Delaware common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Tax Effects</I></B><I>. </I>We will receive an opinion of counsel or tax advisor with regard to federal and
state income tax consequences of the conversion to the effect that the conversion will not be a
taxable transaction for federal or state income tax purposes to Northfield Bancorp, MHC,
Northfield-Federal, the public stockholders of Northfield-Federal (except for cash paid for
fractional shares), members of Northfield Bancorp, MHC, eligible account holders, supplemental
eligible account holders, or Northfield Bank. See &#147;&#151;Material Income Tax Consequences.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Effect on Liquidation Rights</I></B><I>. </I>Each depositor in Northfield Bank has both a deposit account in
Northfield Bank and a pro rata ownership interest in the net worth of Northfield Bancorp, MHC based
upon the deposit balance in his or her account. This ownership interest is tied to the depositor&#146;s
account and has no tangible market value separate from the deposit account. This interest may only
be realized in the event of a complete liquidation of Northfield Bancorp, MHC and Northfield Bank.
Any depositor who opens a deposit account obtains a pro rata ownership interest in Northfield
Bancorp, MHC without any additional payment beyond the amount of the deposit. A depositor who
reduces or closes his or her account receives a portion or all of the balance in the deposit
account
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->148<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">but nothing for his or her ownership interest in the net worth of Northfield Bancorp, MHC,
which is lost to the extent that the balance in the account is reduced or closed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consequently, depositors in a stock subsidiary of a mutual holding company normally have no
way of realizing the value of their ownership interest, which has realizable value only in the
unlikely event that Northfield Bancorp, MHC and Northfield Bank are liquidated. If this occurs, the
depositors of record at that time, as owners, would share pro rata in any residual surplus and
reserves of Northfield Bancorp, MHC after other claims, including claims of depositors to the
amounts of their deposits, are paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the plan of conversion, Eligible Account Holders and Supplemental Eligible Account
Holders will receive an interest in liquidation accounts maintained by Northfield-Delaware and
Northfield Bank in an aggregate amount equal to (i)&nbsp;Northfield Bancorp, MHC&#146;s ownership interest in
Northfield-Federal&#146;s total stockholders&#146; equity as of the date of the latest statement of financial
condition used in this prospectus plus (ii)&nbsp;the value of the net assets of Northfield Bancorp, MHC
as of the date of the latest statement of financial condition of Northfield Bancorp, MHC prior to
the consummation of the conversion (excluding its ownership of Northfield-Federal).
Northfield-Delaware and Northfield Bank will hold the liquidation accounts for the benefit of
Eligible Account Holders and Supplemental Eligible Account Holders who continue to maintain
deposits in Northfield Bank after the conversion. The liquidation accounts would be distributed to
Eligible Account Holders and Supplemental Eligible Account Holders who maintain their deposit
accounts in Northfield Bank only in the event of a liquidation of (a)&nbsp;Northfield-Delaware and
Northfield Bank or (b)&nbsp;Northfield Bank. The liquidation account in Northfield Bank would be used
only in the event that Northfield-Delaware does not have sufficient assets to fund its obligations
under its liquidation account. The total obligation of Northfield-Delaware and Northfield Bank
under their respective liquidation accounts will never exceed the dollar amount of
<font style="white-space: nowrap">Northfield-Delaware&#146;s</font> liquidation account as adjusted from time to time pursuant to the plan of
conversion and Office of Thrift Supervision regulations. See &#147;&#151;Liquidation Rights.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Stock Pricing and Number of Shares to be Issued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The plan of conversion and reorganization and federal regulations require that the aggregate
purchase price of the common stock sold in the offering must be based on the appraised pro forma
market value of the common stock, as determined by an independent valuation. We have retained RP
Financial, LC. to prepare an independent valuation appraisal. For its services in preparing the
initial valuation, RP Financial, LC. will receive a fee of $135,000, as well as payment for
reimbursable expenses and an additional $15,000 for each valuation update, as necessary. We have
agreed to indemnify RP Financial, LC. and its employees and affiliates against specified losses,
including any losses in connection with claims under the federal securities laws, arising out of
its services as independent appraiser, except where such liability results from RP Financial, LC.&#146;s
bad faith or negligence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The independent valuation was prepared by RP Financial, LC. in reliance upon the information
contained in this prospectus, including the consolidated financial statements of
Northfield-Federal. RP Financial, LC. also considered the following factors, among others:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the present results and financial condition of Northfield-Federal and the
projected results and financial condition of <font style="white-space: nowrap">Northfield-Delaware;</font></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the economic and demographic conditions in Northfield-Federal&#146;s existing
market area;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain historical, financial and other information relating to
Northfield-Federal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a comparative evaluation of the operating and financial characteristics of
Northfield-Federal with those of other similarly situated publicly traded savings
institutions located in the Eastern United States;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the effect of the conversion and offering on Northfield-Delaware&#146;s
stockholders&#146; equity and earnings potential;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->149<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the proposed dividend policy of Northfield-Delaware; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the trading market for securities of comparable institutions and general
conditions in the market for such securities.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The independent valuation appraisal considered the pro forma effect of the offering.
Consistent with the Office of Thrift Supervision appraisal guidelines, the appraisal applied three
primary methodologies: (i)&nbsp;the pro forma price-to-book value approach applied to both reported
book value and tangible book value; (ii)&nbsp;the pro forma price-to-earnings approach applied to
reported and core earnings; and (iii)&nbsp;the pro forma price-to-assets approach. The market value
ratios applied in the three methodologies were based on the current market valuations of the peer
group companies. RP Financial, LC. placed the greatest emphasis on the price-to-earnings and
price-to-book approaches in estimating pro forma market value. RP Financial, LC. did not consider
a pro forma price to assets approach to be meaningful in preparing the appraisal, as this approach
is more meaningful when a company has low equity or earnings. The price to assets approach is less
meaningful for a company like us, as we have equity in excess of regulatory capital requirements
and positive reported and core earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In applying each of the valuation methods, RP Financial considered adjustments to the pro
forma market value based on a comparison of Northfield-Delaware with the peer group. RP Financial,
LC. made slight upward adjustments for profitability, growth and viability of earnings and asset
growth and made a slight downward adjustment for marketing of the issue. No adjustments were made
for financial condition, primary market area, dividends, liquidity of the issue, management and
effect of governmental regulations and regulatory reform. The upward adjustment for profitability,
growth and viability of earnings was based primarily on Northfield-Federal&#146;s more favorable
efficiency ratio, historically more favorable interest rate risk characteristics. the greater
earnings potential derived from reinvestment of the net proceeds from the offering and growth in
the branch network, all as compared to the peer group. The downward adjustment for marketing of
the issue was based primarily on the potential discounting required to complete the offering
relative to the pricing of the seasoned pricing of the peer group companies and recent trends in
the marketing of thrift stocks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in RP Financial, LC.&#146;s independent valuation were certain assumptions as to the pro
forma earnings of Northfield-Delaware after the conversion that were utilized in determining the
appraised value. These assumptions included estimated expenses, an assumed after-tax rate of
return of 1.53% for the twelve months ended March&nbsp;31, 2010 on the net offering proceeds and
purchases in the open market of 4% of the common stock issued in the offering by the stock-based
benefit plan at the $10.00 per share purchase price. See &#147;Pro Forma Data&#148; for additional
information concerning these assumptions. The use of different assumptions may yield different
results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The independent valuation states that as of May&nbsp;14, 2010, the estimated pro forma market value
of Northfield-Delaware was $621.0&nbsp;million. Based on Office of Thrift Supervision regulations, this
market value forms the midpoint of a range with a minimum of $527.9&nbsp;million and a maximum of $714.2
million. The board of directors decided to offer the shares of common stock for a price of $10.00
per share primarily because it is the price most commonly used in mutual-to-stock conversions of
financial institutions. The aggregate offering price of the shares will be equal to the valuation
range multiplied by the percentage of Northfield-Federal common stock owned by Northfield Bancorp,
MHC. The number of shares offered will be equal to the aggregate offering price of the shares
divided by the price per share. Based on the valuation range, the percentage of Northfield-Federal
common stock owned by Northfield Bancorp, MHC and the $10.00 price per share, the minimum of the
offering range will be 29,750,000 shares, the midpoint of the offering range will be 35,000,000
shares and the maximum of the offering range will be 40,250,000 shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of Northfield-Delaware reviewed the independent valuation and, in
particular, considered the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Northfield-Federal&#146;s financial condition and results of operations;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->150<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a comparison of financial performance ratios of Northfield-Federal to
those of other financial institutions of similar size;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>market conditions generally and in particular for financial institutions;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the historical trading price of the publicly held shares of
Northfield-Federal common stock.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of these factors are set forth in the independent valuation. The board of directors also
reviewed the methodology and the assumptions used by RP Financial, LC. in preparing the independent
valuation and believes that such assumptions were reasonable. The offering range may be amended
with the approval of the Office of Thrift Supervision, if required, as a result of subsequent
developments in the financial condition of Northfield-Federal or Northfield Bank or market
conditions generally. In the event the independent valuation is updated to amend the pro forma
market value of Northfield-Delaware to less than $527.9&nbsp;million or more than $821.3&nbsp;million, the
appraisal will be filed with the Securities and Exchange Commission by a post-effective amendment
to Northfield-Delaware&#146;s registration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents a summary of selected pricing ratios for the peer group companies
and Northfield-Delaware (on a pro forma basis) based on annual earnings and other information as of
and for the twelve months ended March&nbsp;31, 2010, and stock price information for the peer group
companies as of May&nbsp;14, 2010, as reflected in the appraisal report. Compared to the average
pricing of the peer group, our pro forma pricing ratios at the midpoint of the offering range
indicated a discount of 20.1% on a price-to-book value basis, a discount of 30.4% on a
price-to-tangible book value basis and a premium of 110.0% on a price-to-earnings basis. Our board
of directors, in reviewing and approving the appraisal, considered the range of price-to-earnings
multiples and the range of price-to-book value and price-to-tangible book value ratios at the
different amounts of shares to be sold in the offering. The appraisal did not consider one
valuation approach to be more important than the other. The estimated appraised value and the
resulting premium/discount took into consideration the potential financial effect of the conversion
and offering as well as the trading price of Northfield-Federal&#146;s common stock. The closing price
of the common stock was $14.58 per share on June&nbsp;3, 2010, the last trading day immediately
preceding the announcement of the conversion, and $14.73 per share on May&nbsp;14, 2010, the effective
date of the appraisal.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price-to-earnings</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price-to-book</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price-to-tangible</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>multiple (1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>value ratio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>book value ratio</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Northfield-Delaware
(on a pro forma
basis, assuming
completion of the
conversion)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjusted Maximum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67.18x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">101.73</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">103.84</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Maximum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58.68x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">94.79</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">96.90</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Midpoint</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.23x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">87.97</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">89.93</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minimum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.72x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">80.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">82.03</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Valuation of peer
group companies, all
of which are fully
converted (on an
historical basis)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Averages</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.40x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">109.94</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">129.19</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Medians</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.88x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">104.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">134.53</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Price-to-earnings multiples calculated by RP Financial, LC. in the independent appraisal are
based on an estimate of &#147;core,&#148; or recurring, earnings. These ratios are different than those
presented in &#147;Pro Forma Data.&#148;</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The independent valuation is not intended, and must not be construed, as a recommendation
of any kind as to the advisability of purchasing our shares of common stock. RP Financial, LC. did
not independently verify our consolidated financial statements and other information that we
provided to them, nor did RP Financial, LC. independently value our assets or liabilities. The
independent valuation considers Northfield Bank as a going concern and should not be considered as
an indication of the liquidation value of Northfield Bank. Moreover, because the valuation is
necessarily based upon estimates and projections of a number of matters, all of which may change
from time to time, no assurance can be given that persons purchasing our common stock in the
offering will thereafter be able to sell their shares at prices at or above the $10.00 price per
share.</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->151<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following commencement of the subscription offering, the maximum of the valuation range may be
increased by up to 15%, or up to $821.3&nbsp;million, without resoliciting subscribers, which will
result in a corresponding increase of up to 15% in the maximum of the offering range to up to
46,287,500 shares, to reflect changes in the market and financial conditions or demand for the
shares. We will not decrease the minimum of the valuation range and the minimum of the offering
range without a resolicitation of subscribers. The subscription price of $10.00 per share will
remain fixed. See &#147;&#151;Additional Limitations on Common Stock Purchases&#148; as to the method of
distribution of additional shares to be issued in the event of an increase in the offering range of
up to 46,287,500 shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the update to the independent valuation at the conclusion of the offering results in an
increase in the maximum of the valuation range to more than $821.3&nbsp;million and a corresponding
increase in the offering range to more than 46,287,500 shares, or a decrease in the minimum of the
valuation range to less than $527.9&nbsp;million and a corresponding decrease in the offering range to
fewer than 29,750,000 shares, then we will promptly return with interest at &#091;interest rate&#093;% all
funds previously delivered to us to purchase shares of common stock in the subscription and
community offerings and cancel deposit account withdrawal authorizations and, after consulting with
the Office of Thrift Supervision, we may terminate the plan of conversion and reorganization.
Alternatively, we may establish a new offering range, extend the offering period and commence a
resolicitation of purchasers or take other actions as permitted by the Office of Thrift Supervision
in order to complete the offering. In the event that we extend the offering and conduct a
resolicitation, we will notify subscribers of the extension of time and of the rights of
subscribers to place a new stock order for a specified period of time. Any single offering
extension will not exceed 90&nbsp;days; aggregate extensions may not conclude beyond <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
2012, which is two years after the special meeting of members to vote on the conversion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An increase in the number of shares to be issued in the offering would decrease both a
subscriber&#146;s ownership interest and <font style="white-space: nowrap">Northfield-Delaware&#146;s</font> pro forma earnings and stockholders&#146;
equity on a per share basis while increasing pro forma earnings and stockholders&#146; equity on an
aggregate basis. A decrease in the number of shares to be issued in the offering would increase
both a subscriber&#146;s ownership interest and Northfield-Delaware&#146;s pro forma earnings and
stockholders&#146; equity on a per share basis, while decreasing pro forma earnings and stockholders&#146;
equity on an aggregate basis. For a presentation of the effects of these changes, see &#147;Pro Forma
Data.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies of the independent valuation appraisal report of RP Financial, LC. and the detailed
memorandum setting forth the method and assumptions used in the appraisal report are available for
inspection at the main office of Northfield Bank and as specified under &#147;Where You Can Find
Additional Information.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Subscription Offering and Subscription Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the plan of conversion and reorganization, rights to subscribe for shares
of common stock in the subscription offering have been granted in the following descending order of
priority. The filling of all subscriptions that we receive will depend on the availability of
common stock after satisfaction of all subscriptions of all persons having prior rights in the
subscription offering and to the maximum, minimum and overall purchase and ownership limitations
set forth in the plan of conversion and reorganization and as described below under &#147;&#151;Additional
Limitations on Common Stock Purchases.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Priority 1: Eligible Account Holders</I></B><I>. </I>Each Northfield Bank depositor with aggregate deposit
account balances of $50.00 or more (a &#147;Qualifying Deposit&#148;) at the close of business on March&nbsp;31,
2009 (an &#147;Eligible Account Holder&#148;) will receive, without payment therefor, nontransferable
subscription rights to purchase up to $3.0&nbsp;million (300,000 shares) of our common stock, subject to
the overall purchase limitations. See &#147;&#151;Additional Limitations on Common Stock Purchases.&#148; If
there are not sufficient shares available to satisfy all subscriptions, shares will first be
allocated so as to permit each Eligible Account Holder to purchase a number of shares sufficient to
make his or her total allocation equal to the lesser of 100 shares or the number of shares for
which he or she subscribed. Thereafter, any remaining shares will be allocated to each Eligible
Account Holder whose subscription remains unfilled in the proportion that the amount of his or her
Qualifying Deposit bears to the total amount of Qualifying Deposits of all subscribing Eligible
Account Holders whose subscriptions remain unfilled. If an amount so allocated exceeds the amount
subscribed for by any one or more Eligible Account Holders, the excess shall be
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->152<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">reallocated among those Eligible Account Holders whose subscriptions are not fully satisfied
until all available shares have been allocated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To ensure proper allocation of our shares of common stock, each Eligible Account Holder must
list on his or her stock order form all deposit accounts in which he or she has an ownership
interest on March&nbsp;31, 2009. In the event of an oversubscription, failure to list an account could
result in fewer shares being allocated than if all accounts had been disclosed. In the event of an
oversubscription, the subscription rights of Eligible Account Holders who are also directors or
executive officers of Northfield-Federal or their associates will be subordinated to the
subscription rights of other Eligible Account Holders to the extent attributable to their increased
deposits in the 12&nbsp;months preceding March&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Priority 2: Tax-Qualified Plans</I></B><I>. </I>Our tax-qualified employee plans, including our employee
stock ownership plan and 401(k) plan, will receive, without payment therefor, nontransferable
subscription rights to purchase in the aggregate up to 10% of the shares of common stock sold in
the offering, although our employee stock ownership plan intends to purchase 4% of the shares of
common stock sold in the offering. We reserve the right to have our employee stock ownership plan
purchase more than 4% of the stock sold in the offering to the extent necessary to complete the
offering at the minimum of the offering range. If market conditions warrant, in the judgment of
its trustees, the employee stock ownership plan may instead elect to purchase shares in the open
market following the completion of the conversion. The amount of the subscription requests by the
401(k) plan will be determined by its participants, who will have the right to invest all or a
portion of their 401(k) plan accounts in our common stock, subject to the maximum purchase
limitations. However, to comply with the limitations applicable to our tax-qualified employee
plans, our 401(k) plan may purchase no more than 6% of the shares of common stock sold in the
offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Priority 3: Supplemental Eligible Account Holders</I></B><I>. </I>To the extent that there are sufficient
shares of common stock remaining after satisfaction of subscriptions by Eligible Account Holders
and our tax-qualified employee stock benefit plans, each Northfield Bank depositor with a
Qualifying Deposit at the close of business on June&nbsp;30, 2010 who is not an Eligible Account Holder
(&#147;Supplemental Eligible Account Holder&#148;) will receive, without payment therefor, nontransferable
subscription rights to purchase up to $3.0&nbsp;million (300,000 shares) of common stock, subject to the
overall purchase limitations. See &#147;&#151;Additional Limitations on Common Stock Purchases.&#148; If there are
not sufficient shares available to satisfy all subscriptions, shares will be allocated so as to
permit each Supplemental Eligible Account Holder to purchase a number of shares sufficient to make
his or her total allocation equal to the lesser of 100 shares of common stock or the number of
shares for which he or she subscribed. Thereafter, unallocated shares will be allocated to each
Supplemental Eligible Account Holder whose subscription remains unfilled in the proportion that the
amount of his or her Qualifying Deposit bears to the total amount of Qualifying Deposits of all
Supplemental Eligible Account Holders whose subscriptions remain unfilled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To ensure proper allocation of common stock, each Supplemental Eligible Account Holder must
list on the stock order form all deposit accounts in which he or she has an ownership interest at
June&nbsp;30, 2010. In the event of oversubscription, failure to list an account could result in fewer
shares being allocated than if all accounts had been disclosed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Priority 4: Other Members</I></B><I>. </I>To the extent that there are shares of common stock remaining after
satisfaction of subscriptions by Eligible Account Holders, our tax-qualified employee stock benefit
plans, and Supplemental Eligible Account Holders, each depositor of Northfield Bank as of the close
of business on &#091;depositor record date&#093; who is not an Eligible Account Holder or Supplemental
Eligible Account Holder (&#147;Other Members&#148;) will receive, without payment therefor, nontransferable
subscription rights to purchase up to $3.0&nbsp;million (300,000 shares) of common stock, subject to the
overall purchase limitations. See &#147;&#151;Additional Limitations on Common Stock Purchases.&#148; If there are
not sufficient shares available to satisfy all subscriptions, shares will be allocated so as to
permit each Other Member to purchase a number of shares sufficient to make his or her total
allocation equal to the lesser of 100 shares of common stock or the number of shares for which he
or she subscribed. Thereafter, available shares will be allocated in the proportion that the
amount of the subscription of each Other Member bears to the total amount of the subscriptions of
all Other Members whose subscriptions remain unsatisfied.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To ensure proper allocation of common stock, each Other Member must list on the stock order
form all deposit accounts in which he or she had an ownership interest at &#091;depositor record date&#093;.
In the event of oversubscription, failure to list an account could result in fewer shares being
allocated than if all accounts had been disclosed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Expiration Date</I></B>. The subscription offering will expire at 4:00 p.m., Eastern Time, on
&#091;termination date&#093;, unless extended by us for up to 45&nbsp;days or such additional periods with the
approval of the Office of Thrift Supervision, if necessary. Subscription rights will expire whether
or not each eligible depositor can be located. We may decide to extend the expiration date of the
subscription offering for any reason, whether or not subscriptions have been received for shares at
the minimum, midpoint or maximum of the offering range. Subscription rights which have not been
exercised prior to the expiration date will become void.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not execute orders until at least the minimum number of shares of common stock have
been sold in the offering. If at least 29,750,000 shares have not been sold in the offering by
&#091;extension date&#093; and the Office of Thrift Supervision has not consented to an extension, all funds
delivered to us to purchase shares of common stock in the offering will be returned promptly, with
interest at &#091;interest rate&#093;% for funds received in the subscription and community offerings, and
all deposit account withdrawal authorizations will be canceled. If an extension beyond &#091;extension
date&#093; is granted by the Office of Thrift Supervision, we will resolicit purchasers in the offering
as described under &#147;&#151;Procedures for Purchasing Shares&#151;Expiration Date.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Community Offering</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that shares of common stock remain available for purchase after satisfaction of
all subscriptions of Eligible Account Holders, our tax-qualified employee stock benefit plans,
Supplemental Eligible Account Holders and Other Members, we expect to offer shares pursuant to the
plan of conversion and reorganization to members of the general public in a community offering.
Shares would be offered with the following preferences:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Natural persons (including trusts of natural persons) residing in the New
Jersey Counties of Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris,
Ocean, Passaic, Somerset, Sussex and Union, the New York Counties of Bronx, Kings,
Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk and Westchester, and Pike
County, Pennsylvania;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Northfield-Federal&#146;s public stockholders as of &#091;stockholder record date&#093;; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other members of the general public.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscribers in the community offering may purchase up to $3.0&nbsp;million (300,000 shares) of
common stock, subject to the overall purchase limitations. See &#147;&#151;Additional Limitations on Common
Stock Purchases.&#148; The minimum purchase is 25 shares. <B>The opportunity to purchase shares of common
stock in the community offering category is subject to our right, in our sole discretion, to accept
or reject any such orders in whole or in part either at the time of receipt of an order or as soon
as practicable following the expiration date of the offering.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we do not have sufficient shares of common stock available to fill the orders of natural
persons (including trusts of natural persons) residing in the New Jersey Counties of Bergen, Essex,
Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex and Union, the New
York Counties of Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk and
Westchester, and Pike County, Pennsylvania, we will allocate the available shares among those
persons in a manner that permits each of them, to the extent possible, to purchase the lesser of
100 shares or the number of shares subscribed for by such person. Thereafter, unallocated shares
will be allocated among natural persons residing in those counties whose orders remain unsatisfied
on an equal number of shares basis per order. If oversubscription occurs due to the orders of
public stockholders of Northfield-Federal or members of the general public, the allocation
procedures described above will apply to the stock orders of such persons. In connection with the
allocation process, orders received for
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shares of common stock in the community offering will first be filled up to a maximum of 2% of
the shares sold in the offering, and thereafter any remaining shares will be allocated on an equal
number of shares basis per order until all shares have been allocated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;residing&#148; or &#147;resident&#148; as used in this prospectus means any person who occupies a
dwelling within the New Jersey Counties of Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth,
Morris, Ocean, Passaic, Somerset, Sussex and Union, the New York Counties of Bronx, Kings, Nassau,
New York, Putnam, Queens, Richmond, Rockland, Suffolk and Westchester, or Pike County,
Pennsylvania, has a present intent to remain within this community for a period of time, and
manifests the genuineness of that intent by establishing an ongoing physical presence within the
community, together with an indication that this presence within the community is something other
than merely transitory in nature. We may utilize deposit or loan records or other evidence
provided to us to decide whether a person is a resident. In all cases, however, the determination
shall be in our sole discretion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Expiration Date. </I></B>The community offering may begin during or after the subscription offering,
and is currently expected to terminate at the same time as the subscription offering, and must
terminate no more than 45&nbsp;days following the subscription offering, unless extended.
Northfield-Delaware may decide to extend the community offering for any reason and is not required
to give purchasers notice of any such extension unless such period extends beyond &#091;extension date&#093;,
in which event we will resolicit purchasers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Syndicated Community Offering</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If feasible, our Board of Directors may decide to offer for sale shares of common stock not
subscribed for or purchased in the subscription and community offerings in a syndicated community
offering, subject to such terms, conditions and procedures as we may determine, in a manner that
will achieve a wide distribution of our shares of common stock. In the syndicated community
offering, any person may purchase up to $3.0&nbsp;million (300,000 shares) of common stock, subject to
the overall purchase and ownership limitations. We retain the right to accept or reject in whole
or in part any orders in the syndicated community offering. Unless the Office of Thrift
Supervision permits otherwise, accepted orders for Northfield-Delaware common stock in the
syndicated community offering will first be filled up to a maximum of 2% of the shares sold in the
offering, and thereafter any remaining shares will be allocated on an equal number of shares basis
per order until all shares have been allocated. Unless the syndicated community offering begins
during the community offering, the syndicated community offering will begin as soon as possible
after the completion of the subscription and community offerings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a syndicated community offering is held, Sandler O&#146;Neill &#038; Partners, L.P. will serve
as sole book-running manager and will assist us in selling our common stock on a best efforts
basis. Sandler O&#146;Neill &#038; Partners, L.P. will be entitled to a minimum of 70% participation in the
syndicated community offering. Neither Sandler O&#146;Neill &#038; Partners, L.P. nor any registered
broker-dealer will have any obligation to take or purchase any shares of the common stock in the
syndicated community offering. The syndicated community offering will be conducted in accordance
with certain Securities and Exchange Commission rules applicable to best efforts offerings. The
closing of the syndicated community offering is subject to conditions set forth in an agency
agreement among Northfield-Delaware, Northfield-Federal, Northfield Bancorp, MHC and Northfield
Bank on the one hand and Sandler O&#146;Neill &#038; Partners, L.P., as representative of the several agents,
on the other hand. If and when all the conditions for the closing are met, funds for common stock
sold in the syndicated community offering, less fees and commissions payable, will be delivered
promptly to us. If the offering is consummated, but some or all of an interested investor&#146;s funds
are not accepted by us, those funds will be returned to the interested investor promptly after
closing, without interest. If the offering is not consummated, funds in the account will be
returned promptly, without interest, to the potential investor. Normal customer ticketing will be
used for order placement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If for any reason we cannot affect a syndicated community offering of shares of common
stock not purchased in the subscription and community offerings, or in the event that there are a
significant number of shares remaining unsold after such offerings, we will try to make other
arrangements for the sale of unsubscribed shares, if possible. The Office of Thrift Supervision
and the Financial Industry Regulatory Authority must approve any such arrangements.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional Limitations on Common Stock Purchases</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The plan of conversion and reorganization includes the following additional limitations on the
number of shares of common stock that may be purchased in the offering:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No person may purchase fewer than 25 shares of common stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Tax qualified employee benefit plans, including our employee stock ownership
plan and 401(k) plan, may purchase in the aggregate up to 10% of the shares of common
stock issued in the offering, including shares issued in the event of an increase in
the offering range of up to 15%;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except for the employee stock ownership plan, as described above, no person
or entity, together with associates or persons acting in concert with such person or
entity, may purchase more than $3.0&nbsp;million (300,000 shares) of common stock in all
categories of the offering combined;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current stockholders of Northfield-Federal are subject to an ownership
limitation. As previously described, current stockholders of Northfield-Federal will
receive shares of <font style="white-space: nowrap">Northfield-Delaware</font> common stock in exchange for their existing shares of Northfield-Federal common stock. The number of shares of common stock that a
stockholder may purchase in the offering, together with associates or persons acting in
concert with such stockholder, when combined with the shares that the stockholder and
his or her associates will receive in exchange for existing Northfield-Federal common
stock, may not exceed 5% of the shares of common stock of Northfield-Delaware to be
issued and outstanding at the completion of the conversion; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The maximum number of shares of common stock that may be purchased in all
categories of the offering by executive officers and directors of Northfield Bank and
their associates, in the aggregate, when combined with shares of common stock issued in
exchange for existing shares, may not exceed 25% of the total shares issued in the
conversion.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depending upon market or financial conditions, our board of directors, with the approval of
the Office of Thrift Supervision and without further approval of members of Northfield Bancorp,
MHC, may decrease or increase the purchase and ownership limitations. If a purchase limitation is
increased, subscribers in the subscription offering who ordered the maximum amount, and who
indicated on their stock order form a desire to be resolicited, will be given the opportunity to
increase their orders up to the then applicable limit. The effect of this type of resolicitation
will be an increase in the number of shares of common stock owned by persons who choose to increase
their orders. In the event that the maximum purchase limitation is increased to 5% of the shares
sold in the offering, such limitation may be further increased to 9.99%, provided that orders for
shares of common stock exceeding 5% of the shares sold in the offering shall not exceed in the
aggregate 10% of the total shares sold in the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of an increase in the offering range of up to 46,287,500 shares of common stock,
shares will be allocated in the following order of priority in accordance with the plan of
conversion and reorganization:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to fill the subscriptions of our tax-qualified employee benefit plans,
including the employee stock ownership plan and our 401(k) plan, for up to 10% of the
total number of shares of common stock issued in the offering;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the event that there is an oversubscription at the Eligible Account
Holder, Supplemental Eligible Account Holder or Other Member levels, to fill unfilled
subscriptions of these subscribers according to their respective priorities; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to fill unfilled subscriptions in the community offering, with preference
given first to natural persons (including trusts of natural persons) residing in New
Jersey Counties of Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris,
Ocean, Passaic, Somerset, Sussex and Union,</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->156<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the New York Counties of Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond,
Rockland, Suffolk and Westchester, and Pike County, Pennsylvania, then to
Northfield-Federal&#146;s public stockholders as of &#091;stockholder record date&#093;, and then
to members of the general public.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;associate&#148; of a person means:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any corporation or organization, other than Northfield-Federal, Northfield
Bank or a majority-owned subsidiary of Northfield Bank, of which the person is a
senior officer, partner or 10% beneficial stockholder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any trust or other estate in which the person has a substantial beneficial
interest or serves as a trustee or in a similar fiduciary capacity; provided, however,
it does not include any employee stock benefit plan in which the person has a
substantial beneficial interest or serves as trustee or in a similar fiduciary
capacity; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any blood or marriage relative of the person, who either has the same home
as the person or who is a director or officer of <font style="white-space: nowrap">Northfield-Federal</font> or Northfield Bank.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;acting in concert&#148; means:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>knowing participation in a joint activity or interdependent conscious parallel
action towards a common goal whether or not pursuant to an express agreement; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a combination or pooling of voting or other interests in the securities of an
issuer for a common purpose pursuant to any contract, understanding, relationship,
agreement or other arrangement, whether written or otherwise.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A person or company that acts in concert with another person or company (&#147;other party&#148;) will
also be deemed to be acting in concert with any person or company who is also acting in concert
with that other party, except that any tax-qualified employee stock benefit plan will not be deemed
to be acting in concert with its trustee or a person who serves in a similar capacity solely for
the purpose of determining whether common stock held by the trustee and common stock held by the
employee stock benefit plan will be aggregated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have the sole discretion to determine whether prospective purchasers are &#147;associates&#148; or
&#147;acting in concert.&#148; Persons having the same address, and persons exercising subscription rights
through qualifying deposits registered at the same address will be deemed to be acting in concert
unless we determine otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our directors are not treated as associates of each other solely because of their membership
on the board of directors. Common stock purchased in the offering will be freely transferable
except for shares purchased by directors and certain officers of Northfield-Delaware or Northfield
Bank and except as described below. Any purchases made by any associate of Northfield-Delaware or
Northfield Bank for the explicit purpose of meeting the minimum number of shares of common stock
required to be sold in order to complete the offering shall be made for investment purposes only
and not with a view toward redistribution. In addition, under Financial Industry Regulatory
Authority guidelines, members of the Financial Industry Regulatory Authority and their associates
are subject to certain restrictions on transfer of securities purchased in accordance with
subscription rights and to certain reporting requirements upon purchase of these securities. For a
further discussion of limitations on purchases of our shares of common stock at the time of
conversion and thereafter, see &#147;&#151;Certain Restrictions on Purchase or Transfer of Our Shares after
Conversion&#148; and &#147;Restrictions on Acquisition of Northfield-Delaware.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->157<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Plan of Distribution; Selling Agent Compensation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To assist in the marketing of our shares of common stock, we have retained Sandler O&#146;Neill &#038;
Partners, L.P., which is a broker-dealer registered with the Financial Industry Regulatory
Authority. Sandler O&#146;Neill &#038; Partners, L.P. will assist us on a best efforts basis in the offering
by:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>consulting as to the financial and securities market implications of the plan
of conversion;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing with our board of directors the financial effect of the offering on
us, based on the independent appraiser&#146;s appraisal of the shares of common stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reviewing all offering documents, including the prospectus, stock order forms
and related offering materials;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assisting in the design and implementation of a marketing strategy for the
offering;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assisting management in scheduling and preparing for meetings with potential
investors and other broker-dealers in connection with the stock offering; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>providing such other general advice and assistance as may be reasonably
necessary to promote the successful completion of the offering.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For these services, Sandler O&#146;Neill &#038; Partners, L.P. will receive a fee of 1% of the dollar
amount of all shares of common stock sold in the subscription and community offerings. No sales
fee will be payable to Sandler O&#146;Neill &#038; Partners, L.P. with respect to shares purchased by
officers, directors, employees or their immediate families and shares purchased by our
tax-qualified and non-qualified employee benefit plans, and no sales fee will be payable with
respect to the exchange shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that Sandler O&#146;Neill &#038; Partners, L.P. sells shares of common stock through a
group of broker-dealers in a syndicated community offering, it will be paid a fee equal to 1% of
the dollar amount of total shares sold in the syndicated community offering, which fee, along with
the fee payable to selected dealers (which will include Sandler O&#146;Neill &#038; Partners, L.P.), shall
not exceed 5% in the aggregate. Sandler O&#146;Neill &#038; Partners, L.P. will serve as sole book running
manager.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the offering is completed, Sandler O&#146;Neill &#038; Partners, L.P. will not be reimbursed
separately for expenses. However, we have agreed to reimburse Sandler O&#146;Neill &#038; Partners, L.P. up
to $150,000 for reimbursable expenses (including legal fees and expenses and other <font style="white-space: nowrap">out-of-pocket</font>
expenses) in the event the offering is not completed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will indemnify Sandler O&#146;Neill &#038; Partners, L.P. against liabilities and expenses, including
legal fees, incurred in connection with certain claims or litigation arising out of or based upon
untrue statements or omissions contained in the offering materials for the common stock, including
liabilities under the Securities Act of 1933, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of our directors and executive officers may participate in the solicitation of offers to
purchase common stock. These persons will be reimbursed for their reasonable out-of-pocket expenses
incurred in connection with the solicitation. Other regular employees of Northfield Bank may assist
in the offering, but only in ministerial capacities, and may provide clerical work in effecting a
sales transaction. No offers or sales may be made by tellers or at the teller counters.
Investment-related questions of prospective purchasers will be directed to executive officers or
registered representatives of Sandler O&#146;Neill &#038; Partners, L.P. Our other employees have been
instructed not to solicit offers to purchase shares of common stock or provide advice regarding the
purchase of common stock. We will rely on Rule&nbsp;3a4-1 under the Securities Exchange Act of 1934, as
amended, and sales of common stock will be conducted within the requirements of Rule&nbsp;3a4-1, so as
to permit officers, directors and employees to participate
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->158<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in the sale of common stock. None of our officers, directors or employees will be compensated
in connection with their participation in the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also engaged Sandler O&#146;Neill &#038; Partners, L.P. as records management agent in
connection with the conversion and offering. In its role as records management agent, Sandler
O&#146;Neill &#038; Partners, L.P., will assist us in the offering in the:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>consolidation of deposit accounts and vote calculations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>design and preparation of proxy and stock order forms;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>organization and supervision of the Stock Information Center;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>proxy solicitation and other services for our special meeting of members; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>preparation and processing of other documents related to the stock offering.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandler O&#146;Neill &#038; Partners, L.P. will not receive a separate fee or reimbursement for expenses
for these services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Lock-up Agreements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, and each of our directors and executive officers have agreed, subject to certain
exceptions, that during the period beginning on the date of this prospectus and ending 90&nbsp;days
after the closing of the offering, without the prior written consent of Sandler O&#146;Neill &#038; Partners,
L.P. , directly or indirectly, we will not (i)&nbsp;offer, pledge, sell, contract to sell, sell any
option or contract to purchase, purchase any option or contract to sell, grant any option, right or
warrant for the sale of, or otherwise dispose of or transfer any shares of Northfield-Federal or
<font style="white-space: nowrap">Northfield-Delaware</font> stock or any securities convertible into or exchangeable or exercisable for
Northfield-Federal or Northfield-Delaware stock, whether owned on the date of the prospectus or
acquired after the date of the prospectus or with respect to which we or any of our directors or
executive officers has or after the date of the prospectus acquires the power of disposition, or
file any registration statement under the Securities Act of 1933, as amended, with respect to any
of the foregoing or (ii)&nbsp;enter into any swap or any other agreement or any transaction that
transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of
Northfield-Federal or Northfield-Delaware stock, whether any such swap or transaction is to be
settled by delivery of stock or other securities, in cash or otherwise. In the event that either
(1)&nbsp;during the period that begins on the date that is 15 calendar days plus three business days
before the last day of the restricted period and ends on the last day of the restricted period, we
issue an earnings release or material news or a material event relating to us occurs, or (2)&nbsp;prior
to the expiration of the restricted period, we announce that we will release earnings results
during the 16-day period beginning on the last day of the restricted period, the restrictions set
forth above will continue to apply until the expiration of the date that is 15 calendar days plus
three business days after the date on which the earnings release is issued or the material news or
event related to us occurs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Procedure for Purchasing Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Expiration Date</I></B><I>. </I>The subscription and community offerings will expire at 4:00 p.m., Eastern
Time, on &#091;termination date&#093;, unless we extend one or both for up to 45&nbsp;days, with the approval of
the Office of Thrift Supervision, if required. This extension may be approved by us, in our sole
discretion, without notice to purchasers in the offering. Any extension of the subscription and/or
community offering beyond &#091;extension date&#093; would require the Office of Thrift Supervision&#146;s
approval. If the offering is so extended, or if the offering range is decreased or is increased
above the adjusted maximum of the offering range, all subscribers&#146; stock orders will be cancelled,
their deposit account withdrawal authorizations will be cancelled, and funds submitted to us will
be returned promptly, with interest at &#091;interest rate&#093;% for funds received in the subscription and
community offerings. We will then resolicit the subscribers, giving them an opportunity to place a
new stock order for a period of time.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We reserve the right in our sole discretion to terminate the offering at any time and for any
reason, in which case we will cancel any deposit account withdrawal authorizations and promptly
return all funds submitted, with interest at &#091;interest rate&#093;% from the date of receipt as described
above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Use of Order Forms in the Subscription and Community Offerings</I></B><I>. </I>In order to purchase shares of
common stock in the subscription and community offerings, you must properly complete an original
stock order form and remit full payment. We are not required to accept orders submitted on
photocopied or facsimiled order forms. All order forms must be received (not postmarked) prior to
4:00 p.m., Eastern Time, on &#091;termination date&#093;. We are not required to accept order forms that are
not received by that time, are not signed or are otherwise executed defectively or are received
without full payment or without appropriate deposit account withdrawal instructions. We are not
required to notify subscribers of incomplete or improperly executed order forms, and we have the
right to waive or permit the correction of incomplete or improperly executed order forms. We do
not represent, however, that we will do so and we have no affirmative duty to notify any
prospective subscriber of any such defects. You may submit your order form and payment by mail
using the stock order return envelope provided, or by overnight delivery to our Stock Information
Center at the address noted on the Stock Order Form. You may hand-deliver stock order forms to the
Stock Information Center, which will be located at Northfield Bank&#146;s Avenel office, 1410 St.
Georges Avenue, Second floor, Avenel, New Jersey. Hand-delivered stock order forms will only be
accepted at this location. We will not accept stock order forms at our other branch offices.
Please do not mail stock order forms to Northfield Bank&#146;s offices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once tendered, an order form cannot be modified or revoked without our consent. We reserve
the absolute right, in our sole discretion, to reject orders received in the community offering, in
whole or in part, at the time of receipt or at any time prior to completion of the offering. If
you are ordering shares in the subscription offering, you must represent that you are purchasing
shares for your own account and that you have no agreement or understanding with any person for the
sale or transfer of the shares. We have the right to reject any order submitted in the offering by
a person who we believe is making false representations or who we otherwise believe, either alone
or acting in concert with others, is violating, evading, circumventing, or intends to violate,
evade or circumvent the terms and conditions of the plan of conversion and reorganization. Our
interpretation of the terms and conditions of the plan of conversion and reorganization and of the
acceptability of the order forms will be final.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing the order form, you will be acknowledging that the common stock is not a deposit or
savings account and is not federally insured or otherwise guaranteed by Northfield Bank or the
federal government, and that you received a copy of this prospectus. However, signing the order
form will not result in you waiving your rights under the Securities Act of 1933 or the Securities
Exchange Act of 1934.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Payment for Shares</I></B><I>. </I>Payment for all shares of common stock will be required to accompany all
completed order forms for the purchase to be valid. Payment for shares in the subscription and
community offerings may be made by:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>personal check, bank check or money order, made payable to Northfield Bancorp,
Inc.; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorization of withdrawal of available funds from the types of Northfield
Bank deposit accounts described on the stock order form.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appropriate means for designating withdrawals from deposit accounts at Northfield Bank are
provided on the order form. The funds designated must be available in the account(s) at the time
the order form is received. A hold will be placed on these funds, making them unavailable to the
depositor. Funds authorized for withdrawal will continue to earn interest within the account at the
contract rate until the offering is completed, at which time the designated withdrawal will be
made. Interest penalties for early withdrawal applicable to certificate accounts will not apply to
withdrawals authorized for the purchase of shares of common stock; however, if a withdrawal results
in a certificate account with a balance less than the applicable minimum balance requirement, the
certificate will be canceled at the time of withdrawal without penalty and the remaining balance
will earn interest at the current passbook rate subsequent to the withdrawal. In the case of
payments made by personal check, these funds must be available in the account(s). Checks and money
orders received in the subscription and community offerings will be
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->160<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">immediately cashed and placed in a segregated account at Northfield Bank and will earn
interest at &#091;interest rate&#093;% from the date payment is processed until the offering is completed or
terminated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may not remit cash, wire transfers, Northfield Bank line of credit checks or any type of
third-party checks (including those payable to you and endorsed over to Northfield-Delaware). You
may not designate on your stock order form direct withdrawal from a Northfield Bank retirement
account. See &#147;&#151;Using Individual Retirement Account Funds.&#148; Additionally, you may not designate a
direct withdrawal from Northfield Bank accounts with check-writing privileges. Please provide a
check instead. If you request that we directly withdraw the funds, we reserve the right to
interpret that as your authorization to treat those funds as if we had received a check for the
designated amount, and we will immediately withdraw the amount from your checking account. If
permitted by the Office of Thrift Supervision, in the event we resolicit large purchasers, as
described above in &#147;Additional Limitations on Common Stock Purchases,&#148; such purchasers who wish to
increase their purchases will not be able to use personal checks to pay for the additional shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once we receive your executed stock order form, it may not be modified, amended or rescinded
without our consent, unless the offering is not completed by &#091;extension date&#093;. In such event,
funds delivered to us to purchase shares of common stock in the offering will be returned promptly,
with interest at &#091;interest rate&#093;%, for funds received in the subscription and community offerings.
Additionally, all deposit account withdrawal authorizations will be canceled. We may resolicit
purchasers for a specified period of time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulations prohibit Northfield Bank from lending funds or extending credit to any persons to
purchase shares of common stock in the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We shall have the right, in our sole discretion, to permit institutional investors to submit
irrevocable orders together with the legally binding commitment for payment and to thereafter pay
for the shares of common stock for which they subscribe in the community offering at any time prior
to 48 hours before the completion of the conversion. This payment may be made by wire transfer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If our employee stock ownership plan purchases shares in the offering, it will not be required
to pay for such shares until completion of the offering, provided that there is a loan commitment
from an unrelated financial institution or Northfield-Delaware to lend to the employee stock
ownership plan the necessary amount to fund the purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Using Individual Retirement Account Funds. </I></B>If you are interested in using funds in your
individual retirement account or other retirement account to purchase shares of common stock, you
must do so through a self-directed retirement account. By regulation, Northfield Bank&#146;s retirement
accounts are not self-directed, so they cannot be invested in our shares of common stock.
Therefore, if you wish to use funds that are currently in a Northfield Bank retirement account, you
may not designate on the order form that you wish funds to be withdrawn from the account for the
purchase of common stock. The funds you wish to use for the purchase of common stock will instead
have to be transferred to an independent trustee or custodian, such as a brokerage firm, offering
self-directed retirement accounts. The purchase must be made through that account. If you do not
have such an account, you will need to establish one before placing a stock order. An annual
administrative fee may be payable to the independent trustee or custodian. There will be no early
withdrawal or Internal Revenue Service interest penalties for these transfers. Individuals
interested in using funds in an individual retirement account or any other retirement account,
whether held at Northfield Bank <I>or elsewhere</I>, to purchase shares of common stock should contact our
Stock Information Center for guidance as soon as possible, preferably at least two weeks prior to
the &#091;termination date&#093; offering deadline. Processing such transactions takes additional time, and
whether such funds can be used may depend on limitations imposed by the institutions where such
funds are currently held. We cannot guarantee that you will be able to use such funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Delivery of Stock Certificates</I></B><I>. </I>Certificates representing shares of common stock sold in the
subscription offering and community offering will be mailed to the certificate registration address
noted by purchasers on the stock order form. Stock certificates will be sent to purchasers by
first-class mail as soon as practicable after the completion of the conversion and stock offering.
We expect trading in the stock to begin on the business day of or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->161<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">on the business day following the completion of the conversion and stock offering. <B>It is
possible that until certificates for the common stock are delivered to purchasers, purchasers might
not be able to sell the shares of common stock that they ordered, even though the shares of common
stock will have begun trading. </B>Your ability to sell the shares of common stock before receiving
your stock certificate will depend on arrangements you may make with a brokerage firm. If you are
currently a stockholder of Northfield-Federal, see &#147;&#151;Exchange of Existing Stockholders&#146; Stock
Certificates.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other Restrictions</I></B><I>. </I>Notwithstanding any other provision of the plan of conversion and
reorganization, no person is entitled to purchase any shares of common stock to the extent the
purchase would be illegal under any federal or state law or regulation, including state &#147;blue sky&#148;
regulations, or would violate regulations or policies of the Financial Industry Regulatory
Authority, particularly those regarding free riding and withholding. We may ask for an acceptable
legal opinion from any purchaser as to the legality of his or her purchase and we may refuse to
honor any purchase order if an opinion is not timely furnished. In addition, we are not required
to offer shares of common stock to any person who resides in a foreign country, or in a State of
the United States with respect to which any of the following apply:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a small number of persons otherwise eligible to subscribe for shares under the
plan of conversion reside in such state;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issuance of subscription rights or the offer or sale of shares of common
stock to such persons would require us, under the securities laws of such state, to
register as a broker, dealer, salesman or agent or to register or otherwise qualify our
securities for sale in such state; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such registration or qualification would be impracticable for reasons of cost
or otherwise.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Restrictions on Transfer of Subscription Rights and Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Office of Thrift Supervision regulations prohibit any person with subscription rights,
including the Eligible Account Holders, Supplemental Eligible Account Holders and Other Members,
from transferring or entering into any agreement or understanding to transfer the legal or
beneficial ownership of the subscription rights issued under the plan of conversion and
reorganization or the shares of common stock to be issued upon their exercise. These rights may be
exercised only by the person to whom they are granted and only for his or her account. When
registering your stock purchase on the order form, you should not add the name(s) of persons who do
not have subscription rights or who qualify only in a lower purchase priority than you do. Doing
so may jeopardize your subscription rights. Each person exercising subscription rights will be
required to certify that he or she is purchasing shares solely for his or her own account and that
he or she has no agreement or understanding regarding the sale or transfer of such shares. The
regulations also prohibit any person from offering or making an announcement of an offer or intent
to make an offer to purchase subscription rights or shares of common stock to be issued upon their
exercise prior to completion of the offering.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>We will pursue any and all legal and equitable remedies in the event we become aware of the
transfer of subscription rights, and we will not honor orders that we believe involve the transfer
of subscription rights.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Stock Information Center</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our banking office personnel may not, by law, assist with investment-related questions about
the offering. If you have any questions regarding the conversion or offering, please call our
Stock Information Center. The toll-free phone number is (&#95;&#95;&#95;) &#95;&#95;&#95;-&#95;&#95;&#95;. The Stock Information
Center is open Monday through Friday between 10:00&nbsp;a.m. and 4:00 p.m., Eastern Time. The Stock
Information Center will be closed on weekends and bank holidays.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Liquidation Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Liquidation prior to the conversion. </I></B>In the unlikely event that Northfield Bancorp, MHC is
liquidated prior to the conversion, all claims of creditors of Northfield Bancorp, MHC would be
paid first. Thereafter, if there were any assets of Northfield Bancorp, MHC remaining, these assets
would first be distributed to certain depositors of Northfield Bank under such depositors&#146;
liquidation rights. The amount received by such depositors would be equal to their pro rata
interest in the remaining value of Northfield Bancorp, MHC after claims of creditors, based on the
relative size of their deposit accounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Liquidation following the conversion. </I></B>The plan of conversion and reorganization provides for
the establishment, upon the completion of the conversion, of a liquidation account by
Northfield-Delaware for the benefit of Eligible Account Holders and Supplemental Eligible Account
Holders in an amount equal to (i)&nbsp;Northfield Bancorp, MHC&#146;s ownership interest in
Northfield-Federal&#146;s total stockholders&#146; equity as of the date of the latest statement of financial
condition used in this prospectus plus (ii)&nbsp;the value of the net assets of Northfield Bancorp, MHC
as of the date of the latest statement of financial condition of Northfield Bancorp, MHC prior to
the consummation of the conversion (excluding its ownership of Northfield-Federal). The plan of
conversion also provides for the establishment of a parallel liquidation account in Northfield Bank
to support the Northfield-Delaware liquidation account in the event Northfield-Delaware does not
have sufficient assets to fund its obligations under the Northfield-Delaware liquidation account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the unlikely event that Northfield Bank were to liquidate after the conversion, all claims
of creditors, including those of depositors, would be paid first. However, except with respect to
the liquidation account to be established in Northfield-Federal, a depositor&#146;s claim would be
solely for the principal amount of his or her deposit accounts plus accrued interest. Depositors
generally would not have an interest in the value of the assets of Northfield Bank or
Northfield-Delaware above that amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The liquidation account established by Northfield-Delaware is designed to provide qualifying
depositors a liquidation interest (exchanged for the liquidation interests such persons had in
Northfield Bancorp, MHC) after the conversion in the event of a complete liquidation of
Northfield-Delaware and Northfield Bank or a liquidation solely of Northfield Bank. Specifically,
in the unlikely event that either (i)&nbsp;Northfield Bank or (ii)&nbsp;Northfield-Delaware and Northfield
Bank were to liquidate after the conversion, all claims of creditors, including those of
depositors, would be paid first, followed by a distribution to depositors as of March&nbsp;31, 2009 and
June&nbsp;30, 2010 of their interests in the liquidation account maintained by Northfield-Delaware.
Also, in a complete liquidation of both entities, or of Northfield Bank only, when
Northfield-Delaware has insufficient assets (other than the stock of Northfield Bank) to fund the
liquidation account distribution due to Eligible Account Holders and Supplemental Eligible Account
Holders and Northfield Bank has positive net worth, Northfield Bank shall immediately make a
distribution to fund Northfield-Delaware&#146;s remaining obligations under the liquidation account. In
no event will any Eligible Account Holder or Supplemental Eligible Account Holder be entitled to a
distribution that exceeds such holder&#146;s interest in the liquidation account maintained by
Northfield-Delaware as adjusted from time to time pursuant to the plan of conversion and Office of
Thrift Supervision regulations. If Northfield-Delaware is completely liquidated or sold apart from
a sale or liquidation of Northfield Bank, then the <font style="white-space: nowrap">Northfield-Delaware</font> liquidation account will
cease to exist and Eligible Account Holders and Supplemental Eligible Account Holders will receive
an equivalent interest in the Northfield Bank liquidation account, subject to the same rights and
terms as the Northfield-Delaware liquidation account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the plan of conversion and reorganization, after two years from the date of
conversion and upon the written request of the Office of Thrift Supervision, Northfield-Delaware
will transfer or eliminate the liquidation account and the depositors&#146; interests in such account to
Northfield Bank and the liquidation account shall thereupon become the liquidation account of
Northfield Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the rules and regulations of the Office of Thrift Supervision, a post-conversion merger,
consolidation, or similar combination or transaction with another depository institution or
depository institution holding company in which Northfield-Delaware or Northfield Bank is not the
surviving institution, would not be
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">considered a liquidation. In such a transaction, the liquidation account would be assumed by
the surviving institution or company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Eligible Account Holder and Supplemental Eligible Account Holder would have an initial
pro-rata interest in the liquidation account for each deposit account, including savings accounts,
transaction accounts such as negotiable order of withdrawal accounts, money market deposit
accounts, and certificates of deposit, with a balance of $50.00 or more held in Northfield Bank on
March&nbsp;31, 2009 or June&nbsp;30, 2010 equal to the proportion that the balance of each Eligible Account
Holder&#146;s and Supplemental Eligible Account Holder&#146;s deposit account on March&nbsp;31, 2009 and June&nbsp;30,
2010, respectively, bears to the balance of all deposit accounts of Eligible Account Holders and
Supplemental Eligible Account Holders in Northfield Bank on such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, however, on any December&nbsp;31 annual closing date commencing after the effective date of the
conversion, the amount in any such deposit account is less than the amount in the deposit account
on March&nbsp;31, 2009 or June&nbsp;30, 2010, or any other annual closing date, then the interest in the
liquidation account relating to such deposit account would be reduced from time to time by the
proportion of any such reduction, and such interest will cease to exist if such deposit account is
closed. In addition, no interest in the liquidation account would ever be increased despite any
subsequent increase in the related deposit account. Payment pursuant to liquidation rights of
Eligible Account Holders and Supplemental Eligible Account Holders would be separate and apart from
the payment of any insured deposit accounts to such depositor. Any assets remaining after the above
liquidation rights of Eligible Account Holders and Supplemental Eligible Account Holders are
satisfied would be available for distribution to stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Material Income Tax Consequences</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completion of the conversion is subject to the prior receipt of an opinion of counsel or tax
advisor with respect to federal and state income tax consequences of conversion to Northfield
Bancorp, MHC, Northfield-Federal, Northfield Bank, Eligible Account Holders, Supplemental Eligible
Account Holders and Other Members of Northfield Bancorp, MHC. Unlike private letter rulings,
opinions of counsel or tax advisors are not binding on the Internal Revenue Service or any state
taxing authority, and such authorities may disagree with such opinions. In the event of such
disagreement, there can be no assurance that Northfield-Delaware or Northfield Bank would prevail
in a judicial proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bancorp, MHC, Northfield-Federal, Northfield Bank and Northfield-Delaware have
received an opinion of counsel, Luse Gorman Pomerenk &#038; Schick, P.C., regarding all of the material
federal income tax consequences of the conversion, which includes the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The merger of Northfield Bancorp, MHC with and into Northfield-Federal will
qualify as a tax-free reorganization within the meaning of Section&nbsp;368(a)(1)(A) of the
Internal Revenue Code.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The constructive exchange of Eligible Account Holders&#146; and Supplemental
Eligible Account Holders&#146; liquidation interests in Northfield Bancorp, MHC for
liquidation interests in Northfield-Federal will satisfy the continuity of interest
requirement of Section&nbsp;1.368-1(b) of the Federal Income Tax Regulations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None of Northfield Bancorp, MHC, Northfield-Federal, Eligible Account Holders
nor Supplemental Eligible Account Holders, will recognize any gain or loss on the
transfer of the assets of Northfield Bancorp, MHC to Northfield-Federal in constructive
exchange for liquidation interests in Northfield-Federal.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The basis of the assets of Northfield Bancorp, MHC and the holding period of
such assets to be received by Northfield-Federal will be the same as the basis and
holding period of such assets in Northfield Bancorp, MHC immediately before the
exchange.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->164<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The merger of Northfield-Federal with and into Northfield-Delaware will
constitute a mere change in identity, form or place of organization within the meaning
of Section&nbsp;368(a)(1)(F) of the Internal Revenue Code and therefore will qualify as a
tax-free reorganization within the meaning of Section&nbsp;368(a)(1)(F) of the Internal
Revenue Code. Neither Northfield-Federal nor <font style="white-space: nowrap">Northfield-Delaware</font> will recognize gain or
loss as a result of such merger.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The basis of the assets of Northfield-Federal and the holding period of such
assets to be received by Northfield-Delaware will be the same as the basis and holding
period of such assets in Northfield-Federal immediately before the exchange.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current stockholders of Northfield-Federal will not recognize any gain or loss
upon their exchange of Northfield-Federal common stock for Northfield-Delaware common
stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Eligible Account Holders and Supplemental Eligible Account Holders will not
recognize any gain or loss upon the constructive exchange of their liquidation
interests in Northfield-Federal that they constructively received for interests in the
liquidation account in Northfield-Delaware.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The exchange by the Eligible Account Holders and Supplemental Eligible Account
Holders of the liquidation interests that they constructively received in
Northfield-Federal for interests in the liquidation account established in
Northfield-Delaware will satisfy the continuity of interest requirement of Section
1.368-1(b) of the Federal Income Tax Regulations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each stockholder&#146;s aggregate basis in shares of Northfield-Delaware common
stock (including fractional share interests) received in the exchange will be the same
as the aggregate basis of Northfield-Federal common stock surrendered in the exchange.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each stockholder&#146;s holding period in his or her Northfield-Delaware common
stock received in the exchange will include the period during which the
Northfield-Federal common stock surrendered was held, provided that the
Northfield-Federal common stock surrendered is a capital asset in the hands of the
stockholder on the date of the exchange.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cash received by any current stockholder of Northfield-Federal in lieu of a
fractional share interest in shares of Northfield-Delaware common stock will be treated
as having been received as a distribution in full payment in exchange for a fractional
share interest of Northfield-Delaware common stock, which such stockholder would
otherwise be entitled to receive. Accordingly, a stockholder will recognize gain or
loss equal to the difference between the cash received and the basis of the fractional
share. If the common stock is held by the stockholder as a capital asset, the gain or
loss will be capital gain or loss.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is more likely than not that the fair market value of the nontransferable
subscription rights to purchase Northfield-Delaware common stock is zero. Accordingly,
no gain or loss will be recognized by Eligible Account Holders, Supplemental Eligible
Account Holders or Other Members upon distribution to them of nontransferable
subscription rights to purchase shares of Northfield-Delaware common stock. Eligible
Account Holders, Supplemental Eligible Account Holders and Other Members will not
realize any taxable income as the result of the exercise by them of the nontransferable
subscriptions rights.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is more likely than not that the fair market value of the benefit provided
by the liquidation account of Northfield Bank supporting the payment of the
Northfield-Delaware liquidation account in the event Northfield-Delaware lacks
sufficient net assets is zero. Accordingly, it is more likely than not that no gain or
loss will be recognized by Eligible Account Holders and Supplemental Eligible Account
Holders upon the constructive distribution to them of such rights</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the Northfield Bank liquidation account as of the effective date of the merger of
Northfield-Federal with and into Northfield-Delaware.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is more likely than not that the basis of the shares of Northfield-Delaware
common stock purchased in the offering by the exercise of nontransferable subscription
rights will be the purchase price. The holding period of the Northfield-Delaware common
stock purchased pursuant to the exercise of nontransferable subscription rights will
commence on the date the right to acquire such stock was exercised.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No gain or loss will be recognized by Northfield-Delaware on the receipt of
money in exchange for Northfield-Delaware common stock sold in the offering.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that the tax opinions summarized above address all material federal income tax
consequences that are generally applicable to Northfield Bancorp, MHC, Northfield-Federal,
Northfield Bank, Northfield-Delaware and persons receiving subscription rights and stockholders of
Northfield-Federal. With respect to items 8 and 13 above, Luse Gorman Pomerenk &#038; Schick, P.C.
noted that the subscription rights will be granted at no cost to the recipients, are legally
non-transferable and of short duration, and will provide the recipient with the right only to
purchase shares of common stock at the same price to be paid by members of the general public in
any community offering. The firm further noted that RP Financial, LC. has issued a letter that the
subscription rights have no ascertainable fair market value. The firm also noted that the Internal
Revenue Service has not in the past concluded that subscription rights have value. Based on the
foregoing, Luse Gorman Pomerenk &#038; Schick, P.C. believes that it is more likely than not that the
nontransferable subscription rights to purchase shares of common stock have no value. However, the
issue of whether or not the nontransferable subscription rights have value is based on all the
facts and circumstances. If the subscription rights granted to Eligible Account Holders,
Supplemental Eligible Account Holders and Other Members are deemed to have an ascertainable value,
receipt of these rights could result in taxable gain to those Eligible Account Holders,
Supplemental Eligible Account Holders and Other Members who exercise the subscription rights in an
amount equal to the ascertainable value, and we could recognize gain on a distribution. Eligible
Account Holders, Supplemental Eligible Account Holders and Other Members are encouraged to consult
with their own tax advisors as to the tax consequences in the event that subscription rights are
deemed to have an ascertainable value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinion as to item 14 above is based on the position that: (i)&nbsp;no holder of an interest
in a liquidation account has ever received any payment attributable to a liquidation account; (ii)
the interests in the liquidation accounts are not transferable; (iii)&nbsp;the amounts due under the
liquidation account with respect to each Eligible Account Holder and Supplemental Eligible Account
Holder will be reduced as their deposits in Northfield Bank are reduced; and (iv)&nbsp;the Northfield
Bank liquidation account payment obligation arises only if Northfield-Delaware lacks sufficient
assets to fund the liquidation account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we have received a letter from RP Financial, LC. stating its belief that the
benefit provided by the Northfield Bank liquidation account supporting the payment of the
liquidation account in the event Northfield-Delaware lacks sufficient net assets does not have any
economic value at the time of the conversion. Based on the foregoing, Luse Gorman Pomerenk &#038;
Schick, P.C. believes it is more likely than not that such rights in the Northfield Bank
liquidation account have no value. If such rights are subsequently found to have an economic
value, income may be recognized by each Eligible Account Holder or Supplemental Eligible Account
Holder in the amount of such fair market value as of the date of the conversion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinion of Luse Gorman Pomerenk &#038; Schick, P.C., unlike a letter ruling issued by the
Internal Revenue Service, is not binding on the Internal Revenue Service and the conclusions
expressed therein may be challenged at a future date. The Internal Revenue Service has issued
favorable rulings for transactions substantially similar to the proposed reorganization and stock
offering, but any such ruling may not be cited as precedent by any taxpayer other than the taxpayer
to whom the ruling is addressed. We do not plan to apply for a letter ruling concerning the
transactions described herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also received opinion from Crowe Horwath LLP that the New Jersey and New York state
income tax consequences are consistent with the federal income tax consequences.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The federal and state tax opinions have been filed with the Securities and Exchange Commission
as an exhibit to Northfield-Delaware&#146;s registration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Certain Restrictions on Purchase or Transfer of Our Shares after Conversion</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All shares of common stock purchased in the offering by a director or certain officers of
Northfield Bank generally may not be sold for a period of one year following the closing of the
conversion, except in the event of the death of the director or executive officer. Each
certificate for restricted shares will bear a legend giving notice of this restriction on transfer,
and instructions will be issued to the effect that any transfer within this time period of any
certificate or record ownership of the shares other than as provided above is a violation of the
restriction. Any shares of common stock issued at a later date as a stock dividend, stock split,
or otherwise, with respect to the restricted stock will be similarly restricted. The directors and
executive officers of Northfield-Delaware also will be restricted by the insider trading rules
under the Securities Exchange Act of 1934.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of shares of our common stock by any of our directors, certain officers and their
associates, during the three-year period following the closing of the conversion may be made only
through a broker or dealer registered with the Securities and Exchange Commission, except with the
prior written approval of the Office of Thrift Supervision. This restriction does not apply,
however, to negotiated transactions involving more than 1% of our outstanding common stock or to
purchases of our common stock by our stock option plan or any of our <font style="white-space: nowrap">tax-qualified</font> employee stock
benefit plans or non-tax-qualified employee stock benefit plans, including any restricted stock
plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office of Thrift Supervision regulations prohibit Northfield-Delaware from repurchasing its
shares of common stock during the first year following conversion unless compelling business
reasons exist for such repurchases. After one year, the Office of Thrift Supervision does not
impose any repurchase restrictions.
</DIV>
<DIV align="left">
<A name="154"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPARISON OF STOCKHOLDERS&#146; RIGHTS FOR EXISTING STOCKHOLDERS OF NORTHFIELD<BR>
BANCORP, INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>General. </I></B>As a result of the conversion, existing stockholders of Northfield-Federal will
become stockholders of Northfield-Delaware There are differences in the rights of stockholders of
Northfield-Federal and stockholders of Northfield-Delaware caused by differences between federal
and Delaware law and regulations and differences in Northfield-Federal&#146;s federal stock charter and
bylaws and Northfield-Delaware&#146;s Delaware certificate of incorporation and bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This discussion is not intended to be a complete statement of the differences affecting the
rights of stockholders, but rather summarizes the material differences and similarities affecting
the rights of stockholders. See &#147;Where You Can Find Additional Information&#148; for procedures for
obtaining a copy of Northfield-Delaware&#146;s certificate of incorporation and bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Authorized Capital Stock. </I></B>The authorized capital stock of Northfield-Federal consists of
90,000,000 shares of common stock, $0.01 par value per share, and 10,000,000 shares of preferred
stock, par value $0.01 per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The authorized capital stock of Northfield-Delaware consists of 150,000,000 shares of common
stock, $0.01 par value per share, and 25,000,000 shares of preferred stock, $0.01 par value per
share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Federal&#146;s charter and Northfield-Delaware&#146;s certificate of incorporation both
authorize the Board of Directors to establish one or more series of preferred stock and, for any
series of preferred stock, to determine the terms and rights of the series, including voting
rights, dividend rights, conversion and redemption rates and liquidation preferences. As a result
of the ability to fix voting rights for a series of preferred stock, our Board of Directors has the
power, to the extent consistent with its fiduciary duty, to issue a series of preferred stock to
persons friendly to management in order to attempt to block a hostile tender offer, merger or other
transaction by which a third party seeks control. We currently have no plans for the issuance of
additional shares for such purposes.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Issuance of Capital Stock. </I></B>Pursuant to applicable laws and regulations, Northfield Bancorp,
MHC is required to own not less than a majority of the outstanding shares of Northfield-Federal
common stock. Northfield Bancorp, MHC will no longer exist following consummation of the
conversion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Delaware&#146;s certificate of incorporation does not contain restrictions on the
issuance of shares of capital stock to directors, officers or controlling persons, whereas
Northfield-Federal&#146;s stock charter restricts such issuances to general public offerings, or to
directors for qualifying shares, unless the share issuance or the plan under which they would
generally be issued has been approved by a majority of the total votes eligible to be cast at a
legal stockholders&#146; meeting. However, stock-based compensation plans, such as stock option plans
and restricted stock plans, would have to be submitted for approval by Northfield-Delaware
stockholders due to requirements of the Nasdaq Stock Market and in order to qualify stock options
for favorable federal income tax treatment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Voting Rights. </I></B>Neither Northfield-Federal&#146;s stock charter or bylaws nor Northfield-Delaware&#146;s
certificate of incorporation or bylaws provide for cumulative voting for the election of directors.
For additional information regarding voting rights, see &#147;&#151;Limitations on Voting Rights of
Greater-than-10% Stockholders&#148; below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Payment of Dividends. </I></B>Northfield-Federal&#146;s has no regulatory restriction on its ability to
pay dividends. Delaware law generally provides that Northfield-Delaware is limited to paying
dividends in an amount equal to its capital surplus over payments that would be owed upon
dissolution to stockholders whose preferential rights upon dissolution are superior to those
receiving the dividend, and to an amount that would not make it insolvent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Board of Directors</I></B><B>. </B>Northfield-Federal&#146;s bylaws and Northfield-Delaware&#146;s certificate of
incorporation and bylaws require the Board of Directors to be divided into three classes and that
the members of each class shall be elected for a term of three years and until their successors are
elected and qualified, with one class being elected annually.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Northfield-Federal&#146;s bylaws, any vacancies on the Board of Directors of
Northfield-Federal may be filled by the affirmative vote of two-thirds of the remaining directors.
Persons elected by the Board of Directors of Northfield-Federal to fill vacancies may only serve
until the next annual meeting of stockholders. Under Northfield-Delaware&#146;s bylaws, any vacancy
occurring on the Board of Directors, including any vacancy created by reason of an increase in the
number of directors, may be filled only by a majority of the remaining directors, and any director
so chosen shall hold office for the remainder of the term to which the director has been elected
and until his or her successor is elected and qualified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Limitations on Liability. </I></B>The charter and bylaws of Northfield-Federal do not limit the
personal liability of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Delaware&#146;s certificate of
incorporation provides that directors will not be
personally liable for monetary damages to <font style="white-space: nowrap">Northfield-Delaware</font> for certain actions as directors,
except for (i)&nbsp;receipt of an improper personal benefit from their positions as directors, (ii)
actions or omissions that are determined to have involved active and deliberate dishonesty, or
(iii)&nbsp;to the extent allowed by Delaware law. These provisions might, in certain instances,
discourage or deter stockholders or management from bringing a lawsuit against directors for a
breach of their duties even though such an action, if successful, might benefit
Northfield-Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Indemnification of Directors, Officers, Employees and Agents. </I></B>Under current Office of Thrift
Supervision regulations, Northfield-Federal shall indemnify its directors, officers and employees
for any costs incurred in connection with any litigation involving such person&#146;s activities as a
director, officer or employee if such person obtains a final judgment on the merits in his or her
favor. In addition, indemnification is permitted in the case of a settlement, a final judgment
against such person, or final judgment other than on the merits, if a majority of disinterested
directors determines that such person was acting in good faith within the scope of his or her
employment as he or she could reasonably have perceived it under the circumstances and for a
purpose he or she could reasonably have believed under the circumstances was in the best interests
of Northfield-Federal or its stockholders. Northfield-Federal also is permitted to pay ongoing
expenses incurred by a director, officer or employee if a majority of disinterested directors
concludes that such person may ultimately be entitled to
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">indemnification. Before making any indemnification payment, Northfield-Federal is required to
notify the Office of Thrift Supervision of its intention, and such payment cannot be made if the
Office of Thrift Supervision objects to such payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The certificate of incorporation of Northfield-Delaware provides that it shall indemnify its
current and former directors and officers to the fullest extent required or permitted by Delaware
law, including the advancement of expenses. Delaware law allows Northfield-Delaware to indemnify
any person for expenses, liabilities, settlements, judgments and fines in suits in which such
person has been made a party by reason of the fact that he or she is or was a director, officer or
employee of Northfield-Delaware. No such indemnification may be given if the acts or omissions of
the person are adjudged to be in bad faith and material to the matter giving rise to the
proceeding, if such person is liable to the corporation for an unlawful distribution, or if such
person personally received a benefit to which he or she was not entitled. The right to
indemnification includes the right to be paid the expenses incurred in advance of final disposition
of a proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Special Meetings of Stockholders. </I></B>Northfield-Federal&#146;s bylaws provide that special meetings of
stockholders may be called by the Chairman, the Chief Executive Officer, the President, two-thirds
of the members of the Board of Directors or the holders of not less than 50% of the outstanding
capital stock of Northfield-Federal entitled to vote at the meeting. Northfield-Delaware&#146;s bylaws
provide that special meetings of the stockholders may be called only by a majority vote of the
total authorized directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Stockholder Nominations and Proposals. </I></B>Northfield-Federal&#146;s bylaws generally provide that
stockholders may submit nominations for election of directors at an annual meeting of stockholders
and may propose any new business to be taken up at such a meeting by filing the proposal in writing
with Northfield-Federal at least 30&nbsp;days before the date of any such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Delaware&#146;s bylaws generally provide that any stockholder desiring to make a
nomination for the election of directors or a proposal for new business at a meeting of
stockholders must submit written notice to Northfield-Delaware at least 90&nbsp;days prior to the
anniversary date of the proxy statement for the prior year&#146;s annual meeting. However, if the date
of the annual meeting is advanced more than 30&nbsp;days prior to or delayed by more than 30&nbsp;days after
the anniversary of the preceding year&#146;s annual meeting, notice by the stockholder to be timely must
be so delivered not later than the close of business on the 10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day following the day
on which public announcement of the date of such meeting is first made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management believes that it is in the best interests of Northfield-Delaware and its
stockholders to provide sufficient time to enable management to disclose to stockholders
information about a dissident slate of nominations for directors. This advance notice requirement
may also give management time to solicit its own proxies in an attempt to defeat any dissident
slate of nominations, should management determine that doing so is in the best interests of
stockholders generally. Similarly, adequate advance notice of stockholder proposals will give
management time to study such proposals and to determine whether to recommend to the stockholders
that such proposals be adopted. In certain instances, such provisions could make it more difficult
to oppose management&#146;s nominees or proposals, even if stockholders believe such nominees or
proposals are in their best interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Stockholder&#146;s Right to Examine Books and Records. </I></B>A federal regulation, which is applicable to
Northfield-Federal, provides that stockholders may inspect and copy specified books and records
after proper written notice for a proper purpose. Delaware law provides that a stockholder may
inspect a company&#146;s bylaws, stockholder minutes, annual statement of affairs and any voting trust
agreements. However, only a stockholder or group of stockholders who together, for at least six
months, hold at least 5% of the company&#146;s total shares, have the right to inspect a company&#146;s stock
ledger, list of stockholders and books of accounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Limitations on Voting Rights of Greater-than-10% Stockholders. </I></B>Northfield-Delaware&#146;s
certificate of incorporation provides that no beneficial owner, directly or indirectly, of more
than 10% of the outstanding shares of common stock will be permitted to vote any shares in excess
of such 10% limit. Northfield-Federal&#146;s charter does not provide such a limit on voting common
stock.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Office of Thrift Supervision regulations provide that for a period of three years
following the date of the completion of the offering, no person, acting singly or together with
associates in a group of persons acting in concert, may directly or indirectly offer to acquire or
acquire the beneficial ownership of more than 10% of a class of Northfield-Delaware&#146;s equity
securities without the prior written approval of the Office of Thrift Supervision. Where any person
acquires beneficial ownership of more than 10% of a class of Northfield-Delaware&#146;s equity
securities without the prior written approval of the Office of Thrift Supervision, the securities
beneficially owned by such person in excess of 10% may not be voted by any person or counted as
voting shares in connection with any matter submitted to the stockholders for a vote, and will not
be counted as outstanding for purposes of determining the affirmative vote necessary to approve any
matter submitted to the stockholders for a vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Mergers, Consolidations and Sales of Assets. </I></B>A federal regulation applicable to
Northfield-Federal generally requires the approval of <font style="white-space: nowrap">two-thirds</font> of the Board of Directors of
Northfield-Federal and the holders of two-thirds of the outstanding stock of Northfield-Federal
entitled to vote thereon for mergers, consolidations and sales of all or substantially all of
Northfield-Federal&#146;s assets. Such regulation permits Northfield-Federal to merge with another
corporation without obtaining the approval of its stockholders if:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it does not involve an interim savings institution;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Northfield-Federal&#146;s federal stock charter is not changed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each share of Northfield-Federal&#146;s stock outstanding immediately prior to the
effective date of the transaction will be an identical outstanding share or a treasury
share of Northfield-Federal after such effective date; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>either:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no shares of voting stock of Northfield-Federal and no
securities convertible into such stock are to be issued or delivered under the
plan of combination; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the authorized but unissued shares or the treasury shares of
voting stock of Northfield-Federal to be issued or delivered under the plan of
combination, plus those initially issuable upon conversion of any securities to
be issued or delivered under such plan, do not exceed 15% of the total shares
of voting stock of Northfield-Federal outstanding immediately prior to the
effective date of the transaction.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Delaware law, &#147;business combinations&#148; between Northfield-Delaware and an interested
stockholder or an affiliate of an interested stockholder are prohibited for three years after the
most recent date on which the interested stockholder becomes an interested stockholder. These
business combinations include a merger, consolidation or, in circumstances specified in the
statute, certain transfers of assets, stock issuances and other transactions involving interested
stockholders and their affiliates. Delaware law defines an interested stockholder as: (i)&nbsp;any
person who beneficially owns 15% or more of the voting power of Northfield-Delaware&#146;s voting stock;
or (ii)&nbsp;an affiliate or associate of Northfield-Delaware who, within the three-year period prior to
the date in question, was the beneficial owner of 15% or more of the voting power of the
then-outstanding voting stock of Northfield-Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before the end of the three-year period, any business combination between Northfield-Delaware
and an interested stockholder generally must be recommended by the Board of Directors of
Northfield-Delaware and approved by the affirmative vote of at least two-thirds of the votes
entitled to be cast by holders of voting stock of Northfield-Delaware other than shares held by the
interested stockholder with whom or with whose affiliate the business combination is to be effected
or held by an affiliate or associate of the interested stockholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Evaluation of Offers. </I></B>The certificate of incorporation of Northfield-Delaware provides that
its Board of Directors, when evaluating an offer to: (i)&nbsp;make a tender or exchange offer for any
equity security of Northfield-Delaware; (ii)&nbsp;merge or consolidate Northfield-Delaware with another
corporation or entity or (iii)&nbsp;purchase or
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">otherwise acquire all or substantially all of the properties and assets of
Northfield-Delaware, may, in connection with the exercise of its judgment in determining what is in
the best interest of Northfield-Delaware and its stockholders, give due consideration to all
relevant factors, including, without limitation, the social and economic effect of acceptance of
such offer on Northfield-Delaware&#146;s present and future customers and employees and those of its
subsidiaries; on the communities in which Northfield-Delaware and its subsidiaries operate or are
located; on the ability of Northfield-Delaware to fulfill its corporate objectives as Northfield
Bank&#146;s holding company and on the ability of Northfield Bank to fulfill the objectives of a stock
savings bank under applicable statutes and regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Federal&#146;s charter and bylaws do not contain a similar provision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Dissenters&#146; Rights of Appraisal</I></B><B>. </B>Office of Thrift Supervision regulations generally provide
that a stockholder of a federally chartered corporation that engages in a merger, consolidation or
sale of all or substantially all of its assets shall have the right to demand from such institution
payment of the fair or appraised value of his or her stock in the corporation, subject to specified
procedural requirements. The regulations also provide, however, that a stockholder of a federally
chartered corporation whose shares are listed on a national securities exchange or quoted on the
Nasdaq stock market are not entitled to dissenters&#146; rights in connection with a merger if the
stockholder is required to accept only &#147;qualified consideration&#148; for his or her stock, which is
defined to include cash, shares of stock of any institution or corporation that at the effective
date of the merger will be listed on a national securities exchange or quoted on the Nasdaq stock
market, or any combination of such shares of stock and cash.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Delaware law, stockholders of Northfield-Delaware will not have dissenters&#146; appraisal
rights in connection with a plan of merger or consolidation to which Northfield-Delaware is a party
as long as the common stock of Northfield Financial Services, Inc. trades on the Nasdaq Global
Market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Amendment of Governing Instruments</I></B><B>. </B>No amendment of Northfield-Federal&#146;s stock charter may be
made unless it is first proposed by the Board of Directors of Northfield-Federal, then
preliminarily approved by the Office of Thrift Supervision, and thereafter approved by the holders
of a majority of the total votes eligible to be cast at a legal meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Delaware&#146;s certificate of incorporation may be amended, upon the submission of an
amendment by the Board of Directors to a vote of the stockholders, by the affirmative vote of at
least two-thirds of the outstanding shares of common stock, or by the affirmative vote of a
majority of the outstanding shares of common stock if at least two-thirds of the members of the
whole Board of Directors approves such amendment; provided, however, that approval by at least 85%
of the outstanding voting stock is generally required to amend the following provisions:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The limitation on voting rights of persons who directly or indirectly
beneficially own more than 10% of the outstanding shares of common stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The division of the Board of Directors into three staggered classes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The ability of the Board of Directors to fill vacancies on the board;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The requirement that at least a majority of the votes eligible to be cast by
stockholders must vote to remove directors, and can only remove directors for cause;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The ability of the Board of Directors to amend and repeal the bylaws;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The number of stockholders constituting a quorum or required for stockholder
consent; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provision of the certificate of incorporation requiring approval of at
least 85% of the outstanding voting stock to amend the provisions of the certificate of
incorporation provided in (i)&nbsp;through (vii)&nbsp;of this list.</TD>
</TR>




</TABLE>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The certificate of incorporation also provides that the bylaws may be amended by the
affirmative vote of a majority of our directors or by the stockholders by the affirmative vote of
at least 80% of the total votes eligible to be voted at a duly constituted meeting of stockholders.
Any amendment of this super-majority requirement for amendment of the bylaws would also require
the approval of 80% of the outstanding voting stock.
</DIV>
<DIV align="left">
<A name="155"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RESTRICTIONS ON ACQUISITION OF NORTHFIELD-DELAWARE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the board of directors of Northfield-Delaware is not aware of any effort that might
be made to obtain control of Northfield-Delaware after the conversion, the board of directors
believes that it is appropriate to include certain provisions as part of Northfield-Delaware&#146;s
certificate of incorporation to protect the interests of Northfield-Delaware and its stockholders
from takeovers which the board of directors might conclude are not in the best interests of
Northfield Bank, Northfield-Delaware or Northfield-Delaware&#146;s stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion is a general summary of the material provisions of Delaware law,
Northfield-Delaware&#146;s certificate of incorporation and bylaws, Northfield Bank&#146;s charter and bylaws
and certain other regulatory provisions that may be deemed to have an <font style="white-space: nowrap">&#147;anti-takeover&#148;</font> effect. The
following description of certain of these provisions is necessarily general and is not intended to
be a complete description of the document or regulatory provision in question.
Northfield-Delaware&#146;s certificate of incorporation and bylaws are included as part of Northfield
Bancorp, MHC&#146;s application for conversion filed with the Office of Thrift Supervision and
Northfield-Delaware&#146;s registration statement filed with the Securities and Exchange Commission.
See &#147;Where You Can Find Additional Information.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Delaware Law and Certificate of Incorporation and Bylaws of Northfield-Delaware</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware law, as well as Northfield-Delaware&#146;s certificate of incorporation and bylaws,
contain a number of provisions relating to corporate governance and rights of stockholders that may
discourage future takeover attempts. As a result, stockholders who might desire to participate in
such transactions may not have an opportunity to do so. In addition, these provisions will also
render the removal of the board of directors or management of Northfield-Delaware more difficult.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Directors</I></B><I>. </I>The board of directors will be divided into three classes. The members of each
class will be elected for a term of three years and only one class of directors will be elected
annually. Thus, it would take at least two annual elections to replace a majority of the board of
directors. The bylaws establish qualifications for board members, including restrictions on
affiliations with competitors of Northfield Bank and restrictions based upon prior legal or
regulatory violations. Further, the bylaws impose notice and information requirements in
connection with the nomination by stockholders of candidates for election to the board of directors
or the proposal by stockholders of business to be acted upon at an annual meeting of stockholders.
Such notice and information requirements are applicable to all stockholder business proposals and
nominations, and are in addition to any requirements under the federal securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Restrictions on Call of Special Meetings</I></B><I>. </I>The certificate of incorporation and bylaws provide
that special meetings of stockholders can be called by the Chairman, the President, the Chief
Executive or by a majority of the board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Prohibition of Cumulative Voting</I></B><I>. </I>The certificate of incorporation prohibits cumulative
voting for the election of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Limitation of Voting Rights</I></B><I>. </I>The certificate of incorporation provides that in no event will
any person who beneficially owns more than 10% of the then-outstanding shares of common stock, be
entitled or permitted to vote any of the shares of common stock held in excess of the 10% limit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Restrictions on Removing Directors from Office</I></B><I>. </I>The certificate of incorporation provides
that directors may be removed only for cause, and only by the affirmative vote of the holders of at
least a majority of the voting
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">power of all of our then-outstanding common stock entitled to vote (after giving effect to the
limitation on voting rights discussed above in &#147;&#151;Limitation of Voting Rights.&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Authorized but Unissued Shares</I></B>. After the conversion, Northfield-Delaware will have
authorized but unissued shares of common and preferred stock. See &#147;Description of Capital Stock of
Northfield-Delaware Following the Conversion.&#148; The certificate of incorporation authorizes
25,000,000 shares of serial preferred stock. Northfield-Delaware is authorized to issue preferred
stock from time to time in one or more series subject to applicable provisions of law, and the
board of directors is authorized to fix the designations, and relative preferences, limitations,
voting rights, if any, including without limitation, offering rights of such shares (which could be
multiple or as a separate class). In the event of a proposed merger, tender offer or other attempt
to gain control of Northfield-Delaware that the board of directors does not approve, it may be
possible for the board of directors to authorize the issuance of a series of preferred stock with
rights and preferences that would impede the completion of the transaction. An effect of the
possible issuance of preferred stock therefore may be to deter a future attempt to gain control of
Northfield-Delaware. The board of directors has no present plan or understanding to issue any
preferred stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Amendments to Certificate of Incorporation and Bylaws. </I></B>Amendments to the certificate of
incorporation must be approved by the board of directors and also by at least a majority of the
outstanding shares of the voting stock; provided, however, that approval by at least 85% of the
outstanding voting stock is generally required to amend certain provisions. A list of these
provisions is provided under &#147;Comparison of Stockholders&#146; Rights For Existing Stockholders of
Northfield-Federal&#151;Amendment of Governing Instruments&#148; above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The certificate of incorporation also provides that the bylaws may be amended by the
affirmative vote of a majority of <font style="white-space: nowrap">Northfield-Delaware&#146;s</font> directors or by the stockholders by the
affirmative vote of at least 80% of the total votes eligible to be voted at a duly constituted
meeting of stockholders. Any amendment of this super-majority requirement for amendment of the
bylaws would also require the approval of 80% of the outstanding voting shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Business Combinations with Interested Stockholders</I></B><I>. </I>Delaware law restricts mergers,
consolidations, sales of assets and other business combinations between Northfield-Delaware and an
&#147;interested stockholder&#148;. See &#147;Comparison of Stockholder Rights for Existing Stockholders of
Northfield-Federal&#151;Mergers, Consolidations and Sales of Assets&#148; above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Evaluation of Offers. </I></B>The certificate of incorporation of Northfield-Delaware provides that
its board of directors, when evaluating a transaction that would or may involve a change in control
of Northfield-Delaware (whether by purchases of its securities, merger, consolidation, share
exchange, dissolution, liquidation, sale of all or substantially all of its assets, proxy
solicitation or otherwise), may, in connection with the exercise of its business judgment in
determining what is in the best interests of Northfield-Delaware and its stockholders and in making
any recommendation to the stockholders, give due consideration to all relevant factors, including,
but not limited to, certain enumerated factors. For a list of these enumerated factors, see
&#147;Comparison of Stockholder Rights for Existing Stockholders of <font style="white-space: nowrap">Northfield-Federal</font>&#151;Evaluation of
Offers&#148; above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Purpose and Anti-Takeover Effects of Northfield-Delaware&#146;s Certificate of Incorporation and
Bylaws</I></B><B>. </B>Our board of directors believes that the provisions described above are prudent and will
reduce our vulnerability to takeover attempts and certain other transactions that have not been
negotiated with and approved by our board of directors. These provisions also will assist us in
the orderly deployment of the offering proceeds into productive assets during the initial period
after the conversion. Our board of directors believes these provisions are in the best interests
of Northfield-Delaware and its stockholders. Our board of directors believes that it will be in the
best position to determine the true value of Northfield-Delaware and to negotiate more effectively
for what may be in the best interests of all our stockholders. Accordingly, our board of directors
believes that it is in the best interests of Northfield-Delaware and all of our stockholders to
encourage potential acquirers to negotiate directly with the board of directors and that these
provisions will encourage such negotiations and discourage hostile takeover attempts. It is also
the view of our board of directors that these provisions should not discourage persons from
proposing a merger or other transaction at a price reflective of the true value of
Northfield-Delaware and that is in the best interests of all our stockholders.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takeover attempts that have not been negotiated with and approved by our board of directors
present the risk of a takeover on terms that may be less favorable than might otherwise be
available. A transaction that is negotiated and approved by our board of directors, on the other
hand, can be carefully planned and undertaken at an opportune time in order to obtain maximum value
of Northfield-Delaware for our stockholders, with due consideration given to matters such as the
management and business of the acquiring corporation and maximum strategic development of
Northfield-Delaware&#146;s assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although a tender offer or other takeover attempt may be made at a price substantially above
the current market price, such offers are sometimes made for less than all of the outstanding
shares of a target company. As a result, stockholders may be presented with the alternative of
partially liquidating their investment at a time that may be disadvantageous, or retaining their
investment in an enterprise that is under different management and whose objectives may not be
similar to those of the remaining stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Despite our belief as to the benefits to stockholders of these provisions of
Northfield-Delaware&#146;s certificate of incorporation and bylaws, these provisions may also have the
effect of discouraging a future takeover attempt that would not be approved by our board of
directors, but pursuant to which stockholders may receive a substantial premium for their shares
over then current market prices. As a result, stockholders who might desire to participate in such
a transaction may not have any opportunity to do so. Such provisions will also make it more
difficult to remove our board of directors and management. Our board of directors, however, has
concluded that the potential benefits outweigh the possible disadvantages.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Charter of Northfield Bank</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank&#146;s charter will provide that for a period of five years from the closing of the
conversion and offering, no person other than Northfield-Delaware may offer directly or indirectly
to acquire the beneficial ownership of more than 10% of any class of equity security of Northfield
Bank. This provision does not apply to any tax-qualified employee benefit plan of Northfield Bank
or Northfield-Delaware or to an underwriter or member of an underwriting or selling group involving
the public sale or resale of securities of Northfield-Delaware or any of its subsidiaries, so long
as after the sale or resale, no underwriter or member of the selling group is a beneficial owner,
directly or indirectly, of more than 10% of any class of equity securities of Northfield Bank. In
addition, during this five-year period, all shares owned over the 10% limit may not be voted on any
matter submitted to stockholders for a vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conversion Regulations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office of Thrift Supervision regulations prohibit any person from making an offer, announcing
an intent to make an offer or participating in any other arrangement to purchase stock or acquire
stock or subscription rights in a converting institution or its holding company from another person
prior to completion of its conversion. Further, without the prior written approval of the Office
of Thrift Supervision, no person may make an offer or announcement of an offer to purchase shares
or actually acquire shares of a converted institution or its holding company for a period of three
years from the date of the completion of the conversion if, upon the completion of such offer,
announcement or acquisition, the person would become the beneficial owner of more than 10% of the
outstanding stock of the institution or its holding company. The Office of Thrift Supervision has
defined &#147;person&#148; to include any individual, group acting in concert, corporation, partnership,
association, joint stock company, trust, unincorporated organization or similar company, a
syndicate or any other group formed for the purpose of acquiring, holding or disposing of
securities of an insured institution. However, offers made exclusively to a bank or its holding
company, or to an underwriter or member of a selling group acting on the converting institution&#146;s
or its holding company&#146;s behalf for resale to the general public, are excepted. The regulation
also provides civil penalties for willful violation or assistance in any such violation of the
regulation by any person connected with the management of the converting institution or its holding
company or who controls more than 10% of the outstanding shares or voting rights of a converted
institution or its holding company.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->174<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Change in Control Regulations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Change in Bank Control Act, no person may acquire control of an insured federal
savings bank or its parent holding company unless the Office of Thrift Supervision has been given
60&nbsp;days&#146; prior written notice and has not issued a notice disapproving the proposed acquisition.
In addition, Office of Thrift Supervision regulations provide that no company may acquire control
of a savings bank without the prior approval of the Office of Thrift Supervision. Any company that
acquires such control becomes a &#147;savings and loan holding company&#148; subject to registration,
examination and regulation by the Office of Thrift Supervision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control, as defined under federal law, means ownership, control of or holding irrevocable
proxies representing more than 25% of any class of voting stock, control in any manner of the
election of a majority of the institution&#146;s directors, or a determination by the Office of Thrift
Supervision that the acquiror has the power to direct, or directly or indirectly to exercise a
controlling influence over, the management or policies of the institution. Acquisition of more
than 10% of any class of a savings bank&#146;s voting stock, if the acquiror is also subject to any one
of eight &#147;control factors,&#148; constitutes a rebuttable determination of control under the
regulations. Such control factors include the acquiror being one of the two largest stockholders.
The determination of control may be rebutted by submission to the Office of Thrift Supervision,
prior to the acquisition of stock or the occurrence of any other circumstances giving rise to such
determination, of a statement setting forth facts and circumstances which would support a finding
that no control relationship will exist and containing certain undertakings. The regulations
provide that persons or companies that acquire beneficial ownership exceeding 10% or more of any
class of a savings bank&#146;s stock who do not intend to participate in or seek to exercise control
over a savings bank&#146;s management or policies may qualify for a safe harbor by filing with the
Office of Thrift Supervision a certification form that states, among other things, that the holder
is not in control of such institution, is not subject to a rebuttable determination of control and
will take no action which would result in a determination or rebuttable determination of control
without prior notice to or approval of the Office of Thrift Supervision, as applicable. There are
also rebuttable presumptions in the regulations concerning whether a group &#147;acting in concert&#148;
exists, including presumed action in concert among members of an &#147;immediate family.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Office of Thrift Supervision may prohibit an acquisition of control if it finds, among
other things, that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the acquisition would result in a monopoly or substantially lessen
competition;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the financial condition of the acquiring person might jeopardize the
financial stability of the institution; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the competence, experience or integrity of the acquiring person indicates
that it would not be in the interest of the depositors or the public to permit the
acquisition of control by such person.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="156"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF CAPITAL STOCK OF NORTHFIELD-DELAWARE FOLLOWING THE<BR>
CONVERSION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Delaware is authorized to issue 150,000,000 shares of common stock, par value of
$0.01 per share, and 25,000,000 shares of preferred stock, par value $0.01 per share.
Northfield-Delaware currently expects to issue in the offering and exchange up to 71,416,852 shares
of common stock, subject to adjustment up to 82,129,380 shares. Northfield-Delaware will not issue
shares of preferred stock in the conversion. Each share of common stock will have the same
relative rights as, and will be identical in all respects to, each other share of common stock.
Upon payment of the subscription price for the common stock, in accordance with the plan of
conversion and reorganization, all of the shares of common stock will be duly authorized, fully
paid and nonassessable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares of common stock will represent nonwithdrawable capital, will not be an account of
an insurable type, and will not be insured by the Federal Deposit Insurance Corporation or any
other government agency.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->175<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Common Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Dividends</I></B><I>. </I>Delaware law generally limits dividends to our capital surplus or, if there is no
capital surplus, our net profits for the fiscal year in which the dividend is declared and/or the
preceding fiscal year. The payment of dividends by Northfield-Delaware is also subject to
limitations that are imposed by law and applicable regulation, including restrictions on payments
of dividends that would reduce <font style="white-space: nowrap">Northfield-Delaware&#146;s</font> assets below the then-adjusted balance of its
liquidation account. The holders of common stock of Northfield-Delaware will be entitled to
receive and share equally in dividends as may be declared by our board of directors out of funds
legally available therefor. If Northfield-Delaware issues shares of preferred stock, the holders
thereof may have a priority over the holders of the common stock with respect to dividends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Voting Rights</I></B><I>. </I>Upon completion of the conversion, the holders of common stock of
Northfield-Delaware will have exclusive voting rights in Northfield-Delaware. They will elect
Northfield-Delaware&#146;s board of directors and act on other matters as are required to be presented
to them under Delaware law or as are otherwise presented to them by the board of directors.
Generally, each holder of common stock will be entitled to one vote per share and will not have any
right to cumulate votes in the election of directors. Any person who beneficially owns more than
10% of the then-outstanding shares of Northfield-Delaware&#146;s common stock, however, will not be
entitled or permitted to vote any shares of common stock held in excess of the 10% limit. If
Northfield-Delaware issues shares of preferred stock, holders of the preferred stock may also
possess voting rights. Certain matters require the approval of 85% of our outstanding common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a federal stock savings association, corporate powers and control of Northfield Bank are
vested in its board of directors, who elect the officers of Northfield Bank and who fill any
vacancies on the board of directors. Voting rights of Northfield Bank are vested exclusively in
the owners of the shares of capital stock of Northfield Bank, which will be Northfield-Delaware,
and voted at the direction of <font style="white-space: nowrap">Northfield-Delaware&#146;s</font> board of directors. Consequently, the holders
of the common stock of Northfield-Delaware will not have direct control of Northfield Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Liquidation</I></B><I>. </I>In the event of any liquidation, dissolution or winding up of Northfield Bank,
Northfield-Delaware, as the holder of 100% of Northfield Bank&#146;s capital stock, would be entitled to
receive all assets of Northfield Bank available for distribution, after payment or provision for
payment of all debts and liabilities of Northfield Bank, including all deposit accounts and accrued
interest thereon, and after distribution of the balance in the liquidation account to Eligible
Account Holders and Supplemental Eligible Account Holders. In the event of liquidation, dissolution
or winding up of Northfield-Delaware, the holders of its common stock would be entitled to receive,
after payment or provision for payment of all its debts and liabilities (including payments with
respect to its liquidation account), all of the assets of Northfield-Delaware available for
distribution. If preferred stock is issued, the holders thereof may have a priority over the
holders of the common stock in the event of liquidation or dissolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Preemptive Rights</I></B><I>. </I>Holders of the common stock of Northfield-Delaware will not be entitled to
preemptive rights with respect to any shares that may be issued. The common stock is not subject
to redemption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Preferred Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the shares of Northfield-Delaware&#146;s authorized preferred stock will be issued as part
of the offering or the conversion. Preferred stock may be issued with preferences and designations
as our board of directors may from time to time determine. Our board of directors may, without
stockholder approval, issue shares of preferred stock with voting, dividend, liquidation and
conversion rights that could dilute the voting strength of the holders of the common stock and may
assist management in impeding an unfriendly takeover or attempted change in control.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->176<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="157"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TRANSFER AGENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transfer agent and registrar for Northfield-Delaware&#146;s common stock is Registrar and
Transfer Company, Cranford, New Jersey.
</DIV>
<DIV align="left">
<A name="158"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of Northfield-Federal and subsidiaries as of December
31, 2009 and 2008, and for each of the years in the three-year period ended December&nbsp;31, 2009, have
been included herein in reliance upon the report of KPMG LLP, independent registered public
accounting firm, which is included herein and upon the authority of said firm as experts in
accounting and auditing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RP Financial, LC. has consented to the publication herein of the summary of its report setting
forth its opinion as to the estimated pro forma market value of the shares of common stock upon
completion of the conversion and offering and its letters with respect to subscription rights and
the liquidation accounts.
</DIV>
<DIV align="left">
<A name="159"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LEGAL MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luse Gorman Pomerenk &#038; Schick, P.C., Washington, D.C., counsel to Northfield-Delaware,
Northfield Bancorp, MHC, Northfield-Federal and Northfield Bank, will issue to Northfield-Delaware
its opinion regarding the legality of the common stock and the federal income tax consequences of
the conversion. Crowe Horwath LLP has provided opinions to us regarding the New Jersey and New
York income tax consequences of the conversion. Certain legal matters will be passed upon for
Sandler O&#146;Neill &#038; Partners, L.P. by Kilpatrick Stockton LLP, Washington, D.C.
</DIV>
<DIV align="left">
<A name="160"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Delaware has filed with the Securities and Exchange Commission a registration
statement under the Securities Act of 1933 with respect to the shares of common stock offered
hereby. As permitted by the rules and regulations of the Securities and Exchange Commission, this
prospectus does not contain all the information set forth in the registration statement. Such
information, including the appraisal report which is an exhibit to the registration statement, can
be examined without charge at the public reference facilities of the Securities and Exchange
Commission located at 100 F Street, N.E., Washington, D.C. 20549, and copies of such material can
be obtained from the Securities and Exchange Commission at prescribed rates. The Securities and
Exchange Commission telephone number is 1-800-SEC-0330. In addition, the Securities and Exchange
Commission maintains a web site (http://www.sec.gov) that contains reports, proxy and information
statements and other information regarding registrants that file electronically with the Securities
and Exchange Commission, including <font style="white-space: nowrap">Northfield-Delaware</font>. The statements contained in this
prospectus as to the contents of any contract or other document filed as an exhibit to the
registration statement are, of necessity, brief descriptions of the material terms of, and should
be read in conjunction with, such contract or document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bancorp, MHC has filed with the Office of Thrift Supervision an Application on Form
AC with respect to the conversion. This prospectus omits certain information contained in the
application. The application may be examined at the principal office of the Office of Thrift
Supervision, 1700 G Street, N.W., Washington, D.C. 20552, and at the Northeast Regional Office of
the Office of Thrift Supervision, Harborside Financial Center Plaza Five, Suite&nbsp;1600, Jersey City,
New Jersey 07311. Our Plan of Conversion and Reorganization is available, upon request, at each of
our branch offices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>In connection with the offering, Northfield-Delaware will register its common stock under
Section&nbsp;</B><B>12(b)</B><B> of the Securities Exchange Act of 1934 and, upon such registration,
Northfield-Delaware and the holders of its common stock will become subject to the proxy
solicitation rules, reporting requirements and restrictions on common stock purchases and sales by
directors, officers and greater than 10% stockholders, the annual and periodic reporting and
certain other requirements of the Securities Exchange Act of 1934.</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->177<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Under the plan of conversion and reorganization, Northfield-Delaware has undertaken that it
will not terminate such registration for a period of at least three years following the offering.</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->178<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="161"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF<BR>
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#300">Report of Independent Registered Public Accounting Firm</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#301">Report of Independent Registered Public Accounting Firm</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#302">Consolidated Balance Sheets at March&nbsp;31, 2010 (Unaudited) and December&nbsp;31, 2009 and 2008</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#303">Consolidated Statements of Income for the three months ended March&nbsp;31, 2010 and 2009
(Unaudited) and for the years ended December&nbsp;31, 2009, 2008 and 2007</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#304">Consolidated Statements of Changes in Stockholders&#146; Equity for the three months ended
March&nbsp;31, 2010 (Unaudited) and for the years ended December&nbsp;31, 2009, 2008 and 2007</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#305">Consolidated Statements of Cash Flows for the three months ended March&nbsp;31, 2010 and
2009 (Unaudited) and for the years ended December&nbsp;31, 2009, 2008 and 2007</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#306">Notes to Consolidated Financial Statements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-9</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">***
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All financial statement schedules have been omitted as the required information either is not
applicable or is included in the financial statements or related notes.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left">
<A name="300"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Report of Independent Registered Public Accounting Firm</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors and Stockholders<BR>
Northfield Bancorp, Inc. and subsidiaries:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have
audited the accompanying consolidated balance sheets of Northfield Bancorp, Inc. and
subsidiaries (the Company) as of December&nbsp;31, 2009 and 2008, and the related consolidated
statements of income, changes in stockholders&#146; equity, and cash flows for each of the years in the
three-year period ended December&nbsp;31, 2009. These consolidated financial statements are the
responsibility of the Company&#146;s management. Our responsibility is to express an opinion on these
consolidated financial statements based on our audits.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our opinion, the consolidated financial statements referred to above present fairly, in all
material respects, the financial position of Northfield Bancorp, Inc. and subsidiaries as of
December&nbsp;31, 2009 and 2008, and the results of their operations and their cash flows for each of
the years in the three-year period ended December&nbsp;31, 2009, in conformity with U.S. generally
accepted accounting principles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As discussed in note 2 to the consolidated financial statements, the Company changed its method of
evaluating other-than-temporary impairments of debt securities due to the adoption of new
accounting requirements issued by the Financial Accounting Standards Board, as of April&nbsp;1, 2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the Company&#146;s internal control over financial reporting as of December&nbsp;31,
2009, based on criteria established in <I>Internal Control &#151; Integrated Framework </I>issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March
16, 2010 expressed an unqualified opinion on the effectiveness of the Company&#146;s internal control
over financial reporting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ KPMG LLP
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Short
Hills, New Jersey<BR>
March&nbsp;16, 2010

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Report of Independent Registered Public Accounting Firm</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors and Stockholders<BR>
Northfield Bancorp, Inc. and subsidiaries:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have audited Northfield Bancorp, Inc. and subsidiaries&#146; internal control over financial
reporting as of December&nbsp;31, 2009, based on criteria established in <I>Internal Control &#151; Integrated
Framework </I>issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Northfield Bancorp, Inc. and subsidiaries&#146; management is responsible for maintaining effective
internal control over financial reporting and for its assessment of the effectiveness of internal
control over financial reporting, included in the accompanying Management&#146;s Report on Internal
Control over Financial Reporting. Our responsibility is to express an opinion on Northfield
Bancorp, Inc. and subsidiaries&#146; internal control over financial reporting based on our audit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an understanding of internal
control over financial reporting, assessing the risk that a material weakness exists, and testing
and evaluating the design and operating effectiveness of internal control based on the assessed
risk. Our audit also included performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our opinion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A company&#146;s internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A
company&#146;s internal control over financial reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2)&nbsp;provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company
are being made only in accordance with authorizations of management and directors of the company;
and (3)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company&#146;s assets that could have a material effect on the
financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. In addition, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our opinion, Northfield Bancorp, Inc. and subsidiaries maintained, in all material respects,
effective internal control over financial reporting as of December&nbsp;31, 2009, based on criteria
established in <I>Internal Control &#151; Integrated Framework </I>issued by the Committee of Sponsoring
Organizations of the Treadway Commission.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the consolidated balance sheets of Northfield Bancorp, Inc. and subsidiaries
as of December&nbsp;31, 2009 and 2008, and the related consolidated statements of income, changes in
stockholders&#146; equity, and cash flows for each of the years in the three-year period ended December
31, 2009, and our report dated March&nbsp;16, 2010 expressed an unqualified opinion on those
consolidated financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ KPMG LLP
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
Short Hills, New Jersey<BR>
March&nbsp;16, 2010

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->F-4<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>

<DIV align="left">
<A name="302"></A>
</DIV>

<!-- xbrl,bs -->
<DIV align="left" style="font-size: 10pt; margin-top: 0pt"><B>Consolidated Balance Sheets</B>
<!-- xbrl,body -->
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>At March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #ffffff"><B>At December 31,</B></TD>
</TR><TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(in thousands, except share data)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2008</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ASSETS:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and due from banks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9,646</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,014</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest-bearing deposits in other financial institutions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,114</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certificates of deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,653</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trading securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,498</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities available-for-sale, at estimated fair value (encumbered $261,004 (unaudited)&nbsp;in 2010,
$219,446 in 2009, and $183,711 in 2008)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,216,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,131,803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">957,585</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities held-to-maturity, at amortized cost (estimated fair value of $6,432 (unaudited), $6,930 and
$14,588 in 2010, 2009, and 2008, respectively) (encumbered $0 (unaudited)&nbsp;in 2010, $0 in 2009, and $1,241 in 2008)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,479</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans held-for-investment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">737,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">729,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">589,984</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Allowance for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17,146</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,414</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,778</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loans held-for-investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">720,079</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">713,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">581,206</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued interest receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,319</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bank owned life insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,001</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal Home Loan Bank of New York stock, at cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,410</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premises and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,899</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,159</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other real estate owned</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,071</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,353</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,097,803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,002,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,757,761</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,392,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,316,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,024,439</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities sold under agreements to repurchase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">244,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162,084</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advance payments by borrowers for taxes and insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued expenses and other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,837</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,701,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,610,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,371,183</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>STOCKHOLDERS&#146; EQUITY:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Preferred stock, $.01 par value; 10,000,000 shares authorized, none issued or outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common stock, $.01 par value; 90,000,000 shares authorized, 45,632,611 (unaudited), 45,628,211, and 44,803,061 shares
issued at March&nbsp;31, 2010, December&nbsp;31, 2009 and 2008, respectively, 43,722,522 (unaudited), 43,912,148 and
44,803,061
shares outstanding at March&nbsp;31, 2010, December&nbsp;31, 2009 and 2008, respectively</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">448</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199,453</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unallocated common stock held by employee stock ownership plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,660</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,807</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(16,391</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203,085</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Treasury stock at cost; 1,910,089 (unaudited), 1,716,063, and 0 shares at March&nbsp;31, 2010, December&nbsp;31, 2009 and 2008,
respectively</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(22,520</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,929</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total stockholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">396,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">386,578</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities and stockholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,097,803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,002,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,757,761</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">See accompanying notes to consolidated financial statements.
</DIV>
<!-- /xbrl,bs -->


<P align="center" style="font-size: 10pt"><!-- Folio -->F-5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>

<DIV align="left">
<A name="303"></A>
</DIV>
<!-- xbrl,in -->
<DIV align="left" style="font-size: 10pt; margin-top: 0pt"><B>Consolidated Statements of Income</B>

</DIV>
<!-- xbrl,body -->
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #ffffff"><B>Three Months Ended March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>Years Ended December 31,</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #ffffff">(in thousands, except share data)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>2007</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interest income:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,293</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,571</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,398</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage-backed securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,072</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,576</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Federal Home Loan Bank of New York dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">519</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deposits in other financial institutions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">801</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,702</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interest expense:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,763</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,763</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,073</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,836</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,866</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest income after provision for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,553</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,424</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Non-interest income:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fees and service charges for customer services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">659</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income on bank owned life insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,235</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,694</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain (loss)&nbsp;on securities transactions, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(154</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,318</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on sale of premises and equipment and deposit relationships</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,308</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other-than-temporary impairment losses on securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,365</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Portion recognized in other comprehensive income (before taxes)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net impairment losses on securities recognized in earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(176</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">273</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total non-interest income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,478</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Non-interest expense:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Compensation and employee benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,791</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,768</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,685</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Director compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,338</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">598</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Occupancy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,062</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Furniture and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">272</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">852</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Data processing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">844</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,637</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,425</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Professional fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,218</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Contribution to Northfield Bank Foundation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,952</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">FDIC insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,418</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,042</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total non-interest expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,950</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,952</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income tax expense (benefit)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,555</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,507</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net income (loss)&nbsp;per common share &#151; basic and diluted (1)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 10pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Weighted average shares outstanding &#151; basic (1)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,509,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,089,331</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,405,774</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,133,856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,076,586</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Weighted average shares outstanding &#151; diluted</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,823,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,104,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,532,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><B>(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>Net loss per share is calculated for the period that the Company&#146;s shares of common stock
were outstanding (November&nbsp;8, 2007, through December&nbsp;31, 2007). The net loss for this period was
$1,501,000 and the weighted average common shares outstanding were 43,076,586. Per share data and
shares outstanding information is not applicable prior to November&nbsp;8, 2007.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">See accompanying notes to consolidated financial statements.
</DIV>

<!-- /xbrl,in -->

<P align="center" style="font-size: 10pt"><!-- Folio -->F-6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>

<DIV align="left">
<A name="304"></A>
</DIV>

<!-- xbrl,se -->
<DIV align="left" style="font-size: 10pt; margin-top: 0pt"><B>Consolidated Statements of Changes in Stockholders&#146; Equity</B>
<!-- xbrl,body -->
</DIV>


<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="31" style="border-bottom: 1px solid #000000"><B>For the three months ended March 31, 2010 (Unaudited) and the years ended December 31, 2009, 2008, and 2007</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unallocated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>common stock</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Common stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Additional</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>held by the</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>comprehensive</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Par</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>paid-in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>employee stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Retained</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>income (loss),</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Treasury</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>stockholders&#146;</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left">(in thousands, except share data)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>capital</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>ownership plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>earnings</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>net of tax</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>equity</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance at December&nbsp;31, 2006</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,731</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14,247</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,994</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,507</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net unrealized holding gains on securities arising
during the year (net of tax of $7,069)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,897</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reclassification adjustment for gains included
in net income (net of tax of $4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Post retirement benefits adjustment (net of tax $158)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(163</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(163</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,236</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contribution from Northfield Bancorp, MHC.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of 19,265,316 shares of common stock, issuance
of 24,641,584 shares to the mutual
holding company, and issuance of 896,061
shares to Northfield Bank Foundation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,802,961</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(246</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,552</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase of common stock by the ESOP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17,563</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17,563</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ESOP shares allocated or committed to be released</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">621</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance at December&nbsp;31, 2007</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,803,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199,395</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(16,977</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,518</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367,340</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,831</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net unrealized holding gains on securities arising
during the year (net of tax of $2,434)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,479</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reclassification adjustment for gains included
in net income (net of tax of $6)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Post retirement benefits adjustment (net of tax $28)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,332</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash dividends declared ($0.04 per common share)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(738</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(738</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ESOP shares allocated or committed to be released</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">644</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance at December&nbsp;31, 2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,803,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(16,391</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">386,578</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,074</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net unrealized holding gains on securities arising
during the year (net of tax of $8,438)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,075</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reclassification adjustment for gains included
in net income (net of tax of $35)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(54</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(54</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Post retirement benefits adjustment (net of tax $26)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reclassification adjustment for OTTI impairment
included in net income (net of tax of $70)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,236</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ESOP shares allocated or committed to be released</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">676</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock compensation expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,942</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,942</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash dividends declared ($0.16 per common share)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,963</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,963</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuance of restricted stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">825,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Treasury stock (average cost of $11.61 per share)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,929</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,929</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance at December&nbsp;31, 2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,628,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,807</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,929</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391,540</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="31" align="center">(Unaudited)</TD>


</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income</DIV></TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,381</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in accumulated comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(net of tax of $2,108)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,545</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,926</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ESOP shares allocated or committed to be released</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock compensation expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">776</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">776</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional tax benefit on stock awards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">231</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exercise of stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash dividends declared ($0.04 per common share)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(772</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(772</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuance of restricted stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Treasury stock (average cost of $13.25 per share)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,754</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,754</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance at March&nbsp;31, 2010</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,632,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">456</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,660</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(22,520</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">396,286</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="33" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See accompanying notes to consolidated financial statements.
</DIV>
<!-- /xbrl,se -->


<P align="center" style="font-size: 10pt"><!-- Folio -->F-7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>

<DIV align="left">
<A name="305"></A>
</DIV>

<!-- xbrl,cf -->
<DIV align="left" style="font-size: 10pt; margin-top: 0pt"><B>Consolidated Statements of Cash Flows</B>
<!-- xbrl,body -->
</DIV>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #ffffff"><B>Three months ended March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>Years ended December 31,</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #ffffff">(in thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>2007</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>(Unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flows from operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,507</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Adjustments to reconcile net income to net cash provided by operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Provision for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(Accretion) of discounts, and deferred loan fees, net of amortization of premiums</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(419</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,486</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,098</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(60</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of mortgage servicing rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income on bank owned life insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(423</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(433</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,750</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,235</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,694</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Contribution of common stock to Northfield Bank Foundation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,952</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net gain on sale of loans held-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(138</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(29</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(60</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Proceeds from sale of loans held-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,092</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,265</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Origination of loans held-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,267</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,371</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,793</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,350</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(Gain) loss on securities transactions, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(615</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(891</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(71</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net impairment losses on securities recognized in earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Gain on sale of deposit relationships</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,660</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Gain on sale of premises and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(648</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net purchases of trading securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(42</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(313</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(226</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(876</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Decrease (increase)&nbsp;in accrued interest receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,768</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,719</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(Increase) decrease in other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(287</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,495</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,283</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Decrease (increase)&nbsp;in prepaid FDIC assessment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,736</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">ESOP and stock compensation expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">621</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,171</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,938</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10,396</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(Decrease) increase in accrued expenses and other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(154</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(158</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,253</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,443</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of core deposit intangible</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">386</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Net cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,412</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flows from investing activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net increase in loans receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,367</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(34,927</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(108,385</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(163,643</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(16,029</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchases of loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(35,369</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Redemptions (purchases)&nbsp;of Federal Home Loan Bank of New York stock, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,395</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,295</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,708</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">484</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchases of securities available-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(217,161</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(70,700</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(655,765</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(421,696</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(309,396</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Principal payments and maturities on securities available-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,431</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">270,091</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234,457</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Principal payments and maturities on securities held-to-maturity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">519</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,476</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from sale of securities available-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,293</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,705</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from sale of securities held-to-maturity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchases of certificates of deposit in other financial institutions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(63</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(118,653</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(50,500</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from maturities of certificates of deposit in other financial institutions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchase of bank owned life insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash received from bank owned life insurance contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchases and improvements of premises and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(870</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(901</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,456</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,662</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(897</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from sale of premises and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,473</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Net cash (used in) provided by investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(85,701</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(236,576</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(337,413</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(106,027</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flows from financing activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net increase (decrease)&nbsp;in deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">292,446</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,560</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deposit relationship sold, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(22,985</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net proceeds from sale of common stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,241</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dividends paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(772</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(774</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,963</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(738</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exercise of stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchase of common stock for ESOP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17,563</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchase of treasury stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,754</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,801</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,929</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Additional tax benefit on stock awards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Increase (decrease)&nbsp;in advance payments by borrowers for taxes and insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,281</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,455</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,066</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Repayments under capital lease obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(44</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(67</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(160</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(136</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(114</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from securities sold under agreements to repurchase and other borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">410,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Repayments related to securities sold under agreements to repurchase and other borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(56,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(71,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(191,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(203,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(87,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Net cash provided by financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">213,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">357,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,079</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Net increase (decrease)&nbsp;in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,584</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(35,536</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,624</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,088</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Supplemental cash flow information:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash paid during the year for:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,251</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,657</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,298</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-cash transactions:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deposits utilized to purchase common stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,359</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Loans charged-off, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,940</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">836</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Transfer of loans to other real estate owned</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other real estate owned charged-off</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See accompanying notes to consolidated financial statements.
</DIV>
<!-- /xbrl,cf -->


<P align="center" style="font-size: 10pt"><!-- Folio -->F-8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- xbrl,ns -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>

<DIV align="left">
<A name="306"></A>
</DIV>
<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>


<!-- xbrl,n -->
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>(1)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Summary of Significant Accounting Policies</B></TD>
</TR>

</TABLE>
</DIV><!-- xbrl,body -->

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following significant accounting and reporting policies of Northfield Bancorp, Inc. and
subsidiaries (collectively, the &#147;Company&#148;), conform to U.S. generally accepted accounting
principles, or (&#147;GAAP&#148;), and are used in preparing and presenting these consolidated financial
statements.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(a)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Basis of Presentation</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The consolidated financial statements are comprised of the accounts of Northfield
Bancorp, Inc. and its wholly owned subsidiaries, Northfield Investment, Inc. and
Northfield Bank (the &#147;Bank&#148;) and the Bank&#146;s wholly-owned significant subsidiaries, NSB
Services Corp. and NSB Realty Trust. All significant intercompany accounts and
transactions have been eliminated in consolidation.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 1995, the Bank completed a Plan of Mutual Holding Company Reorganization, utilizing a
single-tier mutual holding company structure. In a series of steps, the Bank formed a
New York-chartered mutual holding company (NSB Holding Corp.) which owned 100% of the
common stock of the Bank. In 2002, NSB Holding Corp. formed Northfield Holdings Corp.,
a New York-chartered stock corporation, and contributed 100% of the common stock of the
Bank into Northfield Holdings Corp. which owned 100% of the common stock of Northfield
Holdings Corp. In 2006, Northfield Holdings Corp.&#146;s name was changed to Northfield
Bancorp, Inc. and Northfield Savings Bank&#146;s name was changed to Northfield Bank. In
2007, NSB Holdings Corp.&#146;s name was changed to Northfield Bancorp, MHC.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As part of the stock issuance plan announced in April&nbsp;2007, Northfield Bank converted to
a federally-charted savings bank from a New York-chartered savings bank effective
November&nbsp;6, 2007. Northfield Bank&#146;s primary federal regulator is the Office of Thrift
Supervision (the &#147;OTS&#148;) and was the Federal Deposit Insurance Corporation (the &#147;FDIC&#148;)
prior to our November&nbsp;2007 conversion. Simultaneously with Northfield Bank&#146;s
conversion, Northfield Bancorp, MHC and Northfield Bancorp, Inc. converted to
federal-chartered holding companies from New York-chartered holding companies.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In preparing the consolidated financial statements, management is required to make
estimates and assumptions that affect the reported amounts of assets and liabilities as
of the date of the balance sheets and revenues and expenses during the reporting
periods. Actual results may differ significantly from those estimates and assumptions.
A material estimate that is particularly susceptible to significant change in the near
term is the allowance for loan losses. In connection with the determination of this
allowance, management generally obtains independent appraisals for significant
properties. Judgments related to goodwill, and securities valuation and impairment also
are critical because they involve a higher degree of complexity and subjectivity and
require estimates and assumptions about highly uncertain matters. Actual results may
differ from the estimates and assumptions.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certain prior year balances have been reclassified to conform to the current year
presentation.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(b)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Business</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company, through its principal subsidiary, the Bank, provides a full range of
banking services primarily to individuals and corporate customers in Richmond and Kings
Counties in New York, and Union and Middlesex Counties in New Jersey. The Company also
finances insurance premiums for commercial customers throughout the contiguous United
States. The Company is subject to competition from other financial institutions and to
the regulations of certain federal and state agencies, and undergoes periodic
examinations by those regulatory authorities.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(c)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Cash Equivalents</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cash equivalents consist of cash on hand, due from banks, federal funds sold, and
interest-bearing deposits in other financial institutions with an original term of three
months or less. Certificates of</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- xbrl -->


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deposit with original maturities of greater than three
months are excluded from cash equivalents and reported as a separate line item on the
consolidated balance sheets.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(d)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Securities</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities are classified at the time of purchase, based on management&#146;s intention, as
securities held- to-maturity, securities available-for-sale, or trading account
securities. Securities held-to-maturity are those that management
has the positive intent and ability to hold until maturity. Securities held-to-maturity
are carried at amortized cost, adjusted for amortization of premiums and accretion of
discounts using the level-yield method over the contractual term of the securities,
adjusted for actual prepayments. Trading securities are securities that are bought and
may be held for the purpose of selling them in the near term. Trading securities are
reported at estimated fair value, with unrealized holding gains and losses reported as a
component of gain (loss)&nbsp;on securities transactions, net in non-interest income.
Securities available-for-sale represents all securities not classified as either
held-to-maturity or trading. Securities available-for-sale are carried at estimated
fair value with unrealized holding gains and losses (net of related tax effects) on such
securities excluded from earnings, but included as a separate component of stockholders&#146;
equity, titled &#147;Accumulated other comprehensive income (loss).&#148; The cost of securities
sold is determined using the specific-identification method. Security transactions are
recorded on a trade-date basis. Our evaluation of other-than-temporary impairment
considers the duration and severity of the impairment, our intent to
sell the security and whether it is more likely than not that we will
be required to sell the security before full recovery of our
investment or maturity and our assessments of the reason for the decline in value and the
likelihood of a near-term recovery. If a determination is made that a debt security is
other-than-temporarily impaired, the Company will estimate the amount of the unrealized
loss that is attributable to credit and all other non-credit related factors. The
credit related component will be recognized as an other-than-temporary impairment charge
in non-interest income as a component of gain (loss)&nbsp;on securities, net. The non-credit
related component will be recorded as an adjustment to accumulated other comprehensive
income (loss), net of tax. The estimated fair value of debt securities, including
mortgage-backed securities and corporate debt obligations is furnished by an independent
third party pricing service. The third party pricing service primarily utilizes pricing
models and methodologies that incorporate observable market inputs, including among
other things, benchmark yields, reported trades, and projected prepayment and default
rates. Management reviews the data and assumptions used in pricing the securities by
its third party provider for reasonableness.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(e)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Loans</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net loans held-for-investment are stated at unpaid principal balance, adjusted by
unamortized premiums and unearned discounts, deferred origination fees and certain
direct origination costs, and the allowance for loan losses. Interest income on loans
is accrued and credited to income as earned. Net loan origination fees/costs are
deferred and accreted/amortized to interest income over the loan&#146;s contractual life
using the level-yield method, adjusted for actual prepayments. Loans held-for-sale are
designated at time of origination and generally consist of fixed rate residential loans
with terms of 15&nbsp;years or more and are recorded at the lower of cost or estimated fair
value in the aggregate. Gains are recognized on a settlement-date basis and are
determined by the difference between the net sales proceeds and the carrying value of
the loans, including any net deferred fees or costs.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company defines an impaired loan as a loan for which it is probable, based on
current information, that the Company will not collect all amounts due in accordance
with the contractual terms of the loan agreement. The Company has defined the
population of impaired loans to be all non-accrual loans with an outstanding balance of
$500,000 or greater. Impaired loans are individually assessed to determine that the
loan&#146;s carrying value is not in excess of the expected future cash flows, discounted at
the loans original effective interest rate, or the underlying collateral (less estimated
costs to sell) if the loan is collateral dependent. Impairments are recognized through
a charge to the provision for loan losses for the amount that the loan&#146;s carrying value
exceeds the discounted cash flow analysis or estimated fair value of collateral (less
estimated costs to sell) if the loan is collateral dependent. Homogeneous loans with
balances less than $500,000 are collectively evaluated for impairment.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- xbrl -->
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The allowance for loan losses is increased by the provision for loan losses charged
against income and is decreased by charge-offs, net of recoveries. Loan losses are
charged-off in the period the loans, or portion thereof, are deemed uncollectible.
Generally, the Company will record a loan charge-off (including a partial charge-off) to
reduce a loan to the estimated fair value of the underlying collateral, less cost to
sell, if it is determined that it is probable that recovery will come primarily from the
sale of such collateral. The provision for loan losses is based on management&#146;s
evaluation of the adequacy of the allowance which considers, among other things,
impaired loans, past loan loss experience, known and inherent risks in the portfolio,
existing adverse situations that may affect the borrower&#146;s ability to repay, and
estimated value of any underlying collateral securing loans. Additionally, management
evaluates changes, if any, in underwriting standards, collection, charge-off and
recovery practices, the nature or volume of the portfolio, lending staff, concentration
of loans, as well as current economic conditions, and other relevant factors.
Management believes the allowance for loan losses is adequate to provide for probable
and reasonably estimatable losses at the date of the consolidated balance sheets. The
Company also maintains an allowance for estimated losses on off-balance sheet credit
risks related to loan commitments and standby letters of credit. Management utilizes a
methodology similar to its allowance for loan loss adequacy methodology to estimate
losses on these commitments. The allowance for estimated credit losses on off-balance
sheet commitments is included in other liabilities and any changes to the allowance are
recorded as a component of other non-interest expense.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>While management uses available information to recognize probable and reasonably
estimatable losses on loans, future additions may be necessary based on changes in
conditions, including changes in economic conditions, particularly in Richmond and Kings
Counties in New York, and Union and Middlesex Counties in New Jersey.
Accordingly, as with most financial institutions in the market area, the ultimate
collectibility of a substantial portion of the Company&#146;s loan portfolio is susceptible
to changes in conditions in the Company&#146;s marketplace. In addition, future changes in
laws and regulations could make it more difficult for the Company to collect all
contractual amounts due on its loans and mortgage-backed securities.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, various regulatory agencies, as an integral part of their examination
process, periodically review the Company&#146;s allowance for loan losses. Such agencies may
require the Company to recognize additions to the allowance based on their judgments
about information available to them at the time of their examination.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Troubled debt restructured loans are those loans whose terms have been modified because
of deterioration in the financial condition of the borrower. Modifications could
include extension of the terms of the loan, reduced interest rates, and forgiveness of
accrued interest and/or principal. Once an obligation has been restructured because of
such credit problems, it continues to be considered restructured until paid in full or,
if the obligation yields a market rate (a rate equal to or greater than the rate the
Company was willing to accept at the time of the restructuring for a new loan with
comparable risk), until the year subsequent to the year in which the restructuring takes
place, provided the borrower has performed under the modified terms for a six-month
period. The Company records an impairment charge equal to the difference between the
present value of estimated future cash flows under the restructured terms discounted at
the original loans effective interest rate, and the original loans carrying value.
Changes in present values attributable to the passage of time are recorded as a
component of the provision for loan losses.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A loan is considered past due when it is not paid in accordance with its contractual
terms. The accrual of income on loans, including impaired loans, and other loans in the
process of foreclosure, is generally discontinued when a loan becomes 90&nbsp;days or more
delinquent, or when certain factors indicate that the ultimate collection of principal
and interest is in doubt. Loans on which the accrual of income has been discontinued
are designated as non-accrual loans. All previously accrued interest is reversed
against interest income, and income is recognized subsequently only in the period that
cash is received, provided no principal payments are due and the remaining principal
balance outstanding is deemed collectible. A non-accrual loan is not returned to
accrual status until both principal and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interest payments are brought current and
factors indicating doubtful collection no longer exist, including performance by the
borrower under the loan terms for a six-month period.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(f)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Federal Home Loan Bank Stock</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank, as a member of the Federal Home Loan Bank of New York (the &#147;FHLB&#148;), is
required to hold shares of capital stock in the FHLB as a condition to both becoming a
member and engaging in certain transactions with the FHLB. The minimum investment
requirement is determined by a &#147;membership&#148; investment component and an &#147;activity-based&#148;
investment component. The membership investment component is the greater of 0.20% of
the Bank&#146;s mortgage-related assets, as defined by the FHLB, or $1,000. The
activity-based investment component is equal to 4.5% of the Bank&#146;s outstanding advances
with the FHLB. The activity-based investment component also considers other
transactions, including assets originated for or sold to the FHLB, and delivery
commitments issued by the FHLB. The Company currently does not enter into these other
types of transactions with the FHLB.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On a quarterly basis, we perform our other-than-temporary impairment analysis of FHLB
stock, we evaluated, among other things, (i)&nbsp;its earnings performance, including the
significance of any decline in net assets of the FHLB as compared to the regulatory
capital amount of the FHLB, (ii)&nbsp;the commitment by the FHLB to continue dividend
payments, and (iii)&nbsp;the liquidity position of the FHLB. We do not consider this
security to be other-than-temporarily impaired at March&nbsp;31, 2010 (unaudited)&nbsp;and
December&nbsp;31, 2009.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(g)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Premises and Equipment, Net</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Premises and equipment, including leasehold improvements, are carried at cost, less
accumulated depreciation and amortization. Depreciation and amortization of premises
and equipment, including capital leases, are computed on a straight-line basis over the
estimated useful lives of the related assets. The estimated useful lives of significant
classes of assets are generally as follows: buildings &#151; forty years; furniture and
equipment &#151; five to seven years; and purchased computer software &#151; three years.
Leasehold improvements are amortized over the shorter of the term of the related lease
or the estimated useful lives of the improvements. Major improvements are capitalized,
while repairs and maintenance costs are charged to operations as incurred. Upon
retirement or sale, any gain or loss is credited or charged to operations.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(h)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Bank Owned Life Insurance</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has purchased bank owned life insurance contracts to help fund
its obligations for certain employee benefit costs. The Company&#146;s investment in
such insurance contracts has been reported in the consolidated balance sheets at
their cash surrender values. Changes in cash surrender values and death benefit
proceeds received in excess of the related cash surrender values are recorded as
non-interest income.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(i)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Goodwill</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Goodwill is presumed to have an indefinite useful life and is not amortized, but rather
is tested, at least annually, for impairment at the reporting unit level. For purposes
of the Company&#146;s goodwill impairment testing, management has identified a single
reporting unit. The Company uses the quoted market price of its common stock on the
impairment testing date as the basis for estimating the fair value of the Company&#146;s
reporting unit. If the fair value of the reporting unit exceeds its carrying amount,
further evaluation is not necessary. However, if the fair value of the reporting unit
is less than its carrying amount, further evaluation is required to compare the implied
fair value of the reporting unit&#146;s goodwill to its carrying amount to determine if a
write-down of goodwill is required. As of March&nbsp;31, 2010 (unaudited)&nbsp;and December&nbsp;31,
2009, the carrying value of goodwill totaled $16.2&nbsp;million. The Company performed its
annual goodwill impairment test, as of December&nbsp;31, 2009, and determined the fair value
of the Company&#146;s one reporting unit to be in excess of its carrying value. Accordingly,
as of the annual impairment test date, there was no indication of goodwill impairment.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company will test goodwill for impairment between annual test dates if an event
occurs or circumstances change that would indicate the fair value of the reporting unit
is below its carrying amount. No events have occurred and no circumstances have changed
since the annual impairment test date that would indicate the fair value of the
reporting unit is below its carrying amount.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(j)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Income Taxes</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Income taxes are accounted for under the asset and liability method. Deferred tax
assets and liabilities are recognized for the estimated future tax consequences
attributable to temporary differences between the financial statement carrying amounts
of existing assets and liabilities and their respective tax bases. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply in the year in
which those temporary differences are expected to be recovered or settled. When
applicable, deferred tax assets are reduced by a valuation allowance for any portions
determined not likely to be realized. The effect on deferred tax assets and liabilities
of a change in tax rates is recognized in income in the period that includes the
enactment date.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company accounts for income taxes as required by the income taxes topic of the FASB
Accounting Standards. The topic clarifies the accounting for uncertainty in income
taxes recognized in an enterprise&#146;s financial statements and prescribes a recognition
threshold and measurement attribute for the financial statement recognition and
measurement of tax positions taken or expected to be taken in a tax return. It also
provides guidance on derecognition, classification, interest and penalties, accounting
in interim periods, disclosure, and transition. Income taxes are allocated to the
individual entities within the consolidated group based on the effective tax rate of the
entity.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(k)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Impairment of Long-Lived Assets</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Long-lived assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount of the asset may not be recoverable.
Recoverability of assets to be held and used is measured by a comparison of the carrying
amount of an asset to future undiscounted (and without interest) net cash flows expected
to be generated by the asset. If such assets are considered to be impaired, the
impairment to be recognized is measured by the amount by which the carrying amount of
the assets exceeds the fair value of the assets. Assets to be disposed of are reported
at the lower of the carrying amount or fair value less costs to sell.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(l)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Securities Sold Under Agreements to Repurchase and Other Borrowings</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company enters into sales of securities under agreements to repurchase (Repurchase
Agreements) and collateral pledge agreements (Pledge Agreements) with selected dealers
and banks. Such agreements are accounted for as secured financing transactions since
the Company maintains effective control over the transferred or pledged securities and
the transfer meets the other accounting and recognition criteria as required by the
transfer and servicing topic of the FASB Accounting Standards. Obligations under these
agreements are reflected as a liability in the consolidated balance sheets. Securities
underlying the agreements are maintained at selected dealers and banks as collateral for
each transaction executed and may be sold or pledged by the counterparty. Collateral
underlying Repurchase Agreements which permit the counterparty to sell or pledge the
underlying collateral is disclosed on the consolidated balance sheets as &#147;encumbered.&#148;
The Company retains the right under all Repurchase Agreements and Pledge Agreements to
substitute acceptable collateral throughout the terms of the agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(m)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Comprehensive Income</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Comprehensive income includes net income and the change in unrealized holding gains and
losses on securities available-for-sale, change in actuarial gains and losses on other
post retirement benefits, and change in service cost on other postretirement benefits,
net of taxes. Comprehensive income is presented in the Consolidated Statements of
Changes in Stockholders&#146; Equity.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- xbrl -->
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(n)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Employee Benefits</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company sponsors a defined postretirement benefit plan that provides for medical and
life insurance coverage to a limited number of retirees, as well as life insurance to
all qualifying employees of the Company. The estimated cost of postretirement benefits
earned is accrued during an individual&#146;s estimated service period to the Company. The
Company recognizes in its statement of financial position the over-funded or
under-funded status of a defined benefit postretirement plan measured as the difference
between the fair value of plan assets and the benefit obligation at the end of our
calendar year. The actuarial gains and losses and the prior service costs and credits
that arise during the period are recognized as a component of other comprehensive
income, net of tax.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Funds borrowed by the Employee Stock Ownership Plan (ESOP)&nbsp;from the Company to purchase
the Company&#146;s common stock are being repaid from the Bank&#146;s contributions over a period
of up to 30&nbsp;years. The Company&#146;s common stock not yet allocated to participants is
recorded as a reduction of stockholders&#146; equity at cost. The Company records
compensation expense related to the ESOP at an amount equal to the shares allocated by
the ESOP multiplied by the average fair value of our common stock during the reporting
period.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company recognizes the grant-date fair value of stock based awards issued to
employees as compensation cost in the consolidated statements of income. The fair value
of common stock awards is based on the closing price of our common stock as reported on
the NASDAQ Stock Market on the grant date. The expense related to stock options is
based on the estimated fair value of the options at the date of the grant using the
Black-Scholes pricing model. The awards are fixed in nature and compensation cost
related to stock based awards is recognized on a straight-line basis over the requisite
service periods.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank has a 401(k) plan covering substantially all employees. Contributions to the
plan are expensed as incurred.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(o)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Segment Reporting</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a community-focused financial institution, substantially all of the Company&#146;s
operations involve the delivery of loan and deposit products to customers. Management
makes operating decisions and assesses performance based on an ongoing review of these
community banking operations, which constitute the Company&#146;s only operating segment for
financial reporting purposes.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(p)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Net Income (Loss) per Common Share</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net income per common share-basic is computed for the three months ended March&nbsp;31, 2010
and 2009 (unaudited)&nbsp;and the years ended December&nbsp;31, 2009, 2008 and 2007, by dividing
the net income available to common stockholders by the weighted average number of common
shares outstanding, excluding unallocated ESOP shares and unearned common stock award
shares. The weighted average common shares outstanding includes the average number of
shares of common stock outstanding, including shares held by Northfield Bancorp, MHC and
allocated or committed to be released ESOP shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net loss per common share is computed for the period the common stock was outstanding in
2007 (November&nbsp;8, 2007, to December&nbsp;31, 2007) by dividing the net loss available to
common stockholders by the weighted average number of shares outstanding for the period
from November&nbsp;8, 2007, to December&nbsp;31, 2007, excluding unallocated ESOP shares. The
weighted average common shares outstanding includes the average number of shares of
common stock outstanding, including shares held by Northfield Bancorp Inc, MHC and
allocated or committed to be released ESOP shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net income per common share-diluted is computed using the same method as basic earnings
per share, but reflects the potential dilution that could occur if stock options and
unvested shares of restricted stock were exercised and converted into common stock.
These potentially dilutive shares are included</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the weighted average number of shares
outstanding for the period using the treasury stock method. When applying the treasury
stock method, we add: (1)&nbsp;the assumed proceeds from option exercises; (2)&nbsp;the tax
benefit, if any, that would have been credited to additional paid-in capital assuming
exercise of non-qualified stock options and vesting of shares of restricted stock; and
(3)&nbsp;the average unamortized compensation costs related to unvested shares of restricted
stock and stock options. We then divide this sum by our average stock price for the
period to calculate assumed shares repurchased. The excess of the number of shares
issuable over the number of shares assumed to be repurchased is added to basic weighted
average common shares to calculate diluted earnings per share. At March&nbsp;31, 2010 and
2009 (unaudited)&nbsp;there were 314,621 and 15,078 dilutive shares outstanding. At December
31, 2009, 2008, and 2007, there were 126,794, 0, and 0 dilutive shares outstanding,
respectively.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(q)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Other Real Estate Owned</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assets acquired through, or deed-in-lieu of, loan foreclosure are held for sale and are
initially recorded at estimated fair value less estimated selling costs when acquired,
thus establishing a new cost basis. Costs after acquisition are generally expensed. If
the estimated fair value of the asset declines, a write-down is recorded through other
non-interest expense.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(r)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Stock Offering</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company completed its initial public stock offering on November&nbsp;7, 2007. The
Company sold 19,265,316 shares, or 43.0% of its outstanding common stock, to subscribers
in the offering, including 1,756,279 shares purchased by the Northfield Bank Employee
Stock Ownership Plan. Northfield Bancorp, MHC, the Company&#146;s federally chartered mutual
holding company parent originally held 24,641,684 shares, or 55.0% of the Company&#146;s
outstanding common stock. Additionally, the Company contributed $3.0&nbsp;million in cash,
and issued 896,061 shares of common stock, or 2.0% of the Company&#146;s outstanding common
stock to the Northfield Bank Charitable Foundation. The Northfield Bank Charitable
Foundation purchased the common stock at par value. This action resulted in a $12.0
million pre-tax expense recorded in the quarter ended December&nbsp;31, 2007. Proceeds from
the offering, including the value of shares issued to the charitable foundation, net of
expenses, were $198.6&nbsp;million. The Company contributed $94.8&nbsp;million of the proceeds to
Northfield Bank.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>

<!-- xbrl,n -->
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>(2)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Securities Available-for-Sale</B></TD>
</TR>

</TABLE>
</DIV><!-- xbrl,body -->

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following is a comparative summary of mortgage-backed securities and other securities
available-for- sale at March&nbsp;31, 2010 (unaudited) (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>March 31, 2010 (unaudited)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>fair</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>gains</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage-backed securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pass-through certificates:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Government sponsored
enterprises (GSE)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">366,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">381,723</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,969</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Real estate mortgage
investment conduits (REMICs):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400,238</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,627</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">920,022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,080</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">943,557</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity investments-mutual funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,623</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">GSE bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,291</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporate bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136,724</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">269,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">272,638</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total securities available-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,189,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,216,195</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following is a comparative summary of mortgage-backed securities and other securities
available-for- sale at December&nbsp;31 (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>fair</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>gains</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage-backed securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pass-through certificates:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Government sponsored
enterprises (GSE)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">404,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">418,060</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,466</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Real estate mortgage
investment conduits (REMICs):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">344,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">349,088</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,756</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114,194</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">925,397</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">943,808</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity investments &#151; mutual funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,872</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">GSE bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,983</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporate bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,140</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187,995</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total securities available-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,110,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,131,803</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>fair</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>gains</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage-backed securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pass-through certificates:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Government sponsored
enterprises (GSE)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">532,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">546,244</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,778</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Real estate mortgage
investment conduits (REMICs):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">245,492</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,446</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">515</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,695</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">930,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,084</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">931,209</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity investments &#151; mutual funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,025</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporate bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,351</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,376</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total securities available-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">957,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">957,585</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-17<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following is a summary of the expected maturity distribution of debt securities
available-for-sale, other than mortgage-backed securities, at March&nbsp;31, 2010 (unaudited) (in
thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>fair</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Available-for-sale</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Due in one year or less</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">27,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,528</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Due after one year through five years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">236,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239,487</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">263,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">267,015</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following is a summary of the expected maturity distribution of debt securities
available-for-sale other than mortgage-backed securities at December&nbsp;31, 2009 (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>fair</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Available-for-sale</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Due in one year or less</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,478</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Due after one year through five years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,295</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,645</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">163,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166,123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expected maturities on mortgage-backed securities will differ from contractual maturities as
borrowers may have the right to call or prepay obligations with or without penalties.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certain securities available-for-sale are pledged to secure borrowings under Pledge Agreements
and Repurchase Agreements and for other purposes required by law. At March&nbsp;31, 2010
(unaudited), December&nbsp;31, 2009, and December&nbsp;31, 2008, securities available-for-sale with a
carrying value of $6,064,000, $6,537,000 and $3,772,000, respectively, were pledged to secure
deposits. See note 7 for further discussion regarding securities pledged for borrowings.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the three months ended March&nbsp;31, 2010 (unaudited), the Company had gross proceeds of $15.2
million on sales of securities available-for-sale with gross realized gains and gross realized
losses of approximately $270,000 and $0, respectively. For the three months ended March&nbsp;31,
2009 (unaudited), the Company had gross proceeds of $2.0&nbsp;million on sales of securities
available-for-sale with gross realized gains and gross realized losses of approximately $7,000
and $0, respectively. All unrealized losses at March&nbsp;31, 2010 (unaudited)&nbsp;were considered
temporary.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the year ended December&nbsp;31, 2009, the Company had gross proceeds of $3,293,000 on sales of
securities available-for-sale with gross realized gains and gross realized losses of
approximately $89,000 and $0, respectively. For the year ended December&nbsp;31, 2008, the Company
had gross proceeds of $3,350,000 on sales of securities available-for-sale with gross realized
gains and gross realized losses of approximately $15,000 and $0, respectively. For the year
ended December&nbsp;31, 2007, the Company had gross proceeds of $3,705,000 on sales of securities
available-for-sale with gross realized gains and gross realized losses of approximately $9,000
and $0, respectively.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company recognized
other-than-temporary impairment charges of $1.4&nbsp;million during the year ended December&nbsp;31,
2009 related to one private label mortgage-backed security. The Company recognized the credit
component of $176,000 in earnings and the non-credit component of $1.2&nbsp;million as a part of
accumulated other comprehensive income, net of tax as a result of the Company&#146;s adoption of new authoritative guidance related to
Investments&#151;Debt and Equity Securities on April&nbsp;1, 2009. The Company did not record
other-than-temporary impairment charges during the years ended December&nbsp;31, 2008 and 2007.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Activity related to the credit component recognized in earnings on debt securities for which a
portion of other-than-temporary impairment was recognized in accumulated other comprehensive
income for the three months ended March&nbsp;31, 2010 (unaudited)&nbsp;and the year ended December&nbsp;31,
2009, is as follows (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Year ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>March 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Credit component of all other-than-temporary impairment on
debt securities, beginning of period</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Additions to the credit component on debt securities in which other-
than-temporary impairment was not previously recognized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cumulative pre-tax credit losses, end of period</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gross unrealized losses on mortgage-backed securities, equity securities, and corporate bonds
available-for-sale, and the estimated fair value of the related securities, aggregated by
security category and length of time that individual securities have been in a continuous
unrealized loss position, at March&nbsp;31, 2010 (unaudited), December&nbsp;31, 2009 and 2008, were as
follows (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22" style="border-bottom: 1px solid #000000"><B>March 31, 2010 (unaudited)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Less than 12 months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>12 months or more</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>fair value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>fair value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>fair value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage-backed securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pass-through certificates:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,161</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">REMICs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,995</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,749</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,749</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">GSE bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,449</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,449</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,045</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190,354</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22" style="border-bottom: 1px solid #000000"><B>December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Less than 12 months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>12 months or more</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>fair value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>fair value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>fair value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage-backed securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pass-through certificates:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,294</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">REMICs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,985</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,970</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">GSE bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,019</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporate bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,017</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189,285</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22" style="border-bottom: 1px solid #000000"><B>December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Less than 12 months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>12 months or more</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>fair value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>fair value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>fair value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage-backed securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pass-through certificates:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,980</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,815</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">REMICs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,248</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Non-GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,966</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporate bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,298</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,307</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Included in the above available-for-sale security amounts at March&nbsp;31, 2010 (unaudited),
were seven pass-through, non-GSE mortgage-backed securities, and two REMIC mortgage-backed
securities, in an unrealized loss position. Only three of these securities, with an estimated
fair value of $13.8&nbsp;million (amortized cost of $15.8&nbsp;million), are rated less than AAA at
March&nbsp;31, 2010 (unaudited). Of the three securities, one had an estimated fair value of $2.6
million (amortized cost of $2.7&nbsp;million), was rated A&#043;, and had the following underlying
collateral characteristics: 84% originated in 2004, and 16% originated in 2005. The second
security had an estimated fair value of $6.1&nbsp;million (amortized cost of $7.4&nbsp;million), was
rated Baa2 (subsequently downgraded to Caa2), and had the following underlying collateral
characteristics: 82% originated in 2004, and 18% originated in 2005. The remaining security
had an estimated fair value of $5.1 </TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>million (amortized cost of $5.7&nbsp;million), was rated CCC,
and was supported by collateral entirely originated in 2006. The Company continues to receive
principal and interest payments in accordance with the contractual terms of each of these
securities. Management has evaluated, among other things, delinquency status, location of
collateral, estimated prepayment speeds, and the estimated default rates and loss severity in
liquidating the underlying collateral for each of these three securities. Since management
does not have the intent to sell the securities, and it is more likely than not that the
Company will not be required to sell the securities, before their anticipated recovery (which
may be at maturity), the Company believes that the unrealized losses of $2.0&nbsp;million at March
31, 2010 (unaudited), are temporary, and as such, are recorded as a component of accumulated
other comprehensive income, net of tax.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At March&nbsp;31, 2010 (unaudited), REMIC mortgage-backed securities issued or guaranteed by GSEs
(nine securities) and GSE bonds (three securities) are investment grade securities. The
declines in value are deemed to relate to the general interest rate environment and are
considered temporary. The securities cannot be prepaid in a manner that would result in the
Company not receiving substantially all of its amortized cost. The Company neither has an
intent to sell, nor is it more likely than not that the Company will be required to sell, the
securities contained in the table above before the recovery of their amortized cost basis or,
if necessary, maturity.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Included in the above available-for-sale security amounts at December&nbsp;31, 2009, were eight
non-GSE mortgage-backed securities in an unrealized loss position. Only three of these
securities with an estimated fair value of $16.6&nbsp;million are rated less than AAA at December
31, 2009. The first of these three securities had an estimated fair value of $5.2&nbsp;million
(unrealized loss of $911,000) and was rated CCC, the second had an estimated fair value of
$5.9&nbsp;million (unrealized loss of $1.7&nbsp;million) and was rated Baa2, with the third having an
estimated fair value of $5.5&nbsp;million (unrealized loss of $845,000) and was rated AA
(downgraded to a rating of A subsequent to December&nbsp;31, 2009). The Company continues to
receive principal and interest payments in accordance with the contractual terms on each of
the three securities. Management has evaluated, among other things, delinquency status,
estimated prepayment speeds and the estimated default rates and loss severity in liquidating
the underlying collateral for each of these three securities. As a result of management&#146;s
evaluation of these securities, the Company recognized, during the quarter ended September&nbsp;30,
2009, an other-than-temporary impairment charge of $1.4&nbsp;million on the security rated CCC.
The credit component of $176,000 was recognized in earnings and the non-credit component of
$1.2&nbsp;million was recorded as a component of accumulated other comprehensive income, net of
tax. The Company has no intent to sell, nor is it more likely than not than the Company will
be required to sell, the securities contained in the table above before the recovery of their
amortized cost basis or, if necessary, maturity.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In evaluating the range of likely cash flows for the impaired private label security, the
Company applied security specific, as well as market assumptions, based on the credit
characteristics of the security to a cash flow model. Under certain stress scenarios
estimated future losses may arise. For the security in which the Company recorded
other-than-temporary impairment, the average portfolio FICO score at origination was 740 and
the weighted average loan to value ratio was 70.3%. Cash flow assumptions incorporated an
expected constant default rate of 6.8% and an ultimate loss on disposition of underlying
collateral of 47.4%. The security&#146;s cash flows were discounted at the security&#146;s effective
interest rate (the yield expected to be earned at date of purchase). Although management
recognized other-than-temporary impairment charges on this security, the security continues to
receive principal and interest payments in accordance with its contractual terms.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mortgage-backed securities issued or guaranteed by GSEs (ten securities), GSE bonds (one
security) and corporate bonds (one security) are investment grade securities. The declines in
value are deemed to relate to the general interest rate environment and are considered
temporary. The securities cannot be prepaid in a manner that would result in the Company not
receiving substantially all of its amortized cost. The Company has no intent to sell, nor is
it more likely than not that the Company will be required to sell, the securities contained in
the table above before the recovery of their amortized cost basis or, if necessary, maturity.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fair values of our investment securities could decline in the future if the underlying
performance of the collateral for the collateralized mortgage obligations or other securities
deteriorates and our credit enhancement levels do not provide sufficient protections to our
contractual principal and interest. As a result, there is a risk that significant
other-than-temporary impairments may occur in the future given the current economic
environment.</TD>
</TR>

</TABLE>
</DIV>

<!-- xbrl,n -->
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>(3)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Securities Held-to-Maturity</B><!-- xbrl,body --></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following is a comparative summary of mortgage-backed securities held-to-maturity at March
31, 2010 (unaudited)&nbsp;and December&nbsp;31, 2009 and 2008 (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>March 31, 2010 (unaudited)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>fair</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>gains</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage-backed securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pass-through certificates:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">869</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">903</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">REMICs:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,529</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total securities held-to-maturity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,432</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>fair</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>gains</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage-backed securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pass-through certificates:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">901</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">REMICs:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,029</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total securities held-to-maturity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,930</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>fair</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>gains</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage-backed securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pass-through certificates:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,273</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">REMICs:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,315</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total securities held-to-maturity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,588</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company did not sell any held-to-maturity securities during the three months ended March
31, 2010 or 2009 (unaudited).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the year ended December&nbsp;31, 2009, the Company had gross proceeds of $3,371,000 on sales of
securities held-to-maturity with gross realized gains and gross realized losses of
approximately $210,000 and $0, </TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>



<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>respectively, which primarily resulted from the sale of smaller
balance (less than 15% of original purchased principal) mortgage-backed
securities. The Company sells these smaller balance securities as the cost of servicing
becomes prohibitive. The Company did not sell any held-to-maturity securities during the
years ended December&nbsp;31, 2008 and 2007.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Gross unrealized losses on mortgage-backed securities held-to-maturity and the estimated fair
value of the related securities, aggregated by investment category and length of time that
individual securities have been in a continuous unrealized loss position, at December&nbsp;31,
2008, were as follows (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22" style="border-bottom: 1px solid #000000"><B>December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Less than 12 months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>12 months or more</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unrealized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>fair value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>fair value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>fair value</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REMICs:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,536</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,536</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There were no gross unrealized losses on mortgage-backed securities held to maturity at
March&nbsp;31, 2010 (unaudited)&nbsp;and December&nbsp;31, 2009.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mortgage-backed securities issued or guaranteed by GSEs are investment grade securities with
no apparent credit weaknesses. The declines in value are deemed to relate to the general
interest rate environment and are considered temporary. The securities cannot be prepaid in a
manner that would result in the Company not receiving substantially all of its amortized cost.
Management does not have the intent to sell the securities, and it is not more likely than
not that the Company will be required to sell the securities, before their anticipated
recovery (which may be at maturity).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fair values of our investment securities could decline in the future if the underlying
performance of the collateral for the collateralized mortgage obligation or other securities
deteriorates and our credit enhancement levels do not provide sufficient protections to our
contractual principal and interest. As a result, there is a risk that significant
other-than-temporary impairments may occur in the future given the current economic
environment.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>

<!-- xbrl,n -->
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>(4)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Loans</B><!-- xbrl,body --></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Loans held-for-investment, net, consists of the following at March&nbsp;31, 2010 (unaudited),
December&nbsp;31, 2009 and 2008 (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="2">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">332,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327,802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289,123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">One -to- four family residential</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,898</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Multifamily</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187,372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,534</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Home equity and lines of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,182</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total real estate loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">677,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">667,767</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">577,125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial and industrial loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,025</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insurance premium finance loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,299</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,339</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total loans held-for-investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">736,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">728,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">589,489</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred loan costs, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Loans held-for-investment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">737,225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">729,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">589,984</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowance for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,146</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,414</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,778</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Net loans held-for-investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">720,079</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">713,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">581,206</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company did not have any loans-held-for-sale at March&nbsp;31, 2010 (unaudited), December&nbsp;31,
2009 and 2008.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company does not have any lending programs commonly referred to as subprime lending.
Subprime lending generally targets borrowers with weakened credit histories typically
characterized by payment delinquencies, previous charge-offs, judgments, bankruptcies, or
borrowers with questionable repayment capacity as evidenced by low credit scores or high
debt-burden ratios.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company, through its principal subsidiary, the Bank, also services first mortgage
residential loans for others. The principal balance of residential loans serviced amounted to
$71,700,000, $73,800,000 and $77,291,000 at March&nbsp;31, 2010 (unaudited), December&nbsp;31, 2009 and
2008, respectively. In addition, the Company serviced $0, $0, and $250,000 in construction
loans at March&nbsp;31, 2010 (unaudited), December&nbsp;31, 2009 and 2008, respectively. Servicing of
loans for others does not have a significant effect on our financial position or results of
operations.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A summary of changes in the allowance for loan losses for the three months ended March&nbsp;31,
2010 and 2009 (unaudited)&nbsp;and the years ended December&nbsp;31, 2009, 2008, and 2007 follows (in
thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,030</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Charge-offs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(198</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(595</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,402</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,940</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(836</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,827</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,636</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-24<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Included in loans receivable are loans for which the accrual of interest income has been
discontinued due to deterioration in the financial condition of the borrowers. The principal
amount of these nonaccrual loans (including impaired loans of $39.5&nbsp;million at March&nbsp;31, 2010
(unaudited), $36.8&nbsp;million at December&nbsp;31, 2009, and $6.6&nbsp;million at December&nbsp;31, 2008) was
$44.3&nbsp;million, $41.6&nbsp;million, and $9.5 million at March&nbsp;31, 2010 (unaudited), December&nbsp;31,
2009, and 2008, respectively. Loans past due ninety days or more and still accruing interest
was $5.7&nbsp;million, $191,000, and $137,000 at March&nbsp;31, 2010 (unaudited), December&nbsp;31, 2009, and
2008, respectively. The majority of the $5.7&nbsp;million relates to one loan relationship for
$3.7&nbsp;million that was current on interest payments in accordance with the original contractual
terms of the loans, but past maturity. These loans are considered well secured and in the
process of collection. The loans are being refinanced by the Company to permanent real estate
mortgages in accordance with our current underwriting standards. The Company is under
commitment to lend additional funds totaling $360,000 to one borrower whose loan is on
non-accrual status at March&nbsp;31, 2010 (unaudited).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following tables summarize impaired loans (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>March 31, 2010 (unaudited)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Allowance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Recorded</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>for Loan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Investment</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-accruing loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(190</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-accruing loans subject to restructuring
agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(422</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,668</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accruing loans subject to restructuring
agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(465</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,352</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total impaired loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">48,297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,077</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,220</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Allowance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Recorded</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>for Loan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Investment</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-accruing loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,596</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,517</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-accruing loans subject to restructuring
agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(409</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,308</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accruing loans subject to restructuring
agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(395</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,855</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total impaired loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">44,080</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,400</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,680</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Allowance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Recorded</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>for Loan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Losses</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Investment</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-accruing loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(185</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,494</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-accruing loans subject to restructuring
agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(125</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">825</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total impaired loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(310</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,319</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-25<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Included in the table above at March&nbsp;31, 2010 (unaudited), are loans with carrying balances of
$22.9&nbsp;million that were not written down either by charge-offs or specific reserves in our
allowance for loan losses. The average balance of impaired loans was $46.2&nbsp;million and $14.1
million for the three months ended March&nbsp;31, 2010, and 2009 (unaudited), respectively. The
Company recorded $420,000 and $10,000 of interest income on impaired loans for the three
months ended March&nbsp;31, 2010 and 2009 (unaudited), respectively.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition to loans written down by specific reserves recorded during December&nbsp;31, 2009, $7.9
million of the $44.1&nbsp;million of impaired loans at December&nbsp;31, 2009 were written down during
the year to their recorded investment by charge-offs amounting to $735,000. Included in the
table above at December&nbsp;31, 2009, are loans with carrying balances of $12.7&nbsp;million that were
not written down by either charge-offs or specific reserves in our allowances for loan losses.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition to the specific reserves recorded during 2008, $2.7&nbsp;million of the $6.6&nbsp;million of
impaired loans at December&nbsp;31, 2008 were written down during the year by charge-offs amounting
to $761,000. Included in the table above at December&nbsp;31, 2008, are loans with carrying
balances of $1.1&nbsp;million that were not written down by either charge-offs or specific reserves
in our allowances for loan losses.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At March&nbsp;31, 2010 (unaudited)&nbsp;and December&nbsp;31, 2009, there was a commitment to lend $360,000
in additional funds to one borrower with an outstanding non-accrual construction loan subject
to restructuring. At December&nbsp;31, 2008, there were no commitments to lend additional funds to
these borrowers. The average recorded balance of impaired loans for the years ended December
31, 2009, 2008, and 2007 was approximately $27,152,000, $6,997,000, and $8,139,000,
respectively. The Company recorded $624,000 of interest income on impaired loans for the year
ended December&nbsp;31, 2009. The Company did not record any interest income on impaired loans for
the years ended December&nbsp;31, 2008 and 2007.</TD>
</TR>

</TABLE>
</DIV>


<!-- xbrl,n -->
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>(5)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Premises and Equipment, Net</B><!-- xbrl,body --></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At March&nbsp;31, 2010 (unaudited), December&nbsp;31, 2009 and 2008, premises and equipment, less
accumulated depreciation and amortization, consists of the following (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 0px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">At cost:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">566</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Buildings and improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,407</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,172</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital leases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Furniture, fixtures, and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,755</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Leasehold improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,570</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,376</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,925</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,469</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,619</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,249</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,570</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premises and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,899</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Depreciation expense for the three months ended March&nbsp;31, 2010 and 2009 (unaudited), was
$432,000 and $412,000, respectively, and for the years ended December&nbsp;31, 2009, 2008 and 2007
was $1,679,000, $1,490,000, and $1,326,000, respectively.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the year ended December&nbsp;31, 2007, the Company recognized a gain of approximately
$648,000 as a result of the sale of premises and equipment.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-26<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="center" style="font-size: 10pt">Notes to Consolidated Financial Statements</DIV>

<DIV align="center" style="font-size: 10pt">Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)</DIV>

<DIV align="center" style="font-size: 10pt">Years Ended December&nbsp;31, 2009, 2008, and 2007</DIV>


<!-- xbrl,n -->
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>(6)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Deposits</B><!-- xbrl,body --></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deposits account balances at March&nbsp;31, 2010 (unaudited), December&nbsp;31, 2009 and 2008, are
summarized as follows (dollars in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>average rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>average rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>average rate</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transaction:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Negotiable orders
of withdrawal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">66,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.29</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-interest
bearing checking</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total transaction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174,858</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Savings:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Money market</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">226,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195,055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,241</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Savings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">365,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">369,538</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">361,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total savings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">591,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">564,593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">449,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certificates of deposit:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Under $100,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">302,869</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">252,426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">$100,000 or more</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">276,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165,159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total certificates
of deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">626,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">579,373</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">417,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,392,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,316,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,024,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company had brokered deposits (classified as certificates of deposit in the above table)
of $136.7&nbsp;million, $54.8&nbsp;million, and $0 at March&nbsp;31, 2010 (unaudited), December&nbsp;31, 2009 and
December&nbsp;31, 2008, respectively.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deposit accounts at the Bank are insured by the FDIC up to a maximum of $250,000. In
addition, the Bank is a participant in the FDIC&#146;s Temporary Liquidity Guarantee Program which
fully insures certain non-interest bearing transaction accounts regardless of the dollar
amount until June&nbsp;30, 2010.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Scheduled maturities of certificates of deposit at March&nbsp;31, 2010 (unaudited)&nbsp;and December&nbsp;31,
2009 are summarized as follows (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">525,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">517,986</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,741</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,363</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,651</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014 and after</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,632</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">626,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">579,373</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->F-27<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Interest expense on deposits for the three months ended March&nbsp;31, 2010 and 2009 (unaudited)
and for the years ended December&nbsp;31, 2009, 2008, and 2007 is summarized as follows (in
thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Negotiable orders of withdrawal and money market</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">570</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">951</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Savings-passbook, statement, and tiered</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,303</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Subscription proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certificates of deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,321</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,656</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,212</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,763</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<!-- xbrl,n -->
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(7)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Securities Sold Under Agreements to Repurchase and Other Borrowings</B></TD>
</TR>
<!-- xbrl,body -->
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrowings consisted of Securities Sold under Agreements to Repurchase, FHLB advances, and
obligations under capital leases and are summarized as follows (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Repurchase agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">244,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">FHLB advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Over-night borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Obligations under capital leases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,080</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,284</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">293,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">332,084</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FHLB advances are secured by a blanket lien on unencumbered securities and the Company&#146;s
investment in FHLB capital stock.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Repurchase agreements and FHLB advances have contractual maturities at March&nbsp;31, 2010
(unaudited)&nbsp;and December&nbsp;31, 2009, as follows (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Repurchase</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>FHLB</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Repurchase</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>FHLB</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Agreements</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Advances</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Agreements</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Advances</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">44,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014 and after</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">244,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-28<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At March&nbsp;31, 2010 (unaudited), $19.7&nbsp;million of the Bank&#146;s repurchase agreements will mature
within 30 to 90&nbsp;days and have a weighted average rate of 0.25%. These repurchase agreements
are secured primarily by mortgage-backed securities with an amortized cost of $20.0&nbsp;million,
and a market value of $20.1&nbsp;million, at March&nbsp;31, 2010 (unaudited). The remaining repurchase
agreements of $225.0&nbsp;million will mature after 90&nbsp;days and have a weighted average rate of
3.66%. These repurchase agreements are secured primarily by mortgage-backed securities with
an amortized cost of $232.9&nbsp;million, and a market value of $241.0&nbsp;million, at March&nbsp;31, 2010
(unaudited).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At December&nbsp;31, 2009, the Bank&#146;s repurchase agreements all mature over 90&nbsp;days and have a
weighted average rate of 3.76%. The repurchase agreements are secured primarily by
mortgage-backed securities with an amortized cost of $212.5&nbsp;million, and a market value of
$219.4&nbsp;million, at December&nbsp;31, 2009.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank has an overnight line of credit with the Federal Home Loan Bank of New York for
$100,000,000. Additionally, the Bank has a term line of credit for $100,000,000 from the
Federal Home Loan Bank of New York which permits the Bank to borrow for one month. These
lines are limited to the amount of securities
available to be pledged. At March&nbsp;31, 2010 (unaudited), the Company has $200.0&nbsp;million
available for use. These lines expire on July&nbsp;31, 2010, and may be renewed at the option of
the FHLB. Additionally, the Company has the ability to borrow at the Federal Reserve Bank
discount window to the extent the Bank has acceptable collateral to pledge.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Interest expense on borrowings for the three months ended March&nbsp;31, 2010 and 2009 (unaudited)
and for the years ended December&nbsp;31, 2009, 2008, and 2007 are summarized as follows (in
thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Repurchase Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,958</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,375</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FHLB advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,464</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Over-night borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Obligations under capital leases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,763</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,073</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-29<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<!-- xbrl,n -->
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(8)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Income Taxes</B></TD>
</TR>
<!-- xbrl,body -->
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Income tax expense (benefit)&nbsp;for the three months ended March&nbsp;31, 2010 and 2009 (unaudited)
and the years ended December&nbsp;31, 2009, 2008, and 2007 consists of the following (in
thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>For the three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>For the years ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal tax expense (benefit):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,964</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(891</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,758</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,907</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,057</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">State and local tax expense (benefit):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(123</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(280</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,180</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(456</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,489</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">942</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">596</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,612</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total income tax expense (benefit)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,555</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has recognized income tax expense related to changes in unrealized gains and
losses on securities available-for-sale of $8,473,000, $2,428,000, and $7,065,000, in 2009,
2008, and 2007, respectively. Such amounts are recorded as a component of comprehensive
income in the consolidated statements of changes in stockholders&#146; equity.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has also recognized an income tax expense (benefit)&nbsp;related to net actuarial
losses from other postretirement benefits of $26,000, $28,000, and $(158,000) in 2009, 2008
and 2007, respectively. Such amounts are recorded as a component of accumulated comprehensive
income in the consolidated statements of changes in stockholders&#146; equity.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A reconciliation between the amount of reported total income tax expense (benefit)&nbsp;and the
expected amount computed by multiplying income before income tax expense (benefit)&nbsp;by the
applicable statutory federal income tax rate for the three months ended March&nbsp;31, 2010 and
2009 (unaudited)&nbsp;and for the years ended December&nbsp;31, 2009, 2008, and 2007 is as follows
(dollars in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>For the three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>For the years ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax expense at statutory rate of 35%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,827</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase (decrease)&nbsp;in taxes resulting from:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">State tax, net of federal income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">612</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,947</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank owned life insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(148</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(152</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(613</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,482</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(593</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in state apportionment,
net of federal tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Utilization of State of New York
net operating loss carryforwards,
net of federal tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">372</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inome tax expense (benefit)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,555</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The tax effects of temporary differences that give rise to significant portions of the
deferred tax assets and deferred tax liabilities at March&nbsp;31, 2010 (unaudited), December&nbsp;31,
2009 and 2008, are as follows (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 0px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred tax assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Allowance for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,710</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred loan fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">226</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capitalized leases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">869</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">985</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Charitable deduction carryforward</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,088</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,679</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Postretirement benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">479</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity awards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized actuarial losses on post retirement benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Straight-line leases adjustment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">524</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Asset retirement obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reserve for accrued interest receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">602</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reserve for loan commitments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">235</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total gross deferred tax assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,985</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,905</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred tax liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">546</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized gains on securities &#151; AFS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,558</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage servicing rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Employee Stock Ownership Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Step up to fair market value of acquired loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Step up to fair market value of acquired investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total gross deferred tax liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,046</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net deferred tax asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,659</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has determined that a valuation allowance should be established for certain state
and local tax benefits related to the Company&#146;s contribution to the Northfield Bank
Foundation. The Company has determined that it is not required to establish a valuation
reserve for the remaining net deferred tax asset account since it is &#147;more likely than not&#148;
that the net deferred tax assets will be realized through future reversals of existing taxable
temporary differences, future taxable income and tax planning strategies. The conclusion that
it is &#147;more likely than not&#148; that the remaining net deferred tax assets will be realized is
based on the history of earnings and the prospects for continued profitability. Management
will continue to review the tax criteria related to the recognition of deferred tax assets.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certain amendments to the Federal, New York State, and New York City tax laws regarding bad
debt deductions were enacted in July&nbsp;1996, August&nbsp;1996, and March&nbsp;1997, respectively. The
Federal amendments include elimination of the percentage-of-taxable-income method for tax
years beginning after December&nbsp;31, 1995, and imposition of a requirement to recapture into
taxable income (over a six-year period) the bad debt reserves in excess of the base-year
amounts. The New York State and City amendments redesignated the</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-32<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Company&#146;s state and city bad
debt reserves at December&nbsp;31, 1995, as the base-year amount and also provided for future
additions to the base-year reserve using the percentage-of-taxable-income method.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s Federal, state, and city base-year reserves were approximately $5,900,000,
respectively, at March&nbsp;31, 2010 (unaudited), December&nbsp;31, 2009 and 2008. Under the tax laws
as amended, events that would result in taxation of certain of these reserves include the
following: (a)&nbsp;the Company&#146;s retained earnings represented by this reserve are used for
purposes other than to absorb losses from bad debts, including excess dividends or
distributions in liquidation; (b)&nbsp;the Company redeems its stock; (c)&nbsp;the Company fails to meet
the definition of a bank for Federal purposes or a thrift for state and city purposes; or (d)
there is a change in the federal, state, or city tax laws. At December&nbsp;31, 2005, the Company&#146;s
unrecognized deferred tax liabilities with respect to its base-year reserves for Federal,
state, and city taxes totaled approximately $2,800,000. Deferred tax liabilities have not
been recognized with respect to the 1987 base-year reserves, since the Company does not expect
that these amounts will become taxable in the foreseeable future.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At December&nbsp;31, 2005, the Company did not meet the definition of a thrift for New York State
and City purposes, and as a result, recorded a state and local tax expense of approximately
$2,200,000 pertaining to the recapture of the state and city base-year reserves accumulated
after December&nbsp;31, 1987.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company files income tax returns in the United States federal jurisdiction and in New York
State and City jurisdictions. The Company&#146;s subsidiary also files income tax returns in the
State of New Jersey. With few exceptions, the Company is no longer subject to federal and
local income tax examinations by tax authorities for years prior to 2005. The State of New
York has concluded examining the Company&#146;s tax returns filed from 2000 to 2006, resulting in
the Company reversing of state and local tax liabilities of approximately $4.5&nbsp;million, net of
federal taxes during 2007.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following is a reconciliation of the beginning and ending amounts of gross unrecognized
tax benefits for the year ended December&nbsp;31, 2008. The amounts have not been reduced by the
federal deferred tax effects of unrecognized state benefits.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrecognized tax benefits at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,700</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additions of positions of prior years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Settlement of unrecognized tax benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,700</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrecognized tax benefits at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company records interest accrued related to uncertain tax benefits as tax expense. During
the years ended December&nbsp;31, 2008 and 2007, the Company accrued $62,000 and $350,000,
respectively, in interest on uncertain tax positions. The Company did not accrue interest on
uncertain tax positions for the three months ended March&nbsp;31, 2010 and 2009 (unaudited), or for
the year ended December&nbsp;31, 2009. The Company records penalties accrued as other expenses.
The Company has not incurred any tax penalties.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<!-- xbrl,n -->
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(9)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Retirement Benefits</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<!-- xbrl,body -->
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has a 401(k) plan for its employees, which grants eligible employees (those
salaried employees with at least one year of service) the opportunity to invest from 2% to 15%
of their base compensation in certain investment alternatives. The Company contributes an
amount equal to 25% of employee contributions on the first 6% of base compensation contributed
by eligible employees for the first three years of participation. Subsequent years of
participation in excess of three years will increase the Company matching contribution from
25% to 50% of an employee&#146;s contributions, on the first 6% of base compensation contributed by
eligible employees. A member becomes fully vested in the Company&#146;s contributions upon (a)
completion of five years of service, or (b)&nbsp;normal retirement, early retirement, permanent
disability, or death.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-33<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During 2007, the Company modified the employer match for the 401(k) plan. Prior to July&nbsp;9,
2007, the Company contributed an amount equal to one-half of the employee contribution on the
first 6% of base compensation contributed by eligible employees for the first three years of
participation. Subsequent years of participation in excess of three years increased the
Company matching contribution from 50% to 100% of an employee&#146;s contributions, on the first 6%
of base compensation contributed by eligible employees. The Company&#146;s contribution to this
plan amounted to approximately $48,000 and $43,000 for the three months ended March&nbsp;31, 2010
and 2009 (unaudited), respectively, and $156,000, $166,000, and $270,000 for the years ended
December&nbsp;31, 2009, 2008, and 2007, respectively.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company also maintains a profit-sharing plan in which the Company can contribute to the
participant&#146;s 401(k) account, at its discretion, up to the legal limit of the Internal Revenue
Code. The Company did not contribute to the profit sharing plan during the three months ended
March&nbsp;31, 2010 and 2009 (unaudited), or for the years ended December&nbsp;31, 2009, 2008 and 2007.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company maintains the Northfield Bank Employee Stock Ownership Plan (the ESOP). The ESOP
is a tax-qualified plan designed to invest primarily in the Company&#146;s common stock. The ESOP
provides employees with the opportunity to receive a funded retirement benefit from the Bank,
based primarily on the value of the Company&#146;s common stock. The ESOP was authorized to, and
did purchase, 1,756,279 shares of the Company&#146;s common stock in the Company&#146;s initial public
offering at a price of $10.00 per share. This purchase was funded with a loan from Northfield
Bancorp, Inc. to the ESOP. The first payment on the loan from the ESOP to the Company was due
and paid on December&nbsp;31, 2007, and the outstanding balance at March&nbsp;31, 2010 (unaudited),
December&nbsp;31, 2009 and 2008, was $15.8&nbsp;million, $15.8&nbsp;million, and $16.2&nbsp;million, respectively.
The shares of the Company&#146;s common stock purchased in the initial public offering are pledged
as collateral for the loan. Shares will be released for allocation to participants as loan
payments are
made. A total of 58,539, 58,643, and 58,543 shares were released and allocated to
participants for the ESOP year ended December&nbsp;31, 2009, 2008 and 2007, respectively. ESOP
compensation expense was $201,000 and $148,000 for the three months ended March&nbsp;31, 2010 and
2009 (unaudited), respectively, and $676,000, $644,000, and $621,000 for the years ended
December&nbsp;31, 2009, 2008 and 2007, respectively. Cash dividends on unallocated shares are
utilized to satisfy required debt payments. Dividends on allocated shares are utilized to
prepay debt which releases additional shares to participants.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company maintains a Supplemental Employee Stock Ownership Plan (the SESOP) a non-qualified
plan that provides supplemental benefits to certain executives who are prevented from
receiving the full benefits contemplated by the ESOP&#146;s benefit formula under tax law limits
for tax-qualified plans. The supplemental payments for the SESOP consist of cash payments
representing the value of Company shares that cannot be allocated to participants under the
ESOP due to legal limitations imposed on tax-qualified plans. The Company made a contribution
to the SESOP plan of $41,000, $54,000, and $48,000 for the years ended December&nbsp;31, 2009, 2008
and 2007, respectively.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-34<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- xbrl -->


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following tables set forth the funded status and components of postretirement benefit
costs at December&nbsp;31 measurement dates (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated postretirement benefit obligation beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,576</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial (gain)&nbsp;loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(97</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(88</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated postretirement benefit obligation end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,670</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,559</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plan assets at fair value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrecognized transition obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrecognized prior service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrecognized loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued liability (included in accrued expenses and other liabilities)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,670</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,559</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following table sets forth the amounts recognized in accumulated other comprehensive
income (loss) (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">186</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transition obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Prior service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss recognized in accumulated other
comprehensive income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">455</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The estimated net loss, transition obligation, and prior service cost that will be amortized
from accumulated other comprehensive income (loss)&nbsp;into net periodic cost in 2010 are $17,000,
$17,000 and $16,000, respectively.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following table sets forth the components of net periodic postretirement benefit costs for
the years ended December&nbsp;31, 2009, 2008, and 2007 (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of transition obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of prior service costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of unrecognized (gain)&nbsp;loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net postretirement benefit cost included
in compensation and employee benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-35<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The assumed discount rate related to plan obligations reflects the weighted average of
published market rates for high-quality corporate bonds with terms similar to those of the
plan&#146;s expected benefit payments, rounded to the nearest quarter percentage point. The
Company&#146;s discount rate and rate of compensation increase used in accounting for the plan are
as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assumptions used to determine benefit
obligation at period end:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rate of increase in compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assumptions used to determine net periodic
benefit cost for the year:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rate of increase in compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.50</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At December&nbsp;31, 2009, a medical cost trend rate of 9.0% for 2009, decreasing 0.50% per year
thereafter until an ultimate rate of 5.0% is reached, was used in the plan&#146;s valuation. The
Company&#146;s healthcare cost trend rate is based, among other things, on the Company&#146;s own
experience and third party analysis of recent and projected healthcare cost trends.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At December&nbsp;31, 2008, a medical cost trend rate of 12.00% for 2008, decreasing 1.00% per year
thereafter until an ultimate rate of 5.0% is reached, was used in the plan&#146;s valuation. The
Company&#146;s healthcare cost trend rate is based, among other things, on the Company&#146;s own
experience and third party analysis of recent and projected healthcare cost trends.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A one percentage-point change in assumed heath care cost trends would have the following
effects (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>One</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>One</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Percentage point</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Percentage point</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Increase</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Decrease</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Effect on benefits earned and interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Effect on accumulated postretirement benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(112</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(106</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A one percentage-point change in assumed heath care cost trends would have the following
effects (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>One</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>One</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>Percentage point</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>Percentage point</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Increase</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Decrease</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aggregate of service and interest
components of net periodic cost (benefit)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Benefit payments of approximately $97,000, $88,000, and $83,000 were made in 2009, 2008, and
2007, respectively. The benefits expected to be paid under the postretirement health benefits
plan for the next five</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-36<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>years are as follows: $130,000 in 2010; $133,000 in 2011; $136,000 in
2012; $139,000 in 2013; and $141,000 in 2014. The benefit payments expected to be paid in the
aggregate for the years 2015 through 2019 are $689,000. The expected benefits are based on the
same assumptions used to measure the Company&#146;s benefit obligation at December&nbsp;31, 2009, and
include estimated future employee service.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Medicare Prescription Drug, Improvement and Modernization Act of 2003, or Medicare Act,
introduced both a Medicare prescription-drug benefit and a federal subsidy to sponsors of
retiree health-care plans that provide a benefit at least &#147;actuarially equivalent&#148; to the
Medicare benefit. The Company has evaluated the estimated potential subsidy available under
the Medicare Act and the related costs associated with qualifying for the subsidy. Due to the
limited number of participants in the plan, the Company has concluded that it is not cost
beneficial to apply for the subsidy. Therefore, the accumulated postretirement benefit
obligation information and related net periodic postretirement benefit costs do not reflect
the effect of any potential subsidy.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company maintains a nonqualified plan to provide for the elective deferral of all or a
portion of director fees by members of the participating board of directors, deferral of all
or a portion of the compensation and/or annual bonus payable to eligible employees of the
Company, and to provide to certain officers of the Company benefits in excess of those
permitted to be paid by the Company&#146;s savings plan, ESOP, and profit-sharing plan under the
applicable Internal Revenue Code. The plan obligation was approximately $3,403,000 and
$2,498,000 at December&nbsp;31, 2009 and 2008, respectively, and is included in accrued expenses
and other liabilities on the consolidated balance sheets. Expense (income)&nbsp;under this plan
was $592,000, $(1,331,000), and $62,000 for the years ended December&nbsp;31, 2009, 2008, and 2007,
respectively. The Company invests to fund this future obligation, in various mutual funds
designated as trading securities. The securities are marked-to-market through current period
earnings as a component of non-interest income. Accrued obligations under this plan are
credited or charged with the return on the trading securities portfolio as a component of
compensation and benefits expense.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company entered into a supplemental retirement agreement with its former president and
current director on July&nbsp;18, 2006. The agreement provides for 120&nbsp;monthly payments of
$17,450. The present value of the obligation, of approximately $1,625,000, was recorded in
compensation and benefits expense in 2006. The present value of the obligation as of December
31, 2009 and 2008, was approximately $1,190,000 and $1,334,000, respectively.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<!-- xbrl,n -->
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(10)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Equity Incentive Plan</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<!-- xbrl,body -->
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company maintains the Northfield Bancorp, Inc. 2008 Equity Incentive Plan to grant common
stock or options to purchase common stock at specific prices to directors and employees of the
Company. The Plan provides for the issuance or delivery of up to 3,073,488 shares of
Northfield Bancorp, Inc. common stock subject to certain Plan limitations. On January&nbsp;30,
2009, certain officers and employees of the Company were granted an aggregate of 1,478,900
stock options and 582,700 shares of restricted stock, and non-employee directors received an
aggregate of 623,700 stock options and 249,750 shares of restricted stock. On January&nbsp;30,
2010 (unaudited), an employee was granted 3,000 stock options and 4,400 restricted stock
awards. On May&nbsp;29, 2009, an employee was granted 3,800 stock options and 4,200 restricted
stock awards. All stock options and restricted stock vest in equal installments over a five
year period beginning one year from the date of grant. The vesting of options and restricted
stock awards may accelerate in accordance with terms of the plan. Stock options were granted
at an exercise price equal to the fair value of the Company&#146;s common stock on the grant date
based on quoted market prices and all have an expiration period of ten years. The fair value
of stock options granted on January&nbsp;30, 2009, was estimated utilizing the Black-Scholes option
pricing model using the following assumptions: an expected life of 6.5&nbsp;years utilizing the
simplified method, risk-free rate of return of 2.17%, volatility of 35.33% and a dividend</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-37<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- xbrl -->


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>yield of 1.61%. The fair value of stock options granted on May&nbsp;29, 2009, was estimated
utilizing the Black-Scholes option pricing model using the
following assumptions: an expected life of 6.5&nbsp;years utilizing the simplified method,
risk-free rate of return of 2.88%, volatility of 38.39% and a dividend yield of 1.50%. The
fair value of stock options granted on January&nbsp;30, 2010 (unaudited), was estimated utilizing
the Black-Scholes option pricing model using the following assumptions: an expected life of
6.5&nbsp;years utilizing the simplified method, risk-free rate of return of 2.90%, volatility of
38.29% and a dividend yield of 1.81% The Company is expensing the grant date fair value of all
employee and director share-based compensation over the requisite service periods on a
straight-line basis.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the year ended December&nbsp;31, 2009, the Company recorded $2.9&nbsp;million of stock-based
compensation. There was no stock based compensation during the years ended December&nbsp;31, 2008
and 2007.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following table is a summary of the Company&#146;s non-vested stock options as of March&nbsp;31,
2010 (unaudited)&nbsp;and December&nbsp;31, 2009, and changes therein during the period then ended:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted <BR>
Average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted <BR>
Average</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted <BR>
Average</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Grant Date </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Exercise</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Contractual </TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Stock Options</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Fair Value</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"> Price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Life (years)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outstanding- December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,106,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outstanding- December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,083,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.08</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exercisable- December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outstanding- December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,083,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.08</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Excercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,860</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outstanding- March&nbsp;31, 2010 (unaudited)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,072,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exercisable- March&nbsp;31, 2010 (unaudited)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">402,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expected future stock option expense related to the non-vested options outstanding as of March
31, 21010 (unaudited), is $5.3&nbsp;million over an average period of 3.8&nbsp;years.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expected future stock option expense related to the non-vested options outstanding as of
December&nbsp;31, 2009, is $5.5&nbsp;million over an average period of 4.0&nbsp;years.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-38<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following is a summary of the status of the Company&#146;s restricted shares as of March&nbsp;31,
2010 (unaudited)&nbsp;and December&nbsp;31, 2009, and changes therein during the period then ended.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Number of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Average</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Grant Date</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Awarded</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Fair Value</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-vested at December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">836,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vested</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,500</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-vested at December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">825,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-vested at December&nbsp;31, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">825,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Vested</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(174,830</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-vested at March&nbsp;31, 2010 (unaudited)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">654,720</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expected future stock award expense related to the non-vested restricted awards as of March
31, 2010 (unaudited)&nbsp;is $6.3&nbsp;million over an average period of 3.8&nbsp;years. On January&nbsp;30, 2010
(unaudited), 174,830 of the restricted shares vested. In connection with the vesting, the
Company repurchased 21,605 shares of common stock for employees (at their request) in
satisfaction of minimum payroll taxes.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expected future stock award expense related to the non-vested restricted awards as of December
31, 2009 is $6.7&nbsp;million over an average period of 4.0&nbsp;years.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon the exercise of stock options, management expects to utilize treasury stock as the source
of issuance for these shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<!-- xbrl,n -->
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(11)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Commitments and Contingencies</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<!-- xbrl,body -->
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company, in the normal course of business, is party to commitments that involve, to
varying degrees, elements of risk in excess of the amounts recognized in the consolidated
financial statements. These commitments include unused lines of credit and commitments to
extend credit.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-39<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At March&nbsp;31, 2010 (unaudited)&nbsp;and December&nbsp;31, 2009, the following commitment and contingent
liabilities existed that are not reflected in the accompanying consolidated financial
statements (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 0px solid #000000"><B>At</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31, 2010</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31, 2009</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="3">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commitments to extend credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,264</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unused lines of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,027</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Standby letters of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,181</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s maximum exposure to credit losses in the event of nonperformance by the other
party to these commitments is represented by the contractual amount. The Company uses the
same credit policies in granting commitments and conditional obligations as it does for
amounts recorded in the consolidated balance sheets. These commitments and obligations do not
necessarily represent future cash flow requirements. The Company evaluates each customer&#146;s
creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed
necessary, is based on management&#146;s assessment of risk. Standby letters of credit are
conditional commitments issued by the Company to guarantee the performance of a customer to a
third party. The guarantees generally extend for a term of up to one year and are fully
collateralized. For each guarantee issued, if the customer defaults on a payment to the third
party, the Company would have to perform under the guarantee. The unamortized fee on standby
letters of credit approximates their fair value; such fees were insignificant at March&nbsp;31,
2010 (unaudited)&nbsp;and December&nbsp;31, 2009. The Company maintains an allowance for estimated
losses on commitments to extend credit. At March&nbsp;31, 2010 (unaudited), December&nbsp;31, 2009 and
2008, the allowance was $367,000, $266,000 and $390,000, respectively, and is recorded as a
component of other non-interest expense.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At December&nbsp;31, 2009, the Company was obligated under non-cancelable operating leases and
capitalized leases on property used for banking purposes. Most leases contain escalation
clauses and renewal options which provide for increased rentals as well as for increases in
certain property costs including real estate taxes, common area maintenance, and insurance.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The projected minimum annual rental payments and receipts under the capitalized leases and
operating leases are as follows (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Rental</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Rental</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Rental</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>payments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>payments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>receipts</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>capitalized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>operating</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>operating</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>leases</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>leases</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>leases</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Year ending December&nbsp;31:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,822</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total minimum lease payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,676</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net rental expense included in occupancy expense was approximately $549,000 and $516,000, for
the three months ended March&nbsp;31, 2010 and 2009 (unaudited)&nbsp;and $2,128,000, $1,466,000, and
$1,140,000 for the years ended December&nbsp;31, 2009, 2008, and 2007, respectively.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-40<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- xbrl -->
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In December of 2009, the Bank entered in an agreement to lease a building located in Brooklyn,
New York. The Bank intends to operate a bank branch at this location. The Bank anticipates
taking possession of the building during 2010 at which time the lease will commence. The
initial lease is term is 15&nbsp;years with an average monthly rental expense of $22,000 per month.
The Bank has two five year renewal options.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In December of 2009, the Bank entered in an agreement to lease a building located on in Staten
Island, New York. The Bank intends to operate a bank branch at this location. The Bank
anticipates taking possession of the building during 2010 at which time the lease will
commence. The lease is for a term of 15&nbsp;years with an average monthly rental expense of
$15,000 per month. The Bank has two five year renewal options.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the normal course of business, the Company may be a party to various outstanding legal
proceedings and claims. In the opinion of management, the consolidated financial statements
will not be materially affected by the outcome of such legal proceedings and claims.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank is required by regulation to maintain a certain level of cash balances on hand and/or
on deposit with the Federal Reserve Bank of New York. As of March&nbsp;31, 2010 (unaudited),
December&nbsp;31, 2009 and 2008, the Bank was required to maintain balances of $243,000, $483,000
and $3,762,000, respectively.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bank has entered into employment agreements with its Chief Executive Officer and the other
executive officers of the Bank to ensure the continuity of executive leadership, to clarify
the roles and responsibilities of executives, and to make explicit the terms and conditions of
executive employment. These agreements are for a term of three-years subject to review and
annual renewal, and provide for certain levels of base annual salary and in the event of a
change in control, as defined, or in the event of termination, as defined, certain levels of
base salary, bonus payments, and benefits for a period of up to three-years.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On May&nbsp;26, 2006, the Bank entered into a purchase and assumption agreement with a third party
which includes the purchase of certain premises, equipment, and leaseholds of two of the
Bank&#146;s branches. The agreement also provides for the third party to assume the deposit
liabilities of the two branches, totaling approximately $29.0&nbsp;million as of December&nbsp;31, 2006,
and related lease obligations. The purchase and assumption agreement is at or above the
Bank&#146;s carrying value of the related assets purchased and liabilities and obligations being
assumed. The transaction closed in the first quarter of 2007 and the Company recognized a
gain on the sale of premises and equipment and related deposit relationships of approximately
$4.3&nbsp;million.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<!-- xbrl,n -->
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(12)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Regulatory Requirements</B></TD>
</TR>

</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<!-- xbrl,body -->
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Northfield Bank converted to a federally-charted savings bank from a New York-chartered
savings bank effective November&nbsp;6, 2007. Northfield Bank&#146;s regulator is the Office of Thrift
Supervision &#147;OTS&#148; (previously Federal Deposit Insurance Corporation &#147;FDIC&#148;). Simultaneously
with Northfield Bank&#146;s conversion, Northfield Bancorp, MHC and Northfield Bancorp, Inc.
converted to federal-charters from New York-chartered holding companies.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The OTS requires banks to maintain a minimum tangible capital ratio to tangible assets of
1.5%, a minimum core capital ratio to total adjusted assets of 4.0%, and a minimum ratio of
total risk-adjusted total assets of 8.0%.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under prompt corrective action regulations, the OTS is required to take certain supervisory
actions (and may take additional discretionary actions) with respect to an undercapitalized
institution. Such actions could have a direct material effect on the institution&#146;s financial
statements. The regulations establish a framework for the classification of savings
institutions into five categories: well capitalized, adequately capitalized, undercapitalized,
significantly undercapitalized, and critically undercapitalized. Generally, an institution is
considered well capitalized if it has a core capital ratio of at least 5%, a Tier 1 risk-based
capital ratio of at least 6%, and a total risk-based capital ratio of at least 10%.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The foregoing capital ratios are based in part on specific quantitative measures of assets,
liabilities, and certain off-balance-sheet items as calculated under regulatory accounting
practices. Capital amounts and</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-41<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>classifications also are subject to qualitative judgments by
the regulators about capital components, risk weighting, and other factors.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Management believes that as of March&nbsp;31, 2010 (unaudited)&nbsp;and December&nbsp;31, 2009, the Bank met
all capital adequacy requirements to which it is subject. Further, the most recent OTS
notification categorized the Bank as a well-capitalized institution under the prompt
corrective action regulations. There have been no conditions or events since that
notification that management believes have changed the Bank&#146;s capital classification.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Northfield Bancorp, Inc. is regulated, supervised, and examined by the OTS as a savings and
loan holding company and, as such, is not subject to regulatory capital requirements.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following is a summary of Northfield Bank&#146;s regulatory capital amounts and ratios compared
to the OTS requirements as of March&nbsp;31, 2010 (unaudited), December&nbsp;31, 2009 and 2008, for
classification as a well-capitalized institution and minimum capital (dollars in thousands).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23" style="border-bottom: 1px solid #000000"><B>OTS Requirements</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>For well capitalized</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>For capital</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>under prompt corrective</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Actual</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>adequacy purposes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>action provisions</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Ratio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Ratio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Ratio</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">As of March&nbsp;31, 2010 (unaudited):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tangible capital to
tangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">278,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.91</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">NA</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">NA</TD>
    <TD>%</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tier 1 captial (core)
(to adjusted total assets)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total capital (to risk-
weighted assets)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">As of December&nbsp;31, 2009:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tangible capital to
tangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">274,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">28,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">NA</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">NA</TD>
    <TD>%</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tier 1 captial (core)
(to adjusted total assets)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,553</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total capital (to risk-
weighted assets)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,661</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">As of December&nbsp;31, 2008:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tangible capital to
tangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">272,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.98</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">NA</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">NA</TD>
    <TD>%</TD>

</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tier 1 captial (core)
(to adjusted total assets)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">272,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total capital (to risk-
weighted assets)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.00</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following is a reconciliation of Northfield Bank&#146;s total stockholders&#146; equity to
regulatory capital amounts under OTS regulations at March&nbsp;31, 2010 (unaudited), December&nbsp;31,
2009 and 2008 (dollars in thousands).:</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-42<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="2">(unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">310,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">302,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289,097</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustments for regulatory capital purposes:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill and certain other intangibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,318</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,361</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,697</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net unrealized gains on securities
available for sale, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,522</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,064</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(285</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">365</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total (tier 1 capital) core</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274,236</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">272,480</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Qualifying allowance for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,778</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">390</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total risk-based capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">291,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281,648</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<!-- xbrl,n -->
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(13)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Fair Value of Measurement</B></TD>
</TR>
<!-- xbrl,body -->
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following table presents the assets reported on the consolidated balance sheet at their
estimated fair value as of March&nbsp;31, 2010 (unaudited), December&nbsp;31, 2009 and 2008, by level
within the Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards
Codification. Financial assets and liabilities are classified in their entirety based on the
level of input that is significant to the fair value measurement. The fair value hierarchy is
as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Level 1 Inputs &#151; Unadjusted quoted prices in active markets for identical
assets or liabilities that the reporting entity has the ability to access at the
measurement date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Level 2 Inputs &#151; Inputs other than quoted prices included in Level 1 that are
observable for the asset or liability, either directly or indirectly. These
include quoted prices for similar assets or liabilities in active markets, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the asset or
liability (for example, interest rates, volatilities, prepayment speeds, loss
severities, credit risks and default
rates) or inputs that are derived principally from or corroborated by observable
market data by correlations or other means.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Level 3 Inputs &#151; Significant unobservable inputs that reflect the Company&#146;s own
assumptions that market participants would use in pricing the assets or
liabilities.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-43<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following tables summarize financial assets and financial liabilities measured at fair
value on a recurring basis as of March&nbsp;31, 2010 (unaudited), December&nbsp;31, 2009 and 2008,
segregated by the level of the valuation inputs within the fair value hierarchy utilized to
measure fair value (in thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Fair Value Measurements at Reporting Date Using:</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Quoted Prices in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Active Markets for</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Observable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unobservable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Identical Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 3)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Measured on a recurring basis:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Available-for-sale:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mortgage-backed securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:75px; text-indent:-15px">GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">781,961</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">781,961</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Non-GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,596</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,596</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Corporate bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GSE bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Equities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total available-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,216,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,210,572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trading securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,219,901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,210,572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Measured on a non-recurring basis:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impaired loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Commercial mortgage (CRE)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,231</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,219</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Multifamily</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">835</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total impaired loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,285</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other real estate owned (CRE)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,533</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,818</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-44<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Fair Value Measurements at Reporting Date Using:</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Quoted Prices in</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Significant</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Active Markets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Significant Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unobservable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>for Identical</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Observable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Inputs</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Assets (Level 1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Inputs (Level 2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 3)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Measured on a recurring basis:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Available-for-sale:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mortgage-backed securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:75px; text-indent:-15px">GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">767,148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">767,148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Non-GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176,660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176,660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Corporate bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">GSE bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,983</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Equities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total available-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,131,803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,109,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trading securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,135,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,109,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Measured on a non-recurring basis:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impaired loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Commercial mortgage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21,295</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,295</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,910</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Multifamily</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total impaired loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,028</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other real estate owned (CRE)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,938</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">30,966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,966</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 1)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 2)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Level 3)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Measured on a recurring basis:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Available-for-sale:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mortgage-backed securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:75px; text-indent:-15px">GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">791,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">791,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Non-GSE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Corporate bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Equities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total available-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">957,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">948,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trading securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">960,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">948,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Measured on a non-recurring basis:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impaired loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Commercial mortgage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,513</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Construction and land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,675</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total impaired loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,188</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other real estate owned (CRE)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,071</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:75px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,259</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-45<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

 <!-- xbrl -->
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Available -for- Sale Securities: </B>The estimated fair values for mortgage-backed securities, GSE
bonds, and corporate securities are obtained from a nationally recognized third-party pricing
service. The estimated fair values are derived primarily from cash flow models, which include
assumptions for interest rates, credit losses, and prepayment speeds. Broker/dealer quotes
are utilized as well when such quotes are available and deemed representative of the market.
The significant inputs utilized in the cash flow models are based on market data obtained from
sources independent of the Company (observable inputs,) and are therefore classified as Level
2 within the fair value hierarchy. The estimated fair value of equity securities classified
as Level 1, are derived from quoted market prices in active markets. Equity securities
consist primarily of money market mutual funds.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Trading Securities: </B>Fair values are derived from quoted market prices in active markets.
The assets consist of publicly traded mutual funds.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Also, the Company may be required, from time to time, to measure the fair value of
certain other financial assets on a nonrecurring basis in accordance with U.S. generally
accepted accounting principles. The adjustments to fair value usually result from the
application of lower-of-cost-or-market accounting or write downs of individual assets.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Impaired Loans: </B>At March&nbsp;31, 2010 (unaudited), December&nbsp;31, 2009 and 2008, the Company had
impaired loans with outstanding principal balances of $25.4&nbsp;million, $31.4&nbsp;million and $5.5
million, which were recorded at their estimated fair value of $24.3&nbsp;million, $29.0&nbsp;million and
$5.2&nbsp;million, respectively. The Company recorded impairment charges of $1.1&nbsp;million and
charge-offs of $198,000 for the three months ended March&nbsp;31, 2010 (unaudited), compared to
impairment charges of $594,000 and charge-offs of $595,000 for the same period of 2009
(unaudited), respectively, utilizing Level 3 inputs. The Company recorded impairment charges
of $2.4&nbsp;million and $300,000, for the years ended December&nbsp;31, 2009 and 2008, respectively,
utilizing Level 3 inputs. In addition, the Company recorded charge-offs on impaired loans
amounting to $940,000 and $761,000, for the years ended December&nbsp;31, 2009 and 2008,
respectively, also utilizing Level 3 inputs. Impaired assets are valued utilizing independent
appraisals, if the loan is collateral dependent, adjusted downward by management, as
necessary, for changes in relevant valuation factors subsequent to the appraisal date, or the
present value of expected future cash flows for non-collateral dependent loans and troubled
debt restructurings.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other Real Estate Owned: </B>At March&nbsp;31, 2010 (unaudited), December&nbsp;31, 2009 and 2008, the
Company had assets acquired through foreclosure of $1.5&nbsp;million, $1.9&nbsp;million, and $1.1
million, respectively, recorded at estimated fair value, less estimated selling costs when
acquired, thus establishing a new cost basis. Fair value is generally based on independent
appraisals. These appraisals include adjustments to comparable assets based on the
appraisers&#146; market knowledge and experience, and are considered Level 3 inputs. When an asset
is acquired, the excess of the loan balance over fair value, less estimated selling costs, is
charged to the allowance for loan losses. If the estimated fair value of the asset declines,
a write-down is recorded through expense. The valuation of foreclosed assets is subjective in
nature and may be adjusted in the future because of changes in economic conditions.
Subsequent valuation adjustments to other real estate owned totaled $146,000 for the three
months ended March&nbsp;31, 2010 (unaudited), reflective of continued deterioration in estimated
fair values. The remaining reduction to REO was a result of sales. There were no subsequent
valuation adjustments to other real estate owned for the three months ended March&nbsp;31, 2009
(unaudited).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the year ended December&nbsp;31, 2009, the Company transferred a loan with a principal
balance of $1.9&nbsp;million and an estimated fair value, less costs to sell, of $1.4&nbsp;million to
other real estate owned. During the year ended December&nbsp;31, 2009, the Company recorded
impairment charges of $489,000 prior to the transfer of the loan to OREO utilizing Level 3
inputs.
During the year ended December&nbsp;31, 2008, the Company transferred a loan with a
principal balance of $2.1&nbsp;million and an estimated fair value, less costs to sell, of $1.1
million to other real estate owned. During the year ended December&nbsp;31, 2008, the Company
recorded impairment charges of $1.0&nbsp;million prior to the transfer of the loan to OREO
utilizing Level 3 inputs.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-46<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subsequent valuation adjustments to other real estate owned totaled
$516,000 and $0 for the year ended December&nbsp;31, 2009 and 2008, respectively, reflective of
continued deterioration in estimated fair values. Operating costs after acquisition are
generally expensed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Fair Value of Financial Instruments</B></U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The FASB Accounting Standards Topic for Financial Instruments requires disclosure of the fair
value of financial assets and financial liabilities, including those financial assets and
financial liabilities that are not measured and reported at fair value on a recurring or
non-recurring basis. The methodologies for estimating the fair value of financial assets and
financial liabilities that are measured at fair value on a recurring or non-recurring basis
are discussed above. The following methods and assumptions were used to estimate the fair
value of other financial assets and financial liabilities not already discussed above:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(a)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Cash, Cash Equivalents, and Certificates of Deposit</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cash and cash equivalents are short-term in nature with original maturities of three
months or less; the carrying amount approximates fair value. Certificates of deposits
having original terms of six-months
or less; carrying value generally approximates fair value. Certificate of deposits with
an original maturity of six months or greater the fair value is derived from discounted
cash flows.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(b)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Securities (Held to Maturity)</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fair values for substantially all of our securities are obtained from an independent
nationally recognized pricing service. The independent pricing service utilizes market
prices of same or similar securities whenever such prices are available. Prices
involving distressed sellers are not utilized in determining fair value. Where
necessary, the independent third-party pricing service estimates fair value using models
employing techniques such as discounted cash flow analyses. The assumptions used in
these models typically include assumptions for interest rates, credit losses, and
prepayments, utilizing market observable data where available.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(c)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Federal Home Loan Bank of New York Stock</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fair value for Federal Home Loan Bank of New York stock is its carrying value, since
this is the amount for which it could be redeemed and there is no active market for this
stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(d)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Loans</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fair values are estimated for portfolios of loans with similar financial
characteristics. Loans are segregated by type such as residential mortgage,
construction, land, multifamily, commercial and consumer. Each loan category is further
segmented into amortizing and non-amortizing and fixed and adjustable rate interest
terms and by performing and nonperforming categories. The fair value of loans is
estimated by discounting the future cash flows using current prepayment assumptions and
current rates at which similar loans would be made to borrowers with similar credit
ratings and for the same remaining maturities. This method of estimating fair value
does not incorporate the exit price concept of fair value prescribed by the FASB ASC
Topic for Fair Value Measurements and Disclosures.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(e)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Deposits</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fair value of deposits with no stated maturity, such as non-interest-bearing demand
deposits, savings, NOW and money market accounts, is equal to the amount payable on
demand. The fair value of certificates of deposit is based on the discounted value of
contractual cash flows. The discount rate is estimated using the rates currently
offered for deposits of similar remaining maturities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(f)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Commitments to Extend Credit and Standby Letters of Credit</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fair value of commitments to extend credit and standby letters of credit are
estimated using the fees currently charged to enter into similar agreements, taking into
account the remaining terms of the</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-47<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- xbrl -->


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>agreements and the present creditworthiness of the
counterparties. For fixed-rate loan commitments, fair value also considers the
difference between current levels of interest rates and the committed rates. The fair
value of off-balance-sheet commitments is insignificant and therefore not included in
the following table.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(g)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Borrowings</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fair value of borrowings is estimated by discounting future cash flows based on
rates currently available for debt with similar terms and remaining maturity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B><I>(h)</I></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Advance Payments by Borrowers</I></B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Advance payments by borrowers for taxes and insurance have no stated maturity; the fair
value is equal to the amount currently payable.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The estimated fair values of the Company&#146;s significant financial instruments at March&nbsp;31,
2010 (unaudited)&nbsp;December&nbsp;31, 2009, and 2008, are presented in the following table (in
thousands):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Carrying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fair</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Carrying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fair</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Carrying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fair</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>value</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Certificates of deposit in
other financial institutions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,873</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Trading securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,498</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities available-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,216,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,216,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,131,803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,131,803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">957,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">957,585</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities held-to-maturity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,588</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Federal Home Loan Bank of
New York stock, at cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,410</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net loans
held-for-investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">720,079</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">735,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">713,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">726,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">581,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">610,713</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,392,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,394,827</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,316,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,319,612</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,024,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,027,896</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">302,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">288,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">332,084</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340,404</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advance payments by
borrowers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,823</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Limitations</I></B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fair value estimates are made at a specific point in time, based on relevant market
information and information about the financial instrument. These estimates do not reflect
any premium or discount that could result from offering for sale at one time the Company&#146;s
entire holdings of a particular financial instrument. Because no market exists for a
significant portion of the Company&#146;s financial instruments, fair value estimates are based
on judgments regarding future expected loss experience, current economic conditions, risk
characteristics of various financial instruments, and other factors. These estimates are</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-48<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- xbrl -->


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subjective in nature and involve uncertainties and matters of significant judgment and,
therefore, cannot be determined with precision. Changes in assumptions could significantly
affect the estimates.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fair value estimates are based on existing on- and off-balance-sheet financial
instruments without attempting to estimate the value of anticipated future business and the
value of assets and liabilities that are not considered financial instruments. In addition,
the tax ramifications related to the realization of the unrealized gains and losses can have
a significant effect on fair value estimates and have not been considered in the estimates.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<!-- xbrl,n -->
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>(14)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Stock Repurchase Program</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<!-- xbrl,body -->
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On February&nbsp;13, 2009, the board of directors of the Company authorized a stock repurchase
program pursuant to which the Company intends to repurchase up to 2,240,153 shares,
representing approximately 5% of its outstanding shares. The timing of the repurchases
depends on certain factors, including but not limited to, market conditions and prices, the
Company&#146;s liquidity and capital requirements, and alternative uses of capital. All
repurchased shares are expected to be held as treasury stock and available for general
corporate purposes. The Company is conducting such repurchases in accordance with a Rule
10b5-1 trading plan. As of March&nbsp;31, 2010 (unaudited), a total of 1,902,344 shares were
purchased under this repurchase plan at a weighted average cost of $11.77. As of December&nbsp;31,
2009, a total of 1,716,063 shares were purchased under this repurchase plan at a weighted
average cost of $11.61 per share.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<!-- xbrl,n -->
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>(15)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Earnings (Loss) Per Share</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<!-- xbrl,body -->
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following is a summary of the Company&#146;s earnings per share calculations and
reconciliation of basic to diluted earnings per share for the periods indicated (in thousands,
except share data):</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income available to common stockholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,507</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average shares outstanding-basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,509,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,089,331</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,405,774</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,133,856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,076,586</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Effect of non-vested restricted stock and
stock
options outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">314,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average shares outstanding-diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,823,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,104,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,532,568</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,133,856</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,076,586</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings per share-basic (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings per share-diluted (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.03</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Net loss per share is calculated for the period that the Company&#146;s shares of common stock
were outstanding (November&nbsp;8, 2007, through December&nbsp;31, 2007). The net loss for this period
was $1,501,000 and the weighted average common shares outstanding were 43,076,586. Per share
data and shares outstanding information is not applicable prior to November&nbsp;8, 2007.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-49<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- xbrl -->


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<!-- xbrl,n -->
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(16)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Parent-only Financial Information</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<!-- xbrl,body -->
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following condensed parent company only financial information reflects Northfield Bancorp,
Inc.&#146;s investment in its wholly-owned consolidated subsidiary, Northfield Bank, using the
equity method of accounting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Northfield Bancorp, Inc.<BR>
Condensed Balance Sheets<BR>
(in thousands)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash in Northfield Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,555</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest-earning deposits in other financial institutions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certificates of deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,153</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment in Northfield Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">310,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">302,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289,097</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities available-for-sale (corporate bonds)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,298</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ESOP loan receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,179</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued interest receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">873</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,632</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,423</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">396,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">386,578</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities and Stockholders&#146; Equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">396,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">386,578</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total liabilities and stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">396,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">386,578</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-50<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

 <!-- xbrl -->
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Northfield Bancorp, Inc.<BR>
Condensed Statements of Income<BR>
(in thousands)</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>Years ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on ESOP loan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income on deposit
in Northfield Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">965</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income on certificates
of deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">336</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income on corporate bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Undistributed earnings of
Northfield Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,521</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,083</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,666</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,883</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,419</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Contribution to charitable foundation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,952</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">878</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expense (benefit)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,051</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">474</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,912</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,507</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-51<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- xbrl -->
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Northfield Bancorp, Inc.<BR>
Condensed Statements of Cash Flows<BR>
(in thousands)</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>Years ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flows from operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,507</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Contribution of stock to charitable foundation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,952</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(Increase) decrease in accrued interest receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(255</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(846</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deferred taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,336</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">(Increase) decrease in due from Northfield Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,287</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Decrease (increase)&nbsp;in other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,154</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(168</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(716</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization of premium on corporate bond</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">527</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Increase (decrease)&nbsp;in other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(46</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Undistributed earnings of Northfield Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,170</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,600</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,521</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,103</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,083</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:60px; text-indent:-15px">Net cash provided by (used in) operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,062</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,073</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,944</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flows from investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Additional investment in Northfield Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(94,874</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Dividend from Northfield Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Purchases of corporate bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50,323</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,468</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Maturities of corporate bonds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Loan to ESOP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,563</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Principal payments on ESOP loan receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,205</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Maturities (purchases)&nbsp;of certificate of deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,653</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,500</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Net cash provided by (used in) investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,499</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,942</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(117,732</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flows from financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Proceeds from stock offering, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Contribution from Northfield Bancorp, MHC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Exercise of stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Additional tax benefit on stock awards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Purchase of treasury stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,754</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,801</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,929</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Dividends paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(772</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(774</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,963</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap ><DIV style="margin-left:60px; text-indent:-15px">Net cash (used in) provided by financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,158</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,575</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,892</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190,100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:45px; text-indent:-15px">Net (decrease)&nbsp;increase in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,701</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,667</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25,869</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,424</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents at beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents at end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,424</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->F-52<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- xbrl -->
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B><BR>
Notes to Consolidated Financial Statements<BR>
Three Months Ended March&nbsp;31, 2010 and 2009 (unaudited)<BR>
Years Ended December&nbsp;31, 2009, 2008, and 2007
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<!-- xbrl,n -->
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(17)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Subsequent Events &#151; Plan of Conversion and Reorganization &#151; (Unaudited)</B></TD>
</TR>
<!-- xbrl,body -->
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Boards of Directors of Northfield Bancorp, MHC (&#147;MHC&#148;) and the Company adopted a Plan of
Conversion and Reorganization (the &#147;Plan&#148;) on June&nbsp;4, 2010. Pursuant to the Plan, the MHC will
convert from the mutual holding company form of organization to the fully public form. The MHC
will be merged into the Company, and the MHC will no longer exist. The Company will merge into
a new Delaware corporation named Northfield Bancorp, Inc. As part of the conversion, the MHC&#146;s
ownership interest of the Company will be offered for sale in a public offering. The existing
publicly held shares of the Company, which represents the remaining ownership interest in the
Company, will be exchanged for new shares of common stock of Northfield Bancorp, Inc., the new
Delaware corporation. The exchange ratio will ensure that immediately after the conversion and
public offering, the public shareholders of the Company will own the same aggregate percentage
of Northfield Bancorp., Inc. common stock that they owned immediately prior to that time
(excluding shares purchased in the stock offering and cash received in lieu of fractional
shares). When the conversion and public offering are completed, all of the capital stock of
Northfield Bank will be owned by Northfield Bancorp., Inc., the Delaware corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan provides for the establishment, upon the completion of the conversion, of special
&#147;liquidation accounts&#148; for the benefit of certain depositors of Northfield Bank in an amount
equal to the greater of the MHC&#146;s ownership interest in the retained earnings of the Company as
of the date of the latest balance sheet contained in the prospectus or the retained earnings of
Northfield Bank at the time it reorganized into the MHC. Following the completion of the
conversion, under the rules of the Office of Thrift Supervision, Northfield Bank will not be
permitted to pay dividends on its capital stock to Northfield Bancorp., Inc., its sole
shareholder, if Northfield Bank&#146;s shareholder&#146;s equity would be reduced below the amount of the
liquidation accounts. The liquidation accounts will be reduced annually to the extent that
eligible account holders have reduced their qualifying deposits. Subsequent increases will not
restore an eligible account holder&#146;s interest in the liquidation accounts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Direct costs of the conversion and public offering will be deferred and reduce the proceeds
from the shares sold in the public offering. If the conversion and public offering are not
completed, all costs will be charged to expense in the period in which the public offering is
terminated. No costs have been incurred related to the conversion as of March&nbsp;31, 2010
(unaudited).</TD>
</TR>






</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->F-53<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- xbrl -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Selected Quarterly Financial Data (Unaudited)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following tables are a summary of certain quarterly financial data for the years ended December
31, 2009 and 2008<B>:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Quarter Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>March 31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>June 30</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>September 30</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14">(Dollars in thousands)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Selected Operating Data:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,855</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,218</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,721</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,002</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,777</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,216</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,572</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net interest income after provision for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,644</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,543</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,982</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income before income tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,205</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,079</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,030</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income per common share- basis and diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Quarter Ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>March 31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>June 30</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>September 30</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14">(Dollars in thousands)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,034</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,603</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,190</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,413</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,968</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net interest income after provision for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,445</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">727</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,224</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income before income tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,948</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,801</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,562</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,386</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income per common share- basis and diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- /xbrl,ns -->

<P align="center" style="font-size: 10pt"><!-- Folio -->F-54<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><B>No person has been authorized to give any information or to make any representation other than
as contained in this prospectus and, if given or made, such other information or representation
must not be relied upon as having been authorized by Northfield Bancorp, Inc. or Northfield Bank.
This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of
the securities offered hereby to any person in any jurisdiction in which such offer or solicitation
is not authorized or in which the person making such offer or solicitation is not qualified to do
so, or to any person to whom it is unlawful to make such offer or solicitation in such
jurisdiction. Neither the delivery of this prospectus nor any sale hereunder shall under any
circumstances create any implication that there has been no change in the affairs of Northfield
Bancorp, Inc. or Northfield Bank since any of the dates as of which information is furnished herein
or since the date hereof.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Up to 40,250,000 Shares<BR>
(Subject to Increase to up to 46,287,500 Shares)</B>
</DIV>


<DIV align="Center" style="font-size: 18pt; margin-top: 6pt"><B>Northfield Bancorp, Inc.</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(Proposed Holding Company for<BR>
Northfield Bank)</B>
</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><B>COMMON STOCK<BR>
par value $0.01 per share</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 12pt; margin-top: 6pt"><B>PROSPECTUS</B>
</DIV>

<DIV align="Center" style="font-size: 11pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Sandler O&#146;Neill &#043; Partners, L.P.</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>&#091;Prospectus Date&#093;</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>These securities are not deposits or accounts and are not federally insured or guaranteed.</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>
<DIV align="left" style="font-size: 9pt; margin-top: 6pt"><B>Until </B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>, or 25&nbsp;days after commencement of the syndicated community offering, all
dealers that effect transactions in these securities, whether or not participating in this
distribution, may be required to deliver a prospectus. This is in addition to the obligation of
dealers to deliver a prospectus when acting as underwriters and with respect to their unsold
allotments or subscriptions.</B>
</DIV>

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 6pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Letterhead of Northfield Bancorp, Inc.&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Fellow Stockholder:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Northfield Bancorp, Inc. is soliciting stockholder votes regarding the mutual-to-stock conversion
of Northfield Bancorp, MHC. Pursuant to a Plan of Conversion and Reorganization, our organization
will convert from a partially public company to a fully public company by selling a minimum of
29,750,000 shares of common stock of a newly formed company, also named Northfield Bancorp, Inc.
(&#147;Northfield-Delaware&#148;), which will become the holding company for Northfield Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>The Proxy Vote</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have received conditional regulatory approval to implement the Plan of Conversion and
Reorganization. However, we must also receive the approval of our stockholders. Enclosed is a
proxy statement/prospectus describing the proposals being presented at our special meeting of
stockholders. <B>Please promptly vote the enclosed proxy card. Our Board of Directors urges you to
vote &#147;FOR&#148; the approval of the Plan of Conversion and Reorganization and &#147;FOR&#148; the other matters
being presented at the special meeting.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>The Exchange</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the conclusion of the conversion, your shares of Northfield Bancorp, Inc. common stock will be
exchanged for shares of Northfield-Delaware common stock. The number of new shares that you
receive will be based on an exchange ratio that is described in the proxy statement/prospectus.
Shortly after the completion of the conversion, our exchange agent will send a transmittal form to
each stockholder of Northfield Bancorp, Inc. who holds stock certificates. The transmittal form
explains the procedure to follow to exchange your shares. Please do not deliver your
certificate(s) before you receive the transmittal form. Shares of Northfield Bancorp, Inc. that
are held in <U>street name</U> (e.g., in a brokerage account) will be converted automatically at
the conclusion of the conversion; no action or documentation is required of you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>The Stock Offering</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are offering the shares of common stock of Northfield-Delaware for sale at $10.00 per share.
The shares are being offered in a subscription offering to eligible depositors of Northfield Bank.
If all shares are not subscribed for in the subscription offering, shares would be available in a
community offering to Northfield Bancorp, Inc. public stockholders and others not eligible to place
orders in the subscription offering. <B>If you may be interested in purchasing shares of our common
stock, contact our Stock Information Center to receive a stock order form and prospectus. The
stock offering period is expected to expire on &#091;expiration date&#093;</B><B><I>.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have any questions, please refer to the Questions &#038; Answers section herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We thank you for your support as a stockholder of Northfield Bancorp, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sincerely,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">John W. Alexander<BR>
Chairman of the Board, President and<BR>
Chief Executive Officer

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>These securities are not deposits or savings accounts and are not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government agency. None of the Securities and
Exchange Commission, the Office of Thrift Supervision, or any state securities regulator has
approved or disapproved of these securities or determined if this proxy statement/prospectus is
accurate or complete. Any representation to the contrary is a criminal offense.</B>
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROSPECTUS OF NORTHFIELD BANCORP, INC., A DELAWARE CORPORATION<BR>
PROXY STATEMENT OF NORTHFIELD BANCORP, INC., A FEDERAL CORPORATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bank is converting from the mutual holding company structure to a fully-public
stock holding company structure. Currently, Northfield Bank is a wholly-owned subsidiary of
Northfield Bancorp, Inc., a federally chartered corporation, and Northfield Bancorp, MHC owns 56.4%
of Northfield Bancorp, Inc.&#146;s common stock. The remaining 43.6% of Northfield Bancorp, Inc.&#146;s
common stock is owned by public stockholders. As a result of the conversion, a newly formed
Delaware corporation named Northfield Bancorp, Inc. (&#147;Northfield-Delaware&#148;) will replace Northfield
Bancorp, Inc. as the holding company of Northfield Bank. Each share of Northfield Bancorp, Inc.
common stock owned by the public will be exchanged for between 1.2073 and 1.6334 shares of common
stock of Northfield-Delaware, so that immediately after the conversion Northfield Bancorp, Inc.&#146;s
existing public stockholders will own the same percentage of Northfield-Delaware common stock as
they owned of Northfield Bancorp, Inc.&#146;s common stock immediately prior to the conversion,
excluding any new shares purchased by them in the offering and their receipt of cash in lieu of
fractional exchange shares. The actual number of shares that you will receive will depend on the
percentage of Northfield Bancorp, Inc. common stock held by the public at the completion of the
conversion, the final independent appraisal of Northfield-Delaware and the number of shares of
Northfield-Delaware common stock sold in the offering described in the following paragraph. It will
not depend on the market price of Northfield Bancorp, Inc. common stock. See &#147;Proposal 1&#151;Approval
of the Plan of Conversion and Reorganization&#151;Share Exchange Ratio&#148; for a discussion of the exchange
ratio. Based on the $&nbsp;&nbsp;per share closing price of Northfield Bancorp, Inc. common stock as of
the last trading day prior to the date of this proxy statement/prospectus, unless at least
&#95;&#95;&#95; shares of Northfield-Delaware common stock are sold in the offering (which is between the
&#95;&#95;&#95; and the &#95;&#95;&#95; of the offering range), the initial value of the
Northfield-Delaware common stock you receive in the share exchange would be less than the market
value of the Northfield Bancorp, Inc. common stock you currently own. See &#147;Risk Factors&#151;The market
value of Northfield-Delaware common stock received in the share exchange may be less than the
market value of Northfield Bancorp, Inc. common stock exchanged.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concurrently with the exchange offer, we are offering for sale up to 40,250,000 shares of
common stock (subject to increase to up to 46,287,500 shares) of Northfield-Delaware, representing
the 56.4% ownership interest of Northfield Bancorp, MHC in Northfield Bancorp, Inc. We are
offering the shares of common stock to eligible depositors of Northfield Bank, to Northfield Bank&#146;s
tax qualified benefit plans and to the public, including Northfield Bancorp, Inc. stockholders, at
a price of $10.00 per share. The conversion of Northfield Bancorp, MHC and the offering and
exchange of common stock by Northfield-Delaware is referred to herein as the &#147;conversion and
offering.&#148; After the conversion and offering are completed, Northfield Bank will be a wholly-owned
subsidiary of Northfield-Delaware, and 100% of the common stock of Northfield-Delaware will be
owned by public stockholders. As a result of the conversion and offering, Northfield Bancorp, Inc.,
the federal corporation, and Northfield Bancorp, MHC will cease to exist.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc.&#146;s common stock is currently traded on the Nasdaq Global Select Market
under the trading symbol &#147;NFBK.&#148; For a period of 20 trading days after the completion of the
conversion and offering, we expect Northfield-Delaware&#146;s shares of common stock will trade on the
Nasdaq Global Select Market under the symbol &#147;NFBKD,&#148; and, thereafter, the trading symbol will
revert to &#147;NFBK.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The conversion and offering cannot be completed unless the stockholders of Northfield Bancorp,
Inc. approve the Plan of Conversion and Reorganization of Northfield Bancorp, MHC, which may be
referred to herein as the &#147;plan of conversion.&#148; Northfield Bancorp, Inc. is holding a special
meeting of stockholders at &#091;meeting location&#093;, on &#091;meeting date&#093;, at &#091;meeting time&#093;, Eastern time,
to consider and vote upon the plan of conversion. We must obtain the affirmative vote of the
holders of (i)&nbsp;two-thirds of the total number of votes entitled to be cast at the special meeting
by Northfield Bancorp, Inc. stockholders, including shares held by Northfield Bancorp, MHC, and
(ii)&nbsp;a majority of the total number of votes entitled to be cast at the special meeting by
Northfield Bancorp, Inc. stockholders other than Northfield Bancorp, MHC. <B>Northfield Bancorp,
Inc.&#146;s board of directors unanimously recommends that stockholders vote &#147;FOR&#148; the plan of
conversion.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This document serves as the proxy statement for the special meeting of stockholders of
Northfield Bancorp, Inc. and the prospectus for the shares of Northfield-Delaware common stock to
be issued in exchange for shares of Northfield Bancorp, Inc. common stock. We urge you to read this
entire document carefully. You can also obtain
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">information about us from documents that we have filed with the Securities and Exchange Commission
and the Office of Thrift Supervision. This document does not serve as the prospectus relating to
the offering by Northfield-Delaware of its shares of common stock in the offering, which is being
made pursuant to a separate prospectus. Stockholders of Northfield Bancorp, Inc. are not required
to participate in the stock offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement/prospectus contains information that you should consider in evaluating
the plan of conversion. <B>In particular, you should carefully read the section captioned &#147;Risk
Factors&#148; beginning on page 10 for a discussion of certain risk factors relating to the conversion
and offering.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>These securities are not deposits or savings accounts and are not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government agency.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>None of the Securities and Exchange Commission, the Office of Thrift Supervision, or any state
securities regulator has approved or disapproved of these securities or determined if this proxy
statement/prospectus is accurate or complete. Any representation to the contrary is a criminal
offense.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>For answers to your questions, please read this proxy statement/prospectus including the
Questions and Answers section, beginning on page 1. Questions about voting on the plan of
conversion may be directed to &#95;&#95;&#95;, at &#091;solicitor phone number&#093;, Monday through Friday
from 10:00&nbsp;a.m. to 4:00 p.m., Eastern Time.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The date of this proxy statement/prospectus is &#091;document date&#093;, and it is first being mailed
to stockholders of Northfield Bancorp, Inc. on or about &#95;&#95;&#95;, 2010.
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC.<BR>
1410 St. Georges Avenue<BR>
Avenel, New Jersey 07001<BR>
(732)&nbsp;499-7200</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>NOTICE OF SPECIAL MEETING OF STOCKHOLDERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On &#091;meeting date&#093;, Northfield Bancorp, Inc. will hold a special meeting of stockholders at
&#091;meeting location&#093;. The meeting will begin at &#091;meeting time&#093;, Eastern time. At the meeting,
stockholders will consider and act on the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The approval of a plan of conversion and reorganization, whereby Northfield
Bancorp, MHC and Northfield Bancorp, Inc., a federal corporation, will convert and
reorganize from the mutual holding company structure to the stock holding company
structure, as more fully described in the attached proxy statement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The approval of the adjournment of the special meeting, if necessary, to
solicit additional proxies in the event that there are not sufficient votes at the time
of the special meeting to approve the plan of conversion and reorganization;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following informational proposals:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="margin-left:18px; text-indent:-18px">3a. Approval of a provision in Northfield-Delaware&#146;s certificate of
incorporation requiring a super-majority vote of stockholders to approve certain
amendments to Northfield-Delaware&#146;s certificate of incorporation;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="margin-left:18px; text-indent:-18px">3b. Approval of a provision in Northfield-Delaware&#146;s certificate of
incorporation requiring a super-majority vote of stockholders to approve
stockholder-proposed amendments to Northfield-Delaware&#146;s bylaws;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="margin-left:18px; text-indent:-18px">3c. Approval of a provision in Northfield-Delaware&#146;s certificate of
incorporation to limit the voting rights of shares beneficially owned in excess
of 10% of Northfield-Delaware&#146;s outstanding voting stock; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such other business that may properly come before the meeting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOTE: The board of directors is not aware of any other business to come before the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of Northfield-Delaware&#146;s certificate of incorporation that are summarized as
informational proposals 3a through 3c were approved as part of the process in which our board of
directors approved the plan of conversion and reorganization (referred to herein as the &#147;plan of
conversion&#148;). These proposals are informational in nature only because the Office of Thrift
Supervision&#146;s regulations governing mutual-to-stock conversions do not provide for votes on matters
other than the plan of conversion. While we are asking you to vote with respect to each of the
informational proposals listed above, the proposed provisions for which an informational vote is
requested will become effective if stockholders approve the plan of conversion, regardless of
whether stockholders vote to approve any or all of the informational proposals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors has fixed &#091;voting record date&#093;, as the record date for the
determination of stockholders entitled to notice of and to vote at the special meeting and at any
adjournment or postponement thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Upon written request addressed to the Corporate Secretary of Northfield Bancorp, Inc. at the
address given above, stockholders may obtain an additional copy of this proxy statement/prospectus
and/or a copy of the plan of conversion. In order to assure timely receipt of the additional copy
of the proxy statement/prospectus and/or the plan of conversion, the written request should be
received by Northfield Bancorp, Inc. by &#95;&#95;&#95;, 2010.</B>
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please complete and sign the enclosed proxy card, which is solicited by the board of
directors, and mail it promptly in the enclosed envelope. The proxy will not be used if you attend
the meeting and vote in person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">BY ORDER OF THE BOARD OF DIRECTORS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Madeline G. Frank<BR>
Corporate Secretary

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Avenel, New Jersey<BR>
&#091;document date&#093;

</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#162"><B>QUESTIONS AND ANSWERS FOR STOCKHOLDERS OF NORTHFIELD BANCORP, INC. REGARDING THE PLAN OF CONVERSION AND REORGANIZATION</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#163"><B>SUMMARY</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#164"><B>RISK FACTORS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#165"><B>PROPOSAL 1 &#151; APPROVAL OF THE PLAN OF CONVERSION AND REORGANIZATION</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#166"><B>PROPOSAL 2 &#151; ADJOURNMENT OF THE SPECIAL MEETING</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#167"><B>PROPOSALS 3a THROUGH 3c &#151; INFORMATIONAL PROPOSALS RELATED TO THE CERTIFICATE OF INCORPORATION OF NORTHFIELD-DELAWARE</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#168"><B>SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA OF NORTHFIELD BANCORP, INC.</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#169"><B>FORWARD-LOOKING STATEMENTS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#170"><B>HOW WE INTEND TO USE THE PROCEEDS FROM THE OFFERING</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#171"><B>OUR DIVIDEND POLICY</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#172"><B>HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#173"><B>CAPITALIZATION</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#174"><B>PRO FORMA DATA</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#175"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#176"><B>BUSINESS OF NORTHFIELD-DELAWARE</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#177"><B>BUSINESS OF NORTHFIELD BANCORP, INC. AND NORTHFIELD BANK</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#178"><B>SUPERVISION AND REGULATION</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#179"><B>TAXATION</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#180"><B>MANAGEMENT</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#181"><B>BENEFICIAL OWNERSHIP OF COMMON STOCK</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#182"><B>SUBSCRIPTIONS BY DIRECTORS AND EXECUTIVE OFFICERS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#183"><B>COMPARISON OF STOCKHOLDERS&#146; RIGHTS FOR EXISTING STOCKHOLDERS OF NORTHFIELD BANCORP, INC.</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#184"><B>RESTRICTIONS ON ACQUISITION OF NORTHFIELD-DELAWARE</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#185"><B>DESCRIPTION OF CAPITAL STOCK OF NORTHFIELD-DELAWARE FOLLOWING THE CONVERSION</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#186"><B>TRANSFER AGENT</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#187"><B>EXPERTS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#188"><B>LEGAL AND TAX MATTERS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#189"><B>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#190"><B>OTHER MATTERS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>F-1</B></TD>
    <TD>&nbsp;</TD>
</TR>
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</TABLE>
</DIV>







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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="162"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>QUESTIONS AND ANSWERS</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>FOR STOCKHOLDERS OF NORTHFIELD BANCORP, INC.<BR>
REGARDING THE PLAN OF CONVERSION AND REORGANIZATION</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You should read this document for more information about the conversion. The plan of conversion
described herein has been conditionally approved by Northfield Bancorp, Inc.&#146;s primary federal
regulator, the Office of Thrift Supervision. However, such conditional approval by the Office of
Thrift Supervision does not constitute a recommendation or endorsement of the plan of conversion.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>WHAT ARE STOCKHOLDERS BEING ASKED TO APPROVE?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Northfield Bancorp, Inc. stockholders as of &#091;voting record date&#093; are being asked to vote on
the plan of conversion pursuant to which Northfield Bancorp, MHC will convert from the mutual
to the stock form of organization. As part of the conversion, a newly formed Delaware
corporation, Northfield-Delaware, is offering its common stock to eligible depositors of
Northfield Bank, to Northfield Bank&#146;s tax qualified benefit plans, to stockholders of
Northfield Bancorp, Inc. as of &#091;voting record date&#093; and to the public. The shares offered
represent Northfield Bancorp, MHC&#146;s current 56.4% ownership interest in Northfield Bancorp,
Inc. Voting for approval of the plan of conversion will also include approval of the exchange
ratio and the certificate of incorporation of Northfield-Delaware (including the anti-takeover
provisions and provisions limiting stockholder rights). <B>Your vote is important. Without
sufficient votes &#147;FOR&#148; its adoption, we cannot implement the plan of conversion and complete
the stock offering.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, Northfield Bancorp, Inc. stockholders are being asked to approve the
adjournment of the special meeting, if necessary, to solicit additional proxies in the event
that there are not sufficient votes at the time of the special meeting to approve the plan
of conversion.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Stockholders also are asked to vote on the following informational proposals with respect to
the certificate of incorporation of Northfield-Delaware:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of a provision in Northfield-Delaware&#146;s certificate of
incorporation requiring a super-majority vote to approve certain amendments to
Northfield-Delaware&#146;s certificate of incorporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of a provision in Northfield-Delaware&#146;s certificate of
incorporation requiring a super-majority vote of stockholders to approve
stockholder-proposed amendments to Northfield-Delaware&#146;s bylaws; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of a provision in Northfield-Delaware&#146;s certificate of
incorporation to limit the voting rights of shares beneficially owned in excess
of 10% of Northfield-Delaware&#146;s outstanding voting stock.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provisions of Northfield-Delaware&#146;s certificate of incorporation that are included as
informational proposals were approved as part of the process in which our board of directors
approved the plan of conversion. These proposals are informational in nature only, because
the Office of Thrift Supervision&#146;s regulations governing mutual-to-stock conversions do not
provide for votes on matters other than the plan of conversion. While we are asking you to
vote with respect to each of the informational proposals listed above, the proposed
provisions for which an informational vote is requested will become effective if
stockholders approve the plan of conversion, regardless of whether stockholders vote to
approve any or all of the informational proposals. The provisions of Northfield-Delaware&#146;s
certificate of incorporation that are summarized above as informational proposals may have
the effect of deterring, or rendering more difficult, attempts by third parties to obtain
control of Northfield-Delaware if such attempts are not approved by the board of directors,
or may make the removal of the board of directors or management, or the appointment of new
directors, more difficult.</TD>
</TR>




</TABLE>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Your vote is important. Without sufficient votes &#147;FOR&#148; adoption of the plan of conversion,
we cannot implement the plan of conversion and the related stock offering.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>WHAT ARE THE REASONS FOR THE CONVERSION AND RELATED OFFERING?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The primary reasons for the conversion and offering are to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>eliminate some of the uncertainties associated with proposed financial regulatory reform;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increase our capital;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transition us to a more familiar and flexible organizational structure;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>improve the liquidity of our shares of common stock; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>support future mergers and acquisitions.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a fully converted stock holding company, we will have greater flexibility in structuring
mergers and acquisitions, including the form of consideration that we can use to pay for an
acquisition. Our current mutual holding company structure limits our ability to offer
shares of our common stock as consideration in a merger or acquisition since Northfield
Bancorp, MHC is required to own a majority of Northfield Bancorp, Inc.&#146;s outstanding shares
of common stock. Potential sellers often want stock for at least part of the purchase
price. Our new stock holding company structure will enable us to offer stock or cash
consideration, or a combination of stock and cash, and therefore will enhance our ability to
compete with other bidders when acquisition opportunities arise. We currently have no
arrangements or understandings regarding any specific acquisition.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>WHAT WILL STOCKHOLDERS RECEIVE FOR THEIR EXISTING NORTHFIELD BANCORP, INC. SHARES?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As more fully described in &#147;Proposal 1 &#151; Approval of the Plan of Conversion and
Reorganization &#151; Share Exchange Ratio,&#148; depending on the number of shares sold in the
offering, each share of common stock that you own at the time of the completion of the
conversion will be exchanged for between 1.2073 shares at the minimum and 1.6334 shares at the
maximum of the offering range (or 1.8784 shares at the adjusted maximum of the offering range)
of Northfield-Delaware common stock (cash will be paid in lieu of any fractional shares). For
example, if you own 100 shares of Northfield Bancorp, Inc. common stock, and the exchange
ratio is 1.6334 (at the maximum of the offering range), after the conversion you will receive
163 shares of Northfield-Delaware common stock and $3.40 in cash, the value of the fractional
share based on the $10.00 per share purchase price of stock in the offering.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you own shares of Northfield Bancorp, Inc. common stock in a brokerage account
in &#147;street name,&#148; your shares will be automatically exchanged within your account, and
you do not need to take any action to exchange your shares of common stock or receive
cash in lieu of fractional shares. If you own shares in the form of Northfield
Bancorp, Inc. stock certificates, after the completion of the conversion and stock
offering, our exchange agent will mail to you a transmittal form with instructions to
surrender your stock certificates. New certificates of Northfield-Delaware common stock
and a check representing cash in lieu of fractional shares will be mailed to you within
five business days after the exchange agent receives properly executed transmittal
forms and your Northfield Bancorp, Inc. stock certificates. <B>You should not submit a
stock certificate until you receive a transmittal form.</B></TD>
</TR>




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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>WHY WILL THE SHARES THAT I RECEIVE BE BASED ON A PRICE OF $10.00 PER SHARE RATHER THAN THE
TRADING PRICE OF THE COMMON STOCK PRIOR TO COMPLETION OF THE CONVERSION?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The shares will be based on a price of $10.00 per share because that is the price at which
Northfield-Delaware will sell shares in its stock offering. The amount of common stock
Northfield-Delaware will issue at $10.00 per share in the offering and the exchange is based
on an independent appraisal of the estimated market value of Northfield-Delaware, assuming the
conversion and offering are completed. RP Financial, LC., an appraisal firm experienced in
the appraisal of financial institutions, has estimated that, as of May&nbsp;14, 2010, this market
value was $621.0&nbsp;million. Based on Office of Thrift Supervision regulations, the market value
forms the midpoint of a range with a minimum of $527.9&nbsp;million and a maximum of $714.2
million. Based on this valuation and the valuation range, the number of shares of common
stock of Northfield-Delaware that existing public stockholders of Northfield Bancorp, Inc.
will receive in exchange for their shares of Northfield Bancorp, Inc. common stock will range
from 23,036,369 to 31,166,852 with a midpoint of 27,101,611 (a value of approximately $230.3
million to $311.7&nbsp;million, with a midpoint of $271.0&nbsp;million, at $10.00 per share). If market
conditions so warrant, the appraised value can be increased to $821.3&nbsp;million, the adjusted
maximum of the appraisal, and the number of shares issued in the exchange for existing shares
of Northfield Bancorp, Inc. can be increased to 35,841,880 (a value of $358.4&nbsp;million, at
$10.00 per share). The number of shares received by the existing public stockholders of
Northfield Bancorp, Inc. is intended to maintain their existing 43.6% ownership in our
organization (excluding any new shares purchased by them in the offering and their receipt of
cash in lieu of fractional exchange shares). The independent appraisal is based in part on
Northfield Bancorp, Inc.&#146;s financial condition and results of operations, the pro forma impact
of the additional capital raised by the sale of shares of common stock in the offering, and an
analysis of a peer group of ten publicly traded savings bank and thrift holding companies that
RP Financial, LC. considered comparable to Northfield Bancorp, Inc.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>DOES THE EXCHANGE RATIO DEPEND ON THE TRADING PRICE OF NORTHFIELD BANCORP, INC. COMMON STOCK?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No, the exchange ratio will not be based on the market price of Northfield Bancorp, Inc.
common stock. Instead, the exchange ratio will be based on the appraised value of
Northfield-Delaware. The purpose of the exchange ratio is to maintain the ownership
percentage of existing public stockholders of Northfield Bancorp, Inc. Therefore, changes in
the price of Northfield Bancorp, Inc. common stock between now and the completion of the
conversion and offering will not affect the calculation of the exchange ratio.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>WHY DOESN&#146;T NORTHFIELD BANCORP, INC. WAIT TO CONDUCT THE CONVERSION AND OFFERING UNTIL THE
STOCK MARKET IMPROVES SO THAT CURRENT STOCKHOLDERS CAN RECEIVE A HIGHER EXCHANGE RATIO?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The board of directors believes that the stock holding company form of organization and the
capital raised in the conversion and stock offering offer important advantages and that it is
in the best interest of our stockholders to complete the conversion and offering sooner rather
than later. There is no way to know when market conditions will change, when regulations
governing conversion to stock form will change, or how they may change, or how changes in
market conditions might affect stock prices for financial institutions. The board of directors
concluded that it would be better to complete the conversion and offering now, under existing
Office of Thrift Supervision conversion regulations and under a valuation that offers a fair
exchange ratio to existing stockholders and an attractive price to new investors, rather than
wait an indefinite amount of time for potentially better market conditions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>SHOULD I SUBMIT MY STOCK CERTIFICATES NOW?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No.&nbsp;If you hold stock certificate(s), instructions for exchanging the certificates will be
sent to you by our exchange agent <I>after </I>completion of the conversion. If your shares are held
in &#147;street name&#148; (<I>e.g., </I>in a</TD>
</TR>

</TABLE>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>brokerage account) rather than in certificate form, the share exchange will be reflected
automatically in your account upon completion of the conversion.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>HOW DO I VOTE?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mark your vote, sign each proxy card enclosed and return the card(s) to us, in the enclosed
proxy reply envelope. For information on submitting your proxy, please refer to instructions
on the enclosed proxy card. <B>YOUR VOTE IS IMPORTANT. PLEASE VOTE PROMPTLY.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>IF MY SHARES ARE HELD IN STREET NAME, WILL MY BROKER, BANK OR OTHER NOMINEE AUTOMATICALLY
VOTE ON THE PLAN ON MY BEHALF?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No.&nbsp;Your broker, bank or other nominee will not be able to vote your shares without
instructions from you. You should instruct your broker, bank or other nominee to vote your
shares, using the directions that they provide to you.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>WHY SHOULD I VOTE? WHAT HAPPENS IF I DON&#146;T VOTE?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Your vote is very important. We believe the conversion and offering are in the best
interests of our stockholders and the communities we serve. Not voting all the proxy card(s)
you receive will have the same effect as voting </B><B><I>&#147;against&#148; </I></B><B>the plan of conversion. </B>Without
sufficient favorable votes <I>&#147;for&#148; </I>the plan of conversion, we cannot complete the conversion and
offering.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>WHAT IF I DO NOT GIVE VOTING INSTRUCTIONS TO MY BROKER, BANK OR OTHER NOMINEE?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Your vote is important. If you do not instruct your broker, bank or other nominee to vote
your shares, the unvoted proxy will have the same effect as a vote <I>&#147;against&#148; </I>the plan of
conversion.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>MAY I PLACE AN ORDER TO PURCHASE SHARES IN THE COMMUNITY OFFERING, IN ADDITION TO THE SHARES
THAT I WILL RECEIVE IN THE EXCHANGE?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yes. If you would like to receive a prospectus and stock order form, you must call our Stock
Information Center at &#091;stock center phone number&#093;, Monday through Friday between 10:00&nbsp;a.m.
and 4:00 p.m., Eastern Time. The Stock Information Center is closed weekends and bank
holidays.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Eligible depositors of Northfield Bank have priority subscription rights allowing them to
purchase common stock in a subscription offering. Shares not purchased in the subscription
offering may be available for sale to the public in a community offering, as described
herein. In the event orders for Northfield-Delaware common stock in a community offering
exceed the number of shares available for sale, shares may be allocated (to the extent
shares remain available) first to cover orders of natural persons residing in the New Jersey
Counties of Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic,
Somerset, Sussex and Union, the New York Counties of Bronx, Kings, Nassau, New York, Putnam,
Queens, Richmond, Rockland, Suffolk and Westchester, and Pike County, Pennsylvania; second
to cover orders of Northfield Bancorp, Inc. stockholders as of &#091;voting record date&#093;; and
thereafter to cover orders of the general public.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Stockholders of Northfield Bancorp, Inc. are subject to an ownership limitation. Shares of
common stock purchased in the offering by a stockholder and his or her associates or
individuals acting in concert with the stockholder, <I>plus </I>any shares a stockholder and these
individuals receive in the exchange for existing shares of Northfield Bancorp, Inc. common
stock, may not exceed 5% of the total shares of common stock of Northfield-Delaware to be
issued and outstanding after the completion of the conversion.</TD>
</TR>




</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please note that properly completed and signed stock order forms, with full payment, must be
received (not postmarked) no later than 4:00 p.m., Eastern Time on &#091;expiration date&#093;.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>WILL THE CONVERSION HAVE ANY EFFECT ON DEPOSIT AND LOAN ACCOUNTS AT NORTHFIELD BANK?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>A.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No.&nbsp;The account number, amount, interest rate and withdrawal rights of deposit accounts will
remain unchanged. Deposits will continue to be federally insured by the Federal Deposit
Insurance Corporation up to the legal limit. Loans and rights of borrowers will not be
affected. Depositors will no longer have voting rights in Northfield Bancorp, MHC as to
matters currently requiring such vote. Northfield Bancorp, MHC will cease to exist after the
conversion and offering. Only stockholders of Northfield-Delaware will have voting rights
after the conversion and offering.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OTHER QUESTIONS?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>For answers to other questions, please read this proxy statement/prospectus. Questions about voting
on the plan of conversion may be directed to &#95;&#95;&#95;, at &#091;solicitor phone number&#093;, Monday
through Friday from 10:00&nbsp;a.m. to 4:00 p.m., Eastern Time. Questions about the stock offering may
be directed to our Stock Information Center at &#091;stock center phone number&#093;, Monday through Friday
between 10:00&nbsp;a.m. and 4:00 p.m., Eastern Time. The Stock Information Center is closed weekends
and bank holidays.</B>
</DIV>







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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; width: 99%; border: 1px solid black; padding: 11px">


<DIV align="left">
<A name="163"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUMMARY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>This summary highlights material information from this proxy statement/prospectus and may not
contain all the information that is important to you. To understand the conversion and other
proposals fully, you should read this entire document carefully, including the sections entitled
&#147;Risk Factors,&#148; &#147;Proposal 1 &#151; Approval of The Plan of Conversion and Reorganization,&#148; &#147;Proposal 2 &#151;
Adjournment of the Special Meeting,&#148; &#147;Proposals 3a through 3c &#151; Informational Proposals Related to
the Certificate of Incorporation of Northfield-Delaware&#148; and the consolidated financial statements
and the notes to the consolidated financial statements.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Special Meeting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Date, Time and Place. </B>Northfield Bancorp, Inc. will hold its special meeting of stockholders
at &#091;meeting location&#093;, on &#091;meeting date&#093;, at &#091;meeting time&#093;, Eastern Time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Proposals. </B>Stockholders will be voting on the following proposals at the special meeting:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The approval of a plan of conversion and reorganization whereby: (a)&nbsp;Northfield
Bancorp, MHC and Northfield Bancorp, Inc., a federal corporation, will convert and
reorganize from the mutual holding company structure to the stock holding company
structure; (b)&nbsp;Northfield Bancorp, Inc., a Delaware corporation
(&#147;Northfield-Delaware&#148;), will become the new stock holding company of Northfield Bank;
(c)&nbsp;the outstanding shares of Northfield Bancorp, Inc., other than those held by
Northfield Bancorp, MHC, will be converted into shares of common stock of
Northfield-Delaware; and (d)&nbsp;Northfield-Delaware will offer shares of its common stock
for sale in a subscription offering, a community offering and, if necessary, a
syndicated community offering;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The approval of the adjournment of the special meeting, if necessary, to
solicit additional proxies in the event that there are not sufficient votes at the time
of the special meeting to approve the plan of conversion; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following informational proposals:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="margin-left:18px; text-indent:-18px">3a. Approval of a provision in Northfield-Delaware&#146;s certificate of
incorporation requiring a super-majority vote of stockholders to approve certain
amendments to Northfield-Delaware&#146;s certificate of incorporation;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="margin-left:18px; text-indent:-18px">3b. Approval of a provision in Northfield-Delaware&#146;s certificate of
incorporation requiring a super-majority vote of stockholders to approve
stockholder-proposed amendments to Northfield-Delaware&#146;s bylaws;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="margin-left:18px; text-indent:-18px">3c. Approval of a provision in Northfield-Delaware&#146;s certificate of
incorporation to limit the voting rights of shares beneficially owned in excess
of 10% of Northfield-Delaware&#146;s outstanding voting stock; and</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such other business that may properly come before the meeting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of Northfield-Delaware&#146;s certificate of incorporation that are summarized as
informational proposals 3a through 3c were approved as part of the process in which our board of
directors approved the plan of conversion. These proposals are informational in nature only,
because the Office of Thrift Supervision&#146;s regulations governing mutual-to-stock conversions do not
provide for votes on matters other than the plan of conversion. While we are asking you to vote
with respect to each of the informational proposals listed above, the proposed provisions for which
an informational vote is requested will become effective if stockholders approve the plan of
conversion, regardless of whether stockholders vote to approve any or all of the informational
proposals. The provisions of Northfield-Delaware&#146;s certificate of incorporation that are summarized
as informational proposals may have the effect of deterring or rendering more difficult attempts by
third parties to obtain control of Northfield-Delaware, if
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; width: 99%; border: 1px solid black; padding: 11px">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such attempts are not approved by the board of directors, or may make the removal of the board of
directors or management, or the appointment of new directors, more difficult.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Vote Required for Approval of Proposals by the Stockholders of Northfield Bancorp, Inc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Proposal 1: Approval of the Plan of Conversion. </B>We must obtain the affirmative vote of the
holders of (i)&nbsp;two-thirds of the total number of votes entitled to be cast at the special meeting
by Northfield Bancorp, Inc. stockholders, including shares held by Northfield Bancorp, MHC, and
(ii)&nbsp;a majority of the total number of votes entitled to be cast at the special meeting by
Northfield Bancorp, Inc. stockholders other than Northfield Bancorp, MHC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposal 1 must also be approved by the depositors of Northfield Bank at a special meeting of
depositors called for that purpose. Depositors will receive separate informational materials from
Northfield Bancorp, MHC regarding the conversion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Proposal 2: Approval of the adjournment of the special meeting. </B>We must obtain the
affirmative vote of at least a majority of the votes cast by Northfield Bancorp, Inc. stockholders
at the special meeting to adjourn the special meeting, if necessary, to solicit additional proxies
in the event that there are not sufficient votes at the time of the special meeting to approve the
proposal to approve the plan of conversion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Informational Proposals 3a through 3c. </B>The provisions of Northfield-Delaware&#146;s certificate of
incorporation that are summarized as informational proposals were approved as part of the process
in which the board of directors of Northfield Bancorp, Inc. approved the plan of conversion. These
proposals are informational in nature only, because the Office of Thrift Supervision&#146;s regulations
governing mutual-to-stock conversions do not provide for votes on matters other than the plan of
conversion. While we are asking you to vote with respect to each of the informational proposals
listed above, the proposed provisions for which an informational vote is requested will become
effective if stockholders approve the plan of conversion, regardless of whether stockholders vote
to approve any or all of the informational proposals. The provisions of Northfield-Delaware&#146;s
certificate of incorporation that are summarized as informational proposals may have the effect of
deterring or rendering more difficult attempts by third parties to obtain control of
Northfield-Delaware, if such attempts are not approved by the board of directors, or may make the
removal of the board of directors or management, or the appointment of new directors, more
difficult.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Other Matters. </B>We must obtain the affirmative vote of the majority of the votes cast by
holders of outstanding shares of common stock of Northfield Bancorp, Inc. At this time, we know of
no other matters that may be presented at the special meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Revocability of Proxies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may revoke your proxy at any time before the vote is taken at the special meeting. To
revoke your proxy, you must advise the corporate secretary of Northfield Bancorp, Inc. in writing
before your common stock has been voted at the special meeting, deliver a later-dated proxy or
attend the special meeting and vote your shares in person. Attendance at the special meeting will
not in itself constitute revocation of your proxy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Vote by Northfield Bancorp, MHC</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management anticipates that Northfield Bancorp, MHC, our majority stockholder, will vote all
of its shares of common stock in favor of all the matters set forth above. If Northfield Bancorp,
MHC votes all of its shares in favor of each proposal, the approval of the adjournment of the
special meeting, if necessary, would be assured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of &#091;stockholder record date&#093; the directors and executive officers of Northfield Bancorp,
Inc. beneficially owned &#95;&#95;&#95; shares, or approximately &#95;&#95;&#95;% of the outstanding shares of
Northfield Bancorp, Inc. common stock, and Northfield Bancorp, MHC owned &#95;&#95;&#95; shares, or
approximately 56.4% of the outstanding shares of Northfield Bancorp, Inc. common stock.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; width: 99%; border: 1px solid black; padding: 11px">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Vote Recommendations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Your board of directors unanimously recommends that you vote &#147;FOR&#148; the plan of conversion,
&#147;FOR&#148; the adjournment of the special meeting, if necessary, and &#147;FOR&#148; the Informational Proposals
3a through 3c.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Companies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;Same as the prospectus&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Plan of Conversion and Reorganization</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Boards of Directors of Northfield Bancorp, Inc., Northfield Bancorp, MHC, Northfield Bank
and Northfield-Delaware have adopted a plan of conversion pursuant to which Northfield Bank will
reorganize from a mutual holding company structure to a stock holding company structure. Public
stockholders of Northfield Bancorp, Inc. will receive shares in Northfield-Delaware in exchange for
their shares of Northfield Bancorp, Inc. common stock based on an exchange ratio. See &#147;&#151;Exchange
Ratio.&#148; This conversion to a stock holding company structure also includes the offering by
Northfield-Delaware of shares of its common stock to eligible depositors of Northfield Bank and to
the public, including Northfield Bancorp, Inc. stockholders, in a subscription offering and, if
necessary, in a community offering and/or syndicated community offering. Following the conversion
and offering, Northfield Bancorp, MHC and Northfield Bancorp, Inc. will no longer exist, and
Northfield-Delaware will be the parent company of Northfield Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The conversion and offering cannot be completed unless the stockholders of Northfield Bancorp,
Inc. approve the plan of conversion. Northfield Bancorp, Inc.&#146;s stockholders will vote on the plan
of conversion at Northfield Bancorp, Inc.&#146;s special meeting. This document is the proxy statement
used by Northfield Bancorp, Inc.&#146;s board of directors to solicit proxies for the special meeting.
It is also the prospectus of Northfield-Delaware regarding the shares of Northfield-Delaware common
stock to be issued to Northfield Bancorp, Inc.&#146;s stockholders in the share exchange. This document
does not serve as the prospectus relating to the offering by Northfield-Delaware of its shares of
common stock in the subscription offering and any community offering or syndicated community
offering, which will be made pursuant to a separate prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Our Current Organizational Structure</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Same as the prospectus&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reasons for the Conversion</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Same as the prospectus&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conditions to Completion of the Conversion</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Same as the prospectus&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Exchange Ratio</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Same as the prospectus&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Exchange of Stock Certificates</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Same as the prospectus&#093;
</DIV>





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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; width: 99%; border: 1px solid black; padding: 11px">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How We Determined the Offering Range, the Exchange Ratio and the $10.00 Per Share Stock Price</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Same as the prospectus&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How We Intend to Use the Proceeds From the Offering</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Same as the prospectus&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Our Dividend Policy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Same as the prospectus&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Purchases and Ownership by Officers and Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Same as the prospectus&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Benefits to Management and Potential Dilution to Stockholders Resulting from the Conversion</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Same as the prospectus&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Market for Common Stock</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Same as the prospectus&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Tax Consequences</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Same as the prospectus&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Changes in Stockholders&#146; Rights for Existing Stockholders of Northfield Bancorp, Inc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the conversion, existing stockholders of Northfield Bancorp, Inc. will become
stockholders of Northfield-Delaware. Some rights of stockholders of Northfield-Delaware will be
reduced compared to the rights stockholders currently have in Northfield Bancorp, Inc. The
reduction in stockholder rights results from differences between the federal and Delaware charters
and bylaws, and from distinctions between federal and Delaware law. Many of the differences in
stockholder rights under the certificate of incorporation and bylaws of Northfield-Delaware are not
mandated by Delaware law but have been chosen by management as being in the best interests of
Northfield-Delaware and all of its stockholders. The differences in stockholder rights in the
certificate of incorporation and bylaws of Northfield-Delaware include the following: (i)&nbsp;approval
by at least 85% of outstanding shares required to amend certain provisions of the certificate of
incorporation; (ii)&nbsp;a limitation on the right to vote shares beneficially owned in excess of 10% of
outstanding shares; (iii)&nbsp;approval by at least 80% of outstanding shares required to approve
stockholder-proposed amendments to the bylaws; (iv)&nbsp;greater lead time required for stockholders to
submit proposals for new business or to nominate directors; and (v)&nbsp;stockholders&#146; inability to call
special meetings of stockholders. See &#147;Comparison of Stockholders&#146; Rights For Existing Stockholders
of Northfield Bancorp, Inc.&#148; for a discussion of these differences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dissenters&#146; Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders of Northfield Bancorp, Inc. do not have dissenters&#146; rights in connection with the
conversion and offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Important Risks in Owning Northfield-Delaware&#146;s Common Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before you decide to purchase stock, you should read the &#147;Risk Factors&#148; section beginning on
page 10 of this proxy statement/prospectus.
</DIV>






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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="164"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RISK FACTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>You should consider carefully the following risk factors when deciding how to vote on the
conversion and before purchasing shares of Northfield-Delaware common stock.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Related to Our Business</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Same as the prospectus&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Related to the Offering and the Exchange</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The market value of Northfield-Delaware common stock received in the share exchange may be less
than the market value of Northfield Bancorp, Inc. common stock exchanged.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of shares of Northfield-Delaware common stock you receive will be based on an
exchange ratio that will be determined as of the date of completion of the conversion and offering.
The exchange ratio will be based on the percentage of Northfield Bancorp, Inc. common stock held by
the public prior to the completion of the conversion and offering, the final independent appraisal
of Northfield-Delaware common stock prepared by RP Financial, LC. and the number of shares of
common stock sold in the offering. The exchange ratio will ensure that existing public stockholders
of Northfield Bancorp, Inc. common stock will own the same percentage of Northfield-Delaware common
stock after the conversion and offering as they owned of Northfield Bancorp, Inc. common stock
immediately prior to completion of the conversion and offering (excluding any new shares purchased
by them in the offering and their receipt of cash in lieu of fractional exchange shares). The
exchange ratio will not depend on the market price of Northfield Bancorp, Inc. common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange ratio ranges from 1.2073 shares at the minimum and 1.6334 shares at the maximum
(or 1.8784 at the adjusted maximum) of the offering range of Northfield-Delaware common stock per
share of Northfield Bancorp, Inc. common stock. Shares of Northfield-Delaware common stock issued
in the share exchange will have an initial value of $10.00 per share. Depending on the exchange
ratio and the market value of Northfield Bancorp, Inc. common stock at the time of the exchange,
the initial market value of the Northfield-Delaware common stock that you receive in the share
exchange could be less than the market value of the Northfield Bancorp, Inc. common stock that you
currently own. Based on the most recent closing price of Northfield Bancorp, Inc. common stock
prior to the date of this proxy statement/prospectus, which was $&#95;&#95;&#95;, unless at least &#95;&#95;&#95;
shares of Northfield-Delaware common stock are sold in the offering (which is between the
&#95;&#95;&#95; and the &#95;&#95;&#95;of the offering range), the initial value of the
Northfield-Delaware common stock you receive in the share exchange would be less than the market
value of the Northfield Bancorp, Inc. common stock you currently own.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Remaining risks same as the prospectus&#093;
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION ABOUT THE SPECIAL MEETING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement/prospectus is being furnished to you in connection with the solicitation
by the board of directors of Northfield Bancorp, Inc. of proxies to be voted at the special meeting
of stockholders to be held at &#091;meeting location&#093;, on &#091;meeting date&#093;, at &#091;meeting time&#093;, Eastern
Time, and any adjournment or postponement thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the special meeting is to consider and vote upon the Plan of Conversion and
Reorganization of Northfield Bancorp, MHC (referred to herein as the &#147;plan of conversion&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, stockholders will vote on a proposal to approve the adjournment of the special
meeting, if necessary, to solicit additional proxies in the event that there are not sufficient
votes at the time of the special meeting to approve the proposal. Stockholders also will vote on
informational proposals with respect to the certificate of incorporation of Northfield-Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Voting in favor of or against the plan of conversion includes a vote for or against the
conversion of Northfield Bancorp, MHC to a stock holding company as contemplated by the plan of
conversion. Voting in favor of the plan of conversion will not obligate you to purchase any shares
of common stock in the offering and will not affect the balance, interest rate or federal deposit
insurance of any deposits at Northfield Bank.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Who Can Vote at the Meeting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are entitled to vote your Northfield Bancorp, Inc. common stock if our records show that
you held your shares as of the close of business on &#091;voting record date&#093;. If your shares are held
in a stock brokerage account or by a bank or other nominee, you are considered the beneficial owner
of shares held in street name and these proxy materials are being forwarded to you by your broker
or nominee. As the beneficial owner, you have the right to direct your broker or nominee how to
vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the close of business on &#091;voting record date&#093;, there were &#95;&#95;&#95; shares of
Northfield Bancorp, Inc. common stock outstanding. Each share of common stock has one vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Attending the Meeting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a stockholder as of the close of business on &#091;voting record date&#093;, you may attend
the meeting. However, if you hold your shares in street name, you will need proof of ownership to
be admitted to the meeting. A recent brokerage statement or a letter from a bank or broker are
examples of proof of ownership. If you want to vote your shares of Northfield Bancorp, Inc. common
stock held in street name in person at the meeting, you will have to get a written proxy in your
name from the broker, bank or other nominee who holds your shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Quorum; Vote Required</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The special meeting will be held only if there is a quorum. A quorum exists if a majority of
the outstanding shares of common stock entitled to vote, represented in person or by proxy, is
present at the meeting. If you return valid proxy instructions or attend the meeting in person,
your shares will be counted for purposes of determining whether there is a quorum, even if you
abstain from voting. Broker non-votes also will be counted for purposes of determining the
existence of a quorum. A broker non-vote occurs when a broker, bank or other nominee holding
shares for a beneficial owner does not vote on a particular proposal because the nominee does not
have discretionary voting power with respect to that item and has not received voting instructions
from the beneficial owner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Proposal 1: Approval of the Plan of Conversion and Reorganization. </B>We must obtain the
affirmative vote of the holders of (i)&nbsp;two-thirds of the outstanding common stock of Northfield
Bancorp, Inc. entitled to be cast at the special meeting, including shares held by Northfield
Bancorp, MHC, and (ii)&nbsp;a majority of the outstanding shares of common stock of Northfield Bancorp,
Inc. entitled to be cast at the special meeting, other than shares held by Northfield Bancorp, MHC.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Proposal 2: Approval of the adjournment of the special meeting. </B>We must obtain the
affirmative vote of at least a majority of the votes cast by Northfield Bancorp, Inc. stockholders
entitled to vote at the special meeting to adjourn the special meeting, if necessary, to solicit
additional proxies in the event that there are not sufficient votes at the time of the special
meeting to approve the proposal to approve the plan of conversion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Informational Proposals 3a through 3c: Approval of certain provisions in
Northfield-Delaware&#146;s certificate of incorporation. </B>The provisions of Northfield-Delaware&#146;s
certificate of incorporation that are summarized as informational proposals were approved as part
of the process in which the board of directors of Northfield Bancorp, Inc. approved the plan of
conversion. These proposals are informational in nature only, because the Office of Thrift
Supervision&#146;s regulations governing mutual-to-stock conversions do not provide for votes on matters
other than the plan of conversion. While we are asking you to vote with respect to each of the
informational proposals, the proposed provisions for which an informational vote is requested will
become effective if stockholders approve the plan of conversion, regardless of whether stockholders
vote to approve any or all of the informational proposals. The provisions of Northfield-Delaware&#146;s
certificate of incorporation that are summarized as informational proposals may have the effect of
deterring or rendering more difficult attempts by third parties to obtain control of
Northfield-Delaware, if such attempts are not approved by the board of directors, or may make the
removal of the board of directors or management, or the appointment of new directors, more
difficult.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Other Matters. </B>We must obtain the affirmative vote of the majority of the votes cast by
holders of outstanding shares of common stock of Northfield Bancorp, Inc. At this time, we know of
no other matters that may be presented at the special meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shares Held by Northfield Bancorp, MHC and Our Officers and Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of &#091;voting record date&#093;, Northfield Bancorp, MHC beneficially owned 24,641,684 shares of
Northfield Bancorp, Inc. common stock. This equals approximately 56.4% of our outstanding shares.
We expect that Northfield Bancorp, MHC will vote all of its shares in favor of Proposal 1&#151;Approval
of the Plan of Conversion and Reorganization, Proposal 2&#151;Approval of the adjournment of the special
meeting, and Informational Proposals 3a through 3c.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of &#091;voting record date&#093;, our officers and directors beneficially owned &#95;&#95;&#95; shares of
Northfield Bancorp, Inc. common stock. This equals &#95;&#95;&#95;% of our outstanding shares and &#95;&#95;&#95;% of
shares held by persons other than Northfield Bancorp, MHC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voting by Proxy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors is sending you this proxy statement/prospectus to request that you
allow your shares of Northfield Bancorp, Inc. common stock to be represented at the special meeting
by the persons named in the enclosed proxy card. All shares of Northfield Bancorp, Inc. common
stock represented at the meeting by properly executed and dated proxies will be voted according to
the instructions indicated on the proxy card. If you sign, date and return a proxy card without
giving voting instructions, your shares will be voted as recommended by our board of directors.
Our board of directors recommends that you vote <B>&#147;FOR&#148; </B>approval of the plan of conversion, <B>&#147;FOR&#148;</B>
approval of the adjournment of the special meeting, if necessary, and <B>&#147;FOR&#148; </B>each of the
Informational Proposals 3a through 3c.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any matters not described in this proxy statement/prospectus are properly presented at the
special meeting, the board of directors will use their judgment to determine how to vote your
shares. We do not know of any other matters to be presented at the special meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If your Northfield Bancorp, Inc. common stock is held in street name, you will receive
instructions from your broker, bank or other nominee that you must follow to have your shares
voted. Your broker, bank or other nominee may allow you to deliver your voting instructions via
the telephone or the Internet. Please see the instruction form provided by your broker, bank or
other nominee that accompanies this proxy statement/prospectus.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Revocability of Proxies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may revoke your proxy at any time before the vote is taken at the special meeting. To
revoke your proxy, you must advise the corporate secretary of Northfield Bancorp, Inc. in writing
before your common stock has been voted at the special meeting, deliver a later-dated proxy or
attend the special meeting and vote your shares in person. Attendance at the special meeting will
not in itself constitute revocation of your proxy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Solicitation of Proxies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement/prospectus and the accompanying proxy card are being furnished to you in
connection with the solicitation of proxies for the special meeting by the board of directors.
Northfield Bancorp, Inc. will pay the costs of soliciting proxies from its stockholders. To the
extent necessary to permit approval of the plan of conversion and the other proposals being
considered, Laurel Hill Advisory Group, LLC, our proxy solicitor, and directors, officers or
employees of Northfield Bancorp, Inc. and Northfield Bank may solicit proxies by mail, telephone
and other forms of communication. We will reimburse such persons for their reasonable
out-of-pocket expenses incurred in connection with such solicitation. For its services as
information agent and stockholder proxy solicitor, we will pay Laurel Hill Advisory Group, LLC
$&#95;&#95;&#95; for stockholder solicitation services and $&#95;&#95;&#95; for stockholder information agent
services plus out-of-pocket expenses and charges for telephone calls made and received in
connection with the solicitation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will also reimburse banks, brokers, nominees and other fiduciaries for the expenses they
incur in forwarding the proxy materials to you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Participants in the Employee Stock Ownership Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you participate in Northfield Bank Employee Stock Ownership Plan, you will receive a voting
instruction form that reflects all shares you may direct the trustees to vote on your behalf under
the plan. Under the terms of the Employee Stock Ownership Plan, the Employee Stock Ownership Plan
trustee votes all shares held by the Employee Stock Ownership Plan, but each Employee Stock
Ownership Plan participant may direct the trustee how to vote the shares of common stock allocated
to his or her account. The Employee Stock Ownership Plan trustee, subject to the exercise of its
fiduciary duties, will vote all unallocated shares of Northfield Bancorp, Inc. common stock held by
the ESOP and allocated shares for which no voting instructions are received in the same proportion
as shares for which it has received timely voting instructions. The deadline for returning your
voting instructions to the plan&#146;s trustee is &#95;&#95;&#95;, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Participants in the 401(k) Plan</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold shares of common stock through the Northfield Bank 401(k) Savings Plan (&#147;401(k)
Plan&#148;), you will receive a voting instruction form that reflects all shares that you may direct the
trustee to vote on your behalf under the 401(k) Plan. Under the terms of the 401(k) Plan, a
participant is entitled to direct the trustee as to how to vote his or her interest in any shares
of common stock held by the Northfield Bancorp, Inc. Stock Fund. The trustee will vote all shares
for which no directions are given, or for which instructions were not timely received, in the same
proportion as the shares for which the trustee received voting instructions. The deadline for
returning your voting instructions to the 401(k) Plan&#146;s trustee is &#95;&#95;&#95;, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Recommendation of the Board of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The board of directors recommends that you promptly sign and mark the enclosed proxy in favor
of the above described proposals, including the adoption of the plan of conversion, and promptly
return it in the enclosed envelope. Voting the proxy card will not prevent you from voting in
person at the special meeting. For information on submitting your proxy, please refer to the
instructions on the enclosed proxy card.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Your prompt vote is very important. Failure to vote will have the same effect as voting
against the plan of conversion.</B>
</DIV>

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<DIV align="left">
<A name="165"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROPOSAL 1 &#151; APPROVAL OF THE PLAN OF CONVERSION AND REORGANIZATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of Northfield Bancorp, Inc. and the board of trustees of Northfield
Bancorp, MHC have approved the Plan of Conversion and Reorganization of Northfield Bancorp, MHC,
referred to herein as the &#147;plan of conversion.&#148; The plan of conversion must also be approved by
the depositors of Northfield Bank and the stockholders of Northfield Bancorp, Inc. A special
meeting of depositors and a special meeting of stockholders have been called for this purpose. The
Office of Thrift Supervision has conditionally approved the plan of conversion; however, such
conditional approval does not constitute a recommendation or endorsement of the plan of conversion
by the Office of Thrift Supervision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>General</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the plan of conversion, our organization will convert from the mutual holding
company form of organization to the fully stock form. Currently, Northfield Bank is a wholly-owned
subsidiary of Northfield Bancorp, Inc. and Northfield Bancorp, MHC owns approximately 56.4% of
Northfield Bancorp, Inc.&#146;s common stock. The remaining 43.6% of Northfield Bancorp, Inc.&#146;s common
stock is owned by public stockholders. As a result of the conversion, a newly formed company,
Northfield-Delaware, will become the holding company of Northfield Bank. Each share of Northfield
Bancorp, Inc. common stock owned by the public will be exchanged for between 1.2073 shares at the
minimum and 1.6334 shares at the maximum of the offering range (or 1.8784 at the adjusted maximum
of the offering range) of Northfield-Delaware common stock, so that Northfield Bancorp, Inc.&#146;s
existing public stockholders will own the same percentage of Northfield-Delaware common stock as
they owned of Northfield Bancorp, Inc.&#146;s common stock immediately prior to the conversion
(excluding any new shares purchased by them in the offering and their receipt of cash in lieu of
fractional exchange shares). The actual number of shares that you will receive will depend on the
percentage of Northfield Bancorp, Inc. common stock held by the public immediately prior to the
completion of the conversion, the final independent appraisal of Northfield-Delaware and the number
of shares of Northfield-Delaware common stock sold in the offering described in the following
paragraph. It will not depend on the market price of Northfield Bancorp, Inc. common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concurrently with the exchange offer, Northfield-Delaware is offering up to 40,250,000 shares
of common stock (subject to increase to up to 46,287,500 shares) for, representing the 56.4%
ownership interest of Northfield Bancorp, MHC in Northfield Bancorp, Inc., to eligible depositors
and to the public at a price of $10.00 per share. After the conversion and offering are completed,
Northfield Bank will be a wholly-owned subsidiary of Northfield-Delaware, and 100% of the common
stock of Northfield-Delaware will be owned by public stockholders. As a result of the conversion
and offering, Northfield Bancorp, Inc. and Northfield Bancorp, MHC will cease to exist.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield-Delaware intends to contribute between $143.5&nbsp;million and $194.5&nbsp;million of net
proceeds, or $223.8&nbsp;million if the offering range is increased by 15%, to the Northfield Bank and
to retain between $131.6&nbsp;million and $178.4&nbsp;million of the net proceeds, or $205.2&nbsp;million if the
offering range is increased by 15%. The conversion will be consummated only upon the issuance of
at least the minimum number of shares of our common stock offered pursuant to the plan of
conversion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The plan of conversion provides that we will offer shares of common stock in a &#147;subscription
offering&#148; in the following descending order of priority:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>First, to depositors with accounts at Northfield Bank with aggregate balances
of at least $50 at the close of business on March&nbsp;31, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Second, to our tax-qualified employee benefit plans (including Northfield
Bank&#146;s employee stock ownership plan and 401(k) plan), which will receive, without
payment therefor, nontransferable subscription rights to purchase in the aggregate up
to 10% of the shares of common stock sold in the offering. We expect our employee
stock ownership plan to purchase 4% of the shares of common stock sold in the stock
offering, although we reserve the right to have the employee stock ownership plan
purchase more than 4% of the shares sold in the offering to the extent necessary to
complete the offering at the minimum of the offering range.</TD>
</TR>




</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Third, to depositors with accounts at Northfield Bank with aggregate
balances of at least $50 at the close of business on June&nbsp;30, 2010.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fourth, to depositors of Northfield Bank at the close of business on &#091;deposit
record date&#093;.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of common stock not purchased in the subscription offering may be offered for sale to
the general public in a &#147;community offering,&#148; with a preference given first to natural persons
(including trusts of natural persons) residing in the New Jersey Counties of Bergen, Essex, Hudson,
Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex and Union, the New York
Counties of Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk and
Westchester, and Pike County, Pennsylvania, and then to Northfield Bancorp, Inc.&#146;s public
stockholders as of &#091;stockholder record date&#093;. The community offering is expected to begin
concurrently with the subscription offering. We also may offer for sale shares of common stock not
purchased in the subscription offering or community offering through a &#147;syndicated community
offering&#148; managed by Sandler O&#146;Neill &#038; Partners, L.P. We have the right to accept or reject, in
our sole discretion, orders received in the community offering or syndicated community offering.
Any determination to accept or reject stock orders in the community offering and the syndicated
community offering will be based on the facts and circumstances available to management at the time
of the determination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The syndicated community offering may begin at any time following the commencement of the
subscription offering and must be completed within 45&nbsp;days after the completion of the subscription
offering unless otherwise extended by us, with approval of the Office of Thrift Supervision. See
"&#151;Syndicated Community Offering.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We determined the number of shares of common stock to be offered in the offering based upon an
independent valuation of the estimated pro forma market value of Northfield-Delaware. All shares
of common stock to be sold in the offering will be sold at $10.00 per share. Investors will not be
charged a commission to purchase shares of common stock in the offering. The independent valuation
will be updated and the final number of shares of common stock to be issued in the offering will be
determined at the completion of the offering. See &#147;&#151;Stock Pricing and Number of Shares to be
Issued&#148; for more information as to the determination of the estimated pro forma market value of the
common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the plan of conversion is available for inspection at each branch office of
Northfield Bank and at the Northeast Regional and the Washington, D.C. offices of the Office of
Thrift Supervision. The plan of conversion is also filed as an exhibit to Northfield Bancorp, MHC&#146;s
application to convert from mutual to stock form of which this proxy statement/prospectus is a
part, copies of which may be obtained from the Office of Thrift Supervision. The plan of conversion
is also filed as an exhibit to the registration statement we have filed with the Securities and
Exchange Commission, of which this proxy statement/prospectus is a part, copies of which may be
obtained from the Securities and Exchange Commission or online at the Securities and Exchange
Commission&#146;s website. See &#147;Where You Can Find Additional Information.&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The board of directors recommends that you vote &#147;FOR&#148; the Plan of Conversion and Reorganization of
Northfield Bancorp, MHC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;remainder of section same as section of Prospectus entitled &#147;The Conversion and Offering&#148;
</DIV>

<DIV align="left">
<A name="166"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROPOSAL 2 &#151; ADJOURNMENT OF THE SPECIAL MEETING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there are not sufficient votes to constitute a quorum or to approve the plan of conversion
at the time of the special meeting, the proposals may not be approved unless the special meeting is
adjourned to a later date or dates in order to permit further solicitation of proxies. In order to
allow proxies that have been received by
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Northfield Bancorp, Inc. at the time of the special meeting to be voted for an adjournment, if
necessary, Northfield Bancorp, Inc. has submitted the question of adjournment to its stockholders
as a separate matter for their consideration. The board of directors of Northfield Bancorp, Inc.
recommends that stockholders vote &#147;FOR&#148; the adjournment proposal. If it is necessary to adjourn
the special meeting, no notice of the adjourned special meeting is required to be given to
stockholders (unless the adjournment is for more than 30&nbsp;days or if a new record date is fixed),
other than an announcement at the special meeting of the hour, date and place to which the special
meeting is adjourned.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The board of directors recommends that you vote &#147;FOR&#148; the adjournment of the special meeting,
if necessary, to solicit additional proxies in the event that there are not sufficient votes at the
time of the special meeting to approve the plan of conversion.</B>
</DIV>
<DIV align="left">
<A name="167"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROPOSALS 3a THROUGH 3c &#151; INFORMATIONAL PROPOSALS RELATED TO THE<BR>
CERTIFICATE OF INCORPORATION OF NORTHFIELD-DELAWARE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By their approval of the plan of conversion as set forth in Proposal 1, the board of directors
of Northfield Bancorp, Inc. has approved each of the informational proposals numbered 3a through
3c, all of which relate to provisions included in the certificate of incorporation of
Northfield-Delaware. Each of these informational proposals is discussed in more detail below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the conversion, the public stockholders of Northfield Bancorp, Inc., whose
rights are presently governed by the charter and bylaws of Northfield Bancorp, Inc., will become
stockholders of Northfield-Delaware, whose rights will be governed by the certificate of
incorporation and bylaws of Northfield-Delaware. The following informational proposals address the
material differences between the governing documents of the two companies. This discussion is
qualified in its entirety by reference to the charter and bylaws of Northfield Bancorp, Inc. and
the certificate of incorporation and bylaws of Northfield-Delaware. See &#147;Where You Can Find
Additional Information&#148; for procedures for obtaining a copy of those documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of Northfield-Delaware&#146;s certificate of incorporation that are summarized as
informational proposals 3a through 3c were approved as part of the process in which the board of
directors of Northfield Bancorp, Inc. approved the plan of conversion. These proposals are
informational in nature only, because the Office of Thrift Supervision&#146;s regulations governing
mutual-to-stock conversions do not provide for votes on matters other than the plan of conversion.
Northfield Bancorp, Inc.&#146;s stockholders are not being asked to approve these informational
proposals at the special meeting. While we are asking you to vote with respect to each of the
informational proposals set forth below, the proposed provisions for which an informational vote is
requested will become effective if stockholders approve the plan of conversion, regardless of
whether stockholders vote to approve any or all of the informational proposals. The provisions of
Northfield-Delaware&#146;s certificate of incorporation and bylaws that are summarized as informational
proposals may have the effect of deterring or rendering more difficult attempts by third parties to
obtain control of Northfield-Delaware, if such attempts are not approved by the board of directors,
or may make the removal of the board of directors or management, or the appointment of new
directors, more difficult.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Informational Proposal 3a. &#151; Approval of a Provision in Northfield-Delaware&#146;s Certificate of
Incorporation Requiring a Super-Majority Vote to Amend Certain Provisions of the Certificate of
Incorporation of Northfield-Delaware. </B>No amendment of the charter of Northfield Bancorp, Inc. may
be made unless it is first proposed by the board of directors, then preliminarily approved by the
Office of Thrift Supervision, and thereafter approved by the holders of a majority of the total
votes eligible to be cast at a legal meeting. The certificate of incorporation of
Northfield-Delaware may generally be amended, upon the submission of an amendment by the board of
directors to a vote of the stockholders, by the affirmative vote of at least two-thirds of the
outstanding shares of common stock, or by the affirmative vote of a majority of the outstanding
shares of common stock if at least two-thirds of the members of the whole board of directors
approves such amendment; provided, however, that any amendment of Article&nbsp;ELEVENTH, Section&nbsp;C of
Article&nbsp;FOURTH, Sections&nbsp;C or D of Article&nbsp;FIFTH, Article&nbsp;SIXTH, or Article&nbsp;SEVENTH must be
approved by the affirmative vote of the holders of at least 85% of the outstanding shares entitled
to vote, except that the board of directors may amend the certificate of incorporation without any
action by the stockholders to increase or decrease the aggregate number of shares of capital stock.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These limitations on amendments to specified provisions of Northfield-Delaware&#146;s certificate
of incorporation are intended to ensure that the referenced provisions are not limited or changed
upon a simple majority vote. While this limits the ability of stockholders to amend those
provisions, Northfield Bancorp, MHC, as a 56.4% stockholder, currently can effectively block any
stockholder proposed change to the charter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The requirement of a super-majority stockholder vote to amend specified provisions of
Northfield-Delaware&#146;s certificate of incorporation could have the effect of discouraging a tender
offer or other takeover attempt where the ability to make fundamental changes through amendments to
the certificate of incorporation is an important element of the takeover strategy of the potential
acquiror. The board of directors believes that the provisions limiting certain amendments to the
certificate of incorporation will put the board of directors in a stronger position to negotiate
with third parties with respect to transactions potentially affecting the corporate structure of
Northfield-Delaware and the fundamental rights of its stockholders, and to preserve the ability of
all stockholders to have an effective voice in the outcome of such matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The board of directors recommends that you vote &#147;FOR&#148; the approval of a provision in
Northfield-Delaware&#146;s certificate of incorporation requiring a super-majority vote to approve
certain amendments to Northfield-Delaware&#146;s certificate of incorporation.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Informational Proposal 3b. &#151; Approval of a Provision in Northfield-Delaware&#146;s Certificate of
Incorporation Requiring a Super-Majority Vote of Stockholders to Approve Stockholder Proposed
Amendments to Northfield-Delaware&#146;s Bylaws. </B>An amendment to Northfield Bancorp, Inc.&#146;s bylaws
proposed by stockholders must be approved by the holders of a majority of the total votes eligible
to be cast at a legal meeting subject to applicable approval by the Office of Thrift Supervision.
The certificate of incorporation of Northfield-Delaware provides that stockholders may only amend
the bylaws if such proposal is approved by the affirmative vote of the holders of at least 80% of
the outstanding shares entitled to vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The requirement of a super-majority stockholder vote to amend the bylaws of
Northfield-Delaware is intended to ensure that the bylaws are not limited or changed upon a simple
majority vote of stockholders. While this limits the ability of stockholders to amend the bylaws,
Northfield Bancorp, MHC, as a 56.4% stockholder, currently can effectively block any stockholder
proposed change to the bylaws. Also, the board of directors of both Northfield Bancorp, Inc. and
Northfield-Delaware may by a majority vote amend either company&#146;s bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This provision in Northfield-Delaware&#146;s certificate of incorporation could have the effect of
discouraging a tender offer or other takeover attempt where the ability to make fundamental changes
through amendments to the bylaws is an important element of the takeover strategy of the potential
acquiror. The board of directors believes that the provision limiting amendments to the bylaws will
put the board of directors in a stronger position to negotiate with third parties with respect to
transactions potentially affecting the corporate structure of Northfield-Delaware and the
fundamental rights of its stockholders, and to preserve the ability of all stockholders to have an
effective voice in the outcome of such matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The board of directors recommends that you vote &#147;FOR&#148; the approval of the provision in
Northfield-Delaware&#146;s certificate of incorporation requiring a super-majority vote of stockholders
to approve stockholder proposed amendments to Northfield-Delaware&#146;s bylaws.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Informational Proposal 3c. &#151; Approval of a Provision in Northfield-Delaware&#146;s Certificate of
incorporation to Limit the Voting Rights of Shares Beneficially Owned in Excess of 10% of
Northfield-Delaware&#146;s Outstanding Voting Stock. </B>The certificate of incorporation of
Northfield-Delaware provide that in no event shall any person, who directly or indirectly
beneficially owns in excess of 10% of the then-outstanding shares of common stock as of the record
date for the determination of stockholders entitled or permitted to vote on any matter, be entitled
or permitted to any vote in respect of the shares held in excess of the 10% limit. Beneficial
ownership is determined pursuant to the federal securities laws and includes, but is not limited
to, shares as to which any person and his or her affiliates (i)&nbsp;have the right to acquire pursuant
to any agreement, arrangement or understanding or upon the exercise of conversion rights, exchange
rights, warrants or options and (ii)&nbsp;have or share investment or voting power (but shall not be
deemed the beneficial owner of any voting shares solely by reason of a
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">revocable proxy granted for a particular meeting of stockholders, and that are not otherwise
beneficially, or deemed by Northfield-Delaware to be beneficially, owned by such person and his or
her affiliates).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing restriction does not apply to any employee benefit plans of Northfield-Delaware
or any subsidiary or a trustee of a plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amended and restated charter of Northfield Bank will provide that, for a period of five
years from the effective date of the conversion, no person shall directly or indirectly offer to
acquire or acquire more than 10% of the then-outstanding shares of common stock. The foregoing
restriction does not apply to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the purchase of shares by underwriters in connection with a public offering; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the purchase of shares by any employee benefit plans of Northfield Bancorp, Inc. or
any subsidiary.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provision in Northfield-Delaware&#146;s certificate of incorporation limiting the voting rights
of beneficial owners of more than 10% of Northfield-Delaware&#146;s outstanding voting stock is intended
to limit the ability of any person to acquire a significant number of shares of Northfield-Delaware
common stock and thereby gain sufficient voting control so as to cause Northfield-Delaware to
effect a transaction that may not be in the best interests of Northfield-Delaware and its
stockholders generally. This provision will not prevent a stockholder from seeking to acquire a
controlling interest in Northfield-Delaware, but it will prevent a stockholder from voting more
than 10% of the outstanding shares of common stock unless that stockholder has first persuaded the
board of directors of the merits of the course of action proposed by the stockholder. The board of
directors of Northfield-Delaware believes that fundamental transactions generally should be first
considered and approved by the board of directors as it generally believes that it is in the best
position to make an initial assessment of the merits of any such transactions and that its ability
to make the initial assessment could be impeded if a single stockholder could acquire a
sufficiently large voting interest so as to control a stockholder vote on any given proposal. This
provision in Northfield-Delaware&#146;s certificate of incorporation makes an acquisition, merger or
other similar corporate transaction less likely to occur, even if such transaction is supported by
most stockholders, because it can prevent a holder of shares in excess of the 10% limit from voting
the excess shares in favor of the transaction. Thus, it may be deemed to have an anti-takeover
effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The board of directors recommends that you vote &#147;FOR&#148; the approval of a provision in
Northfield-Delaware&#146;s certificate of incorporation to limit the voting rights of shares
beneficially owned in excess of 10% of Northfield-Delaware&#146;s outstanding voting stock.</B>
</DIV>
<DIV align="left">
<A name="168"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA<BR>
OF<BR>
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="169"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="170"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>HOW WE INTEND TO USE THE PROCEEDS FROM THE OFFERING</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="171"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OUR DIVIDEND POLICY</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>MARKET FOR THE COMMON STOCK</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="172"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="173"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAPITALIZATION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="174"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRO FORMA DATA</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="175"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<BR>
AND RESULTS OF OPERATIONS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="176"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BUSINESS OF NORTHFIELD-DELAWARE</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;same as the prospectus&#093;
</DIV>

<DIV align="left">
<A name="177"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BUSINESS OF NORTHFIELD BANCORP, INC. AND NORTHFIELD BANK</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="178"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUPERVISION AND REGULATION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="179"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TAXATION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="180"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MANAGEMENT</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="181"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BENEFICIAL OWNERSHIP OF COMMON STOCK</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="182"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUBSCRIPTIONS BY DIRECTORS AND EXECUTIVE OFFICERS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="183"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPARISON OF STOCKHOLDERS&#146; RIGHTS FOR EXISTING<BR>
STOCKHOLDERS OF NORTHFIELD BANCORP, INC.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="184"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RESTRICTIONS ON ACQUISITION OF NORTHFIELD-DELAWARE</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="185"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF CAPITAL STOCK OF NORTHFIELD-DELAWARE<BR>
FOLLOWING THE CONVERSION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="186"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TRANSFER AGENT</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="187"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPERTS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="188"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LEGAL MATTERS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="189"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;same as the prospectus&#093;
</DIV>
<DIV align="left">
<A name="190"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OTHER MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this document, the board of directors is not aware of any business to come
before the special meeting other than the matters described above in the proxy
statement/prospectus. However, if any matters should properly come before the special meeting, it
is intended that the holders of the proxies will act in accordance with their best judgment.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;Financial Statements that are the same as the offering prospectus to appear here&#093;</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 11pt; margin-top: 18pt"><B>REVOCABLE PROXY</B>
</DIV>


<DIV align="center" style="font-size: 11pt; margin-top: 12pt"><B>NORTHFIELD BANCORP, INC.</b><BR>
<B>SPECIAL MEETING OF STOCKHOLDERS</B>
</DIV>


<DIV align="center" style="font-size: 11pt; margin-top: 12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>, 2010</B>
</DIV>


<DIV align="JUSTIFY" style="font-size: 11pt; margin-top: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The stockholder signing this proxy card hereby appoints the proxy committee of the board of
directors of Northfield Bancorp, Inc., a Federal corporation, with full powers of substitution, to
act as attorneys and proxies for the stockholder to vote all shares of common stock of Northfield
Bancorp, Inc. that the undersigned is entitled to vote at the Special Meeting of Stockholders (the
&#147;Meeting&#148;) to be held at <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, at <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>:00 p.m., Eastern Time, on &#95;&#95;&#95;,
2010. The proxy committee is authorized to cast all votes to which the stockholder is entitled as
follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B><u>FOR</u></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B><u>AGAINST</u></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B><u>ABSTAIN</u></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The approval of a plan of conversion and
reorganization pursuant to which: Northfield
Bancorp, MHC and Northfield Bancorp, Inc. will
convert and reorganize from the mutual holding
company structure to the stock holding company
structure, as more fully described in the proxy
statement;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:13pt"><FONT style="font-family: Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:13pt"><FONT style="font-family: Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:13pt"><FONT style="font-family: Wingdings">&#111;</FONT></FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The approval of the adjournment of the Meeting, if necessary, to solicit additional
proxies in the event that there are not
sufficient votes at the time of the Meeting to
approve the plan of conversion and
reorganization;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:13pt"><FONT style="font-family: Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:13pt"><FONT style="font-family: Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:13pt"><FONT style="font-family: Wingdings">&#111;</FONT></FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The following informational proposals:
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:13pt"><FONT style="font-family: Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:13pt"><FONT style="font-family: Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:13pt"><FONT style="font-family: Wingdings">&#111;</FONT></FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">3a.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Approval of a provision
in the certificate of
incorporation of Northfield
Bancorp, Inc., a Delaware
corporation (&#147;Northfield-
Delaware&#148;) requiring a
super-majority vote of
stockholders to approve
certain amendments to
Northfield-Delaware&#146;s
certificate of
incorporation;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">3b.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Approval of a provision
in Northfield-Delaware&#146;s
certificate of
incorporation requiring a
super-majority vote of
stockholders to approve
stockholder-proposed
amendments to
Northfield-Delaware&#146;s
bylaws;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">3c.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Approval of a provision
in Northfield-Delaware&#146;s
certificate of
incorporation to limit the
voting rights of shares
beneficially owned in
excess of 10% of
Northfield-Delaware&#146;s
outstanding voting stock;
and</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 11pt; margin-top: 20pt">Such other business as may properly come before the Meeting.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 11pt"><B>The Board of Directors recommends a vote &#147;FOR&#148; the above-listed proposals.</B>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>VOTING FOR APPROVAL OF THE PLAN OF CONVERSION AND REORGANIZATION WILL ALSO INCLUDE APPROVAL OF
THE EXCHANGE RATIO, THE CERTIFICATE OF INCORPORATION AND BYLAWS OF NORTHFIELD-DELAWARE (INCLUDING
THE ANTI-TAKEOVER/LIMITATIONS ON STOCKHOLDER RIGHTS PROVISIONS AND THE ESTABLISHMENT OF A
LIQUIDATION ACCOUNT FOR THE BENEFIT OF ELIGIBLE DEPOSITORS OF NORTHFIELD BANK) AND THE AMENDMENT TO
NORTHFIELD BANK&#146;S CHARTER TO PROVIDE FOR RESTRICTIONS ON THE OWNERSHIP OF MORE THAN 10% OF
NORTHFIELD BANK&#146;S COMMON STOCK AND A LIQUIDATION ACCOUNT FOR ELIGIBLE DEPOSITORS.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>THE PROVISIONS OF NORTHFIELD-DELAWARE, INC.&#146;S CERTIFICATE OF INCORPORATION THAT ARE SUMMARIZED AS
INFORMATIONAL PROPOSALS 3A THROUGH 3C WERE APPROVED AS PART OF THE PROCESS IN WHICH THE BOARD OF
DIRECTORS OF NORTHFIELD BANCORP, INC. APPROVED THE PLAN OF CONVERSION AND REORGANIZATION. THESE
PROPOSALS ARE INFORMATIONAL IN NATURE ONLY, BECAUSE THE OFFICE OF THRIFT SUPERVISION&#146;S REGULATIONS
GOVERNING MUTUAL-TO-STOCK CONVERSIONS DO NOT PROVIDE FOR VOTES ON MATTERS OTHER THAN THE PLAN.
WHILE WE ARE ASKING YOU TO VOTE WITH RESPECT TO EACH OF THE INFORMATIONAL PROPOSALS LISTED ABOVE,
THE PROPOSED PROVISIONS FOR WHICH AN INFORMATIONAL VOTE IS REQUESTED WILL BECOME EFFECTIVE IF
STOCKHOLDERS APPROVE THE PLAN, REGARDLESS OF WHETHER STOCKHOLDERS VOTE TO APPROVE ANY OR ALL OF THE
INFORMATIONAL PROPOSALS.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
<B>THIS PROXY WILL BE VOTED AS DIRECTED, BUT IF NO INSTRUCTIONS ARE SPECIFIED FOR ONE OR MORE
PROPOSALS, THIS PROXY, IF SIGNED, WILL BE VOTED FOR THE UNVOTED PROPOSALS. IF ANY OTHER BUSINESS
IS PRESENTED AT THE MEETING, THIS PROXY WILL BE VOTED BY THE MAJORITY OF THE BOARD OF DIRECTORS.
AT THE PRESENT TIME, THE BOARD OF DIRECTORS KNOWS OF NO OTHER BUSINESS TO BE PRESENTED AT THE
MEETING.</B><br>
<DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>THIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS</B>
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should the stockholder be present and elect to vote at the Meeting or at any adjournment
thereof and after notification to the Secretary of Northfield Bancorp, Inc. at the Meeting of the
stockholder&#146;s decision to terminate this proxy, then the power of said attorneys and proxies shall
be deemed terminated and of no further force and effect. This proxy may also be revoked by sending
written notice to the Secretary of Northfield Bancorp, Inc. at the address set forth on the Notice
of Special Meeting of Stockholders, or by the filing of a later-dated proxy prior to a vote being
taken on a particular proposal at the Meeting.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The stockholder acknowledges receipt from Northfield Bancorp, Inc. prior to the execution of
this proxy of a Notice of Special Meeting and the enclosed proxy statement/prospectus dated
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2010.
</DIV>


<DIV align="left" style="font-size: 11pt; margin-top: 12pt">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2010&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp; <FONT style="font-family: Wingdings">&#111;</FONT> Check Box if You Plan to Attend the Meeting
</DIV>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 30pt">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
PRINT NAME OF STOCKHOLDER
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
PRINT NAME OF STOCKHOLDER
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 30pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIGNATURE OF STOCKHOLDER
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SIGNATURE OF STOCKHOLDER</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 11pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please sign exactly as your name appears on this proxy card. When signing as attorney,
executor, administrator, trustee or guardian, please give your full title. If shares are held
jointly, each holder should sign.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 24pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 11pt; margin-top: 0pt"><B>Please complete, sign and date this proxy card and return it promptly<BR>
in the enclosed postage-prepaid envelope.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 11pt"><B>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS: NORTHFIELD BANCORP, INC.&#146;S
PROXY STATEMENT-PROSPECTUS, INCLUDING THE NOTICE OF THE MEETING OF STOCKHOLDERS, IS AVAILABLE ON
THE INTERNET AT WWW.</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>.</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 11pt; margin-top: 12pt"><B>SYNDICATED OFFERING PROSPECTUS</B>
</DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 18pt"><B>NORTHFIELD BANCORP, INC.</B></div>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt">(Proposed Holding Company for Northfield Bank)
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Up to 40,250,000,000 Shares of Common Stock</B><BR>
(Subject to Increase to up to 46,287,500Shares)
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc., a newly formed Delaware corporation, is offering up to 40,250,000
shares of common stock for sale at $10.00 per share in connection with the conversion of Northfield
Bancorp, MHC from the mutual holding company to the stock holding company form of organization.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares we are offering represent the ownership interest in Northfield Bancorp, Inc., a
federal corporation, currently owned by Northfield Bancorp, MHC. In the prospectus, we will refer
to Northfield Bancorp, Inc., the Delaware corporation, as &#147;Northfield-Delaware,&#148; and we will refer
to Northfield Bancorp, Inc., the federal corporation, as &#147;Northfield-Federal.&#148;
Northfield-Federal&#146;s common stock is currently traded on the Nasdaq Global Select Market under the
trading symbol &#147;NFBK.&#148; For a period of 20 trading days after the completion of the conversion and
offering, we expect our shares of common stock will trade on the Nasdaq Global Select Market under
the symbol &#147;NFBKD,&#148; and, thereafter, our trading symbol will revert to &#147;NFBK.&#148;
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering up to 40,250,000 shares of common stock for sale on a best efforts basis. We
may sell up to 46,287,500 shares of common stock because of demand for the shares of common stock
or changes in market conditions, without resoliciting purchasers. We must sell a minimum of
29,750,000 shares in the offering in order to complete the offering and the conversion.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the shares we are selling in the offering, the remaining interest in
Northfield-Federal currently held by the public will be exchanged for shares of common stock of
Northfield-Delaware using an exchange ratio that will result in existing public stockholders of
Northfield-Federal owning approximately the same percentage of Northfield-Delaware common stock as
they owned in Northfield-Federal immediately prior to the completion of the conversion. We will
issue up to 31,166,852 shares of common stock in the exchange, which may be increased to up to
35,841,880 shares if we sell 46,287,500 shares of common stock in the offering.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares are first being offered in a subscription offering to eligible depositors and
tax-qualified employee benefit plans of Northfield Bank as described in this prospectus, who have
priority rights to buy all of the shares offered, and in a community offering, with a preference
given to residents of the communities served by Northfield Bank and existing stockholders of
Northfield-Federal.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of common stock not subscribed for in the subscription and community offerings are
being offered in the syndicated community offering through a syndicate of selected
dealers. Sandler O&#146;Neill &#038; Partners, L.P. is serving as sole book-running manager for the
syndicated community offering. Sandler O&#146;Neill &#038; Partners, L.P. is not required to purchase any
shares of common stock in the offering.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OFFERING SUMMARY<BR>
Price: $10.00 per Share</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Minimum</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Midpoint</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Adjusted Maximum</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,287,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross offering proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">297,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">350,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">402,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">462,875,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated offering expenses,
excluding selling agent
commissions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,681,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,681,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,681,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,681,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling agent commissions (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,796,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,350,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,904,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,691,650</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated net proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">287,021,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">337,967,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">388,913,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">447,501,850</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated net proceeds per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9.67</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><B>(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>The amounts shown assume that 50% of the shares are sold in the subscription and
community offerings and the remaining 50% are sold in a syndicated community offering. The
amounts shown include fees and selling commissions payable by us: (i)&nbsp;to Sandler O&#146;Neill &#038;
Partners, L.P. in connection with the subscription and community offerings equal to 1.0% of
the aggregate amount of common stock in the subscription and community offerings (net of
insider purchases and shares purchased by our employee stock ownership plan), or
approximately $2.1&nbsp;million, at the adjusted maximum of the offering range; and (ii)&nbsp;to
Sandler O&#146;Neill &#038; Partners, L.P. and any other broker-dealers participating in the
syndicated offering equal to 5.0% of the
aggregate amount of common stock sold in the syndicated community offering, or approximately
$11.6&nbsp;million at the adjusted maximum of the offering. Sandler O&#146;Neill &#038; Partners, L.P. will
not be separately reimbursed for expenses if the offering is completed. See &#147;The Conversion
and Offering&#151;Plan of Distribution; Selling Agent Compensation&#148; for information regarding
compensation to be received by Sandler O&#146;Neill &#038; Partners, L.P. and the other broker-dealers
that may participate in the syndicated community offering and &#147;Pro Forma Data&#148; for the
assumptions regarding the number of shares that may be sold in the subscription and community
offerings and the syndicated community offering used to determine the estimated offering
expenses. If all shares of common stock were sold in the syndicated community offering, the
maximum selling agent commissions would be approximately $14.9&nbsp;million, $17.5&nbsp;million, $20.1
million and $23.1&nbsp;million at the minimum, midpoint, maximum, and adjusted maximum levels of
the offering, respectively.</B></TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 9pt; margin-top: 18pt">This investment involves a degree of risk, including the possible loss of principal.<BR>
Please read &#147;Risk Factors&#148; beginning on page&nbsp;16.
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>These securities are not deposits or accounts and are not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government agency. Neither the Securities and
Exchange Commission, the Office of Thrift Supervision, nor any state securities regulator has
approved or disapproved of these securities or determined if this Prospectus is accurate or
complete. Any representation to the contrary is a criminal offense.</I></B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Sandler O&#146;Neill &#043; Partners, L.P.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">For assistance, please contact the Stock Information Center, toll-free, at (____) ___-____.<BR>
The date of this prospectus is &#091;Prospectus Date&#093;.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PART II: INFORMATION NOT REQUIRED IN PROSPECTUS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;13. Other Expenses of Issuance and Distribution</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount (1)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Registrant&#146;s Legal Fees and Expenses </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">550,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Registrant&#146;s Accounting Fees and Expenses </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Marketing Agent Fees (1) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,691,650</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Appraisal Fees and Expenses </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Printing, Postage, Mailing and EDGAR Fees </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Filing Fees (OTS, Nasdaq, FINRA and SEC) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transfer Agent Fees and Expenses </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Business Plan Fees and Expenses </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proxy Solicitor Fees and Expenses </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,373,150</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Northfield Bancorp, Inc. has retained Sandler O&#146;Neill &#038; Partners, L.P. to assist in the sale
of common stock on a best efforts basis in the offerings. Fees are estimated at the adjusted
maximum of the offering range, assuming 50% of the shares are sold in the subscription and
community offerings and 50% of the shares are sold in the syndicated community offering.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;14. Indemnification of Directors and Officers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Articles NINTH and TENTH of the Certificate of Incorporation of Northfield Bancorp, Inc. (the
&#147;Corporation&#148;) sets forth circumstances under which directors, officers, employees and agents of
the Corporation may be insured or indemnified against liability which they incur in their
capacities as such:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NINTH</B>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;Each person who was or is made a party or is threatened to be made a party to or is
otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or
investigative (hereinafter a &#147;proceeding&#148;), by reason of the fact that he or she is or was a
Director or an Officer of the Corporation or is or was serving at the request of the Corporation as
a Director, Officer, employee or agent of another corporation or of a partnership, joint venture,
trust or other enterprise, including service with respect to an employee benefit plan (hereinafter
an &#147;indemnitee&#148;), whether the basis of such proceeding is alleged action in an official capacity as
a Director, Officer, employee or agent or in any other capacity while serving as a Director,
Officer, employee or agent, shall be indemnified and held harmless by the Corporation to the
fullest extent authorized by the Delaware General Corporation Law, as the same exists or may
hereafter be amended (but, in the case of any such amendment, only to the extent that such
amendment permits the Corporation to provide broader indemnification rights than such law permitted
the Corporation to provide prior to such amendment), against all expense, liability and loss
(including attorneys&#146; fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in
settlement) reasonably incurred or suffered by such indemnitee in connection therewith; provided,
however, that, except as provided in Section&nbsp;C hereof with respect to proceedings to enforce rights
to indemnification, the Corporation shall indemnify any such indemnitee in connection with a
proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof)
was authorized by the Board of Directors of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;The right to indemnification conferred in Section&nbsp;A of this Article&nbsp;NINTH shall include the
right to be paid by the Corporation the expenses incurred in defending any such proceeding in
advance of its final disposition (hereinafter an &#147;advancement of expenses&#148;); provided, however,
that, if the Delaware General Corporation Law requires an advancement of expenses incurred by an
indemnitee in his or her capacity as a Director of Officer (and not in any other capacity in which
service was or is rendered by such indemnitee, including, without limitation, service to an
employee benefit plan) shall be made only upon delivery to the Corporation of an undertaking
(hereinafter an &#147;undertaking&#148;), by or on behalf of such indemnitee, to repay all amounts so
advanced if
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-1<!-- /Folio -->
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">it shall ultimately be determined by final judicial decision from which there is no further
right to appeal (hereinafter a &#147;final adjudication&#148;) that such indemnitee is not entitled to be
indemnified for such expenses under this Section or otherwise. The rights to indemnification and
to the advancement of expenses conferred in Sections&nbsp;A and B of this Article&nbsp;NINTH shall be
contract rights and such rights shall continue as to an indemnitee who has ceased to be a Director,
Officer, employee or agent and shall inure to the benefit of the indemnitee&#146;s heirs, executors and
administrators.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;If a claim under Section&nbsp;A or B of this Article&nbsp;NINTH is not paid in full by the
Corporation within sixty days after a written claim has been received by the Corporation, except in
the case of a claim for an advancement of expenses, in which case the applicable period shall be
twenty days, the indemnitee may at any time thereafter bring suit against the Corporation to
recover the unpaid amount of the claim. If successful in whole or in part in any such suit, or in
a suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an
undertaking, the indemnitee also shall be entitled to be paid the expense of prosecuting or
defending such suit. In (i)&nbsp;any suit brought by the indemnitee to enforce a right to
indemnification hereunder (but not in a suit brought by the indemnitee to enforce a right to an
advancement of expenses) it shall be a defense that, and (ii)&nbsp;in any suit by the Corporation to
recover an advancement of expenses pursuant to the terms of an undertaking the Corporation shall be
entitled to recover such expenses upon a final adjudication that, the indemnitee has not met any
applicable standard for indemnification set forth in the Delaware General Corporation Law. Neither
the failure of the Corporation (including its Board of Directors, independent legal counsel, or its
stockholders) to have made a determination prior to the commencement of such suit that
indemnification of the indemnitee is proper in the circumstances because the indemnitee has met the
applicable standard of conduct set forth in the Delaware General Corporation Law, nor an actual
determination by the Corporation (including its Board of Directors, independent legal counsel, or
its stockholders) that the indemnitee has not met such applicable standard of conduct, shall create
a presumption that the indemnitee has not met the applicable standard of conduct or, in the case of
such a suit brought by the indemnitee, be a defense to such suit. In any suit brought by the
indemnitee to enforce a right to indemnification or to an advancement of expenses hereunder, or by
the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the
burden of proving that the indemnitee is not entitled to be indemnified, or to such advancement of
expenses, under this Article&nbsp;NINTH or otherwise shall be on the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;The rights to indemnification and to the advancement of expenses conferred in this Article
NINTH shall not be exclusive of any other right which any person may have or hereafter acquire
under any statute, the Corporation&#146;s Certificate of Incorporation, Bylaws, agreement, vote of
stockholders or disinterested Directors or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;The Corporation may maintain insurance, at its expense, to protect itself and any Director,
Officer, employee or agent of the Corporation or another corporation, partnership, joint venture,
trust or other enterprise against any expense, liability or loss, whether or not the Corporation
would have the power to indemnify such person against such expense, liability or loss under the
Delaware General Corporation Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;The Corporation may, to the extent authorized from time to time by the Board of Directors,
grant rights to indemnification and to the advancement of expenses to any employee or agent of the
Corporation to the fullest extent of the provisions of this Article&nbsp;NINTH with respect to the
indemnification and advancement of expenses of Directors and Officers of the Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>TENTH</B>: A Director of this Corporation shall not be personally liable to the Corporation or
its stockholders for monetary damages for breach of fiduciary duty as a Director, except for
liability (i)&nbsp;for any breach of the Director&#146;s duty of loyalty to the Corporation or its
stockholders, (ii)&nbsp;for acts or omissions not in good faith or which involve intentional misconduct
or a knowing violation of law, (iii)&nbsp;under Section&nbsp;174 of the Delaware General Corporation Law, or
(iv)&nbsp;for any transaction from which the Director derived an improper personal benefit. If the
Delaware General Corporation Law is amended to authorize corporate action further eliminating or
limiting the personal liability of Directors, then the liability of a Director of the Corporation
shall be eliminated or limited to the fullest extent permitted by the Delaware General Corporation
Law, as so amended.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any repeal or modification of the foregoing paragraph by the stockholders of the Corporation
shall not adversely affect any right or protection of a Director of the Corporation existing at the
time of such repeal or modification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;15. Recent Sales of Unregistered Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;16. Exhibits and Financial Statement Schedules:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exhibits and financial statement schedules filed as part of this registration statement
are as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;List of Exhibits</B>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engagement Letter between Northfield Bancorp, MHC, Northfield Bancorp, Inc., Northfield Bank
and Sandler O&#146;Neill &#038; Partners, L.P.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Agency Agreement between Northfield Bancorp, MHC, Northfield Bancorp, Inc.,
Northfield Bank and Northfield Bancorp, Inc., and Sandler O&#146;Neill &#038; Partners, L.P.*</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Plan of Conversion and Reorganization</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certificate of Incorporation of Northfield Bancorp, Inc.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bylaws of Northfield Bancorp, Inc.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Common Stock Certificate of Northfield Bancorp, Inc.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Luse Gorman Pomerenk &#038; Schick, P.C. regarding legality of securities being registered</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Federal Tax Opinion of Luse Gorman Pomerenk &#038; Schick, P.C.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of State Tax Opinion</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amended Employment Agreement with Kenneth J. Doherty (2)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amended Employment Agreement with Steven M. Klein (2)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Supplemental Executive Retirement Agreement with Albert J. Regen (1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Northfield Bank 2010 Management Cash Incentive Compensation Plan (4)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Short Term Disability and Long Term Disability for Senior Management (1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Northfield Bank Non-Qualified Deferred Compensation Plan (3)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Northfield Bank Non Qualified Supplemental Employee Stock Ownership Plan (3)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amended Employment Agreement with John W. Alexander (8)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amended Employment Agreement with Michael J. Widmer (8)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment to Northfield Bank Non-Qualified Deferred Compensation Plan (6)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.11</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment to Northfield Bank Non Qualified Supplemental Employee Stock Ownership Plan (6)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.12</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Northfield Bancorp, Inc. 2008 Equity Incentive Plan (5)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.13</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Director Non-Statutory Stock Option Award Agreement under the 2008 Equity Incentive Plan (6)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.14</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Director Restricted Stock Award Agreement under the 2008 Equity Incentive Plan (6)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.15</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Employee Non-Statutory Stock Option Award Agreement under the 2008 Equity Incentive Plan (6)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.16</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Employee Incentive Stock Option Award Agreement under the 2008 Equity Incentive Plan (6)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.17</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Employee Restricted Stock Award Agreement under the 2008 Equity Incentive Plan (6)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.18</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Northfield Bancorp, Inc. Management Cash Incentive Plan (7)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">21</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subsidiaries of Registrant (1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Luse Gorman Pomerenk &#038; Schick, P.C. (contained in Opinions included as Exhibits 5 and 8)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of KPMG LLP</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of RP Financial, LC.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Crowe Horwath LLP*</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">24</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Attorney (set forth on signature page)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Appraisal Agreement between Northfield Bank and RP Financial, LC.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Letter of RP Financial, LC. with respect to Subscription Rights</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Appraisal Report of RP Financial, LC.**</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->II-3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Marketing Materials</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Stock Order and Certification Form</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Letter of RP Financial, LC. with respect to Liquidation Account</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>To be filed supplementally</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Supporting financial schedules filed in paper format only pursuant to Rule&nbsp;202 of Regulation
S-T. Available for inspection during business hours at the principal offices of the SEC in
Washington, D.C.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to the Registration Statement on Form S-1 of Northfield Bancorp,
Inc. (File No.&nbsp;333-143643), originally filed with the Securities and Exchange Commission on
June&nbsp;11, 2007.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Northfield Bancorp, Inc.&#146;s Current Report on Form 8-K, dated
June&nbsp;24, 2009, filed with the Securities and Exchange Commission on June&nbsp;26, 2009 (File Number
001-33732).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Northfield Bancorp, Inc.&#146;s Annual Report on Form 10-K, dated
December&nbsp;31, 2007, filed with the Securities and Exchange Commission on March&nbsp;31, 2008 (File
Number 001-33732).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Northfield Bancorp, Inc.&#146;s Current Report on Form 8-K, dated
December&nbsp;23, 2009, filed with the Securities and Exchange Commission on December&nbsp;23, 2009
(File Number 001-33732).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Northfield Bancorp, Inc.&#146;s Proxy Statement Pursuant to Section
14(a) filed with the Securities and Exchange Commission on November&nbsp;12, 2008 (File Number
001-33732).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Northfield Bancorp, Inc.&#146;s Annual Report on Form 10-K, dated
December&nbsp;31, 2008, filed with the Securities and Exchange Commission on March&nbsp;16, 2009 (File
Number 0001-33732).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Appendix&nbsp;A of Northfield Bancorp, Inc.&#146;s Definitive Proxy
Statement for the 2009 Annual Meeting of Stockholders (File No.&nbsp;001-33732) as filed with the
Securities and Exchange Commission on April&nbsp;23, 2009).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Northfield Bancorp, Inc.&#146;s Current Report on Form 8-K, dated
January&nbsp;4, 2010, filed with the Securities and Exchange Commission on January&nbsp;5, 2010 (File
Number 001-33732).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Northfield Bancorp, Inc.&#146;s Current Report on Form 8-K, dated
March&nbsp;25, 2009, filed with the Securities and Exchange Commission on March&nbsp;25, 2009 (File
Number 001-33732)</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;Financial Statement Schedules</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No financial statement schedules are filed because the required information is not applicable
or is included in the consolidated financial statements or related notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;17. Undertakings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which it offers or sales are being made, a post-effective
amendment to this registration statement:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act of 1933;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective
date of the registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement. Notwithstanding the foregoing, any
increase or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation from
the low or high end of the estimated maximum offering range may be reflected in the form
of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a 20&nbsp;percent change in the
maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148;
table in the effective registration statement;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution
not previously disclosed in the registration statement or any material change to such
information in the registration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act, and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;That, for the purpose of determining liability of the registrant under the Securities Act
of 1933 to any purchaser in the initial distribution of the securities:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant undertakes that in a primary offering of securities of the
undersigned registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such
purchaser by means of any of the following communications, the undersigned registrant will be a
seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating
to the offering required to be filed pursuant to Rule&nbsp;424 (&#167;230.424 of this chapter);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf
of the undersigned registrant or used or referred to by the undersigned registrant;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering
containing material information about the undersigned registrant or its securities
provided by or on behalf of the undersigned registrant; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the
undersigned registrant to the purchaser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;That, for purposes of determining any liability under the Securities Act of 1933, the
information omitted from the form of prospectus filed as part of this registration statement in
reliance upon Rule&nbsp;430A and contained in a form of prospectus filed by the registrant pursuant to
Rule&nbsp;424(b)(1) or (4)&nbsp;or 497(h) under the Securities Act shall be deemed to be part of this
registration statement as of the time it was declared effective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933, each
post-effective amendment that contains a form of prospectus shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->II-5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;The undersigned registrant hereby undertakes to provide to the underwriter at the closing
specified in the underwriting agreement, certificates in such denominations and registered in such
names as required by the underwriter to permit prompt delivery to each purchaser.
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->II-6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused
this registration statement to be signed on its behalf by the undersigned, thereunto duly
authorized in the City of Woodbridge, State of New Jersey on
June&nbsp;8, 2010.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>NORTHFIELD BANCORP, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John W. Alexander
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">John W. Alexander&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chairman, President and Chief Executive Officer<BR>
(Duly Authorized Representative)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the undersigned directors and officers of Northfield Bancorp, Inc. (the &#147;Company&#148;) hereby
severally constitute and appoint John W. Alexander as our true and lawful attorney and agent, to do
any and all things in our names in the capacities indicated below which said John W. Alexander may
deem necessary or advisable to enable the Company to comply with the Securities Act of 1933, and
any rules, regulations and requirements of the Securities and Exchange Commission, in connection
with the registration statement on Form S-1 relating to the offering of the Company&#146;s common stock,
including specifically, but not limited to, power and authority to sign for us in our names in the
capacities indicated below the registration statement and any and all amendments (including
post-effective amendments) thereto; and we hereby approve, ratify and confirm all that said John W.
Alexander shall do or cause to be done by virtue thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signatures</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John W. Alexander
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="3" align="left" valign="top">Chairman, President and Chief Executive Officer<BR>
(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;8, 2010</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John W. Alexander
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Steven M. Klein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD rowspan="3" align="left" valign="top">Executive Vice President and Chief Financial Officer<BR>
(Principal Financial and
Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;8, 2010</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Steven M. Klein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John R. Bowen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;8, 2010</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John R. Bowen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Annette Catino
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;8, 2010</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Annette Catino</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Gil Chapman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;8, 2010</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gil Chapman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John P. Connors, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;8, 2010</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John P. Connors, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John J. DePierro
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;8, 2010</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John J. DePierro</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Susan Lamberti
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;8, 2010</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Susan Lamberti</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Albert J. Regen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;8, 2010</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Albert J. Regen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Patrick E. Scura, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;8, 2010</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Patrick E. Scura, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As filed with the Securities and Exchange Commission on June&nbsp;9, 2010</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Registration No.&nbsp;333-________</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 1pt"><DIV style="width: 100%; border-bottom: 3px double #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBITS<BR>
TO<BR>
REGISTRATION STATEMENT<BR>
ON<BR>
FORM S-1</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Northfield Bancorp, Inc.<BR>
Woodbridge, New Jersey</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 3px double #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engagement Letter between Northfield Bancorp, MHC, Northfield Bancorp, Inc., Northfield Bank
and Sandler O&#146;Neill &#038; Partners, L.P.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Agency Agreement between Northfield Bancorp, MHC, Northfield Bancorp, Inc.,
Northfield Bank and Northfield Bancorp, Inc., and Sandler O&#146;Neill &#038; Partners, L.P.*</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Plan of Conversion and Reorganization</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certificate of Incorporation of Northfield Bancorp, Inc.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bylaws of Northfield Bancorp, Inc.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Common Stock Certificate of Northfield Bancorp, Inc.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Luse Gorman Pomerenk &#038; Schick, P.C. regarding legality of securities being registered</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Federal Tax Opinion of Luse Gorman Pomerenk &#038; Schick, P.C.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of State Tax Opinion</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amended Employment Agreement with Kenneth J. Doherty (2)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amended Employment Agreement with Steven M. Klein (2)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Supplemental Executive Retirement Agreement with Albert J. Regen (1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Northfield Bank 2010 Management Cash Incentive Compensation Plan (4)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Short Term Disability and Long Term Disability for Senior Management (1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Northfield Bank Non-Qualified Deferred Compensation Plan (3)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Northfield Bank Non Qualified Supplemental Employee Stock Ownership Plan (3)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amended Employment Agreement with John W. Alexander (8)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amended Employment Agreement with Michael J. Widmer (8)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment to Northfield Bank Non-Qualified Deferred Compensation Plan (6)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.11</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment to Northfield Bank Non Qualified Supplemental Employee Stock Ownership Plan (6)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.12</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Northfield Bancorp, Inc. 2008 Equity Incentive Plan (5)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.13</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Director Non-Statutory Stock Option Award Agreement under the 2008 Equity Incentive Plan (6)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.14</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Director Restricted Stock Award Agreement under the 2008 Equity Incentive Plan (6)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.15</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Employee Non-Statutory Stock Option Award Agreement under the 2008 Equity Incentive Plan (6)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.16</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Employee Incentive Stock Option Award Agreement under the 2008 Equity Incentive Plan (6)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.17</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Employee Restricted Stock Award Agreement under the 2008 Equity Incentive Plan (6)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.18</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Northfield Bancorp, Inc. Management Cash Incentive Plan (7)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">21</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subsidiaries of Registrant (1)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Luse Gorman Pomerenk &#038; Schick, P.C. (contained in Opinions included as Exhibits 5 and 8)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of KPMG LLP</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of RP Financial, LC.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Crowe Horwath LLP*</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">24</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Attorney (set forth on signature page)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Appraisal Agreement between Northfield Bank and RP Financial, LC.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Letter of RP Financial, LC. with respect to Subscription Rights</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Appraisal Report of RP Financial, LC.**</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Marketing Materials</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Stock Order and Certification Form</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Letter of RP Financial, LC. with respect to Liquidation Account</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>To be filed supplementally</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>Supporting financial schedules filed in paper format only pursuant to Rule&nbsp;202 of Regulation
S-T. Available for inspection during business hours at the principal offices of the SEC in
Washington, D.C.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to the Registration Statement on Form S-1 of Northfield Bancorp,
Inc. (File No.&nbsp;333-143643), originally filed with the Securities and Exchange Commission on
June&nbsp;11, 2007.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Northfield Bancorp, Inc.&#146;s Current Report on Form 8-K, dated
June&nbsp;24, 2009, filed with the Securities and Exchange Commission on June&nbsp;26, 2009 (File Number
001-33732).</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Northfield Bancorp, Inc.&#146;s Annual Report on Form 10-K, dated
December&nbsp;31, 2007, filed with the Securities and Exchange Commission on March&nbsp;31, 2008 (File
Number 001-33732).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Northfield Bancorp, Inc.&#146;s Current Report on Form 8-K, dated
December&nbsp;23, 2009, filed with the Securities and Exchange Commission on December&nbsp;23, 2009
(File Number 001-33732).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Northfield Bancorp, Inc.&#146;s Proxy Statement Pursuant to Section
14(a) filed with the Securities and Exchange Commission on November&nbsp;12, 2008 (File Number
001-33732).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Northfield Bancorp, Inc.&#146;s Annual Report on Form 10-K, dated
December&nbsp;31, 2008, filed with the Securities and Exchange Commission on March&nbsp;16, 2009 (File
Number 0001-33732).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Appendix&nbsp;A of Northfield Bancorp, Inc.&#146;s Definitive Proxy
Statement for the 2009 Annual Meeting of Stockholders (File No.&nbsp;001-33732) as filed with the
Securities and Exchange Commission on April&nbsp;23, 2009).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Northfield Bancorp, Inc.&#146;s Current Report on Form 8-K, dated
January&nbsp;4, 2010, filed with the Securities and Exchange Commission on January&nbsp;5, 2010 (File
Number 001-33732).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Northfield Bancorp, Inc.&#146;s Current Report on Form 8-K, dated
March&nbsp;25, 2009, filed with the Securities and Exchange Commission on March&nbsp;25, 2009 (File
Number 001-33732)</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
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sv1
Table of Contents
As filed with the Securities and Exchange Commission on June 9, 2010
Registration No. 333-
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-1
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
Northfield Bancorp, Inc. and
Northfield Bank 401(k) Savings Plan
(Exact Name of Registrant as Specified in Its Charter)
Delaware
6712
Being applied for
(State or Other Jurisdiction of
(Primary Standard Industrial
(I.R.S. Employer
Incorporation or Organization)
Classification Code Number)
Identification Number)
581 Main Street
Woodbridge, New Jersey 07095
(732) 499-7200
(Address, Including Zip Code, and Telephone Number, Including Area Code, of
Registrant's Principal Executive Offices)
Mr. John W. Alexander
Chairman, President and Chief Executive Officer
581 Main Street
Woodbridge, New Jersey 07095
(732) 499-7200
(Address, Including Zip Code, and Telephone Number, Including Area Code, of
Agent for Service)
Copies to:
Edward A. Quint, Esq.
Eric Luse, Esq.
Luse Gorman Pomerenk & Schick, P.C.
5335 Wisconsin Avenue, N.W., Suite 780
Washington, D.C. 20015
(202) 274-2000
Approximate date of commencement of proposed sale to the public:
As soon as practicable after
this registration statement becomes effective.
If any of the securities being registered on this Form are to be offered on a delayed or continuous
basis pursuant to Rule 415 under the Securities Act of 1933, check the following box:
þ
If this Form is filed to register additional shares for an offering pursuant to Rule 462(b)
under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering:
o
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act,
check the following box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering:
o
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act,
check the following box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering:
o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated
filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
(Check one):
Large accelerated filer
o
Accelerated filer
þ
Non-accelerated filer
o
(Do not check if a smaller reporting company)
Smaller reporting company
o
CALCULATION OF REGISTRATION FEE
Title of each class of
Amount to be
Proposed maximum
Proposed maximum
Amount of
securities to be registered
registered
offering price per share
aggregate offering price
registration fee
Common Stock, $0.01 par
value per share
82,129,380 shares
$10.00
$821,293,800 (1)
$58,559
Participation interests
1,186,679 interests (2)
(2)
(1)
Estimated solely for the purpose of calculating the registration fee.
(2)
The securities of Northfield Bancorp, Inc. to be purchased by the Northfield Bank 401(k)
Savings Plan are included in the amount shown for the common stock. Accordingly, no separate
fee is required for the participation interests. In accordance with Rule 457(h) of the
Securities Act of 1933, as amended, the registration fee has been calculated on the basis of
the number of shares of common stock that may be purchased with the current assets of such
Plan.
The registrant hereby amends this registration statement on such date or dates as may be necessary
to delay its effective date until the registrant shall file a further amendment which specifically
states that this registration shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until the registration statement shall become effective on such date
as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
Table of Contents
Prospectus Supplement
Interests in
NORTHFIELD BANK
EMPLOYEE SAVINGS PLAN
Offering of Up to 1,186,679 Shares of
NORTHFIELD BANCORP, INC.
Common Stock
In connection with the conversion of Northfield Bancorp, MHC from the mutual to stock form of
organization, Northfield Bancorp, Inc., a newly formed Delaware corporation
("Northfield-Delaware"), is offering shares of common stock for sale. Northfield-Delaware is
allowing participants in the Northfield Bank Employee Savings Plan (the "Plan") to invest all or a
portion of their accounts in stock units representing an ownership interest in the common stock of
Northfield-Delaware (the "Common Stock"). Presently, participants have the right to invest in the
Northfield Bancorp, Inc. Stock Fund which purchases shares of Northfield Bancorp, Inc., the
federally-chartered mid-tier holding company of Northfield Bank (hereinafter, the federal mid-tier
holding company will be referred to as "Northfield-Federal" and the existing stock fund will be
referred to as "Northfield-Federal Stock Fund".)
Based upon the value of the Plan assets at March 31, 2010, the trustee of the Plan could
purchase or acquire up 1,186,679 shares of the Common Stock, at the purchase price of $10.00 per
share. This prospectus supplement relates to the initial election of Plan participants to direct
the trustee of the Plan to invest all or a portion of their Plan accounts (other than amounts
invested in the Northfield-Federal Stock Fund) in stock units representing an ownership interest in
the Northfield-Delaware Stock Fund at the time of the stock offering.
Northfield-Delaware's prospectus, dated August ___, 2010, is attached to this prospectus
supplement. It contains detailed information regarding the stock offering of Northfield-Delaware
Common Stock and the financial condition, results of operations and business of Northfield Bank.
This prospectus supplement provides information regarding the Plan. You should read this prospectus
supplement together with the prospectus and keep both for future reference.
For a discussion of risks that you should consider, see "Risk Factors" beginning on page ___
of the prospectus.
The interests in the Plan and the offering of common stock of Northfield-Delaware have not
been approved or disapproved by the Office of Thrift Supervision, the Securities and Exchange
Commission or any other federal or state agency. Any representation to the contrary is a criminal
offense.
Table of Contents
The securities offered in this prospectus supplement are not deposits or accounts and are not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
This prospectus supplement may be used only in connection with offers and sales by
Northfield-Delaware, in the stock offering, of stock units representing an interest in shares of
common stock in the Northfield-Delaware Stock Fund of the Plan. No one may use this prospectus
supplement to reoffer or resell interests in shares of common stock of Northfield-Delaware acquired
through the Plan.
You should rely only on the information contained in this prospectus supplement and the
accompanying prospectus. Northfield-Delaware, Northfield Bank and the Plan have not authorized
anyone to provide you with information that is different.
This prospectus supplement does not constitute an offer to sell or solicitation of an offer to
buy any securities in any jurisdiction to any person to whom it is unlawful to make an offer or
solicitation in that jurisdiction. Neither the delivery of this prospectus supplement and the
prospectus nor any sale of common stock or stock units representing an ownership interest in common
stock of Northfield-Delaware shall under any circumstances imply that there has been no change in
the affairs of Northfield Bank or the Plan since the date of this prospectus supplement, or that
the information contained in this prospectus supplement or incorporated by reference is correct as
of any time after the date of this prospectus supplement.
The date of this prospectus supplement is ______, 2010.
TABLE OF CONTENTS
THE OFFERING
1
Securities Offered
1
Northfield-Delaware Stock Fund
1
Purchase Priorities
2
Purchases in the Offering and Oversubscriptions
3
Composition of and Purpose of Stock Units
3
Value of Plan Assets
4
Election to Purchase Stock Units in the Stock Offering
4
How to Order Stock in the Offering
4
Order Deadline
5
Irrevocability of Transfer Direction
6
Future Direction to Purchase Common Stock
6
Voting Rights of Common Stock
6
DESCRIPTION OF THE PLAN
7
Introduction
7
Eligibility and Participation
7
Contributions Under the Plan
7
Limitations on Contributions
9
Vesting
10
In-Service Distributions from the Plan
10
Distribution upon Retirement, Disability, or upon Termination of Employment
11
Forms of Distributions
11
Investment of Contributions and Account Balances
13
Performance History and Fund Description
15
Investment in Common Stock of Northfield-Delaware
18
Administration of the Plan
20
Amendment and Termination
20
Merger, Consolidation or Transfer
20
Federal Income Tax Consequences
20
Notice of Your Rights Concerning Employer Securities
22
Additional Employee Retirement Income Security Act ("ERISA") Considerations
22
Securities and Exchange Commission Reporting and Short-Swing Profit Liability
23
Financial Information Regarding Plan Assets
24
LEGAL OPINION
24
Table of Contents
THE OFFERING
Securities Offered
Northfield-Delaware is offering stock
units in the Northfield Bank 401(k)
Savings Plan (the "Plan"). The stock
units represent indirect ownership of
Northfield-Delaware's common stock
through the Northfield-Delaware Stock
Fund being established under the Plan
in connection with the stock
offering. Given the purchase price
of $10 per share in the stock
offering, the Plan may purchase (or
acquire) up to
shares of
Northfield-Delaware common stock in
the stock offering.
Only employees of Northfield Bank may
become participants in the Plan and
only participants may purchase stock
units in the Northfield-Delaware Inc
Stock Fund. Your investment in stock
units in connection with the stock
offering through the
Northfield-Delaware Stock Fund is
subject to the purchase priorities
contained in the Plan of Conversion
and Reorganization of Northfield
Bancorp, MHC.
Information with regard to the Plan
is contained in this prospectus
supplement and information with
regard to the financial condition,
results of operations and business of
Northfield-Delaware is contained in
the accompanying prospectus. The
address of the principal executive
office of Northfield-Delaware and
Northfield Bank is 581 Main Street,
Woodbridge, New Jersey 07095.
All questions about completing the
Special Investment Election Form
should be addressed to Madeline
Frank, Senior Vice President and
Director of Human Resources,
Northfield Bank, 581 Main Street,
Woodbridge, New Jersey 07095;
telephone number (732) 499-7200 ext.
2570; or e-mail Ms. Frank at
mfrank@enorthfield.com
.
Questions about the common stock
being offered or about the prospectus
may be directed to the Stock
Information Center at
1-877-
.
Northfield-Delaware Stock Fund
In connection with the stock
offering, you may elect to transfer
all or part of your account balances
in the Plan (except from the
Northfield-Federal Stock Fund) to the
Northfield-Delaware Stock Fund, to be
used to purchase stock units
representing an ownership interest in
the common stock of
Northfield-Delaware issued in the
stock offering. The
Northfield-Delaware Stock Fund is a
new fund in the Plan established to
hold share of common stock of
Northfield-Delaware It is different
from the Northfield-Federal Stock
Fund, which presently holds shares of
Northfield-Federal, the
federally-
1
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chartered mid-tier holding
company of Northfield Bank that will
be eliminated in the reorganization
of Northfield Bancorp, MHC into
Northfield-Delaware, the newly formed
stock holding company of Northfield
Bank. At the close of the
reorganization and offering, shares
of Northfield-Federal held in the
Northfield-Federal Stock Fund will be
exchanged for shares of
Northfield-Delaware pursuant to the
exchange ratio (discussed in greater
detail in the accompanying
prospectus) and the
Northfield-Federal Stock Fund will be
merged into and become part of the
Northfield-Delaware Stock Fund.
Purchase Priorities
All Plan participants are eligible to
direct a transfer of funds to the
Northfield-Delaware Stock Fund.
However, such directions are subject
to the purchase priorities in the
Plan of Conversion and Reorganization
of Northfield Bancorp, MHC, which
provides for a subscription offering
and a community offering. In the
offering, the purchase priorities are
as follows and apply in case more
shares are ordered than are available
for sale (an "oversubscription"):
Subscription Offering:
(1) Depositors of Northfield Bank
with $50 or more as of March 31,
2009, get first priority.
(2) Northfield Bank's tax-qualified
plans, including the employee stock
ownership plan, get second priority.
(3) Depositors of Northfield Bank
with $50 or more on deposit as of
June 30, 2010, get third priority.
(4) Depositors of Northfield Bank as
of
, 2010, get fourth
priority.
Community Offering:
(5) Natural persons residing in the
New Jersey counties of Bergen, Essex,
Hudson, Hunterdon, Middlesex,
Monmouth, Morris, Ocean, Passaic,
Somerset, Sussex and Union, the New
York Counties of Bronx, Kings,
Nassau, New York, Putnam, Queens,
Richmond, Rockland, Suffolk and
Westchester, and Pike County,
Pennsylvania get fifth priority.
If you fall into subscription
offering categories (1),
(3) or (4), you have subscription
rights to purchase stock units
representing an ownership interest in
shares of Northfield-Delaware common
stock in the subscription offering
and you may use funds in the Plan to
pay for the stock units. You may
also be able to purchase stock units
representing an ownership interest in
shares of Northfield-Delaware
2
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common
stock in the subscription offering
even though you are ineligible to
purchase through subscription
offering categories (1), (3) or (4)
by purchasing stock in the Plan
through subscription offering
category (2), reserved for Northfield
Bank's tax-qualified employee plans.
Purchases in the Offering and
Oversubscriptions
The trustee of the
Northfield-Delaware Stock Fund will
purchase common stock of
Northfield-Delaware in the stock
offering in accordance with your
directions. Once you make your
election, the amount that you elect
to transfer from your existing
investment options for the purchase
of stock units in connection with the
stock offering will be sold from your
existing investment options and
transferred to the
Northfield-Delaware Stock Fund and
held in a money market account
pending the formal closing of the
stock offering, several weeks later.
After the end of the stock offering
period, we will determine whether all
or any portion of your order will be
filled (if the offering is
oversubscribed you may not receive
any or all of your order, depending
on your purchase priority, as
described above, and whether the Plan
will purchase through category 2).
The amount that can be used toward
your order will be applied to the
purchase of common stock of
Northfield-Delaware and will be
denominated in stock units in the
Plan.
In the event the offering is
oversubscribed,
i.e.
, there are more
orders for common stock of
Northfield-Delaware than shares
available for sale in the offering,
and the trustee is unable to use the
full amount allocated by you to
purchase interests in common stock of
Northfield-Delaware in the offering,
the amount that cannot be invested in
common stock of Northfield-Delaware,
and any interest earned on such
amount, will be reinvested in the
existing funds of the Plan, in
accordance with your then existing
investment election (in proportion to
your investment direction for future
contributions). The prospectus
describes the allocation procedures
in the event of an oversubscription.
If you choose not to direct the
investment of your account balances
towards the purchase of any stock
units representing an ownership
interest in common stock of
Northfield-Delaware through the
Northfield-Delaware Stock Fund in
connection with the offering, your
account balances will remain in the
investment funds of the Plan as
previously directed by you.
Composition of and Purpose of Stock
Units
The Northfield-Delaware Stock Fund
will invest in the common stock of
Northfield-Delaware In addition, the
Northfield-Delaware Stock Fund will
maintain a cash component for
liquidity purposes. Liquidity is
required in order to facilitate daily
transactions such as investment
transfers or distributions from the
Northfield-Delaware Stock Fund. For
purchases in the offering, there will
be no cash component. A stock unit
will be valued at $10. After the
offering, stock units will consist of
a percentage interest in both the
common
3
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stock of Northfield-Delaware
and cash held in the
Northfield-Delaware Stock Fund. Unit
values (similar to the stock's share
price) and the number of units
(similar to number of shares) are
used to communicate the dollar value
of a participant's account.
Following the stock offering, each
day the stock unit value of the
Northfield-Delaware Stock Fund will
be determined by dividing the total
market value of the fund at the end
of the day by the total number of
units held in the fund by all
participants as of the previous day's
end. The change in stock unit value
reflects the day's change in stock
price, any cash dividends accrued and
the interest earned on the cash
component of the fund, less any
investment management fees. The
market value and unit holdings of
your account in the
Northfield-Delaware Stock Fund is
reported to you on your quarterly
statements.
Value of Plan Assets
As of March 31, 2010, the market
value of the assets of the Plan was
approximately $11,866,790. Of this
amount, approximately $5,814,453 was
invested in the Northfield-Federal
Stock Fund. The Plan administrator
informed each participant of the
value of his or her account balance
under the Plan as of March 31, 2010.
Election to Purchase Stock Units in
the Stock Offering
In connection with the stock
offering, the Plan will permit you to
direct the trustee to transfer all or
part of the funds which represent
your current beneficial interest in
the assets of the Plan (other than
amounts invested in the
Northfield-Federal Stock Fund) to the
Northfield-Delaware Stock Fund. You
may not transfer amounts that you
have invested in the
Northfield-Federal Stock Fund into
the Northfield-Delaware Stock Fund.
The shares of common stock of
Northfield-Federal in the
Northfield-Federal Stock Fund will
automatically be exchanged for
Northfield-Delaware common stock
pursuant to the exchange ratio. The
trustee of the Plan will subscribe
for Northfield-Delaware common stock
offered for sale in connection with
the stock offering, in accordance
with each participant's direction.
In order to purchase stock units
representing an ownership interest in
common stock of Northfield-Delaware
in the stock offering through the
Plan, you must purchase stock units
representing an ownership interest in
at least 25 shares in the offering
through the Plan. The prospectus
describes maximum purchase limits for
investors in the stock offering. The
trustee will pay $10 per stock unit
in the offering, which will be the
same price paid by all other persons
who purchase shares in the
subscription and community offerings.
How to Order Stock in the Offering
Enclosed is a Special Investment
Election Form on which you can elect
to purchase stock units in the
Northfield-Delaware Stock Fund in
connection with the stock offering.
Please note the following
stipulations concerning this
election:
4
Table of Contents
•
You can direct all or a
portion of your current account
(other than amounts invested in the
Northfield-Federal Stock Fund) to the
Northfield-Delaware Stock Fund in
increments of $10.
•
Your election is subject to a
minimum purchase of 25 stock units,
which equals $250.
•
Your election, plus any order
you placed outside the Plan, are
together subject to a maximum
purchase of 300,000 shares, which
equals $3,000,000.
•
The election period closes at
:00 p.m., Eastern Time, on
,
, 2010.
•
During the stock offering
period, you will continue to have the
ability to transfer amounts that are
not directed to purchase stock units
in the Northfield-Delaware Stock Fund
among all other investment funds.
However, you will not be permitted to
change the investment amounts that
you designated to be transferred to
the Northfield-Delaware Stock Fund on
your Special Election Form.
•
The amount you elect to
transfer to the Northfield-Delaware
Stock Fund will be held separately
until the offering closes.
Therefore, this money is not
available for distributions, loans,
or withdrawals until the transaction
is completed, which is expected to be
several weeks after the closing of
the subscription offering period.
If you wish to use all or part of
your account balance in the Plan to
purchase common stock of
Northfield-Delaware issued in the
stock offering, you should indicate
that decision on the Special
Investment Election Form.
If you do
not wish to make an election, you
should check Box E in Section D of
the Special Investment Election Form
and return the form to Madeline
Frank, at Northfield Bank, 581 Main
Street, Woodbridge, New Jersey 07095
,
to be received no later than
, Eastern Time, on
, 2010. You may return
your Special Investment Election Form
by hand delivery, inter-office mail
or by mailing it to Ms. Frank at the
above address in the enclosed
self-addressed envelope, so long as
it is received by the time specified.
Order Deadline
You must return your Special
Investment Election Form to Madeline
Frank, at Northfield Bank, to be
received no later than
p.m.,
Eastern Time, on
, 2010.
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Irrevocability of Transfer Direction
Once you make an election to transfer
amounts to the Northfield-Delaware
Stock Fund in connection with the
stock offering, you may not change
your election
. Your election is
irrevocable. You will, however,
continue to have the ability to
transfer amounts not directed towards
the purchase of stock units among all
of the other investment funds on a
daily basis. You may also continue
to transfer funds into and out of the
Northfield-Federal Stock Fund which
will purchase shares of
Northfield-Federal in the open market
(but not in the offering) or sell the
shares in your account until the
closing of the offering.
Future Direction to Purchase Common
Stock
You will be able to purchase stock
units representing an ownership
interest in stock
after
the offering
through your investment in the
Northfield-Delaware Stock Fund. You
may direct that your future
contributions or your account balance
in the Plan be transferred to the
Northfield-Delaware Stock Fund.
After the offering, to the extent
that shares are available, the
trustee of the Plan will acquire
common stock of Northfield-Delaware
at your election in open market
transactions at the prevailing price.
You may change your investment
allocation on a daily basis. Special
restrictions may apply to transfers
directed to and from the
Northfield-Delaware Stock Fund by the
participants who are subject to the
provisions of Section 16(b) of the
Securities Exchange Act of 1934, as
amended, relating to the purchase and
sale of securities by officers,
directors and principal shareholders
of Northfield-Delaware.
Voting Rights of Common Stock
The Plan provides that you may direct
the trustee as to how to vote any
shares of Northfield-Delaware common
stock held by the Northfield-Delaware
Stock Fund, and the interest in such
shares that is credited to your
account. If the trustee does not
receive your voting instructions, the
Plan administrator will exercise
these rights as it determines in its
discretion and will direct the
trustee accordingly. All voting
instructions will be kept
confidential
.
6
Table of Contents
DESCRIPTION OF THE PLAN
Introduction
Northfield Bank originally adopted the Northfield Savings Bank Employee Savings Plan (the
"Plan") effective as of January 1, 1980, and amended and restated it most recently effective as of
January 1, 2010. The Plan is a tax-qualified plan with a cash or deferred compensation feature
established in accordance with the requirements under Section 401(a) and Section 401(k) of the
Internal Revenue Code of 1986, as amended (the "Code").
Northfield Bank intends that the Plan, in operation, will comply with the requirements under
Section 401(a) and Section 401(k) of the Code. Northfield Bank will adopt any amendments to the
Plan that may be necessary to ensure the continuing qualified status of the Plan under the Code and
applicable Treasury Regulations.
Employee Retirement Income Security Act ("ERISA").
The Plan is an "individual account plan"
other than a "money purchase pension plan" within the meaning of ERISA. As such, the Plan is
subject to all of the provisions of Title I (Protection of Employee Benefit Rights) and Title II
(Amendments to the Code Relating to Retirement Plans) of ERISA, except to the funding requirements
contained in Part 3 of Title I of ERISA which by their terms do not apply to an individual account
plan (other than a money purchase plan). The Plan is not subject to Title IV (Plan Termination
Insurance) of ERISA. The funding requirements contained in Title IV of ERISA are not applicable to
participants or beneficiaries under the Plan.
Reference to Full Text of Plan.
The following portions of this prospectus supplement summarize
certain provisions of the Plan. They are not complete and are qualified in their entirety by the
full text of the Plan. Copies of the Plan are available to all employees by filing a request with
the Plan Administrator at Northfield Bank, 581 Main Street, Woodbridge, New Jersey 07095. You are
urged to read carefully the full text of the Plan.
Eligibility and Participation
If you are a salaried employee of Northfield Bank, you are eligible to participate in the Plan
upon completion of a period of 365 days of employment, counted from your date of hire. Employees
compensated on an hourly or exclusively on a commission basis, leased employees, and employees
covered by a collective bargaining agreement are not eligible to participate in the Plan. If you
were a participant in the Liberty Bank 401(k) Savings Plan on December 31, 2002, and became an
employee of Northfield Bank on January 1, 2003, you became eligible to participate in the Plan on
January 1, 2003.
As of March 31, 2010, there were 175 employees, former employees and beneficiaries eligible to
participate in the Plan and 131 employees participating by making elective deferral contributions.
Contributions Under the Plan
The Plan provides for several kinds of contributions, including elective deferral
contributions, matching contributions made on behalf of employees who make elective deferral
7
Table of Contents
contributions, and discretionary employer contributions. Each type is summarized below. In
determining contribution amounts under the Plan, an employee's annual compensation in excess of
$245,000 is disregarded, as are certain other amounts of employee compensation.
Elective Deferral Contributions
. As an eligible employee, you may elect to make an elective
deferral contribution by authorizing a reduction in the compensation you would otherwise receive by
a specified amount. This amount is then deposited in your Plan account. You may elect to
contribute between 2% and 15% of your salary (as defined in the Plan). You may change the amount
of your elective deferral contributions, including discontinuing or resuming them, by filing a form
with the Plan administrator. In addition, if you are over age 50 before the close of the plan year
and have made the maximum elective deferral set forth above, you may also make "catch-up"
contributions, in accordance with the tax laws and subject to the tax law limits (for 2010, the
limit on catch-up contributions is $5,500).
After-Tax Contributions
. Prior to January 1, 1993, the Plan permitted you to save on an
after-tax basis. The amount, if any, of after-tax contributions previously made on your behalf is
held in a separate account. After-tax contributions are invested in the same investment funds as
elective deferral contributions and earnings on after-tax contributions are tax-deferred until they
are actually paid to you. The Plan does not currently permit you to make after-tax contributions.
Matching Contributions
. Northfield Bank will match a portion of your elective deferral
contributions. Northfield Bank will make a matching contribution equal to 25% of your
contribution, on up to the first 6% of your base salary contributed if you have been making
elective deferral contributions for less than 36 months (e.g., your maximum matching contribution
will be 1.5% of your base salary). If you have been making elective deferral contributions for 36
months or more, Northfield Bank will make a matching contribution equal to 50% of your
contribution, up to the first 6% of your base salary contributed (e.g., your maximum matching
contribution will be 3% of your base salary).
Discretionary Employer Contributions
. Discretionary employer contributions may be made for
each plan year in an amount determined by Northfield Bank. Discretionary employer contributions
will be allocated to your account based on the ratio of your salary during the plan year for which
the contribution is made to the total salaries of all employees eligible for a discretionary
employer contribution for that year.
Special Contributions
. In addition to any other contributions, Northfield Bank may, in its
discretion, make Special Contributions for a plan year to the Before Tax Contribution Account of an
Eligible Employee to the extent necessary to insure that the Plan complies with the
non-discrimination requirements of Section 401(k) of the Internal Revenue Code. Such
contributions, if made, may be made only to non-highly compensated employees and will be allocated
in proportion to such person's eligible compensation for the plan year.
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Table of Contents
Prior Pension Plan Contributions
. If you were a participant in The Retirement Plan of
Northfield Savings Bank in RSI Retirement Trust on March 31, 1996, and you elected to have amounts
transferred from the pension plan to the Plan in connection with the termination of the pension
plan, those amounts were deposited in the prior pension plan contribution account set up on your
behalf.
Prior Employer Matching Contributions
. If you were a participant in the Liberty Bank 401(k)
Savings Plan, the matching contributions made on your behalf (including earnings and appreciation,
less any distributions and any losses, depreciation of expenses) were deposited into the prior
employer matching contribution account set up on your behalf.
Rollover Contributions
. You may elect to roll over qualified distributions from another plan
or a rollover individual retirement account ("IRA") into the Plan. Internal Revenue Service
("IRS") rules govern whether a distribution from another plan or an IRA qualifies for rollover into
the Plan, and you may be required to provide information to show that the distribution you wish to
roll over qualifies under IRS rules.
Limitations on Contributions
Limitations on Elective Deferral Contributions.
For the plan year beginning January 1, 2010,
the amount of your elective deferral contributions may not exceed $16,500 per calendar year. This
amount may be adjusted periodically by law, based on changes in the cost of living. Contributions
in excess of this limit are known as excess deferrals. If you defer amounts in excess of this
limitation, your gross income for federal income tax purposes will include the excess in the year
of the deferral. In addition, unless the excess deferral is distributed before April 15 of the
following year, it will be taxed again in the year distributed. Income on the excess deferral
distributed by April 15 of the immediately succeeding year will be treated, for federal income tax
purposes, as earned and received by you in the tax year in which the contribution is made.
Catch-up Contributions
. If you have made the maximum amount of regular elective deferral
contributions allowed by the Plan or other legal limits and you have attained at least age 50 (or
will reach age 50 prior to the end of the plan year), you are also eligible to make an additional
catch-up contribution. You may authorize your employer to withhold a specified dollar amount of
your compensation for this purposes. For 2010, the maximum catch-up contribution is $5,500.
Limitation on Plan Contributions for Highly Compensated Employees.
Special provisions of the
Code limit the amount of employee deferrals and employer matching contributions that may be made to
the Plan in any year on behalf of highly compensated employees, in relation to the amount of
employee deferrals and employer matching contributions made by or on behalf of all other employees
eligible to participate in the Plan. A highly compensated employee includes any employee who (1)
was a 5% owner of Northfield-Federal or Northfield-Delaware at any time during the current or
preceding year, or (2) had compensation for the preceding year of more than $110,000. The dollar
amounts in the foregoing sentence may be adjusted annually to reflect increases in the cost of
living. If these limitations are exceeded, the level of deferrals by highly compensated employees
may have to be adjusted.
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Vesting
Your vested interest in your elective deferral contributions, after-tax contributions,
rollover contributions, discretionary employer contributions, prior pension plan contributions, and
prior employer matching contributions is always 100%.
Matching contributions become vested according to the following schedule:
Years of Service
Vested Interest
Less than 1 year
0%
1 year but less than 2
20%
2 years but less than 3
40%
3 years but less than 4
60%
4 years but less than 5
80%
5 years or more
100%
You are credited with a year of service for each 365-day period of employment, measured from
your date of hire.
You will become immediately 100% vested in your matching contributions upon attainment of your
normal retirement age, if you become permanently disabled or terminate employment as a result of
your death.
In-Service Distributions from the Plan
Loans
. You may apply for a loan under the Plan, subject to the rules and limitations imposed
by the Internal Revenue Code and the Plan document. The amount of any loan is limited to the
lesser of $50,000 or 50% of your vested account balance under the Plan. The minimum amount of loan
and the term of the loan is determined in accordance with the guidelines of the loan policy
established by Northfield Bank with respect to the Plan.
Non-Hardship Withdrawals from the Plan
. A substantial federal tax penalty may be imposed on
withdrawals made prior to your attainment of age 59
1
/
2
, regardless of whether such a withdrawal
occurs during your employment with Northfield Bank or after termination of employment. If you have
not yet reached age 59
1
/
2
, you may request a withdrawal from some of your Plan accounts for any
reason. Withdrawals will be made in the following order: first, from your after-tax contribution
account; second, from your rollover contribution account; third, from the vested portion of your
matching contribution account, provided you have completed 60 or more consecutive months of
participation in the Plan or prior plan or in the former Liberty Bank 401(k) Savings Plan, and,
fourth, from the vested portion of your prior employer matching contribution account, provided you
have completed 60 or more consecutive months of participation in the Plan or in the former Liberty
Bank 401(k) Savings Plan. You may not make more than one withdrawal in any calendar year.
Upon attainment of age 59
1
/
2
, you may withdraw from your Plan accounts for any reason.
Withdrawals will be made in the following order: first, from your after-tax contribution account;
second, from your rollover contribution account; third, from your elective deferral contribution
10
Table of Contents
account; fourth, from the vested portion of your matching contribution account; fifth, from
your prior employer matching contribution account; sixth, from your discretionary employer
contribution account, and seventh, from your prior pension plan contribution account. You may not
make more than one withdrawal in any calendar year.
Hardship Withdrawals
. You may be eligible for a hardship withdrawal if you have an immediate
and substantial financial need to meet certain expenses and you have no other reasonably available
resources to meet your need. Among other requirements, you must first withdraw all amounts
available to you under the non-hardship provisions of the Plan before you may apply for a hardship
withdrawal. Your hardship withdrawal may include amounts necessary to pay any federal, state or
local income taxes or penalties expected to result from the withdrawal. The financial needs for
which you can receive a hardship withdrawal are:
•
Purchase of your principal residence (not including mortgage payments);
•
Payment of post-secondary school education for the next 12 months for you, your spouse
or dependents;
•
Unreimbursed medical expenses which were previously incurred, or expenses which are
necessary to obtain medical care for you, your spouse or dependents;
•
Prevention of eviction from your principal residence or foreclosure on the mortgage of
your principal residence;
•
Payment of funeral expenses for your parent, spouse, child, or dependent; and
•
Expenses for the repair of damage to your principal residence that would qualify for a
casualty loss deduction under the Internal Revenue Code.
You must show that the amount does not exceed the amount you need to meet your financial need,
you must have obtained all other distributions and non-taxable loans available to you under any
employer plan, and you may not have any elective deferral contributions or matching contributions
made on your behalf for at least six months.
Distribution Upon Retirement, Disability, or Upon Termination of Employment
You may choose to have retirement benefits begin on or after your normal retirement date (age
65) or your early retirement date (the first day of any month coincident with or following the date
you terminate employment after you attain age 55). If you continue working after your normal
retirement date, your distribution will generally be deferred at least until your actual retirement
date (your postponed retirement date). You are also eligible for a benefit distribution if you
become disabled while you are an active employee of Northfield Bank. In addition, if you terminate
your employment before you are eligible to retire, for any reason other than disability or death,
you will be entitled to the vested value of your Plan accounts.
Forms of Distributions
Plan distributions at retirement, upon disability or upon termination of employment for
reasons other than death will be made in the following standard forms of payment, unless you choose
an optional form of payment. If you terminate employment at your normal, early or postponed
retirement date, or upon becoming permanently disabled, and the value of your Plan accounts is
$1,000 or less, your benefits will be paid to you in a single cash payment as soon as
11
Table of Contents
administratively possible following your termination of employment. If the value of your Plan
accounts exceeds $5,000, you benefits will be paid to you at the time you would have reached your
normal retirement date or postponed retirement date, in a single cash payment. If the value of
your Plan accounts is at least $1,000 but does not exceed $5,000, and you have not elected to
receive your benefit under an available optional form of payment, the value of your Plan account
will be transferred to an individual retirement account ("IRA") established on your behalf by the
Plan administrator.
If you terminate employment for reasons other than retirement or disability and the value of
your vested Plan accounts is $1,000 or less, your benefits will be paid to you in a single cash
payment as soon as administratively possible after your termination of employment. If you
terminate employment for reasons other than retirement or disability and the value of your vested
Plan accounts is greater than $5,000, your benefits will be paid in a single cash payment at the
time you would have reached your normal retirement date. If you terminate employment for reasons
other than retirement or disability and your Plan accounts is greater than $1,000 but does not
exceed $5,000 and you have not elected to receive your benefits under an available optional form of
payment, the value of your Plan accounts will be transferred to a rollover IRA established on your
behalf by the Plan administrator.
Optional forms of payment include a single cash payment, deferred payment and rollovers. A
single cash payment is available if you terminate employment at any time on or after your early
retirement date and prior to your normal retirement date or due to disability, and the value of
your vested Plan accounts exceeds $1,000. You may also elect to receive the value of your vested
Plan accounts in a single cash payment if you terminate employment for reasons other than
retirement or disability and the value of your vested accounts exceeds $5,000.
You may elect to defer receipt of your vested Plan accounts until after your normal retirement
date or after your actual retirement date (if you retire after your normal retirement date),
provided you receive at least a portion of your account balance no later than the first day of
April following the calendar year in which you retire (or terminate employment due to disability)
or, if later, you attain age 70
1
/
2
.
Regardless of the reason for which you terminate employment or the value of your Plan
accounts, you may request that the value of your Plan accounts be transferred to a rollover IRA,
another employer's qualified plan, a Section 403(b) annuity contract or a Section 457(b)
governmental plan maintained by a state or agency of the state, if the other plan or contract
permits it.
If you die and have not made a valid election as to how payments are to be made, the value of
your vested Plan account will be paid to your beneficiary in a single cash payment. If your
designated beneficiary is your spouse and you die before attaining age 70
1
/
2
, payment to your spouse
will be made no later than the date you would have attained age 70
1
/
2
. If your designated
beneficiary is your spouse and you die on or after attaining age 70
1
/
2
, payment to your spouse will
be made as soon as administratively possible. If your designated beneficiary is not your spouse,
payment to your designated beneficiary will be made within one year of the date of your death.
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Investment of Contributions and Account Balances
All amounts credited to your accounts under the Plan are held in the Plan trust (the "Trust"),
which is administered by the trustee appointed by Northfield Bank's Board of Directors.
Prior to the effective date of the stock offering, you were provided the opportunity to direct
the investment of your account into one of the following funds:
•
Alger MidCap Growth Institutional Fund (I)
•
American Beacon Large Cap Value Fund
•
Evergreen International Equity Fund (A)
•
Federated Kaufmann Fund A
•
Invesco Capital Development Fund (A)
•
Neuberger Berman Genesis Fund Trust
•
PIMCO Total Return Fund (Adm)
•
SSgA S&P 500 Index Fund
•
Sunrise Retirement Balanced Fund
•
Sunrise Retirement Balanced Equity Fund
•
Sunrise Retirement Capital Preservation Fund
•
Sunrise Retirement Diversified Equity Fund
•
Sunrise Retirement Diversified Equity with Income Fund
•
Sunrise Retirement Diversified Income Fund
•
Sunrise Retirement Income Fund
•
T. Rowe Price Growth Stock Fund (Inv)
•
Wells Fargo Stable Return Fund (J)
•
Northfield-Federal Stock Fund
Once in any calendar quarter, you may submit a request form (including an electronic form) to
a Plan representative to increase, decrease, suspend or resume your elective deferral
contributions. If you increase or decrease your contribution percentage, the change will go into
effect as of the first payroll period following 10 days after you submit your written request or as
soon as possible thereafter.
You may change your investment direction of future contributions at any time by telephone
through Pentegra Retirement Services at (800) 433-4422 or through the Internet (which can be
reached via
www.pentegra.com
). For further information regarding changes to your investment
directions, please contact Madeline G. Frank, Senior Vice President/Human Resources at (732)
499-7200, ext. 2570. In addition, if permitted by the Plan Committee, you may submit a written
request to a Plan representative at least 10 days prior to the date the change is to take effect.
If your change in investment direction is made in this manner, it will become effective as of the
first payroll period following your written notice to the Plan representative, or as soon as
possible thereafter.
You can transfer existing investment account balances from one fund to another at any time, by
telephone though the Pentegra Retirement Services or through the Internet.
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In connection with the stock offering, the Plan now provides that in addition to the funds
specified above, you may direct the trustee, or its representative, to invest all or a portion of
your account in the Northfield-Delaware Stock Fund.
Pending investment in shares of Common Stock, amounts allocated towards the purchase of Common
Stock in the stock offering will be held in a money market fund. In the event of an
oversubscription that prevents you from purchasing all of the shares of Common Stock that you
ordered in the stock offering, the amounts that you elected to invest but were unable to invest,
plus any earnings on those amounts, will be reinvested among the other funds of the Plan in
accordance with your then existing investment election (in proportion to your investment direction
for future contributions).
Following the stock offering, you may elect to have both past contributions and earnings, as
well as future contributions to your account invested among the funds listed above and the
Northfield-Delaware Stock Fund.
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Performance History and Fund Description
The following table provides performance data with respect to the investment funds available
under the Plan through March 31, 2010:
AVERAGE ANNUALIZED RETURNS AS OF MARCH 31, 2010
Total Return
Annualized Total Return
Investment Option
Quarter
1-Year
3-Year
5-Year
10-Year
1
Alger MidCap Growth Institutional Fund I
6.29
%
60.10
%
-5.57
%
2.07
%
1.02
%
American Beacon Large Cap Value Fund
6.58
%
56.68
%
-5.91
%
1.77
%
5.59
%
Evergreen International Equity Fund
3.79
%
41.74
%
-8.04
%
2.61
%
1.80
%
Federated Kaufmann Fund ( A)
4.72
%
46.37
%
-2.79
%
4.64
%
4.56
%
Invesco Capital Development Fund (A)
6.61
%
56.50
%
-5.65
%
2.95
%
1.23
%
Neuberger Berman Genesis Fund (Tr)
5.10
%
47.74
%
1.12
%
5.66
%
10.71
%
PIMCO Total Return Fund (Adm)
2.91
%
15.20
%
9.36
%
7.27
%
7.46
%
SSgA S&P 500 Index Fund
5.34
%
49.44
%
-4.27
%
1.78
%
-0.80
%
Sunrise Retirement Balanced Fund
3.65
%
30.83
%
n/a
n/a
2.54
%
Sunrise Retirement Balanced Equity Fund
4.06
%
38.27
%
n/a
n/a
0.86
%
Sunrise Retirement Capital Preservation Fund
1.95
%
11.95
%
n/a
n/a
4.83
%
Sunrise Retirement Diversified Equity Fund
4.77
%
49.83
%
n/a
n/a
-4.24
%
Sunrise Retirement Diversified Equity with
Income Fund
4.45
%
44.46
%
n/a
n/a
-2.08
%
Sunrise Retirement Diversified Income Fund
3.14
%
24.83
%
n/a
n/a
3.73
%
Sunrise Retirement Income Fund
2.55
%
17.50
%
n/a
n/a
4.10
%
T. Rowe Price Growth Stock Fund (Inv)
4.13
%
48.34
%
-2.32
%
3.46
%
0.23
%
Wells Fargo Stable Return Fund (J)
0.53
%
2.37
%
2
3.33
%
3.54
%
4.09
%
Northfield-Federal Stock Fund
7.00
%
32.00
%
n/a
n/a
44.55
%
3
1
If no ten-year record is available, return is since the funds inception.
2
Annualized performance.
3
This represents the return from November 7, 2007.
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The following is a brief description of each of the Plan's investment funds. For more
complete information with respect to a particular fund, you should request a prospectus for that
fund. You may request a prospectus for a particular fund by contacting Madeline Frank at (732)
499-7200, ext. 2570.
Alger MidCap Growth Institutional Fund I
. The fund seeks long-term capital appreciation. The
fund focuses on mid-size companies that the fund's management believes demonstrate promising growth
potential. It normally invests at least 80% of assets in the equity securities of
medium-capitalization companies that the fund's management believes demonstrate promising growth
potential. A medium-capitalization company has a market capitalization within the range of
companies in the Russell Mid-cap Growth index.
American Beacon Large Cap Value Fund
. The fund's assets are invested primarily in equity
securities of large market capitalization U.S. companies. The fund's managers select stocks that,
in their opinion, have above-average earnings growth potential and are also selling at a discount
to the market. These companies generally have market capitalizations similar to the market
capitalization of the companies in the Russell 1000 index. These may consist of common and
preferred stocks, convertible securities, U.S. dollar-denominated American Depositary Receipts and
U.S. dollar-denominated foreign stocks traded on U.S. exchanges.
Evergreen International Equity Fund (A)
. The fund seeks long-term capital growth and
secondarily, modest income. The fund invests 80% of assets in equity securities issued by
established and quality non-U.S. companies located in countries with developed markets and may
purchase securities across all market capitalizations. It normally invests at least 65% of assets
in securities of at least three countries other than the United States. The fund normally intends
to seek modest income from dividends paid by its equity holdings.
Federated Kaufman Fund (A)
. The fund seeks capital appreciation. The fund primarily invests
in common stocks of small and medium-sized companies. To select investments, the advisor evaluates
a company's growth prospects, the economic outlook for its industry, new-product development,
management, security value, and financial characteristics. It may invest up to 30% of assets in
foreign securities.
Invesco Capital Development Fund (A)
. The fund seeks long-term growth of capital by investing
primarily in common stocks of mid-cap companies that the fund's management believes can generate
sustainable growth in revenue, earnings and cash flow that is not fully reflected in investor
expectations or equity valuations.
Neuberger Berman Genesis Fund Trust
. This fund seeks growth of capital. The fund invests
primarily in common stocks of companies with market capitalizations of $2 billion or less at the
time of purchase. The fund's management generally looks for undervalued companies whose current
market shares and balance sheets are strong.
PIMCO Total Return Fund (Adm)
. The fund seeks maximum total return, consistent with
preservation of capital and prudent investment management. The fund seeks to achieve its
investment objective by investing in a diversified portfolio of fixed income instruments. The
average portfolio duration normally varies within a three- to six-year frame.
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Table of Contents
SSgA S&P 500 Index Fund
. The fund seeks to replicate the total return of the S&P 500 index.
The fund substantially invests all of investable assets in a corresponding portfolio of the State
Street Equity 500 index portfolio that has the same investment objective as and investment policies
that are substantially similar to those of the fund. It invests at least 80% of total assets in
stocks in the S&P 500 index in proportion to their weighting.
Sunrise Retirement Balanced Fund
. The fund targets 55% of its assets in a diversified mix of
equity mutual funds and 45% in fixed-income mutual funds. The equity allocation includes mutual
funds that invest in U.S. large-cap, mid-cap and small-cap equity securities, as well as non-U.S.
equity securities. The fixed-income exposure will be invested in intermediate-term fixed-income
and money market mutual funds. This fund's strategic asset class targets include: 30% U.S.
large-cap equity, 15% U.S. mid/small-cap equity, 10% non-U.S. equity, 42% fixed-income, and 3% cash
equivalents.
Sunrise Retirement Balanced Equity Fund
. The fund targets 70% of its assets in a diversified
mix of equity mutual funds and 30% in fixed-income mutual funds. The equity allocation includes
mutual funds that invest in U.S. large-cap, mid-cap and small-cap equity securities, as well as
non-U.S. equity securities. The fixed-income exposure will be invested in intermediate-term
fixed-income and money market mutual funds. This fund's strategic asset class targets include: 35%
U.S. large-cap equity, 22% U.S. mid/small-cap equity, 13% non-U.S. equity, 27% fixed-income, and 3%
cash equivalents.
Sunrise Retirement Capital Preservation Fund
. The fund targets 10% of its assets in a
diversified mix of equity mutual funds and 90% in fixed-income mutual funds. The equity allocation
includes mutual funds that invest in U.S. large-cap equity securities. The fixed-income exposure
will be invested in intermediate- and short-term fixed-income, as well as money market mutual
funds. This fund's strategic asset class targets include: 10% U.S. large-cap equity, 87%
fixed-income, and 3% cash equivalents.
Sunrise Retirement Diversified Equity Fund
. The fund seeks to be 97% invested in a
diversified mix of equity mutual funds, including mutual funds that invest in U.S. large-cap,
mid-cap and small-cap equity securities, as well as non-U.S. equity securities. The balance will
be invested in a money market portfolio. The fund's strategic asset class targets include: 42%
U.S. large-cap equity, 35% U.S. mid/small-cap equity, 20% non-U.S. equity, and 3% cash equivalents.
Sunrise Retirement Diversified Equity with Income Fund
. The fund targets 85% of its assets in
a diversified mix of equity mutual funds and 15% in fixed-income mutual funds. The equity
allocation includes mutual funds that invest in U.S. large-cap, mid-cap and small-cap equity
securities, as well as non-U.S. equity securities. The fixed-income exposure will be invested in
intermediate-term fixed-income and money market mutual funds. The fund's strategic asset class
targets include: 40% U.S. large-cap equity, 28% U.S. mid/small-cap equity, 17% non-U.S. equity, 12%
fixed-income, and 3% cash equivalents.
Sunrise Retirement Diversified Income Fund
. The fund targets 40% of its assets in a
diversified mix of equity mutual funds and 60% in fixed-income mutual funds. The equity
17
Table of Contents
allocation includes mutual funds that invest in U.S. large-cap, mid-cap and small-cap equity
securities, as well as non-U.S. equity securities. The fixed-income exposure will be invested in
intermediate-term fixed-income and money market mutual funds. The fund's strategic asset class
targets include: 25% U.S. large-cap equity, 10% U.S. mid/small cap equity, 5% non-U.S. equity, 57%
fixed-income, and 3% cash equivalents.
Sunrise Retirement Income Fund
. The fund targets 25% of its assets in a diversified mix of
equity mutual funds and 75% in fixed-income mutual funds. The equity allocation includes mutual
funds that invest in U.S. large-cap and small-cap equity securities. The fixed-income exposure
will be invested in intermediate- and short-term fixed-income, as well as money market, mutual
funds. The fund's strategic asset class targets include: 20% U.S. large-cap equity, 5% U.S.
mall-cap equity, 72% fixed-income, and 3% cash equivalents.
T. Rowe Price Growth Stock Fund (R)
. The fund seeks long-term growth of capital; income is
secondary. The fund normally invests at least 80% of assets in the common stocks of a diversified
group of growth companies. It mostly seeks investments in companies that have the ability to pay
increasing dividends through strong cash flow. The fund generally looks for companies with an
above-average rate of earnings growth and a lucrative niche in the economy. While it invests most
assets in U.S. common stocks, the fund may also purchase other securities, including foreign
stocks, futures, and options.
Wells Fargo Stable Return Fund (J)
. The fund seeks safety of principal and consistency of
returns with minimal volatility. The fund is intended for conservative investors seeking more
income than money market funds without the price fluctuation of stock or bond funds. The fund
invests in financial instruments issued by highly rated companies. These include guaranteed
investment contracts (GICs), security backed investment contracts, separate account GICs, and cash
equivalents. The fund is one of the oldest and largest stable value collective funds in the nation
and has been managed by the same portfolio management team since 1988.
Northfield-Federal Stock Fund.
The Northfield-Federal Stock Fund consists primarily of shares
of common stock of Northfield-Federal and a small amount of cash to provide for liquidity for
transactions and distributions.
An investment in any of the funds listed above is not a deposit of a bank and is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. As with
any mutual fund investment, there is always a risk that you may lose money on your investment in
any of the funds listed above.
Investment in Common Stock of Northfield-Delaware
The Northfield-Delaware Stock Fund will consist primarily of investments in common stock of
Northfield-Delaware, Inc. The trustee will use all amounts allocated to the Northfield-Delaware
Stock Fund pursuant to the Special Investment Election Form to acquire shares in the conversion and
common stock offering. Shares of Northfield-Delaware, Inc. which were held in the
Northfield-Federal Stock Fund prior to the conversion and common stock offering will be
automatically converted into shares of common stock of Northfield-Delaware, in accordance
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Table of Contents
with the exchange ratio. After the offering, the trustee will, to the extent practicable, use
amounts held by it in the Northfield-Delaware Stock Fund, including cash dividends paid on common
stock held in the Northfield-Delaware Stock Fund, to purchase shares of common stock of
Northfield-Delaware, taking into consideration cash amounts needed to maintain liquidity in the
account. It is expected that all purchases will be made at prevailing market prices. Under
certain circumstances, the trustee may be required to limit the daily volume of shares purchased.
Pending investment in common stock, amounts allocated towards the purchase of shares in the
offering will be held in the Northfield-Delaware Stock Fund in an interest-bearing account. In the
event of an oversubscription, any earnings that result therefrom will be reinvested among the other
funds of the 401(k) plan in accordance with your then existing investment election (in proportion
to your investment direction allocation percentages).
Following the offering, Northfield-Delaware, Inc., a Delaware corporation will be 100% owned
by its public shareholders, including Northfield Bank's tax-qualified plans. Currently, Northfield
Bank is a wholly-owned subsidiary of Northfield-Federal, a federal mid-tier holding company, that
is a majority-owned subsidiary of Northfield Bancorp, MHC, a mutual holding company. The
historical performance of the Northfield-Federal Stock Fund, the predecessor to the
Northfield-Delaware Stock Fund is set forth on page ___. Performance of the Northfield-Delaware
Stock Fund will be dependent upon a number of factors, including the financial condition and
profitability of Northfield-Delaware and Northfield Bank and market conditions for the common stock
generally. An investment in the fund is not insured or guaranteed by the FDIC or any other
government agency. It is possible to lose money by investing in the fund.
As of the date of this prospectus supplement, none of the shares of Northfield-Delaware common
stock have been issued or are outstanding and there is no established market for
Northfield-Delaware common stock. Accordingly, there is no record of the historical performance of
the Northfield-Delaware Stock Fund. Performance of the Northfield-Delaware Stock Fund depends on a
number of factors, including the financial condition and profitability of Northfield-Delaware and
Northfield Bank and market conditions for Northfield-Delaware common stock generally.
Investments in the Northfield-Delaware Stock Fund involve special risks common to investments
in the common stock of Northfield-Delaware
For a discussion of material risks you should consider, see "Risk Factors" beginning on page
___ of the attached prospectus and "Notice of Your Rights Concerning Employer Securities" below.
An investment in any of the funds listed above is not a deposit of a bank and
is not insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency. As with any mutual fund investment, there is
always a risk that you may lose money on your investment in any of the funds
listed above.
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Table of Contents
Administration of the Plan
The Trustee and Custodian
. The trustee of the Plan is Pentegra Trust Company. Pentegra Trust
Company serves as trustee for all the investments funds under the Plan, including during the
offering period for Northfield-Delaware common stock. Following the offering period, Pentegra
Trust Company will also serve as the trustee of the Northfield-Delaware Stock Fund
.
Plan Administrator
.
Pursuant to the terms of the Plan, the Plan is administered by the Plan
Administrator, Northfield Bank. The address of the Plan Administrator is 581 Main Street,
Woodbridge, New Jersey 07095
,
telephone number (732) 499-7200, ext. 2570. The Plan Administrator
is responsible for the administration of the Plan, interpretation of the provisions of the Plan,
prescribing procedures for filing applications for benefits, preparation and distribution of
information explaining the Plan, maintenance of Plan records, books of account and all other data
necessary for the proper administration of the Plan, preparation and filing of all returns and
reports relating to the Plan which are required to be filed with the U.S. Department of Labor and
the Internal Revenue Service, and for all disclosures required to be made to participants,
beneficiaries and others under Sections 104 and 105 of ERISA.
Reports to Plan Participants
. The Plan Administrator will furnish you a statement at least
quarterly showing the balance in your account as of the end of that period, the amount of
contributions allocated to your account for that period, and any adjustments to your account to
reflect earnings or losses (if any).
Amendment and Termination
It is the intention of Northfield Bank to continue the Plan indefinitely. Nevertheless,
Northfield Bank may terminate the Plan at any time. If the Plan is terminated in whole or in part,
then regardless of other provisions in the Plan, you will have a fully vested interest in your
accounts. Northfield Bank reserves the right to make any amendment or amendments to the Plan which
do not cause any part of the trust to be used for, or diverted to, any purpose other than the
exclusive benefit of participants or their beneficiaries; provided, however, that Northfield Bank
may make any amendment it determines necessary or desirable, with or without retroactive effect, to
comply with ERISA.
Merger, Consolidation or Transfer
In the event of the merger or consolidation of the Plan with another plan, or the transfer of
the trust assets to another plan, the Plan requires that you would receive a benefit immediately
after the merger, consolidation or transfer which is equal to or greater than the benefit you would
have been entitled to receive immediately before the merger, consolidation or transfer.
Federal Income Tax Consequences
The following is a brief summary of the material federal income tax aspects of the Plan. You
should not rely on this summary as a complete or definitive description of the material federal
income tax consequences relating to the Plan. Statutory provisions change, as do their
20
Table of Contents
interpretations, and their application may vary in individual circumstances. Finally, the
consequences under applicable state and local income tax laws may not be the same as under the
federal income tax laws. Please consult your tax advisor with respect to any distribution from the
Plan and transactions involving the Plan.
As a "tax-qualified retirement plan," the Code affords the Plan special tax treatment,
including:
(1) the sponsoring employer is allowed an immediate tax deduction for the amount contributed
to the Plan each year;
(2) participants pay no current income tax on amounts contributed by the employer on their
behalf; and
(3) earnings of the Plan are tax-deferred, thereby permitting the tax-free accumulation of
income and gains on investments.
Northfield Bank will administer the Plan to comply with the requirements of the Code as of the
applicable effective date of any change in the law.
Lump-Sum Distribution
. A distribution from the Plan to a participant or the beneficiary of a
participant will qualify as a lump-sum distribution if it is made within one taxable year, on
account of the participant's death, disability or separation from service, or after the participant
attains age 59
1
/
2
, and consists of the balance credited to the participant under the Plan and all
other profit sharing plans, if any, maintained by Northfield Bank. The portion of any lump-sum
distribution required to be included in your taxable income for federal income tax purposes
consists of the entire amount of the lump-sum distribution, less the amount of after-tax
contributions, if any, you have made to this Plan and any other profit sharing plans maintained by
Northfield Bank, which is included in the distribution.
Northfield-Delaware Common Stock Included in Lump-Sum Distribution
. If a lump-sum distribution
includes Northfield-Delaware common stock, the distribution generally will be taxed in the manner
described above, except that the total taxable amount may be reduced by the amount of any net
unrealized appreciation with respect to Northfield-Delaware common stock; that is, the excess of
the value of Northfield-Delaware common stock at the time of the distribution over its cost or
other basis of the securities to the trust. The tax basis of Northfield-Delaware common stock, for
purposes of computing gain or loss on its subsequent sale, equals the value of Northfield-Delaware
common stock at the time of distribution, less the amount of net unrealized appreciation. Any gain
on a subsequent sale or other taxable disposition of Northfield-Delaware common stock, to the
extent of the amount of net unrealized appreciation at the time of distribution, will constitute
long-term capital gain, regardless of the holding period of Northfield-Delaware common stock. Any
gain on a subsequent sale or other taxable disposition of Northfield-Delaware common stock, in
excess of the amount of net unrealized appreciation at the time of distribution, will be considered
long-term capital gain. The recipient of a distribution may elect to include the amount of any net
unrealized appreciation in the total taxable amount of the distribution, to the extent allowed by
regulations to be issued by the Internal Revenue Service.
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Distributions: Rollovers and Direct Transfers to Another Qualified Plan or to an IRA
. You may
roll over virtually all distributions from the Plan to another qualified plan or to an individual
retirement account in accordance with the terms of the other plan or account.
Notice of Your Rights Concerning Employer Securities.
Federal law provides specific rights concerning investments in employer securities. Because
you may in the future have investments in the Northfield-Delaware Stock Fund under the Plan, you
should take the time to read the following information carefully.
Your Rights Concerning Employer Securities
. The Plan must allow you to elect to move any
portion of your account that is invested in the Northfield-Federal Stock Fund and
Northfield-Delaware. Stock Fund from that investment into other investment alternatives under the
Plan. You may contact the Plan Administrator shown above for specific information regarding this
right, including how to make this election. In deciding whether to exercise this right, you will
want to give careful consideration to the information below that describes the importance of
diversification. All of the investment options under the Plan are available to you if you decide
to diversify out of either the Northfield-Federal. Stock Fund or the Northfield-Delaware Stock
Fund.
The Importance of Diversifying Your Retirement Savings
. To help achieve long-term retirement
security, you should give careful consideration to the benefits of a well-balanced and diversified
investment portfolio. Spreading your assets among different types of investments can help you
achieve a favorable rate of return, while minimizing your overall risk of losing money. This is
because market or other economic conditions that cause one category of assets, or one particular
security, to perform very well often cause another asset category, or another particular security,
to perform poorly. If you invest more than 20% of your retirement savings in any one company or
industry, your savings may not be properly diversified. Although diversification is not a
guarantee against loss, it is an effective strategy to help you manage investment risk.
In deciding how to invest your retirement savings, you should take into account all of your
assets, including any retirement savings outside of the Plan. No single approach is right for
everyone because, among other factors, individuals have different financial goals, different time
horizons for meeting their goals, and different tolerance for risk. Therefore, you should
carefully consider the rights described here and how these rights affect the amount of money that
you invest in employer common stock through the Plan.
It is also important to periodically review your investment portfolio, your investment
objectives, and the investment options under the Plan to help ensure that your retirement savings
will meet your retirement goals.
Additional Employee Retirement Income Security Act ("ERISA") Considerations
As noted above, the Plan is subject to certain provisions of ERISA, including special
provisions relating to control over the Plan's assets by participants and beneficiaries. The
Plan's feature that allows you to direct the investment of your account balances is intended to
satisfy the
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Table of Contents
requirements of section 404(c) of ERISA relating to control over plan assets by a participant
or beneficiary. The effect of this is two-fold. First, you will not be deemed a "fiduciary"
because of your exercise of investment discretion. Second, no person who otherwise is a fiduciary,
such as Northfield Bank, the Plan administrator, or the Plan's trustee is liable under the
fiduciary responsibility provision of ERISA for any loss which results from your exercise of
control over the assets in your Plan account.
Because you will be entitled to invest all or a portion of your account balance in the Plan in
Northfield-Delaware common stock, the regulations under section 404(c) of the ERISA require that
the Plan establish procedures that ensure the confidentiality of your decision to purchase, hold,
or sell employer securities, except to the extent that disclosure of such information is necessary
to comply with federal or state laws not preempted by ERISA. These regulations also require that
your exercise of voting and similar rights with respect to the common stock be conducted in a way
that ensures the confidentiality of your exercise of these rights.
Securities and Exchange Commission Reporting and Short-Swing Profit Liability
Section 16 of the Securities Exchange Act of 1934 imposes reporting and liability requirements
on officers, directors, and persons beneficially owning more than 10% of public companies such as
Northfield-Delaware Section 16(a) of the Securities Exchange Act of 1934 requires the filing of
reports of beneficial ownership. Within 10 days of becoming an officer, director or person
beneficially owning more than 10% of the shares of Northfield-Delaware, a Form 3 reporting initial
beneficial ownership must be filed with the Securities and Exchange Commission. Changes in
beneficial ownership, such as purchases, sales and gifts generally must be reported periodically,
either on a Form 4 within 2 business days after the change occurs, or annually on a Form 5 within
45 days after the close of Northfield-Delaware's fiscal year. Discretionary transactions in and
beneficial ownership of the common stock through the Northfield-Delaware Stock Fund of the Plan by
officers, directors and persons beneficially owning more than 10% of the common stock of
Northfield-Delaware generally must be reported to the Securities and Exchange Commission by such
individuals.
In addition to the reporting requirements described above, Section 16(b) of the Securities
Exchange Act of 1934 provides for the recovery by Northfield-Delaware of profits realized by an
officer, director or any person beneficially owning more than 10% of Northfield-Delaware's common
stock resulting from non-exempt purchases and sales of Northfield-Delaware common stock within any
six-month period.
The Securities and Exchange Commission has adopted rules that provide exemptions from the
profit recovery provisions of Section 16(b) for all transactions in employer securities within an
employee benefit plan, provided certain requirements are met. These requirements generally involve
restrictions upon the timing of elections to acquire or dispose of employer securities for the
accounts of Section 16(b) persons.
Except for distributions of common stock due to death, disability, retirement, termination of
employment or under a qualified domestic relations order, persons affected by Section 16(b) are
required to hold shares of common stock distributed from the Plan for six months following
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such distribution and are prohibited from directing additional purchases of units within the
Northfield-Delaware Stock Fund for six months after receiving such a distribution.
Financial Information Regarding Plan Assets
Financial information representing the net assets available for Plan benefits and the change
in net assets available for Plan benefits at December 31, 2009, is available upon written request
to the Plan Administrator at the address shown above.
LEGAL OPINION
The validity of the issuance of the common stock has been passed upon by Luse Gorman Pomerenk
& Schick, P.C., Washington, D.C., which firm is acting as special counsel to Northfield Bank in
connection with Northfield-Delaware's stock offering.
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PROSPECTUS
NORTHFIELD BANCORP, INC.
(Proposed Holding Company for Northfield Bank)
Up to 40,250,000 Shares of Common Stock
(Subject to increase to up to 46,287,500 shares)
Northfield Bancorp, Inc., a newly formed Delaware corporation, is offering up to 40,250,000
shares of common stock for sale at $10.00 per share in connection with the conversion of Northfield
Bancorp, MHC from the mutual holding company to the stock holding company form of organization. The
shares we are offering represent the ownership interest in Northfield Bancorp, Inc., a federal
corporation, currently owned by Northfield Bancorp, MHC. In the prospectus, we will refer to
Northfield Bancorp, Inc., the Delaware corporation, as "Northfield-Delaware," and we will refer to
Northfield Bancorp, Inc., the federal corporation, as "Northfield-Federal." Northfield-Federal's
common stock is currently traded on the Nasdaq Global Select Market under the trading symbol
"NFBK." For a period of 20 trading days after the completion of the conversion and offering, we
expect our shares of common stock will trade on the Nasdaq Global Select Market under the symbol
"NFBKD," and, thereafter, our trading symbol will revert to "NFBK."
The shares of common stock are first being offered in a subscription offering to eligible
depositors and tax-qualified employee benefit plans of Northfield Bank as described in this
prospectus. Eligible depositors and tax-qualified employee benefit plans have priority rights to
buy all of the shares offered. Shares not purchased in the subscription offering will
simultaneously be offered for sale to the general public in a community offering, with a preference
given to residents of the communities of Northfield Bank and existing stockholders of
Northfield-Federal. We also may offer for sale shares of common stock not purchased in the
subscription or community offerings in a syndicated community offering through a syndicate of
selected dealers.
We are offering up to 40,250,000 shares of common stock for sale on a best efforts basis. We
may sell up to 46,287,500 shares of common stock because of demand for the shares of common stock
or changes in market conditions, without resoliciting purchasers. We must sell a minimum of
29,750,000 shares in the offering in order to complete the offering and the conversion.
In addition to the shares we are selling in the offering, the remaining interest in
Northfield-Federal currently held by the public will be exchanged for shares of common stock of
Northfield-Delaware using an exchange ratio that will result in existing public stockholders of
Northfield-Federal owning approximately the same percentage of Northfield-Delaware common stock as
they owned in Northfield-Federal immediately prior to the completion of the conversion. We will
issue up to 31,166,852 shares of common stock in the exchange, which may be increased to up to
35,841,880 shares if we sell 46,287,500 shares of common stock in the offering.
The minimum order is 25 shares. The offering is expected to expire at 4:00 p.m., Eastern
Time, on [termination date]. We may extend this expiration date without notice to you until
[extension date]. Once submitted, orders are irrevocable unless the offering is terminated or is
extended, with Office of Thrift Supervision approval, beyond [extension date], or the number of
shares of common stock to be sold is increased to more than 46,287,500 shares or decreased to less
than 29,750,000 shares. If the offering is extended past [extension date], or if the number of
shares to be sold is increased to more than 46,287,500 shares or decreased to less than 29,750,000
shares, we will resolicit subscribers, and all funds delivered to us to purchase shares of common
stock will be returned promptly with interest. Funds received in the subscription and the community
offering prior to the completion of the offering will be held in a segregated account at Northfield
Bank and will earn interest at [interest rate]%.
Sandler O'Neill & Partners, L.P. will assist us in selling the shares on a best efforts basis
in the subscription and community offerings, and will serve as sole book-running manager for any
syndicated community offering. Sandler O'Neill & Partners, L.P. is not required to purchase any
shares of common stock that are being offered for sale.
OFFERING SUMMARY
Price: $10.00 per Share
Minimum
Midpoint
Maximum
Adjusted Maximum
Number of shares
29,750,000
35,000,000
40,250,000
46,287,500
Gross offering proceeds
$
297,500,000
$
350,000,000
$
402,500,000
$
462,875,000
Estimated offering expenses,
excluding selling agent
commissions
$
1,681,500
$
1,681,500
$
1,681,500
$
1,681,500
Selling agent commissions (1)
$
8,796,550
$
10,350,550
$
11,904,550
$
13,691,650
Estimated net proceeds
$
287,021,950
$
337,967,950
$
388,913,950
$
447,501,850
Estimated net proceeds per share
$
9.65
$
9.66
$
9.66
$
9.67
(1)
The amounts shown assume that 50% of the shares are sold in the subscription and
community offerings and the remaining 50% are sold in a syndicated community offering. The
amounts shown include fees and selling commissions payable by us: (i) to Sandler O'Neill &
Partners, L.P. in connection with the subscription and community offerings equal to 1.0% of
the aggregate amount of common stock in the subscription and community offerings (net of
insider purchases and shares purchased by our employee stock ownership plan), or
approximately $2.1 million, at the adjusted maximum of the offering range; and (ii) to
Sandler O'Neill & Partners, L.P. and any other broker-dealers participating in the
syndicated offering equal to 5.0% of the aggregate amount of common stock sold in the
syndicated community offering, or approximately $11.6 million at the adjusted maximum of
the offering. Sandler O'Neill & Partners, L.P. will not be separately reimbursed for
expenses if the offering is completed. See "The Conversion and Offering—Plan of
Distribution; Selling Agent Compensation" for information regarding compensation to be
received by Sandler O'Neill & Partners, L.P. and the other broker-dealers that may
participate in the syndicated community offering and "Pro Forma Data" for the assumptions
regarding the number of shares that may be sold in the subscription and community offerings
and the syndicated community offering used to determine the estimated offering expenses.
If all shares of common stock were sold in the syndicated community offering, the maximum
selling agent commissions would be approximately $14.9 million, $17.5 million, $20.1
million and $23.1 million at the minimum, midpoint, maximum, and adjusted maximum levels of
the offering, respectively.
This investment involves a degree of risk, including the possible loss of principal.
Please read "Risk Factors" beginning on page 16.
These securities are not deposits or accounts and are not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Neither the Securities and Exchange
Commission, the Office of Thrift Supervision, nor any state securities regulator has approved or
disapproved of these securities or determined if this Prospectus is accurate or complete. Any
representation to the contrary is a criminal offense.
Sandler O'Neill + Partners, L.P.
For assistance, please contact the Stock Information Center, toll-free, at (____) ___-____.
The date of this prospectus is [Prospectus Date].
Table of Contents
[MAP TO BE INSERTED ON INSIDE FRONT COVER]
Table of Contents
TABLE OF CONTENTS
Page
SUMMARY
1
RISK FACTORS
16
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA OF NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
28
FORWARD-LOOKING STATEMENTS
30
HOW WE INTEND TO USE THE PROCEEDS FROM THE OFFERING
31
OUR DIVIDEND POLICY
32
MARKET FOR THE COMMON STOCK
33
HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE
35
CAPITALIZATION
36
PRO FORMA DATA
38
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
46
BUSINESS OF NORTHFIELD-DELAWARE
83
BUSINESS OF NORTHFIELD BANCORP, INC. AND NORTHFIELD BANK
84
SUPERVISION AND REGULATION
102
TAXATION
111
MANAGEMENT
113
BENEFICIAL OWNERSHIP OF COMMON STOCK
141
SUBSCRIPTIONS BY DIRECTORS AND EXECUTIVE OFFICERS
143
THE CONVERSION AND OFFERING
144
COMPARISON OF STOCKHOLDERS' RIGHTS FOR EXISTING STOCKHOLDERS OF NORTHFIELD BANCORP, INC.
167
RESTRICTIONS ON ACQUISITION OF NORTHFIELD-DELAWARE
172
DESCRIPTION OF CAPITAL STOCK OF NORTHFIELD-DELAWARE FOLLOWING THE CONVERSION
175
TRANSFER AGENT
177
EXPERTS
177
LEGAL MATTERS
177
WHERE YOU CAN FIND ADDITIONAL INFORMATION
177
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
F-1
i
Table of Contents
SUMMARY
The following summary explains the significant aspects of the conversion, the offering and the
exchange of existing shares of
Northfield-Federal
common stock for shares of Northfield-Delaware
common stock. It may not contain all of the information that is important to you. For additional
information before making an investment decision, you should read this entire document carefully,
including the consolidated financial statements and the notes to the consolidated financial
statements, and the section entitled "Risk Factors."
The Companies
Northfield-Delaware
The shares being offered will be issued by Northfield-Delaware, a newly formed Delaware
corporation. Upon completion of the conversion, Northfield-Delaware will become the successor
corporation to Northfield-Federal and the parent holding company for Northfield Bank.
Northfield-Delaware's executive offices are located at 581 Main Street, Suite 810, Woodbridge, New
Jersey 07095, and its telephone number at this address is (732) 499-7200.
Northfield Bank
Northfield Bank is a community bank that has served the banking needs of its customers since
1887. Northfield Bank conducts business primarily from its home office located in Staten Island,
New York, its operations center located in Woodbridge, New Jersey, its 17 additional branch offices
located in New York and New Jersey and its lending offices located in Brooklyn, New York and
Gwinnett County, Georgia. The branch offices are located in the New York counties of Richmond
(Staten Island) and Kings (Brooklyn) and the New Jersey counties of Union and Middlesex.
Northfield Bank's principal business consists of taking deposits, primarily through its
retail banking offices, and investing those funds in loans and securities. Northfield Bank offers
a variety of deposit accounts with a range of interest rates and terms, and relies on its
convenient locations, customer service and competitive pricing and products to attract and retain
deposits. To a lesser extent, Northfield Bank uses borrowed funds and brokered deposits as
additional sources of funds. Northfield Bank's principal lending activity is originating
multifamily and commercial real estate loans for retention in its portfolio, and also offering a
variety of other types of loans for individuals and small businesses. Northfield Bank's investment
securities portfolio is comprised principally of mortgage-backed securities and corporate bonds.
Northfield Bank is subject to comprehensive regulation and examination by the Office of Thrift
Supervision.
Northfield Bank's website address is
www.eNorthfield.com
. Information on this website
is not and should not be considered a part of this prospectus.
Northfield-Federal and Northfield Bancorp, MHC
Northfield-Federal is a federally chartered corporation that currently is the parent holding
company of Northfield Bank. At March 31, 2010, Northfield-Federal had consolidated assets of $2.1
billion, deposits of $1.4 billion and stockholders' equity of $396.3 million. At March 31, 2010,
Northfield-Federal had 43,722,522 shares of common stock outstanding, of which 19,080,838 shares,
or 43.6%, were owned by the public (including Northfield Bank Foundation) and will be exchanged for
shares of common stock of Northfield-Delaware as part of the conversion. The remaining 24,641,684
shares of common stock of Northfield-Federal are held by Northfield Bancorp, MHC, a federally
chartered mutual holding company. The shares of common stock being offered by Northfield-Delaware
represent Northfield Bancorp, MHC's ownership interest in Northfield-Federal. Upon completion of
the conversion and offering, Northfield Bancorp, MHC's shares will be cancelled and Northfield
Bancorp, MHC and Northfield-Federal will no longer exist.
1
Table of Contents
Our Current Organizational Structure
We have been organized in mutual holding company form since 1995, and in the two-tiered mutual
holding company structure since 2002. In November 2007, Northfield-Federal sold 19,265,316 shares
of its common stock to the public, representing 43.0% of its then-outstanding shares, at $10.00 per
share. Northfield-Federal issued 24,641,684 shares to Northfield Bancorp, MHC, and 896,061 shares
to Northfield Bank Foundation, which was formed in connection with the initial stock offering.
Pursuant to the terms of Northfield Bancorp, MHC's plan of conversion and reorganization,
Northfield Bancorp, MHC is now converting from the mutual holding company corporate structure to
the stock holding company corporate structure. As part of the conversion, we are offering for sale
the majority ownership interest in Northfield-Federal that is currently held by Northfield Bancorp,
MHC. We are not contributing additional shares to the Northfield Bank Foundation in connection
with the conversion and offering. Upon completion of the conversion and offering, Northfield
Bancorp, MHC and Northfield-Federal will cease to exist, and we will complete the transition of our
organization from being partially owned by public stockholders to being fully owned by public
stockholders. Upon completion of the conversion, public stockholders of Northfield-Federal will
receive shares of common stock of Northfield-Delaware in exchange for their shares of
Northfield-Federal.
The following diagram shows our current organizational structure:
2
Table of Contents
After the conversion and offering are completed, we will be organized as a fully public
holding company, as follows:
Business Strategy
Our business strategies are to:
•
remain a community-oriented financial institution;
•
continue to increase our lending;
•
improve asset quality;
•
expand through branching and acquisitions; and
•
employ securities investment strategies to increase income.
See "Management's Discussion and Analysis of Financial Condition and Results of
Operations—Business Strategy" for a more complete discussion of our business strategy.
Reasons for the Conversion and Offering
Our primary reasons for converting to the fully public stock form of ownership and undertaking
the stock offering are to:
•
eliminate some of the uncertainties associated with proposed financial
regulatory reforms;
•
increase our capital;
•
transition us to a more familiar and flexible organizational structure;
•
improve the liquidity of our shares of common stock; and
3
Table of Contents
•
support any future mergers and acquisitions.
See "The Conversion and Offering" for a more complete discussion of our reasons for conducting
the conversion and offering.
Terms of the Offering
We are offering between 29,750,000 and 40,250,000 shares of common stock to eligible
depositors of Northfield Bank, to our tax-qualified employee benefit plans and, to the extent
shares remain available, to residents of the New Jersey Counties of Bergen, Essex, Hudson,
Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex and Union, the New York
Counties of Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk and
Westchester, and Pike County, Pennsylvania. To the extent shares of common stock remain available,
we are also offering the shares to our existing public stockholders and to the general public in a
community offering and, if necessary, to the general public in a syndicated community offering.
The number of shares of common stock to be sold may be increased to up to 46,287,500 shares as a
result of demand for the shares of common stock in the offering or changes in market conditions.
Unless the number of shares of common stock to be offered is increased to more than 46,287,500
shares or decreased to fewer than 29,750,000 shares, or the offering is extended beyond [extension
date], subscribers will not have the opportunity to change or cancel their stock orders once
submitted. If the offering is extended past [extension date], or if the number of shares to be
sold is increased to more than 46,287,500 shares or decreased to less than 29,750,000 shares, all
subscribers' stock orders will be canceled, their withdrawal authorizations will be canceled and
funds delivered to us to purchase shares of common stock in the subscription and community
offerings will be returned promptly with interest at [interest rate]%. We will then resolicit
subscribers, giving them an opportunity to place a new order for a period of time.
The purchase price of each share of common stock to be offered for sale in the offering is
$10.00. All investors will pay the same purchase price per share. Investors will not be charged a
commission to purchase shares of common stock in the offering. Sandler O'Neill & Partners, L.P.,
our marketing agent in the offering, will use its best efforts to assist us in selling shares of
our common stock but is not obligated to purchase any shares of common stock in the offering.
How We Determined the Offering Range, the Exchange Ratio and the $10.00 Per Share Stock Price
The amount of common stock we are offering for sale and the exchange ratio for the exchange of
shares of Northfield-Delaware for shares of Northfield-Federal are based on an independent
appraisal of the estimated market value of Northfield-Delaware, assuming the conversion, exchange
and offering are completed. RP Financial, LC., our independent appraiser, has estimated that, as
of May 14, 2010, this market value was $621.0 million. Based on Office of Thrift Supervision
regulations, this market value forms the midpoint of a valuation range with a minimum of $527.9
million and a maximum of $714.2 million. Based on this valuation and the valuation range, the
56.4% ownership interest of Northfield Bancorp, MHC in Northfield-Federal being sold in the
offering and the $10.00 per share price, the number of shares of common stock being offered for
sale by Northfield-Delaware will range from 29,750,000 shares to 40,250,000 shares. The $10.00 per
share price was selected primarily because it is the price most commonly used in mutual-to-stock
conversions of financial institutions. The exchange ratio will range from 1.2073 shares at the
minimum of the offering range to 1.6334 at the maximum of the offering range, and will preserve the
existing percentage ownership of public stockholders of Northfield-Federal (excluding any new
shares purchased by them in the stock offering and their receipt of cash in lieu of fractional
shares). If demand for shares or market conditions warrant, the appraisal can be increased by 15%,
which would result in an appraised value of $821.3 million, an offering of 46,287,500 shares of
common stock, and an exchange ratio of 1.8784.
4
Table of Contents
The appraisal is based in part on Northfield-Federal's financial condition and results of
operations, the pro forma effect of the additional capital raised by the sale of shares of common
stock in the offering, and an analysis of a peer group of ten publicly traded thrift holding
companies that RP Financial, LC. considers comparable to Northfield-Federal. The appraisal peer
group consists of the following companies. Asset size for all companies is as of March 31, 2010.
Ticker
Company Name
Symbol
Exchange
Headquarters
Total Assets
(in millions)
Brookline Bancorp, Inc.
BRKL
Nasdaq
Brookline, MA
$
2,639
Danvers Bancorp, Inc.
DNBK
Nasdaq
Danvers, MA
$
2,455
ESB Financial Corp.
ESBF
Nasdaq
Ellwood City, PA
$
1,955
ESSA Bancorp, Inc.
ESSA
Nasdaq
Stroudsburg, PA
$
1,059
Flushing Financial Corp.
FFIC
Nasdaq
Lake Success, NY
$
4,183
NewAlliance Bancshares
NAL
NYSE
New Haven, CT
$
8,501
OceanFirst Financial Corp.
OCFC
Nasdaq
Toms River, NJ
$
2,199
Provident NY Bancorp, Inc.
PBNY
Nasdaq
Montebello, NY
$
2,936
United Financial Bancorp
UBNK
Nasdaq
W. Springfield, MA
$
1,513
Westfield Financial Inc.
WFD
Nasdaq
Westfield, MA
$
1,200
The following table presents a summary of selected pricing ratios for the peer group
companies and Northfield-Delaware (on a pro forma basis) based on annual earnings and other
information as of and for the twelve months ended March 31, 2010, as reflected in the appraisal
report. Compared to the average pricing of the peer group, our pro forma pricing ratios at the
midpoint of the offering range indicated a discount of 20.1% on a price-to-book value basis, a
discount of 30.4% on a price-to-tangible book value basis, and a premium of 110.0% on a
price-to-earnings basis.
Price-to-earnings
Price-to-book
Price-to-tangible
multiple (1)
value ratio
book value ratio
Northfield-Delaware
(on a pro forma
basis, assuming
completion of the
conversion)
Adjusted Maximum
67.18
x
101.73
%
103.84
%
Maximum
58.68
x
94.79
%
96.90
%
Midpoint
51.23
x
87.87
%
89.93
%
Minimum
43.72
x
80.00
%
82.03
%
Valuation of peer
group companies, all
of which are fully
converted (on an
historical basis)
Averages
24.40
x
109.94
%
129.19
%
Medians
26.88
x
104.00
%
134.53
%
(1)
Price-to-earnings multiples calculated by RP Financial, LC. in the independent appraisal are
based on an estimate of "core" or recurring earnings. These ratios are different than those
presented in "Pro Forma Data."
The independent appraisal does not indicate trading market value. Do not assume or
expect that our valuation as indicated in the appraisal means that after the conversion and
offering the shares of our common stock will trade at or above the $10.00 per share purchase price.
Furthermore, the pricing ratios presented in the appraisal were utilized by RP Financial, LC. to
estimate our
pro forma
appraised value for regulatory purposes and not to compare the relative
value of shares of our common stock with the value of the capital stock of the peer group. The
value of the capital stock of a particular company may be affected by a number of factors such as
financial performance, asset size and market location.
For a more complete discussion of the amount of common stock we are offering for sale and the
independent appraisal, see "The Conversion and Offering—Stock Pricing and Number of Shares to be
Issued."
5
Table of Contents
After-Market Stock Price Performance Provided by Independent Appraiser
The following table presents stock price performance information for all second-step
conversions completed between January 1, 2009 and May 14, 2010. None of these companies were
included in the group of 10 comparable public companies utilized in RP Financial, LC.'s valuation
analysis.
Completed Second-Step Conversion Offerings
Closing Dates between January 1, 2009 and May 14, 2010
Percentage Price Change
From Initial Trading Date
Company Name and
Conversion
Through May 14,
Ticker Symbol
Date
Exchange
One Day
One Week
One Month
2010
Eagle Bancorp Montana, Inc. (EBMT)
4/5/10
Nasdaq
5.5
%
6.5
%
4.1
%
3.2
%
Ocean Shore Holding Co. (OSHC)
12/21/09
Nasdaq
7.5
%
12.3
%
13.1
%
40.5
%
Northwest Bancshares, Inc. (NWBI)
12/18/09
Nasdaq
13.5
%
13.0
%
14.0
%
23.2
%
Average
8.8
%
10.6
%
10.4
%
22.3
%
Median
7.5
%
12.3
%
13.1
%
23.2
%
Stock price performance is affected by many factors, including, but not limited to:
general market and economic conditions; the interest rate environment; the amount of proceeds a
company raises in its offering; and numerous factors relating to the specific company, including
the experience and ability of management, historical and anticipated operating results, the nature
and quality of the company's assets, and the company's market area. None of the companies listed
in the table above are exactly similar to Northfield-Delaware, the pricing ratios for their stock
offerings may have been different from the pricing ratios for Northfield-Delaware shares of common
stock and the market conditions in which these offerings were completed may have been different
from current market conditions. Furthermore, this table presents only short-term performance with
respect to companies that recently completed their second-step conversions and may not be
indicative of the longer-term stock price performance of these companies.
The performance of these
stocks may not be indicative of how our stock will perform.
Our stock price may trade below $10.00 per share, as the stock prices of many second-step
conversions completed prior to 2009 have decreased below the initial offering price. Before you
make an investment decision, we urge you to carefully read this prospectus, including, but not
limited to, the section entitled "Risk Factors" beginning on page 16.
The Exchange of Existing Shares of Northfield-Federal Common Stock
If you are currently a stockholder of Northfield-Federal, your shares will be canceled at the
completion of the conversion and will be exchanged for shares of common stock of
Northfield-Delaware. The number of shares of common stock you receive will be based on the
exchange ratio, which will depend upon our final appraised value. The following table shows how
the exchange ratio will adjust, based on the valuation of Northfield-Delaware and the number of
shares of common stock issued in the offering. The table also shows the number of shares of
Northfield-Delaware common stock a hypothetical owner of Northfield-Federal common stock would
receive in exchange for 100 shares of Northfield-Federal common stock owned at the completion of
the conversion, depending on the number of shares of common stock issued in the offering.
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Table of Contents
Equivalent
Equivalent
Total Shares
Value of
Pro Forma
Shares to
of Common
Shares
Tangible
be
Shares of Northfield-Delaware
Stock to be
Based
Book Value
Received
Shares to be Sold in
to be Issued for Shares of
Issued in
Upon
Per
for 100
This Offering
Northfield-Federal
Conversion
Exchange
Offering
Exchanged
Existing
Amount
Percent
Amount
Percent
and Offering
Ratio
Price (1)
Share (2)
Shares
Minimum
29,750,000
56.4
%
23,036,369
43.6
%
52,786,369
1.2073
$
12.07
$
14.72
120
Midpoint
35,000,000
56.4
27,101,611
43.6
62,101,611
1.4204
14.20
15.79
142
Maximum
40,250,000
56.4
31,166,852
43.6
71,416,852
1.6334
16.33
16.86
163
15% above Maximum
46,287,500
56.4
35,841,880
43.6
82,129,380
1.8784
18.78
18.09
187
(1)
Represents the value of shares of Northfield-Delaware common stock to be received in
the conversion by a holder of one share of Northfield-Federal, pursuant to the exchange ratio,
based upon the $10.00 per share purchase price.
(2)
Represents the pro forma tangible book value per share at each level of the offering range
multiplied by the respective exchange ratio.
If you own shares of Northfield-Federal common stock in a brokerage account in "street
name," your shares will be exchanged automatically, and you do not need to take any action to
exchange your shares of common stock. If your shares are represented by physical
Northfield-Federal stock certificates, after the completion of the conversion and stock offering,
our exchange agent will mail to you a transmittal form with instructions to surrender your stock
certificates. New certificates of Northfield-Delaware common stock will be mailed to you within
five business days after the exchange agent receives properly executed transmittal forms and your
Northfield-Federal stock certificates.
You should not submit a stock certificate until you receive
a transmittal form.
No fractional shares of Northfield-Delaware common stock will be issued to any public
stockholder of Northfield-Federal. For each fractional share that otherwise would be issued,
Northfield-Delaware will pay in cash an amount equal to the product obtained by multiplying the
fractional share interest to which the holder otherwise would be entitled by the $10.00 per share
offering price.
Outstanding options to purchase shares of Northfield-Federal common stock also will convert
into and become options to purchase shares of Northfield-Delaware common stock based upon the
exchange ratio. The aggregate exercise price, duration and vesting schedule of these options will
not be affected by the conversion. At March 31, 2010, there were 2,072,540 outstanding options to
purchase shares of
Northfield-Federal
common stock, 402,060 of which have vested. Such outstanding
options will be converted into options to purchase 2,502,177 shares of common stock at the minimum
of the offering range and 3,385,287 shares of common stock at the maximum of the offering range.
Because Office of Thrift Supervision regulations prohibit us from repurchasing our common stock
during the first year following the conversion unless compelling business reasons exist for such
repurchases, we may use authorized but unissued shares to fund option exercises that occur during
the first year following the conversion. If all existing options were exercised for authorized,
but unissued shares of common stock following the conversion, stockholders would experience
dilution of approximately 4.53% at both the minimum and the maximum of the offering range.
How We Intend to Use the Proceeds From the Offering
We intend to invest at least 50% of the net proceeds from the stock offering in Northfield
Bank, loan funds to our employee stock ownership plan to fund its purchase of our shares of common
stock in the stock offering and retain the remainder of the net proceeds from the offering.
Therefore, assuming we sell 35,000,000 shares of common stock in the stock offering, and we have
net proceeds of $338.0 million, we intend to invest $169.0 million in Northfield Bank, loan $14.0
million to our employee stock ownership plan to fund its purchase of our shares of common stock and
retain the remaining $155.0 million of the net proceeds.
We may use the funds we retain to acquire other financial institutions, for investments, to
pay cash dividends, to repurchase shares of common stock and for other general corporate purposes.
Northfield Bank may use the proceeds it receives from us to acquire other financial institutions,
to expand its branch network and to support increased lending and other products and services.
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Please see the section of this prospectus entitled "How We Intend to Use the Proceeds from the
Offering" for more information on the proposed use of the proceeds from the offering.
Persons Who May Order Shares of Common Stock in the Offering
We are offering the shares of common stock in a subscription offering in the following
descending order of priority:
(i)
First, to depositors with accounts at Northfield Bank with aggregate balances
of at least $50 at the close of business on March 31, 2009.
(ii)
Second, to our tax-qualified employee benefit plans (including Northfield
Bank's employee stock ownership plan and 401(k) plan), which will receive, without
payment therefor, nontransferable subscription rights to purchase in the aggregate up
to 10% of the shares of common stock sold in the offering. We expect our employee
stock ownership plan to purchase 4% of the shares of common stock sold in the stock
offering, although we reserve the right to have the employee stock ownership plan
purchase more than 4% of the shares sold in the offering to the extent necessary to
complete the offering at the minimum of the offering range.
(iii)
Third, to depositors with accounts at Northfield Bank with aggregate
balances of at least $50 at the close of business on June 30, 2010.
(iv)
Fourth, to depositors of Northfield Bank at the close of business on
[depositor record date].
Shares of common stock not purchased in the subscription offering will be offered for sale to
the general public in a community offering, with a preference given first to natural persons
(including trusts of natural persons) residing in the New Jersey Counties of Bergen, Essex, Hudson,
Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex and Union, the New York
Counties of Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk and
Westchester, and Pike County, Pennsylvania. To the extent shares of common stock remain available,
we are also offering the shares to Northfield-Federal's public stockholders as of [stockholder
record date]. The community offering is expected to begin concurrently with the subscription
offering. We also may offer for sale shares of common stock not purchased in the subscription
offering or the community offering through a syndicated community offering managed by Sandler
O'Neill & Partners, L.P. We have the right to accept or reject, in our sole discretion, orders
received in the community offering or syndicated community offering. Any determination to accept
or reject stock orders in the community offering and the syndicated community offering will be
based on the facts and circumstances available to management at the time of the determination.
If we receive orders for more shares than we are offering, we may not be able to fully or
partially fill your order. Shares will be allocated first to categories in the subscription
offering. A detailed description of the subscription offering, the community offering and the
syndicated community offering, as well as a discussion regarding allocation procedures, can be
found in the section of this prospectus entitled "The Conversion and Offering."
Limits on How Much Common Stock You May Purchase
The minimum number of shares of common stock that may be purchased is 25.
Generally, no individual may purchase more than 300,000 shares ($3.0 million) of common stock.
If any of the following persons purchases shares of common stock, their purchases, in all
categories of the offering, when combined with your purchases, cannot exceed 300,000 shares ($3.0
million) of common stock:
•
your spouse or relatives of you or your spouse living in your house;
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•
most companies, trusts or other entities in which you are a trustee, have
a substantial beneficial interest or hold a senior position; or
•
other persons who may be your associates or persons acting in concert with you.
Unless we determine otherwise, persons having the same address and persons exercising
subscription rights through qualifying deposit accounts registered to the same address will be
subject to the overall purchase limitation of 300,000 shares ($3.0 million).
In addition to the above purchase limitations, there is an ownership limitation for current
stockholders of Northfield-Federal other than our employee stock ownership plan. Shares of common
stock that you purchase in the offering individually and together with persons described above,
plus
any shares you and they receive in exchange for existing shares of Northfield-Federal common
stock, may not exceed 5% of the total shares of common stock to be issued and outstanding after the
completion of the conversion. However, if you already own more than 5% of the total shares of
common stock to be issued and outstanding after the completion of the conversion, you do not need
to divest any of your shares.
Subject to Office of Thrift Supervision approval, we may increase or decrease the purchase and
ownership limitations at any time. See the detailed description of the purchase limitations in the
section of this prospectus headed "The Conversion and Offering—Additional Limitations on Common
Stock Purchases."
How You May Purchase Shares of Common Stock in the Subscription Offering and the Community Offering
In the subscription offering and community offering, you may pay for your shares only by:
(i)
personal check, bank check or money order made payable directly to Northfield
Bancorp, Inc.; or
(ii)
authorizing us to withdraw available funds from the types of Northfield Bank
deposit accounts designated on the stock order form.
Northfield Bank is not permitted to lend funds to anyone for the purpose of purchasing shares
of common stock in the offering. Additionally, you may not use a Northfield Bank line of credit
check or any type of third party check to pay for shares of common stock. Please do not submit
cash or wire transfers. You may not designate withdrawal from Northfield Bank's accounts with
check-writing privileges. You may not authorize direct withdrawal from a Northfield Bank
retirement account. See "—Using Individual Retirement Accounts."
You can subscribe for shares of common stock in the offering by delivering a signed and
completed original stock order form, together with full payment payable to Northfield Bancorp, Inc.
or authorization to withdraw funds from one or more of your Northfield Bank deposit accounts,
provided that the stock order form is
received
before 4:00 p.m., Eastern Time, on [termination
date], which is the end of the offering period. You may submit your stock order form and payment
by mail using the stock order reply envelope provided, or by overnight delivery to our Stock
Information Center at the address noted on the Stock Order Form. You may hand-deliver stock order
forms to the Stock Information Center, which will be located at Northfield Bank's Avenel office,
1410 St. Georges Avenue, Second floor, Avenel, New Jersey. Hand-delivered stock order forms will
only be accepted at this location. We will not accept stock order forms at our other branch
offices.
Please do not mail stock order forms to Northfield Bank's offices.
Please see "The Conversion and Offering— Procedure for Purchasing Shares—Payment for Shares"
for a complete description of how to purchase shares in the stock offering.
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Using Individual Retirement Account Funds to Purchase Shares of Common Stock
You may be able to subscribe for shares of common stock using funds in your individual
retirement account, or IRA. If you wish to use some or all of the funds in your Northfield Bank
individual retirement account, the applicable funds must be transferred to a self-directed account
maintained by an independent trustee, such as a brokerage firm, and the purchase must be made
through that account. If you do not have such an account, you will need to establish one before
placing your stock order. An annual administrative fee may be payable to the independent trustee.
Because individual circumstances differ and the processing of retirement fund orders takes
additional time, we recommend that you contact our Stock Information Center promptly, preferably at
least two weeks before the [termination date] offering deadline, for assistance with purchases
using your individual retirement account or other retirement account that you may have at
Northfield Bank
or elsewhere
. Whether you may use such funds for the purchase of shares in the
stock offering may depend on timing constraints and, possibly, limitations imposed by the
institution where the funds are held.
See "The Conversion and Offering—Procedure for Purchasing Shares—Payment for Shares" and
"—Using Individual Retirement Account Funds" for a complete description of how to use IRA funds to
purchase shares in the stock offering.
Purchases by Officers and Directors
We expect our directors and executive officers, together with their associates, to subscribe
for ___ shares of common stock in the offering, representing ___% of shares to be
sold at the minimum of the offering range. The purchase price paid by them will be the same $10.00
per share price paid by all other persons who purchase shares of common stock in the offering.
Following the conversion, our directors and executive officers, together with their associates, are
expected to beneficially own ___ shares of common stock, or ___% of our total
outstanding shares of common stock at the minimum of the offering range, which includes shares they
currently own that will be exchanged for new shares of Northfield-Delaware.
See "Subscriptions by Directors and Executive Officers" for more information on the proposed
purchases of our shares of common stock by our directors and executive officers.
Deadline for Orders of Shares of Common Stock in the Subscription and Community Offering
The deadline for purchasing shares of common stock in the subscription and community offering
is 4:00 p.m., Eastern Time, on [termination date], unless we extend this deadline. If you wish to
purchase shares of common stock, a properly completed and signed original stock order form,
together with full payment, must be received (not postmarked) by this time.
Although we will make reasonable attempts to provide this prospectus and offering materials to
holders of subscription rights, the subscription offering and all subscription rights will expire
at 4:00 p.m., Eastern Time, on [termination date], whether or not we have been able to locate each
person entitled to subscription rights.
See "The Conversion and Offering— Procedure for Purchasing Shares—Expiration Date" for a
complete description of the deadline for purchasing shares in the stock offering.
You May Not Sell or Transfer Your Subscription Rights
Office of Thrift Supervision regulations prohibit you from transferring your subscription
rights. If you order shares of common stock in the subscription offering, you will be required to
state that you are purchasing the common stock for yourself and that you have no agreement or
understanding to sell or transfer your subscription rights. We intend to take legal action,
including reporting persons to federal agencies, against anyone who we believe has sold or
transferred his or her subscription rights. We will not accept your order if we have reason to
believe that you have sold or transferred your subscription rights. On the order form, you may not
add the names of others for joint stock registration who do not have subscription rights or who
qualify only in a lower subscription
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offering priority than you do. You may add only those who were eligible to purchase shares of
common stock in the subscription offering at your date of eligibility. In addition, the stock
order form requires that you list all deposit accounts, giving all names on each account and the
account number at the applicable eligibility date. Failure to provide this information, or
providing incomplete or incorrect information, may result in a loss of part or all of your share
allocation if there is an oversubscription.
Delivery of Stock Certificates
Certificates representing shares of common stock sold in the subscription offering and
community offering will be mailed to the certificate registration address noted by purchasers on
the stock order form. Stock certificates will be sent to purchasers by first-class mail as soon as
practicable after the completion of the conversion and stock offering. We expect trading in the
stock to begin on the business day of or on the business day following the completion of the
conversion and stock offering. The conversion and stock offering are expected to be completed as
soon as practicable following satisfaction of the conditions described below in "—Conditions to
Completion of the Conversion and the Offering."
It is possible that until certificates for the
common stock are delivered to purchasers, purchasers might not be able to sell the shares of common
stock that they ordered, even though the common stock will have begun trading.
Your ability to
sell the shares of common stock before receiving your stock certificate will depend on arrangements
you may make with a brokerage firm. If you are currently a stockholder of Northfield-Federal, see
"The Conversion and Offering—Exchange of Existing Stockholders' Stock Certificates."
Conditions to Completion of the Conversion
We cannot complete the conversion and offering unless:
•
The plan of conversion and reorganization is approved by at least
a
majority of votes eligible
to be cast by members of Northfield Bancorp, MHC (depositors
of Northfield Bank) as of [depositor record date];
•
The plan of conversion and reorganization is approved by at least
two-thirds of the outstanding
shares of common stock of Northfield-Federal as of
[stockholder record date], including shares held by Northfield Bancorp, MHC;
•
The plan of conversion and reorganization is approved by at least
a
majority of the outstanding
shares of common stock of Northfield-Federal as of
[stockholder record date], excluding those shares held by Northfield Bancorp, MHC;
•
We sell at least the minimum number of shares of common stock offered; and
•
We receive the final approval of the Office of Thrift Supervision to
complete the conversion and offering.
Northfield Bancorp, MHC intends to vote its shares in favor of the plan of conversion and
reorganization. At [stockholder record date], Northfield Bancorp, MHC owned 56.4% of the
outstanding shares of common stock of Northfield-Federal. The directors and executive officers of
Northfield-Federal and their affiliates owned ___ shares of Northfield-Federal (excluding
exercisable options), or ___% of the outstanding shares of common stock and ___% of the
outstanding shares of common stock, excluding shares owned by Northfield Bancorp, MHC. They intend
to vote those shares in favor of the plan of conversion and reorganization.
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Steps We May Take if We Do Not Receive Orders for the Minimum Number of Shares
If we do not receive orders for at least 29,750,000 shares of common stock, we may take
several steps in order to issue the minimum number of shares of common stock in the offering range.
Specifically, we may:
(i)
increase the purchase and ownership limitations; and/or
(ii)
seek regulatory approval to extend the offering beyond [extension date], so
long as we resolicit subscriptions that we have previously received in the offering;
and/or
(iii)
increase the shares purchased by the employee stock ownership plan.
If one or more purchase limitations are increased, subscribers in the subscription offering
who ordered the maximum amount will be, and, in our sole discretion, some other large purchasers
may be, given the opportunity to increase their subscriptions up to the then-applicable limit.
Possible Change in the Offering Range
RP Financial, LC. will update its appraisal before we complete the offering. If, as a result
of demand for the shares or changes in market conditions, RP Financial, LC. determines that our pro
forma market value has increased, we may sell up to 46,287,500 shares in the offering without
further notice to you. If our pro forma market value at that time is either below $527.9 million
or above $821.3 million, then, after consulting with the Office of Thrift Supervision, we may:
•
terminate the stock offering and promptly return all funds (with interest paid on
funds received in the subscription and community offerings);
•
set a new offering range; or
•
take such other actions as may be permitted by the Office of Thrift Supervision and
the Securities and Exchange Commission.
If we set a new offering range, we will promptly return funds, with interest at [interest
rate]% for funds received for purchases in the subscription and community offerings, and cancel any
authorization to withdraw funds from deposit accounts for the purchase of shares of common stock.
We will resolicit subscribers, allowing them to place a new stock order for a period of time.
Possible Termination of the Offering
We may terminate the offering at any time prior to the special meeting of members of
Northfield Bancorp, MHC that is being called to vote on the conversion, and at any time after
member approval with the approval of the Office of Thrift Supervision. If we terminate the
offering, we will promptly return your funds with interest at [interest rate]% and we will cancel
deposit account withdrawal authorizations.
Benefits to Management and Potential Dilution to Stockholders Resulting from the Conversion
We expect our employee stock ownership plan, which is a tax-qualified retirement plan for the
benefit of all of our employees, to purchase up to 4% of the shares of common stock we sell in the
offering. These shares, when combined with shares owned by our existing employee stock ownership
plan, will be less than 8% of the shares outstanding following the conversion. If we receive
orders for more shares of common stock than the maximum of the offering range, the employee stock
ownership plan will have first priority to purchase shares over this maximum, up to a total of 4%
of the shares of common stock sold in the offering. This would reduce the number of shares
available for allocation to eligible account holders. For further information, see
"Management—Executive Compensation—Employee Stock Ownership Plan and Trust."
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Office of Thrift Supervision regulations permit us to implement one or more new stock-based
benefit plans no earlier than six months after completion of the conversion. Our current intention
is to implement one or more new stock-based incentive plans, but we have not determined whether we
would adopt the plans within 12 months following the completion of the conversion or more than 12
months following the completion of the conversion. Stockholder approval of these plans would be
required. If we implement stock-based benefit plans within 12 months following the completion of
the conversion, the stock-based benefit plans would reserve a number of shares up to 4% of the
shares of common stock sold in the offering (reduced by amounts purchased in the stock offering by
our 401(k) plan using its purchase priority in the stock offering) for awards of restricted stock
to key employees and directors, at no cost to the recipients. If we implement stock-based benefit
plans within 12 months following the completion of the conversion, the stock-based benefit plans
would also reserve a number of shares up to 10% of the shares of common stock sold in the offering
for issuance pursuant to the exercise of stock options by key employees and directors. The total
number of shares available under the stock-based benefit plans is subject to adjustment as may be
required by Office of Thrift Supervision regulations or policy to reflect shares of common stock or
stock options previously granted by Northfield-Federal or Northfield Bank. For stock-based benefit
plans adopted within 12 months following the completion of the conversion, current Office of Thrift
Supervision policy would require that the total number of shares of restricted stock and the total
number of shares available for the exercise of stock options not exceed 4% and 10%, respectively,
of our total outstanding shares following the conversion. If the stock-based benefit plan is
adopted more than 12 months after the completion of the conversion, shares of our common stock
available for restricted stock or the exercise of stock options under the plan may exceed the
percentage limitations set forth above. We have not yet determined the number of shares that would
be reserved for issuance under these plans. For a description of our current stock-based benefit
plan, see "Management—Compensation Discussion and Analysis—Equity Awards."
The following table summarizes the number of shares of common stock and the aggregate dollar
value of grants that are available under one or more stock-based benefit plans if such plans
reserve a number of shares of common stock equal to not more than 4% and 10% of the shares sold in
the stock offering for restricted stock awards and stock options, respectively. The table shows
the dilution to stockholders if all such shares are issued from authorized but unissued shares,
instead of shares purchased in the open market. A portion of the stock grants shown in the table
below may be made to non-management employees or consultants. The table also sets forth the number
of shares of common stock to be acquired by the employee stock ownership plan for allocation to all
qualifying employees.
Number of Shares to be Granted or Purchased
Dilution
Value of Grants (In
As a
Resulting
Thousands (1)
At
Percentage
From
At
At
Adjusted
of Common
Issuance of
At
Adjusted
Minimum of
Maximum
Stock to be
Shares for
Minimum
Maximum
Offering
of Offering
Sold in the
Stock-Based
of Offering
of Offering
Range
Range
Offering
Benefit Plans
Range
Range
Employee stock ownership plan
1,190,000
1,851,500
4.0
%
N/A
(2)
$
11,900
$
18,515
Restricted stock awards
1,190,000
1,851,500
4.0
2.20
%
11,900
18,515
Stock options
2,975,000
4,628,750
10.0
5.34
%
11,097
17,265
Total
5,355,000
8,331,750
18.0
%
7.31
%
$
34,897
$
54,295
(1)
The actual value of restricted stock awards will be determined based on their fair value as
of the date grants are made. For purposes of this table, fair value for stock awards is
assumed to be the same as the offering price of $10.00 per share. The fair value of stock
options has been estimated at $3.73 per option using the Black-Scholes option pricing model,
adjusted for the exchange ratio, with the following assumptions: a grant-date share price and
option exercise price of $10.00; an expected option life of 6.5 years; a dividend yield of
1.4%; a risk-free rate of return of 3.10%; and a volatility rate of 38.29%. The actual value
of option grants will be determined by the grant-date fair value of the options, which will
depend on a number of factors, including the valuation assumptions used in the option pricing
model ultimately adopted.
(2)
No dilution is reflected for the employee stock ownership plan because such shares are
assumed to be purchased in the stock offering.
We may fund our stock-based benefit plans through open market purchases, as opposed to
new issuances of stock; however, if any options previously granted under our existing 2008 Equity
Incentive Plan are exercised during the first year following completion of the offering, they will
be funded with newly issued shares as Office of Thrift Supervision regulations do not permit us to
repurchase our shares during the first year following the completion of the offering except to fund
the grants of restricted stock under our stock-based benefit plan or under
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extraordinary circumstances. We have been advised by the staff of the Office of Thrift
Supervision that the exercise of outstanding options and cancellation of treasury shares in the
conversion will not constitute an extraordinary circumstance for purposes of this test.
The following table presents information as of March 31, 2010 regarding our employee stock
ownership plan, our 2008 Equity Incentive Plan and our proposed stock-based benefit plan. The
table below assumes that 71,416,852 shares are outstanding after the offering, which includes the
sale of 40,250,000 shares in the offering at the maximum of the offering range and the issuance of
shares in exchange for shares of Northfield-Federal using an exchange ratio of 1.6334. It also
assumes that the value of the stock is $10.00 per share.
Percentage of
Shares Outstanding
Shares at Maximum
Estimated Value of
After the
Existing and New Stock Benefit Plans
Participants
of Offering Range
Shares
Conversion
Employee Stock Ownership Plan:
Employees
Shares purchased in 2007 offering (1)
2,868,706
(2)
$
28,687,060
4.02
%
Shares to be purchased in this offering
1,610,000
16,100,000
2.25
Total employee stock ownership plan shares
4,478,706
$
44,787,060
6.27
%
Restricted Stock Awards:
Directors, Officers
and Employees
2008 Equity Incentive Plan (1)
1,434,352
(3)
$
14,343,520
(4)
2.01
%
New shares of restricted stock
1,610,000
16,100,000
(4)
2.25
Total shares of restricted stock
3,044,352
$
31,134,060
4.26
%(5)
Stock Options:
Directors, Officers
and Employees
2008 Equity Incentive Plan (1)
2,195,349
(6)
$
7,069,024
5.02
%
New stock options
3,385,287
12,627,121
(7)
4.74
Total stock options
5,580,636
$
19,696,145
9.76
%
Total of stock benefit plans
13,103,694
$
95,617,265
20.29
%
(1)
The number of shares indicated has been adjusted for the 1.6334 exchange ratio at the
maximum of the offering range.
(2)
As of March 31, 2010, 290,111 of these shares, or 177,612 shares prior to adjustment for the
exchange, have been allocated.
(3)
As of March 31, 2010, 1,354,987 of these shares, or 829,550 shares prior to adjustment for
the exchange, have been awarded, and 285,567 of these shares, or 174,830 shares prior to
adjustment for the exchange have vested.
(4)
The value of restricted stock awards is determined based on their fair value as of the date
grants are made. For purposes of this table, the fair value of awards under the new
stock-based benefit plan is assumed to be the same as the offering price of $10.00 per share.
(5)
The number of shares of restricted stock set forth in the table would exceed regulatory
limits if a stock-based incentive plan were adopted within one year of the completion of the
conversion. Accordingly, the number of new shares of restricted stock set forth in the table
would have to be reduced such that the aggregate amount of stock awards would be 4% or less of
our outstanding, unless we obtain a waiver from the Office of Thrift Supervision, or we
implement the incentive plan more than 12 months after completion of the conversion. We have
not determined whether we will implement a new stock-based incentive plan earlier than 12
months after completion of the conversion or more than 12 months after the completion of the
conversion.
(6)
As of March 31, 2010, options to purchase 3,407,926 of these shares, or 2,086,400 shares
prior to adjustment for the exchange, have been awarded, and options to purchase 656,725 of
these shares, or 402,060 shares prior to adjustment for the exchange, have vested.
(7)
The weighted-average fair value of stock options to be granted has been estimated at $3.73
per option, adjusted for the exchange ratio, using the Black-Scholes option pricing model.
The fair value of stock options uses the Black-Scholes option pricing model with the following
assumptions: exercise price, $10.00; trading price on date of grant, $10.00; dividend yield,
1.4%; expected life, 6.5 years; expected volatility, 38.29%; and risk-free rate of return,
3.10%. The actual value of option grants will be determined by the grant-date fair value of
the options, which will depend on a number of factors, including the valuation assumptions
used in the option pricing model ultimately adopted.
Market for Common Stock
Existing publicly held shares of Northfield-Federal's common stock are quoted on the Nasdaq
Global Select Market under the symbol "NFBK." Upon completion of the conversion, the shares of
common stock of Northfield-Delaware will replace the existing shares. For a period of 20 trading
days after the completion of the conversion and offering, we expect our shares of common stock will
trade on the Nasdaq Global Select Market under the symbol "NFBKD," and, thereafter, our trading
symbol will revert to "NFBK." In order to list our stock on the Nasdaq Global Select Market, we
are required to have at least three broker-dealers who will make a market in
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our common stock. As of March 31, 2010, Northfield-Federal had 22 registered market makers in
its common stock, including Sandler O'Neill & Partners, L.P. Sandler O'Neill & Partners, L.P. has
advised us that it intends to make a market in our common stock following the offering, but it is
under no obligation to do so.
Our Dividend Policy
As of March 31, 2010, Northfield-Federal paid a quarterly cash dividend of $0.05 per share,
which equals $0.20 per share on an annualized basis. After the conversion, we intend to continue
to pay cash dividends on a quarterly basis. We expect the quarterly dividends per share to be
between $0.03 and $0.04 per share, depending on how many shares of common stock are sold in the
offering. This would approximately preserve the dividend amount that Northfield-Federal
stockholders currently receive, as adjusted to reflect the exchange ratio. The dividend rate and
the continued payment of dividends will depend on a number of factors, including our capital
requirements, our financial condition and results of operations, tax considerations, statutory and
regulatory limitations, and general economic conditions. No assurance can be given that we will
continue to pay dividends or that they will not be reduced or eliminated in the future.
For information regarding our historical dividend payments, see "Selected Consolidated
Financial and Other Data" and "Market for the Common Stock." For information regarding our current
and proposed dividend policy, see "Our Dividend Policy."
Tax Consequences
Northfield Bancorp, MHC, Northfield-Federal, Northfield Bank and Northfield-Delaware have
received an opinion of counsel, Luse Gorman Pomerenk & Schick, P.C., regarding the material federal
income tax consequences of the conversion, and have received opinions of Crowe Horwath LLP
regarding the material New York and New Jersey state tax consequences of the conversion. As a
general matter, the conversion will not be a taxable transaction for purposes of federal or state
income taxes to Northfield Bancorp, MHC, Northfield-Federal (except for cash paid for fractional
shares), Northfield Bank, Northfield-Delaware, persons eligible to subscribe in the subscription
offering, or existing stockholders of Northfield-Federal. Existing stockholders of
Northfield-Federal who receive cash in lieu of fractional share interests in shares of
Northfield-Delaware will recognize a gain or loss equal to the difference between the cash received
and the tax basis of the fractional share.
How You Can Obtain Additional Information—Stock Information Center
Our banking personnel may not, by law, assist with investment-related questions about the
offering. If you have any questions regarding the conversion or offering, please call our Stock
Information Center. The toll-free telephone number is (___) ___-___. The Stock Information
Center is open Monday through Friday between 10:00 a.m. and 4:00 p.m., Eastern Time. The Stock
Information Center will be closed on weekends and bank holidays.
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RISK FACTORS
You should consider carefully the following risk factors in evaluating an investment in the
shares of common stock.
Risks Related to Our Business
We have been negatively affected by current market and economic conditions. A continuation or
worsening of these conditions could adversely affect our operations, financial condition and
earnings.
The severe economic recession of 2008 and 2009 and the weak economic recovery since then have
resulted in continued uncertainty in the financial markets and the expectation of weak general
economic conditions, including high levels of unemployment, continuing through 2010. The resulting
economic pressure on consumers and businesses has adversely affected our business, financial
condition, and results of operations. The credit quality of loan and investment securities
portfolios has deteriorated at many financial institutions and the values of real estate collateral
supporting many commercial loans and home mortgages have declined and may continue to decline. Our
commercial and multi-family real estate loan customers have experienced increases in vacancy rates
and declines in rental rates for both multi-family and commercial properties. Financial companies'
stock prices have been negatively affected, as has the ability of banks and bank holding companies
to raise capital or borrow in the debt markets. A continuation or worsening of these conditions
could result in reduced loan demand and further increases in loan delinquencies, loan losses, loan
loss provisions, costs associated with monitoring delinquent loans and disposing of foreclosed
property, and otherwise negatively affect our operations, financial condition and earnings.
Our concentration in multifamily loans, commercial real estate loans, and construction and land
lending could expose us to increased lending risks and related loan losses.
Our current business strategy is to continue to emphasize multifamily loans and to a lesser
extent commercial real estate loans. At March 31, 2010, $559.3 million, or 75.9% of our total loan
portfolio, consisted of multifamily, commercial real estate, and construction and land loans. In
addition, at March 31, 2010, our largest industry concentration of commercial real estate loans was
hotels and motels, which totaled $29.4 million, or 8.8% of commercial real estate loans at that
date.
These types of loans generally expose a lender to greater risk of non-payment and loss than
one- to four-family residential mortgage loans because repayment of the loans often depends on the
successful operations and the income stream of the borrowers. Such loans typically involve larger
loan balances to single borrowers or groups of related borrowers compared to one- to four-family
residential mortgage loans. Also, many of our borrowers have more than one of these types of loans
outstanding. Consequently, an adverse development with respect to one loan or one credit
relationship can expose us to a significantly greater risk of loss compared to an adverse
development with respect to a one- to four-family residential real estate loan.
In addition, if loans that are collateralized by real estate become troubled and the value of
the real estate has been significantly impaired, then we may not be able to recover the full
contractual amount of principal and interest that we anticipated at the time we originated the
loan, which could cause us to increase our provision for loan losses and adversely affect our
operating results and financial condition. Also, the collateral underlying commercial business
loans may fluctuate in value. Some of our commercial business loans are collateralized by
equipment, inventory, accounts receivable or other business assets, and the liquidation of
collateral in the event of default is often an insufficient source of repayment because accounts
receivable may be uncollectible and inventories may be obsolete or of limited use.
Construction and land lending involves additional risks because of the inherent difficulty in
estimating a property's value both before and at completion of the project. Construction costs may
exceed original estimates as a result of increased materials, labor or other costs. In addition,
because of current uncertainties in the residential and commercial real estate markets, property
values have become more difficult to determine than they have been
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historically. The repayment of construction and land acquisition and development loans often
depends on the ability of the borrower to sell or lease the property. These loans also require
ongoing monitoring.
A significant portion of our loan portfolio is unseasoned.
Our loan portfolio has grown to $736.6 million at March 31, 2010, from $387.8 million at
December 31, 2005. It is difficult to assess the future performance of these recently originated
loans because of our relatively limited history in commercial real estate, multifamily, and
construction lending. In addition, we purchased $35.4 million of insurance premium finance loans
during the quarter ended December 31, 2009, and grew this portfolio to $40.0 million at March 31,
2010. These loans may have delinquency or charge-off levels above our historical experience, which
could adversely affect our future performance.
If our allowance for loan losses is not sufficient to cover actual loan losses, our earnings could
decrease.
We make various assumptions and judgments about the collectability of our loan portfolio,
including the creditworthiness of our borrowers and the value of the real estate and other assets
serving as collateral for the repayment of many of our loans. In determining the amount of the
allowance for loan losses, we review our loans and our loss and delinquency experience, as well as
the experience of other similarly situated institutions, and we evaluate other factors including,
among other things, current economic conditions. If our assumptions are incorrect, our allowance
for loan losses may not be sufficient to cover losses inherent in our loan portfolio, which would
require additions to our allowance. Material additions to our allowance would materially decrease
our net income.
In addition, bank regulators periodically review our allowance for loan losses and, based on
information available to them at the time of their review, may require us to increase our allowance
for loan losses or recognize further loan charge-offs. An increase in our allowance for loan
losses or loan charge-offs as required by these regulatory authorities may have a material adverse
effect on our financial condition and results of operations.
Declines in real estate values could decrease our loan originations and increase delinquencies and
defaults.
Declines in real estate values in our market area could adversely affect our results of
operations. Like all financial institutions, we are subject to the effects of any economic
downturn. In particular, a significant decline in real estate values would likely lead to a
decrease in new multifamily, commercial real estate, and home equity lending and increased
delinquencies and defaults in our real estate loan portfolio. Declines in the average sale prices
of real estate in our primary market area could lead to higher loan losses.
Government responses to economic conditions may adversely affect our operations, financial
condition and earnings.
New federal legislation has been introduced in Congress that would change the bank regulatory
framework, as well as lending and funding practices and liquidity standards for banks. Bank
regulatory agencies also have been responding aggressively to concerns and adverse trends
identified in examinations. Ongoing uncertainty and adverse developments in the financial services
industry and the domestic and international credit markets, and the effect of new legislation and
regulatory actions in response to these conditions, may adversely affect our operations by
restricting our business operations, including our ability to originate or sell loans, modify loan
terms, or foreclose on property securing loans. These events may have a significant adverse effect
on our financial performance and operating flexibility. In addition, these risks could affect the
performance and value of our loan and investment securities portfolios, which also would negatively
affect our financial performance.
Furthermore, the Board of Governors of the Federal Reserve System, in an attempt to help the
overall economy, has, among other things, kept interest rates low through its targeted federal
funds rate and the purchase of mortgage-backed securities. If the Federal Reserve increases the
federal funds rate, overall interest rates will likely rise, which may negatively impact the
housing markets and the U.S. economic recovery. In addition, deflationary pressures, while
possibly lowering our operating costs, could have a significant negative effect on our borrowers,
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especially our business borrowers, and the values of underlying collateral securing loans,
which could negatively affect our financial performance.
Legislation has been introduced in Congress that would, among other things, eliminate the Office of
Thrift Supervision, tighten capital standards, create a new Consumer Financial Protection Bureau
and result in new laws and regulations that are expected to increase our costs of operations.
Legislation has been introduced in Congress that would implement significant changes to the
current bank regulatory structure. The most recent bill passed by the U.S. Senate would eliminate
our current primary federal regulator, the Office of Thrift Supervision, and require Northfield
Bank to be regulated by the Office of the Comptroller of the Currency (the primary federal
regulator for national banks). The Senate bill also provides that the Board of Governors of the
Federal Reserve System would be responsible for supervising and regulating savings and loan holding
companies like Northfield-Delaware, in addition to bank holding companies which it currently
regulates. If the Federal Reserve Board's current regulations applied to savings and loan holding
companies like Northfield-Delaware, Northfield-Delaware would become subject to bank holding
company capital requirements to which it is not currently subject. These capital requirements are
substantially similar to the capital requirements currently applicable to Northfield Bank, as
described in "Supervision and Regulation—Federal Banking Regulation—Capital Requirements." The
Senate bill also requires the bank regulators to set minimum capital levels for holding companies
that are as strong as those required for the insured depository subsidiaries, but the components of
Tier 1 capital would be restricted to capital instruments that are currently considered to be Tier
1 capital for insured depository institutions. This would effectively eliminate the ability of
bank holding companies to include trust preferred securities or subordinated debt as Tier 1
capital.
The proposed legislation would also create a new Consumer Financial Protection Bureau with
broad powers to supervise and enforce consumer protection laws. The Consumer Financial Protection
Bureau would have broad rule-making authority for a wide range of consumer protection laws that
would apply to all banks and savings institutions such as Northfield Bank, including the authority
to prohibit "unfair, deceptive or abusive" acts and practices. The Consumer Financial Protection
Bureau would have examination and enforcement authority over all banks and savings institutions
with more than $10 billion in assets. Under the Senate bill, banks and savings institutions with
$10 billion or less in assets would be examined by their applicable bank regulators. The new
legislation would also weaken the federal preemption available for national banks and federal
savings associations, and would give state attorneys general the ability to enforce applicable
consumer laws.
The proposed legislation would also broaden the base for Federal Deposit Insurance Corporation
insurance assessments to be based on the average consolidated total assets less tangible equity
capital of a financial institution, and restrict bank proprietary trading in securities. Lastly,
the proposed legislation would increase stockholder influence over boards of directors by requiring
companies to give stockholders a
non-binding
vote on executive compensation, and allow stockholders
to nominate their own candidates using a company's proxy ballots. Public companies would also be
required to adopt majority voting for the election of directors, and the Federal Reserve Board
would be directed to promulgate rules prohibiting excessive compensation paid to bank holding
company executives, regardless of whether the company is publicly traded or not.
If adopted, the proposed legislation and its implementing regulations are expected to increase
our operating and compliance costs.
We are subject to extensive regulatory oversight.
We and our subsidiaries are subject to extensive regulation and supervision. Regulators have
intensified their focus on bank lending criteria and controls, and on the USA PATRIOT Act's
anti-money laundering and Bank Secrecy Act compliance requirements. There also is increased
scrutiny of our compliance practices generally and particularly with the rules enforced by the
Office of Foreign Assets Control. It is possible that we are not in full compliance with these
requirements. Our failure to comply with these and other regulatory requirements could lead to,
among other remedies, administrative enforcement actions and legal proceedings. In addition,
proposed future legislation and regulations are likely to to have a significant effect on the
financial services industry. Regulatory or
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legislative changes could make regulatory compliance more difficult or expensive for us, and
could cause us to change or limit some of our products and services, or the way we operate our
business.
Legislative or regulatory responses to perceived financial and market problems could impair our
rights against borrowers.
Current and future proposals made by members of Congress would reduce the amount distressed
borrowers are otherwise contractually obligated to pay under their mortgage loans, and may limit
the ability of lenders to foreclose on mortgage collateral. If proposals such as these, or other
proposals limiting Northfield Bank's rights as a creditor, were to be implemented, we could
experience increased credit losses on our loans and mortgage-backed securities, or increased
expense in pursuing our remedies as a creditor.
Recent health care legislation could increase our expenses or require us to pass further costs on
to our employees, which could adversely affect our operations, financial condition and earnings.
Legislation enacted in 2010 requires companies to provide expanded health care coverage to
their employees, such as affordable coverage to part-time employees and coverage to dependent adult
children of employees. Companies will also be required to enroll new employees automatically into
one of their health plans. Compliance with these and other new requirements of the health care
legislation will increase our employee benefits expense, and may require us to pass these costs on
to our employees, which could give us a competitive disadvantage in hiring and retaining qualified
employees.
Changes in market interest rates could adversely affect our financial condition and results of
operations.
Our financial condition and results of operations are significantly affected by changes in
market interest rates. Our results of operations substantially depend on our net interest income,
which is the difference between the interest income we earn on our interest-earning assets and the
interest expense we pay on our interest-bearing liabilities. Our interest-bearing liabilities
generally reprice or mature more quickly than our interest-earning assets. If rates increase
rapidly, we may have to increase the rates we are willing to pay on our deposits and borrowed funds
more quickly than any changes in interest rates on our loans and investments, resulting in a
negative effect on interest spreads and net interest income. In addition, the effect of rising
rates could be compounded if deposit customers move funds from savings accounts to higher rate
certificate of deposit accounts. Conversely, should market interest rates fall below current
levels, our net interest margin could also be negatively affected if competitive pressures keep us
from further reducing rates on our deposits, while the yields on our assets decrease more rapidly
through loan prepayments and interest rate adjustments.
We also are subject to reinvestment risk associated with changes in interest rates. Changes
in interest rates may affect the average life of loans and mortgage-related securities. Decreases
in interest rates often result in increased prepayments of loans and mortgage-related securities,
as borrowers refinance their loans to reduce borrowings costs. Under these circumstances, we are
subject to reinvestment risk to the extent we are unable to reinvest the cash received from such
prepayments in loans or other investments that have interest rates that are comparable to the
interest rates on existing loans and securities. Additionally, increases in interest rates may
decrease loan demand and/or may make it more difficult for borrowers to repay adjustable rate
loans.
Changes in interest rates also affect the value of our interest earning assets and in
particular our securities portfolio. Generally, the value of securities fluctuates inversely with
changes in interest rates. At March 31, 2010, the fair value of our securities portfolio
(excluding Federal Home Loan Bank of New York stock) totaled $1.2 billion.
At March 31, 2010, our simulation model indicated that our net portfolio value (the net
present value of our interest-earning assets and interest-bearing liabilities) would decrease by
9.6% if there was an instantaneous parallel 200 basis point increase in market interest rates. See
"Management's Discussion and Analysis of Financial Condition and Results of Operations—Management
of Market Risk."
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Strong competition within our market areas may limit our growth and profitability.
Competition in the banking and financial services industry is intense. In our market areas,
we compete with commercial banks, savings institutions, mortgage brokerage firms, credit unions,
finance companies, mutual funds, money market funds, insurance companies, and brokerage and
investment banking firms operating locally and elsewhere. Some of our competitors have greater
name recognition and market presence than we do and offer certain services that we do not or cannot
provide. This can give them an advantage in attracting business. In addition, larger competitors
may be able to price loans and deposits more aggressively than we do.
In addition, the recent crisis in the financial services industry has resulted in a number of
financial services companies, such as investment banks and automobile and real estate finance
companies, electing to become bank holding companies. These financial services companies
traditionally have generated funds from sources other than insured bank deposits. Many of the
alternative funding sources traditionally utilized by these companies are no longer available.
This has resulted in these companies relying more on insured bank deposits to fund their
operations, which has increased competition for deposits and may increase the related costs of such
deposits.
Our profitability depends on our continued ability to compete successfully in our market
areas. For additional information see "Business of Northfield-Federal and Northfield Bank—Market
Area and Competition."
The requirement to account for certain assets at estimated fair value, and a proposal to account
for additional financial assets and liabilities at estimated fair value, may adversely affect our
results of operations.
We report certain assets, including securities, at fair value, and a recent proposal would
require us to report most of our financial assets and liabilities at fair value. Generally, for
securities that are reported at fair value, we use quoted market prices or valuation models that
utilize observable market inputs to estimate fair value. Because we carry these assets on our
books at their estimated fair value, we may record losses even if the asset in question presents
minimal credit risk. Under current accounting requirements, elevated delinquencies, defaults, and
estimated losses from the disposition of collateral in our private-label mortgage-backed securities
portfolio may require us to recognize additional other-than-temporary impairments in future periods
with respect to our securities portfolio. The amount and timing of any impairment recognized will
depend on the severity and duration of the decline in the estimated fair value of the asset and our
estimate of the anticipated recovery period. Under proposed accounting requirements, we may be
required to record reductions in the fair value of nearly all of our financial assets and
liabilities (including loans) either through a charge to net income or through a reduction to
accumulated other comprehensive income. Accordingly, we could be required to record losses on
assets such as loans where we have no intention to sell the loan and expect the loan to be repaid
in full. This could result in a decrease in net income, or a decrease in our stockholders' equity,
or both.
We could record future losses on our securities portfolio.
During the year ended December 31, 2009, we recognized total other-than-temporary impairment
on our securities portfolio of $1.4 million, of which $176,000 was considered to be credit-related
and, therefore, in accordance with applicable accounting standards, recorded as a loss through a
reduction of non-interest income. A number of factors or combinations of factors could require us
to conclude in one or more future reporting periods that an unrealized loss that exists with
respect to our securities portfolio constitutes additional impairment that is other than temporary,
which could result in material losses to us. These factors include, but are not limited to, a
continued failure by an issuer to make scheduled interest payments, an increase in the severity of
the unrealized loss on a particular security, an increase in the continuous duration of the
unrealized loss without an improvement in value or changes in market conditions and/or industry or
issuer specific factors that would render us unable to forecast a full recovery in value. In
addition, the fair values of securities could decline if the overall economy and the financial
condition of some of the issuers continues to deteriorate and there remains limited liquidity for
these securities.
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If our investment in the common stock of the Federal Home Loan Bank of New York is classified as
other-than-temporarily impaired or as permanently impaired, earnings and stockholders' equity could
decrease.
We own stock of the Federal Home Loan Bank of New York, which is part of the Federal Home Loan
Bank system. The Federal Home Loan Bank of New York common stock is held to qualify for membership
in the Federal Home Loan Bank of New York and to be eligible to borrow funds under the Federal Home
Loan Bank of New York's advance programs. The aggregate cost of our Federal Home Loan Bank of New
York common stock as of March 31, 2010, was $5.0 million based on its par value. There is no
market for Federal Home Loan Bank of New York common stock.
Although the Federal Home Loan Bank of New York is not reporting current operating
difficulties, recent published reports indicate that certain member banks of the Federal Home Loan
Bank System may be subject to accounting rules and asset quality risks that could result in
materially lower regulatory capital levels. In an extreme situation, it is possible that the
capital of the Federal Home Loan Bank System, including the Federal Home Loan Bank of New York,
could be substantially diminished. Consequently, there is a risk that our investment in Federal
Home Loan Bank of New York common stock could be deemed other-than-temporarily impaired at some
time in the future, and if this occurs, it would cause earnings and stockholders' equity to
decrease by the impairment charge.
We hold intangible assets that could be classified as impaired in the future. If these assets are
considered to be either partially or fully impaired in the future, our earnings and the book values
of these assets would decrease.
We are required to test our goodwill and core deposit intangible assets for impairment on a
periodic basis. The impairment testing process considers a variety of factors, including the
current market price of our common shares. It is possible that future impairment testing could
result in a partial or full impairment of the value of our goodwill or core deposit intangible
assets, or both. If an impairment determination is made in a future reporting period, our earnings
and the book value of these intangible assets will be reduced by the amount of the impairment. If
an impairment loss is recorded, it will have little or no effect on the tangible book value of our
shares of common stock or our regulatory capital levels.
Northfield Bank is required to maintain a significant percentage of its total assets in residential
mortgage loans and investments secured by residential mortgage loans, which restricts our ability
to diversify our loan portfolio.
A federal savings bank or thrift differs from a commercial bank in that it is required to
maintain at least 65% of its total assets in "qualified thrift investments," which generally
include loans and investments, for the purchase, refinance, construction, improvement, or repair of
residential real estate, as well as home equity loans, education loans and small business loans.
To maintain our federal savings bank charter we have to be a "qualified thrift lender" or "QTL" in
nine out of each 12 immediately preceding months. The QTL requirement limits the extent to which
we can grow our commercial loan portfolio. However, a loan that does not exceed $2 million
(including a group of loans to one borrower) that is for commercial, corporate, business, or
agricultural purposes is included in our qualified thrift investments. Because of the QTL
requirement, we may be limited in our ability to change our asset mix and increase the yield on our
earning assets by growing our commercial loan portfolio.
In addition, if we continue to grow our commercial loan portfolio and our single-family
residential mortgage loan portfolio decreases, it is possible that in order to maintain our QTL
status, we could be forced to buy mortgage-backed securities or other qualifying assets at times
when the terms of such investments may not be attractive. Alternatively, we may find it necessary
to pursue different structures, including converting Northfield Bank's savings bank charter to a
commercial bank charter.
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Any future Federal Deposit Insurance Corporation insurance premiums or special assessments will
adversely affect our earnings.
As part of its plan to restore the Federal Deposit Insurance Corporation's insurance reserve
ratio to 1.15% of estimated insured deposits, the Federal Deposit Insurance Corporation imposed a
special assessment equal to five basis points of assets less Tier 1 capital as of June 30, 2009,
which was payable on September 30, 2009. In addition, the Federal Deposit Insurance Corporation
increased its quarterly deposit insurance assessment rates and amended the method by which rates
are calculated.
On November 12, 2009, the Federal Deposit Insurance Corporation also approved a final rule
requiring insured depository institutions to prepay on December 30, 2009, their estimated quarterly
risk-based assessments for the fourth quarter of 2009, and for all of 2010, 2011, and 2012.
Estimated assessments for the fourth quarter of 2009 and for all 2010 are based upon the assessment
rate in effect on September 30, 2009, with three basis points added for the 2011 and 2012
assessment rates. In addition, a 5% annual growth rate in the assessment base is assumed. Prepaid
assessments are to be applied against the actual quarterly assessments until exhausted, and may not
be applied to any special assessments that may occur in the future. Any unused prepayments will be
returned to the institution on June 30, 2013. On December 30, 2009, we prepaid $5.7 million in
estimated assessment fees for the fourth quarter of 2009 through 2012. Actions the Federal Deposit
Insurance Corporation takes in the future could result in significantly higher deposit insurance
premiums, special assessments, or prepaid assessments, which could have a significant affect on our
earnings.
We may face risks with respect to future expansion.
We intend to increase the size of our operations through
de novo
branching, and may continue
to seek whole bank or branch acquisitions in the future. Growth strategies involve a number of
risks, including:
•
the potential inability to generate deposits or originate loans in amounts that
offset the costs of establishing new branch offices;
•
the time and costs associated with identifying and evaluating potential acquisitions
and merger partners;
•
time and costs associated with the integration and operation of acquired
institutions, and the inability to successfully integrate the operations of an acquired
institution, or to achieve financial results comparable to or better than our
historical experience;
•
the incurrence and possible impairment of goodwill associated with an acquisition
and possible adverse short-term effects on results of operations; and
•
the risk of loss of key employees and customers.
Risks associated with system failures, interruptions, or breaches of security could negatively
affect our earnings.
Information technology systems are critical to our business. We use various technology
systems to manage our customer relationships, general ledger, securities, deposits, and loans.
Although we have established policies and procedures to prevent or limit the impact of system
failures, interruptions, and security breaches, such events may still occur, or may not be
adequately addressed if they do occur. In addition, any compromise of our systems could deter
customers from using our products and services. Although we rely on security systems to provide
security and authentication necessary to effect the secure transmission of data, these precautions
may not protect our systems from compromises or breaches of security.
In addition, we outsource a majority of our data processing to certain third-party providers.
If these third-party providers encounter difficulties, or if we have difficulty communicating with
them, our ability to adequately
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process and account for transactions could be affected, and our business operations could be
adversely affected. Threats to information security also exist in the processing of customer
information through various other vendors and their personnel.
The occurrence of any system failures, interruption, or breach of security could damage our
reputation and result in a loss of customers and business thereby subjecting us to additional
regulatory scrutiny, or could expose us to litigation and possible financial liability. Any of
these events could have a material adverse effect on our financial condition and results of
operations.
Risks Related to the Offering
The future price of the shares of common stock may be less than the $10.00 purchase price per share
in the offering.
If you purchase shares of common stock in the offering, you may not be able to sell them later
at or above the $10.00 purchase price in the offering. In several cases, shares of common stock
issued by newly converted savings institutions or mutual holding companies have traded below the
initial offering price. The aggregate purchase price of the shares of common stock sold in the
offering will be based on an independent appraisal. The independent appraisal is not intended, and
should not be construed, as a recommendation of any kind as to the advisability of purchasing
shares of common stock. The independent appraisal is based on certain estimates, assumptions and
projections, all of which are subject to change from time to time. After the shares begin trading,
the trading price of our common stock will be determined by the marketplace, and may be influenced
by many factors, including prevailing interest rates, the overall performance of the economy,
investor perceptions of Northfield-Delaware and the outlook for the financial services industry in
general. Price fluctuations may be unrelated to the operating performance of particular companies.
Our failure to effectively deploy the net proceeds may have an adverse effect on our financial
performance and the value of our common stock.
We intend to invest between $143.5 million and $194.5 million of the net proceeds of the
offering (or $223.8 million at the adjusted maximum of the offering range) in Northfield Bank. We
may use the remaining net proceeds to invest in short-term investments, repurchase shares of common
stock, pay dividends or for other general corporate purposes. We also expect to use a portion of
the net proceeds we retain to fund a loan for the purchase of shares of common stock in the
offering by the employee stock ownership plan. Northfield Bank may use the net proceeds it
receives to fund new loans, expand its retail banking franchise by acquiring new branches or by
acquiring other financial institutions or other financial services companies, or for other general
corporate purposes. However, with the exception of the loan to the employee stock ownership plan,
we have not allocated specific amounts of the net proceeds for any of these purposes, and we will
have significant flexibility in determining the amount of the net proceeds we apply to different
uses and the timing of such applications. We have not established a timetable for reinvesting the
net proceeds, and we cannot predict how long we will require to reinvest the net proceeds.
Our return on equity will be low following the stock offering. This could negatively affect the
trading price of our shares of common stock.
Net income divided by average equity, known as "return on equity," is a ratio many investors
use to compare the performance of a financial institution to its peers. Following the stock
offering, we expect our consolidated equity to be between $659.9 million at the minimum of the
offering range and $807.1 million at the adjusted maximum of the offering range. Based upon our
annualized income for the quarter ended March 31, 2010, and these pro forma equity levels, our
return on equity would be 2.05% and 1.68% at the minimum and adjusted maximum of the offering
range, respectively. We expect our return on equity to remain low until we are able to leverage the
additional capital we receive from the stock offering. Although we will be able to increase net
interest income using proceeds of the stock offering, our return on equity will be negatively
affected by added expenses associated with our employee stock ownership plan and the stock-based
benefit plan we intend to adopt. Until we
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can increase our net interest income and non-interest income and leverage the capital raised
in the stock offering, we expect our return on equity to remain low, which may reduce the market
price of our shares of common stock.
Our stock-based benefit plans would increase our expenses and reduce our income.
We intend to adopt one or more new stock-based benefit plans after the conversion, subject to
stockholder approval, which would increase our annual compensation and benefit expenses related to
the stock options and shares granted to participants under our stock-based benefit plan. The
actual amount of these new stock-related compensation and benefit expenses will depend on the
number of options and stock awards actually granted under the plan, the fair market value of our
stock or options on the date of grant, the vesting period and other factors which we cannot predict
at this time. In the event we adopt the plan within 12 months following the conversion, under
current Office of Thrift Supervision policy the total shares of common stock reserved for issuance
pursuant to awards of restricted stock and grants of options under our existing and proposed
stock-based benefit plans would be limited to 4% and 10%, respectively, of the total shares of our
common stock outstanding. If we award restricted shares of common stock or grant options in excess
of these amounts under stock-based benefit plans adopted more than 12 months after the completion
of the conversion, our costs would increase further.
In addition, we would recognize expense for our employee stock ownership plan when shares are
committed to be released to participants' accounts, and we would recognize expense for restricted
stock awards and stock options over the vesting period of awards made to recipients. The expense
in the first year following the offering for shares purchased in the offering has been estimated to
be approximately $617,000 ($370,000 after tax) at the adjusted maximum of the offering range as set
forth in the pro forma financial information under "Pro Forma Data," assuming the $10.00 per share
purchase price as fair market value. Actual expenses, however, may be higher or lower, depending on
the price of our common stock. For further discussion of our proposed stock-based plans, see
"Management—Compensation Discussion and Analysis—Long-Term Stock-Based Compensation."
The implementation of stock-based benefit plans may dilute your ownership interest. Historically,
stockholders have approved these stock-based benefit plans.
We intend to adopt one or more new stock-based benefit plans following the stock offering.
These plans may be funded either through open market purchases or from the issuance of authorized
but unissued shares of common stock. Our ability to repurchase shares of common stock to fund
these plans will be subject to many factors, including, but not limited to, applicable regulatory
restrictions on stock repurchases, the availability of stock in the market, the trading price of
the stock, our capital levels, alternative uses for our capital and our financial performance.
While our intention is to fund the new stock-based benefit plan through open market purchases,
stockholders would experience a 7.31% reduction in ownership interest at the adjusted maximum of
the offering range in the event newly issued shares of our common stock are used to fund stock
options and shares of restricted common stock in an amount equal to up to 10% and 4%, respectively,
of the shares sold in the offering. In the event we adopt the plan within 12 months following the
conversion, under current Office of Thrift Supervision policy the total shares of common stock
reserved for issuance pursuant to awards of restricted stock and grants of options under our
existing and proposed stock-based benefit plans would be limited to 4% and 10%, respectively, of
the total shares of our common stock outstanding. In the event we adopt the plan more than 12
months following the conversion, the plan would not be subject to these limitations.
Although the implementation of the stock-based benefit plan will be subject to stockholder
approval, historically, the overwhelming majority of stock-based benefit plans adopted by savings
institutions and their holding companies following mutual-to-stock conversions have been approved
by stockholders.
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We have not determined when we will adopt one or more new stock-based benefit plans. Stock-based
benefit plans adopted more than 12 months following the completion of the conversion may exceed
regulatory restrictions on the size of stock-based benefit plans adopted within 12 months, which
would further increase our costs.
If we adopt stock-based benefit plans more than 12 months following the completion of the
conversion, then grants of shares of common stock or stock options under our existing and proposed
stock-based benefit plans may exceed 4% and 10%, respectively, of our total outstanding shares.
Stock-based benefit plans that provide for awards in excess of these amounts would increase our
costs beyond the amounts estimated in "—Our stock-based benefit plans would increase our expenses,
which would reduce our income." Stock-based benefit plans that provide for awards in excess of
these amounts could also result in dilution to stockholders in excess of that described in "—The
implementation of stock-based benefit plans may dilute your ownership interest." Although the
implementation of stock-based benefit plans would be subject to stockholder approval, the
determination as to the timing of the implementation of such plans will be at the discretion of our
board of directors.
Various factors may make takeover attempts more difficult to achieve.
Our board of directors has no current intention to sell control of Northfield-Delaware.
Provisions of our certificate of incorporation and bylaws, federal regulations, Delaware law and
various other factors may make it more difficult for companies or persons to acquire control of
Northfield-Delaware without the consent of our board of directors. You may want a takeover attempt
to succeed because, for example, a potential acquiror could offer a premium over the then
prevailing price of our common stock. The factors that may discourage takeover attempts or make
them more difficult include:
•
Office of Thrift Supervision regulations
.
Office of Thrift Supervision
regulations prohibit, for three years following the completion of a conversion, the
direct or indirect acquisition of more than 10% of any class of equity security of a
savings institution regulated by the Office of Thrift Supervision without the prior
approval of the Office of Thrift Supervision.
•
Certificate of Incorporation and Bylaws of Northfield-Delaware and
statutory provisions.
Provisions of the certificate of incorporation and bylaws of
Northfield-Delaware and Delaware law may make it more difficult and expensive to pursue
a takeover attempt that management opposes, even if the takeover is favored by a
majority of our stockholders. These provisions also would make it more difficult to
remove our current Board of Directors or management, or to elect new directors.
Additional provisions include limitations on voting rights of beneficial owners of more
than 10% of our common stock, the election of directors to staggered terms of three
years and not permitting cumulative voting in the election of directors. Our bylaws
also contain provisions regarding the timing and content of stockholder proposals and
nominations and qualification for service on the Board of Directors.
•
Charter of Northfield Bank.
The charter of Northfield Bank will provide
that for a period of five years from the closing of the conversion and stock offering,
no person other than Northfield-Delaware may directly or indirectly acquire or offer to
acquire the beneficial ownership of more than 10% of any class of equity security of
Northfield Bank. This provision does not apply to any
tax-qualified
employee benefit
plan we establish, as well as other acquisitions specified in the charter. In
addition, during this five-year period, all shares owned over the 10% limit may not be
voted on any matter submitted to stockholders for a vote.
•
Stock options and restricted stock
.
We have previously granted to
employees and directors stock options and shares of restricted stock that may require
payments to these persons in the event of a change in control of Northfield-Delaware.
We currently expect to issue additional stock options and shares of restricted stock
following the conversion. These payments may have the effect of
25
Table of Contents
increasing the costs of acquiring Northfield-Delaware, thereby discouraging future
takeover attempts.
•
Significant ownership by our directors, executive officers and stock
benefit plans.
Following the conversion and stock offering, our directors, executive
officers and stock benefit plans are expected to beneficially own in the aggregate
approximately ___% of our shares of common stock to be outstanding based upon
sales of shares at the minimum of the offering range. This significant ownership could
make it more difficult to obtain the required vote for a takeover or merger that
management opposes.
•
Employment agreements
.
Northfield Bank has employment agreements with
certain of its executive officers that will remain in effect following the stock
offering. These agreements may have the effect of increasing the costs of acquiring
Northfield-Delaware, thereby discouraging future takeover attempts.
See "Restrictions on Acquisition of Northfield-Delaware."
There may be a decrease in stockholders' rights for existing stockholders of Northfield-Federal.
As a result of the conversion, existing stockholders of Northfield-Federal will become
stockholders of Northfield-Delaware. In addition to the provisions discussed above that may
discourage takeover attempts that are favored by stockholders, some rights of stockholders of
Northfield-Delaware will be reduced compared to the rights stockholders currently have in
Northfield-Federal. The reduction in stockholder rights results from differences between the
federal and Delaware chartering documents and bylaws, and from distinctions between federal and
Delaware law. Many of the differences in stockholder rights under the certificate of incorporation
and bylaws of Northfield-Delaware are not mandated by Delaware law but have been chosen by
management as being in the best interests of Northfield-Delaware and its stockholders. The
certificate of incorporation and bylaws of Northfield-Delaware include the following provisions:
(i) greater lead time required for stockholders to submit proposals for new business or to nominate
directors; and (ii) approval by at least 80% of the outstanding shares of capital stock entitled to
vote generally is required to amend the bylaws and certain provisions of the certificate of
incorporation. See "Comparison of Stockholders' Rights For Existing Stockholders of
Northfield-Federal" for a discussion of these differences.
You may not revoke your decision to purchase Northfield-Delaware common stock in the subscription
or community offerings after you send us your order.
Funds submitted or automatic withdrawals authorized in connection with a purchase of shares of
common stock in the subscription and community offerings will be held by us until the completion or
termination of the conversion and offering, including any extension of the expiration date.
Because completion of the conversion and offering will be subject to regulatory approvals and an
update of the independent appraisal prepared by RP Financial, LC., among other factors, there may
be one or more delays in the completion of the conversion and offering. Orders submitted in the
subscription and community offerings are irrevocable, and purchasers will have no access to their
funds unless the offering is terminated, or extended beyond [extension date], or the number of
shares to be sold in the offering is increased to more than 46,287,500 shares or decreased to fewer
than 29,750,000 shares.
An active trading market for our common stock may not develop.
Northfield-Federal's common stock is currently quoted on the Nasdaq Global Select Market.
Upon completion of the conversion, the common stock of Northfield-Delaware will replace the
existing shares. An active public trading market for Northfield-Delaware's common stock may not
develop or be sustained after this stock offering. If an active trading market for our common
stock does not develop, you may not be able to sell all of your shares of common stock on short
notice, and the sale of a large number of shares at one time could depress the market price.
26
Table of Contents
The distribution of subscription rights could have adverse income tax consequences.
If the subscription rights granted to certain depositors of Northfield Bank are deemed to have
an ascertainable value, receipt of such rights may be taxable in an amount equal to such value.
Whether subscription rights are considered to have ascertainable value is an inherently factual
determination. We have received an opinion of counsel, Luse Gorman Pomerenk & Schick, P.C., that
it is more likely than not that such rights have no value; however, such opinion is not binding on
the Internal Revenue Service.
27
Table of Contents
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA
OF NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
The following tables set forth selected consolidated historical financial and other data of
Northfield-Federal and its subsidiaries for the years and at the dates indicated. The following is
only a summary and you should read it in conjunction with the consolidated financial statements of
Northfield-Federal and notes beginning on page F-1 of this prospectus. The information at December
31, 2009 and 2008, and for the years ended December 31, 2009, 2008, and 2007 is derived in part
from the audited consolidated financial statements that appear in this prospectus. The information
at December 31, 2007, 2006 and 2005 and for the years ended December 31, 2006 and 2005, is derived
in part from audited consolidated financial statements that do not appear in this prospectus. The
information at March 31, 2010 and for the three months ended March 31, 2010 and 2009, is unaudited
and reflects only normal recurring adjustments that are, in the opinion of management, necessary
for a fair presentation of the results for the interim periods presented. The results of
operations for the three months ended March 31, 2010, are not necessarily indicative of the results
to be achieved for all of 2010.
At
March 31,
At December 31,
2010
2009
2008
2007
2006
2005
(In thousands)
Selected Financial Condition Data:
Total assets
$
2,097,803
$
2,002,274
$
1,757,761
$
1,386,918
$
1,294,747
$
1,408,562
Cash and cash equivalents
50,811
42,544
50,128
25,088
60,624
38,368
Trading securities
3,706
3,403
2,498
3,605
2,667
2,360
Securities available-for-sale, at
estimated market value
1,216,195
1,131,803
957,585
802,417
713,098
863,064
Securities held-to-maturity
6,220
6,740
14,479
19,686
26,169
34,841
Loans held-for-investment, net
737,225
729,269
589,984
424,329
409,189
387,467
Allowance for loan losses
(17,146
)
(15,414
)
(8,778
)
(5,636
)
(5,030
)
(4,795
)
Net loans held-for-investment
720,079
713,855
581,206
418,693
404,159
382,672
Bank owned life insurance
44,174
43,751
42,001
41,560
32,866
31,635
Federal Home Loan Bank of New
York stock, at cost
5,026
6,421
9,410
6,702
7,186
11,529
Other real estate owned
1,533
1,938
1,071
—
—
—
Deposits
1,392,905
1,316,885
1,024,439
877,225
989,789
1,010,146
Borrowed funds
293,060
279,424
332,084
124,420
128,534
233,629
Total liabilities
1,701,517
1,610,734
1,371,183
1,019,578
1,130,753
1,256,803
Total stockholders' equity
396,286
391,540
386,578
367,340
163,994
151,759
For the Three Months
Ended March 31,
For the Years Ended December 31,
2010
2009
2009
2008
2007
2006
2005
(Dollars in thousands except per share amounts)
Selected Operating Data:
Interest income
$
21,007
$
20,482
$
85,568
$
75,049
$
65,702
$
64,867
$
66,302
Interest expense
6,458
7,721
28,977
28,256
28,836
28,406
24,234
Net interest income
before provision for
loan losses
14,549
12,761
56,591
46,793
36,866
36,461
42,068
Provision for loan losses
1,930
1,644
9,038
5,082
1,442
235
1,629
Net interest income
after provision for
loan losses
12,619
11,117
47,553
41,711
35,424
36,226
40,439
Non-interest income
1,723
969
5,393
6,153
9,478
4,600
4,354
Non-interest expense
9,121
7,782
34,254
24,852
35,950
23,818
21,258
Income before income taxes
5,221
4,304
18,692
23,012
8,952
17,008
23,535
Income tax expense (benefit)
1,840
1,569
6,618
7,181
(1,555
)
6,166
10,376
Net income
$
3,381
$
2,735
$
12,074
$
15,831
$
10,507
$
10,842
$
13,159
Net income (loss) per
common share basic and
diluted (1)
$
0.08
$
0.06
$
0.28
$
0.37
$
(0.03
)
NA
NA
Weighted average basic
shares outstanding (1)
41,509,173
43,089,331
42,405,774
43,133,856
43,076,586
NA
NA
Weighted average diluted
shares outstanding
41,823,794
43,104,409
42,532,568
—
—
NA
NA
(footnotes on following page)
28
Table of Contents
At or For the Three
Months Ended
March 31, (8)
At or For the Years Ended December 31,
2010
2009
2009
2008
2007
2006
2005
Selected Financial Ratios and Other Data:
Performance Ratios:
Return on average assets (2)
0.67
%
0.63
%
0.64
%
1.01
%
0.78
%
0.80
%
0.88
%
Return on average equity (2)
3.48
%
2.87
%
3.09
%
4.22
%
5.27
%
7.01
%
8.63
%
Interest rate spread (2)(3)
2.68
%
2.48
%
2.66
%
2.37
%
2.34
%
2.40
%
2.67
%
Net interest margin (2)(4)
3.03
%
3.07
%
3.16
%
3.13
%
2.87
%
2.81
%
2.94
%
Dividend payout ratio (7)
22.83
%
28.30
%
24.54
%
4.66
%
—
—
—
Efficiency ratio (2)(5)
56.05
%
56.68
%
55.26
%
46.94
%
77.57
%
58.01
%
45.79
%
Non-interest expense to average total assets (2)
1.80
%
1.78
%
1.82
%
1.58
%
2.66
%
1.77
%
1.42
%
Average interest-earning assets to average
interest-bearing liabilities
126.45
%
131.30
%
130.44
%
136.94
%
123.33
%
118.89
%
115.69
%
Average equity to average total assets
19.21
%
21.86
%
20.82
%
23.84
%
14.73
%
11.47
%
10.21
%
Asset Quality Ratios:
Non-performing assets to total assets
2.46
%
1.39
%
2.19
%
0.61
%
0.71
%
0.55
%
0.15
%
Non-performing loans to total loans
6.79
%
3.86
%
5.73
%
1.63
%
2.32
%
1.74
%
0.53
%
Allowance for loan losses to non-performing loans
34.26
%
40.78
%
36.86
%
91.07
%
57.31
%
70.70
%
232.88
%
Allowance for loan losses to total loans
2.33
%
1.57
%
2.11
%
1.49
%
1.33
%
1.23
%
1.24
%
Net charge-offs to average loans outstanding
0.11
%
0.40
%
0.37
%
0.38
%
0.20
%
—
%
—
%
Capital Ratios:
Total capital (to risk-weighted assets) (6)
28.59
%
33.82
%
28.52
%
34.81
%
38.07
%
25.03
%
23.72
%
Tier I capital (to risk-weighted assets) (6)
27.31
%
32.61
%
27.24
%
33.68
%
37.23
%
24.25
%
22.97
%
Tier I capital (to adjusted assets (for 2005 and
2006), average assets (for 2007 and forward) (6)
13.91
%
15.85
%
14.35
%
15.98
%
18.84
%
12.38
%
10.62
%
Other Data:
Number of full service offices
18
18
18
18
18
19
19
Full time equivalent employees
221
193
223
203
192
208
201
(1)
Net loss per share in 2007 is calculated for the period that the shares of common stock were
outstanding (November 8, 2007 through December 31, 2007). The net loss for this period was
$1.5 million.
(2)
2008 performance ratios include a $2.5 million tax-exempt gain from the death of an officer
and $463,000 ($292,000, net of tax) in costs associated with our conversion to a new core
processing system that was completed in January 2009. 2007 performance ratios include the
after-tax effect of: a charge of $7.8 million due to the contribution to the Northfield Bank
Foundation; a gain of $2.4 million as a result of the sale of two branch locations, and
associated deposit relationships; net interest income of $810,000 (after tax) related to
short-term investment returns earned on subscription proceeds (net of interest paid during the
stock offering); and the reversal of state and local tax liabilities of approximately $4.5
million, net of federal taxes. 2006 performance ratios include the effect of a $931,000
(after tax )charge related to a supplemental retirement agreement entered into with our former
president.
(3)
The interest rate spread represents the difference between the weighted-average yield on
interest earning assets and the weighted-average costs of interest-bearing liabilities.
(4)
The net interest margin represents net interest income as a percent of average
interest-earning assets for the period.
(5)
The efficiency ratio represents non-interest expense divided by the sum of net interest
income and non-interest income.
(6)
Ratios for 2005 and 2006 were determined pursuant to Federal Deposit Insurance Corporation
regulations. Beginning November 6, 2007, Northfield Bank became subject to the capital
requirements under Office of Thrift Supervision regulations. While the capital regulations of
these two agencies are substantially similar, they are not identical.
(7)
Dividend payout ratio is calculated as total dividends declared for the year (excluding
dividend waived by Northfield Bancorp, MHC) divided by net income for the year. The following
table sets forth total cash dividends paid per period, which is calculated by multiplying the
dividends declared per share by the number of shares outstanding as of the applicable record
date.
For the Three Months Ended
For the Year Ended
March 31,
December 31,
2010
2009
2009
2008
(In Thousands)
Dividends paid to public stockholders
$
772
$
774
$
2,963
$
738
Dividends paid to Northfield Bancorp, MHC
—
—
—
—
Total dividends paid
$
772
$
774
$
2,963
$
738
Total dividends waived by Northfield Bancorp, MHC
$
986
$
986
$
3,943
$
986
Total dividends paid and total dividends waived
$
1,758
$
1,760
$
6,906
$
1,724
(8)
Annualized where appropriate.
29
Table of Contents
FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements, which can be identified by the use of
words such as "estimate," "project," "believe," "intend," "anticipate," "plan," "seek," "expect"
and words of similar meaning. These forward-looking statements include, but are not limited to:
•
statements of our goals, intentions and expectations;
•
statements regarding our business plans, prospects, growth and operating
strategies;
•
statements regarding the quality of our loan and investment portfolios;
and
•
estimates of our risks and future costs and benefits.
These forward-looking statements are based on current beliefs and expectations of our
management and are inherently subject to significant business, economic and competitive
uncertainties and contingencies, many of which are beyond our control. In addition, these
forward-looking statements are subject to assumptions with respect to future business strategies
and decisions that are subject to change.
The following factors, among others, could cause actual results to differ materially from the
anticipated results or other expectations expressed in the forward-looking statements:
•
general economic conditions, either nationally or in our market areas,
that are worse than expected;
•
competition among depository and other financial institutions;
•
inflation and changes in the interest rate environment that reduce our
margins or reduce the fair value of financial instruments;
•
adverse changes in the securities markets;
•
changes in laws or government regulations or policies affecting financial
institutions, including changes in regulatory fees and capital requirements;
•
our ability to enter new markets successfully and capitalize on growth
opportunities;
•
our ability to successfully integrate acquired entities, if any;
•
changes in consumer spending, borrowing and savings habits;
•
changes in accounting policies and practices, as may be adopted by the
bank regulatory agencies, the Financial Accounting Standards Board the Securities and
Exchange Commission and the Public Company Accounting Oversight Board;
•
changes in our organization, compensation and benefit plans; and
•
changes in the financial condition or future prospects of issuers of
securities that we own.
Because of these and other uncertainties, our actual future results may be materially
different from the results indicated by these forward-looking statements. Please see "Risk
Factors" beginning on page 16.
30
Table of Contents
HOW WE INTEND TO USE THE PROCEEDS FROM THE OFFERING
Although we cannot determine what the actual net proceeds from the sale of the shares of
common stock in the offering will be until the offering is completed, we anticipate that the net
proceeds will be between $287.0 million and $388.9 million, or $447.5 million if the offering range
is increased by 15%.
We intend to distribute the net proceeds as follows:
Based Upon the Sale at $10.00 Per Share of
29,750,000 Shares
35,000,000 Shares
40,250,000 Shares
46,287,500 Shares (1)
Percent
Percent
Percent
Percent
of Net
of Net
of Net
of Net
Amount
Proceeds
Amount
Proceeds
Amount
Proceeds
Amount
Proceeds
(Dollars in thousands)
Offering proceeds
$
297,500
$
350,000
$
402,500
$
462,875
Less offering expenses
10,478
12,032
13,586
15,373
Net offering proceeds
$
287,022
100.0
%
$
337,968
100.0
%
$
388,914
100.0
%
$
447,502
100.0
%
Distribution of net proceeds:
To Northfield Bank
$
143,511
50.0
%
$
168,984
50.0
%
$
194,457
50.0
%
$
223,751
50.0
%
To fund loan to employee
stock ownership plan
$
11,900
4.1
%
$
14,000
4.1
%
$
16,100
4.1
%
$
18,515
4.1
%
Retained by
Northfield-Delaware (2)
$
131,611
45.9
%
$
154,984
45.9
%
$
178,357
45.9
%
$
205,236
45.9
%
(1)
As adjusted to give effect to an increase in the number of shares, which could occur due to a
15% increase in the offering range to reflect demand for the shares or changes in market
conditions following the commencement of the offering.
(2)
In the event the stock-based benefit plan providing for stock awards and stock options is
approved by stockholders, and assuming shares are purchased for the stock awards at $10.00 per
share, an additional $11.9 million, $14.0 million, $16.1 million and $18.5 of net proceeds
will be used by Northfield-Delaware. In this case, the net proceeds retained by
Northfield-Delaware would be $119.7 million, $141.0 million, $162.3 million and $186.7
million, respectively, at the minimum, midpoint, maximum and adjusted maximum of the offering
range.
Payments for shares of common stock made through withdrawals from existing deposit
accounts will not result in the receipt of new funds for investment but will result in a reduction
of Northfield Bank's deposits. The net proceeds may vary because total expenses relating to the
offering may be more or less than our estimates. For example, our expenses would increase if a
syndicated community offering were used to sell shares of common stock not purchased in the
subscription and community offerings. In addition, amounts shown for the distribution of the net
proceeds at the minimum of the offering range to fund the loan to the employee stock ownership plan
and to be proceeds retained by Northfield-Delaware may change if we exercise our right to have the
employee stock ownership plan purchase more than 4% of the shares of common stock offered if
necessary to complete the offering at the minimum of the offering range.
Northfield-Delaware may use the proceeds it retains from the offering:
•
to invest in securities;
•
to finance the acquisition of financial institutions, although we do not
currently have any agreements or understandings regarding any specific acquisition
transaction;
•
to pay cash dividends to stockholders;
•
to repurchase shares of our common stock; and
•
for other general corporate purposes.
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Table of Contents
Initially, a substantial portion of the net proceeds will be invested in short-term
investments, investment-grade debt obligations and mortgage-backed securities.
Under current Office of Thrift Supervision regulations, we may not repurchase shares of our
common stock during the first year following the completion of the conversion, except when
extraordinary circumstances exist and with prior regulatory approval, or except to fund management
recognition plans (which would require notification to the Office of Thrift Supervision) or tax
qualified employee stock benefit plans.
Northfield Bank may use the net proceeds it receives from the offering:
•
to fund new loans, including commercial real estate and commercial
business loans, one- to four-family residential mortgage loans, real estate
construction loans and consumer loans;
•
to expand its retail banking franchise by establishing or acquiring new
branches or by acquiring other financial institutions or other financial services
companies as opportunities arise, although we do not currently have any understandings
or agreements to acquire a financial institution or other entity. We currently intend
to open ten new branch offices by December 31, 2013, and also establish an internet
banking platform during that same time period;
•
to enhance existing products and services and to support the development
of new products and services;
•
to invest in mortgage-backed securities and collateralized mortgage
obligations, and debt securities issued by the U.S. Government, U.S. Government
agencies or U.S. Government sponsored enterprises; and
•
for other general corporate purposes.
Initially, a substantial portion of the net proceeds will be invested in short-term
investments, investment-grade debt obligations and mortgage-backed securities. We have not
determined specific amounts of the net proceeds that would be used for the purposes described
above. The use of the proceeds outlined above may change based on many factors, including, but not
limited to, changes in interest rates, equity markets, laws and regulations affecting the financial
services industry, our relative position in the financial services industry, the attractiveness of
potential acquisitions to expand our operations, and overall market conditions. We estimate the
costs of constructing a new branch office to be between approximately $1.0 million and $3.0
million, depending on the size and location of the branch office, excluding the costs to acquire
land, which we generally lease.
We expect our return on equity to decrease as compared to our performance in recent years,
until we are able to reinvest effectively the additional capital raised in the offering. Until we
can increase our net interest income and non-interest income, we expect our return on equity to be
below the industry average, which may negatively affect the value of our common stock. See "Risk
Factors—Our failure to effectively deploy the net proceeds may have an adverse impact on our
financial performance and the value of our common stock."
OUR DIVIDEND POLICY
As of March 31, 2010, Northfield-Federal paid a quarterly cash dividend of $0.05 per share,
which equals $0.20 per share on an annualized basis. After the conversion, we intend to continue
to pay cash dividends on a quarterly basis. We expect the quarterly dividends per share to be
between $0.03 and $0.04 per share, depending on how many shares of common stock are sold in the
offering. This would approximately preserve the dividend amount that Northfield-Federal
stockholders currently receive, as adjusted to reflect the exchange ratio. The dividend rate and
the continued payment of dividends will depend on a number of factors including our capital
requirements, our financial condition and results of operations, tax considerations, statutory and
regulatory
32
Table of Contents
limitations, and general economic conditions. We cannot assure you that we will not reduce or
eliminate dividends in the future.
Northfield-Federal began declaring dividends during the quarter ended December 31, 2008, and
dividends have been declared in each subsequent quarterly period. Northfield Bancorp, MHC owns
24,641,684 shares of Northfield-Federal common stock. Northfield-Federal has received
non-objection from the Office of Thrift Supervision to waive receipt of all prior dividend payments
on the Northfield-Federal shares owned by Northfield Bancorp, MHC. Cash dividends paid by
Northfield-Federal during the three months ended March 31, 2010 were $772,000. Dividends waived by
Northfield Bancorp, MHC during the three months ended March 31, 2010 were $986,000.
Under the rules of the Office of Thrift Supervision, after the completion of the conversion,
Northfield Bank will not be permitted to pay dividends on its capital stock to Northfield-Delaware,
its sole stockholder, if Northfield Bank's stockholder's equity would be reduced below the amount
of the liquidation account established in connection with the conversion. In addition, Northfield
Bank will not be permitted to make a capital distribution if, after making such distribution, it
would be undercapitalized. Northfield Bank must generally file an application with the Office of
Thrift Supervision for approval of a capital distribution if the total capital distributions for
the applicable calendar year exceed the sum of the Northfield Bank's net income for that year to
date plus its retained net income for the preceding two years or Northfield Bank would not be at
least adequately capitalized following the distribution. In addition, any payment of dividends by
Northfield Bank to us that would be deemed to be drawn out of Northfield Bank's bad debt reserves,
if any, would require a payment of taxes at the then-current tax rate by Northfield Bank on the
amount of earnings deemed to be removed from the reserves for such distribution. Northfield Bank
does not intend to make any distribution to us that would create such a federal tax liability. See
"The Conversion and Offering—Liquidation Rights." For further information concerning additional
federal and state law and regulations regarding the ability of Northfield Bank to make capital
distributions, including the payment of dividends to Northfield-Federal, see "Taxation—Federal
Taxation" and "Supervision and Regulation—Federal Banking Regulation."
Unlike Northfield Bank, Northfield-Delaware is not restricted by Office of Thrift Supervision
regulations on the payment of dividends to its stockholders, except that it will not be permitted
to pay dividends on its common stock if its stockholders' equity would be reduced below the amount
of the liquidation account established by Northfield-Delaware in connection with the conversion.
However, the source of dividends will depend on the net proceeds retained by Northfield-Delaware
and earnings thereon, and dividends from Northfield Bank. In addition, Northfield-Delaware will be
subject to state law limitations on the payment of dividends. Delaware law generally limits
dividends to our capital surplus or, if there is no capital surplus, our net profits for the fiscal
year in which the dividend is declared and/or the preceding fiscal year.
We will file a consolidated federal tax return with Northfield Bank. Accordingly, it is
anticipated that any cash distributions made by us to our stockholders would be treated as cash
dividends and not as a non-taxable return of capital for federal tax purposes. Additionally,
pursuant to Office of Thrift Supervision regulations, during the three-year period following the
conversion, we will not take any action to declare an extraordinary dividend to stockholders that
would be treated by recipients as a tax-free return of capital for federal income tax purposes.
MARKET FOR THE COMMON STOCK
Northfield-Federal's common stock is currently quoted on the Nasdaq Global Select Market under
the symbol "NFBK." Upon completion of the conversion, the new shares of common stock of
Northfield-Delaware will replace the existing shares. For a period of 20 trading days after the
completion of the conversion and offering, we expect our shares of common stock will trade on the
Nasdaq Global Select Market under the symbol "NFBKD," and, thereafter, our trading symbol will
revert to "NFBK." In order to list our stock on the Nasdaq Global Select Market, we are required
to have at least three broker-dealers who will make a market in our common stock. As of March 31,
2010,
Northfield-Federal
had 22 registered market makers in its common stock, including Sandler
33
Table of Contents
O'Neill & Partners, L.P. Sandler O'Neill & Partners, L.P. has advised us that it intends to
make a market in our common stock following the offering, but it is under no obligation to do so.
The development of a public market having the desirable characteristics of depth, liquidity
and orderliness depends on the existence of willing buyers and sellers, the presence of which is
not within our control or that of any market maker. The number of active buyers and sellers of our
common stock at any particular time may be limited, which may have an adverse effect on the price
at which our common stock can be sold. There can be no assurance that persons purchasing the
common stock will be able to sell their shares at or above the $10.00 price per share in the
offering. Purchasers of our common stock should have a long-term investment intent and should
recognize that there may be a limited trading market in our common stock.
The following table sets forth the high and low trading prices for shares of
Northfield-Federal common stock for the periods indicated, and the dividends paid during those
periods. As of the close of business on [stockholder record date], there were ___ shares
of common stock outstanding, including ___ publicly held shares (excluding shares held by
Northfield Bancorp, MHC), and approximately ___ stockholders of record.
The high and low closing prices for the quarterly periods noted below were obtained from the
Nasdaq Stock Market.
Price Per Share
High
Low
Dividends Paid
2010
Third quarter (through _______, 2010)
$
$
$
Second quarter
$
$
$
First quarter
$
15.00
$
12.29
$
0.04
2009
Fourth quarter
$
13.94
$
12.09
$
0.04
Third quarter
$
13.10
$
11.01
$
0.04
Second quarter
$
12.19
$
10.25
$
0.04
First quarter
$
11.25
$
8.18
$
0.04
2008
Fourth quarter
$
12.50
$
9.22
$
0.04
Third quarter
$
13.15
$
10.25
$
—
Second quarter
$
11.75
$
10.02
$
—
First quarter
$
10.77
$
9.78
$
—
On ___, 2010, the business day immediately preceding the public announcement of the
conversion, and on ___, the closing prices of Northfield-Federal common stock as
reported on the Nasdaq Global Select Market were $___ per share and $___ per share,
respectively. On the effective date of the conversion, all publicly held shares of
Northfield-Federal common stock, including shares of common stock held by our officers and
directors, will be converted automatically into and become the right to receive a number of shares
of Northfield-Delaware common stock determined pursuant to the exchange ratio. See "The Conversion
and Offering—Share Exchange Ratio for Current Stockholders." Options to purchase shares of
Northfield-Federal common stock will be converted into options to purchase a number of shares of
Northfield-Delaware
common stock determined pursuant to the exchange ratio, for the same aggregate
exercise price. See "Beneficial Ownership of Common Stock."
34
Table of Contents
HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE
At March 31, 2010, Northfield Bank exceeded all of the applicable regulatory capital
requirements and was considered "well capitalized." The table below sets forth the historical
equity capital and regulatory capital of Northfield Bank at March 31, 2010, and the pro forma
equity capital and regulatory capital of Northfield Bank, after giving effect to the sale of shares
of common stock at $10.00 per share. The table assumes the receipt by Northfield Bank of 50% of
the net offering proceeds. See "How We Intend to Use the Proceeds from the Offering."
Northfield Bank
Historical at
Pro Forma at March 31, 2010, Based Upon the Sale in the Offering of (1)
March 31, 2010
29,750,000 Shares
35,000,000 Shares
40,250,000 Shares
46,287,500 Shares (2)
Percent of
Percent of
Percent of
Percent of
Percent of
Amount
Assets (3)
Amount
Assets (3)
Amount
Assets (3)
Amount
Assets (3)
Amount
Assets (3)
(Dollars in thousands)
Equity
$
310,204
15.17
%
$
429,915
19.64
%
$
451,188
20.38
%
$
472,461
21.10
%
$
496,925
21.90
%
Core capital
$
278,658
13.91
%
$
398,369
18.56
%
$
419,642
19.32
%
$
440,915
20.06
%
$
465,379
20.90
%
Core requirement (4)
100,152
5.00
107,328
5.00
108,601
5.00
109,875
5.00
111,340
5.00
Excess
$
178,506
8.91
%
$
291,041
13.56
%
$
311,041
14.32
%
$
331,040
15.06
%
$
354,039
15.90
%
Tier 1 risk-based
capital (5)
$
278,658
27.31
%
$
398,369
37.97
%
$
419,642
39.81
%
$
440,915
41.62
%
$
465,379
43.69
%
Risk-based
requirement
61,226
6.00
62,948
6.00
63,253
6.00
63,559
6.00
63,911
6.00
Excess
$
217,432
21.31
%
$
335,421
31.97
%
$
356,389
33.81
%
$
377,356
35.62
%
$
401,468
37.69
%
Total risk-based
capital (5)
$
291,780
28.59
%
$
411,491
39.22
%
$
432,764
41.05
%
$
454,037
42.86
%
$
478,501
44.92
%
Risk-based
requirement
102,043
10.00
104,913
10.00
105,422
10.00
105,932
10.00
106,518
10.00
Excess
$
189,737
18.59
%
$
306,578
29.22
%
$
327,342
31.05
%
$
348,105
32.86
%
$
371,983
34.92
%
Reconciliation of capital infused into Northfield
Bank:
Net proceeds
$
143,511
$
168,984
$
194,457
$
223,751
Less: Common stock acquired by stock-based benefit
plan
(11,900
)
(14,000
)
(16,100
)
(18,515
)
Less: Common stock acquired by employee stock
ownership plan
(11,900
)
(14,000
)
(16,100
)
(18,515
)
Pro forma increase
$
119,711
$
140,984
$
162,257
$
186,721
(1)
Pro forma capital levels assume that the employee stock ownership plan purchases 4% of the
shares of common stock sold in the stock offering with funds we lend. Pro forma generally
accepted accounting principles ("GAAP") and regulatory capital have been reduced by the amount
required to fund this plan. See "Management" for a discussion of the employee stock ownership
plan.
(2)
As adjusted to give effect to an increase in the number of shares which could occur due to a
15% increase in the offering range to reflect demand for the shares or changes in market
conditions following the commencement of the offering.
(3)
Tangible and core capital levels are shown as a percentage of total adjusted assets.
Risk-based capital levels are shown as a percentage of risk-weighted assets.
(4)
The current Office of Thrift Supervision core capital requirement for financial institutions
is 3% of total adjusted assets for financial institutions that receive the highest supervisory
rating for safety and soundness and a 4% to 5% core capital ratio requirement for all other
financial institutions.
(5)
Pro forma amounts and percentages assume net proceeds are invested in assets that carry a 50%
risk weighting.
35
Table of Contents
CAPITALIZATION
The following table presents the historical consolidated capitalization of Northfield-Federal
at March 31, 2010 and the pro forma consolidated capitalization of Northfield-Delaware after giving
effect to the conversion and offering, based upon the assumptions set forth in the "Pro Forma Data"
section.
Northfield-
Pro Forma at March 31, 2010
Federal
Based upon the Sale in the Offering at $10.00 per Share of
Historical at
29,750,000
35,000,000
40,250,000
46,287,500
March 31, 2010
Shares
Shares
Shares
Shares (1)
(Dollars in thousands)
Deposits (2)
$
1,392,905
$
1,392,445
$
1,392,445
$
1,392,445
$
1,392,445
Borrowed funds
293,060
293,060
293,060
293,060
293,060
Total deposits and borrowed funds
$
1,685,965
$
1,685,505
$
1,685,505
$
1,685,505
$
1,685,505
Stockholders' equity:
Preferred stock, $0.01 par value,
25,000,000 shares authorized
(post-conversion) (3)
—
—
—
—
—
Common stock, $0.01 par value,
150,000,000 shares authorized
(post-conversion); shares to be
issued as reflected (3) (4)
456
528
621
714
821
Additional paid-in capital (3)
203,541
490,491
541,344
592,197
650,678
MHC capital contribution
—
362
362
362
362
Retained earnings (5)
214,779
214,779
214,779
214,779
214,779
Accumulated other comprehensive
income
15,690
15,690
15,690
15,690
15,690
Less:
Treasury stock
(22,520
)
(22,520
)
(22,520
)
(22,520
)
(22,520
)
Common stock held by employee
stock ownership plan (6)
(15,660
)
(27,560
)
(29,660
)
(31,760
)
(34,175
)
Common stock to be acquired by
stock-based benefit plan (7)
—
(11,900
)
(14,000
)
(16,100
)
(18,515
)
Total stockholders' equity
$
396,286
$
689,870
$
706,616
$
753,362
$
807,120
Pro Forma Shares Outstanding
Shares offered for sale
—
29,750,000
35,000,000
40,250,000
46,287,500
Exchange shares issued
—
23,036,369
27,101,611
31,166,852
35,841,880
Total shares outstanding
43,722,522
52,786,369
62,101,611
71,416,852
82,129,380
Total stockholders' equity as a
percentage of total assets (2)
18.89
%
27.95
%
29.35
%
30.69
%
32.18
%
Tangible equity as a percentage of
total assets
18.11
%
27.26
%
28.67
%
30.03
%
31.53
%
(1)
As adjusted to give effect to an increase in the number of shares of common stock that
could occur due to a 15% increase in the offering range to reflect demand for shares or
changes in market conditions following the commencement of the subscription and community
offerings.
(2)
Does not reflect withdrawals from deposit accounts for the purchase of shares of common
stock in the conversion and offering. These withdrawals would reduce pro forma deposits
and assets by the amount of the withdrawals.
(3)
Northfield-Federal currently has 10,000,000 authorized shares of preferred stock and
90,000,000 authorized shares of common stock, par value $0.01 per share. On a pro forma
basis, common stock and additional paid-in capital have been revised to reflect the number
of shares of Northfield-Delaware common stock to be outstanding.
(4)
No effect has been given to the issuance of additional shares of Northfield-Delaware
common stock pursuant to the exercise of options under one or more stock-based benefit
plans. If the plans are implemented within the first year after the closing of the
offering, an amount up to 10% of the shares of Northfield-Delaware common stock sold in
the offering will be reserved for issuance upon the exercise of options under the plans,
subject to adjustment as may be required by Office of Thrift Supervision regulations or
policy to reflect stock options previously granted by Northfield-Federal or Northfield
Bank so that the total shares available for issuance upon the exercise of stock options
does not exceed 10% of Northfield-Delaware's outstanding shares immediately after the
conversion and offering. No effect has been given to the exercise of options currently
outstanding. See "Management."
(Footnotes continue on following page)
36
Table of Contents
(continued from previous page)
(5)
The retained earnings of Northfield Bank will be substantially restricted after the
conversion. See "The Conversion and Offering—Liquidation Rights" and "Supervision and
Regulation—Federal Banking Regulation."
(6)
Assumes that 4% of the shares sold in the offering will be acquired by the employee stock
ownership plan financed by a loan from Northfield-Delaware. The loan will be repaid
principally from Northfield Bank's contributions to the employee stock ownership plan.
Since Northfield-Delaware will finance the employee stock ownership plan debt, this debt
will be eliminated through consolidation and no liability will be reflected on
Northfield-Delaware's consolidated financial statements. Accordingly, the amount of
shares of common stock acquired by the employee stock ownership plan is shown in this
table as a reduction of total stockholders' equity.
(7)
Assumes a number of shares of common stock equal to 4% of the shares of common stock to
be sold in the offering will be purchased for grant by one or more stock-based benefit
plans. If the stock-based benefit plans are adopted within 12 months following the
conversion, the amount reserved for restricted stock awards would be subject to adjustment
as may be required by Office of Thrift Supervision regulations or policy to reflect
restricted stock previously granted by Northfield-Federal or Northfield Bank so that the
total shares reserved for restricted stock awards does not exceed 4% of
Northfield-Delaware's outstanding shares immediately after the conversion and offering.
The funds to be used by the plan to purchase the shares will be provided by
Northfield-Delaware. The dollar amount of common stock to be purchased is based on the
$10.00 per share subscription price in the offering and represents unearned compensation.
This amount does not reflect possible increases or decreases in the value of common stock
relative to the subscription price in the offering. As Northfield-Delaware accrues
compensation expense to reflect the vesting of shares pursuant to the plan, the credit to
capital will be offset by a charge to operations. Implementation of the plan will require
stockholder approval.
37
Table of Contents
PRO FORMA DATA
The following table summarizes historical data of Northfield-Federal and pro forma data at and
for the three months ended March 31, 2010, and the year ended December 31, 2009. This information
is based on assumptions set forth below and in the tables, and should not be used as a basis for
projections of market value of the shares of common stock following the conversion and offering.
The net proceeds in the tables are based upon the following assumptions:
(i)
___ shares of common stock will be purchased by our executive
officers and directors, and their associates;
(ii)
our employee stock ownership plan will purchase 4% of the shares of common
stock sold in the offering, with a loan from
Northfield-Delaware
. The loan will be
repaid in substantially equal payments of principal and interest (at the prime rate of
interest, calculated as of the date of the origination of the loan) over a period of 30
years. Interest income that we earn on the loan will offset the interest paid by
Northfield Bank;
(iii)
Sandler O'Neill & Partners, L.P. will receive a fee equal to 1.0% of the
dollar amount of shares of common stock sold in the subscription and community
offerings and 5.0% of the dollar amount of shares sold in the syndicated community
offering, with 50% of the total shares sold being sold in the subscription and
community offerings. No fee will be paid with respect to shares of common stock
purchased by our qualified and non-qualified employee stock benefit plans, or stock
purchased by our officers, directors and employees, and their immediate families, and
no fee will be paid with respect to exchange shares; and
(iv)
total expenses of the offering, other than the fees to be paid to Sandler
O'Neill & Partners, L.P., will be $1.7 million.
We calculated pro forma consolidated net income for the three months ended March 31, 2010, and
the year ended December 31, 2009, as if the estimated net proceeds we received had been invested at
the beginning of the period at an assumed interest rate of 2.55% (1.53% on an after-tax basis).
This represents the yield on the five-year U.S. Treasury Note as of March 31, 2010, which, in light
of current market interest rates, we consider to more accurately reflect the pro forma reinvestment
rate than the arithmetic average of the weighted average yield earned on our interest earning
assets and the weighted average rate paid on our deposits, which is the reinvestment rate generally
required by Office of Thrift Supervision regulations.
We further believe that the reinvestment rate is factually supportable because:
•
the yield on the U.S Treasury Note can be determined and/or estimated from
third-party sources; and
•
we believe that U.S. Treasury securities are not subject to credit losses due to a
U.S. Government guarantee of payment of principal and interest.
We calculated historical and pro forma per share amounts by dividing historical and pro forma
amounts of consolidated net income and stockholders' equity by the indicated number of shares of
common stock. We adjusted these figures to give effect to the shares of common stock purchased by
the employee stock ownership plan. We computed per share amounts for each period as if the shares
of common stock were outstanding at the beginning of each period, but we did not adjust per share
historical or pro forma stockholders' equity to reflect the earnings on the estimated net proceeds.
38
Table of Contents
The pro forma table gives effect to the implementation of one or more stock-based benefit
plans. Subject to the receipt of stockholder approval, we have assumed that the stock-based
benefit plans will acquire for restricted stock awards a number of shares of common stock equal to
4% of the shares of common stock sold in the stock offering at the same price for which they were
sold in the stock offering. We assume that awards of common stock granted under the plans vest
over a five-year period.
We have also assumed that the stock-based benefit plans will grant options to acquire shares
of common stock equal to 10% of the shares of common stock sold in the stock offering. In
preparing the table below, we assumed that stockholder approval was obtained, that the exercise
price of the stock options and the market price of the stock at the date of grant were $10.00 per
share and that the stock options had a term of ten years and vested over five years. We applied
the Black-Scholes option pricing model to estimate a grant-date fair value of $3.73 for each
option. In addition to the terms of the options described above, the Black-Scholes option pricing
model assumed an estimated volatility rate of 38.29% for the shares of common stock, a dividend
yield of 1.4%, an expected option life of 6.5 years and a risk-free rate of return of 3.10%.
We may grant options and award shares of common stock under one or more stock-based benefit
plans in excess of 10% and 4%, respectively, of the shares of common stock sold in the stock
offering and that vest sooner than over a five-year period if the stock-based benefit plans are
adopted more than one year following the stock offering.
As discussed under "How We Intend to Use the Proceeds from the Stock Offering," we intend to
contribute 50% of the net proceeds from the stock offering to Northfield Bank, and we will retain
the remainder of the net proceeds from the stock offering. We will use a portion of the proceeds
we retain for the purpose of making a loan to the employee stock ownership plan and retain the rest
of the proceeds for future use.
The pro forma table does not give effect to:
•
withdrawals from deposit accounts for the purpose of purchasing shares of
common stock in the stock offering;
•
our results of operations after the stock offering; or
•
changes in the market price of the shares of common stock after the stock
offering.
The following pro forma information may not be
representative of the financial effects of the
offering at the dates on which the offering actually
occurs, and should not be taken as indicative of
future results of operations. Pro forma consolidated
stockholders' equity represents the difference between
the stated amounts of our assets and liabilities. The
pro forma stockholders' equity is not intended to
represent the fair market value of the shares of
common stock and may be different than the amounts
that would be available for distribution to
stockholders if we liquidated. Moreover, pro forma
stockholders' equity per share does not give effect to
the liquidation accounts to be established in the
conversion or, in the unlikely event of a liquidation
of Northfield Bank, to the tax effect of the recapture
of the bad debt reserve. See "The Conversion and
Offering—Liquidation Rights."
39
Table of Contents
At or for the Three Months Ended March 31, 2010
Based upon the Sale at $10.00 Per Share of
29,750,000
35,000,000
40,250,000
46,287,500
Shares
Shares
Shares
Shares (1)
(Dollars in thousands, except per share amounts)
Gross proceeds of offering
$
297,500
$
350,000
$
402,500
$
462,875
Market value of shares issued in the exchange
230,364
271,017
311,670
358,420
Pro forma market capitalization
$
527,864
$
621,017
$
714,170
$
821,295
Gross proceeds of offering
$
297,500
$
350,000
$
402,500
$
462,875
Expenses
10,478
12,032
13,586
15,373
Estimated net proceeds
287,022
337,968
388,914
447,502
Common stock purchased by employee stock ownership plan
(11,900
)
(14,000
)
(16,100
)
(18,515
)
Common stock purchased by stock-based benefit plan
(11,900
)
(14,000
)
(16,100
)
(18,515
)
Cash received from the mutual holding company
—
—
—
—
Estimated net proceeds, as adjusted
$
263,222
$
309,968
$
356,714
$
410,472
For the Three Months Ended March 31, 2010
Consolidated net earnings:
Historical
$
3,381
$
3,381
$
3,381
$
3,381
Pro forma adjustments:
Income on adjusted net proceeds
1,007
1,186
1,364
1,570
Employee stock ownership plan (2)
(60
)
(70
)
(81
)
(93
)
Stock awards (3)
(357
)
(420
)
(483
)
(556
)
Stock options (4)
(499
)
(588
)
(676
)
(777
)
Pro forma net income
$
3,472
$
3,489
$
3,506
$
3,526
Earning per share (5):
Historical
$
0.07
$
0.06
$
0.05
$
0.05
Pro form adjustments:
Income on adjusted net proceeds
0.02
0.02
0.02
0.02
Employee stock ownership plan (2)
—
—
—
—
Stock awards (3)
(0.01
)
(0.01
)
(0.01
)
(0.01
)
Stock options (4)
(0.01
)
(0.01
)
(0.01
)
(0.01
)
Pro forma earnings per share (5) (6)
$
0.07
$
0.06
$
0.05
$
0.05
Offering price to pro forma net earnings per share
35.71
x
41.67
x
50.00
x
50.00
x
Number of shares used in earnings per share calculations
48,934,101
57,569,531
66,204,960
76,135,704
At March 31, 2010
Stockholders' equity:
Historical
$
396,286
$
396,286
$
396,286
$
396,286
Estimated net proceeds
287,022
337,968
388,914
447,502
Equity increase from the mutual holding company
362
362
362
362
Common stock purchased by employee stock ownership plan
(11,900
)
(14,000
)
(16,100
)
(18,515
)
Common stock purchased by stock-based benefit plan (3)
(11,900
)
(14,000
)
(16,100
)
(18,515
)
Pro forma stockholders equity
$
659,870
$
706,616
$
753,362
$
807,120
Intangible assets
$
(16,318
)
$
(16,318
)
$
(16,318
)
$
(16,318
)
Pro forma tangible stockholders equity
$
643,552
$
690,298
$
737,044
$
790,802
Stockholders' equity per share:(7)
Historical
$
7.51
$
6.39
$
5.55
$
4.84
Estimated net proceeds
5.44
5.44
5.45
5.45
Plus: Assets received from the mutual holding company
0.01
0.01
0.01
—
Common stock acquired by employee stock ownership plan
(0.23
)
(0.23
)
(0.23
)
(0.23
)
Common stock acquired by stock-based benefit plan (3)
(0.23
)
(0.23
)
(0.23
)
(0.23
)
Pro forma stockholders' equity per share (6) (7)
$
12.50
$
11.38
$
10.55
$
9.83
Intangible assets
$
(0.31
)
$
(0.26
)
$
(0.23
)
$
(0.20
)
Pro forma tangible stockholders' equity per share (6) (7)
$
12.19
$
11.12
$
10.32
$
9.63
Offering price as percentage of pro forma stockholders'
equity per share
80.00
%
87.87
%
94.79
%
101.73
%
Offering price as percentage of pro forma stockholders'
equity per share
82.03
%
89.93
%
96.90
%
103.84
%
Number of shares outstanding for pro forma book value
per share calculations
52,786,369
62,101,611
71,416,852
82,129,380
(Footnotes begin on following page)
40
Table of Contents
(1)
As adjusted to give effect to an increase in the number of shares that could
occur due to a 15% increase in the offering range to reflect demand for the shares or
changes in market conditions following the commencement of the stock offering.
(2)
Assumes that 4% of the shares of common stock sold in the offering will be purchased by
the employee stock ownership plan. For purposes of this table, the funds used to acquire
these shares are assumed to have been borrowed by the employee stock ownership plan from
Northfield-Delaware. Northfield Bank intends to make annual contributions to the employee
stock ownership plan in an amount at least equal to the required principal and interest
payments on the debt. Northfield Bank's total annual payments on the employee stock
ownership plan debt are based upon 30 equal annual installments of principal and interest.
Financial Accounting Standards Board Accounting Standards Codification 718-40,
"Employers' Accounting for Employer Stock Ownership Plans" ("ASC 718-40") requires that an
employer record compensation expense in an amount equal to the fair value of the shares
committed to be released to employees. The pro forma adjustments assume that the employee
stock ownership plan shares are allocated in equal annual installments based on the number
of loan repayment installments assumed to be paid by Northfield Bank, the fair value of
the common stock remains equal to the subscription price and the employee stock ownership
plan expense reflects an effective combined federal and state tax rate of 40.0%. The
unallocated employee stock ownership plan shares are reflected as a reduction of
stockholders' equity. No reinvestment is assumed on proceeds contributed to fund the
employee stock ownership plan. The pro forma net income further assumes that 9,917,
11,667, 13,417 and 15,429 shares were committed to be released during the period at the
minimum, midpoint, maximum, and adjusted maximum of the offering range, respectively, and
in accordance with ASC 718-40, only the employee stock ownership plan shares committed to
be released during the period were considered outstanding for purposes of net income per
share calculations.
(3)
Assumes that, if approved by Northfield-Delaware's stockholders, one or more stock-based
benefit plans purchase an aggregate number of shares of common stock equal to 4% of the
shares to be sold in the offering. Such amount is subject to adjustment as may be
required by Office of Thrift Supervision regulations or policy to reflect restricted stock
previously granted by Northfield-Federal or Northfield Bank (or may be a greater number of
shares if the plan is implemented more than one year after completion of the conversion).
Stockholder approval of the plans and purchases by the plans may not occur earlier than
six months after the completion of the conversion. The shares may be acquired directly
from
Northfield-Delaware
or through open market purchases. Shares in the stock-based
benefit plan are assumed to vest over a period of five years. The funds to be used to
purchase the shares will be provided by
Northfield-Delaware
. The table assumes that
(i) the stock-based benefit plan acquires the shares through open market purchases at
$10.00 per share, (ii) 5% of the amount contributed to the plan is amortized as an expense
during the three months ended March 31, 2010, and (iii) the plan expense reflects an
effective combined federal and state tax rate of 40.0%. Assuming stockholder approval of
the stock-based benefit plans and that shares of common stock (equal to 4% of the shares
sold in the offering) are awarded through the use of authorized but unissued shares of
common stock, stockholders would have their ownership and voting interests diluted by
approximately 2.20% at the maximum of the offering range.
(4)
Assumes that, if approved by Northfield-Delaware's stockholders, one or more stock-based
benefit plans grant options to acquire an aggregate number of shares of common stock equal
to 10% of the shares to be sold in the offering. Such amount is subject to adjustment as
may be required by Office of Thrift Supervision regulations or policy to reflect stock
options previously granted by Northfield-Federal or Northfield Bank (or may be a greater
number of shares if the plan is implemented more than one year after completion of the
conversion). Stockholder approval of the plans may not occur earlier than six months after
the completion of the conversion. In calculating the pro forma effect of the stock-based
benefit plans, it is assumed that the exercise price of the stock options and the trading
price of the common stock at the date of grant were $10.00 per share, the estimated
grant-date fair value determined using the
Black-Scholes
option pricing model was $3.73
for each option, the aggregate grant-date fair value of the stock options was amortized to
expense on a straight-line basis over a five-year
(Footnotes continue on following page)
41
Table of Contents
(continued from previous page)
vesting period of the options, and that 25% of the amortization expense (or the
assumed portion relating to options granted to directors) resulted in a tax benefit
using an assumed tax rate of 40.0%. The actual expense will be determined by the
grant-date fair value of the options, which will depend on a number of factors,
including the valuation assumptions used in the option pricing model ultimately adopted.
Under the above assumptions, the adoption of the stock-based benefit plans will result
in no additional shares under the treasury stock method for purposes of calculating
earnings per share. There can be no assurance that the actual exercise price of the
stock options will be equal to the $10.00 price per share. If a portion of the shares
used to satisfy the exercise of options comes from authorized but unissued shares, our
net income per share and stockholders' equity per share would decrease. The issuance of
authorized but unissued shares of common stock pursuant to the exercise of options under
such plan would dilute stockholders' ownership and voting interests by approximately
5.64% at the maximum of the offering range.
(5)
Per share figures include publicly held shares of Northfield-Federal common stock that
will be exchanged for shares of Northfield-Delaware common stock in the conversion. See
"The Conversion and Offering—Share Exchange Ratio for Current Stockholders." Net income
per share computations are determined by taking the number of shares assumed to be sold in
the offering and the number of new shares assumed to be issued in exchange for publicly
held shares and, in accordance with ASC 718-40, subtracting the employee stock ownership
plan shares which have not been committed for release during the period. See note 2. The
number of shares of common stock actually sold and the corresponding number of exchange
shares may be more or less than the assumed amounts. Pro forma net income per share has
been annualized for purposes of calculating the offering price to pro forma net earnings
per share.
(6)
The retained earnings of Northfield Bank will be substantially restricted after the
conversion. See "Our Dividend Policy," "The Conversion and Offering—Liquidation Rights"
and "Supervision and Regulation—Federal Banking Regulation—Capital Distributions."
(7)
Per share figures include publicly held shares of Northfield-Federal common stock that
will be exchanged for shares of
Northfield-Delaware
common stock in the conversion.
Stockholders' equity per share calculations are based upon the sum of (i) the number of
subscription shares assumed to be sold in the offering and (ii) shares to be issued in
exchange for publicly held shares at the minimum, midpoint, maximum and adjusted maximum
of the offering range, respectively. The exchange shares reflect an exchange ratio of
1.2073, 1.4204, 1.6334 and 1.8784 at the minimum, midpoint, maximum and adjusted maximum
of the offering range, respectively. The number of shares actually sold and the
corresponding number of exchange shares may be more or less than the assumed amounts.
42
Table of Contents
At or for the Year Ended December 31, 2009
Based upon the Sale at $10.00 Per Share of
29,750,000
35,000,000
40,250,000
46,287,500
Shares
Shares
Shares
Shares (1)
(Dollars in thousands, except per share amounts)
Gross proceeds of offering
$
297,500
$
350,000
$
402,500
$
462,875
Market value of shares issued in the exchange
230,364
271,017
311,670
358,420
Pro forma market capitalization
$
527,864
$
621,017
$
714,170
$
821,295
Gross proceeds of offering
$
297,500
$
350,000
$
402,500
$
462,875
Expenses
10,478
12,032
13,586
15,373
Estimated net proceeds
287,022
337,968
388,914
447,502
Common stock purchased by employee stock ownership plan
(11,900
)
(14,000
)
(16,100
)
(18,515
)
Common stock purchased by stock-based benefit plan
(11,900
)
(14,000
)
(16,100
)
(18,515
)
Cash received from the mutual holding company
—
—
—
—
Estimated net proceeds, as adjusted
$
263,222
$
309,968
$
356,714
$
410,472
For the Year Ended December 31, 2009
Consolidated net earnings:
Historical
$
12,074
$
12,074
$
12,074
$
12,074
Pro forma adjustments:
Income on adjusted net proceeds
4,027
4,743
5,458
6,280
Employee stock ownership plan (2)
(238
)
(280
)
(322
)
(370
)
Stock awards (3)
(1,428
)
(1,680
)
(1,932
)
(2,222
)
Stock options (4)
(1,997
)
(2,350
)
(2,702
)
(3,108
)
Pro forma net income
$
12,438
$
12,507
$
12,575
$
12,654
Earning per share (5):
Historical
$
0.24
$
0.20
$
0.18
$
0.15
Pro form adjustments:
Income on adjusted net proceeds
0.08
0.08
0.08
0.08
Employee stock ownership plan (2)
—
—
—
—
Stock awards (3)
(0.03
)
(0.03
)
(0.03
)
(0.03
)
Stock options (4)
(0.04
)
(0.04
)
(0.04
)
(0.04
)
Pro forma earnings per share (5) (6)
$
0.25
$
0.21
$
0.19
$
0.16
Offering price to pro forma net earnings per share
40.00
x
47.62
x
52.63
x
58.82
x
Number of shares used in earnings per share calculations
50,046,321
58,878,025
67,709,728
77,866,188
At December 31, 2009
Stockholders' equity:
Historical
$
391,540
$
391,540
$
391,540
$
391,540
Estimated net proceeds
287,022
337,968
388,914
447,502
Equity increase from the mutual holding company
362
362
362
362
Common stock purchased by employee stock ownership plan
(11,900
)
(14,000
)
(16,100
)
(18,515
)
Common stock purchased by stock-based benefit plan (3)
(11,900
)
(14,000
)
(16,100
)
(18,515
)
Pro forma stockholders equity
$
655,124
$
701,870
$
748,616
$
802,374
Intangible assets
$
(16,361
)
$
(16,361
)
$
(16,361
)
$
(16,361
)
Pro forma tangible stockholders equity
$
638,763
$
685,509
$
732,255
$
786,013
Stockholders' equity per share:(7)
Historical
$
7.42
$
6.31
$
5.48
$
4.78
Estimated net proceeds
5.44
5.44
5.45
5.45
Plus: Assets received from the mutual holding company
0.01
0.01
0.01
—
Common stock acquired by employee stock ownership plan
(0.23
)
(0.23
)
(0.23
)
(0.23
)
Common stock acquired by stock-based benefit plan (3)
(0.23
)
(0.23
)
(0.23
)
(0.23
)
Pro forma stockholders' equity per share (6) (7)
$
12.41
$
11.30
$
10.48
$
9.77
Intangible assets
$
(0.31
)
$
(0.26
)
$
(0.23
)
$
(0.20
)
Pro forma tangible stockholders' equity per share (6) (7)
$
12.10
$
11.04
$
10.25
$
9.57
Offering price as percentage of pro forma stockholders'
equity per share
80.58
%
88.50
%
95.42
%
102.35
%
Offering price as percentage of pro forma stockholders'
equity per share
82.64
%
90.58
%
97.56
%
104.49
%
Number of shares outstanding for pro forma book value
per share calculations
52,786,369
62,101,611
71,416,852
82,129,380
(Footnotes begin on following page)
43
Table of Contents
(1)
As adjusted to give effect to an increase in the number of shares that could occur
due to a 15% increase in the offering range to reflect demand for the shares or changes
in market conditions following the commencement of the stock offering.
(2)
Assumes that 4% of the shares of common stock sold in the offering will be purchased by
the employee stock ownership plan. For purposes of this table, the funds used to acquire
these shares are assumed to have been borrowed by the employee stock ownership plan from
Northfield-Delaware. Northfield Bank intends to make annual contributions to the employee
stock ownership plan in an amount at least equal to the required principal and interest
payments on the debt. Northfield Bank's total annual payments on the employee stock
ownership plan debt are based upon 30 equal annual installments of principal and interest.
Financial Accounting Standards Board Accounting Standards Codification 718-40,
"Employers' Accounting for Employer Stock Ownership Plans" ("ASC 718-40") requires that an
employer record compensation expense in an amount equal to the fair value of the shares
committed to be released to employees. The pro forma adjustments assume that the employee
stock ownership plan shares are allocated in equal annual installments based on the number
of loan repayment installments assumed to be paid by Northfield Bank, the fair value of
the common stock remains equal to the subscription price and the employee stock ownership
plan expense reflects an effective combined federal and state tax rate of 40.0%. The
unallocated employee stock ownership plan shares are reflected as a reduction of
stockholders' equity. No reinvestment is assumed on proceeds contributed to fund the
employee stock ownership plan. The pro forma net income further assumes that 39,667,
46,667, 53,667 and 61,717 shares were committed to be released during the year at the
minimum, midpoint, maximum, and adjusted maximum of the offering range, respectively, and
in accordance with ASC 718-40, only the employee stock ownership plan shares committed to
be released during the period were considered outstanding for purposes of net income per
share calculations.
(3)
Assumes that, if approved by Northfield-Delaware's stockholders, one or more stock-based
benefit plans purchase an aggregate number of shares of common stock equal to 4% of the
shares to be sold in the offering, subject to adjustment as may be required by Office of
Thrift Supervision regulations or policy to reflect restricted stock previously granted by
Northfield-Federal or Northfield Bank (and may be a greater number of shares if the plan
is implemented more than one year after completion of the conversion). Stockholder
approval of the plans and purchases by the plans may not occur earlier than six months
after the completion of the conversion. The shares may be acquired directly from
Northfield-Delaware or through open market purchases. Shares in the stock-based benefit
plan are assumed to vest over a period of five years. The funds to be used to purchase the
shares will be provided by Northfield-Delaware. The table assumes that (i) the
stock-based benefit plan acquires the shares through open market purchases at $10.00 per
share, (ii) 20% of the amount contributed to the plan is amortized as an expense during
the year ended December 31, 2009, and (iii) the plan expense reflects an effective
combined federal and state tax rate of 40.0%. Assuming stockholder approval of the
stock-based benefit plans and that shares of common stock (equal to 4% of the shares sold
in the offering) are awarded through the use of authorized but unissued shares of common
stock, stockholders would have their ownership and voting interests diluted by
approximately 2.20% at the maximum of the offering range.
(4)
Assumes that, if approved by Northfield-Delaware's stockholders, one or more stock-based
benefit plans grant options to acquire an aggregate number of shares of common stock equal
to 10% of the shares to be sold in the offering, subject to adjustment as may be required
by Office of Thrift Supervision regulations or policy to reflect stock options previously
granted by Northfield-Federal or Northfield Bank (and may be a greater number of shares if
the plan is implemented more than one year after completion of the conversion).
Stockholder approval of the plans may not occur earlier than six months after the
completion of the conversion. In calculating the pro forma effect of the stock-based
benefit plans, it is assumed that the exercise price of the stock options and the trading
price of the common stock at the date of grant were $10.00 per share, the estimated
grant-date fair value determined using the
Black-Scholes
option pricing model was $3.73
for each option, the aggregate grant-date fair value of the stock options was amortized to
expense on a straight-line basis over a five-year
(Footnotes continue on following page)
44
Table of Contents
(continued from previous page)
vesting period of the options, and that 25% of the amortization expense (or the
assumed portion relating to options granted to directors) resulted in a tax benefit
using an assumed tax rate of 40.0%. The actual expense will be determined by the
grant-date fair value of the options, which will depend on a number of factors,
including the valuation assumptions used in the option pricing model ultimately adopted.
Under the above assumptions, the adoption of the stock-based benefit plans will result
in no additional shares under the treasury stock method for purposes of calculating
earnings per share. There can be no assurance that the actual exercise price of the
stock options will be equal to the $10.00 price per share. If a portion of the shares
used to satisfy the exercise of options comes from authorized but unissued shares, our
net income per share and stockholders' equity per share would decrease. The issuance of
authorized but unissued shares of common stock pursuant to the exercise of options under
such plan would dilute stockholders' ownership and voting interests by approximately
5.64% at the maximum of the offering range.
(5)
Per share figures include publicly held shares of Northfield-Federal common stock that
will be exchanged for shares of Northfield-Delaware common stock in the conversion. See
"The Conversion and Offering—Share Exchange Ratio for Current Stockholders." Net income
per share computations are determined by taking the number of shares assumed to be sold in
the offering and the number of new shares assumed to be issued in exchange for publicly
held shares and, in accordance with ASC 718-40, subtracting the employee stock ownership
plan shares which have not been committed for release during the year. See note 2. The
number of shares of common stock actually sold and the corresponding number of exchange
shares may be more or less than the assumed amounts. Pro forma net income per share has
been annualized for purposes of calculating the offering price to pro forma net earnings
per share.
(6)
The retained earnings of Northfield Bank will be substantially restricted after the
conversion. See "Our Dividend Policy," "The Conversion and Offering—Liquidation Rights"
and "Supervision and Regulation—Federal Banking Regulation—Capital Distributions."
(7)
Per share figures include publicly held shares of Northfield-Federal common stock that
will be exchanged for shares of
Northfield-Delaware
common stock in the conversion.
Stockholders' equity per share calculations are based upon the sum of (i) the number of
subscription shares assumed to be sold in the offering and (ii) shares to be issued in
exchange for publicly held shares at the minimum, midpoint, maximum and adjusted maximum
of the offering range, respectively. The exchange shares reflect an exchange ratio of
1.2073, 1.4204, 1.6334 and 1.8784 at the minimum, midpoint, maximum and adjusted maximum
of the offering range, respectively. The number of shares actually sold and the
corresponding number of exchange shares may be more or less than the assumed amounts.
45
Table of Contents
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
This discussion and analysis reflects our consolidated financial statements and other relevant
statistical data, and is intended to enhance your understanding of our financial condition and
results of operations. The information in this section has been derived from the audited and
unaudited consolidated financial statements, which appear beginning on page F-1 of this prospectus.
You should read the information in this section in conjunction with the business and financial
information regarding Northfield-Federal provided in this prospectus.
Overview
Our principal business consists of accepting deposits and investing such funds in mortgage
loans, secured commercial business loans and in investment securities, consisting primarily of
mortgage-backed securities. Our business is affected by prevailing economic conditions,
particularly market interest rates. Additionally, we are subject to government policies
concerning, among other things, monetary and fiscal affairs, housing and financial institutions and
regulations regarding lending and other operations, privacy and consumer disclosure. We rely on
our convenient locations, customer service, and competitive products and pricing to attract and
retain deposits. Lending activities are affected by market interest rates, loan demand and local
economic conditions. Sources of funds for lending and investing activities include deposits,
borrowings, loan and investment repayments, and income from our operations.
Our lending focus has been originating commercial real estate and multifamily loans in the
markets we serve. At March 31, 2010, total loans held for investment were $736.6 million, or
35.1% of total assets, with $519.8 million, or 70.5% of the total portfolio, consisting of
commercial real estate loans ($332.4 million, or 45.1%) and multifamily loans ($187.4 million, or
25.4%). Our loan portfolio has continued to grow in 2010 but at slower rates than we experienced
in 2008 and 2009. We do not originate for retention in our portfolio "interest only" residential
mortgage loans on one- to four-family residential properties, where the borrower pays interest for
an initial period and thereafter the loan converts to a fully amortizing loan. We do not offer
loans that provide for negative amortization of principal, such as "Option ARM" loans, where the
borrower can pay less than the interest owed on the loan, thereby resulting in an increased
principal balance during the life of the loan. We also do not offer, and have not offered,
"subprime loans" (loans that generally target borrowers with weakened credit histories typically
characterized by payment delinquencies, previous charge-offs, judgments, bankruptcies, or borrowers
with questionable repayment capacity as evidenced by low credit scores or high debt-burden ratios).
Our investing focus has been purchasing mortgage-backed securities. At March 31, 2010,
securities available-for-sale had an estimated fair value of $1.2 billion, or 58.0% of total
assets, with $943.6 million, or 77.6%, consisting of mortgage-backed securities. At March 31,
2010, 74.9% of our securities portfolio consisted of securities issued by the U.S. government, U.S.
government agencies or U.S. government sponsored enterprises. We do not own any common or
preferred stock issued by Fannie Mae or Freddie Mac.
Our net income has decreased over the past year, and totaled $12.1 million for the year ended
December 31, 2009, compared to $15.8 million for the year ended December 31, 2008. Much of the
reduction in our net income has resulted from increased loan loss reserves relating to
deteriorating asset quality, which also has recently affected much of the financial institution
industry, and from increases in employee compensation and benefits and Federal Deposit Insurance
Corporation insurance premiums, which were partially offset by an increase in net interest income.
Our net income was $3.4 million for the three months ended March 31, 2010, compared to $2.7 million
for the three months ended March 31, 2009. The increase was a result of an increase in net
interest income and an increase in non-interest income (primarily gains on sales of securities,
net), partially offset by an increase in non-interest expense (primarily employee compensation and
benefits).
Following the completion of the conversion, our non-interest expense is expected to increase
because of the increased compensation expenses associated with the purchase of shares of common
stock by our employee stock ownership plan and the possible implementation of one or more
stock-based benefit plans, if approved by our
46
Table of Contents
stockholders no earlier than six months after the completion of the conversion, and because of
our anticipated growth. For further information, see "Summary— Benefits to Management and
Potential Dilution to Stockholders Resulting from the Conversion;" "Risk Factors— Our
stock-based
benefit plans would increase our expenses and reduce our income;" "Management—Benefits to be
Considered Following Completion of the Conversion;" and "Risk Factors—We may face risks with
respect to future expansion."
Business Strategy
Our principal objective is to build long-term value for our stockholders by operating a
profitable community-oriented financial institution dedicated to meeting the banking needs of our
customers. Our board of directors has sought to accomplish this objective through the adoption of
a strategy designed to increase profitability, while maintaining a strong capital position and high
asset quality. We cannot assure you that we will successfully implement our business strategy.
Highlights of our business strategy are as follows:
Remaining a community-oriented institution.
We have been in business for over 123 years,
growing through internal expansion and outside acquisitions. We offer a variety of financial
products and services to meet the needs of small businesses and individuals in our market area, and
we are dedicated to providing quality personal service to our customers. We consider our
competitive products and pricing, branch network, reputation for superior customer service and
financial strength as our major strengths in attracting and retaining customers. Over the last
several years, we have significantly upgraded our technology capabilities, and currently offer
mobile banking, remote deposit capture, electronic check clearing, and online business customer
cash management. We intend to further capitalize on our technology capabilities to improve
operating efficiencies and enhance customer service.
Continuing to increase our lending
. We have grown our loan portfolio to $736.6 million at
March 31, 2010 from $424.2 million at December 31, 2007. To achieve this growth, we have continued
to emphasize the origination of loans other than residential mortgage loans, primarily multi-family
and commercial real estate loans. These loans have higher yields than residential mortgage loans
and generally have periodic adjustable interest rates and/or shorter terms, which assists us in
managing our interest rate risk. Despite a difficult economic environment, we have continued to
lend to qualified borrowers as other lenders have ceased or curtailed their lending, and we were
able to increase our loan portfolio in 2009 and the first quarter of 2010. In October 2009, we
also began to offer loans to finance premiums on commercial insurance policies, and such loans
totaled $40.0 million at March 31, 2010.
Over the past several years, we have particularly emphasized the origination of multi-family
loans. At March 31, 2010, our multifamily portfolio totaled $187.4 million, or 25.4% of total
loans, compared to $14.2 million, or 3.3% of total loans, at December 31, 2007. At March 31, 2010,
our commercial real estate loan portfolio totaled $332.4 million, or 45.1% of total loans, compared
to $243.9 million, or 57.5% of total loans, at December 31, 2007. We intend to continue to
emphasize multi-family lending, and, as economic conditions improve, we will seek to increase the
origination of commercial real estate, commercial and home equity loans as well. However, a
continuation or worsening of economic conditions could make it more difficult to execute our
strategy, at least until economic conditions improve. Also, the additional capital raised in the
stock offering will increase our lending capacity by enabling us to originate more loans and loans
with larger balances; however, this increased lending can also expose us to increased risks, as
discussed in the Risk Factors section of this prospectus.
Improving asset quality.
Maintaining loan quality historically has been, and will continue to
be, a key element of our business strategy. We employ conservative underwriting standards for new
loan originations and maintain sound credit administration practices while the loans are
outstanding. In addition, substantially all of our loans are secured, predominantly by real
estate. However, during the current economic recession, we have experienced increases in
delinquent and non-performing loans. At March 31, 2010, our non-performing loans totaled $50.0
million or 6.79% of total loans. At the same time charge-offs have remained relatively low at
0.38% of average loans outstanding for the year ended December 31, 2008, 0.37% for the year ended
December 31, 2009, and were 0.11% for the three months ended March 31, 2010.
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To mitigate our exposure to potential loss during this weak economic period, we have
de-emphasized the origination of commercial real estate loans and construction and land loans. We
have also increased our allowance for loan losses from $5.6 million, or 1.33% of loans held for
investment, net, at December 31, 2007, to $17.1 million, or 2.33% of loans held for investment,
net, at March 31, 2010. We will also work with willing and able borrowers experiencing financial
difficulties in order to maximize the recovery of the loan balance, and, when circumstances
warrant, we may grant modifications to existing loan terms and conditions that we would not
otherwise consider, commonly referred to as troubled debt restructurings ("TDRs"). At March 31,
2010, we had $21.9 million of loans classified as TDRs, of which $8.8 million were accruing
interest and $13.1 million were on non-accrual status. At March 31, 2010, $16.2 million, or 74.1%
of loans subject to restructuring agreements (accruing and non-accruing) were performing in
accordance with their restructured terms.
Expanding through branching and acquisitions.
We intend to continue
de novo
branching to
expand our presence within and outside our primary market area. We currently expect to establish
ten
de novo
branch offices by December 31, 2013, and also expect to establish an internet platform
to gather deposits during that same time period. In conjunction with this expansion strategy, we
may dispose of underperforming or overlapping branches, if appropriate. We also believe that
acquisition opportunities exist both within and beyond our current market area. We will consider
pursuing whole-bank and branch acquisition opportunities on a selective basis in areas that will
afford us the opportunity to add complementary products to our existing business or expand our
franchise geographically. Currently, we do not have any plans or arrangements to acquire other
financial institutions or dispose of existing branch offices.
Employing securities investment strategies to increase income.
We determine whether to invest
in securities or loans depending on the relative risks and returns available for each type of
investment. If opportunities exist, we may purchase additional investment securities and fund
those purchases with additional borrowings at an initial positive interest rate spread, commonly
referred to as leverage transactions, in an effort to increase our net income and return on equity.
Leveraging can expose a company to greater interest rate risk in a rising interest rate
environment, and there can be no assurance that a leveraging strategy would be successful.
Critical Accounting Policies
Critical accounting policies are defined as those that involve significant judgments and
uncertainties, and could potentially result in materially different results under different
assumptions and conditions. We believe that the most critical accounting policies upon which our
financial condition and results of operation depend, and which involve the most complex subjective
decisions or assessments, are the following:
Allowance for Loan Losses, Impaired Loans, Troubled Debt Restructurings and Other Real Estate
Owned
. The allowance for loan losses is the estimated amount considered necessary to cover
probable and reasonably estimatable credit losses inherent in the loan portfolio at the balance
sheet date. The allowance is established through the provision for loan losses that is charged
against income. In determining the allowance for loan losses, we make significant estimates and
judgments. The determination of the allowance for loan losses is considered a critical accounting
policy by management because of the high degree of judgment involved, the subjectivity of the
assumptions used, and the potential for changes in the economic environment that could result in
changes to the amount of the recorded allowance for loan losses.
The allowance for loan losses has been determined in accordance with GAAP. We are responsible
for the timely and periodic determination of the amount of the allowance required. We believe that
our allowance for loan losses is adequate to cover identifiable losses, as well as estimated losses
inherent in our portfolio for which certain losses are probable but not specifically identifiable.
Management performs a quarterly evaluation of the adequacy of the allowance for loan losses.
The analysis of the allowance for loan losses has a component for impaired loan losses and a
component for general loan losses. Management has defined an impaired loan to be a loan for which
it is probable, based on current information, that we will not collect all amounts due in
accordance with the contractual terms of the loan agreement.
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We have defined the population of impaired loans to be all non-accrual loans with an
outstanding balance of $500,000 or greater, and all loans subject to a troubled debt restructuring.
Impaired loans are individually assessed to determine that the loan's carrying value is not in
excess of the estimated fair value of the collateral (less cost to sell), if the loan is collateral
dependent, or the present value of the expected future cash flows, if the loan is not collateral
dependent. Management performs a detailed evaluation of each impaired loan and generally obtains
updated appraisals as part of the evaluation. In addition, management adjusts estimated fair
values down to appropriately consider recent market conditions, our willingness to accept lower
sales price to effect a quick sale, and costs to dispose of any supporting collateral. Determining
the estimated fair value of underlying collateral (and related costs to sell) can be difficult in
illiquid real estate markets and is subject to significant assumptions and estimates. Management
employs an independent third party expert in appraisal preparation and review to ascertain the
reasonableness of updated appraisals. Projecting the expected cash flows under troubled debt
restructurings is inherently subjective and requires, among other things, an evaluation of the
borrower's current and projected financial condition. Actual results may be significantly
different than our projections, and our established allowance for loan losses on these loans, and
could have a material effect on our financial results.
The second component of the allowance for loan losses is the general loss allocation. This
assessment is performed on a portfolio basis, excluding loans analyzed for impairment and TDRs,
with loans being grouped by collateral type and delinquency status. We apply an estimated loss
rate to each loan group. The loss rates applied are based on our loss experience as adjusted for
our qualitative assessment of relevant changes related to: underwriting standards; delinquency
trends; collection, charge-off and recovery practices; the nature or volume of the loan group;
lending staff; concentration of loan type; current economic conditions; and other relevant factors
considered appropriate by management. In evaluating the estimated loss factors to be utilized for
each loan group, management also reviews our actual loss history over the prior eight quarters and
loss history as reported by the Office of Thrift Supervision and Federal Deposit Insurance
Corporation for institutions both nationally and in our market area, for periods that are believed
to have been under similar economic conditions. This evaluation is inherently subjective as it
requires material estimates that may be susceptible to significant revisions based on changes in
economic and real estate market conditions. Actual loan losses may be significantly different than
the allowance for loan losses we have established, and could have a material effect on our
financial results.
This quarterly process is performed by the accounting department, with the assistance of the
credit administration department and our Chief Lending Officer, and approved by the Chief Financial
Officer. All supporting documentation with regard to the evaluation process is maintained by the
accounting department. Each quarter a summary of the allowance for loan losses is presented by the
Controller to the Audit Committee of the board of directors.
We have a concentration of loans secured by real property located in New York and New Jersey.
As a substantial amount of our loan portfolio is collateralized by real estate, appraisals of the
underlying value of property securing loans are critical in determining the amount of the allowance
required for specific loans. Assumptions for appraisal valuations are instrumental in determining
the value of properties. Overly optimistic assumptions or negative changes to assumptions could
significantly affect the valuation of a property securing a loan and the related allowance
determined. The assumptions supporting such appraisals are reviewed by management to determine
that the resulting values reasonably reflect amounts realizable on the collateral. Based on the
composition of our loan portfolio, we believe the primary risks are increases in vacancy rates and
declines in rental rates for both multi-family and commercial properties, a decline in the economy
generally, increases in interest rates and a decline in real estate market values in New York or
New Jersey. Any one or a combination of these events may adversely affect our loan portfolio
resulting in delinquencies, increased loan losses, and future loan loss provisions.
Although we believe we have established and maintained the allowance for loan losses at
adequate levels, changes may be necessary if future economic or other conditions differ
substantially from our estimation of the current operating environment. Although management uses
the information available, the level of the allowance for loan losses remains an estimate that is
subject to significant judgment. In addition, the Office of Thrift Supervision, as an integral
part of their examination process, will periodically review our allowance for loan losses. Such
agency may require us to recognize adjustments to the allowance based on their judgments about
information available to them at the time of their examination.
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We also maintain an allowance for estimated losses on off-balance sheet credit risks related
to loan commitments and standby letters of credit. Management utilizes a methodology similar to
its allowance for loan loss methodology to estimate losses on these items. The allowance for
estimated credit losses on these items is included in other liabilities and any changes to the
allowance are recorded as a component of other non-interest expense.
Real estate we acquire as a result of foreclosure is classified as real estate owned. When we
acquire other real estate owned, it generally obtains a current appraisal to substantiate the net
carrying value of the asset. The asset is recorded at the lower of cost or estimated fair value,
establishing a new cost basis. Holding costs and declines in estimated fair value result in
charges to expense after acquisition.
Goodwill.
Business combinations accounted for under the acquisition method requires us to
record goodwill as an asset on our financial statements, which is an unidentifiable intangible
asset equal to the excess of the purchase price that we pay for another company over the estimated
fair value of the net assets acquired. Net assets acquired include identifiable intangible assets
such as core deposit intangibles and non-compete agreements. We evaluate goodwill for impairment
annually on December 31, and more often if circumstances warrant, and we will reduce its carrying
value through a charge to earnings if impairment exists. Future events or changes in the estimates
that we use to determine the carrying value of our goodwill or which otherwise adversely affect its
value could have a material adverse effect on our results of operations. As of March 31, 2010,
goodwill had a carrying value of $16.2 million.
Securities Valuation and Impairment
. Our securities portfolio is comprised of mortgage-backed
securities and to a lesser extent corporate bonds, agency bonds, and mutual funds. Our
available-for-sale securities portfolio is carried at estimated fair value, with any unrealized
gains or losses, net of taxes, reported as accumulated other comprehensive income or loss in
stockholders' equity. Our trading securities portfolio is reported at estimated fair value. Our
held-to-maturity
securities portfolio, consisting of debt securities for which we have a positive
intent and ability to hold to maturity, is carried at amortized cost. We conduct a quarterly
review and evaluation of the available-for-sale and
held-to-maturity
securities portfolios to
determine if the estimated fair value of any security has declined below its amortized cost, and
whether such decline is other-than-temporary. If the amortized cost of an investment exceeds its
fair value, we evaluate, among other factors, general market
conditions, the duration and extent to which the fair value is less
than cost, the probability of a near-term recovery in value and our
intent to sell the security and whether it is more likely than not
that we will be required to sell the security before full recovery of
our investment or maturity. If such decline is deemed
other-than-temporary, for equity securities, an
impairment charge is recorded through current earnings based upon the
estimated fair value of the security at time of impairment and a
new cost basis in the investment is established. For debt investment
securities deemed to be other-than temporarily impaired, and we
believe it is not more likely than not that we will be required to
sell the security before full recovery of our investment or maturity, the
investment is written down through current earnings by the impairment
related to the estimated credit loss and the noncredit-related
impairment is recognized in other comprehensive income. The estimated fair values of our securities are primarily
affected by changes in interest rates, credit quality, and market liquidity.
Management is responsible for determining the estimated fair value of our securities. In
determining estimated fair values, management utilizes the services of an independent third party
recognized as a specialist in pricing securities. The independent pricing service utilizes market
prices of same or similar securities whenever such prices are available. Prices involving
distressed sellers are not utilized in determining fair value. Where necessary, the independent
third party pricing service estimates fair value using models employing techniques such as
discounted cash flow analyses. The assumptions used in these models typically include assumptions
for interest rates, credit losses, and prepayments, utilizing observable market data, where
available. Where the market price of the same or similar securities is not available, the
valuation becomes more subjective and involves a high degree of judgment. On a quarterly basis, we
review the pricing methodologies utilized by the independent third party pricing service for each
security type. In addition, we compare securities prices to a second independent pricing service
that is utilized as part of our asset liability risk management process. At March 31, 2010, and
for each quarter end in 2009, all securities were priced by the independent third party pricing
service, and management made no adjustment to the prices received.
Determining that a security's decline in estimated fair value is other-than-temporary is
inherently subjective, and becomes increasing difficult as it relates to mortgage-backed securities
that are not guaranteed by the U.S. Government, or a U.S. Government Sponsored Enterprise (e.g.,
Fannie Mae and Freddie Mac). In performing our evaluation of securities in an unrealized loss
position, we consider among other things, the severity, and duration of time that the security has
been in an unrealized loss position and the credit quality of the issuer. As it relates to
mortgage-backed securities not guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac, we
perform a review of the key underlying loan collateral risk characteristics including, among other
things, origination dates,
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interest rate levels, composition of variable and fixed rates, reset dates (including related
pricing indices), current loan to original collateral values, locations of collateral, delinquency
status of loans, and current credit support. In addition, for securities experiencing declines in
estimated fair values of over 10%, as compared to its amortized cost, management also reviews
published historical and expected prepayment speeds, underlying loan collateral default rates, and
related historical and expected losses on the disposal of the underlying collateral on defaulted
loans. This evaluation is inherently subjective as it requires estimates of future events, many of
which are difficult to predict. Actual results could be significantly different than our estimates
and could have a material effect on our financial results.
Federal Home Loan Bank Stock Impairment Assessment
. Northfield Bank is a member of the
Federal Home Loan Bank System, which consists of 12 regional Federal Home Loan Banks. As a member
of the Federal Home Loan Bank of New York, Northfield Bank is required to acquire and hold shares
of capital stock in the Federal Home Loan Bank of New York in an amount determined by a
"membership" investment component and an "activity-based" investment component. As of March 31,
2010, Northfield Bank was in compliance with its ownership requirement. At March 31, 2010,
Northfield Bank held $5.0 million of Federal Home Loan Bank of New York common stock. In
performing our evaluation of our investment in Federal Home Loan Bank of New York stock, on a
quarterly basis, management reviews the most recent financial statements of the Federal Home Loan
Bank of New York and determines whether there have been any adverse changes to its capital position
as compared to the trailing period. In addition, management reviews the Federal Home Loan Bank of
New York's most recent President's Report in order to determine whether or not a dividend has been
declared for the current reporting period. Furthermore, management obtains the credit rating of
the Federal Home Loan Bank of New York from an accredited credit rating company to ensure that no
changes have occurred that would negatively affect our investment in the Federal Home Loan Bank of
New York. At March 31, 2010, it was determined by management that our investment in Federal Home
Loan Bank stock was not impaired.
Deferred Income Taxes.
We use the asset and liability method of accounting for income taxes.
Under this method, deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax bases. Deferred tax assets and
liabilities are measured using enacted tax rates expected to apply to taxable income in the years
in which those temporary differences are expected to be recovered or settled. If it is determined
that it is more likely than not that the deferred tax assets will not be realized, a valuation
allowance is established. We consider the determination of this valuation allowance to be a
critical accounting policy because of the need to exercise significant judgment in evaluating the
amount and timing of recognition of deferred tax liabilities and assets, including projections of
future taxable income. These judgments and estimates are reviewed quarterly as regulatory and
business factors change. A valuation allowance for deferred tax assets may be required if the
amounts of taxes recoverable through loss carry backs decline, or if we project lower levels of
future taxable income. Such a valuation allowance would be established and any subsequent changes
to such allowance would require an adjustment to income tax expense that could adversely affect our
operating results.
Stock Based Compensation.
We recognize the cost of employee services received in exchange for
awards of equity instruments based on the grant-date fair value for all awards granted.
We estimate the per share fair value of option grants on the date of grant using the
Black-Scholes option pricing model using assumptions for the expected dividend yield, expected
stock price volatility, risk-free interest rate and expected option term. These assumptions are
based on our judgments regarding future option exercise experience and market conditions. These
assumptions are subjective in nature, involve uncertainties, and, therefore, cannot be determined
with precision. The Black-Scholes option pricing model also contains certain inherent limitations
when applied to options that are not traded on public markets.
The per share fair value of options is highly sensitive to changes in assumptions. In
general, the per share fair value of options will move in the same direction as changes in the
expected stock price volatility, risk-free interest rate and expected option term, and in the
opposite direction of changes in the expected dividend yield. For example, the per share fair
value of options will generally increase as expected stock price volatility increases, risk-free
interest rate increases, expected option term increases and expected dividend yield decreases. The
use of
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different assumptions or different option pricing models could result in materially different
per share fair values of options.
As our common stock does not have a significant amount of historical price volatility, we
utilized the historical stock price volatility of a peer group when valuing stock options.
Comparison of Financial Condition at March 31, 2010 and December 31, 2009
Total assets increased $95.5 million, or 4.8%, to $2.1 billion at March 31, 2010, from $2.0
billion at December 31, 2009. The increase in total assets reflected increases in securities of
$84.2 million, cash and cash equivalents of $8.3 million, and loans held for investment, net, of
$8.0 million.
Cash and cash equivalents increased $8.3 million, or 19.4%, to $50.8 million at March 31,
2010, from $42.5 million at December 31, 2009. We have been maintaining increased balances in
other financial institutions while we evaluate opportunities to deploy funds into higher yielding
investments such as loans and securities with acceptable risk and return characteristics.
Securities available-for-sale increased $84.4 million, or 7.5%, to $1.2 billion at March 31,
2010, from $1.1 billion at December 31, 2009. The increase was primarily attributable to purchases
of $217.2 million and an increase of $5.7 million in net unrealized gains, partially offset by
maturities and principal paydowns of $123.6 million and sales of $15.2 million.
Securities held-to-maturity decreased $520,000, or 7.7%, to $6.2 million at March 31, 2010,
from $6.7 million at December 31, 2009. The decrease was attributable to maturities and principal
paydowns during the quarter ended March 31, 2010.
At March 31, 2010, $788.2 million of our securities were residential mortgage-backed
securities issued or guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. We also held residential
mortgage-backed securities not issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae,
which are referred to as "private label securities." These private label securities had an
amortized cost of $158.5 million and an estimated fair value of $161.6 million at March 31, 2010.
The private label securities portfolio was in a net unrealized gain position of $3.1 million,
consisting of gross unrealized gains of $5.5 million and gross unrealized losses of $2.4 million.
Of the $161.6 million in private label securities, three securities with an estimated fair
value of $13.8 million (amortized cost of $15.8 million) were rated less than AAA at March 31,
2010. Of the three securities, one had an estimated fair value of $2.6 million (amortized cost of
$2.7 million) and was rated A+, another had an estimated fair value of $6.1 million (amortized cost
of $7.4 million) and was rated Baa2 (subsequently downgraded to Caa2), and the remaining security
had an estimated fair value of $5.1 million (amortized cost of $5.7 million) and was rated CCC. As
of March 31, 2010, we continued to receive principal and interest payments in accordance with the
contractual terms of each of these securities. Management has evaluated, among other things,
delinquency status, location of collateral, estimated prepayment speeds, and the estimated default
rates and loss severity in liquidating the underlying collateral for each of these three
securities. Since management does not have the intent to sell the securities, and it is more
likely than not that we will not be required to sell the securities before their anticipated
recovery (which may be at maturity), we believe that the unrealized losses of $2.0 million at March
31, 2010, are temporary, and as such, are recorded as a component of accumulated other
comprehensive income, net of tax.
Loans held for investment, net totaled $737.2 million at March 31, 2010, compared to $729.3
million at December 31, 2009. The increase was primarily in multi-family real estate loans, which
increased $9.0 million, or 5.0%, to $187.4 million, from $178.4 million at December 31, 2009,
reflecting our continued emphasis on this type of loan. Commercial real estate loans increased
$4.6 million, or 1.4%, to $332.4 million, and home equity loans increased $2.0 million, or 7.8%,
from $26.1 million at December 31, 2009. These increases were partially offset by decreases in
residential loans, land and construction loans, commercial and industrial loans, and insurance
premium loans.
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Federal Home Loan Bank of New York stock, at cost, decreased $1.4 million, or 21.7%, from $6.4
million at December 31, 2009 to $5.0 million at March 31, 2010. This decrease was attributable to
a decrease in borrowings outstanding with the Federal Home Loan Bank of New York over the same time
period.
Other real estate owned decreased $405,000, or 21.0%, from $1.9 million at December 31, 2009,
to $1.5 million at March 31, 2010. This decrease was primarily attributable to downward valuation
adjustments recorded against the carrying balances of the properties which resulted from the
continued deterioration in estimated fair values, coupled with the sale of real estate owned
properties.
Other assets decreased $2.2 million, or 14.6%, to $12.7 million at March 31, 2010, from $14.9
million at December 31, 2009. The decrease in other assets was attributable to a decrease in
deferred tax assets, which resulted primarily from an increase in net unrealized gains on our
securities portfolio from December 31, 2009, to March 31, 2010.
Deposits increased $76.0 million, or 5.8%, to $1.4 billion at March 31, 2010, from $1.3
billion at December 31, 2009. The increase in deposits during the first quarter of 2010 was
primarily due to an increase of short-term certificates of deposit originated through the
CDARS
®
Network in the amount of $82.0 million. We utilize this funding source as a cost
effective alternative to other short-term funding sources. In addition, savings and money market
accounts, and transaction accounts increased $27.2 million and $1.9 million, respectively, from
December 31, 2009 to March 31, 2010. These increases were partially offset by a decrease of $35.1
million in certificates of deposit (originated by Northfield Bank) over the same time period.
Borrowings increased $13.6 million, or 4.8%, to $293.1 million at March 31, 2010, from $279.4
million at December 31, 2009. The increase in borrowings was primarily the result of our
increasing longer-term borrowings to locking in lower interest rates in the historically low
interest rate environment, partially offset by maturities during the quarter.
Total stockholders' equity increased to $396.3 million at March 31, 2010, from $391.5 million
at December 31, 2009. The increase was primarily attributable to net income of $3.4 million for
the quarter ended March 31, 2010, and an increase in accumulated other comprehensive income of $3.5
million resulting primarily from a decrease in market interest rates that resulted in an increase
in the estimated fair value of our securities available for sale. The increase in stockholders'
equity also was attributable to a $1.1 million increase in additional paid-in capital primarily
related to the recognition of compensation expense associated with equity awards. These increases
were partially offset by $2.8 million in stock repurchases, and the payment of approximately
$772,000 in dividends for the quarter ended March 31, 2010. Through March 31, 2010, we had
repurchased 1,910,089 shares of common stock at an average cost of $11.79 per share.
Comparison of Financial Condition at December 31, 2009 and 2008
Total assets increased $244.5 million, or 13.9%, to $2.0 billion at December 31, 2009, from
$1.8 billion at December 31, 2008. The increase in total assets reflected increases in securities
of $167.4 million and loans held for investment, net of $139.3 million, partially offset by a
decrease of $53.7 million in certificates of deposit in other financial institutions.
Certificates of deposit in other financial institutions decreased $53.7 million, or 100.0%,
from December 31, 2008, to $0 at December 31, 2009. The decrease was primarily a result of our
utilizing the excess cash to fund loans and purchase higher yielding investment securities during
the year.
Loans held-for-investment, net of deferred loan fees, increased $139.3 million, or 23.6%, to
$729.3 million at December 31, 2009, from $590.0 million at December 31, 2008. We continue to
focus on originating multifamily and commercial real estate loans to the extent such loan demand
exists while meeting our underwriting standards. Multi-family real estate loans increased $69.9
million, or 64.4%, to $178.4 million, from $108.5 million at December 31, 2008. Commercial real
estate loans increased $38.7 million, or 13.4%, to $327.8 million, commercial and industrial loans
increased $8.2 million, or 74.6%, to $19.3 million, and home equity loans and lines of credit
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increased $1.9 million, or 8.0%, from $24.2 million at December 31, 2008. In addition, we
purchased approximately $35.4 million of insurance premium loans during the quarter ended December
31, 2009, and grew this portfolio to $40.4 million at year end. These increases were partially
offset by decreases in residential loans, and land and construction loans.
Our securities portfolio totaled $1.1 billion at December 31, 2009, as compared to $974.6
million at year end 2008, an increase of $167.4 million, or 17.2%. Securities available-for-sale
increased $174.2 million, or 18.2%, to $1.1 billion at December 31, 2009, from $957.6 million at
December 31, 2008. The increase was primarily due to the purchase of approximately $655.8 million
of securities partially offset by pay-downs and maturities of $500.5 million and sales of $3.3
million. The purchases were funded primarily by increased deposits, pay-downs, and maturities.
Securities held-to-maturity decreased $7.7 million, or 53.4%, to $6.7 million at December 31, 2009,
from $14.5 million at December 31, 2008. The decrease was primarily attributable to sales of
approximately $3.4 million, coupled with pay-downs and maturities of $4.6 million. We routinely
sell securities after a substantial portion (85% of the principal) has been recovered through
repayments as the cost of servicing such investments becomes too high compared to the potential
earnings.
At December 31, 2009, $773.9 million of our securities portfolio consisted of residential
mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. At
December 31, 2009, we also held residential mortgage-backed securities that were not guaranteed by
Fannie Mae, Freddie Mac or Ginnie Mae, which are referred to as "private label securities."
Our available-for-sale securities portfolio at December 31, 2009, consisted of securities with
the following amortized cost: $469.5 million of pass-through mortgage-backed securities, of which
$404.1 million were issued or guaranteed by U.S. Government-sponsored enterprises ("GSEs") and
$65.4 million were issued by non-GSEs; $455.9 million of real estate mortgage conduits ("REMICs"),
of which $344.2 million were issued or guaranteed by GSEs and $111.8 million were issued by
non-GSEs; and $185.4 million of other securities, consisting of corporate obligations, GSE bonds,
and equity securities which primarily consisted of a money market mutual fund.
Included in the above available-for-sale security amounts at December 31, 2009, were 23
residential mortgage-backed senior class securities issued by non-GSEs with an amortized cost of
$177.1 million and an estimated fair value of $176.7 million. Eight of these securities were in an
unrealized loss position with an amortized cost of $40.1 million and estimated fair value of $36.3
million.
Of the eight non-GSE securities in an unrealized loss position all but three were rated AAA at
December 31, 2009. These three securities had a total amortized cost of $20.1 million and an
estimated fair value of $16.6 million at December 31, 2009. The first of these three securities
had an estimated fair value of $5.5 million, was rated AA (downgraded to a rating of A subsequent
to December 31, 2009), and had the following underlying collateral characteristics: 84% originated
in 2004 and 16% originated in 2005. The second security had an estimated fair value of $5.9
million, was rated Baa2, and had the following underlying collateral characteristics: 83%
originated in 2004 and 17% originated in 2005. The remaining security had an estimated fair value
of $5.2 million, was rated CCC, and was supported by collateral entirely originated in 2006.
During the quarter ended September 30, 2009, we recognized an other-than-temporary impairment
charge of $1.4 million on the $5.2 million security that was rated CCC. Since management does not
have the intent to sell the security, and it is more likely than not that we will not be required
to sell the security before the anticipated recovery of the estimated fair value, the credit
component of $176,000 was recognized in earnings during the quarter ended September 30, 2009, and
the non-credit component of $1.2 million was recorded as a component of accumulated other
comprehensive income, net of tax. We continue to receive principal and interest payments in
accordance with the contractual terms of these securities. Management has evaluated, among other
things, delinquency status, estimated prepayment speeds and the estimated default rates and loss
severity in liquidating the underlying collateral for each of these three securities. As a result
of management's evaluation of these securities, we believe that unrealized losses at December 31,
2009, are temporary, and as such, are recorded as a component of accumulated other comprehensive
income, net of tax. All other losses within our investment portfolio were deemed to be temporary
at December 31, 2009.
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Management evaluated the remaining five non-GSE securities that experienced unrealized losses
of less than 5% at December 31, 2009. These five securities, with an amortized cost of $20.1
million, and estimated fair value of $19.7 million, were reviewed for key underlying loan risk
characteristics including origination dates, interest rate levels, composition of variable and
fixed rates, reset dates (including related pricing indices), current loan to original collateral
values, locations of collateral, delinquency status of loans, and current credit support.
Management believes that it is not probable that we will not receive all amounts due under the
contractual terms of the securities.
Deposits increased $292.4 million, or 28.5%, to $1.3 billion at December 31, 2009, from $1.0
billion at December 31, 2008. Certificates of deposit increased $161.8 million, or 38.7%, to
$579.4 million at December 31, 2009, from $417.6 million at December 31, 2008. Savings and money
market accounts increased $115.3 million, or 25.7%, to $564.6 million at December 31, 2009, from
$449.3 million at December 31, 2008. Transaction accounts increased $15.4 million, or 9.8%, to
$172.9 million at December 31, 2009, from $157.6 million at December 31, 2008. The increase in
deposits was attributable primarily to our continued focus on growing the deposit franchise by
offering competitive pricing and products, as well as an increase in consumer demand for Federal
Deposit Insurance Corporation insured deposit products resulting from the financial market turmoil
experienced in late 2008 and continuing into 2009.
Total borrowings decreased $52.7 million, or 15.9%, to $279.4 million at December 31, 2009,
from $332.1 million at December 31, 2008. The decrease in borrowings was attributable primarily to
maturities during the year with such funding being replaced with deposits.
Total stockholders' equity increased to $391.5 million at December 31, 2009, from $386.6
million at December 31, 2008. The increase was primarily attributable to net income of $12.1
million for the year ended December 31, 2009, and other comprehensive income of $12.2 million
resulting primarily from a decrease in market interest rates that resulted in an increase in the
estimated fair value of our securities available for sale. The increase in stockholders' equity
also was attributable to a $3.0 million increase in additional paid-in capital primarily related to
the recognition of compensation expense associated with equity awards. These increases were
partially offset by $19.9 million in stock repurchases and the declaration and payment of
approximately $3.0 million in dividends for the year ended December 31, 2009. In February 2009,
our Board of Directors authorized a stock repurchase program pursuant to which we may repurchase up
to 2,240,153 of our outstanding shares. We are conducting the repurchases in accordance with a
Rule 10b5-1 trading plan, and through December 31, 2009, we had purchased 1,716,063 shares of
common stock at an average cost of $11.61 per share.
Comparison of Operating Results for the Three Months Ended March 31, 2010 and 2009
Net income
. Net income increased $646,000, or 23.6%, for the quarter ended March 31, 2010,
compared to the quarter ended March 31, 2009. Net interest income increased $1.8 million, or
14.0%, and non-interest income increased $754,000, or 77.8%, which was partially offset by an
increase of $286,000, or 17.4%, in the provision for loan losses, an increase of non-interest
expense of $1.3 million, or 17.2%, and an increase in income tax expense of $271,000, or 17.3%,
over the same time periods.
Interest income
.
Interest income increased $525,000, or 2.6%, to $21.0 million for the three
months ended March 31, 2010, from $20.5 million for the three months ended March 31, 2009. The
increase in interest income was primarily the result of an increase in average interest-earning
assets of $261.4 million, or 15.5%. The increase in average interest-earning assets was primarily
attributable to an increase in average loans of $133.2 million, or 22.1%, and an increase in
securities (other than mortgage-backed securities) of $197.4 million, partially offset by a
decrease in average mortgage-backed securities of $34.6 million, or 3.7%. The effect of the
increase in average interest-earning assets was partially offset by a decrease in the yield on
interest-earning assets to 4.38% for the three months ended March 31, 2010, from 4.93% for the
three months ended March 31, 2009. The rates earned on all asset categories, other than Federal
Home Loan Bank of New York stock, decreased due to the general decline in market interest rates for
these asset types. The yield earned on Federal Home Loan Bank of New York stock, increased from
4.10% for the quarter ended March 31, 2009, to 6.35% for the quarter ended March 31, 2010.
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Interest expense
.
Interest expense decreased $1.3 million, or 16.4%, to $6.5 million for the
three months ended March 31, 2010, from $7.7 million for the three months ended March 31, 2009.
The decrease was attributable to decreases in interest expense on deposits of $1.0 million, or
20.3%, and in interest expense on borrowings of $258,000, or 9.3%. The decrease in interest
expense on deposits was attributable to a decrease in the cost of deposits of 76 basis points, or
36.7%, to 1.31% for the quarter ended March 31, 2010, from 2.07% for the quarter ended March 31,
2009, reflecting lower market interest rates for short-term deposits. The decrease in the cost of
deposits was partially offset by an increase of $253.5 million, or 26.1%, in average
interest-bearing deposits outstanding between the two quarters. The decrease in interest expense
on borrowings was primarily attributable to a decrease in the average cost of borrowings of 42
basis points, to 3.26%, from 3.68% for the quarter ended March 31, 2009, reflecting lower market
interest rates for borrowed funds.
Net Interest Income
.
Net interest income increased $1.8 million, or 14.0%, due primarily to
interest earning assets increasing $261.4 million, or 15.5%, partially offset by a decrease in the
net interest margin of four basis points, or 1.3%, over the prior year comparable quarter. The net
interest margin decreased slightly for the quarter as the average yield earned on interest earning
assets decreased more than the decrease in the average cost of interest-bearing liabilities. The
general decline in interest rates was due to the overall low interest rate environment. The
increase in average interest earning assets was due primarily to an increase in average loans
outstanding of $133.2 million, and other securities of $197.4 million, which was partially offset
by decreases in mortgage-backed securities, and interest-earning assets in other financial
institutions. Other securities consist primarily of investment-grade corporate bonds, and
government-sponsored enterprise bonds.
Provision for Loan Losses
.
The provision for loan losses was $1.9 million for the quarter
ended March 31, 2010, an increase of $286,000, or 17.4%, from the $1.6 million provision recorded
in the quarter ended March 31, 2009. The increase in the provision for loan losses in the current
quarter was due primarily to an increase in general loss factors utilized in management's estimate
of credit losses inherent in the loan portfolio in recognition of our elevated level of delinquent
loans, as well as the current weak economic environment and real estate market. Although loan
growth in the first quarter of 2009 exceeded that of the current quarter, we experienced greater
growth in our loans past due and non-performing loans during the current quarter as compared to the
first quarter of 2009, resulting in a larger increase in general loss factors. Net charge-offs for
the quarter ended March 31, 2010, were $198,000, as compared to $595,000 for the quarter ended
March 31, 2009. The allowance for loan losses was $17.1 million, or 2.33% of loans held for
investment, net at March 31, 2010, compared to $15.4 million, or 2.11% of loans held for
investment, net at December 31, 2009.
Non-interest Income
.
Non-interest income increased $754,000, or 77.8%, to $1.7 million for
the quarter ended March 31, 2010, compared to $969,000 the quarter ended March 31, 2009, primarily
as a result of $615,000 in gains on securities transactions during the quarter ended March 31,
2010, as compared to $154,000 in losses on securities transactions during the quarter ended March
31, 2009. Securities gains in the first quarter of 2010 included gross realized gains of $270,000
on the sale of available-for-sale mortgage-backed securities. Securities gains in the first
quarter of 2010 included $345,000 related to our trading portfolio, while the first quarter of 2009
included securities losses of $161,000 related to our trading portfolio. We use the trading
portfolio to fund our deferred compensation plan obligation to certain employees and directors of
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, we
record an equal and offsetting amount in non-interest expense, reflecting the change in our
obligations under the plan.
Non-interest Expense
.
Total non-interest expense increased $1.3 million, or 17.2%, to $9.1
million for the quarter ended March 31, 2010, from $7.8 million for the quarter ended March 31,
2009. This increase was attributable, in part, to a $1.0 million increase in employee compensation
and benefits expense, $506,000 of which related to our deferred compensation plan, which is
described above, and had no effect on net income. The remaining increase in employee compensation
and benefits expense related to additional costs associated with equity award grants which occurred
on January 30, 2009, coupled with increases in full-time equivalent employees, primarily related to
our insurance premium finance division formed in October 2009, higher health care costs, and to a
lesser extent salary adjustments effective January 1, 2010.
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Income Tax Expense
.
We recorded income tax expense of $1.8 million and $1.6 million for the
quarters ended March 31, 2010 and 2009, respectively. The effective tax rate for the quarter ended
March 31, 2010, was 35.2%, as compared to 36.5% for the quarter ended March 31, 2009.
Comparison of Operating Results for the Years Ended December 31, 2009 and 2008
General.
Net income decreased $3.8 million or 23.7%, to $12.1 million for the year ended
December 31, 2009, from $15.8 million for the year ended December 31, 2008. Included in 2008 net
income was a $2.5 million tax-exempt gain from the death of an officer and $463,000 ($292,000, net
of tax) in costs associated with our conversion to a new core processing system that was completed
in January 2009.
Interest Income.
Interest income increased by $10.5 million, or 14.0%, to $85.6 million for
the year ended December 31, 2009, as compared to $75.0 million for the year ended December 31,
2008. The increase was primarily the result of an increase in average
interest-earning
assets of
$298.9 million, or 20.0%, partially offset by a decrease in the average rate earned of 26 basis
points, or 5.2%, to 4.77% for the year ended December 31, 2009, from 5.03% for the year ended
December 31, 2008.
Interest income on loans increased $7.3 million, or 23.0%, to $38.9 million for the year ended
December 31, 2009, from $31.6 million for the year ended December 31, 2008. The average balance of
loans increased $149.9 million, or 29.7%, to $653.7 million for the year ended December 31, 2009,
from $503.9 million for the year ended December 31, 2008, reflecting our current efforts to grow
our multifamily and commercial real estate loan portfolios, and the purchase of an insurance
premium loan portfolio during the fourth quarter of 2009. The yield on our loan portfolio
decreased 32 basis points, or 5.1%, to 5.95% for the year ended December 31, 2009, from 6.27% for
the year ended December 31, 2008, primarily as a result of decreases in interest rates on new
originations and on our adjustable-rate loans, due to the lower interest rate environment in 2009,
and the effect of non-accrual loans.
Interest income on mortgage-backed securities increased $4.2 million, or 11.0%, to $42.3
million for the year ended December 31, 2009, from $38.1 million for the year ended December 31,
2008. The increase resulted from an increase in the average balance of mortgage-backed securities
of $76.4 million, or 9.0%, to $920.8 million for the year ended December 31, 2009, from $844.4
million for the year ended December 31, 2008. The increase is due primarily to the implementation
of ongoing leveraging strategies within board approved risk parameters. The yield we earned on
mortgage-backed securities increased eight basis points, or 1.8%, to 4.59% for the year ended
December 31, 2009, from 4.51% for the year ended December 31, 2008. The increase in yield was due
primarily to paydowns on lower yielding securities and the purchase of higher yielding
private-label mortgage-backed securities.
Interest income on other securities increased $1.9 million, or 139.1%, to $3.2 million for the
year ended December 31, 2009, from $1.3 million for the year ended December 31, 2008. The increase
resulted from an increase in the average balance of other securities, primarily corporate bonds, of
$91.0 million, or 252.9%, to $127.0 million for the year ended December 31, 2009, from $36.0
million for the year ended December 31, 2008, partially offset by a 121 basis point decrease in the
yield on this portfolio, to 2.54% for the year ended December 31, 2009. The increase in other
securities related primarily to the purchase of shorter-term bonds, which had relatively low
interest rates due to the current interest rate environment.
Interest income on deposits in other financial institutions decreased $2.6 million, or 76.2%,
to $801,000 for the year ended December 31, 2009, from $3.4 million for the year ended December 31,
2008. The average balance of deposits in other financial institutions decreased $14.1 million, or
14.5%, to $83.2 million for the year ended December 31, 2009, from $97.2 million for the year ended
December 31, 2008. The yield on deposits in other financial institutions decreased 250 basis
points for the year ended December 31, 2009, from 3.46% for the year ended December 31, 2008,
primarily due to the continued general decline in the interest rate environment in 2009.
Interest Expense.
Interest expense increased $721,000, or 2.6%, to $29.0 million for the year
ended December 31, 2009, from $28.3 million for the year ended December 31, 2008. The increase
resulted from an increase of $283.5 million, or 26.0%, in the average balance of
interest-bearing
liabilities being partially offset by a
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decrease in the rate paid on interest-bearing liabilities of 48 basis points, or 18.5%, to 2.11%
for the year ended December 31, 2009, from 2.59% for the year ended December 31, 2008.
Interest expense on interest-bearing deposits decreased $308,000, or 1.7%, to $18.2 million
for the year ended December 31, 2009, as compared to $18.5 million, for the year ended December 31,
2008. This decrease was a result of a 59 basis point, or 25.9%, decline in the average rate paid
on interest-bearing deposits, to 1.69% for the year ended December 31, 2009, as compared to 2.28%
for the year ended December 31, 2008. The rate paid on certificates of deposit decreased 105 basis
points, or 30.5%, to 2.39% for the year ended December 31, 2009, as compared to 3.44%, for the year
ended December 31, 2008. The rate paid on savings, NOW, and money market accounts also decreased
25 basis points, or 18.9%, to 1.07% for the year ended December 31, 2009, as compared to 1.32%, for
the year ended December 31, 2008. The decrease in the cost of deposits was partially offset by an
increase of $263.3 million, or 32.4%, in the average balance of deposits outstanding, to $1.077
billion at December 31, 2009.
Interest expense on borrowings (repurchase agreements and other borrowings) increased $1.0
million, or 10.6%, to $10.8 million for the year ended December 31, 2009, from $9.7 million for the
year ended December 31, 2008. The average balance of borrowings increased $20.1 million, or 7.3%,
to $297.4 million for the year ended December 31, 2009, from $277.2 million for the year ended
December 31, 2008. The average balance of borrowings increased due to our implementing
shorter-term securities leverage strategies within board approved risk parameters in 2009. The
average rate paid on borrowings also increased 11 basis points to 3.62%, or 3.1%, for the year
ended December 31, 2009, from 3.51% for the year ended December 31, 2008.
Net Interest Income.
Net interest income increased $9.8 million, or 20.9%, for the year ended
December 31, 2009, primarily due to an increase in average interest-earning assets of $298.9
million, or 20.0%, and an increase in the net interest margin of three basis points for the reasons
detailed above.
Provision for Loan Losses.
We recorded a provision for loan losses of $9.0 million for the
year ended December 31, 2009, and $5.1 million for the year ended December 31, 2008. We had
charge-offs of $2.4 million and $1.9 million for the years ended December 31, 2009 and 2008,
respectively. The increase in charge-offs in 2009 was primarily attributable to an increase of
$346,000 in charge-offs related to commercial real estate loans and an increase of $164,000 in
charge-offs related to multifamily real estate loans. The increased provisioning and charge-offs
during the year ended December 31, 2009, compared to the year ended December 31, 2008, resulted in
an allowance for loans losses of $15.4 million, or 2.11% of total loans receivable at December 31,
2009, compared to $8.8 million, or 1.49% of total loans receivable at December 31, 2008. The
increase in the provision for loan losses in 2009 was due to a number of factors including an
increase in total loans outstanding, changes in composition of the loan portfolio, increases in
non-accrual loans and delinquencies, impairment losses on specific loans, and increases in general
loss factors utilized in management's estimate of credit losses inherent in the loan portfolio in
recognition of the current economic environment and real estate market.
Non-interest Income.
Non-interest income decreased $760,000, or 12.4%, to $5.4 million for
the year ended December 31, 2009, from $6.2 million for the year ended December 31, 2008. The
decrease was due primarily to the absence of a previously recognized $2.5 million, nontaxable,
death benefit realized on bank owned life insurance during the year ended December 31, 2008. This
was partially offset by an increase of $2.2 million, or 167.6%, in gains on securities
transactions, net, from a loss of $1.3 million during the year ended December 31, 2008, to a gain
of $891,000 recognized during the year ended December 31, 2009. We recorded net securities gains
during 2009 of $299,000, which primarily resulted from the sale of smaller balance mortgage-backed
securities. We routinely sell these smaller balance securities as the cost of servicing becomes
prohibitive. Securities gains during 2009 also included $592,000 related to our trading portfolio,
which is utilized to fund our deferred compensation obligation to certain employees and directors
who contribute to the plan. We recorded securities losses of $1.3 million in 2008 in our trading
portfolio. 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, we record an equal and offsetting amount in non-interest expense, reflecting
the change in our obligations under the plan.
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Non-interest Expense
.
Non-interest expense increased $9.4 million, or 37.8%, to $34.3 million
for the year ended December 31, 2009, from $24.9 million for the year ended December 31, 2008.
This includes a $2.1 million increase in Federal Deposit Insurance Corporation deposit insurance
expense for the year ended December 31, 2009, of which approximately $770,000 related to the
Federal Deposit Insurance Corporation's special assessment recognized in the second quarter of
2009. Non-interest expense also increased in 2009 due to an increase of $5.2 million in
compensation and employee benefits expense, which included $2.1 million for equity awards. The
remaining increase in employee compensation and benefits costs pertained to an increase of
approximately $1.9 million related to the deferred compensation plan (explained in the prior
paragraph), coupled with increases in personnel, higher health care costs, and merit and market
salary adjustments effective January 1, 2009. Non-interest expense also increased in 2009 due to
higher levels of professional fees associated with loan restructurings and collection efforts,
increases in personnel, and higher premises and equipment costs associated with additional
operations center leasehold improvements, branch improvements, and lease payments on future branch
locations.
Income Tax Expense.
We recorded a provision for income taxes of $6.6 million for the year
ended December 31, 2009, compared to $7.2 million for the year ended December 31, 2008. The
effective tax rate for the year ended December 31, 2009, was 35.4%, compared to 31.2% for the year
ended December 31, 2008. The increase in the effective tax rate was the result of a higher
percentage of pre-tax income being subject to taxation in 2009, compared to 2008. Income on bank
owned life insurance in 2008 included a $2.5 million, nontaxable, death benefit.
Comparison of Operating Results for the Years Ended December 31, 2008 and 2007
General.
Net income increased $5.3 million or 50.7%, to $15.8 million for the year ended
December 31, 2008, from $10.5 million for the year ended December 31, 2007. Included in 2008 net
income is a $2.5 million tax-exempt life insurance gain due to the death of an officer and $463,000
($292,000, net of tax) in costs associated with our conversion to a new core processing system that
was completed in January 2009. Included in 2007 net income is a $12.0 million ($7.8 million, net
of tax) charge related to our contribution to the Northfield Bank Foundation, which was
substantially offset by net interest income of approximately $1.4 million ($795,000 net of tax)
related to short-term investment returns earned on subscription proceeds (net of interest paid
during the stock offering), the reversal of state and local tax liabilities of $4.5 million, net of
federal taxes, as a result of our concluding an audit by the State of New York with respect to our
combined state tax returns for years 2000 through 2006, and a gain of $4.3 million ($2.4 million,
net of tax) related to the sale of two branch locations and associated deposit relationships.
Interest Income.
Interest income increased by $9.3 million, or 14.2%, to $75.0 million for
the year ended December 31, 2008, as compared to $65.7 million for the year ended December 31,
2007. The increase was primarily the result of an increase in average interest-earning assets of
$207.2 million, or 16.1%, partially offset by a decrease in the average rate earned of eight basis
points, or 1.6%, to 5.03% for the year ended December 31, 2008, from 5.11% for the year ended
December 31, 2007.
Interest income on loans increased $3.2 million, or 11.3%, to $31.6 million for the year ended
December 31, 2008, from $28.4 million for the year ended December 31, 2007. The average balance of
loans increased $80.0 million, or 18.9%, to $503.9 million for the year ended December 31, 2008,
from $423.9 million for the year ended December 31, 2007, reflecting our current efforts to grow
our multifamily and commercial real estate loan portfolios. The yield on our loan portfolio
decreased 43 basis points, or 6.4%, to 6.27% for the year ended December 31, 2008, from 6.70% for
the year ended December 31, 2007, primarily as a result of decreases in interest rates on our
adjustable-rate
loans, and the generally lower interest rate environment in 2008. The Federal
Reserve lowered its discount rate 400 basis points during 2008.
Interest income on mortgage-backed securities increased $7.5 million, or 24.5%, to $38.1
million for the year ended December 31, 2008, from $30.6 million for the year ended December 31,
2007. The increase resulted from an increase in the average balance of mortgage-backed securities
of $126.2 million, or 17.6%, to $844.4 million for the year ended December 31, 2008, from $718.3
million for the year ended December 31, 2007. The increase is due primarily to the implementation
of ongoing leveraging strategies within board approved risk
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parameters. The yield earned on mortgage-backed securities increased 25 basis points to 4.51% for
the year ended December 31, 2008, from 4.26% for the year ended December 31, 2007.
Interest income on deposits in other financial institutions decreased $749,000, or 18.2%, to
$3.3 million for the year ended December 31, 2008, from $4.1 million for the year ended December
31, 2007. The average balance of deposits in other financial institutions increased $5.0 million,
or 5.4%, to $97.2 million for the year ended December 31, 2008, from $92.2 million for the year
ended December 31, 2007. The yield on deposits in other financial institutions decreased 100 basis
points, or 22.4%, for the year ended December 31, 2008, from 4.46% for the year ended December 31,
2007, primarily due to the generally lower interest rate environment in 2008.
Interest Expense.
Interest expense decreased $580,000, or 2.01%, to $28.2 million for the
year ended December 31, 2008, from $28.8 million for the year ended December 31, 2007. The
decrease resulted from an increase of $47.7 million, or 4.6% in the average balance of
interest-bearing liabilities being more than offset by a decrease in the rate paid on
interest-bearing liabilities of 18 basis points, or 6.5%, to 2.59% for the year ended December 31,
2008, from 2.77% for the year ended December 31, 2007.
Interest expense on interest-bearing deposits decreased $5.2 million, or 22.1%, to $18.5
million for the year ended December 31, 2008, as compared to $23.8 million, for the year ended
December 31, 2007. This decrease was due to a decrease in average interest bearing deposits of
$101.6 million, or 11.1%, to $813.2 million for the year ended December 31, 2008, from $914.8 for
the year ended December 31, 2007. The decrease in average interest-bearing deposits was the result
of our maintaining deposit pricing discipline in 2008, and choosing not to compete on interest
rate, in certain circumstances. In the latter part 2008, pricing competition somewhat subsided,
depositor awareness of a financial institution's financial strength increased, and our introduction
of a competitively priced money market account, and statement savings account, were the primary
reasons that our year end deposit balances increasing to over $1 billion. The average rate paid on
interest-bearing deposits decreased 32 basis points, or 12.3%, to 2.28% for the year ended December
31, 2008, as compared to 2.60% for the year ended December 31, 2007. The rate paid on certificates
of deposit decreased 91 basis points, or 20.9%, to 3.44% for the year ended December 31, 2008, as
compared to 4.35%, for the year ended December 31, 2007. The rate paid on savings, NOW, and money
market accounts increased 53 basis points, or 67.1%, to 1.32% for the year ended December 31, 2008,
as compared to 0.79%, for the year ended December 31, 2007 due to the introduction of competitively
priced money market and statement savings accounts in the latter part of 2008.
Interest expense on borrowings (repurchase agreements and other borrowings) increased $4.6
million, or 91.9%, to $9.7 million for the year ended December 31, 2008, from $5.1 million for the
year ended December 31, 2007. The average balance of borrowings increased $149.3 million, or
116.7%, to $277.3 million for the year ended December 31, 2008, from $127.9 million for the year
ended December 31, 2007. The average balance of borrowings increased due to our implementing
securities leverage strategies within board approved risk parameters in 2008. The average rate
paid on borrowings decreased 46 basis points to 3.51%, or 11.6%, for the year ended December 31,
2008, from 3.97% for the year ended December 31, 2007.
Net Interest Income
.
Net interest income increased $9.9 million, or 26.9%, for the year ended
December 31, 2008, primarily as the result of an increase in average interest-earning assets of
$207.2 million, or 16.1%, coupled with an increase in the net interest margin of 26 basis points,
or 9.1%, from 2.87% to 3.13%. The change in average interest-earning assets and the net interest
margin for 2008 was due partially to our completion of our stock issuance in November 2007,
resulting in gross proceeds of $192.7 million, which included $82.4 million in transfers from
deposit accounts. We deployed the net proceeds from the stock offering into loans, short-term
investments, and securities.
Provision for Loan Losses.
We recorded a provision for loan losses of $5.1 million for the
year ended December 31, 2008, and $1.4 million for the year ended December 31, 2007. We had
charge-offs of $1.9 million and $836,000 for the years ended December 31, 2008 and 2007,
respectively. The allowance for loans losses was $8.8 million, or 1.49% of total loans receivable
at December 31, 2008, compared to $5.6 million, or 1.33% of total loans receivable at December 31,
2007. The increase in the provision for loan losses was due primarily to loan growth, provisions
for impaired loans, and increases in certain general loss factors utilized in management's
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calculation of the allowance for loan losses in response to continued deterioration in general
real estate collateral values and weakness in the overall economy.
Non-interest Income.
Non-interest income decreased $3.3 million or 35.1%, to $6.2 million for
the year ended December 31, 2008, from $9.4 million for the year ended December 31, 2007. The
decrease was primarily attributable to a $4.3 million gain on the sale of two branch offices and
associated deposit relationships recognized in March 2007. Non-interest income for the year ended
December 31, 2008, also included market losses of $1.3 million on trading securities as compared to
$71,000 in market gains for the year ended December 31, 2007. These decreases were partially
offset by the recognition of a $2.5 million nontaxable death benefit realized on bank owned life
insurance for the year ended December 31, 2008.
Non-interest Expense
.
Non-interest expense decreased $11.1 million, or 30.9%, to $24.9
million for the year ended December 31, 2008, from $36.0 million for the year ended December 31,
2007. This decrease was primarily attributable to the contribution of shares of our common stock
and cash with a value of $12.0 million to the Northfield Bank Foundation during the fourth quarter
of 2007. In addition, compensation and employee benefits decreased by $962,000, to $11.7 million
for the year ended December 31, 2008, from $12.7 million for the year ended December 31, 2007. The
decrease was primarily related to $1.3 million in market losses on trading securities utilized to
fund our deferred compensation plan for certain officers and directors who chose to defer all or a
portion of their compensation received from us. The market losses recorded as a reduction to
non-interest income have the direct result of reducing amounts owed to the deferred compensation
plan participants. Excluding this adjustment, compensation and employee benefits expense increased
approximately $338,000, or 2.6%, and was primarily the result on annual cost of living, merit, and
competitive market adjustments to salaries.
Occupancy, and furniture and equipment expense increased $946,000, or 24.2%, to $4.8 million
for the year ended December 31, 2008 as compared to $3.9 million for the year ended December 31,
2007. The increases were due to the occupancy of our new operations center and depreciation on
capital improvements. Professional fees increased $366,000, or 30.0%, to $1.6 million, for the year
ended December 31, 2008, as compared to $1.2 million, for the year ended December 31, 2007. The
increase in professional fees was due primarily to additional costs of being a public company,
third party consultants utilized to assist us in complying with internal control reporting
requirements under the Sarbanes-Oxley Act of 2002, and third-party consultation related to the
implementation of our equity incentive plan.
Income Tax Expense.
We recorded a provision for income taxes of $7.2 million for the year
ended December 31, 2008, as compared to a benefit of $1.6 million for the year ended December 31,
2007. The increase in income tax expense of $8.7 million was due primarily to the reversal of $4.5
million in state and local income tax liabilities, net of federal taxes, for the year ended
December 31, 2007. In 2007, we concluded an audit by the State of New York with respect to our
combined state tax returns for years 2000 through 2006. In addition, the increase in income tax
expense for the year ended December 31, 2008, was due to an increased level of taxable income for
the year ended December 31, 2008, as compared to year ended December 31, 2007.
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Table of Contents
Average Balances and Yields
. The following tables set forth average balance sheets, average
yields and costs, and certain other information at and for the periods indicated. No
tax-equivalent yield adjustments have been made, as we had no tax-free interest-earning assets
during the periods. All average balances are daily average balances based upon amortized costs.
Non-accrual loans are included in the computation of average balances. The yields set forth below
include the effect of deferred fees, discounts, and premiums that are amortized or accreted to
interest income or interest expense.
For the Three Months Ended March 31,
At
2010
2009
March 31,
Average
Average
Average
Average
2010
Outstanding
Yield/
Outstanding
Yield/
Yield/ Rate
Balance
Interest
Rate (1)
Balance
Interest
Rate (1)
(Dollars in thousands)
Interest-earning assets:
Loans
6.17
%
$
734,417
$
10,293
5.68
%
$
601,245
$
8,571
5.78
%
Mortgage-backed securities
3.65
909,351
9,181
4.09
943,951
11,114
4.77
Other securities
2.62
229,298
1,384
2.45
31,943
282
3.58
Federal Home Loan Bank of
New York stock
4.25
6,068
95
6.35
7,917
80
4.10
Interest-earning deposits
0.24
65,561
54
0.33
98,229
435
1.80
Total interest-earning
assets
4.38
1,944,695
21,007
4.38
1,683,285
20,482
4.93
Non-interest-earning assets
107,191
86,820
Total assets
$
2,051,886
$
1,770,105
Interest-bearing liabilities:
Savings, NOW, and money
market accounts
0.76
$
637,500
1,420
0.90
$
523,886
1,636
1.27
Certificates of deposit
1.42
588,675
2,532
1.74
448,761
3,321
3.00
Total interest-bearing
deposits
1.08
1,226,175
3,952
1.31
972,647
4,957
2.07
Borrowings
3.45
311,798
2,506
3.26
304,513
2,764
3.68
Total interest-bearing
liabilities
1.52
1,537,973
6,458
1.70
1,277,160
7,721
2.45
Non-interest-bearing
deposits
109,640
94,185
Accrued expenses and other
liabilities
10,124
11,816
Total liabilities
1,657,737
1,383,161
Stockholders' equity
394,149
386,944
Total liabilities and
stockholders' equity
$
2,051,886
$
1,770,105
Net interest income
$
14,549
$
12,761
Net interest rate spread (1)
2.68
%
2.48
%
Net interest-earning
assets (2)
$
406,722
$
406,125
Net interest margin (3)
3.03
%
3.07
%
Average interest-earning
assets to interest-bearing
liabilities
126.45
%
131.80
%
(footnotes on following page)
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Table of Contents
For the Years Ended December 31,
2009
2008
2007
Average
Average
Average
Average
Average
Average
Outstanding
Yield/
Outstanding
Yield/
Outstanding
Yield/
Balance
Interest
Rate
Balance
Interest
Rate
Balance
Interest
Rate
(Dollars in thousands)
Interest-earning assets:
Loans
$
653,748
$
38,889
5.95
%
$
503,897
$
31,617
6.27
%
$
423,947
$
28,398
6.70
%
Mortgage-backed securities
920,785
42,256
4.59
844,435
38,072
4.51
718,279
30,576
4.26
Other securities
126,954
3,223
2.54
35,977
1,348
3.75
45,077
2,100
4.66
Federal Home Loan Bank of
New York stock
7,428
399
5.37
11,653
652
5.60
6,486
519
8.00
Interest-earning deposits
83,159
801
0.96
97,223
3,360
3.46
92,202
4,109
4.46
Total interest-earning
assets
1,792,074
85,568
4.77
1,493,185
75,049
5.03
1,285,991
65,702
5.11
Non-interest-earning assets
87,014
80,649
66,614
Total assets
$
1,879,088
$
1,573,834
$
1,352,605
Interest-bearing
liabilities:
Savings, NOW, and money
market accounts
$
566,894
6,046
1.07
$
445,382
5,866
1.32
$
450,212
3,551
0.79
Certificates of deposit
509,610
12,168
2.39
367,806
12,656
3.44
464,552
20,212
4.35
Total interest-bearing
deposits
1,076,504
18,214
1.69
813,188
18,522
2.28
914,764
23,763
2.60
Borrowings
297,365
10,763
3.62
277,227
9,734
3.51
127,926
5,073
3.97
Total interest-bearing
liabilities
1,373,869
28,977
2.11
1,090,415
28,256
2.59
1,042,690
28,836
2.77
Non-interest-bearing
deposits
99,950
94,499
96,796
Accrued expenses and other
liabilities
14,075
13,703
13,905
Total liabilities
1,487,894
1,198,617
1,153,391
Stockholders' equity
391,194
375,217
199,214
Total liabilities and
stockholders' equity
$
1,879,088
$
1,573,834
$
1,352,605
Net interest income
$
56,591
$
46,793
$
36,866
Net interest rate spread (2)
2.66
2.44
2.34
Net interest-earning
assets (3)
$
418,205
$
402,770
$
243,301
Net interest margin (4)
3.16
%
3.13
%
2.87
%
Average interest-earning
assets to interest-bearing
liabilities
130.44
%
136.94
%
123.33
%
(1)
Annualized.
(2)
Net interest rate spread represents the difference between the weighted average yield on
interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3)
Net interest-earning assets represents total interest-earning assets less total
interest-bearing liabilities.
(4)
Net interest margin represents net interest income divided by average total interest-earning
assets.
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Table of Contents
Rate/Volume Analysis
The following table presents the effects of changing rates and volumes on our net interest
income for the periods indicated. The rate column shows the effects attributable to changes in
rate (changes in rate multiplied by prior volume). The volume column shows the effects
attributable to changes in volume (changes in volume multiplied by prior rate). The total column
represents the sum of the prior columns. For purposes of this table, changes attributable to both
rate and volume, which cannot be segregated, have been allocated proportionately based on the
changes due to rate and the changes due to volume.
Three Months Ended March 31,
Year Ended December 31,
Year Ended December 31,
2010 vs. 2009
2009 vs. 2008
2008 vs. 2007
Increase (Decrease)
Total
Increase (Decrease)
Total
Increase (Decrease)
Total
Due to
Increase
Due to
Increase
Due to
Increase
Volume
Rate
(Decrease)
Volume
Rate
(Decrease)
Volume
Rate
(Decrease)
(In thousands)
Interest-earning assets:
Loans
$
1,864
$
(142
)
$
1,722
$
8,811
$
(1,539
)
$
7,272
$
4,845
$
(1,626
)
$
3,219
Mortgage-backed
securities
(396
)
(1,537
)
(1,933
)
3,494
690
4,184
5,608
1,888
7,496
Other securities
1,161
(59
)
1,102
2,149
(274
)
1,875
(382
)
(370
)
(752
)
Federal Home Loan Bank
of New York stock
(11
)
26
15
(228
)
(25
)
(253
)
214
(81
)
133
Interest-earning
deposits
(111
)
(270
)
(381
)
(427
)
(2,132
)
(2,559
)
240
(989
)
(749
)
Total
interest-earning
assets
2,507
(1,982
)
525
13,799
(3,280
)
10,519
10,525
(1,178
)
9,347
Interest-bearing
liabilities:
Savings, NOW and money
market accounts
671
(887
)
(216
)
595
(415
)
180
(38
)
2,353
2,315
Certificates of deposit
2,299
(3,088
)
(789
)
4,043
(4,531
)
(488
)
(3,770
)
(3,786
)
(7,556
)
Total deposits
2,970
(3,975
)
(1,005
)
4,638
(4,946
)
(308
)
(3,808
)
(1,433
)
(5,241
)
Borrowings
68
(326
)
(258
)
722
307
1,029
5,168
(507
)
4,661
Total
interest-bearing
liabilities
3,038
(4,301
)
(1,263
)
5,360
(4,639
)
721
1,360
(1,940
)
(580
)
Change in net interest
income
$
(531
)
$
2,319
$
1,788
$
8,439
$
1,359
$
9,798
$
9,165
$
762
$
9,927
Loan Quality
One of our key objectives has been and continues to be to maintain a high level of loan
quality. In addition to maintaining sound credit standards for new loan originations, we use
proactive collection and workout processes associated with delinquent or problem loans. We
actively market properties that we acquire through foreclosure or otherwise in the loan collection
process.
When a loan is over 15 days delinquent, we generally send the borrower a late charge notice.
When the loan is 30 days past due, we generally mail the borrower a letter reminding the borrower
of the delinquency and, except for loans secured by one- to four-family residential real estate, we
attempt personal, direct contact with the borrower to determine the reason for the delinquency, to
ensure that the borrower correctly understands the terms of the loan, and to emphasize the
importance of making payments on or before the due date. If necessary, additional late charges and
delinquency notices are issued and the account will be monitored periodically. After the
90
th
day of delinquency, we will send the borrower a final demand for payment and
generally refer the loan to legal counsel to commence foreclosure and related legal proceedings.
Our loan officers can shorten these time frames in consultation with the Chief Lending Officer.
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Table of Contents
Generally, loans are placed on non-accrual status when payment of principal or interest is 90
days or more delinquent unless the loan is considered well-secured and in the process of
collection. Loans also are placed on non-accrual status at any time if the ultimate collection of
principal or interest in full is in doubt. When loans are placed on non-accrual status, unpaid
accrued interest is reversed, and further income is recognized only to the extent received, and
only if the principal balance is deemed fully collectible. The loan may be returned to accrual
status if both principal and interest payments are brought current and factors indicating doubtful
collection no longer exist, including performance by the borrower under the loan terms for a
six-month period. Therefore, loans may be current in accordance with their loan terms, or may be
less than 90 days delinquent, and still be on non-accrual status. Our Chief Lending Officer
reports monitored loans, including all loans rated watch, special mention, substandard, doubtful or
loss, to the board of directors on a monthly basis.
For economic reasons and to maximize the recovery of loans, we work with borrowers
experiencing financial difficulties, and will consider modifications to a borrower's existing loan
terms and conditions that we would not otherwise consider, commonly referred to as TDRs. We record
an impairment loss associated with TDRs, if any, based on the present value of expected future cash
flows discounted at the original loan's effective interest rate. We will report the loan as a TDR
through the end of the calendar year that the restructuring takes place and until such time that
the loan yields a market rate of interest (a rate equal to or greater than the rate we were willing
to accept at the time of the restructuring for a new loan with comparable risk).
65
Table of Contents
Non-Performing and Restructured Loans.
The table below sets forth the amounts and categories
of our non-performing assets at the dates indicated. At March 31, 2010 and December 31, 2009,
2008, 2007, 2006, and 2005, we had troubled debt restructurings of $13.1 million, $10.7 million,
$1.0 million, $1.3 million, $1.7 million, and $885,000, respectively, which are included in the
appropriate categories which appear within non-accrual loans. Additionally, we had $8.8 million
and $7.3 million of troubled debt restructurings on accrual status at March 31, 2010 and December
31, 2009, respectively, that do not appear in the table below. We had no troubled debt
restructurings on accrual status at December 31, 2008, 2007, 2006, and 2005.
At March 31,
At December 31,
2010
2009
2008
2007
2006
2005
(Dollars in thousands)
Non-accrual loans:
Real estate loans:
Commercial
$
32,755
$
28,802
$
4,416
$
4,792
$
5,167
$
124
One- to four-family residential
2,195
2,066
1,093
231
234
290
Construction and land
6,007
6,843
2,675
3,436
—
—
Multifamily
2,507
2,118
1,131
—
—
—
Home equity and lines of credit
63
62
100
104
36
62
Commercial and industrial loans
690
1,740
86
43
905
885
Insurance premium loans
121
—
—
—
—
—
Other loans
—
—
1
—
—
—
Total non-accrual loans
44,338
41,631
9,502
8,606
6,342
1,361
Loans delinquent 90 days or more and
still accruing:
Real estate loans:
Commercial
3,976
—
—
—
—
—
One- to four-family residential
—
—
—
—
—
698
Construction and land
1,236
—
137
753
275
—
Multifamily
—
—
—
—
—
—
Home equity and lines of credit
—
—
—
—
—
—
Commercial and industrial loans
496
191
—
475
498
—
Insurance premium loans
—
—
—
—
—
—
Other loans
2
—
—
—
—
—
Total loans delinquent 90 days or
more and still accruing
5,710
191
137
1,228
773
698
Total non-performing loans
50,048
41,822
9,639
9,834
7,115
2,059
Other real estate owned
1,533
1,938
1,071
—
—
—
Total non-performing assets
$
51,581
$
43,760
$
10,710
$
9,834
$
7,115
$
2,059
Ratios:
Non-performing loans to total loans
held-for-investment, net
6.79
%
5.73
%
1.63
%
2.32
%
1.74
%
0.53
%
Non-performing assets to total assets
2.46
%
2.19
%
0.61
%
0.71
%
0.55
%
0.15
%
Total assets
$
2,097,803
$
2,002,274
$
1,757,761
$
1,386,918
$
1,294,747
$
1,408,562
Loans held-for-investment, net
$
737,225
$
729,269
$
589,984
$
424,329
$
409,189
$
387,467
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Table of Contents
The table below sets forth the property types collateralizing non-accrual commercial real
estate loans as of March 31, 2010.
At March 31, 2010
Amount
Percent
(Dollars in thousands)
Manufacturing
$
13,032
39.8
%
Office building
8,277
25.3
Restaurant
3,580
10.9
Services
3,130
9.6
Retail
923
2.8
Recreational
792
2.4
Warehouse
638
1.9
Other
2,383
7.3
Total
$
32,755
100.0
%
Total non-accruing loans increased $2.7 million to $44.3 million at March 31, 2010, from
$41.6 million at December 31, 2009. This increase was primarily attributable to $6.3 million of
commercial real estate loans and $429,000 of multifamily real estate loans being placed on
non-accrual status, and being designated as impaired during the first quarter of 2010. These loans
did not require material increases to the allowance for loan losses at March 31, 2010, as the
estimated collateral values, including costs to sell, were considered adequate in relation to the
outstanding loan balances. These increases were partially offset by a payoff of $504,000 on one
commercial real estate loan and principal paydowns of approximately $757,000. In addition, a $2.8
million commercial real estate loan relationship was returned to accrual status. The loans under
this relationship were current as to principal and interest at March 31, 2010, and factors
indicating doubtful collection no longer existed, including the borrower's performance under the
original loans' terms for greater than six months. At March 31, 2010, $16.2 million, or 74.1% of
loans subject to restructuring agreements (accruing and non-accruing) were performing in accordance
with their restructured terms.
Loans 90 days or more past due and still accruing interest increased to $5.7 million from
$191,000 at December 31, 2009. The majority of the increase was due to one loan relationship for
$3.7 million that at March 31, 2010, was current on interest payments in accordance with the
original contractual terms of the loans, but was past maturity. These loans were considered well
secured and in the process of collection. The loans are being refinanced by the Company to
permanent real estate mortgages in accordance with our current underwriting standards.
The increase in non-performing loans during 2009 was primarily attributable to an increase of
$24.4 million in non-performing commercial real estate loans. During 2009, 15 commercial real
estate loans totaling $26.3 million were placed on non-accrual status, while one loan that was
previously classified as non-accrual at December 31, 2008 was reclassified to other real estate
owned. The increase in non-performing loans also was attributable to an increase of $4.0 million
in construction and land loans over the same time period. During 2009, six construction and land
loans totaling $6.8 million were placed on non-accrual status, while one loan that was previously
classified as non-accrual at December 31, 2008, was sold.
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Table of Contents
The following tables detail the delinquency status of non-accrual loans at March 31, 2010 and
December 31, 2009.
At March 31, 2010
Days Past Due of Non-Accrual Loans
0 to 29
30 to 89
90 or Greater
Total
(In thousands)
Real estate loans:
Commercial
$
4,105
$
4,142
$
24,508
$
32,755
One- to four-family residential
137
546
1,512
2,195
Construction and land
3,382
1,637
988
6,007
Multifamily
—
523
1,984
2,507
Home equity and lines of credit
63
—
—
63
Commercial and industrial
—
501
189
690
Premium finance
—
—
121
121
Total non-accrual loans
$
7,687
$
7,349
$
29,302
$
44,338
At December 31, 2009
Days Past Due of Non-Accrual Loans
0 to 29
30 to 89
90 or Greater
Total
(In thousands)
Real estate loans:
Commercial
$
2,585
$
10,480
$
15,737
$
28,802
One- to four-family residential
—
392
1,674
2,066
Construction and land
5,864
—
979
6,843
Multifamily
—
530
1,589
2,119
Home equity and lines of credit
62
—
—
62
Commercial and industrial
1,470
—
269
1,739
Total non-accrual loans
$
9,981
$
11,402
$
20,248
$
41,631
A discussion of the most significant nonaccrual loans at March 31, 2010 is as follows.
These loans comprise $26.0 million, or 58.7%, of total nonaccrual loans of $44.3 million at March
31, 2010.
•
An owner occupied commercial real estate relationship with a carrying value of $8.5
million at March 31, 2010. The business and collateral are located in New Jersey and
consists of a first mortgage on a commercial manufacturing facility, and a second
mortgage on the primary residence of the owner of the borrower. At March 31, 2010, the
relationship is in the process of being restructured to reduce the borrower's current
debt service.
•
An owner occupied commercial real estate loan with a carrying value of $5.1 million
at March 31, 2010. The business and collateral are located in New Jersey and consists
of a first mortgage on a manufacturing facility. The operating company filed for
bankruptcy protection in the first quarter of 2010.
•
A commercial real estate loan with a carrying value of $3.5 million at March 31,
2010 secured by a first mortgage on an office building located in New York. At March
31, 2010, the relationship is in the process of being restructured to reduce the
borrower's current debt service.
•
A commercial real estate loan with a carrying value of $3.1 million at March 31,
2010 secured by a first mortgage on a retail property in New Jersey, the primary tenant
being a recreational facility. During the quarter ended March 31, 2010, we
restructured the loan to reduce the borrower's debt service.
•
A relationship with a carrying value of $3.1 million, consisting of three loans, at
March 31, 2010 secured by first mortgages on three individual properties. The largest
loan has a carrying balance of $1.9 million and is secured by a mixed-use commercial
property located in New York. The borrower filed for bankruptcy protection in January
2010. The borrower has made payments and at March 31, 2010 the three loans were each
31 days past due.
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Table of Contents
•
One relationship consisting of two construction loans with a carrying value of $2.7
million at March 31, 2010. These loans are secured by first mortgages on ten one- to
four-family residential real estate properties in various stages of construction in New
York. These loans were restructured in 2009. At March 31, 2010, the borrower has two
signed contracts for the sale of houses and expects to deliver these units in the third
quarter of 2010. At March 31, 2010, one loan in the amount of $1.7 million was 31 days
past due to interest, and the other loan was current.
The next four largest non-accrual loans at March 31, 2010 had a total carrying value of $7.4
million, and consisted of three commercial real estate loans with a total carrying value of $5.1
million and one construction loan with a carrying balance of $2.3 million.
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Table of Contents
Delinquent Loans
. The following table sets forth our total amounts of delinquencies for
accruing loans by type and by amount at the dates indicated.
Delinquent Accruing Loans
90 Days and
30 to 89 Days
Over
Total
(In thousands)
At March 31, 2010
Real estate loans:
Commercial
$
22,085
$
3,976
$
26,061
One- to four-family residential mortgage
5,346
—
5,346
Construction and land
997
1,236
2,233
Multifamily
8,536
—
8,536
Home equity and line of credit
213
—
213
Commercial and industrial loans
698
496
1,194
Insurance premium loans
282
—
282
Other loans
214
2
216
Total
$
38,371
$
5,710
$
44,081
At December 31, 2009
Real estate loans:
Commercial
$
11,573
$
—
$
11,573
One- to four-family residential mortgage
4,716
—
4,716
Construction and land
1,976
—
1,976
Multifamily
7,086
—
7,086
Home equity and line of credit
1,555
—
1,555
Commercial and industrial loans
427
191
618
Insurance premium loans
917
—
917
Other loans
33
—
33
Total
$
28,283
$
191
$
28,474
At December 31, 2008
Real estate loans:
Commercial
$
4,075
$
—
$
4,075
One- to four-family residential mortgage
1,505
—
1,505
Construction and land
—
137
137
Home equity and line of credit
496
—
496
Commercial and industrial loans
74
—
74
Total
$
6,150
$
137
$
6,287
At December 31, 2007
Real estate loans:
Commercial
$
1,997
$
—
$
1,997
One- to four-family residential mortgage
804
—
804
Construction and land
490
753
1,243
Commercial and industrial loans
—
475
475
Other loans
96
—
96
Total
$
3,387
$
1,228
$
4,685
At December 31, 2006
Real estate loans:
Commercial
$
1,989
$
—
$
1,989
One- to four-family residential mortgage
1,678
—
1,678
Construction and land
3,109
275
3,384
Home equity and line of credit
937
—
937
Commercial and industrial loans
—
498
498
Other loans
68
—
68
Total
$
7,781
$
773
$
8,554
At December 31, 2005
Real estate loans:
One- to four-family residential mortgage
$
71
$
698
$
769
Home equity and line of credit
6
—
6
Other loans
63
—
63
Total
$
140
$
698
$
838
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At March 31, 2010, we had $38.4 million of accruing loans that were 30 to 89 days
delinquent, compared to $28.3 million and $6.2 million of such loans at December 31, 2009 and 2008,
respectively.
Non-accruing loans subject to restructuring agreements totaled $13.1 million, $10.7 million
and $1.0 million at March 31, 2010, December 31, 2009 and December 31, 2008, respectively. During
the three months ended March 31, 2010, we entered into one troubled debt restructuring totaling
$3.1 million that was classified as non-accrual at March 31, 2010. During the year ended December
31, 2009, we entered into eight troubled debt restructurings totaling $9.8 million that were
classified as non-accrual at December 31, 2009.
In addition, during the three months ended March 31, 2010, we entered into one troubled debt
restructuring agreement totaling $1.6 million for which interest was still accruing at March 31,
2010, and, for the year ended December 31, 2009, we entered into six troubled debt restructuring
agreements totaling $7.3 million for which interest was still accruing at December 31, 2009. The
table below sets forth the amounts and categories of the troubled debt restructurings as of March
31, 2010, December 31, 2009 and December 31, 2008.
At March 31,
At December 31
2010
2009
2008
Non-
Non-
Non-
Accruing
Accruing
Accruing
Accruing
Accruing
Accruing
(In thousands)
Troubled Debt Restructurings:
Real estate loans:
Commercial
$
7,047
$
5,492
$
3,960
$
5,499
$
950
$
—
Construction and land
5,019
1,750
5,726
1,751
—
—
Multifamily
523
1,575
530
—
—
—
Commercial and industrial
501
—
501
—
—
—
Total
$
13,090
$
8,817
$
10,717
$
7,250
$
950
$
—
The recent increases in delinquencies and non-performing loans have been directly related
to the current economic downturn. As a result of increased unemployment rates, and decreasing real
estate values, delinquencies and non-accrual loans have risen from December 31, 2008 to March 31,
2010. These factors have attributed to the growth in our allowance for loan losses as detailed
below.
Other Real Estate Owned
.
Real estate acquired by us as a result of foreclosure or by deed in
lieu of foreclosure is classified as real estate owned. On the date property is acquired it is
recorded at the lower of cost or estimated fair value, establishing a new cost basis. Estimated
fair value generally represents the sale price a buyer would be willing to pay on the basis of
current market conditions, including normal terms from other financial institutions, less the
estimated costs to sell the property. Holding costs and declines in estimated fair value result in
charges to expense after acquisition. At March 31, 2010, we owned 11 properties with a combined
carrying value of $1.5 million. The properties consisted of 10 single family and mixed use
properties located in Trenton, New Jersey, and one commercial real estate property located in South
Orange, New Jersey. We are currently renting certain of the properties and have contracted with
third parties to assist in disposing of all properties.
Potential Problem Loans and Classification of Assets.
The current economic environment is
negatively affecting certain borrowers. Our loan officers continue to monitor their loan
portfolios, including evaluation of borrowers' business operations, current financial condition,
underlying values of any collateral, and assessment of their financial prospects in the current and
deteriorating economic environment. Based on this evaluation, we determine an appropriate strategy
to assist borrowers, with the objective of maximizing the recovery of the related loan balances.
Our policies, consistent with regulatory guidelines, provide for the classification of loans
and other assets that are considered to be of lesser quality as substandard, doubtful, or loss
assets. An asset is considered substandard if it is inadequately protected by the current net
worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard assets
include those assets characterized by the distinct possibility that we will sustain some loss if
the deficiencies are not corrected. Assets classified as doubtful have all of the weaknesses
inherent in those classified substandard with the added characteristic that the weaknesses present
make collection or
71
Table of Contents
liquidation in full, on the basis of currently existing facts, conditions and values, highly
questionable and improbable. Assets (or portions of assets) classified as loss are those
considered uncollectible and of such little value that their continuance as assets is not
warranted. Assets that do not expose us to risk sufficient to warrant classification in one of the
aforementioned categories, but which possess potential weaknesses that deserve our close attention,
are designated as special mention. On the basis of our review of our assets at March 31, 2010,
classified assets consisted of substandard assets of $50.4 million ($41.1 million of which are
reported as non-performing assets or delinquent loans in the preceding tables) and no doubtful or
loss assets. At that date, we also had $24.7 million of assets designated as special mention
($24.5 million of which are reported as non-performing assets or delinquent loans in the preceding
tables).
The classification of our assets (and the amount of our loss allowances) is subject to review
by our principal federal regulator, the Office of Thrift Supervision, which can require that we
adjust our classification and related loss allowances. We regularly review our asset portfolio to
determine whether any assets require classification in accordance with applicable regulations.
Allowance for Loan Losses
We provide for loan losses based on the consistent application of our documented allowance for
loan loss methodology. Loan losses are charged to the allowance for loans losses and recoveries
are credited to it. Additions to the allowance for loan losses are provided by charges against
income based on various factors which, in our judgment, deserve current recognition in estimating
probable losses. We regularly review the loan portfolio and make adjustments for loan losses in
order to maintain the allowance for loan losses in accordance with U.S. generally accepted
accounting principles ("GAAP"). The allowance for loan losses consists primarily of the following
two components:
(1)
Allowances established for impaired loans (which we generally define as
non-accrual loans with an outstanding balance of $500,000 or greater). The amount of
impairment provided for as an allowance is represented by the deficiency, if any,
between the present value of expected future cash flows discounted at the original
loan's effective interest rate or the underlying collateral value (less estimated costs
to sell,) if the loan is collateral dependent, and the carrying value of the loan.
Impaired loans that have no impairment losses are not considered for general valuation
allowances described below.
(2)
General allowances established for loan losses on a portfolio basis for
loans that do not meet the definition of impaired. The portfolio is grouped into
similar risk characteristics, primarily loan type, loan-to-value, if collateral
dependent, and delinquency status. We apply an estimated loss rate to each loan group.
The loss rates applied are based on our cumulative prior two-year loss experience
adjusted, as appropriate, for the environmental factors discussed below. This
evaluation is inherently subjective, as it requires material estimates that may be
susceptible to significant revisions based upon changes in economic and real estate
market conditions. Actual loan losses may be significantly more than the allowance for
loan losses we have established, which could have a material negative effect on our
financial results.
The adjustments to our loss experience are based on our evaluation of several environmental
factors, including:
•
changes in local, regional, national, and international economic and
business conditions and developments that affect the collectability of our portfolio,
including the condition of various market segments;
•
changes in the nature and volume of our portfolio and in the terms of our
loans;
•
changes in the experience, ability, and depth of lending management and
other relevant staff;
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Table of Contents
•
changes in the volume and severity of past due loans, the volume of
nonaccrual loans, and the volume and severity of adversely classified or graded loans;
•
changes in the quality of our loan review system;
•
changes in the value of underlying collateral for collateral-dependent
loans;
•
the existence and effect of any concentrations of credit, and changes in
the level of such concentrations; and
•
the effect of other external factors such as competition and legal and
regulatory requirements on the level of estimated credit losses in our existing
portfolio.
In evaluating the estimated loss factors to be utilized for each loan group, management also
reviews actual loss history over an extended period of time as reported by the Office of Thrift
Supervision and Federal Deposit Insurance Corporation for institutions both nationally and in our
market area for periods that are believed to have been under similar economic conditions.
We evaluate the allowance for loan losses based on the combined total of the impaired and
general components. Generally when the loan portfolio increases, absent other factors, our
allowance for loan loss methodology results in a higher dollar amount of estimated probable losses
than would be the case without the increase. Generally when the loan portfolio decreases, absent
other factors, our allowance for loan loss methodology results in a lower dollar amount of
estimated probable losses than would be the case without the decrease.
Each quarter we evaluate the allowance for loan losses and adjust the allowance as appropriate
through a provision or recovery for loan losses. While we use the best information available to
make evaluations, future adjustments to the allowance may be necessary if conditions differ
substantially from the information used in making the evaluations. In addition, as an integral
part of their examination process, the Office of Thrift Supervision will periodically review the
allowance for loan losses. The Office of Thrift Supervision may require us to adjust the allowance
based on their analysis of information available to them at the time of their examination. Our
last examination was as of June 30, 2009.
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Table of Contents
The following table sets forth activity in our allowance for loan losses for the periods
indicated.
At or For the Three Months
Ended March 31,
At or For the Years Ended December 31,
2010
2009
2009
2008
2007
2006
2005
(Dollars in thousands)
Balance at beginning of year
$
15,414
$
8,778
$
8,778
$
5,636
$
5,030
$
4,795
$
3,166
Charge-offs:
Real estate loans:
Commercial
—
—
(1,348
)
(1,002
)
—
—
—
One- to four-family residential
—
—
(63
)
—
—
—
—
Construction and land
(110
)
(595
)
(686
)
(761
)
—
—
—
Multifamily
(32
)
—
(164
)
—
—
—
—
Home equity
—
—
—
—
—
—
—
Commercial and industrial loans
(5
)
—
(141
)
(165
)
(814
)
—
—
Insurance premium loans
(51
)
—
—
—
—
—
—
Other loans
—
—
—
(12
)
(22
)
—
—
Total charge-offs
(198
)
(595
)
(2,402
)
(1,940
)
(836
)
—
—
Recoveries:
Other
—
—
—
—
—
—
—
Total recoveries
—
—
—
—
—
—
—
Net (charge-offs) recoveries
(198
)
(595
)
(2,402
)
(1,940
)
(836
)
—
—
Provisions (benefits) for loan losses:
Real estate loans:
Commercial
2,178
222
4,575
2,722
1,035
797
(57
)
One- to four-family residential
63
6
95
71
(129
)
(130
)
(7
)
Construction and land
(16
)
738
1,113
1,282
158
(545
)
1,354
Multifamily
491
164
1,242
689
(14
)
42
(72
)
Home equity
32
(1
)
64
108
(8
)
(35
)
(347
)
Commercial and industrial loans
(807
)
333
1,495
204
407
42
784
Insurance premium loans
(50
)
—
101
—
—
—
—
Other
(4
)
28
2
6
35
22
(1
)
Unallocated
(65
)
154
351
—
(42
)
42
(25
)
Total provisions for loan
losses
1,930
1,644
9,038
5,082
1,442
235
1,629
Balance at end of year
$
17,146
$
9,827
$
15,414
$
8,778
$
5,636
$
5,030
$
4,795
Ratios:
Net charge-offs to average loans
outstanding (1)
0.11
%
0.40
%
0.37
%
0.38
%
0.20
%
—
%
—
%
Allowance for loan losses to
non-performing
loans at end of period
34.26
40.78
36.86
91.07
57.31
70.70
232.88
Allowance for loan losses to loans
held-for-investment, net at end of
period
2.33
1.57
2.11
1.49
1.33
1.23
1.24
(1)
Annualized where applicable.
The allowance for loan losses to non-performing loans decreased to 34.3% at March 31,
2010 from 36.9% at December 31, 2009. This decrease was primarily attributable to an increase in
non-performing loans of $8.2 million, to $50.0 million at March 31, 2010 from $41.8 million at
December 31, 2009, partially offset by an increase of $1.7 million, or 11.2%, in the allowance for
loan losses for the three months ended March 31, 2010. The increase in non-performing loans was
primarily attributable to increases in non-performing commercial real estate loans, and to a lesser
extent, multifamily real estate loans during the three months ended March 31, 2010.
The allowance for loan losses to non-performing loans decreased to 36.9% at December 31, 2009
from 91.1% at December 31, 2008. This decrease was primarily attributable to an increase in
non-performing loans of
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$32.2 million, to $41.8 million at December 31, 2009 from $9.6 million at December 31, 2008,
partially offset by an increase of $6.6 million, or 75.6%, in the allowance for loan losses over
the same time period. The increase in non-performing loans was primarily attributable to increases
in non-performing commercial real estate loans, and to a lesser extent, construction and land loans
during the same time period.
The non-performing loans noted above were secured by real estate with either current
appraisals, or appraisals that are relatively current (within 18 months) and have been adjusted
downward when appropriate by management for perceived declines in real estate values. Generally
loans are charged down to the appraised values less costs to sell, which reduces the coverage ratio
of the allowance for loan losses to
non-performing
loans. We do not adjust appraised values
upwards.
The allowance for loan losses was $17.1 million, or 2.3% of loans held for investment, net at
March 31, 2010, compared to $15.4 million, or 2.1% of loans held for investment, net at December
31, 2009. The increase in the allowance for loan losses was due primarily to an increase in
general loss factors utilized in management's estimate of credit losses inherent in the loan
portfolio in recognition of our elevated level of delinquent loans, as well as the current weak
economic environment and real estate market.
The allowance for loan losses to loans held-for-investment, net, increased to 2.11% at
December 31, 2009, from 1.49% at December 31, 2008. This increase was attributable to an increase
of $6.6 million, or 75.6%, in the allowance for loan losses between December 31, 2008 and December
31, 2009, partially offset by an increase in the loan portfolio over the same time period. The
increase in our allowance for loan losses during the year was primarily attributable to specific
reserves on impaired loans, and in general loss factors related to increases in non-accrual loans,
loans 30 to 89 days delinquent, and declines in general economic conditions and real estate values.
Impairment losses on specific loans increased $2.1 million, or 674.3%, from $310,000 for the
year ended December 31, 2008, to $2.4 million for the year ended December 31, 2009. At December
31, 2008, we had four loans classified as impaired and recorded impairment losses totaling $310,000
on two of the four impaired loans. At December 31, 2009, we had 30 loans classified as impaired
and recorded a total of $2.4 million of specific reserves on eleven of the 30 impaired loans. The
increase in specific reserves recorded on impaired loans was attributable to an increase in
impaired loans coupled with decreasing values of the underlying loan collateral.
During the year ended December 31, 2009, we recorded charge-offs of $2.4 million, an increase
of $462,000, or 23.8%, as compared to the year ended December 31, 2008. The increase in
charge-offs was primarily attributable to a $346,000 increase in charge-offs related to commercial
real estate loans. As a result of higher charge-offs, an increase in non-accrual commercial real
estate loans and commercial real estate loans past due 30 to 89 days, coupled with the general
decline in real estate values and the current economic downturn, our historical and general loss
factors have increased, thus increasing the allowance for loan losses allocated to commercial real
estate loans by $3.2 million, or 62.3%, from $5.2 million December 31, 2008, to $8.4 million at
December 31, 2009. In addition, we experienced increased charge-offs of approximately $164,000 in
multifamily real estate loans, an increase of 100% from the year ended December 31, 2008. As a
result of the charge-offs incurred, as well as increased levels of multifamily real estate loans on
non-accrual status and 30 to 89 days past due, coupled with the general decline in real estate
values and the current economic downturn, our historical and general loss factors have increased,
thus increasing the allowance for loan losses allocated to multifamily real estate loans by $1.1
million, or 136.8%, from $788,000 at December 31, 2008, to $1.9 million at December 31, 2009. The
allowance for loan losses allocated to commercial and industrial loans and construction and land
loans also increased $1.4 million and $427,000, respectively, from December 31, 2008, to December
31, 2009. These increases were attributable to increased historical and general loss factors which
resulted from additional charge-offs taken during the year ended December 31, 2009, coupled with
increased levels of non-accrual loans, and loans that are 30 to 89 days past due, and the current
economic downturn. Our allowance for loan losses could increase in future periods if charge-offs
and non-performing loans continue to increase.
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Table of Contents
Allocation of Allowance for Loan Losses.
The following tables set forth the allowance for
loan losses allocated by loan category and the percent of loans in each category to total loans at
the dates indicated. The allowance for loan losses allocated to each category is not necessarily
indicative of future losses in any particular category and does not restrict the use of the
allowance to absorb losses in other categories. All changes to the allowance during the periods
indicated were the result of provisions or benefits for loan losses, as well as charge-offs, as set
forth in the previous table, as we had no recoveries between the dates indicated in this table.
At March 31,
At December 31,
2010
2009
2008
Percent of
Percent of
Percent of
Loans in Each
Loans in Each
Loans in Each
Allowance for
Category to
Allowance for
Category to
Allowance for
Category to
Loan Losses
Total Loans
Loan Losses
Total Loans
Loan Losses
Total Loans
(Dollars in thousands)
Real estate loans:
Commercial
$
10,581
45.13
%
$
8,403
44.99
%
$
5,176
49.05
%
One- to four-family residential
226
12.22
163
12.48
131
17.49
Construction and land
2,283
5.36
2,409
6.11
1,982
8.85
Multifamily
2,325
25.44
1,866
24.48
788
18.41
Home equity and lines of credit
242
3.82
210
3.58
146
4.10
Commercial and industrial
1,065
2.42
1,877
2.64
523
1.87
Insurance premium finance loans
100
5.43
101
5.54
—
—
Other
38
0.18
34
0.18
32
0.23
Total allocated allowance
16,860
100.00
%
15,063
100.00
%
8,778
100.00
%
Unallocated
286
351
—
Total
$
17,146
$
15,414
$
8,778
At December 31,
2007
2006
2005
Percent of
Percent of
Percent of
Loans in Each
Loans in Each
Loans in Each
Allowance for
Category to
Allowance for
Category to
Allowance for
Category to
Loan Losses
Total Loans
Loan Losses
Total Loans
Loan Losses
Total Loans
(Dollars in thousands)
Real estate loans:
Commercial
$
3,456
57.50
%
$
2,421
50.75
%
$
1,624
42.72
%
One- to four-family residential
60
22.45
189
26.29
319
32.87
Construction and land
1,461
10.57
1,303
12.74
1,848
13.64
Multifamily
99
3.34
113
3.24
71
3.64
Home equity and lines of credit
38
3.02
46
3.40
81
4.15
Commercial and industrial
484
2.69
891
2.70
849
2.08
Insurance premium finance loans
—
—
—
—
—
—
Other
38
0.43
25
0.88
3
0.90
Total allocated allowance
5,636
100.00
%
4,988
100.00
%
4,795
100.00
%
Unallocated
—
42
—
Total
$
5,636
$
5,030
$
4,795
Management of Market Risk
General
. A majority of our assets and liabilities are monetary in nature. Consequently, our
most significant form of market risk is interest rate risk. Our assets, consisting primarily of
mortgage-related assets and loans, generally have longer maturities than our liabilities, which
consist primarily of deposits and wholesale funding. As a result, a principal part of our business
strategy involves managing interest rate risk and limiting the exposure of our net interest income
to changes in market interest rates. Accordingly, our board of directors has established a risk
committee, comprised of our Treasurer, who chairs this Committee, our Chief Executive Officer, our
Chief Financial Officer, our Chief Lending Officer, and our Executive Vice President of Operations.
This committee is responsible for, among other things, evaluating the interest rate risk inherent
in our assets and liabilities, recommending to the risk committee of our board of directors the
level of risk that is appropriate given our business strategy, operating environment, capital,
liquidity and performance objectives, and managing this risk consistent with the guidelines
approved by the board of directors.
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Table of Contents
We seek to manage our interest rate risk in order to minimize the exposure of our earnings and
capital to changes in interest rates. As part of our ongoing asset-liability management, we
currently use the following strategies to manage our interest rate risk:
•
originate commercial real estate loans and multifamily real estate loans that
generally have interest rates that reset every five years;
•
invest in shorter maturity investment grade corporate securities and
mortgage-related securities; and
•
obtain general financing through lower cost deposits and wholesale funding and
repurchase agreements.
Net Portfolio Value Analysis
.
We compute the net present value of our interest-earning assets
and interest-bearing liabilities (net portfolio value or "NPV") over a range of assumed market
interest rates. Our simulation model uses a discounted cash flow analysis to measure the net
portfolio value. We estimate the economic value of these assets and liabilities under the
assumption that interest rates experience an instantaneous, parallel, and sustained increase of
100, 200, or 300 basis points, or a decrease of 100 and 200 basis points, which is based on the
current interest rate environment. A basis point equals one-hundredth of one percent, and 100
basis points equals one percent. An increase in interest rates from 3% to 4% would mean, for
example, a 100 basis point increase in the "Change in Interest Rates" column below.
Net Interest Income Analysis.
We also analyze our sensitivity to changes in interest rates
through our net interest income model. Net interest income is the difference between the interest
income we earn on our interest-earning assets, such as loans and securities, and the interest we
pay on our interest-bearing liabilities, such as deposits and borrowings. We estimate what our net
interest income would be for a twelve-month period. We then calculate what the net interest income
would be for the same period under the assumption that interest rates experience an instantaneous
and sustained increase of 100, 200, or 300 basis points or a decrease of 100 and 200 basis points,
which is based on the current interest rate environment.
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Table of Contents
The tables below set forth, as of March 31, 2010 and December 31, 2009, our calculation of the
estimated changes in our net portfolio value, net portfolio value ratio, and percent change in net
interest income that would result from the designated instantaneous and sustained changes in
interest rates. Computations of prospective effects of hypothetical interest rate changes are
based on numerous assumptions, including relative levels of market interest rates, loan prepayments
and deposit decay, and should not be relied on as indicative of actual results.
At March 31, 2010
Estimated
Change in
Estimated
Estimated
NPV/Present
Net Interest
Interest Rates
Present Value of
Present Value of
Estimated
Value of Assets
Income Percent
(basis points)
Assets
Liabilities
Estimated NPV
Change In NPV
Ratio
Change
(Dollars in thousands)
+300
$
1,971,406
$
1,587,388
$
384,018
$
(66,863
)
19.48
%
(11.66
)%
+200
2,018,509
1,611,132
407,377
(43,504
)
20.18
%
(7.26
)%
+100
2,065,712
1,635,684
430,028
(20,853
)
20.82
%
(3.01
)%
0
2,111,964
1,661,083
450,881
—
21.35
%
—
-100
2,148,563
1,687,185
461,378
10,497
21.47
%
0.25
%
-200
2,174,609
1,710,078
464,531
13,650
21.36
%
(3.13
)%
At December 31, 2009
Estimated
Change in
Estimated
Estimated
NPV/Present
Net Interest
Interest Rates
Present Value of
Present Value of
Estimated
Value of Assets
Income Percent
(basis points)
Assets
Liabilities
Estimated NPV
Change In NPV
Ratio
Change
(Dollars in thousands)
+300
$
1,884,900
$
1,502,093
$
382,807
$
(62,473
)
20.31
%
(5.24
)%
+200
1,931,727
1,524,764
406,963
(38,317
)
21.07
%
(3.36
)%
+100
1,977,999
1,548,205
429,794
(15,486
)
21.73
%
(1.36
)%
0
2,017,733
1,572,453
445,280
—
22.07
%
—
-100
2,054,930
1,596,234
458,696
13,416
22.32
%
2.48
%
-200
2,072,124
1,618,733
453,391
8,111
21.88
%
(2.39
)%
(1)
Assumes an instantaneous and sustained uniform change in interest rates at all maturities.
(2)
NPV includes non-interest earning assets and liabilities.
The tables above indicate that at March 31, 2010, in the event of a 200 basis point
decrease in interest rates, we would experience a 3.0% increase in estimated net portfolio value
and a 3.1% decrease in net interest income. In the event of a 300 basis point increase in interest
rates, we would experience a 14.8% decrease in net portfolio value and an 11.7% decrease in net
interest income. In addition, the tables above indicate that at December 31, 2009, in the event of
a 200 basis point decrease in interest rates, we would experience a 1.8% increase in estimated net
portfolio value and a 2.4% decrease in net interest income. In the event of a 300 basis point
increase in interest rates, we would experience a 14.0% decrease in net portfolio value and a 5.2%
decrease in net interest income. Our policies provide that, in the event of a 300 basis point
increase/decrease or less in interest rates, our net portfolio value ratio should decrease by no
more than 400 basis points and in the event of a 200 basis point increase/decrease, our projected
net interest income should decrease by no more than 20.0%. Additionally, our policy states that
our net portfolio value should be at least 8.5% of total assets before and after such shock. At
March 31, 2010 and December 31, 2009, we were in compliance with all board approved policies with
respect to interest rate risk management.
Certain shortcomings are inherent in the methodologies used in determining interest rate risk
through changes in net portfolio value and net interest income. Our model requires us to make
certain assumptions that may or may not reflect the manner in which actual yields and costs respond
to changes in market interest rates. In this regard, the net portfolio value and net interest
income information presented assume that the composition of our interest-sensitive assets and
liabilities existing at the beginning of a period remains constant over the period being measured
and assume that a particular change in interest rates is reflected uniformly across the yield curve
regardless of the duration or repricing of specific assets and liabilities. Accordingly, although
interest rate risk calculations provide an indication of our interest rate risk exposure at a
particular point in time, such measurements
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are not intended to and do not provide a precise forecast of the effect of changes in market
interest rates on our net interest income and will differ from actual results.
Liquidity and Capital Resources
Liquidity is the ability to fund assets and meet obligations as they come due. Our primary
sources of funds consist of deposit inflows, loan repayments, borrowings through repurchase
agreements and advances from money center banks and the Federal Home Loan Bank of New York, and
repayments, maturities and sales of securities. While maturities and scheduled amortization of
loans and securities are reasonably predictable sources of funds, deposit flows and mortgage
prepayments are greatly influenced by general interest rates, economic conditions, and competition.
Our board asset and liability management committee is responsible for establishing and monitoring
our liquidity targets and strategies in order to ensure that sufficient liquidity exists for
meeting the borrowing needs and deposit withdrawals of our customers as well as unanticipated
contingencies. We seek to maintain a ratio of liquid assets (not subject to pledge) as a
percentage of deposits and borrowings of 35% or greater. At March 31, 2010, this ratio was 72.9%.
We believe that we had sufficient sources of liquidity to satisfy our short- and long-term
liquidity needs.
We regularly adjust our investments in liquid assets based upon our assessment of:
•
expected loan demand;
•
expected deposit flows;
•
yields available on interest-earning deposits and securities; and
•
the objectives of our asset/liability management program.
Our most liquid assets are cash and cash equivalents, and mortgage-related securities issued
or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac, that we can either borrow against
or sell. We also have the ability to surrender bank owned life insurance contracts. The surrender
of these contracts would subject us to income taxes and penalties for increases in the cash
surrender values over the original premium payments. We also have the ability to generate brokered
deposits through our participation in the CDARS program.
The following table sets forth our primary sources of liquidity at March 31, 2010.
At March 31, 2010
(In thousands)
Cash and cash equivalents
$
50,811
Unpledged securities (issued or guaranteed by the
U.S. Government, Fannie Mae, Freddie Mac or Federal
Home Loan Bank of New York)
$
589,476
At March 31, 2010, we had $23.9 million in outstanding loan commitments. In addition, we
had $38.3 million in unused lines of credit to borrowers. Certificates of deposit due within one
year of March 31, 2010, totaled $525.5 million, or 37.7% of total deposits. If these deposits do
not remain with us, we will be required to seek other sources of funds, including loan sales, other
deposit products, including replacement certificates of deposit, securities sold under agreements
to repurchase (repurchase agreements), and advances from the Federal Home Loan Bank of New York and
other borrowing sources. Depending on market conditions, we may be required to pay higher rates on
such deposits or other borrowings than we currently pay on the certificates of deposit due on or
before March 31, 2010. We believe, based on past experience, that a significant portion of such
deposits will remain with us, and we have the ability to attract and retain deposits by adjusting
the interest rates offered.
Our cash flows are derived from operating activities, investing activities and financing
activities as reported in our Consolidated Statements of Cash Flows included in our Consolidated
Financial Statements.
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Our primary investing activities are purchasing mortgage-backed securities and originating
loans. During the three months ended March 31, 2010 and the years ended December 31, 2009 and
2008, we purchased securities classified as available for sale totaling $217.2 million, $655.8
million and $421.7 million, respectively. During the three months ended March 31, 2010 and the
years ended December 31, 2009 and 2008, we originated $43.8 million, $183.3 million and $202.6
million of loans, respectively. Additionally, during the fourth quarter of 2009 we purchased $35.4
million of premium finance loans.
Financing activities consist primarily of activity in deposit accounts and borrowings
(repurchase agreements and Federal Home Loan Bank of New York advances). We experienced a net
increase in total deposits of $76.0 million for the three months ended March 31, 2010, a net
increase of $292.4 million for the year ended December 31, 2009 and a net increase of $147.2
million for the year ended December 31, 2008. Deposit flows are affected by the overall level of
interest rates, the interest rates and products offered by us and our competitors, and by other
factors.
Borrowings increased by $13.6 million for the three months ended March 31, 2010, decreased by
$52.7 million for the year ended December 31, 2009 and increased by $207.7 million for the year
ended December 31, 2008. At March 31, 2010, we had the ability to borrow an additional $200.0
million from the Federal Home Loan Bank of New York.
We have a detailed contingency funding plan that is reviewed and reported to the board risk
committee on at least a quarterly basis. This plan includes monitoring cash on a daily
basis to determine our liquidity needs. Additionally, management performs a stress test on our
retail deposits and wholesale funding sources in several scenarios on a quarterly basis. The
stress scenarios include deposit attrition of up to 50%, and selling our securities
available-for-sale portfolio at a discount of 10% to its current estimated fair value. As of March
31, 2010, we maintained significant liquidity under all stress scenarios.
Northfield Bank is subject to various regulatory capital requirements, including a risk-based
capital measure. The risk-based capital guidelines include both a definition of capital and a
framework for calculating risk-weighted assets by assigning assets and off-balance sheet items to
broad risk categories. At March 31, 2010, Northfield Bank exceeded all regulatory capital
requirements and is considered "well capitalized" under regulatory guidelines. See "Supervision
and Regulation—Federal Banking Regulation—Capital Requirements" and Note 12 of the Notes to the
Consolidated Financial Statements.
The net proceeds from the stock offering will significantly increase our liquidity and capital
resources. Over time, the initial level of liquidity will be reduced as net proceeds from the stock
offering are used for general corporate purposes, including the funding of loans. Our financial
condition and results of operations will be enhanced by the net proceeds from the stock offering,
resulting in increased net interest-earning assets and net interest income. However, due to the
increase in equity resulting from the net proceeds from the stock offering, our return on equity
will be adversely affected following the stock offering.
Off-Balance Sheet Arrangements and Aggregate Contractual Obligations
Commitments.
As a financial services provider, we routinely are a party to various financial
instruments with off-balance-sheet risks, such as commitments to extend credit, and unused lines of
credit. While these contractual obligations represent our potential future cash requirements, a
significant portion of commitments to extend credit may expire without being drawn upon. Such
commitments are subject to the same credit policies and approval process applicable to loans we
originate. In addition, we routinely enter into commitments to sell mortgage loans. However, such
amounts are not significant to our operations. For additional information, see Note 11 of the
Notes to the Consolidated Financial Statements.
Contractual Obligations.
In the ordinary course of our operations we enter into certain
contractual obligations. Such obligations include leases for premises and equipment, agreements
with respect to borrowed funds and deposit liabilities, and agreements with respect to investments.
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The following table summarizes our significant fixed and determinable contractual obligations
and other funding needs by payment date at December 31, 2009. The payment amounts represent those
amounts due to the recipient and do not include any unamortized premiums or discounts or other
similar carrying amount adjustments.
Payments Due by Period
Less than
One to Three
Three to Five
More than
Contractual Obligations
One Year
Years
Years
Five Years
Total
(In thousands)
Long-term debt (1)
$
61,382
$
90,000
$
118,800
$
2,500
$
272,682
Operating leases
2,177
4,110
4,026
22,686
32,999
Capitalized leases
365
763
810
1,075
3,013
Certificates of deposit
517,986
33,104
28,283
—
579,373
Total
$
581,910
$
127,977
$
151,919
$
26,261
$
888,067
Commitments to extend credit (2)
$
43,472
$
—
$
—
$
—
$
43,472
(1)
Includes repurchase agreements, Federal Home Loan Bank of New York advances, and accrued
interest payable at December 31, 2009.
(2)
Includes unused lines of credit which are assumed to be funded within the year.
Recent Accounting Pronouncements
Effective July 1, 2009, the FASB established the Accounting Standards Codification ("ASC") as
the source of authoritative U. S. generally accepted accounting principles recognized by the FASB
to be applied by nongovernmental entities. Rules and interpretative releases of the Securities and
Exchange Commission under authority of federal securities laws are also sources of authoritative
guidance for Securities and Exchange Commission registrants. The ASC did not have a material
affect on our consolidated financial statements.
ASC 810, "Consolidation," replaces the quantitative-based risks and rewards calculation for
determining which enterprise, if any, has a controlling financial interest in a variable interest
entity with an approach focused on identifying which enterprise has the power to direct the
activities of a variable interest entity that most significantly affect the entity's economic
performance and (i) the obligation to absorb losses of the entity or (ii) the right to receive
benefits from the entity. The pronouncement was effective January 1, 2010, and did not have a
material effect on our consolidated financial statements.
ASC 860, "Transfers and Servicing," improves the information a reporting entity provides in
its financial statements about a transfer of financial assets, including the effect of a transfer
on an entity's financial position, financial performance and cash flows and the transferor's
continuing involvement in the transferred assets. ASC 860 eliminates the concept of a qualifying
special-purpose entity and changes the guidance for evaluation for consolidation. This
pronouncement was effective January 1, 2010. The adoption of ASC 860 did not have a material
effect on our consolidated financial statements.
ASC 855, "Subsequent Events," establishes general standards of accounting for and disclosure
of events that occur after the balance sheet date but before financial statements are issued or
available to be issued. ASC 855 sets forth (i) the period after the balance sheet date during
which management of a reporting entity should evaluate events or transactions that may occur for
potential recognition or disclosure in the financial statements, (ii) the circumstances under which
an entity should recognize events or transactions occurring after the balance sheet date in its
financial statements, and (iii) the disclosures that an entity should make about events or
transactions that occurred after the balance sheet date. ASC 855 was effective for the period ended
June 30, 2009. The adoption of ASC 855 did not have a material effect on our consolidated
financial statements.
Accounting Standards Update No. 2010-09 under ASC 855 removes the requirement for a Securities
and Exchange Commission filer to disclose the date through which subsequent events have been
evaluated. This change alleviates potential conflicts between subtopic 855-10 and the Securities
and Exchange Commission's requirements. The new guidance did not have a significant effect on our
consolidated financial statements.
ASC 260, "Earnings Per Share," addresses whether instruments granted in share-based payment
transactions are participating securities prior to vesting and, therefore, need to be included in
the earnings allocation
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in computing earnings per share. This ASC was effective for financial statements issued for
fiscal years beginning after December 15, 2008. The adoption of ASC 260 did not have a material
effect on our consolidated financial statements.
These following three ASCs (ASC 820, ASC 825, and ASC 320) were effective for the period ended
June 30, 2009:
•
ASC 820, "Fair Value Measurements and Disclosures," provides guidance for estimating
fair value when the volume and level of activity for the asset or liability have
decreased significantly. ASC 820 also provides guidance on identifying circumstances
that indicate a transaction is not orderly. The adoption of ASC 820 did not have a
material effect on our consolidated financial statements other than disclosures.
•
ASC 825, "Financial Instruments," requires disclosures about fair value of financial
instruments in interim reporting periods of publicly traded companies that previously
were only required to be disclosed in annual financial statements. The adoption of ASC
825 did not have a material effect on our consolidated financial statements other than
disclosures.
•
ASC 320, "Investments – Debt and Equity Securities," amends previous
other-than-temporary impairment guidance in generally accepted accounting principles
(GAAP) for debt securities to make the guidance more operational and to improve the
presentation and disclosure of other-than-temporary impairments on debt and equity
securities in the financial statements. This ASC does not amend existing recognition
and measurement guidance related to other-than-temporary impairments of equity
securities. The adoption of ASC 320 resulted in $1.2 million of impairment charges
being recorded in other comprehensive income for the quarter ended September 30, 2009.
Accounting Standards Update No. 2009-05 under ASC 820 provides clarification for circumstances
in which a quoted price in an active market for the identical liability is not available. In such
circumstances, a reporting entity is required to measure fair value using one or more of the
following techniques: (i) a valuation technique that uses: (a) the quoted price of the identical
liability when traded as an asset; or (b) quoted prices for similar liabilities or similar
liabilities when traded as assets; or (ii) another valuation technique that is consistent with the
principles of ASC 820, such as an income approach or a market approach. The update clarifies that
when estimating the fair value of a liability, a reporting entity is not required to include a
separate adjustment relating to the existence of a restriction that prevents the transfer of the
liability. The new authoritative accounting guidance also clarifies that the quoted price for an
identical liability traded as an asset in an active market would also be a Level 1 measurement,
provided that the quoted price does not need to be adjusted to reflect factors specific to the
asset that do no apply to the fair value measurement of the liability. The new guidance did not
have a material effect on our consolidated financial statements.
Accounting Standards Update No. 2010-06 under ASC 820 requires new disclosures and clarifies
certain existing disclosure requirements about fair value measurement. Specifically, the update
requires an entity to disclose separately the amounts of significant transfers in and out of Level
1 and Level 2 fair value measurements and describe the reasons for such transfers. A reporting
entity is required to present separately information about purchases, sales, issuances, and
settlements in the reconciliation for fair value measurements using Level 3 inputs. In addition,
the update clarifies the following requirements of the existing disclosure: (i) for the purposes of
reporting fair value measurement for each class of assets and liabilities, a reporting entity needs
to use judgment in determining the appropriate classes of assets; and (ii) a reporting entity is
required to include disclosures about the valuation techniques and inputs used to measure fair
value for both recurring and nonrecurring fair value measurements. The amendments are effective
for interim and annual reporting periods beginning after December 15, 2009, except for the separate
disclosures of purchases, sales, issuances, and settlements in the roll forward of activity in
Level 3 fair value measurements. Those disclosures are effective for fiscal years beginning after
December 15, 2010, and for interim periods within those fiscal years. The new guidance is not
expected to have a material effect on our consolidated financial statements.
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Accounting Standards Update No. 2009-12 under ASC 820 amends Subtopic 820-10 to permit a
reporting entity to measure the fair value of certain investments on the basis of net asset value
per share of the investment (or its equivalent). This update also requires new disclosure, by
major category of investments, about the attributes of investments within the scope of this
amendment to the Codification. The new guidance under ASC 820 became effective for financial
statements issued for periods ending after December 15, 2009. Our adoption of this new
authoritative guidance did not have a material effect on our financial statements or its
disclosures at December 31, 2009.
ASC 805, "Business Combinations," applies to all transactions and other events in which one
entity obtains control over one or more other businesses. The new guidance requires an acquirer,
upon initially obtaining control of another entity, to recognize the assets, liabilities and any
non-controlling interest in the acquiree at fair value as of the acquisition date. Contingent
consideration is required to be recognized and measured at fair value on the date of acquisition
rather than at a later date when the amount of that consideration may be determinable beyond a
reasonable doubt. This fair value approach replaces the cost-allocation process previously
required whereby the cost of an acquisition was allocated to the individual assets acquired and
liabilities assumed based on their estimated fair value. The new guidance requires acquirers to
expense acquisition-related costs as incurred rather than allocating such costs to the assets
acquired and liabilities assumed, as was previously the case. Specific requirements must be met in
order to accrue for a restructuring plan in purchase accounting. Pre-acquisition contingencies are
to be recognized at fair value, unless it is a non-contractual contingency that is not likely to
materialize, in which case, nothing should be recognized in purchase accounting, and, instead, that
contingency would be subject to the probable and estimable recognition criteria of contingencies.
The new guidance is effective for all business combinations closing after January 1, 2009, and will
affect our accounting for business combinations after such date.
Additional new authoritative accounting guidance under ASC 805, requires that assets acquired
and liabilities assumed in a business combination that arise from contingencies be recognized at
fair value if fair value can be reasonably estimated. If fair value of such an asset or liability
cannot be reasonably estimated, the asset or liability would generally be recognized in accordance
with ASC 450, "Contingencies." This new guidance removes subsequent accounting guidance for assets
and liabilities arising from contingencies and requires entities to develop a systematic and
rational basis for subsequently measuring and accounting for assets and liabilities arising from
contingencies. The new guidance eliminates the requirement to disclose an estimate of the range of
outcomes of recognized contingencies at the acquisition date. For unrecognized contingencies,
entities are required to include only the disclosures required under ASC 450. The new guidance
also requires that contingent consideration arrangements of an acquiree assumed by the acquirer in
a business combination be treated as contingent consideration of the acquirer and should be
initially and subsequently measured at fair value. ASC 805 is effective for assets or liabilities
arising from contingencies in business combinations after January 1, 2009, and will affect our
accounting for business combinations after such date.
Effect of Inflation and Changing Prices
Our consolidated financial statements and related notes have been prepared in accordance with
GAAP. GAAP generally requires the measurement of financial position and operating results in terms
of historical dollars without consideration for changes in the relative purchasing power of money
over time due to inflation. The effect of inflation is reflected in the increased cost of our
operations. Unlike industrial companies, our assets and liabilities are primarily monetary in
nature. As a result, changes in market interest rates have a greater effect on our performance
than inflation.
BUSINESS OF NORTHFIELD-DELAWARE
Northfield-Delaware is a Delaware corporation, organized in June 2010. Upon completion of the
conversion, Northfield-Delaware will become the holding company of Northfield Bank and will succeed
to all of the business and operations of Northfield-Federal and each of Northfield-Federal and
Northfield Bancorp, MHC will cease to exist.
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Initially following the completion of the conversion, Northfield-Delaware will have
approximately $87.4 million in cash and other assets held by Northfield-Federal and Northfield
Bancorp, MHC as of March 31, 2010, and the net proceeds it retains from the offering, part of which
will be used to make a loan to the Northfield Bank Employee Stock Ownership Plan, and will have no
significant liabilities. See "How We Intend to Use the Proceeds From the Offering."
Northfield-Delaware intends to use the support staff and offices of Northfield Bank and will pay
Northfield Bank for these services. If Northfield-Delaware expands or changes its business in the
future, it may hire its own employees.
Northfield-Delaware intends to invest the net proceeds of the offering as discussed under "How
We Intend to Use the Proceeds From the Offering." In the future, we may pursue other business
activities, including mergers and acquisitions, investment alternatives and diversification of
operations. There are, however, no current understandings or agreements for these activities.
BUSINESS OF NORTHFIELD BANCORP, INC.
AND NORTHFIELD BANK
Northfield-Federal
Northfield-Federal is a federally chartered corporation that owns all of the outstanding
shares of common stock of Northfield Bank. At March 31, 2010, Northfield-Federal had consolidated
assets of $2.1 billion, deposits of $1.4 billion and stockholders' equity of $396.3 million.
Northfield Bank became the wholly-owned subsidiary of Northfield-Federal's New York
predecessor in 1995, when Northfield Bank reorganized into the two-tier mutual holding company
structure. In November 2007, Northfield-Federal converted from a New York corporation to a
federally chartered corporation and concurrently sold 19,265,316 shares of its common stock to the
public, representing 43% of its then-outstanding shares, at $10.00 per share. An additional
24,641,684 shares, or 55% of the outstanding shares, were issued to Northfield Bancorp, MHC, and
896,061 shares, or 2% of the outstanding shares, plus $3.0 million of cash were issued to the
Northfield Bank Foundation. As part of this stock offering, we established an employee stock
ownership plan, which acquired 1,756,279 shares of common stock in the stock offering, financed by
a loan from Northfield-Federal.
Northfield-Federal's home office is located at 1410 St. Georges Avenue, Avenel, New Jersey
07001 and the telephone number is
(732) 499-7200
. Its website address is
www.eNorthfield.com
. Information on this website is not and should not be considered a
part of this prospectus.
Northfield Bank
Northfield Bank was organized in 1887 and is currently a federally chartered savings bank.
Northfield Bank conducts business primarily from its home office located in Staten Island, New
York, its operations center located in Woodbridge, New Jersey, its 17 additional branch offices
located in New York and New Jersey and its lending offices located in Brooklyn, New York and
Gwinnett County, Georgia. The branch offices are located in Staten Island and Brooklyn and the New
Jersey counties of Union and Middlesex.
Northfield Bank's principal business consists of originating multifamily and commercial real
estate loans, purchasing investment securities, including mortgage-backed securities and corporate
bonds, and investing funds in other financial institutions. Northfield Bank also offers
construction and land loans, commercial and industrial loans, one- to four-family residential
mortgage loans, and home equity loans and lines of credit. In addition, Northfield Bank offers
loans to finance premiums on insurance policies, including commercial property and casualty, and
professional liability insurance. Northfield Bank offers a variety of deposit accounts, including
certificates of deposit, passbook, statement, and money market savings accounts, transaction
deposit accounts (negotiable orders of withdrawal (NOW) accounts and non-interest bearing demand
accounts), individual retirement accounts, and to a lesser extent when it is deemed cost effective,
brokered deposits. Deposits are Northfield Bank's primary source of funds for its lending and
investing activities. Northfield Bank also uses borrowed funds as a source of funds, principally
repurchase agreements with brokers and Federal Home Loan Bank of New York advances. In addition
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to traditional banking services, Northfield Bank offers insurance products through NSB
Insurance Agency, Inc. Northfield Bank owns 100% of NSB Services Corp., which, in turn, owns 100%
of the voting common stock of a real estate investment trust, NSB Realty Trust, which holds
primarily mortgage loans and other real estate related investments.
Northfield Bank is subject to comprehensive regulation and examination by the Office of Thrift
Supervision.
Northfield Bank's main office is located at 1731 Victory Boulevard, Staten Island, New York
10314, and its telephone number at this address is (718) 448-1000. Its website address is
www.eNorthfield.com
. Information on this website is not and should not be considered to be
a part of this prospectus.
Market Area and Competition
We have been in business for over 122 years, offering a variety of financial products and
services to meet the needs of the communities we serve. Our retail banking network consists of
multiple delivery channels including full-service banking offices, automated teller machines, and
telephone and internet banking capabilities. We consider our competitive products and pricing,
branch network, reputation for superior customer service, and financial strength, as our major
strengths in attracting and retaining customers in our market areas.
We face intense competition in our market area both in making loans and attracting deposits.
Our market areas have a high concentration of financial institutions, including large money center
and regional banks, community banks, and credit unions. We face additional competition for
deposits from money market funds, brokerage firms, mutual funds, and insurance companies. Some of
our competitors offer products and services that we do not offer, such as trust services and
private banking.
In addition, turmoil in the United States and world economies, and more specifically in the
financial services industry, has resulted in financial services companies such as investment banks,
and automobile and real estate finance companies, electing to become bank holding companies. These
financial services companies have traditionally received their funding from sources other than
insured bank deposits. Many of the alternative funding sources traditionally used by these
companies are no longer available, which has resulted in their relying more on insured bank
deposits to fund their operations, thereby increasing competition for deposits and related costs of
such deposits.
Our deposit sources are primarily concentrated in the communities surrounding our banking
offices in the New York Counties of Richmond (Staten Island) and Kings (Brooklyn), and Union and
Middlesex Counties in New Jersey. As of June 30, 2009 (the latest date for which information is
publicly available), we ranked fifth in deposit market share in Staten Island with an 8.85% market
share. We had a 0.09% market share in Brooklyn, New York. In Middlesex and Union Counties in New
Jersey, as of June 30, 2009, we had a combined market share of 0.69%.
The following table sets forth the unemployment rates for the communities we serve and the
national average for the last five years, as provided by the Bureau of Labor Statistics.
Unemployment Rate At December 31,
2009
2008
2007
2006
2005
Union County, NJ
9.5
%
5.7
%
4.5
%
4.8
%
4.8
%
Middlesex County, NJ
8.7
%
5.0
%
3.9
%
4.3
%
4.2
%
Richmond County, NY
8.4
%
4.9
%
4.4
%
4.5
%
5.2
%
Kings County, NY
10.1
%
5.8
%
5.3
%
5.4
%
6.2
%
National Average
10.0
%
7.4
%
5.0
%
4.4
%
4.9
%
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The following table sets forth median household income at December 31, 2008 for the
communities we serve, as provided by the U.S. Census Bureau.
Median Household Income
At December 31, 2008
Union County, NJ
$
67,127
Middlesex County, NJ
$
77,015
Richmond County, NY
$
72,557
Kings County, NY
$
43,172
While the disruption in the financial markets has generally affected the banking industry
negatively, it has created opportunities for Northfield Bank. With many lenders reducing their
loan originations, we have continued to lend to qualified borrowers and we were able to increase
our loan portfolio in 2009 and in the first quarter of 2010. While our lending has increased in
this difficult environment, we are committed to maintaining our loan underwriting standards. We do
not originate or purchase sub-prime loans, negative amortization loans or option ARM loans. A
continuation or worsening of current economic conditions could make it more difficult in the future
to maintain the loan growth we experienced during 2009, as reflected in lower loan growth during
the first quarter of 2010.
Lending Activities
Our principal lending activity is the origination of multifamily real estate loans and
commercial real estate loans. We also originate one- to four-family residential real estate loans,
construction and land loans, commercial and industrial loans, home equity loans and lines of credit
and loans to finance premiums on insurance policies, including commercial property and casualty,
and professional liability insurance.
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Loan Portfolio Composition.
The following table sets forth the composition of our loan
portfolio, by type of loan at the dates indicated, excluding loans held for sale of $0, $0, $0,
$270,000, $125,000, and $0 at March 31, 2010 and December 31, 2009, 2008, 2007, 2006, and 2005,
respectively.
At March 31,
At December 31,
2010
2009
2008
2007
2006
2005
Amount
Percent
Amount
Percent
Amount
Percent
Amount
Percent
Amount
Percent
Amount
Percent
(Dollars in thousands)
Real estate loans:
Commercial
$
332,427
45.13
%
$
327,802
44.99
%
$
289,123
49.05
%
$
243,902
57.50
%
$
207,680
50.75
%
$
165,657
42.72
%
One- to four-family residential
90,014
12.22
90,898
12.48
103,128
17.49
95,246
22.45
107,572
26.29
127,477
32.87
Construction and land
39,523
5.36
44,548
6.11
52,158
8.85
44,850
10.57
52,124
12.74
52,890
13.64
Multifamily
187,372
25.44
178,401
24.48
108,534
18.41
14,164
3.34
13,276
3.24
14,105
3.64
Home equity and lines of credit
28,143
3.82
26,118
3.58
24,182
4.10
12,797
3.02
13,922
3.40
16,105
4.15
Commercial and
industrial loans
17,833
2.42
19,252
2.64
11,025
1.87
11,397
2.69
11,022
2.70
8,068
2.08
Insurance premium loans
39,977
5.43
40,382
5.54
—
—
—
—
—
—
—
—
Other loans
1,328
0.18
1,299
0.18
1,339
0.23
1,842
0.43
3,597
0.88
3,510
0.90
Total loans
736,617
100.00
%
728,700
100.00
%
589,489
100.00
%
424,198
100.00
%
409,193
100.00
%
387,812
100.00
%
Other items:
Deferred loan costs (fees), net
608
569
495
131
(4
)
(345
)
Allowance for loan losses
(17,146
)
(15,414
)
(8,778
)
(5,636
)
(5,030
)
(4,795
)
Net loans held-for-investment
$
720,079
$
713,855
$
581,206
$
418,693
$
404,159
$
382,672
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Loan Portfolio Maturities.
The following table summarizes the scheduled repayments of
our loan portfolio at December 31, 2009. Demand loans (loans having no stated repayment schedule
or maturity) and overdraft loans are reported as being due in the year ending December 31, 2010.
Maturities are based on the final contractual payment date and do not reflect the effect of
prepayments and scheduled principal amortization.
One- to Four-Family
Commercial Real Estate
Residential
Construction and Land
Multifamily
Weighted
Weighted
Weighted
Weighted
Average
Average
Average
Average
Amount
Rate
Amount
Rate
Amount
Rate
Amount
Rate
(Dollars in thousands)
Due during the
years ending
December 31,
2010
$
5,806
4.03
%
$
24
6.61
%
$
22,322
5.96
%
$
5,496
6.00
%
2011
6,219
6.52
123
6.19
12,084
6.45
304
6.93
2012
1,377
7.02
1,068
5.72
—
—
—
—
2013 to 2014
2,032
6.56
2,788
5.57
284
5.50
549
6.39
2015 to 2019
8,129
6.55
21,032
5.25
157
7.75
716
6.29
2020 to 2024
27,460
6.29
10,687
5.48
137
7.75
13,952
6.64
2025 and beyond
276,779
6.48
55,176
5.66
9,564
5.57
157,384
5.96
Total
$
327,802
6.43
%
$
90,898
5.54
%
$
44,548
6.02
%
$
178,401
6.02
%
Home Equity and Lines
Commercial and
of Credit
Industrial
Insurance Premium
Other
Total
Weighted
Weighted
Weighted
Weighted
Weighted
Average
Average
Average
Average
Average
Amount
Rate
Amount
Rate
Amount
Rate
Amount
Rate
Amount
Rate
(Dollars in thousands)
Due during the
years ending
December 31,
2010
$
616
6.67
%
$
7,457
6.23
%
$
40,349
6.84
%
$
1,229
2.89
%
$
83,299
6.24
%
2011
16
5.48
1,033
5.63
13
7.50
70
7.00
19,862
6.44
2012
1,227
6.74
391
7.43
20
9.20
—
—
4,083
6.65
2013 to 2014
1,627
5.25
1,347
5.99
—
—
—
—
8,627
5.86
2015 to 2019
4,376
5.70
3,207
7.41
—
—
—
—
37,617
5.80
2020 to 2024
6,527
5.58
5,078
6.90
—
—
—
—
63,841
6.21
2025 and beyond
11,729
4.89
739
6.25
—
—
—
—
511,371
6.18
Total
$
26,118
5.35
%
$
19,252
6.58
%
$
40,382
6.84
%
$
1,299
3.11
%
$
728,700
6.17
%
As of December 31, 2010, we had a total of $511.4 million in loans due to mature in 2025
and beyond, of which $33.5 million, or 6.6%, were fixed-rate loans.
The following table sets forth the scheduled repayments of fixed- and adjustable-rate loans at
December 31, 2009, that are contractually due after December 31, 2010.
Due After December 31, 2010
Fixed Rate
Adjustable Rate
Total
(In thousands)
Real estate loans:
Commercial
$
21,538
$
300,458
$
321,996
One- to four-family residential
49,528
41,346
90,874
Construction and land
8,403
13,823
22,226
Multifamily
9,089
163,816
172,905
Home equity and lines of credit
15,487
10,015
25,502
Commercial and industrial loans
3,343
8,452
11,795
Insurance premium loans
33
—
33
Other loans
70
—
70
Total loans
$
107,491
$
537,910
$
645,401
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Commercial Real Estate Loans.
Commercial real estate loans totaled $332.4 million, or
45.13% of our loan portfolio as of March 31, 2010. Commercial real estate loans at March 31, 2010
included $29.4 million secured primarily by hotels and motels, $57.2 million secured by office
buildings, and $65.3 million secured by manufacturing buildings. Approximately $155.1 million of
our commercial real estate loans are
owner-occupied
businesses. At March 31, 2010, our commercial
real estate loan portfolio consisted of 333 loans with an average loan balance of approximately
$1.0 million although there are a large number of loans with balances substantially greater than
this average. At March 31, 2010, our largest commercial real estate loan had a principal balance
of $9.7 million, and was secured by a hotel. At March 31, 2010, this loan was performing in
accordance with its original contractual terms. In recent years, we have originated limited
amounts of commercial real estate loans due to economic conditions. We expect that we would
increase our originations of commercial real estate loans if economic conditions improve.
Substantially all of our commercial real estate loans are secured by properties located in our
primary market areas.
The table below sets forth the property types collateralizing our commercial real estate loans
as of March 31, 2010.
At March 31, 2010
Amount
Percent
(Dollars in thousands)
Manufacturing
$
65,189
19.6
%
Office building
57,231
17.2
Warehouse
29,640
8.9
Accommodations
29,361
8.8
Mixed use
26,508
8.0
Retail
22,139
6.7
Services
18,358
5.5
Restaurant
11,915
3.6
Schools/day care
10,654
3.2
Recreational
4,533
1.4
Other
56,900
17.1
Total
$
332,427
100.0
%
Our commercial real estate loans typically amortize over 20- to 25-years with interest
rates that generally adjust after an initial five-year period, and every five years thereafter.
Margins generally range from 275 basis points to 350 basis points above the average yield on United
States Treasury securities, adjusted to a constant maturity of similar term, as published by the
Federal Reserve Board. Adjustable rate loans originated during 2009 and the first quarter of 2010,
generally have been indexed to the five year London Interbank Offered Rate (LIBOR) swaps rate as
published in the Federal Reserve Statistical Release adjusted for a negotiated margin. We also
originate, to a lesser extent, 10- to 15-year fixed-rate, fully amortizing loans. In general, our
commercial real estate loans have interest rate floors equal to the interest rate on the date the
loan is originated, and have prepayment penalties should the loan be repaid in the first three to
five years.
In the underwriting of commercial real estate loans, we generally lend up to the lesser of 75%
of the property's appraised value or purchase price. Certain single use property types have lower
loan to appraised value ratios. We base our decision to lend primarily on the economic viability
of the property and the creditworthiness of the borrower. In evaluating a proposed commercial real
estate loan, we emphasize the ratio of the property's projected net cash flow to the loan's debt
service requirement (generally requiring a minimum ratio of 120%), computed after deduction for a
vacancy factor, where applicable, and property expenses we deem appropriate. Personal guarantees
are usually obtained from commercial real estate borrowers. We require title insurance, fire and
extended coverage casualty insurance, and, if appropriate, flood insurance, in order to protect our
security interest in
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the underlying property. Although a significant portion of our commercial real estate loans
are referred by brokers, we underwrite all commercial real estate loans in accordance with our
underwriting standards.
Commercial real estate loans generally carry higher interest rates and have shorter terms than
one- to four-family residential real estate loans. Commercial real estate loans generally have
greater credit risks compared to one- to four-family residential real estate loans, as they
typically involve larger loan balances concentrated with single borrowers or groups of related
borrowers. In addition, the payment of loans secured by income-producing properties typically
depends on the successful operation of the property, as repayment of the loan generally is
dependent on sufficient income from the property to cover operating expenses and debt service.
Changes in economic conditions that are not within a borrower's or lender's control could affect
the value of the collateral for the loan or the future cash flow of the property. Additionally,
any decline in real estate values may be more pronounced for commercial real estate than for
residential properties.
Multifamily Real Estate Loans.
In recent years, we have focused on originating multifamily
real estate loans. Loans secured by multifamily and mixed use properties totaled $187.4 million,
or 25.44% of our total loan portfolio, at March 31, 2010. We classify mixed use properties as
multifamily when they have more than four residential family units and a business or businesses.
At March 31, 2010, we had 234 multifamily real estate loans with an average loan balance of
$801,000. At March 31, 2010, our largest multifamily real estate loan had a principal balance of
$7.8 million and was performing in accordance with its original contractual terms. Substantially
all of our multifamily real estate loans are secured by properties located in our market areas.
Our multifamily real estate loans typically amortize over 20 to 30 years with interest rates
that adjust after an initial five- or 10-year period, and every five years thereafter. Margins
generally range from 275 basis points to 350 basis points above the average yield on United States
Treasury securities, adjusted to a constant maturity of similar term, as published by the Federal
Reserve Board. Variable rate loans originated during 2009 and the first quarter of 2010 generally
have been indexed to the five-year LIBOR swaps rate as published in the Federal Reserve Statistical
Release adjusted for a negotiated margin. We also originate, to a lesser extent, 10- to 15-year
fixed-rate, fully amortizing loans. In general, our multifamily real estate loans have interest
rate floors equal to the interest rate on the date the loan is originated, and have prepayment
penalties should the loan be prepaid in the first three to five years.
In underwriting multifamily real estate loans, we consider a number of factors, including the
projected net cash flow to the loan's debt service requirement (generally requiring a minimum ratio
of 115%), the age and condition of the collateral, the financial resources and income level of the
borrower, and the borrower's experience in owning or managing similar properties. Multifamily real
estate loans generally are originated in amounts up to 75% of the appraised value of the property
securing the loan. Due to competitive considerations, we typically do not obtain personal
guarantees from multifamily real estate borrowers.
Loans secured by multifamily real estate properties generally have greater credit risk than
one- to four-family residential real estate loans. This increased credit risk is a result of
several factors, including the concentration of principal in a limited number of loans and
borrowers, the effects of general economic conditions on income producing properties, and the
increased difficulty of evaluating and monitoring these types of loans. Furthermore, the repayment
of loans secured by multifamily real estate properties typically depends on the successful
operation of the property. If the cash flow from the project is reduced, the borrower's ability to
repay the loan may be impaired.
In a ruling that was contrary to a 1996 advisory opinion from the New York State Division of
Housing and Community Renewal that owners of housing units who benefited from the receipt of "J-51"
tax incentives under the Rent Stabilization Law are eligible to decontrol apartments, the New York
State Court of Appeals ruled, on October 22, 2009, that residential housing units located in two
major housing complexes in New York City had been illegally decontrolled by the current and
previous property owners. This ruling may subject to litigation other property owners that have
previously or are currently benefiting from a J-51 tax incentive, possibly resulting in a
significant reduction to property cash flows. Based on management's assessment of its multifamily
loan portfolio, it believes that only one loan may be affected by the recent ruling regarding J-51.
The loan, which is our largest multifamily
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residential real estate loan, noted above, has a principal balance of $7.8 million at March
31, 2010, and is performing in accordance with its original contractual terms.
Construction and Land Loans.
At March 31, 2010, construction and land loans totaled $39.5
million, or 5.36% of total loans receivable. At March 31, 2010, the additional unadvanced portion
of these construction loans totaled $9.8 million. At March 31, 2010, we had 41 construction and
land loans with an average loan balance of $964,000. At March 31, 2010, our largest construction
and land loan had a principal balance of $4.8 million and was for the purpose of purchasing
commercial land. This loan is performing in accordance with its original contractual terms. In
recent years, we have originated limited amounts of construction and land loans due to economic
conditions. We expect that we would increase our originations of these types of loans if economic
conditions improve.
Our construction and land loans typically are interest only loans with interest rates that are
tied to the prime rate as published by
The Wall Street Journal
. Margins generally range from zero
basis points to 200 basis points above the prime rate. We also originate, to a lesser extent, 10-
to 15-year fixed-rate, fully amortizing land loans. In general, our construction and land loans
have interest rate floors equal to the interest rate on the date the loan is originated, and we do
not typically charge prepayment penalties for these types of loans.
We grant construction and land loans to experienced developers for the construction of
single-family residences, including condominiums, and commercial properties. Construction and land
loans also are made to individuals for the construction of their personal residences. Advances on
construction loans are made in accordance with a schedule reflecting the cost of construction, but
are generally limited to a loan-to-completed-appraised-value ratio of 70%. Repayment of
construction loans on residential properties normally is expected from the sale of units to
individual purchasers, or in the case of individuals building their own property, with a permanent
mortgage. In the case of income-producing property, repayment usually is expected from permanent
financing upon completion of construction. We typically offer the permanent mortgage financing on
our construction loans on income-producing properties.
Land loans also help finance the purchase of land intended for future development, including
single-family housing, multifamily housing, and commercial property. In some cases, we may make an
acquisition loan before the borrower has received approval to develop the land. In general, the
maximum loan-to-value ratio for a land acquisition loan is 50% of the appraised value of the
property, and the maximum term of these loans is two years. If the maturity of the loan exceeds
two years, the loan must be an amortizing loan.
Construction and land loans generally carry higher interest rates and have shorter terms than
one- to four- family residential real estate loans. Construction and land loans have greater
credit risk than long-term financing on improved, owner-occupied real estate. Risk of loss on a
construction loan depends largely upon the accuracy of the initial estimate of the value of the
real estate at completion of construction as compared to the estimated cost (including interest) of
construction and other assumptions. If the estimate of construction costs is inaccurate, we may
decide to advance additional funds beyond the amount originally committed in order to protect the
value of the real estate. However, if the estimated value of the completed project is inaccurate,
the borrower may hold the real estate with a value that is insufficient to assure full repayment of
the construction loan upon its sale. In the event we make a land acquisition loan on real estate
that is not yet approved for the planned development, there is a risk that approvals will not be
granted or will be delayed. Construction loans also expose us to a risk that improvements will not
be completed on time in accordance with specifications and projected costs. In addition, the
ultimate sale or rental of the real estate may not occur as anticipated and the market value of
collateral, when completed, may be less than the outstanding loans against the real estate.
Substantially all of our construction and land loans are secured by real estate located in our
primary market areas.
Commercial and Industrial Loans.
At March 31, 2010, commercial and industrial loans totaled
$17.8 million, or 2.42% of the total loan portfolio. As of March 31, 2010, we had 95 commercial
and industrial loans with an average loan balance of $188,000, although we originate these types of
loans in amounts substantially greater and smaller than this average. At March 31, 2010, our
largest commercial and industrial loan had a principal balance of $3.0 million and was performing
in accordance with its original contractual terms. At March 31, 2010, $14.7
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million, or 82.6% of our commercial and industrial loans, were secured loans, and the
remaining $3.1 million, or 17.4%, were unsecured. The security generally consists of (i) second
mortgages on commercial real estate and (ii) business assets.
Our commercial and industrial loans typically amortize over 10 years with interest rates that
are tied to the prime rate as published in
The Wall Street Journal
. Margins generally range from
zero basis points to 300 basis points above the prime rate. We also originate, to a lesser extent,
10 year fixed-rate, fully amortizing loans. In general, our commercial and industrial loans have
interest rate floors equal to the interest rate on the date the loan is originated and have
prepayment penalties.
We make various types of secured and unsecured commercial and industrial loans to customers in
our market area for the purpose of working capital and other general business purposes. The terms
of these loans generally range from less than one year to a maximum of 15 years. The loans are
either negotiated on a fixed-rate basis or carry adjustable interest rates indexed to a market rate
index.
Commercial credit decisions are based on our credit assessment of the applicant. We evaluate
the applicant's ability to repay in accordance with the proposed terms of the loan and assess the
risks involved. Personal guarantees of the principals are typically obtained. In addition to
evaluating the loan applicant's financial statements, we consider the adequacy of the primary and
secondary sources of repayment for the loan. Credit agency reports of the guarantors' personal
credit history supplement our analysis of the applicant's creditworthiness. We also attempt to
confirm with other banks and conduct trade investigations as part of our credit assessment of the
borrower. Collateral supporting a secured transaction also is analyzed to determine its
marketability.
Commercial and industrial loans generally carry higher interest rates than one- to four-
family residential real estate loans of like maturity because they have a higher risk of default
since their repayment generally depends on the successful operation of the borrowers' business.
Commercial and industrial loans have greater credit risk than one- to four- family residential real
estate loans.
Insurance premium loans.
At March 31, 2010, insurance premium loans totaled $40.0 million, or
5.43% of the total loan portfolio. As of March 31, 2010, we had 4,517 insurance premium loans with
an average loan balance of $9,000, although we originate these types of loans in amounts
substantially greater and smaller than this average. At March 31, 2010, our largest insurance
premium loan had a principal balance of $961,000 and was performing in accordance with its original
contractual terms.
Our insurance premium loans typically amortize over nine to 12 months at fixed rates and
typically require a down payment of 15% to 20%. These loans are structured (down payment and
repayment term) such that the unpaid loan balance is generally fully secured by the unearned
premiums refundable by insurance carriers. Insurance premium loan credit decisions generally are
based on our credit assessment of the insurance carrier, and in some instances, the credit
assessment of the borrower.
One- to Four-Family Residential Real Estate Loans.
At March 31, 2010, we had 554 one- to
four-family residential real estate loans outstanding with an aggregate balance of $90.0 million,
or 12.22% of our total loan portfolio. As of March 31, 2010, the average balance of one- to
four-family residential mortgage real estate loans was $162,000, although we originate this type of
loan in amounts substantially greater and smaller than this average. At March 31, 2010, our largest
loan of this type had a principal balance of $2.4 million and was performing in accordance with its
original contractual terms. We expect the balance of these loans to decrease in the future, as we
are currently selling our originations of one- to four-family residential real estate loans.
One- to four-family residential real estate loans generally are underwritten according to
Freddie Mac guidelines using their proprietary automated underwriting software, and we refer to
loans that conform to such guidelines as "conforming loans." We generally originate both fixed-
and adjustable-rate loans in amounts up to the maximum conforming loan limits as established by the
Office of Federal Housing Enterprise Oversight, which as of December 31, 2009, is generally
$417,000 for single-family homes. We also originate loans above the lending limit for conforming
loans, which are referred to as "jumbo loans." We originate a limited number of fixed-rate jumbo
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loans with terms generally up to 15 years and adjustable-rate jumbo loans with an initial
fixed-rate period of 10 years. We generally underwrite jumbo loans in a manner similar to
conforming loans. These loans generally are eligible for sale to various firms that specialize in
purchasing non-conforming loans. Jumbo loans are common in our market area although we have never
sold jumbo loans to any third parties.
We will originate loans with loan-to-value ratios in excess of 80%, up to and including a
loan-to-value ratio of 95%. We require private mortgage insurance for all loans with loan-to-value
ratios exceeding 80%. Generally, we will retain in our portfolio loans with loan-to-value ratios
up to and including 90%, and sell loans with loan-to-value ratios that exceed 90%. We currently
retain the servicing rights on loans sold which generates fee income, or, in the case of loans
serviced for the State of New York Mortgage Agency, income tax credits.
We do not originate for retention in our portfolio "interest only" mortgage loans on one- to
four-family residential properties, where the borrower pays interest for an initial period and
thereafter the loan converts to a fully amortizing loan. We also do not offer loans that provide
for negative amortization of principal, such as "Option ARM" loans, where the borrower can pay less
than the interest owed on the loan, thereby resulting in an increased principal balance during the
life of the loan. We do not offer, and have not offered, "subprime loans" (loans that generally
target borrowers with weakened credit histories typically characterized by payment delinquencies,
previous charge-offs, judgments, bankruptcies, or borrowers with questionable repayment capacity as
evidenced by low credit scores or high debt-burden ratios).
Home Equity Loans and Lines of Credit.
At March 31, 2010, we had 480 home equity loans and
lines of credit with an aggregate outstanding balance of $28.1 million, or 3.82% of our total loan
portfolio. Of this total, there were outstanding home equity lines of credit of $12.8 million, or
1.74% of our total loan portfolio. At March 31, 2010, the average home equity loans and lines of
credit balance was $59,000 although we originate these types of loans in amounts substantially
greater and lower than this average. At March 31, 2010, our largest home equity line of credit was
$1.5 million and our largest home equity loan was $331,000, and both were performing in accordance
with their original contractual terms.
We offer home equity loans and home equity lines of credit that are secured by the borrower's
primary residence or second home. Home equity lines of credit are variable rate loans tied to the
prime rate as published in
The Wall Street Journal,
adjusted for a margin, and have a maximum term
of 20 years during which time the borrower is required to make principal payments based on a
20-year amortization schedule. Home equity lines generally have interest rate floors and ceilings.
The borrower is permitted to draw against the line during the entire term. Our home equity lines
of credit have a ceiling rate and a floor rate. Our home equity loans typically are fully
amortizing with fixed terms to 20 years. Home equity loans and lines of credit generally are
underwritten with the same criteria we use to underwrite fixed-rate, one- to
four-family
residential real estate loans. Home equity loans and lines of credit may be underwritten with a
loan-to-value ratio of 80% when combined with the principal balance of the existing mortgage loan.
We appraise the property securing the loan at the time of the loan application to determine the
value of the property. At the time we close a home equity loan or line of credit, we record a
mortgage to perfect our security interest in the underlying collateral.
Loan Originations, Purchases, Sales, Participations, and Servicing.
Lending activities are
conducted in all branch locations. All loans we originate for our portfolio are underwritten
pursuant to our policies and procedures. Freddie Mac underwriting standards are utilized for loans
we originate to sell in the secondary market. We may, based on proper approvals, make exceptions
to our policies and procedures. We originate both adjustable-rate and fixed-rate loans. Our
ability to originate fixed- or adjustable-rate loans is dependent on the relative customer demand
for such loans, which is affected by various factors including current market interest rates as
well as anticipated future market interest rates. Our loan origination and sales activity may be
adversely affected by a rising interest rate environment that typically results in decreased loan
demand. A significant portion of our commercial real estate loans and multifamily real estate
loans are generated by referrals from loan brokers, accountants, and other professional contacts.
Most of our one- to four-family residential real estate loans are generated through referrals from
branch personnel. Our home equity loans and lines of credit typically are generated through direct
mail advertisements, newspaper advertisements, and referrals from branch personnel.
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We generally retain in our portfolio all adjustable-rate loans we originate, as well as
shorter-term, fixed-rate residential loans (terms of 10 years or less). Loans we sell consist
primarily of conforming, longer-term, fixed-rate residential loans. We sold no one- to four-family
residential real estate loans during the three months ended March 31, 2010 and we sold $7.4 million
of one- to four-family residential real estate loans (generally fixed-rate loans, with terms of 15
years or longer) during the year ended December 31, 2009. We had no loans
held-for-sale
at March
31, 2010.
We sell our loans without recourse, except for standard representations and warranties
provided in secondary market transactions. Currently, we retain the servicing rights on all one-
to four-family residential real estate loans we sell. At March 31, 2010, we were servicing loans
for others of $71.7 million of one- to four-family residential mortgage loans. Historically, the
origination of loans held for sale and related servicing activity has not been material to our
operations. Loan servicing includes collecting and remitting loan payments, accounting for
principal and interest, contacting delinquent borrowers, supervising foreclosures and property
dispositions in the event of unremedied defaults, making certain insurance and tax payments on
behalf of the borrowers and generally administering the loans. We retain a portion of the interest
paid by the borrower on the loans we service as consideration for our servicing activities, or, in
the case of loans serviced for the State of New York Mortgage Agency, we receive an income tax
credit.
During the fourth quarter of 2009, we purchased approximately $35.4 million in insurance
premium loans.
Loan Approval Procedures and Authority
. Northfield Bank's lending activities follow written,
non-discriminatory underwriting standards established by our board of directors. The loan approval
process is intended to assess the borrower's ability to repay the loan and the value of any
collateral that will secure the loan. To assess the borrower's ability to repay, we review the
borrower's employment and credit history, and information on the historical and projected income
and expenses of the borrower.
In underwriting a loan secured by real property, we require an appraisal of the property by an
independent licensed appraiser approved by our board of directors. The appraisal is subject to
review by an independent third party we hire. We review and inspect properties before disbursement
of funds during the term of a construction loan. Generally, management obtains updated appraisals
when a loan is deemed impaired. These appraisals may be more limited than those prepared for the
underwriting of a new loan. In addition, when we acquire other real estate owned, we generally
obtain a current appraisal to substantiate the net carrying value of the asset.
The board of directors of Northfield Bank has established a loan committee to: periodically
review and recommend for approval our policies related to lending (collectively, the "loan
policies") as prepared by management; approve or reject loans meeting certain criteria; and monitor
loan quality, including concentrations, and certain other aspects of our lending functions, as
applicable. Northfield Bank's lending officers have individual lending authority that is approved
by the board of directors. Aggregate lending relationships in amounts up to $1.0 million that are
secured by real estate can be approved by a senior vice president, while aggregate amounts up to
$1.5 million that are secured by real estate can be approved by a senior vice president with the
concurrence of our Chief Lending Officer, and aggregate amounts up to $2.5 million that are secured
by real estate can be approved by a senior vice president with the concurrence of our Chief Lending
Officer and our Chief Executive Officer. Approval of the loan committee is required for all
commercial real estate loans in excess of $2.5 million and for all multi-family real estate loans
in excess of $4.0 million.
Investments
We conduct investment transactions in accordance with our board approved investment policy
which is reviewed at least annually by the asset liability committee, and any changes to the policy
are subject to ratification by the full board of directors. This policy dictates that investment
decisions give consideration to the safety of the investment, liquidity requirements, potential
returns, the ability to provide collateral for pledging requirements, and consistency with our
interest rate risk management strategy. Any two of our Treasurer, Chief Executive Officer, Chief
Financial Officer and our other two executive vice presidents may approve securities portfolio
transactions, within policy requirements. NSB Services Corp.'s and NSB Realty Trust's investment
officers execute security
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portfolio transactions in accordance with investment policies that substantially mirror our
investment policy. All purchase and sale transactions are reviewed by the asset liability
committee at least quarterly.
Our current investment policy permits investments in mortgage-backed securities, including
pass-through securities and real estate mortgage investment conduits ("REMICs"). The investment
policy also permits, with certain limitations, investments in debt securities issued by the United
States Government, agencies of the United States Government or United States Government-sponsored
enterprises (GSEs),
asset-backed
securities, money market mutual funds, federal funds, investment
grade corporate bonds, reverse repurchase agreements, and certificates of deposit.
Northfield Bank's investment policy does not permit investment in municipal bonds, preferred
and common stock of other entities including U.S. Government sponsored enterprises or equity
securities other than our required investment in the common stock of the Federal Home Loan Bank of
New York, or as permitted for community reinvestment purposes or for the purposes of funding our
deferred compensation plan. Northfield-Federal may invest in equity securities of other financial
institutions up to certain limitations. As of March 31, 2010, we held no asset-backed securities
other than mortgage-backed securities. Our board of directors may change these limitations in the
future.
Our current investment policy does not permit hedging through the use of such instruments as
financial futures, interest rate options, and swaps.
At the time of purchase, we must designate a security as either
held-to-maturity
,
available-for-sale, or trading, based upon our ability and intent to hold such securities. Trading
securities and securities available-for-sale are reported at estimated fair value, and securities
held-to-maturity
are reported at amortized cost. A periodic review and evaluation of the
available-for-sale and held-to-maturity securities portfolios is conducted to determine if the
estimated fair value of any security has declined below its carrying value and whether such
impairment is
other-than-temporary
. If such impairment is deemed to be other-than-temporary, the
security is written down to a new cost basis and the resulting loss is charged against earnings.
The estimated fair values of our securities are obtained from an independent nationally recognized
pricing service (see "Management's Discussion and Analysis of Financial Condition and Results of
Operations—Critical Accounting Policies" for further discussion). At March 31, 2010, our
investment portfolio consisted primarily of mortgage-backed securities guaranteed by GSEs and to a
lesser extent private label mortgage-backed securities, mutual funds, corporate securities, and
agency bonds. The market for these securities consists primarily of other financial institutions,
insurance companies, real estate investment trusts, and mutual funds.
We purchase mortgage-backed securities insured or guaranteed primarily by Fannie Mae, Freddie
Mac, or Ginnie Mae, and to a lesser extent, we acquire securities issued by private companies
(private label). We invest in mortgage-backed securities to achieve positive interest rate spreads
with minimal administrative expense, and to lower our credit risk as a result of the guarantees
provided by Fannie Mae, Freddie Mac, or Ginnie Mae. In September 2008, the Federal Housing Finance
Agency placed Freddie Mac and Fannie Mae into conservatorship. The U.S. Treasury Department has
established financing agreements to ensure that Freddie Mac and Fannie Mae meet their obligations
to holders of mortgage-backed securities that they have issued or guaranteed.
Mortgage-backed securities are securities sold in the secondary market that are collateralized
by pools of mortgages. Certain types of mortgage-backed securities are commonly referred to as
"pass-through" certificates because the principal and interest of the underlying loans is "passed
through" pro rata to investors, net of certain costs, including servicing and guarantee fees, in
proportion to an investor's ownership in the entire pool. The issuers of such securities pool
mortgages and resell the participation interests in the form of securities to investors. The
interest rate of the security is lower than the interest rates of the underlying loans to allow for
payment of servicing and guaranty fees. Ginnie Mae, a United States Government agency, and GSEs,
such as Fannie Mae and Freddie Mac, may guarantee the payments or guarantee the timely payment of
principal and interest to investors.
Mortgage-backed securities are more liquid than individual mortgage loans since there is a
more active market for such securities. In addition, mortgage-backed securities may be used to
collateralize our specific
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Table of Contents
liabilities and obligations. Investments in mortgage-backed securities issued or guaranteed
by GSEs involve a risk that actual payments will be greater or less than estimated at the time of
purchase, which may require adjustments to the amortization of any premium or accretion of any
discount relating to such interests, thereby affecting the net yield on our securities. We
periodically review current prepayment speeds to determine whether prepayment estimates require
modification that could cause adjustment of amortization or accretion.
We invest in certain mortgage-backed securities (which we refer to as REMICs) that are issued
by special-purpose entities that aggregate pools of mortgages and mortgage-backed securities and
create different classes of securities with varying maturities and amortization schedules, as well
as a residual interest, with each class possessing different risk characteristics. The cash flows
from the underlying collateral are generally divided into "tranches" or classes that have
descending priorities with respect to the distribution of principal and interest cash flows, while
cash flows on pass-through mortgage-backed securities are distributed pro rata to all security
holders.
The timely payment of principal and interest on these REMICs is generally supported (credit
enhanced) in varying degrees by either insurance issued by a financial guarantee insurer, letters
of credit, over collateralization, or subordination techniques. Substantially all of these
securities are rated "AAA" by Standard & Poors or Moodys at the time of purchase. Privately issued
REMICs and pass-throughs can be subject to certain credit-related risks normally not associated
with U.S. Government agency and U.S. Government-sponsored enterprise
mortgage-backed
securities.
The loss protection generally provided by the various forms of credit enhancements is limited, and
losses in excess of certain levels are not protected. Furthermore, the credit enhancement itself
may be subject to the creditworthiness of the credit enhancer. Thus, in the event a credit
enhancer does not fulfill its obligations, the holder could be subject to risk of loss similar to a
purchaser of a whole loan pool. Management believes that the credit enhancements are adequate to
protect us from material losses on our privately issued mortgage-backed securities.
At March 31, 2010, our corporate bond portfolio consisted of $136.7 million of short-term
investment grade securities. Our investment policy provides that we may invest up to 15% of our
tier-one risk-based capital in corporate bonds from individual issuers which, at the time of
purchase, are within the three highest investment-grade ratings from Standard & Poors or Moodys.
The maturity of these bonds may not exceed 10 years, and there is no aggregate limit for this
security type. Corporate bonds from individual issuers with investment-grade ratings, at the time
of purchase, below the top three ratings are limited to the lesser of 1% of our total assets or 15%
of our tier-one risk-based capital and must have a maturity of less than one year. Aggregate
holdings of this security type cannot exceed 5% of our total assets. Bonds that subsequently
experience a decline in credit rating below investment grade are monitored at least monthly.
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Table of Contents
The following tables set forth the amortized cost and estimated fair value of our
available-for-sale and held-to-maturity securities portfolios (excluding Federal Home Loan Bank of
New York common stock) at the dates indicated. As of March 31, 2010 and December 31, 2009, 2008,
and 2007, we also had a trading portfolio with a market value of $3.7 million, $3.4 million, $2.5
million and $3.6 million, respectively, consisting of mutual funds quoted in actively traded
markets. These securities are utilized to fund non-qualified deferred compensation obligations.
At March 31,
At December 31,
2010
2009
2008
2007
Amortized
Estimated
Amortized
Estimated
Amortized
Estimated
Amortized
Estimated
Cost
Fair Value
Cost
Fair Value
Cost
Fair Value
Cost
Fair Value
(In thousands)
Securities available-for-sale:
Mortgage-backed securities:
Pass-through certificates:
GSEs
$
366,089
$
381,723
$
404,128
$
418,060
$
532,870
$
546,244
$
491,758
$
486,562
Non-GSEs
56,696
55,969
65,363
62,466
65,040
55,778
29,200
28,867
REMICs:
GSEs
395,438
400,238
344,150
349,088
242,557
245,492
171,709
171,207
Non-GSEs
101,799
105,627
111,756
114,194
90,446
83,695
36,141
36,522
Equity investments (1)
5,560
5,623
21,820
21,872
9,025
9,025
14,427
14,412
GSE bonds bonds
129,937
130,291
28,994
28,983
—
—
—
—
Corporate bonds
134,026
136,724
134,595
137,140
17,319
17,351
65,146
65,247
Total securities
available-for-sale
$
1,189,545
$
1,216,195
$
1,110,806
$
1,131,803
$
957,257
$
957,585
$
808,381
$
802,817
(1)
Consists of mutual funds.
At March 31,
At December 31,
2010
2009
2008
2007
Amortized
Estimated
Amortized
Estimated
Amortized
Estimated
Amortized
Estimated
Cost
Fair Value
Cost
Fair Value
Cost
Fair Value
Cost
Fair Value
(In thousands)
Securities held-to-maturity:
Mortgage-backed securities:
Pass-through certificates:
GSEs
$
869
$
903
$
874
$
901
$
6,132
$
6,273
$
9,206
$
9,320
REMICs:
GSEs
5,351
5,529
5,866
6,029
8,347
8,315
10,480
10,120
Total securities
held-to-maturity
$
6,220
$
6,432
$
6,740
$
6,930
$
14,479
$
14,588
$
19,686
$
19,440
The following table sets forth the amortized cost and estimated fair value of securities
investments as of March 31, 2010 that exceeded 10% of our stockholders' equity as of that date.
At March 31, 2010
Amortized Cost
Estimated Fair Value
(In thousands)
Mortgage-backed securities:
Fannie Mae
$
290,048
$
301,421
Freddie Mac
$
449,858
$
458,537
JP Morgan Chase
$
60,309
$
61,882
Direct obligations:
Fannie Mae
$
59,947
$
60,137
Federal Home Loan Bank of New York
$
41,619
$
41,449
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Portfolio Maturities and Yields.
The composition and maturities of the investment
securities portfolio at March 31, 2010, are summarized in the following table. Maturities are
based on the final contractual payment dates, and do not reflect the effect of scheduled principal
repayments, prepayments, or early redemptions that may occur. All of our securities at March 31,
2010, were taxable securities.
More than One Year
More than Five Years
One Year or Less
through Five Years
through Ten Years
More than Ten Years
Total
Weighted
Weighted
Weighted
Weighted
Weighted
Amortized
Average
Amortized
Average
Amortized
Average
Amortized
Average
Amortized
Average
Cost
Yield
Cost
Yield
Cost
Yield
Cost
Yield
Cost
Fair Value
Yield
(Dollars in thousands)
Securities available-for-sale:
Mortgage-backed securities:
Pass-through certificates:
GSEs
$
—
—
%
$
126,043
4.21
%
$
179,621
4.47
%
$
60,425
4.92
%
$
366,089
$
381,723
4.45
%
Non-GSEs
—
—
%
—
—
%
23,543
5.04
%
33,153
5.21
%
56,696
55,969
5.14
%
REMICs:
GSEs
—
—
%
200,155
1.47
%
73,291
2.86
%
121,992
3.81
%
395,438
400,238
2.45
%
Non-GSEs
—
—
%
—
—
%
84,093
4.96
%
17,706
2.52
%
101,799
105,627
4.54
%
Equity investments
5,560
4.37
%
—
—
%
—
—
%
—
—
%
5,560
5,623
4.37
%
GSE bonds
—
—
%
129,937
2.35
%
—
—
%
—
—
%
129,937
130,291
2.35
%
Corporate bonds
27,127
2.85
%
106,899
2.80
%
—
—
%
—
—
%
134,026
136,724
2.81
%
Total securities
available-for-sale
$
32,687
3.11
%
$
563,034
2.02
%
$
360,548
3.71
%
$
233,276
2.21
%
$
1,189,545
$
1,216,195
2.60
%
Securities held-to-maturity:
Mortgage-backed securities:
Pass-through certificates:
GSEs
$
—
—
%
$
—
—
%
$
—
—
%
$
869
5.36
%
$
869
$
903
5.36
%
REMICs:
—
—
%
—
—
%
—
—
%
5,351
3.78
%
5,351
5,529
3.78
%
Total securities
held-to-maturity
$
—
—
%
$
—
—
%
$
—
—
%
$
6,220
4.00
%
$
6,220
$
6,432
4.00
%
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Table of Contents
Sources of Funds
General.
Deposits traditionally have been our primary source of funds for our investment and
lending activities. We also borrow from the Federal Home Loan Bank of New York and other financial
institutions to supplement cash flow needs, to lengthen the maturities of liabilities for interest
rate risk management purposes, and to manage our cost of funds. Our additional sources of funds
are the proceeds of loan sales, scheduled loan payments, maturing investments, loan prepayments,
and retained income on other earning assets.
Deposits.
We accept deposits primarily from the areas in which our offices are located. We
rely on our convenient locations, customer service, and competitive products and pricing to attract
and retain deposits. We offer a variety of deposit accounts with a range of interest rates and
terms. Our deposit accounts consist of transaction accounts (NOW and non-interest bearing checking
accounts), savings accounts (money market, passbook, and statement savings), and certificates of
deposit, including individual retirement accounts. We accept brokered deposits (through the CDARS
program) on a limited basis. At March 31, 2010, we had brokered certificates of deposit totaling
$136.7 million.
Interest rates offered generally are established weekly, while maturity terms, service fees,
and withdrawal penalties are reviewed on a periodic basis. Deposit rates and terms are based
primarily on current operating strategies and market interest rates, liquidity requirements, and
our deposit growth goals.
At March 31, 2010, we had a total of $626.2 million in certificates of deposit, of which
$525.5 million had remaining maturities of one year or less. Based on our experience and current
pricing strategy, we believe we will retain a significant portion of these accounts at maturity.
The following tables set forth the distribution of our average total deposit accounts, by
account type, for the periods indicated.
For the Three Months Ended March 31,
2010
2009
Weighted
Weighted
Average
Average
Average
Average
Balance
Percent
Rate
Balance
Percent
Rate
(Dollars in thousands)
Non-interest bearing demand
$
109,640
8.21
%
—
%
$
94,185
8.83
%
—
%
NOW
65,038
4.87
1.55
45,629
4.28
1.31
Money market accounts
208,181
15.58
1.26
121,778
11.41
1.41
Savings
364,281
27.27
0.58
356,479
33.41
1.21
Certificates of deposit
588,675
44.07
1.74
448,761
42.07
3.00
Total deposits
$
1,335,815
100.00
%
1.20
%
$
1,066,832
100.00
%
1.88
%
For the Year Ended December 31,
2009
2008
Weighted
Weighted
Average
Average
Average
Average
Balance
Percent
Rate
Balance
Percent
Rate
(Dollars in thousands)
Non-interest bearing demand
$
99,950
8.50
%
—
%
$
94,499
10.41
%
—
%
NOW
51,336
4.36
1.48
63,512
7.00
1.97
Money market accounts
157,620
13.40
1.56
64,444
7.10
2.95
Savings
357,938
30.43
0.79
317,426
34.97
0.86
Certificates of deposit
509,610
43.31
2.39
367,806
40.52
3.44
Total deposits
$
1,176,454
100.00
%
1.55
%
$
907,687
100.00
%
2.04
%
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Table of Contents
For the Year Ended
December 31, 2007
Weighted
Average
Average
Balance
Percent
Rate
(Dollars in thousands)
Non-interest bearing demand
$
96,796
9.57
%
—
%
NOW
46,436
4.60
1.93
Money market accounts
2,773
0.27
2.38
Savings accounts
401,003
39.64
0.65
Certificates of deposit
464,552
45.92
4.35
Total deposits
$
1,011,560
100.00
%
2.35
%
As of March 31, 2010, the aggregate amount of our outstanding certificates of deposit in
amounts equal to $100,000 or more was $339.8 million. The following table sets forth the maturity
of these certificates at March 31, 2010.
At
March 31, 2010
(In thousands)
Three months or less
$
189,950
Over three months through six months
92,494
Over six months through one year
27,072
Over one year to three years
8,610
Over three years
21,678
Total
$
339,804
Borrowings.
Our borrowings consist primarily of securities sold under agreements to
repurchase (repurchase agreements) with third party financial institutions, as well as advances
from the Federal Home Loan Bank of New York, and the Federal Reserve Bank. As of March 31, 2010,
our repurchase agreements totaled $244.7 million, or 14.38% of total liabilities, our capitalized
lease obligations totaled $2.1 million, or 0.12% of total liabilities, and our Federal Home Loan
Bank advances totaled $46.3 million, or 2.72% of total liabilities. At March 31, 2010, we had the
ability to borrow an additional $200 million under our existing credit facilities with the Federal
Home Loan Bank of New York. Repurchase agreements are primarily secured by mortgage-backed
securities. Advances from the Federal Home Loan Bank of New York are secured by our investment in
the common stock of the Federal Home Loan Bank of New York as well by pledged mortgage-backed
securities.
The following table sets forth information concerning balances and interest rates on our
borrowings at and for the periods indicated:
At or For the Three Months
Ended March 31,
At or For the Years Ended December 31,
2010
2009
2009
2008
2007
(Dollars in thousands)
Balance at end of period
$
293,060
$
281,017
$
279,424
$
332,084
$
124,420
Average balance during period
$
311,798
$
304,513
$
297,365
$
277,227
$
127,926
Maximum outstanding at any month end
$
336,089
$
323,822
$
345,506
$
382,107
$
156,459
Weighted average interest rate at end of period
3.45
%
3.67
%
3.63
%
3.70
%
4.12
%
Average interest rate during period
3.26
%
3.68
%
3.62
%
3.51
%
3.97
%
Employees
As of March 31, 2010, we had 204 full-time employees and 33 part-time employees. Our
employees are not represented by any collective bargaining group. Management believes that we have
a good working relationship with our employees.
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Subsidiary Activities
Northfield-Federal owns 100% of Northfield Investment, Inc., an inactive New Jersey investment
company, and 100% of Northfield Bank. Northfield Bank owns 100% of NSB Services Corp., a Delaware
corporation, which in turn owns 100% of the voting common stock of NSB Realty Trust. NSB Realty
Trust is a Maryland real estate investment trust that holds mortgage loans, mortgage-backed
securities and other investments. These entities enable us to segregate certain assets for
management purposes, and promote our ability to raise regulatory capital in the future through the
sale of preferred stock or other capital-enhancing securities or borrow against assets or stock of
these entities for liquidity purposes. At March 31, 2010, Northfield Bank's investment in NSB
Services Corp. was $580.6 million, and NSB Services Corp. had assets of $580.8 million and
liabilities of $141,000 at that date. At March 31, 2010, NSB Services Corp.'s investment in NSB
Realty Trust was $584.9 million, and NSB Realty Trust had $584.9 million in assets, and liabilities
of $24,000 at that date. NSB Insurance Agency, Inc. is a New York corporation that receives
nominal commissions from the sale of life insurance by employees of Northfield Bank.
Legal Proceedings
In the normal course of business, we may be party to various outstanding legal proceedings and
claims. In the opinion of management, the consolidated financial statements will not be materially
affected by the outcome of such legal proceedings and claims as of March 31, 2010.
Expense and Tax Allocation Agreements
Northfield Bank will enter into an agreement with Northfield-Delaware to provide it with
certain administrative support services, whereby Northfield Bank will be compensated at not less
than the fair market value of the services provided. In addition, Northfield Bank and
Northfield-Delaware will enter into an agreement to establish a method for allocating and for
reimbursing the payment of their consolidated tax liability.
Properties
We operate from our home office in Staten Island, New York, our operations center located at
581 Main Street, Woodbridge, New Jersey, and our additional 17 branch offices located in New York
and New Jersey. Our branch offices are located in the New York Counties of Richmond, and Kings and
the New Jersey Counties of Middlesex and Union. We also have a customer service center in
Lawrenceville, Georgia related to insurance premium financing. The net book value of our premises,
land, and equipment was $13.1 million at March 31, 2010.
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Table of Contents
The following table sets forth information with respect to our full-service banking offices
and our loan centers, including the expiration date of leases with respect to leased facilities.
Avenel
Bay Ridge
Bay Street
1410 St. Georges Ave.
8512 Third Ave.
385 Bay St.
Avenel, New Jersey 07001
Brooklyn, New York 11209
Staten Island, New York 10301
3/31/2035
10/31/2025
1/31/2027
Bulls Head
Castleton Corners
East Brunswick
1497 Richmond Ave.
(Northfield Bank main office)
755 State Highway 18
Staten Island, New York 10314
1731 Victory Blvd.
East Brunswick, New Jersey 08816
3/31/2037
Staten Island, New York 10314
6/30/2013
Eltingville
Forest Avenue Shoppers Town
Greenridge
4355 Amboy Rd.
1481 Forest Ave.
3227 Richmond Ave.
Staten Island, New York 10312
Staten Island, New York 10302
Staten Island, New York 10312
7/5/2018
11/5/2016
12/31/2015
Linden
Milltown
Monroe Township
501 N. Wood Ave.
336 Ryders Lane
1600 Perrineville Rd.
Linden, New Jersey 07036
Milltown, New Jersey 08850
Monroe, New Jersey 08831
3/1/2029
9/30/2040
3/1/2024
New Dorp Shopping Center
Pathmark Shopping Mall
Pleasant Plains
2706 Hylan Blvd.
1351 Forest Ave.
6420 Amboy Rd.
Staten Island, New York 10306
Staten Island, New York 10302
Staten Island, New York 10309
9/30/2010
10/21/2016
5/31/2032
Prince's Bay
Rahway
West Brighton
5775 Amboy Rd.
1515 Irving St.
519 Forest Ave.
Staten Island, New York 10309
Rahway, New Jersey 07065
Staten Island, New York 10310
6/30/2056
Commercial Loan Center
Woodbridge
Premium Finance Loan Center
8517 Fourth Ave., 2
nd
Floor
(corporate headquarters)
3169 Holcomb Bridge Road
Brooklyn, New York 11209
581 Main St.
Norcross, Georgia 30071
9/30/2013
Woodbridge, New Jersey 07095
4/30/2012
6/30/2018
SUPERVISION AND REGULATION
General
Northfield Bank is examined and supervised by the Office of Thrift Supervision and is subject
to examination by the Federal Deposit Insurance Corporation. This regulation and supervision
establishes a comprehensive framework of activities in which an institution may engage and is
intended primarily for the protection of the Federal Deposit Insurance Corporation's deposit
insurance fund and depositors. Under this system of federal regulation, financial institutions are
periodically examined to ensure that they satisfy applicable standards with respect to their
capital adequacy, assets, management, earnings, liquidity and sensitivity to market interest rates.
Following completion of its examination, the federal agency critiques the institution's operations
and assigns its rating (known as an institution's CAMELS rating). Under federal law, an
institution may not disclose its CAMELS rating to the public. Northfield Bank also is a member of
and owns stock in the Federal Home Loan Bank of New York, which is one of the twelve regional banks
in the Federal Home Loan Bank System. Northfield Bank is also regulated to a lesser extent by the
Board of Governors of the Federal Reserve System, governing reserves to
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be maintained against deposits and other matters. The Office of Thrift Supervision examines
Northfield Bank and prepares reports for the consideration of its board of directors on any
operating deficiencies. Northfield Bank's relationship with its depositors and borrowers is also
regulated to a great extent by federal law and, to a much lesser extent, state law, especially in
matters concerning the ownership of deposit accounts and the form and content of Northfield Bank's
mortgage documents.
Any change in these laws or regulations, whether by the Federal Deposit Insurance Corporation,
the Office of Thrift Supervision or Congress, could have a material adverse impact on
Northfield-Delaware and Northfield Bank and their operations.
As a savings and loan holding company following the conversion, Northfield-Delaware will be
required to comply with the rules and regulations of the Office of Thrift Supervision, and will be
required to file certain reports with and will be subject to examination by the Office of Thrift
Supervision. Northfield-Delaware will also be subject to the rules and regulations of the
Securities and Exchange Commission under the federal securities laws.
Set forth below is a brief description of certain regulatory requirements that are or will be
applicable to Northfield-Delaware and Northfield Bank. The description below is limited to certain
material aspects of the statutes and regulations addressed, and is not intended to be a complete
description of such statutes and regulations and their effects on Northfield-Delaware and
Northfield Bank.
Proposed Federal Legislation
Legislation has been introduced in Congress that would implement sweeping changes to the
current bank regulatory structure. The most recent bill passed by the U.S. Senate would eliminate
our current primary federal regulator, the Office of Thrift Supervision, and require Northfield
Bank to be regulated by the Office of the Comptroller of the Currency (the primary federal
regulator for national banks). The Senate bill also provides that the Board of Governors of the
Federal Reserve System would be responsible for supervising and regulating savings and loan holding
companies like Northfield-Delaware, in addition to bank holding companies which it currently
regulates. If the Federal Reserve Board's current regulations applied to savings and loan holding
companies like Northfield-Delaware, Northfield-Delaware would become subject to bank holding
company capital requirements to which it is not currently subject. These capital requirements are
substantially similar to the capital requirements currently applicable to Northfield Bank, as
described in "—Federal Banking Regulation—Capital Requirements." The Senate bill also requires the
bank regulators to set minimum capital levels for holding companies that are as strong as those
required for the insured depository subsidiaries, but the components of Tier 1 capital would be
restricted to capital instruments that are currently considered to be Tier 1 capital for insured
depository institutions. This would effectively eliminate the ability of bank holding companies to
include trust preferred securities or subordinated debt as Tier 1 capital.
The proposed legislation would also create a new Consumer Financial Protection Bureau with
broad powers to supervise and enforce consumer protection laws. The Consumer Financial Protection
Bureau would have broad rule-making authority for a wide range of consumer protection laws that
would apply to all banks and savings institutions such as Northfield Bank, including the authority
to prohibit "unfair, deceptive or abusive" acts and practices. The Consumer Financial Protection
Bureau would have examination and enforcement authority over all banks and savings institutions
with more than $10 billion in assets. Under the Senate bill, banks and savings institutions with
$10 billion or less in assets would be examined by their applicable bank regulators. The new
legislation would also weaken the federal preemption available for national banks and federal
savings associations, and would give state attorneys general the ability to enforce applicable
consumer laws.
The proposed legislation would also broaden the base for Federal Deposit Insurance Corporation
insurance assessments to be the average consolidated total assets less tangible equity capital of a
financial institution, and restrict bank proprietary trading in securities. Lastly, the proposed
legislation would increase stockholder influence over boards of directors by requiring companies to
give stockholders a non-binding vote on executive compensation, and allow stockholders to nominate
their own candidates using a company's proxy ballots. Public companies would also be required to
adopt majority voting for the election of directors, and the Federal Reserve Board would be
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directed to promulgate rules prohibiting excessive compensation paid to bank holding company
executives, regardless of whether the company is publicly traded or not.
Federal Banking Regulation
Business Activities.
A federal savings bank derives its lending and investment powers from
the Home Owners' Loan Act, as amended, and the regulations of the Office of Thrift Supervision.
Under these laws and regulations, Northfield Bank may invest in mortgage loans secured by
residential and nonresidential real estate, commercial business loans and consumer loans, certain
types of debt securities and certain other assets, subject to applicable limits. Northfield Bank
also may establish subsidiaries that may engage in activities not otherwise permissible for
Northfield Bank, including real estate investment and securities and insurance brokerage.
Capital Requirements.
Office of Thrift Supervision regulations require savings banks to meet
three minimum capital standards: a 1.5% tangible capital ratio, a 4% leverage ratio (3% for savings
banks receiving the highest rating on the CAMELS rating system) and an 8% risk-based capital ratio.
The risk-based capital standard for savings banks requires the maintenance of Tier 1 (core)
and total capital (which is defined as core capital and supplementary capital) to risk-weighted
assets of at least 4% and 8%, respectively. In determining the amount of risk-weighted assets, all
assets, including certain off-balance sheet assets, are multiplied by a risk-weight factor of 0% to
100%, assigned by the Office of Thrift Supervision, based on the risks believed inherent in the
type of asset. Core capital is defined as common stockholders' equity (including retained
earnings), certain noncumulative perpetual preferred stock and related surplus and minority
interests in equity accounts of consolidated subsidiaries, less intangibles other than certain
mortgage servicing rights and credit card relationships. The components of supplementary capital
currently include cumulative preferred stock, long-term perpetual preferred stock, mandatory
convertible securities, subordinated debt and intermediate preferred stock, the allowance for loan
and lease losses limited to a maximum of 1.25% of risk-weighted assets and up to 45% of net
unrealized gains on available-for-sale equity securities with readily determinable fair values.
Overall, the amount of supplementary capital included as part of total capital cannot exceed 100%
of core capital. Additionally, a savings bank that retains credit risk in connection with an asset
sale may be required to maintain additional regulatory capital because of the purchaser's recourse
to the savings bank. Northfield Bank does not typically engage in asset sales.
At March 31, 2010, Northfield Bank's capital exceeded all applicable requirements.
Loans-to-One Borrower.
Generally, a federal savings bank may not make a loan or extend credit
to a single or related group of borrowers in excess of 15% of unimpaired capital and surplus. An
additional amount may be loaned, equal to 10% of unimpaired capital and surplus, if the loan is
secured by readily marketable collateral, which generally does not include real estate. As of
March 31, 2010, Northfield Bank was in compliance with the loans-to-one borrower limitations.
Qualified Thrift Lender Test.
As a federal savings bank, Northfield Bank must satisfy the
qualified thrift lender, or "QTL," test. Under the QTL test, Northfield Bank must maintain at
least 65% of its "portfolio assets" in "qualified thrift investments" in at least nine months of
the most recent 12 months. "Portfolio assets" generally means total assets of a savings
institution, less the sum of specified liquid assets up to 20% of total assets, goodwill and other
intangible assets, and the value of property used in the conduct of the savings bank's business.
"Qualified thrift investments" include various types of loans made for residential and housing
purposes, investments related to such purposes, including certain mortgage-backed and related
securities, and loans for personal, family, household and certain other purposes up to a limit of
20% of portfolio assets. "Qualified thrift investments" also include 100% of an institution's
credit card loans, education loans and small business loans. Northfield Bank also may satisfy the
QTL test by qualifying as a "domestic building and loan association" as defined in the Internal
Revenue Code.
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A savings bank that fails the qualified thrift lender test must either convert to a bank
charter or operate under specified restrictions. At March 31, 2010, Northfield Bank held 75.1% of
its "portfolio assets" in "qualified thrift investments," and satisfied this test.
Capital Distributions.
Office of Thrift Supervision regulations govern capital distributions
by a federal savings bank, which include cash dividends, stock repurchases and other transactions
charged to the capital account. A savings bank must file an application for approval of a capital
distribution if:
•
the total capital distributions for the applicable calendar year exceed the sum of
the savings bank's net income for that year to date plus the savings bank's retained
net income for the preceding two years;
•
the savings bank would not be at least adequately capitalized following the
distribution;
•
the distribution would violate any applicable statute, regulation, agreement or
Office of Thrift Supervision-imposed condition; or
•
the savings bank is not eligible for expedited treatment of its filings.
Even if an application is not otherwise required, every savings bank that is a subsidiary of a
holding company must still file a notice with the Office of Thrift Supervision at least 30 days
before the board of directors declares a dividend or approves a capital distribution.
The Office of Thrift Supervision may disapprove a notice or application if:
•
the savings bank would be undercapitalized following the distribution;
•
the proposed capital distribution raises safety and soundness concerns; or
•
the capital distribution would violate a prohibition contained in any statute,
regulation or agreement.
In addition, the Federal Deposit Insurance Act provides that an insured depository institution
may not make any capital distribution, if after making such distribution the institution would be
undercapitalized.
Liquidity.
A federal savings bank is required to maintain a sufficient amount of liquid
assets to ensure its safe and sound operation.
Community Reinvestment Act and Fair Lending Laws.
All savings banks have a responsibility
under the Community Reinvestment Act and related regulations of the Office of Thrift Supervision to
help meet the credit needs of their communities, including low- and
moderate-income
neighborhoods.
In connection with its examination of a federal savings bank, the Office of Thrift Supervision is
required to assess the association's record of compliance with the Community Reinvestment Act. In
addition, the Equal Credit Opportunity Act and the Fair Housing Act prohibit lenders from
discriminating in their lending practices on the basis of characteristics specified in those
statutes. An association's failure to comply with the provisions of the Community Reinvestment Act
could, at a minimum, result in denial of certain corporate applications such as branches or
mergers, or in restrictions on its activities. The failure to comply with the Equal Credit
Opportunity Act and the Fair Housing Act could result in enforcement actions by the Office of
Thrift Supervision, as well as other federal regulatory agencies and the Department of Justice.
Northfield Bank received a "satisfactory" Community Reinvestment Act rating in its most recent
federal examination.
Transactions with Related Parties.
A federal savings bank's authority to engage in
transactions with its affiliates is limited by Office of Thrift Supervision regulations and by
Sections 23A and 23B of the Federal Reserve Act and its implementing Regulation W. An affiliate is
a company that controls, is controlled by, or is under
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common control with an insured depository institution such as Northfield Bank.
Northfield-Delaware will be an affiliate of Northfield Bank. In general, loan transactions between
an insured depository institution and its affiliate are subject to certain quantitative and
collateral requirements. In this regard, transactions between an insured depository institution
and its affiliate are limited to 10% of the institution's unimpaired capital and unimpaired surplus
for transactions with any one affiliate and 20% of unimpaired capital and unimpaired surplus for
transactions in the aggregate with all affiliates. Collateral in specified amounts ranging from
100% to 130% of the amount of the transaction must usually be provided by affiliates in order to
receive loans from the association. In addition, Office of Thrift Supervision regulations prohibit
a savings bank from lending to any of its affiliates that are engaged in activities that are not
permissible for bank holding companies and from purchasing the securities of any affiliate, other
than a subsidiary. Finally, transactions with affiliates must be consistent with safe and sound
banking practices, not involve low-quality assets and be on terms that are as favorable to the
institution as comparable transactions with non-affiliates. The Office of Thrift Supervision
requires savings banks to maintain detailed records of all transactions with affiliates.
Northfield Bank's authority to extend credit to its directors, executive officers and 10%
stockholders, as well as to entities controlled by such persons, is currently governed by the
requirements of Sections 22(g) and 22(h) of the Federal Reserve Act and Regulation O of the Federal
Reserve Board. Among other things, these provisions require that extensions of credit to insiders
(i) be made on terms that are substantially the same as, and follow credit underwriting procedures
that are not less stringent than, those prevailing for comparable transactions with unaffiliated
persons and that do not involve more than the normal risk of repayment or present other unfavorable
features, and (ii) not exceed certain limitations on the amount of credit extended to such persons,
individually and in the aggregate, which limits are based, in part, on the amount of Northfield
Bank's capital. In addition, extensions of credit in excess of certain limits must be approved by
Northfield Bank's board of directors.
Enforcement.
The Office of Thrift Supervision has primary enforcement responsibility over
federal savings institutions and has the authority to bring enforcement action against all
"institution-affiliated parties," including stockholders, and attorneys, appraisers and accountants
who knowingly or recklessly participate in wrongful action likely to have an adverse effect on an
insured institution. Formal enforcement action by the Office of Thrift Supervision may range from
the issuance of a capital directive or cease and desist order, to removal of officers and/or
directors of the institution and the appointment of a receiver or conservator. Civil penalties
cover a wide range of violations and actions, and range up to $25,000 per day, unless a finding of
reckless disregard is made, in which case penalties may be as high as $1 million per day. The
Federal Deposit Insurance Corporation also has the authority to terminate deposit insurance or to
recommend to the Director of the Office of Thrift Supervision that enforcement action be taken with
respect to a particular savings institution. If action is not taken by the Director, the Federal
Deposit Insurance Corporation has authority to take action under specified circumstances.
Standards for Safety and Soundness.
Federal law requires each federal banking agency to
prescribe certain standards for all insured depository institutions. These standards relate to,
among other things, internal controls, information systems and audit systems, loan documentation,
credit underwriting, interest rate risk exposure, asset growth, compensation, and other operational
and managerial standards as the agency deems appropriate. The federal banking agencies adopted
Interagency Guidelines Prescribing Standards for Safety and Soundness to implement the safety and
soundness standards required under federal law. The guidelines set forth the safety and soundness
standards that the federal banking agencies use to identify and address problems at insured
depository institutions before capital becomes impaired. The guidelines address internal controls
and information systems, internal audit systems, credit underwriting, loan documentation, interest
rate risk exposure, asset growth, compensation, fees and benefits. If the appropriate federal
banking agency determines that an institution fails to meet any standard prescribed by the
guidelines, the agency may require the institution to submit to the agency an acceptable plan to
achieve compliance with the standard. If an institution fails to meet these standards, the
appropriate federal banking agency may require the institution to submit a compliance plan.
Prompt Corrective Action Regulations
.
Under the prompt corrective action regulations, the
Office of Thrift Supervision is required and authorized to take supervisory actions against
undercapitalized savings banks. For this purpose, a savings bank is placed in one of the following
five categories based on the savings bank's capital:
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•
well-capitalized (at least 5% leverage capital, 6% Tier 1 risk-based capital and 10%
total risk-based capital);
•
adequately capitalized (at least 4% leverage capital (3% for savings banks with a
composite examination rating of 1), 4% Tier 1
risk-based
capital and 8% total
risk-based capital);
•
undercapitalized (less than 4% leverage capital (3% for savings banks with a
composite examination rating of 1), 4% Tier 1 risk-based capital or 3% leverage
capital);
•
significantly undercapitalized (less than 6% total risk-based capital, 3% Tier 1
risk-based capital or 3% leverage capital); or
•
critically undercapitalized (less than 2% tangible capital).
Generally, the Office of Thrift Supervision is required to appoint a receiver or conservator
for a savings bank that is "critically undercapitalized" within specific time frames. The
regulations also provide that a capital restoration plan must be filed with the Office of Thrift
Supervision within 45 days of the date a savings bank receives notice that it is
"undercapitalized," "significantly undercapitalized" or "critically undercapitalized." The
criteria for an acceptable capital restoration plan include, among other things, the establishment
of the methodology and assumptions for attaining adequately capitalized status on an annual basis,
procedures for ensuring compliance with restrictions imposed by applicable federal regulations, the
identification of the types and levels of activities in which the savings bank will engage while
the capital restoration plan is in effect, and assurances that the capital restoration plan will
not appreciably increase the current risk profile of the savings bank. Any holding company for the
savings bank required to submit a capital restoration plan must guarantee the lesser of: an amount
equal to 5% of a savings bank's assets at the time it was notified or deemed to be undercapitalized
by the Office of Thrift Supervision, or the amount necessary to restore the savings bank to
adequately capitalized status. This guarantee remains in place until the Office of Thrift
Supervision notifies the savings bank that it has maintained adequately capitalized status for each
of four consecutive calendar quarters, and the Office of Thrift Supervision has the authority to
require payment and collect payment under the guarantee. Failure by a holding company to provide
the required guarantee will result in certain operating restrictions on the savings bank, such as
restrictions on the ability to declare and pay dividends, pay executive compensation and management
fees, and increase assets or expand operations. The Office of Thrift Supervision may also take any
one of a number of discretionary supervisory actions against undercapitalized savings banks,
including the issuance of a capital directive and the replacement of senior executive officers and
directors.
At March 31, 2010, Northfield Bank met the criteria for being considered "well-capitalized."
Insurance of Deposit Accounts.
In October 2008, deposit insurance by the Federal Deposit
Insurance Corporation was increased to a maximum of $250,000 per depositor. On January 1, 2014,
the maximum insurance amount will return to $100,000 per depositor for all deposit accounts except
certain retirement accounts, which will remain at $250,000 per depositor. In addition, under the
Federal Deposit Insurance Corporation's Transaction Account Guarantee Program, most of our
non-interest-bearing transaction accounts are guaranteed regardless of amount until June 30, 2010.
Pursuant to the Federal Deposit Insurance Reform Act of 2005 (the "Reform Act"), the Federal
Deposit Insurance Corporation is authorized to set the reserve ratio for the Deposit Insurance Fund
annually at between 1.15% and 1.5% of estimated insured deposits. As of June 30, 2008, the reserve
ratio had decreased to 1.01% as a result of bank failures. As part of a plan to restore the
reserve ratio to 1.15%, the Federal Deposit Insurance Corporation imposed a special assessment on
all insured institutions equal to five basis points of assets less Tier 1 capital as of June 30,
2009, which was payable on September 30, 2009. In addition, the Federal Deposit Insurance
Corporation has increased its quarterly deposit insurance assessment rates and amended the method
by which rates are calculated. Beginning in the second quarter of 2009, institutions are assigned
an initial base assessment rate ranging from 12 to 45 basis points of deposits depending on risk
category. The initial base assessment is then
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adjusted based upon the level of unsecured debt, secured liabilities and brokered deposits, to
establish a total base assessment rate ranging from seven to 77.5 basis points.
On November 12, 2009, the Federal Deposit Insurance Corporation approved a final rule
requiring insured depository institutions to prepay on December 30, 2009, their estimated quarterly
risk-based assessments for the fourth quarter of 2009, and for all of 2010, 2011, and 2012.
Estimated assessments for the fourth quarter of 2009 and for all of 2010 are based upon the
assessment rate in effect on September 30, 2009, with three basis points added for the 2011 and
2012 assessment rates. In addition, a 5% annual growth in the assessment base is assumed. Prepaid
assessments are to be applied against the actual quarterly assessments until exhausted, and may not
be applied to any special assessments that may occur in the future. Any unused prepayments will be
returned to the institution on June 30, 2013. On December 30, 2009, we prepaid $5.7 million in
estimated assessment fees for the fourth quarter of 2009 through 2012. Because the prepaid
assessments represent the prepayment of future expense, they do not affect our regulatory capital
(the prepaid asset will have a risk-weighting of 0%) or tax obligations.
Insurance of deposits may be terminated by the Federal Deposit Insurance Corporation upon a
finding that an institution has engaged in unsafe or unsound practices, is in an unsafe or unsound
condition to continue operations or has violated any applicable law, regulation, rule, order or
condition imposed by the Federal Deposit Insurance Corporation. We do not believe we are taking or
are subject to any action, condition or violation that could lead to termination of our deposit
insurance.
In addition to the Federal Deposit Insurance Corporation assessments, the Financing
Corporation ("FICO") is authorized to impose and collect, with the approval of the Federal Deposit
Insurance Corporation, assessments for anticipated payments, issuance costs and custodial fees on
bonds issued by the FICO in the 1980s to recapitalize the former Federal Savings and Loan Insurance
Corporation. The bonds issued by the FICO are due to mature in 2017 through 2019. For the quarter
ended March 31, 2010, the annualized FICO assessment was equal to 1.06 basis points for each $100
in domestic deposits maintained at an institution.
Temporary Liquidity Guarantee Program.
The Federal Deposit Insurance Corporation's Temporary
Liquidity Guarantee Program provides full federal deposit insurance coverage for non-interest
bearing transaction deposit accounts, regardless of dollar amount, until December 31, 2010.
Effective June 30, 2010, we opted not to participate in this component of the Temporary Liquidity
Guarantee Program.
Prohibitions Against Tying Arrangements
.
Federal savings banks are prohibited, subject to
some exceptions, from extending credit to or offering any other service, or fixing or varying the
consideration for such extension of credit or service, on the condition that the customer obtain
some additional service from the institution or its affiliates or not obtain services of a
competitor of the institution.
Federal Home Loan Bank System.
Northfield Bank is a member of the Federal Home Loan Bank
System, which consists of 12 regional Federal Home Loan Banks. The Federal Home Loan Bank System
provides a central credit facility primarily for member institutions as well as other entities
involved in home mortgage lending. As a member of the Federal Home Loan Bank of New York,
Northfield Bank is required to acquire and hold shares of capital stock in the Federal Home Loan
Bank. As of March 31, 2010, Northfield Bank was in compliance with this requirement.
Federal Reserve System
Federal Reserve Board regulations require savings banks to maintain noninterest-earning
reserves against their transaction accounts, such as negotiable order of withdrawal and regular
checking accounts. At March 31, 2010, Northfield Bank was in compliance with these reserve
requirements.
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Other Regulations
Interest and other charges collected or contracted for by Northfield Bank are subject to state
usury laws and federal laws concerning interest rates. Northfield Bank's operations are also
subject to federal laws applicable to credit transactions, such as the:
•
Truth-In-Lending Act, governing disclosures of credit terms to consumer borrowers;
•
Home Mortgage Disclosure Act, requiring financial institutions to provide
information to enable the public and public officials to determine whether a financial
institution is fulfilling its obligation to help meet the housing needs of the
community it serves;
•
Equal Credit Opportunity Act, prohibiting discrimination on the basis of race, creed
or other prohibited factors in extending credit;
•
Fair Credit Reporting Act, governing the use and provision of information to credit
reporting agencies;
•
Fair Debt Collection Act, governing the manner in which consumer debts may be
collected by collection agencies;
•
Truth in Savings Act; and
•
Rules and regulations of the various federal agencies charged with the
responsibility of implementing such federal laws.
The operations of Northfield Bank also are subject to the:
•
Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of
consumer financial records and prescribes procedures for complying with administrative
subpoenas of financial records;
•
Electronic Funds Transfer Act and Regulation E promulgated thereunder, which govern
automatic deposits to and withdrawals from deposit accounts and customers' rights and
liabilities arising from the use of automated teller machines and other electronic
banking services;
•
Check Clearing for the 21
st
Century Act (also known as "Check 21"), which
gives "substitute checks," such as digital check images and copies made from that
image, the same legal standing as the original paper check;
•
The USA PATRIOT Act, which requires savings banks to, among other things, establish
broadened anti-money laundering compliance programs, and due diligence policies and
controls to ensure the detection and reporting of money laundering. Such required
compliance programs are intended to supplement existing compliance requirements that
also apply to financial institutions under the Bank Secrecy Act and the Office of
Foreign Assets Control regulations; and
•
The Gramm-Leach-Bliley Act, which places limitations on the sharing of consumer
financial information by financial institutions with unaffiliated third parties.
Specifically, the Gramm-Leach-Bliley Act requires all financial institutions offering
financial products or services to retail customers to provide such customers with the
financial institution's privacy policy and provide such customers the opportunity to
"opt out" of the sharing of certain personal financial information with unaffiliated
third parties.
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Holding Company Regulation
Upon completion of the conversion, Northfield-Delaware will be a unitary savings and loan
holding company, subject to regulation and supervision by the Office of Thrift Supervision. The
Office of Thrift Supervision will have enforcement authority over Northfield-Delaware and its
non-savings institution subsidiaries. Among other things, this authority permits the Office of
Thrift Supervision to restrict or prohibit activities that are determined to be a risk to
Northfield Bank.
Northfield-Delaware's activities are limited to those activities permissible for financial
holding companies or for multiple savings and loan holding companies. A financial holding company
may engage in activities that are financial in nature, including underwriting equity securities and
insurance, incidental to financial activities or complementary to a financial activity. A multiple
savings and loan holding company is generally limited to activities permissible for bank holding
companies under Section 4(c)(8) of the Bank Holding Company Act, subject to the prior approval of
the Office of Thrift Supervision, and certain additional activities authorized by Office of Thrift
Supervision regulations.
Federal law prohibits a savings and loan holding company, directly or indirectly, or through
one or more subsidiaries, from acquiring control of another savings institution or holding company
thereof, without prior written approval of the Office of Thrift Supervision. It also prohibits the
acquisition or retention of, with specified exceptions, more than 5% of the equity securities of a
company engaged in activities that are not closely related to banking or financial in nature or
acquiring or retaining control of an institution that is not federally insured. In evaluating
applications by holding companies to acquire savings institutions, the Office of Thrift Supervision
must consider the financial and managerial resources and future prospects of the savings
institution involved, the effect of the acquisition on the risk to the insurance fund, the
convenience and needs of the community and competitive factors.
Federal Securities Laws
Northfield-Delaware common stock will be registered with the Securities and Exchange
Commission after the conversion and stock offering. Northfield-Delaware will be subject to the
information, proxy solicitation, insider trading restrictions and other requirements under the
Securities Exchange Act of 1934.
The registration under the Securities Act of 1933 of shares of common stock issued in
Northfield-Delaware's public offering does not cover the resale of those shares. Shares of common
stock purchased by persons who are not affiliates of Northfield-Delaware may be resold without
registration. Shares purchased by an affiliate of Northfield-Delaware will be subject to the
resale restrictions of Rule 144 under the Securities Act of 1933. If Northfield-Delaware meets the
current public information requirements of Rule 144 under the Securities Act of 1933, each
affiliate of Northfield-Delaware that complies with the other conditions of Rule 144, including
those that require the affiliate's sale to be aggregated with those of other persons, would be able
to sell in the public market, without registration, a number of shares not to exceed, in any
three-month period, the greater of 1% of the outstanding shares of Northfield-Delaware, or the
average weekly volume of trading in the shares during the preceding four calendar weeks. In the
future, Northfield-Delaware may permit affiliates to have their shares registered for sale under
the Securities Act of 1933.
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Sarbanes-Oxley Act of 2002
The Sarbanes-Oxley Act of 2002 addresses, among other issues, corporate governance, auditing
and accounting, executive compensation, and enhanced and timely disclosure of corporate
information. As directed by the Sarbanes-Oxley Act, our Chief Executive Officer and Chief Financial
Officer will be required to certify that our quarterly and annual reports do not contain any untrue
statement of a material fact. The rules adopted by the Securities and Exchange Commission under
the Sarbanes-Oxley Act have several requirements, including having these officers certify that:
they are responsible for establishing, maintaining and regularly evaluating the effectiveness of
our internal control over financial reporting; they have made certain disclosures to our auditors
and the audit committee of the board of directors about our internal control over financial
reporting; and they have included information in our quarterly and annual reports about their
evaluation and whether there have been changes in our internal control over financial reporting or
in other factors that could materially affect internal control over financial reporting. We have
existing policies, procedures and systems designed to comply with these regulations, and we are
further enhancing and documenting such policies, procedures and systems to ensure continued
compliance with these regulations.
TAXATION
Federal Taxation
General
.
Northfield Bancorp, MHC, Northfield-Federal and Northfield Bank are, and
Northfield-Delaware will be, subject to federal income taxation in the same general manner as other
corporations, with some exceptions discussed below. The following discussion of federal taxation
is intended only to summarize certain pertinent federal income tax matters and is not a
comprehensive description of the tax rules applicable to Northfield-Federal, Northfield-Delaware or
Northfield Bank.
Northfield Bancorp, MHC, Northfield-Federal and Northfield Bank are not currently under audit
with respect to their federal income tax returns and their federal income tax returns have not been
audited for the past five years.
Method of Accounting
.
For federal income tax purposes, Northfield-Federal currently reports
its income and expenses on the accrual method of accounting and uses a tax year ending December 31
for filing its federal and state income tax returns.
Bad Debt Reserves
.
Historically, Northfield Bank was subject to special provisions in the tax
law applicable to qualifying savings banks regarding allowable tax bad debt deductions and related
reserves. Tax law changes were enacted in 1996 that eliminated the ability of savings banks to use
the percentage of taxable income method for computing tax bad debt reserves for tax years after
1995, and required recapture into taxable income over a six-year period of all bad debt reserves
accumulated after a savings bank's last tax year beginning before January 1, 1988. Northfield Bank
recaptured its post December 31, 1987, bad-debt reserve balance over the six-year period ended
December 31, 2004.
Northfield-Federal is required to use the specific charge off method to account for tax bad
debt deductions.
Taxable Distributions and Recapture
.
Prior to 1996, bad debt reserves created prior to 1988
were subject to recapture into taxable income if Northfield Bank failed to meet certain thrift
asset and definitional tests or made certain distributions. Tax law changes in 1996 eliminated
thrift-related recapture rules. However, under current law, pre-1988 tax bad debt reserves remain
subject to recapture if Northfield Bank makes certain non-dividend distributions, repurchases any
of its common stock, pays dividends in excess of earnings and profits, or fails to qualify as a
"bank" for tax purposes.
At December 31, 2009, the total federal pre-base year bad debt reserve of Northfield Bank was
approximately $5.9 million.
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Alternative Minimum Tax
.
The Internal Revenue Code of 1986, as amended, imposes an
alternative minimum tax at a rate of 20% on a base of regular taxable income plus certain tax
preferences, less any available exemption. The alternative minimum tax is imposed to the extent it
exceeds the regular income tax. Net operating losses can offset no more than 90% of alternative
taxable income. Certain payments of alternative minimum tax may be used as credits against regular
tax liabilities in future years. Northfield-Federal's consolidated group has not been subject to
the alternative minimum tax and has no such amounts available as credits for carryover.
Net Operating Loss Carryovers.
A financial institution may carry back net operating losses to
the preceding two taxable years and forward to the succeeding 20 taxable years. However, as a
result of recent legislation, subject to certain limitations, the carryback period for net
operating losses incurred in 2008 or 2009 (but not both years) has been expanded to five years. At
December 31, 2009, Northfield Bancorp Inc.'s consolidated group had no net operating loss
carryforwards for federal income tax purposes.
Corporate Dividends-Received Deduction
.
Northfield-Federal may exclude from its federal
taxable income 100% of dividends received from Northfield Bank as a wholly-owned subsidiary by
filing consolidated tax returns. The corporate dividends-received deduction is 80% when the
corporation receiving the dividend owns at least 20% of the stock of the distributing corporation.
The dividends-received deduction is 70% when the corporation receiving the dividend owns less than
20% of the distributing corporation.
State Taxation
Northfield Bancorp, MHC and Northfield Bank report income on a calendar year basis to New York
State. New York State franchise tax on corporations is imposed in an amount equal to the greater
of (a) 7.1% (for 2007 and forward) of "entire net income" allocable to New York State, (b) 3% of
"alternative entire net income" allocable to New York State, or (c) 0.01% of the average value of
assets allocable to New York State plus nominal minimum tax of $250 per company. Entire net income
is based on federal taxable income, subject to certain modifications. Alternative entire net income
is equal to entire net income without certain modifications.
Northfield Bancorp, MHC and Northfield Bank report income on a calendar year basis to New York
City. New York City franchise tax on corporations is imposed in an amount equal to the greater of
(a) 9.0% of "entire net income" allocable to New York State, (b) 3% of "alternative entire net
income" allocable to New York City, or (c) 0.01% of the average value of assets allocable to New
York City plus nominal minimum tax of $250 per company. Entire net income is based on federal
taxable income, subject to certain modifications. Alternative entire net income is equal to entire
net income without certain modifications.
Northfield-Federal and Northfield Bank file New Jersey Corporation Business Tax returns on a
calendar year basis. Generally, the income derived from New Jersey sources is subject to New
Jersey tax. Northfield-Federal and Northfield Bank pay the greater of the corporate business tax
at 9% of taxable income or the minimum tax of $1,200 per entity.
At December 31, 2005, Northfield Bank did not meet the definition of a domestic building and
loan association for New York State and City tax purposes. As a result, we were required to
recognize a $2.2 million deferred tax liability for state and city thrift-related base-year bad
debt reserves accumulated after December 31, 1987.
Our state tax returns are not currently under audit or have not been subject to an audit
during the past five years, except as follows. Our New York state tax returns for the years ended
December 31, 2000, through December 31, 2006, were subject to an audit by the State of New York
with respect to our operation of NSB Services Corp. as a Delaware corporation not subject to New
York State taxation. In 2007, the Company concluded the audit by the State of New York with
respect to the Company's combined state tax returns for years 2000 through 2006.
As a Delaware business corporation, Northfield-Delaware will be required to file an annual
report with and pay franchise taxes to the state of Delaware.
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MANAGEMENT
Shared Management Structure
The directors of Northfield-Delaware are the same persons who are the directors of Northfield
Bank. In addition, each executive officer of Northfield-Delaware is also an executive officer of
Northfield Bank. We expect that Northfield-Delaware and Northfield Bank will continue to have
common executive officers until there is a business reason to establish separate management
structures.
Executive Officers of Northfield-Delaware and Northfield Bank
The following table sets forth information regarding the executive officers of
Northfield-Delaware and Northfield Bank. Age information is as of December 31, 2009. The
executive officers of Northfield-Delaware and Northfield Bank are elected annually.
Name
Age
Position
John W. Alexander
60
Chairman of the Board, President and Chief Executive Officer
Kenneth J. Doherty
52
Executive Vice President, Chief Lending Officer
Madeline G. Frank
65
Senior Vice President, Corporate Secretary
Steven M. Klein
44
Executive Vice President, Chief Financial Officer
Michael J. Widmer
50
Executive Vice President, Operations
The business experience for the past five years of each of our executive officers other than
Mr. Alexander is set forth below. Unless otherwise indicated, executive officers have held their
positions for at least the past five years.
Kenneth J. Doherty
joined Northfield Bank in 1988, and currently serves as Executive Vice
President and Chief Lending Officer. Previously, Mr. Doherty worked with the Federal Home Loan
Bank Board (the predecessor to the Office of Thrift Supervision).
Madeline G. Frank
joined Northfield Bank in 1983 and has served as Director of Human Resources
of Northfield Bank since that time. Ms. Frank also serves as Corporate Secretary for
Northfield-Federal and Northfield Bank.
Steven M. Klein
joined Northfield-Federal and Northfield Bank in March 2005 as Executive Vice
President and Chief Financial Officer. Mr. Klein was an audit partner in the community banking
practice of KPMG LLP from September 2003 to March 2005, and was employed by KPMG LLP beginning in
1986. Mr. Klein is a licensed certified public accountant in the State of New Jersey, and a member
of the American Institute of Certified Public Accountants.
Michael J. Widmer
joined Northfield Bank in 2002 and currently serves as Executive Vice
President, Operations. Mr. Widmer served as the Executive Vice President and Chief Financial
Officer, and as a Director, of Liberty Bancorp, Inc. and Liberty Bank, located in Avenel, New
Jersey, until they were acquired by Northfield Bancorp, Inc. and Northfield Bank, respectively, in
2002.
Directors of Northfield-Delaware and Northfield Bank
Northfield-Delaware has nine directors. Directors serve three-year staggered terms so that
approximately one-third of the directors are elected at each annual meeting. Directors of
Northfield Bank will be elected by Northfield-Delaware as its sole stockholder.
The following details include for each of our directors: their age as of December 31, 2009;
the year in which they first became a director; the year that their term expires; and their
business experience for at least the past five years. With the exception of Ms. Catino, none of
the directors listed below currently serves as a director, or
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served as a director during the past five years, of a publicly-held entity (other than
Northfield-Federal). Ms. Catino serves on the board of directors of Middlesex Water Company, which
is traded on the Nasdaq Stock Market, LLC under the symbol "MSEX." The following also includes the
particular experience, qualifications, attributes, or skills, considered by the Nominating and
Corporate Governance Committee that led the Board to conclude that such person should serve as a
director of Northfield-Federal. The mailing address for each person listed is 581 Main Street,
Suite 810, Woodbridge, New Jersey 07095. Each of the persons listed as a director is also a
trustee of Northfield Bancorp, MHC and a director of Northfield Bank.
Name, Age,
Director Since,
Term Expiration
Experience, Qualifications, Attributes, Skills
John W. Alexander,
60,
director since
1997,
term expires 2011
Business Experience:
Mr. Alexander joined
Northfield Bank in 1997, and has served as
Chairman of the Board and Chief Executive Officer
since 1998 and Chairman of the Board of
Northfield-Federal since 2002. Mr. Alexander was
also named President of Northfield Bank and
Northfield-Federal in October 2006.
Reasons why this person should serve as a
director
: Mr. Alexander is a former tax partner
with a national accounting and auditing firm,
specializing in financial institution taxation
and asset securitization. Mr. Alexander is a
registered certified public accountant, with
strong analytical and leadership skills. Mr.
Alexander resides in Staten Island, New York, and
is involved in local professional and community
organizations including the Staten Island
University Hospital, the Staten Island Economic
Development Corporation, and the Northfield Bank
Foundation.
John R. Bowen, 69,
director since 2003,
term expires 2013
Business and Other Experience:
Mr. Bowen has over
35 years of experience in all aspects of
community banking, and retired as the Chief
Executive Officer of Liberty Bank, in 2002.
Reasons why this person should serve as a
director
: Mr. Bowen has extensive knowledge of
banking regulation and internal control, and has
strong risk assessment and leadership skills.
Mr. Bowen also has extensive experience in loan
origination and monitoring. Mr. Bowen is a
resident of New Jersey and is involved in local
professional and community organizations
including the Gateway Regional Chamber of
Commerce, and as director of the Northfield Bank
Foundation.
Annette Catino, 53,
director since 2003,
term expires 2011
Business Experience:
Since 1991 Ms. Catino has
served as President and Chief Executive Officer
of QualCare, Inc., Piscataway, New Jersey, a
privately held company which is a managed care
organization.
Reasons why this person should serve as a
director:
Ms. Catino has over 25 years of
business experience in the healthcare industry.
Ms. Catino has strong analytical and leadership
skills and has extensive experience with
healthcare, municipal, and state governmental
entities. Ms. Catino also has the requisite
qualifications to be designated as an audit
committee financial expert under the SEC's rules
and regulations. Ms. Catino is a resident of New
Jersey and is involved in local professional and
community organizations including the Boards of
Caucus Educational Corporation, the Val Skinner
Foundation, and the Meridian Healthcare
Perspective. She most recently served on
Governor Christie's transition committee on
healthcare and was named by New Jersey Business
as one of the top 50 most influential people in
healthcare. In 2009, she received Monmouth
University's Distinguished Business Leadership
Award for her civic and business leadership.
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Name, Age,
Director Since,
Term Expiration
Experience, Qualifications, Attributes, Skills
Gil Chapman, 56,
director since 2005,
term expires 2013
Business Experience:
Mr. Chapman has over 25
years of business experience, most recently
owning and operating an automobile dealership in
Staten Island, New York, which was sold in 2008.
Reasons why this person should serve as a
director
: Mr. Chapman has strong marketing,
sales, and customer service assessment skills.
Mr. Chapman also has significant experience in
employee development and training. Mr. Chapman
is a resident of New Jersey, and is involved in
local professional and community organizations
including the National Association of Corporate
Directors and, as a former Staten Island
businessman, the Staten Island Economic
Development Corporation, and the Staten Island
Urban League.
John P. Connors, Jr.,
53, director since
2002, term expires
2011
Business Experience:
Mr. Connors is the managing
partner of the law firm of Connors & Connors,
P.C., located in Staten Island, New York.
Reasons why this person should serve as a
director
: Mr. Connors has over 25 years of
business experience as a practicing lawyer. Mr.
Connors is admitted to practice in the state and
federal courts of the States of New York and New
Jersey and the District of Columbia. Mr. Connors
has strong risk management skills, and in-depth
knowledge of contract and professional liability
law related to key areas of our operations. Mr.
Connors also has knowledge of and relationships
with many of the residents and businesses located
in Staten Island, New York. Mr. Connors is a
resident of Staten Island, and is involved in
local professional and community organizations
including the Richmond County Bar Association,
Notre Dame Academy, The Heart Institute, and the
Northfield Bank Foundation.
John J. DePierro, 69,
director since 1984,
term expires 2013
Business Experience:
Mr. DePierro has over 45
years of business experience in the healthcare
industry. Mr. DePierro is currently a consultant
to the healthcare industry and is a retired Chief
Executive Officer of a major Staten Island health
care system.
Reasons why this person should serve as a
director
: Mr. DePierro has strong leadership
skills, and extensive knowledge of corporate
governance, as well as knowledge of and
relationships with many of the residents and
businesses located in Staten Island, New York.
Mr. DePierro is a resident of Staten Island, New
York, and is involved in local professional and
community organizations including directorships
at the Seton Foundation for Learning, Mount
Manresa Jesuit Retreat House, and the Northfield
Bank Foundation.
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Name, Age,
Director Since,
Term Expiration
Experience, Qualifications, Attributes, Skills
Susan Lamberti, 67,
director since 2001,
term expires 2012
Business Experience:
Ms. Lamberti was an educator
with the New York City public schools until her
retirement in 2002.
Reasons why this person should serve as a
director
: Ms. Lamberti has over 30 years of
experience in the New York City Public School
system. Ms. Lamberti has strong training and
development skills, and has extensive knowledge
of and relationships with many residents and
businesses located in Staten Island, New York.
Ms. Lamberti is a resident of Staten Island, and
is involved in local professional and community
organizations including the National Association
of Corporate Directors, Sisters of Charity
Housing Development Fund Corporation, Service
Auxiliary of Staten Island University Hospital,
and the Northfield Bank Foundation.
Albert J. Regen, 72,
director since 1990,
term expires 2012
Business Experience:
Mr. Regen served as the
President of Northfield Bank from 1990 until his
retirement in September 2006.
Reasons why this person should serve as a
director
: Mr. Regen has over 30 years of
experience in community banking. Mr. Regen has
extensive knowledge in the treasury area as well
as interest rate risk management. Mr. Regen is
currently a resident of New Jersey and is a
director of Northfield Bank Foundation. Mr.
Regen was formerly a resident of Staten Island,
New York and has extensive knowledge of and
relationships with many of the residents and
businesses located in Staten Island, New York.
Patrick E. Scura, Jr.,
65, director since
2006, term expires
2012
Business Experience:
Mr. Scura was an audit
partner at KPMG LLP for 27 years, until his
retirement in 2005.
Reasons why this person should serve as a
director
: Mr. Scura is a former audit partner
with a national accounting and auditing firm,
specializing in community banking. Mr. Scura has
over 35 years of experience auditing public
company financial institutions in New Jersey.
Mr. Scura is a licensed certified public
accountant, and has strong risk assessment,
financial reporting, and internal control
expertise. Mr. Scura also has extensive
knowledge of and relationships with community
banks in our market area. Mr. Scura has the
requisite qualifications to be designated as an
audit committee financial expert under the SEC's
rules and regulations. Mr. Scura resides in New
Jersey, and is involved in local professional and
community organizations including St. Peter's
College, and the American Institute of Certified
Public Accountants.
Board Independence
The Board of Directors affirmatively determines the independence of each director in
accordance with Nasdaq Stock Market rules, which include all elements of independence as set forth
in the listing requirements for Nasdaq securities. The Board of Directors has determined that each
of the following non-employee Directors is independent of Northfield-Federal:
John R. Bowen
Susan Lamberti
Annette Catino
Albert J. Regen
Gil Chapman
Patrick E. Scura, Jr.
John J. DePierro
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Codes of Conduct and Ethics
Northfield-Federal has adopted a Code of Conduct and Ethics for Senior Financial Officers that
is applicable to our chief executive officer, chief financial officer, and controller. The Code of
Conduct and Ethics for Senior Financial Officers is available on our website at
www.eNorthfield.com
. Amendments to and waivers of the Code of Conduct and Ethics for Senior
Financial Officers will be disclosed in the manner required by applicable law, rule, or listing
standard.
Northfield-Federal and Northfield Bank have also adopted a Code of Conduct and Ethics that is
applicable to all employees, officers and directors, which is available on our website at
www.eNorthfield.com
. Employees, officers, and directors acknowledge annually that they
will comply with all aspects of the Code of Conduct and Ethics for Employees, Officers, and
Directors
.
Transactions With Certain Related Persons
Loans and Extensions of Credit
. The Sarbanes-Oxley Act of 2002 generally prohibits us from
making loans to our executive officers and directors, but it contains a specific exemption from
such prohibition for loans made by Northfield Bank to our executive officers and directors in
compliance with federal banking regulations.
The aggregate amount of our outstanding loans to our executive officers and directors and
their related entities was approximately $800,000 at December 31, 2009. All of such loans were
made in the ordinary course of business, were made on substantially the same terms, including
interest rates and collateral, as those prevailing at the time for comparable loans with persons
not related to Northfield Bank, and did not involve more than the normal risk of collectibility or
present other unfavorable features. These loans were performing according to their original terms
at December 31, 2009, and were made in compliance with federal banking regulations.
Other Transactions.
Stanley A. Applebaum, who retired from the Board May 27, 2009, and John
P. Connors, Jr. are practicing attorneys who perform legal work directly for or on behalf of
Northfield Bank. During the year ended December 31, 2009, Mr. Applebaum and Mr. Connors received
fees, either from Northfield Bank, or directly from our customers, in connection with transactions
with Northfield Bank, in the amounts of approximately $140,000 and $31,400, respectively. The
Board of Directors authorizes the appointment of Mr. Applebaum and Mr. Connors each year, and the
Compensation Committee of the Board of Directors reviews a summary of the services performed and
the total fees paid for services on an annual basis. All transactions with Mr. Applebaum and Mr.
Connors are in the ordinary course of business, and the terms and fees are considered to be
consistent with those prevailing at the time for comparable transactions with other persons.
Director Compensation
Every three years, director compensation is reviewed in detail by the Compensation Committee,
in consultation with the Nominating and Corporate Governance Committee. The Compensation Committee
considers, among other things, our size and complexity, as well as the responsibilities,
marketplace availability of necessary skill sets, and the time commitment necessary for the Board,
its committees, and its committee chairs, to adequately discharge their oversight role and
responsibilities. The Compensation Committee utilizes the assistance of a third-party compensation
consultant, Pearl Meyer & Partners (PM&P), and available peer and survey data, regarding director
compensation at other comparable financial institutions, as part of this process. For interim
years between detailed reviews, the Compensation Committee reviews current market conditions and
trends in director compensation in consultation with its third-party compensation consultant. The
Compensation Committee is scheduled to perform its detailed review of director (and executive)
compensation in 2010.
In December 2008, stockholders approved the Northfield-Federal 2008 Equity Incentive Plan.
The objective of equity awards is to further align the interests of our employees and directors
with those of other stockholders and reward sustained performance. In January 2009 the
Compensation Committee granted equity awards to each director, consisting of 27,750 shares of
restricted common stock, and 69,300 options to purchase shares of common stock at a price of $9.94
per share, representing the closing price of our common stock on the
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grant date. The equity awards vest in equal installments over a five-year period, commencing
one year from the date of the grant.
Prior to November 2007, we were a mutual organization and did not have equity compensation
available to employees or directors. The Compensation Committee's objectives in granting equity
awards in January 2009 included further aligning the interests of directors with those of our other
stockholders, consistent with comparable peers that recently completed initial public offerings,
and with organizations that were established stock companies. The Compensation Committee consulted
with PM&P during this process.
The following table sets forth the Director and committee fee structure for the Board and its
standing committees (all of which were due and payable in cash) for the year ended December 31,
2009. Directors who are also our employees receive no additional compensation for service as a
director. Attendance fees, and one-fourth of any annual retainer, are paid on a quarterly basis,
in arrears, unless a director elects to have such fees or a portion thereof, deferred under our
non-qualified deferred compensation plan, described below.
Board
Nominating and
Compensation
Audit
of Directors
Corporate Governance
Committee
Committee
Annual Retainer
$
30,000
—
—
—
Annual Retainer-Chair
—
$
3,000
$
4,000
$
6,000
Per Meeting
Attendance Fee
$
1,250
$
850
$
850
$
1,250
All other committees of the Board receive, in cash, an $850 per meeting attendance fee
and an annual committee chair retainer of $3,000. In addition, the Lead Independent Director
receives an annual retainer of $3,000.
We also pay directly or reimburse Directors for normal, customary, and necessary business
expenses associated with relevant professional memberships, and participation in professional
training seminars.
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The following table sets forth for the year ended December 31, 2009, certain information as to
the total remuneration we paid our directors. Mr. Alexander does not receive separate compensation
for his service as a director. The "Non-equity incentive plan compensation," "Change in pension
value and nonqualified deferred compensation earnings" and "All other compensation" columns have
been omitted from the table because no director earned any compensation during the year ended
December 31, 2009, of a type required to be disclosed in those columns.
Fees earned or
Stock
Stock
paid in cash(3)
Awards(4) (6)
Options(5) (6)
Total
Name
($)
($)
($)
($)
Stanley A. Applebaum (1) (2)
21,300
275,835
223,146
520,281
John R. Bowen
62,400
275,835
223,146
561,381
Annette Catino
66,600
275,835
223,146
565,581
Gil Chapman
66,400
275,835
223,146
565,381
John P. Connors, Jr. (1)
57,700
275,835
223,146
556,681
John J. DePierro
64,550
275,835
223,146
563,531
Susan Lamberti
60,450
275,835
223,146
559,431
Albert J. Regen
63,550
275,835
223,146
562,531
Patrick E. Scura, Jr.
74,950
275,835
223,146
573,931
(1)
During 2009, Messrs. Applebaum and Connors provided legal services to or for the benefit
of Northfield Bank that are not included in the table above. See "—Transactions With
Certain Related Persons" for a discussion of fees received for legal services provided in
2009.
(2)
Mr. Applebaum retired and was granted emeritus status on May 27, 2009.
(3)
Includes retainer payments, meeting fees, and committee and/or chairmanship fees earned
during the calendar year, whether the director received payment of such amounts or elected
to defer them.
(4)
Represents the aggregate grant date fair value of 27,750 shares of restricted stock
awarded to each director on January 30, 2009, based upon a grant date stock price of $9.94
per share, which was the final reported sales price of our common stock on the date of the
grant. The restricted stock awards vest in equal installments over a five-year period,
commencing one year from the date of the grant.
(5)
Represents the aggregate grant date fair value of options to purchase 69,300 shares of
our common stock awarded to each director on January 30, 2009. The options vest in equal
installments over a five-year period, commencing one year from the date of the grant and
have an exercise price of $9.94 per share, which was the final reported sales price of our
common stock on the date of the grant. The grant date fair value was $3.22 per option and
was determined using the Black-Scholes method assuming an option's average life of 6.5
years; 2.17% risk free rate of return; 35.33% volatility; and 1.61% dividend yield.
(6)
At December 31, 2009, each Director held 27,750 unvested shares of restricted stock,
and 69,300 unvested stock options with an exercise price of $9.94 per share.
Executive Compensation
Compensation Committee Report
The Compensation Committee has reviewed and discussed the section entitled "Compensation
Discussion and Analysis" included in this prospectus with management. Based on this review and
discussion, the Compensation Committee recommended to the Board of Directors that the "Compensation
Discussion and Analysis" be included in this prospectus. The members of the Compensation Committee
are: Annette Catino, who serves as Chairman; Gil Chapman; John J. DePierro; and Patrick E. Scura,
Jr.
Compensation Discussion and Analysis
Persons Covered.
This discussion and analysis addresses compensation for 2009 for the
following executive officers: John W. Alexander, Chairman, President and Chief Executive Officer;
Steven M. Klein, Executive Vice President and Chief Financial Officer; Kenneth J. Doherty,
Executive Vice President and Chief Lending Officer; Michael J. Widmer, Executive Vice President of
Operations; and Madeline G. Frank, Senior Vice President and Corporate Secretary. These five
executives are referred to in this discussion as the "Named Executive Officers."
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Executive Summary.
Prior to completing our initial public offering in November 2007, we were
wholly-owned by our mutual holding company. As a mutually owned company, our compensation programs
were, by nature, limited, and consisted primarily of base salary and annual cash incentive
compensation.
The key components of our compensation program continue to evolve and are being designed,
augmented and modified, as appropriate, to ensure that we attract and retain superior financial
services executive talent, and reward sustainable performance. We strive to create a compensation
program that provides balance between shorter-term and longer-term performance, fixed and
performance-based compensation, and cash and equity compensation. A primary objective of our
current compensation program is to align the interests of our executives with those of our
stockholders. Our 2009 compensation program included competitively benchmarked base salaries, a
formal annual cash incentive compensation program directly linked to, among other things, our
strategic objectives, and beginning in January 2009, an equity incentive plan. Notwithstanding
unprecedented challenges in national and global economies and financial markets, our financial
performance in 2009 continued to exceed that of our peers. We have remained committed to our
disciplined and balanced approach to providing community banking services and utilizing the same
philosophy in designing a compensation program that is consistent with effective risk management.
Role of the Compensation Committee.
The Compensation Committee of the Board of Directors is
responsible for overseeing and approving, subject to ratification by the Board of Directors, the
compensation of the Named Executive Officers, including the Chief Executive Officer. As part of
these duties, the Committee administers our cash and equity incentive compensation plans and
conducts an annual performance review of the Chief Executive Officer and, in consultation with the
Chief Executive Officer, reviews the performance of the other Named Executive Officers. The Board
of Directors has ultimate authority to ratify the compensation of all Named Executive Officers,
including the Chief Executive Officer.
The Compensation Committee also reviews, oversees, and approves the management and
implementation of Northfield Bank's employee benefit plans. The Committee has a formal charter
that describes the Committee's scope of authority and its duties.
The Compensation Committee consists of four Directors, all of whom are "independent" as set
forth in the listing requirements for Nasdaq securities. The Nominating and Corporate Governance
Committee of the Board of Directors evaluates the independence of Committee members at least
annually, using the standards contained in Nasdaq listing requirements. This evaluation, and the
determination that each member of the Committee is independent, was made most recently in March
2010.
Role of Executives in Committee Activities.
The executive officers who serve as a resource to
the Compensation Committee are the Chief Executive Officer, the Chief Financial Officer, and the
Director of Human Resources. Executives provide the Compensation Committee with input regarding
employee compensation philosophy, processes, and decisions for employees other than Named Executive
Officers. This communication assists in the design and alignment of compensation programs
throughout Northfield Bank. In addition to providing factual information such as company-wide
performance on relevant measures, these executives articulate management's views on current
compensation programs and processes, recommend relevant performance measures to be used for future
evaluations, and otherwise supply information to assist the Compensation Committee. The Chief
Executive Officer also provides information about individual performance assessments for the other
Named Executive Officers, and expresses to the Compensation Committee his views on the appropriate
levels of compensation for the other Named Executive Officers for the ensuing year. At the request
of the Compensation Committee, the Chief Financial Officer communicates directly with third-party
consultants, providing third-party consultants with company-specific data and information, and
assisting in the evaluation of the estimated financial effect regarding any proposed changes to the
various components of compensation.
Executives participate in Committee activities purely in an informational and advisory
capacity and have no vote in the Committee's decision-making process. The Chief Executive Officer
and Chief Financial Officer do not attend those portions of Compensation Committee meetings during
which their performance is evaluated or their compensation is being determined. No executive
officer other than the Chief Executive Officer attends those
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portions of Compensation Committee meetings during which the performance of the other Named
Executive Officers is evaluated or their compensation is being determined. In addition, the
Compensation Committee meets in executive session as appropriate.
Use of Consultants.
The Compensation Committee periodically engages an independent
compensation consultant to assist it in the compensation process for Named Executive Officers. The
consultant is retained by and reports directly to the Compensation Committee. The Compensation
Committee places no restrictions on the consultant within the scope of contracted services and such
consultant is not engaged by management for any purpose. The consultant provides expertise and
information about competitive trends in the employment marketplace, including established and
emerging compensation practices at other companies. The consultant also provides proxy statement
and survey data, and assists in assembling relevant comparison groups for various purposes and
establishing benchmarks for base salary, equity awards, and cash incentives from the comparison
group proxy statement and survey data.
For 2009, the Compensation Committee engaged PM&P, an independent compensation consulting
firm, as its advisor on executive and Board compensation matters. During 2009, PM&P assisted the
Compensation Committee in making equity award recommendations for Directors, Named Executive
Officers, and other employees under our 2008 Equity Incentive Plan, as well as provided support in
the development of the 2009 cash incentive plan. In addition, PM&P performed a market update on
executive compensation data it prepared as part of the Compensation Committee's comprehensive
review conducted in 2007 for Named Executive Officers. Although the Committee undertakes a
comprehensive assessment every three years, it utilizes PM&P to provide ongoing market trends and
guidance for pay structures each year.
Compensation Objectives and Philosophy.
The overall objectives of our compensation program
are to retain, motivate, and reward employees and officers (including the Named Executive Officers)
for sustained performance, and to provide competitive compensation to attract talent to our
organization. The methods used to achieve these goals for Named Executive Officers are influenced
by the compensation and employment practices of our competitors within the financial services
industry, and elsewhere in the marketplace, for executive talent. Other considerations include
each Named Executive Officer's individual performance in achieving both financial and non-financial
corporate goals.
Our compensation program is designed to reward the Named Executive Officers based on their
level of assigned management responsibilities, individual experience and performance levels, and
knowledge of banking and our business. The creation of long-term value is highly dependent on the
development and effective execution of our business strategy by our executive officers.
Factors that influence the design of our executive compensation program include, among other
things, the items listed below.
•
We operate in a highly regulated industry, and we value industry-specific experience
that promotes the safe and sound operation of Northfield Bank.
•
We value executives with sufficient experience in our markets relating to the
behavior of our customers, products, and investments in various phases of the economic
cycle.
•
We operate in interest rate and credit markets that are often volatile. We value
disciplined decision-making that respects our business plan but adapts appropriately to
change.
•
We value the retention and development of performing incumbent executives.
Recruitment of executives can have substantial monetary costs, unpredictable outcomes,
and a disruptive effect on our operations.
Our 2009 compensation program for our Named Executive Officers includes three key components.
The first component is base salary, which is designed to provide a reasonable level of predictable
income commensurate
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with market standards of the position held. The second component is an annual cash incentive
plan, designed to reward our executives for attaining specific performance goals that support our
strategic objectives, and the third component, which was added in January 2009, is the granting of
equity incentive awards in the form of shares of common stock, and options to purchase shares of
common stock at a specified price. We also provide benefits and perquisites to the Named Executive
Officers at levels that are competitive and appropriate for their roles.
Benchmarking.
Our compensation program is periodically evaluated in relation to benchmark
data derived from information reported in publicly-available proxy statements and from market
survey data. The Compensation Committee will generally review and consider updated peer proxy and
market survey compensation data every three years. In 2007, the Compensation Committee engaged
PM&P to assist it in completing a comprehensive competitive review. The Compensation Committee
selected the following companies for use in benchmarking Named Executive Officers' 2007
compensation package. Although the Compensation Committee seeks to update the comprehensive
analysis every three years, PM&P reviewed and updated the data in November 2008 to reflect
appropriate market movement and provide the Compensation Committee with ongoing perspective of our
pay practices. The peer group used for the 2007 analysis is listed below and was selected based
upon similar asset size, geographic region, and business model to us.
Dime Community Bancshares, Inc.
State Bancorp, Inc.
Synergy Financial Group, Inc.
TrustCo BankCorp NY
Bancorp Rhode Island, Inc.
First of Long Island Corporation
Provident New York Bancorp
Suffolk Bancorp
Berkshire Bancorp, Inc.
Flushing Financial Corporation
Rockville Financial, Inc.
Benjamin Franklin Bancorp, Inc.
Oceanfirst Financial Corp.
Oritani Financial Corp.
Roma Financial Corporation
Kearny Financial Corp.
United Financial Bancorp, Inc.
Clifton Savings Bancorp, Inc.
Sterling Bancorp
Westfield Financial, Inc.
Assembling the Components of Compensation.
The Compensation Committee analyzes the level and
relative mix of executive compensation by component (e.g., base salary, incentives, and benefits)
and in the aggregate. The Chief Executive Officer provides recommendations to the Committee
relating to compensation to be paid to the Named Executive Officers other than himself. Based on
their analysis, the Compensation Committee approves each Named Executive Officer's compensation,
subject to ratification by the Board of Directors.
When evaluating the mix of total compensation, the Compensation Committee considers among
other things, general market practices, benchmarking studies conducted by the consultant, the
alignment of cash and equity incentive awards with our strategic objectives and performance, and
the desire to reward performance through incentive compensation within Board-approved risk
parameters. The Compensation Committee seeks to create appropriate incentives without encouraging
behaviors that result in undue risk. These components are periodically evaluated in relation to
benchmark data derived from information reported in publicly-available proxy statements and from
market survey data.
Base Salary.
Base salary is designed to provide a reasonable level of predictable income
commensurate with market standards of the position held adjusted for specific job responsibilities
assigned, individual experience, and demonstrated performance. Named Executive Officers are
eligible for periodic adjustments to their base salary as a result of changes in the cost of
living, individual performance, updated market analysis, or significant changes in their duties and
responsibilities. The Compensation Committee annually reviews and approves base salaries, and
changes thereto, for Named Executive Officers, including our Chief Executive Officer.
Base salary amounts for 2009 were determined based on a review of peer proxy and survey data
provided by PM&P in 2007, and updated in November 2008 by PM&P. The Compensation Committee
reviewed the 50th percentile of peer proxy and survey data, and a pay range around the median to
allow for recognition of each Named Executive Officer's specific experience, responsibilities and
performance, estimated value in the marketplace, and the Committee's view of each Named Executive
Officer's role in our future success. For 2009, the Compensation Committee generally targeted base
salary compensation at the 65th percentile for each of the Named Executive Officers.
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The Committee considered the responsibility, significant experience, contributions, and
performance of each Named Executive Officer, their value in the marketplace, and their critical
roles in our future successes, and determined in December 2008, that existing base salaries
properly reflected these factors and made a determination not to change base salaries for any Named
Executive Officers in 2009, with the exception of Mr. Widmer, whose annual base salary was
increased by 4.5%, to $230,000.
Cash Incentives.
The Compensation Committee developed and implemented a Management Incentive
Plan (the "Cash Incentive Plan," or "CIP") for 2009. The Cash Incentive Plan provides
performance-based annual cash incentives to reward our Named Executive Officers for the execution
of specific financial and non-financial elements of our strategic business plan, as well as,
individual goals related to each executive's function area. The Cash Incentive Plan requires that
we achieve our designated corporate goal for an individual to earn a percentage of the total cash
award available under the Cash Incentive Plan. The CIP also provides that Named Executive Officers
must achieve individual goals, as determined by the Compensation Committee, to receive the
remaining percentage of the total cash award available to him or her under the CIP.
The Compensation Committee evaluates the reasonableness and likelihood of attaining designated
incentive goals, including stretch goals, in an effort to ensure that such targets appropriately
reward performance, but do not encourage undue risk taking. Actual performance over the applicable
measurement period may exceed or fall short of the targets resulting in the Named Executive Officer
receiving an annual incentive cash award that is above or below the initial targeted level. Annual
incentive cash awards granted in prior years are not taken into account by the Compensation
Committee in the process of setting performance targets for the current year. The Committee
believes that doing so would be inconsistent with the underlying reasons for the use of incentive
compensation.
Risk Assessment and Related Considerations.
During 2009, the Compensation Committee, in
consultation with PM&P, and with the assistance of the Chief Executive Officer and Chief Financial
Officer, performed a risk assessment of our compensation program (including cash incentive
compensation) for all employee levels within our organization. The objective of the review was to
determine if the compensation programs, at all employee levels, encouraged behavior that exposed us
to unacceptable levels of risk in relation to its business model. The review evaluated the balance
of compensation elements between cash and equity, fixed versus variable compensation, and long-term
versus short-term compensation. The review considered the level of potential cash incentive
compensation as compared to base salary, the focus of individual goals, and the number, weighting,
and balance of goals, as well as internal controls in place to mitigate possible high risk
behaviors.
Based upon its risk assessment, the Compensation Committee concluded that the compensation
programs (including cash incentive compensation) for all employee levels were based on balanced
performance metrics that were reasonable in relation to base salary, and promoted disciplined
progress towards longer-term strategic goals. The Compensation Committee also concluded that the
compensation programs did not motivate improper risk taking, and are not reasonably likely to have
a material adverse effect on us.
2009 Cash Incentive Plan.
For 2009, the Compensation Committee set a "target" total cash
incentive award of 15% of base salary for each Named Executive Officer. The actual cash incentive
award range was defined as 7.5% for "threshold" performance and 22.5% for "stretch" performance, of
base salary. These targets were intentionally set lower than current market practice as part of
our shift from its compensation philosophy as a mutually owned bank (greater focus on cash
compensation weighted towards base salary) to that of a public company (which includes equity
compensation and a greater weighting of compensation towards long-term incentive compensation
rather than short-term incentives).
The Compensation Committee established one shared corporate goal (the "Corporate Goal") and
individual performance goals for each Named Executive Officer. The target Corporate Goal measured
the attainment of the Board-approved budgeted net income (before taxes) of approximately $18.1
million. The stretch goal was 120% or greater of budgeted net income (before taxes) and the
threshold was 90% of budgeted net income (before taxes). If 80% of budgeted net income (before
taxes) is not achieved, Named Executive Officers are not eligible to receive incentive payments for
achievement of their individual performance goals.
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Individual performance goals were aligned with our strategic business plan and focused on the
following areas:
Name
Individual Performance Goals
John W. Alexander
Effectuate a capital deployment strategy;
Develop and execute upon a customer satisfaction enhancement program; and
Enhance profitability and manage enterprise risk, while ensuring
liquidity and interest rate risk remain within Board approved parameters
Steven M. Klein
Implement formal leverage strategies to meet specified pre-tax net
income targets (threshold-$720,000, target-$800,000, stretch-$960,000)
within Board approved interest rate risk parameters;
Maintain or reduce budgeted non-interest expense within Board approved
levels (threshold-$100,000, target-$150,000, stretch-$200,000); and
Adapt reporting processes to monitor and support strategic plan
Kenneth J. Doherty
Originate loans to specified targets (threshold-$105 million,
target-$117 million, stretch-$140 million), while minimizing credit
risk;
Implement automated credit underwriting and monitoring systems; and
Enhance credit monitoring reports to the Risk Committee of the Board
Michael J. Widmer
Increase outstanding deposits to specified targets (threshold-$58
million, target-$65.4 million, stretch-$77.4 million);
Convert core bank systems to new data processor;
Expand deposit franchise, and enhance brand;
Finalize agreements, develop construction plans on existing sites; and
Identify and evaluate potential branch sites
Madeline G. Frank
Develop automated accounting and reporting system for equity awards;
Implement a formal new hire evaluation program to identify individuals
with desired customer service skill sets; and
Implement an employee satisfaction survey, evaluate results and
implement upon a management approved response
Of our Chief Executive Officer's potential cash incentive award, 85% was based on the
achievement of the Corporate Goal, and 15% was based on the attainment of his individual goals. Of
our other Named Executive Officers' potential cash incentive awards, 75% was based on the
achievement of their Corporate Goal, and 25% was based on the attainment of individual goals.
In evaluating actual performance as compared to the established Corporate Goal, the
Compensation Committee may, at its discretion, exclude items that are considered non-recurring in
nature. In addition, the Cash Incentive Plan permitted the Compensation Committee to increase or
decrease a cash incentive award based upon its consideration of a Named Executive Officer's
performance or achievements.
2009 Award Determinations.
In February 2010, the Compensation Committee evaluated achievement
of the Corporate Goal. Our reported 2009 net income (before taxes) was $18.7 million, which
exceeded our "target" goal of $18.1 million. In accordance with the Cash Incentive Plan, the
Corporate Goal "target" award of 12.75% (15% target award times 85% weighting) for Mr. Alexander,
and 11.25% (15% target award times 75% weighting) for all other Named Executive Officers increased
(on a pro-rata basis) to approximately 13.6% (16% pro-rata award times 85% weighting) for Mr.
Alexander, and 12.0% (16% pro-rata award times 75% weighting) for all other
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Named Executive Officers. The Compensation Committee made no upward adjustments to our 2009
reported net income (before taxes) in evaluating achievement of the Corporate Goal.
The remaining 15% of Mr. Alexander's eligible award, and 25% of each other Named Executive
Officer's eligible award was determined based on each executive's attainment of individual goals,
which were evaluated by the Compensation Committee in its annual evaluation of each Named Executive
Officer's performance. In February 2010, the Compensation Committee concluded that Mr. Alexander
and Ms. Frank had achieved each of their individual performance goals and determined that the
"target" award (no "stretch" goals were assigned to Mr. Alexander or Ms. Frank) was earned by each
of them for all assigned goals. The Compensation Committee also concluded that Messrs. Klein,
Doherty, and Widmer had substantially met each of their assigned goals at the "target" level,
except for their goals related to implementing leverage strategies, loan originations, and
expanding the deposit franchise, respectively, which were achieved at the "stretch" payout level.
Mr. Alexander's corporate goal cash incentive payout was $92,178. Mr. Alexander's individual
goal cash incentive payout of $15,210 for 2009 reflects the Compensation Committee's assessment of
his attainment of his "target" goal related to his leadership in developing and executing a
customer satisfaction program. The Committee also evaluated Mr. Alexander's leadership in
achieving our core strategic business goals, including effective capital deployment, and continual
improvement in customer service. The Compensation Committee attributed our results to Mr.
Alexander's vision for our organization and discipline in adhering to our conservative business
model focused on conservative credit underwriting and securities investments, franchise growth, and
operating expense discipline.
Mr. Klein's corporate goal cash incentive payout was $36,095. Mr. Klein's individual goal
cash incentive payout of $14,062 for 2009 reflects the following: achievement of his "stretch" goal
for executing securities leveraging opportunities in a volatile market that contributed to net
interest income at or above the stretch level of $960,000, and the attainment of his "target" goal
of reducing budgeted non-interest expense by $150,000. The Committee excluded the effect of the
following items from reported non-interest expense: FDIC Deposit Insurance special assessment of
approximately $1 million, $600,000 in deferred compensation plan expense associated with market
adjustments in the underlying plan assets, and approximately $600,000 in loan workout professional
fees and collateral valuation adjustments associated with other real estate owned.
Mr. Doherty's corporate goal cash incentive payout was $33,688. Mr. Doherty's individual goal
cash incentive payment of $8,750 for 2009 reflects the following: achievement of his "stretch" goal
for loan originations exceeding $140 million; achievement of his "target" goal related to
implementation of credit monitoring software; and achievement of his "target" award related to
enhancing credit monitoring reporting to the Board. The Compensation Committee also considered Mr.
Doherty's goal related to minimizing credit risks in the loan portfolio. The Committee noted that
credit deterioration occurred in the industry and not just at Northfield, and appropriate actions
were taken to minimize credit risk, including formation of a credit department, and a loan
operations department. However, the Committee believes that certain actions could have been
implemented more timely and a reduction of Mr. Doherty's individual incentive award in the amount
of $3,500 was made.
Mr. Widmer's corporate goal cash incentive payout was $27,673. Mr. Widmer's individual cash
incentive payment of $9,703 for 2009 reflects the following: achievement of his "stretch" goal for
deposit growth exceeding $77.4 million, achievement of his "target" goal related to the conversion
to a new operating system, achievement of his "target" goal for our opening or constructing two new
branches, and achievement of his "target" goal for committing to one new branch location in New
Jersey.
Ms. Frank's corporate goal cash incentive payout was $20,454. Ms. Frank's individual cash
incentive payment of $6,375 for 2009 reflects achievement of her "target" goal related to the
planning and implementation of an employee satisfaction survey, and the development and execution
of a planned response to the survey results.
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For 2009, the Named Executive Officers' total "target" award opportunities, and actual
incentives awarded as a percentage of "target" are detailed below.
Actual Award as a
percentage of
Target Award
Target Award
Opportunity
Actual Award
Opportunity
Name
($)
($)
(%)
John W. Alexander
101,400
107,388
105.9
Steven M. Klein
45,000
50,157
111.5
Kenneth J. Doherty
42,000
42,438
101.0
Michael J. Widmer
34,500
37,376
108.3
Madeline G. Frank
25,500
26,829
105.2
Equity Awards.
In December 2008, stockholders approved the Northfield-Federal 2008
Equity Incentive Plan. The objective of equity awards is to further align the interests of our
executives with those of stockholders and reward sustained performance. In January 2009 the
Compensation Committee granted equity awards in the form of common stock, and options to purchase
common stock at $9.94 per share, representing the closing price of our common stock on the grant
date, to each of the Named Executive Officers. The equity awards vest in equal installments over a
five-year period, commencing one year from the date of the grant. The Compensation Committee
consulted with PM&P during this process.
Prior to November 2007, we were a mutual organization and did not have equity compensation
available to employees. The Compensation Committee's objective in granting equity awards in
January 2009 was to provide employees with a substantial equity interest in us, consistent with
comparable peers that recently completed initial public offerings.
Broad-based benefits
. We also provide to our Named Executive Officers certain broad-based
benefits available to all of our qualifying employees, as well as fringe benefits and perquisites,
and restoration and other termination benefits, not generally available to all qualifying
employees.
The following summarizes the significant broad-based benefits in which the Named Executive
Officers were eligible to participate in 2009:
•
a defined contribution 401(k) retirement plan and discretionary profit-sharing plan;
•
an employee stock ownership plan;
•
medical coverage (all employees share between 20% to 30% of the cost, depending on their
elections);
•
pre-tax health and dependent care spending accounts; and
•
group life insurance coverage (death benefit capped at $750,000, with the value of the
death benefit over $50,000 being reported as taxable income to all employees).
The Northfield Bank Employee Stock Ownership Plan was established effective January 1, 2007.
The employee stock ownership plan allocates a certain number of shares of our common stock on an
annual basis, which are allocated among plan participants primarily on the basis of eligible
compensation in the year of allocation, subject to Internal Revenue Code limitations. All eligible
employees, including Named Executive Officers, participate in the plan and received an allocation
of common stock for 2009.
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Executive Benefits and Perquisites.
In addition to the broad-based benefits described above,
the Named Executive Officers received the following fringe benefits and perquisites in 2009:
•
all Named Executive Officers may participate in a non-qualified deferred
compensation plan. The plan provides restoration of benefits capped under Northfield
Bank's broad-based benefits due to Internal Revenue Code salary limitations or
limitations due to participation requirements under tax-qualified plans. The plan also
permits elective salary and cash incentive award deferrals;
•
Messrs. Klein, Doherty, and Widmer received a monthly automobile allowance of $800;
•
all Named Executive Officers pay for and are provided with reimbursement for
long-term disability insurance coverage;
•
Messrs. Alexander, Klein, Doherty, and Widmer are reimbursed for appropriate spousal
expenses for attendance at business events; and
•
Messrs. Alexander, Klein, Doherty, and Widmer are provided a cellular phone
allowance of $100 per month for business usage. We also reimburse individuals for the
cost of cellular phone equipment.
We incur the expense of one country club membership and related expenses for Mr. Alexander.
Mr. Alexander reimburses Northfield Bank for personal expenses pertaining to club usage. In lieu
of a monthly automobile allowance, Mr. Alexander receives use of an automobile (including all
operating expenses) leased by Northfield Bank for business and personal use. Personal use of the
automobile is reported as taxable income to Mr. Alexander. In addition, Northfield Bank pays an
annual premium on a whole-life insurance policy for the benefit of Mr. Alexander.
The Compensation Committee reviews the other components of executive compensation (broad-based
benefits and executive perquisites) on an annual basis. Changes to the level or types of
broad-based benefits within these categories, including considerations relating to the addition or
elimination of benefits and plan design changes, are made by the Compensation Committee on an
aggregate basis with respect to the group of employees entitled to those benefits, and not
necessarily with reference to a particular Named Executive Officer's compensation. Decisions about
these components of compensation are made without reference to the Named Executive Officers' salary
and annual cash incentives, as they involve issues of more general application and often include
consideration of trends in the industry or in the employment marketplace.
Employment Agreements.
In addition to the components of executive compensation described
above, Messrs. Alexander, Klein, Doherty, and Widmer are each parties to employment agreements with
Northfield Bank. See "Employment Agreements" for a description of these agreements and "Potential
Payments to Named Executive Officers" for information about potential payments to these individuals
upon termination of their employment with Northfield Bank.
The executive employment agreements are designed to allow us to retain the services of the
designated executives while reducing, to the extent possible, unnecessary disruptions to our
operations. In addition, the Compensation Committee believes that the employment agreements better
align the interests of the executive with those of our stockholders. The Compensation Committee
believes that these agreements allow executives to more objectively evaluate opportunities for
stockholders without causing undue personal financial conflicts.
The Compensation Committee reviewed prevailing market practices, consulted with PM&P on the
competitiveness and reasonableness of the terms of the agreements, and negotiated the agreements
with the individuals. The Compensation Committee believes such agreements are common and necessary
to retain executive talent.
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The agreements are for a three-year period, are reviewed for renewal annually by the
Compensation Committee of the Board of Directors, and provide for salary and incentive cash
compensation payments, as well as additional post-employment benefits, primarily health benefits,
under certain conditions, as defined in the employment agreements. See "—Employment Agreements"
for further discussion.
Exceptions to Usual Procedures.
The Compensation Committee may recommend to the Board of
Directors that they approve the payment of special cash compensation to one or more Named Executive
Officers in addition to payments approved during the normal annual compensation-setting cycle. The
Committee may make such a recommendation if it believes it would be appropriate to reward one or
more Named Executive Officers in recognition of contributions to a particular project, or in
response to competitive and other factors that were not addressed during the normal annual
compensation-setting cycle. The Compensation Committee did not make any such recommendation
related to our Named Executive Officers for 2009.
The Committee will consider off-cycle compensation adjustments whenever a Named Executive
Officer's status, role or responsibilities change, or an executive officer is hired. The Committee
may depart from the compensation guidelines it would normally follow for executives in the case of
outside hires.
The Compensation Committee considers, but is not bound by, the tax treatment of each component
of compensation. Under Section 162(m) of the Internal Revenue Code, annual compensation paid to a
Named Executive Officer is not deductible if it exceeds $1 million unless it qualifies as
"performance-based compensation" as defined in the Internal Revenue Code and related tax
regulations. Base salary is not a form of performance-based compensation. Fringe benefits and
perquisites also do not qualify as performance-based compensation. Annual incentive cash awards
may qualify as a form of performance-based compensation under the income tax regulations. In 2009,
and for prior years, we were not subject to tax deduction limitations under Section 162(m).
Committee Actions During 2009 Affecting 2010 Compensation, and Other Actions by the Committee.
Every three years, executive compensation is reviewed in detail by the Compensation Committee.
The Compensation Committee is scheduled to perform its detailed review of executive compensation
in 2010. Typically, the review commences in the middle of the year after peer proxy information
becomes readily available. In 2009, the Compensation Committee reviewed current compensation
trends and practices, in consultation with PM&P, and made a determination that Named Executive
Officers' base salaries for 2010 would remain unchanged from 2009 until such review was complete.
In December of 2009, the Compensation Committee approved a 2010 cash incentive compensation
plan, with a similar structure to our 2009 cash incentive compensation plan. The plan contains
similar terms and conditions as our prior year plan. The "threshold," "target," and "stretch"
award payouts are 10%, 20%, and 30%, respectively, with a "Corporate Goal" that can be earned based
upon our achieving at least 90% of Board-approved budgeted net income (before income taxes), and
"individual awards" that are based on the achievement of goals aligned with our strategic
objectives.
Compensation Tables
Summary Compensation Table.
The following table sets forth for the three years ended December
31, 2009, certain information as to the total remuneration we paid to Mr. Alexander, who serves as
Chairman of the Board, President and Chief Executive Officer, Mr. Klein, who serves as Executive
Vice President and Chief Financial Officer, and the three most highly compensated executive
officers of Northfield-Federal or Northfield Bank other than Messrs. Alexander and Klein. The
"Bonus" and "Change in Pension Value and Nonqualified Deferred Compensation Earnings" columns have
been omitted from the Summary Compensation Table because no listed individual earned any
compensation during the years ended December 31, 2009, 2008, or 2007 of a type required to be
disclosed in those columns.
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Summary Compensation Table
Option
Non-equity
Stock
Awards
incentive plan
All other
Salary
Awards (2)
(3)
compensation
compensation
Total
Name and principal position
Year
($)
($)
($)
($)
(1) ($)
($)
John W. Alexander,
2009
676,000
1,669,920
1,356,425
107,388
141,951
3,951,684
Chairman of the Board, President
2008
676,000
—
—
67,600
137,761
881,361
and Chief Executive Officer
2007
750,000
—
—
75,000
165,896
990,896
Steven M. Klein, Executive
2009
300,000
778,302
661,710
50,157
53,422
1,843,591
Vice President and Chief
2008
300,000
—
—
31,250
48,384
379,634
Financial Officer
2007
300,000
—
—
30,000
54,620
384,620
Kenneth J. Doherty,
2009
280,000
725,620
618,240
42,438
53,540
1,719,838
Executive Vice President
2008
280,000
—
—
29,750
45,853
355,603
and Chief Lending Officer
2007
280,000
—
—
28,000
52,276
360,276
Michael J. Widmer,
2009
230,000
596,400
507,955
37,376
46,325
1,418,056
Executive Vice President,
2008
220,000
—
—
23,375
40,141
283,516
Operations
2007
220,000
—
—
22,000
43,642
285,642
Madeline G. Frank, Senior
2009
170,000
132,202
85,330
26,829
28,896
443,257
Vice President and
2008
170,000
—
—
17,000
23,280
210,280
Corporate Secretary
2007
170,000
—
—
17,000
27,824
214,824
(1)
The individuals listed in this table participate in certain medical and dental coverage
plans, not disclosed in the Summary Compensation Table, that are generally available to
salaried employees and do not discriminate in scope, terms and operation. The amount shown
for each individual for the year ended December 31, 2009, includes our direct out-of-pocket
costs (reduced for Mr. Alexander, in the case of the figures shown for automobiles by the
amount that we would otherwise have paid in cash reimbursements during the year for business
use) for the following items:
Mr. Alexander
Mr. Klein
Mr. Doherty
Mr. Widmer
Ms. Frank
Employer contributions to qualified and
non-qualified deferred
compensation plans
(including 401(k),
ESOP and non-qualified
deferred compensation
plans)
$
75,485
$
38,346
$
38,101
$
32,828
$
24,596
Life insurance premiums
38,900
2,592
3,240
1,987
2,203
Long-term disability
2,180
968
903
710
497
Automobile
12,768
9,600
9,600
9,600
—
Club dues
10,118
—
—
—
—
Travel expense for
spouse to accompany on
business travel
1,300
716
496
—
—
Other*
—
—
—
—
1,600
Reimbursement for
business cell phone
and data usage
1,200
1,200
1,200
1,200
—
Total
$
141,951
$
53,422
$
53,540
$
46,325
$
28,896
(2)
Represents the aggregate grant date fair value of restricted stock awarded to the employee on
January 30, 2009, based upon a grant date stock price of $9.94 per share, which was the final
reported sales price of our common stock on the date of the grant. The restricted stock
awards vest in equal installments over a five-year period, commencing one year from the date
of the grant. No forfeitures were assumed in calculating the aggregate grant date fair value.
(3)
Represents the aggregate grant date fair value of options to purchase shares of common stock
awarded to each employee on January 30, 2009. The options vest in equal installments over a
five-year period, commencing one year from the date of the grant and have an exercise price of
$9.94 per share, which was the final reported sales price of the common stock on the date of
the grant. The grant date fair value was $3.22 per option and was determined using the
Black-Scholes method assuming an option's average life of 6.5 years; 2.17% risk free rate of
return; 35.33% volatility, and 1.61% dividend yield. No forfeitures were assumed in
calculating the aggregate grant date fair value.
*
Amount represents an annual discretionary stipend provided to employees whose work location
was moved from New York to New Jersey.
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Plan-Based Awards
.
As further discussed in "Compensation Discussion and
Analysis—Assembling the Components of Compensation," we maintained a cash incentive award program
and equity incentive award program (both based upon Board- and stockholder-approved plans) for our
Named Executive Officers for the year ended December 31, 2009. The following table sets forth for
the year ended December 31, 2009, certain information as to grants of plan-based cash and equity
awards.
Grants of Plan-based Awards Table
—
2009
All other
All other
Grant
stock
option
Exercise
date fair
awards:
awards:
or base
value of
Estimated future payouts under
number of
number of
price of
stock and
non-equity incentive plan awards
shares of
securities
option
option
Threshold
Target
Maximum
stock or
underlying
awards
awards (1)
Name
Grant date
($)
($)
($)
units
options
($)
($)
John W. Alexander
01/14/09
50,700
101,400
152,100
—
—
—
—
01/30/09
—
—
—
168,000
—
—
1,669,920
01/30/09
—
—
—
—
421,250
9.94
1,356,425
Steven M. Klein
01/14/09
22,500
45,000
67,500
—
—
—
—
01/30/09
—
—
—
78,300
—
—
778,302
01/30/09
—
—
—
—
205,500
9.94
661,710
Kenneth J. Doherty
01/14/09
21,000
42,000
63,000
—
—
—
—
01/30/09
—
—
—
73,000
—
—
725,620
01/30/09
—
—
—
—
192,000
9.94
618,240
Michael J. Widmer
01/14/09
17,250
34,500
51,750
—
—
—
—
01/30/09
—
—
—
60,000
—
—
596,400
01/30/09
—
—
—
—
157,750
9.94
507,955
Madeline G. Frank
01/14/09
12,750
25,500
38,250
—
—
—
—
01/30/09
—
—
—
13,300
—
—
132,202
01/30/09
—
—
—
—
26,500
9.94
85,330
(1)
See footnotes 2 and 3 to the Summary Compensation Table for further information regarding
grant date fair value of restricted stock and option awards.
The following table sets forth certain information regarding stock awards and stock
options outstanding at December 31, 2009:
Option Awards
Stock Awards
Number
Market
Number of
Number of
of shares
value of
securities
securities
or units
shares or
underlying
underlying
of stock
units of
unexercised
unexercised
Option
that
stock that
options
options
exercise
Option
have not
have not
Grant
(exercisable)
(unexercisable)
price
expiration
vested
vested (2)
Name
date
(#)
(#)
($)
date (1)
(#)
($)
John W. Alexander
01/30/09
—
421,250
9.94
01/30/19
168,000
2,271,360
Steven M. Klein
01/30/09
—
205,500
9.94
01/30/19
78,300
1,058,616
Kenneth J. Doherty
01/30/09
—
192,000
9.94
01/30/19
73,000
986,960
Michael J. Widmer
01/30/09
—
157,750
9.94
01/30/19
60,000
811,200
Madeline G. Frank
01/30/09
—
26,500
9.94
01/30/19
13,300
179,816
(1)
Stock options expire if unexercised 10 years from the grant date.
(2)
Amount is based on a $13.52 per share closing price of our common stock on December 31, 2009.
There were no options exercised or restricted stock vested during the year ended December
31, 2009.
Nonqualified Deferred Compensation Plan.
Northfield Bank maintains a non-qualified deferred
compensation plan to provide for the elective deferral of non-employee director fees by
participating members of the Board of Directors, and the elective deferral of compensation and/or
performance-based compensation payable to eligible employees of Northfield Bancorp, MHC and
Northfield Bank. A designated amount of director fees, compensation and/or performance based
compensation may be deferred until one of the specified events in the plan
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occurs, which permits all or part of the monies so deferred, together with earnings, to be
distributed to participants or their beneficiaries. In addition, the plan provides eligible
employees of Northfield Bank with supplemental retirement income from Northfield Bank when such
amounts are not payable under the contribution formula of the Northfield Bank 401(k) Savings Plan
(the "401(k) Savings Plan"), due to reductions and other limitations imposed under the Internal
Revenue Code.
Members of the Board of Trustees of Northfield Bancorp, MHC and the Boards of Directors of
Northfield-Federal and Northfield Bank, and certain employees are eligible to participate in the
plan. Eligible trustees, directors or employees become participants upon agreeing in a written
enrollment agreement to defer any portion of their trustee fees, director fees, compensation,
and/or performance-based compensation. Each participant may request that his or her deferred
compensation account be deemed to be invested in any one or more of the investment options
available to Northfield Bancorp, MHC, or Northfield Bank, in our sole discretion. A participant
may periodically request a change to his or her investment allocation deemed available under the
plan. In the event any participant fails to direct the investment of his or her deferred
compensation account, or to the extent the employer chooses not to honor the participant's request,
the deferred compensation account will be deemed to bear interest at the rate prevailing for
30-year United States Treasury Bonds.
With respect to amounts of deferred trustee or director fees, deferred compensation or
performance-based compensation, distributions will be made under the plan in the event of the
participant's retirement, death, termination due to disability, separation from service prior to
the participant's retirement date, upon the establishment of an unforeseeable emergency, upon a
change in control, or upon the attainment of a specific date of distribution, in a single lump sum
or in up to 15 annual installment payments, as designated by the participant in his or her
enrollment agreement. In the case of an unforeseeable emergency, the amounts distributed will not
exceed the amounts necessary to satisfy the emergency plus an amount necessary to pay any taxes
owed on the distribution. In the event the participant fails to designate a payment schedule on
his enrollment agreement or if the entire balance credited to the participant's account is less
than $10,000, payment will be made in a single lump sum. In the event a participant dies before
receiving the full amount of his benefit, the remaining amounts will be paid to the participant's
designated beneficiary according to the participant's form of election or, if there is no
designated beneficiary at the time of the participant's death, to the participant's estate in a
single lump sum. Distributions to certain "specified employees" on account of their separation
from service may be delayed for six months, if necessary, to comply with Internal Revenue Code
Section 409A.
In addition, the non-qualified deferred compensation plan provides for benefits which
supplement those paid under the 401(k) Savings Plan in the event of normal, early or postponed
retirement, death or termination of service. Such benefits will be equal to the sum of: (i) the
maximum amount of employer matching contributions provided to a participant each calendar year,
assuming a participant's maximum contributions, reduced by the amount of employer matching
contributions made for the participant under the 401(k) Savings Plan for such year, adjusted by
gains and losses; (ii) commencing January 1, 2000, the amount of employer matching contributions
not credited to a participant's 401(k) Savings Plan account as a result of an employer error,
adjusted by gains and losses, if any; and (iii) the maximum amount of discretionary employer
contributions that would be provided to a participant under the 401(k) Savings Plan, assuming an
allocation without taking into account the limitations imposed by the Internal Revenue Code,
reduced by the amount of discretionary employer contributions actually made to a participant under
the 401(k) Savings Plan for each such year, adjusted by gains and losses, if any. Benefits payable
under this plan that supplement matching contributions under the 401(k) Savings Plan will be
aggregated with benefits payable under the Supplemental ESOP (described below). Upon the
occurrence of a distribution event, such benefits will be payable in either a lump sum or
installments over a period of up to 15 years, at the election of the participant made in accordance
with Section 409A of the Internal Revenue Code.
The non-qualified deferred compensation plan is considered an unfunded plan for tax and
Employee Retirement Income Security Act purposes. All obligations owing under the plan are payable
from the general assets of Northfield Bank and Northfield Bancorp, MHC, and are subject to the
claims of Northfield Bank's or Northfield Bancorp, MHC's creditors.
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Supplemental Employee Stock Ownership Plan
.
The Northfield Bank Supplemental Employee Stock
Ownership Plan (the "Supplemental ESOP") is a benefit restoration plan that provides additional
cash benefits, equal to the participant's account balance, at retirement or other termination of
employment (or upon a change in control) to participants who are key employees, who are approved by
the Compensation Committee and whose benefits under the tax-qualified employee stock ownership
plan, described below, are limited by tax law limitations applicable to tax-qualified plans.
Messrs. Alexander, Klein, and Doherty are the current participants in this plan. The Supplemental
ESOP credits each participant who also participates in the tax-qualified employee stock ownership
plan with an annual amount equal to the sum of the difference (expressed in dollars) between (a)
the number of shares of common stock of Northfield-Federal that would have been allocated to the
participant's account in the employee stock ownership plan, but for the tax law limitations, plus
earnings thereon, and (b) the actual number of shares allocated to the participant's account in the
employee stock ownership plan plus earnings thereon. In each case, the number of shares will be
multiplied by the fair market value of the shares on the allocation date to determine the annual
allocation amount. Each participant is permitted to make investment recommendations for the annual
amount credited to his or her account among a broadly diversified group of mutual funds selected
for investment by a committee appointed by Northfield Bank's Board of Directors to administer the
Supplemental ESOP. Northfield Bank has established a rabbi trust to hold assets attributable to
the Supplemental ESOP to informally fund its benefit obligation. Northfield Bank, at its
discretion, may account for the Supplemental ESOP solely as bookkeeping entries. Whether or not a
rabbi trust is established, the participant's account value is based on the value of the
investments in which the participant invests, or is deemed to invest, his account. Benefits
distributed to participants from the Supplemental ESOP will be aggregated with benefits payable
under the matching contributions portion of the Nonqualified Deferred Compensation Plan (described
above). Upon the occurrence of a distribution event, such benefits will be payable in either a
lump sum or installments over a period of up to 15 years, at the election of the participant made
in accordance with Section 409A of Internal Revenue Code.
The following table sets forth certain information with respect to our nonqualified deferred
compensation plans at and for the year ended December 31, 2009.
Nonqualified Deferred Compensation At And For The Year Ended December 31, 2009
Executive
Registrant
Aggregate
Aggregate
Aggregate balance
contributions in
contributions in
earnings in last
withdrawals/
at last fiscal year
last fiscal year
last fiscal year
fiscal year
distributions
end
Name
($)(1)
($)(1)
($)(2)
($)
($)(3)
John W. Alexander
120,388
41,084
309,235
—
1,502,019
Steven M. Klein
1,650
4,625
31,607
—
111,346
Kenneth J. Doherty
2,650
2,686
37,076
—
141,835
Michael J. Widmer
—
—
10,733
—
48,486
Madeline G. Frank
4,024
—
16,085
—
61,377
(1)
Contributions included in the "Executive contributions in last fiscal year" and the
"Registrant contributions in last fiscal year" columns are included as compensation for the
listed individuals in the Summary Compensation Table.
(2)
Amounts included in the "Aggregate earnings in last fiscal year" are not included as
compensation for the listed individuals in the Summary Compensation Table as such earnings are
not preferential or "above market."
(3)
Amounts included in the "Aggregate balance at last fiscal year end" previously were reported
as compensation for the listed individuals except to the extent that such balances reflect
earnings, all of which were not preferential or "above market."
Short- and Long-Term Disability
Named Executive Officers and certain other members of senior management at Northfield Bank
will be paid their full salary for the duration of any period of short-term disability, up to 26
weeks. Senior management receives this benefit in lieu of the ability to "bank" paid time off for
future use, which is only available to employees of Northfield Bank who are not senior management.
With respect to long-term disability, senior management employees are required to purchase
long-term disability coverage and Northfield Bank provides such persons a bonus payment in
recognition of their payment of such coverage. The amount of the bonus is in the sole discretion
of Northfield Bank.
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Life Insurance Coverage
Employees of Northfield Bank receive life insurance coverage of up to three times salary, if
hired before January 1, 2003, and up to two times salary, if hired on or after January 1, 2003.
Such life insurance coverage is generally capped at $500,000. However, in the case of senior
management, such life insurance coverage is capped at $750,000.
401(k) Savings Plan
Northfield Bank maintains the 401(k) Savings Plan, which is a tax-qualified defined
contribution plan with a salary deferral feature under Section 401(k) of the Internal Revenue Code.
Salaried employees, who have completed at least one year of eligible service, as defined in the
plan, are eligible to participate in the plan. Employees who are paid on an hourly basis,
employees who are paid exclusively on a commission basis, leased employees or employees covered by
a collective bargaining agreement are not eligible to participate in the 401(k) Savings Plan.
Eligible employees may contribute from 2% to 15% of their base salary to the 401(k) Savings Plan
on a pre-tax basis each year, subject to the limitations of the Internal Revenue Code (for 2009,
the limit was $16,500, exclusive of any catch-up contributions). Employees who have been making
before-tax contributions for less than 36 months will receive an employer matching contribution
equal to 25% of the first 6% of
before-tax
base salary contributions. Employees who have
participated for 36 or more months will receive an employer matching contribution equal to 50% of
their first 6% of before-tax base salary contributions. In addition, we may make discretionary
employer contributions on behalf of eligible employees.
The 401(k) Savings Plan permits employees to invest in common stock of Northfield-Federal.
Employee Stock Ownership Plan and Trust
We maintain the employee stock ownership plan to promote employee ownership of our common
stock. At the employee stock ownership plan's inception, the employee stock ownership plan trust
borrowed funds from Northfield-Federal and used those funds to purchase 1,756,279 shares of common
stock of Northfield-Federal. The collateral for the loan is the common stock purchased by the
employee stock ownership plan. The loan will be repaid principally from discretionary
contributions made by Northfield Bank to the employee stock ownership plan over a period of up to
30 years. The loan documents provide that the loan may be repaid over a shorter period, without
penalty for prepayments. The interest rate on the loan equals the prime interest rate as of
closing of the stock offering, and adjusts annually at the beginning of each calendar year. Shares
purchased by the employee stock ownership plan are held in a suspense account for allocation among
participants as the loan is repaid primarily on the basis of compensation in the year of
allocation, subject to Internal Revenue Code limitations. Benefits under the plan vest at the rate
of 20% per year of credited service beginning in the second year of credited service so that a
participant with six years of credited service will become fully vested. Credit is given for
vesting purposes to participants for years of service with Northfield Bank prior to the adoption of
the plan. Credit is also given to those employees who were employed at Liberty Bank at the time of
its acquisition by Northfield Bank for their years of service at Liberty Bank. A participant's
interest in his account under the plan fully vests in the event of termination of service due to a
participant's normal retirement, death, disability, or upon a change in control (as defined in the
plan). In the event of a change in control, the employee stock ownership plan will terminate, loan
amounts outstanding will be repaid, and remaining shares will fully vest.
In connection with the conversion, the trustee for our existing employee stock ownership plan
is expected to purchase, on behalf of the employee stock ownership plan, 4% of the shares of common
stock sold in the offering. We anticipate that the employee stock ownership plan will fund its
stock purchase with a loan from Northfield-Delaware equal to the aggregate purchase price of the
common stock. The loan will have a ten-year term and be repaid principally through Northfield Bank
contribution to the employee stock ownership plan and dividends payable on common stock held by the
employee stock ownership plan over the term of the loan. The interest rate for the employee stock
ownership plan loan is expected to be the prime rate of interest, determined as of the date of
origination of the loan. See "Pro Forma Data."
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The trustee will hold the shares purchased by the employee stock ownership plan in an
unallocated suspense account, and shares will be released from the suspense account on a pro-rata
basis as we repay the loan. The trustee will allocate the shares released among participants on
the basis of each participant's proportional share of eligible plan compensation relative to all
participants.
We reserve the right to purchase shares of common stock in the open market following the
offering in order to fund all or a portion of the employee stock ownership plan. We also reserve
the right to have the employee stock ownership plan purchase more than 4% of the shares of common
stock sold in the offering if necessary to complete the offering at the minimum of the offering
range.
Pension Benefits
None of the individuals listed in the Summary Compensation Table had accumulated pension
benefits either at or during the year ended December 31, 2009.
Employment Agreements
Northfield Bank has entered into employment agreements with each of Messrs. Alexander, Klein,
Doherty, and Widmer. Northfield-Federal is a signatory to each of the agreements for the sole
purpose of guaranteeing payments thereunder. Each of these agreements has an initial term of three
years. Each year, on the anniversary date of these agreements, the employment agreements renew for
an additional year so that the remaining term will be three years unless notice of nonrenewal is
provided to the executive prior to such anniversary date. The Compensation Committee of the Board
of Directors conducts an annual performance evaluation of each executive for purposes of
determining whether to renew the employment agreement. The Compensation Committee also evaluates
the terms and conditions of the agreements prior to renewal, in consultation with an independent
third party compensation consultant, to determine that such terms and conditions are competitive
with the market for the designated positions.
Under the employment agreements, base salaries for Messrs. Alexander, Klein, Doherty, and
Widmer on December 31, 2009, were $676,000, $300,000, $280,000, and $230,000, respectively. In
addition to base salary, each agreement provides for, among other things, participation in cash
incentive programs and other employee retirement benefit and fringe benefit plans applicable to
executive employees. Northfield Bank also will pay or reimburse each executive for all reasonable
business expenses incurred by the executive in the performance of his obligations. In addition,
Northfield Bank will provide Mr. Alexander with a life insurance policy, pay or reimburse Mr.
Alexander for the annual dues associated with his membership in a country club, and pay directly or
reimburse Mr. Alexander for the expense of leasing an automobile and reasonable expenses associated
with the use of such automobile. Each employment agreement may be terminated for cause at any
time, in which event the executive would have no right to receive compensation or other benefits
under the employment agreement for any period after termination.
Certain events resulting in the executive's termination or resignation entitle the executive
to payments of severance benefits following termination of employment. In the event the
executive's employment is terminated for reasons other than "just cause" (as defined in the
employment agreement), "disability" (as defined in the employment agreements), or death, or in the
event the executive resigns during the term of the agreement following:
(i)
the failure to elect or reelect or to appoint or reappoint the executive to his
executive position, and in the case of Mr. Alexander, the failure to nominate or
re-nominate him as a director of Northfield Bank or Northfield-Federal;
(ii)
a material change in the nature or scope of the executive's authority that
would cause the executive's position to become one of lesser importance;
(iii)
a relocation of the executive's principal place of employment by more than 30
miles from designated areas;
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(iv)
a material reduction in the benefits and perquisites of executive, other than a
reduction in pay or benefits of all Northfield Bank employees;
(v)
the liquidation or dissolution of Northfield Bank or Northfield-Federal that
would affect the status of the executive; or
(vi)
a material breach of the employment agreement by Northfield Bank,
the executive would be entitled to a lump sum cash severance payment and the continuation of
certain welfare benefits for a period of time after termination of employment, as more fully
described under the table "Potential Payments to Named Executive Officers."
In the event an executive resigns in connection with or following a "change in control" (as
defined in the employment agreement), the executive would also be entitled to a lump sum cash
severance payment and the continuation of certain welfare benefits, including health and life
insurance benefits for a period of time after termination of employment, as more fully described
under the table "Potential Payments to Named Executive Officers." Payments will be made in a lump
sum within 30 days after the date of termination, or, if necessary to avoid penalties under Section
409A of the Internal Revenue Code, no later than the first day of the seventh month following the
date of termination. In addition, the executive and his family would be entitled, at no expense to
the executive, to the continuation of life, medical, dental and disability coverage for 36 months
following the date of termination. If such benefits cannot be provided, a lump sum cash payment
for the value of such benefits will be made to the executive.
Notwithstanding the foregoing, in the event payments to the executive would result in an
"excess parachute payment" as defined in Section 280G of the Internal Revenue Code, payments under
the employment agreements would be reduced in order to avoid such a result.
In the event Mr. Alexander becomes disabled, his obligation to perform services under the
employment agreement will terminate and he will receive the benefits provided under any disability
program sponsored by Northfield-Federal or Northfield Bank. To the extent disability benefits for
Mr. Alexander are less than his base salary on the effective date of his termination of employment,
and less than 66 2/3% of his base salary after the first year following termination, he will
receive a supplemental disability benefit equal to the difference between the benefits provided
under any disability program sponsored by Northfield-Federal or Northfield Bank and his base salary
for one year following the date of termination, and 66 2/3% of his base salary after the first year
following termination, until the earliest to occur of his death, recovery of disability or the date
he attains age 65. If disability payments to Mr. Alexander are not taxable to him for federal
income tax purposes, such amounts shall be tax adjusted assuming a combined federal, state and city
tax rate of 38%, for purposes of determining the reduction in payments under the agreement, to
reflect the tax-free nature of the disability payments. In addition, Mr. Alexander and his
dependents will continue to be covered, at no cost to them, under all benefit plans, including
retirement plans, life insurance plans and non-taxable medical and dental plans in which they
participated prior to the occurrence of his disability, until the earliest of his recovery from
disability or attaining age 65.
The employment agreements for Messrs. Klein, Doherty, and Widmer provide that in the event of
the executive's disability, the executive's obligation to perform services under the employment
agreement will terminate, and the executive will continue to receive his then current base salary
for one year. Such payment will be reduced by the amount of any short- or long-term disability
benefits payable under any disability program sponsored by Northfield-Federal or Northfield Bank.
If disability payments to Messrs. Klein, Doherty, or Widmer are not subject to federal income tax,
then amounts payable to the executives under the employment agreements shall be tax adjusted in a
manner similar to payments to Mr. Alexander. In addition, the executive and his dependents will
continue to be provided with certain medical, dental and other health benefits on the same terms as
those provided prior to the executive's termination for a period of one year.
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In the event of the executive's death, the executive's estate or beneficiaries will be paid
the executive's base salary for one year and will receive continued medical, dental, and other
health benefits for one year on the same terms as those provided prior to the executive's death.
Upon retirement at age 65 or such later date determined by the Board of Directors, the executive
will receive only those benefits to which he is entitled under any retirement plan of Northfield
Bank to which he is a party.
Upon termination of the executive's employment other than in connection with a change in
control or for cause, the executive agrees not to compete with Northfield Bank for a period of two
years in any city, town or county in which the executive's normal business office is located and
Northfield Bank has an office or has filed an application for regulatory approval to establish an
office.
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Table of Contents
Potential Payments to Named Executive Officers
The following table sets forth estimates of the amounts that would be payable to the listed
individuals, under their employment agreements and stock option and restricted stock agreements in
the event of their termination of employment on December 31, 2009, under designated circumstances.
Ms. Frank is not subject to an employment contract, but is party to stock option and restricted
stock agreements. Amounts related to the acceleration of equity awards for Ms. Frank would be
$274,686 in the event of a discharge without cause or resignation with good reason — with a change
in control at December 31, 2009. See note 9 to the table below for further information. The table
does not include vested or accrued benefits under qualified and non-qualified benefit plans or
qualified or non-qualified deferred compensation plans that are disclosed elsewhere in this proxy
statement. The estimates shown are highly dependent on a variety of factors, including but not
limited to the date of termination, interest rates, federal, state, and local tax rates, and
compensation history. Actual payments due could vary substantially from the estimates shown. We
consider each termination scenario listed below to be exclusive of all other scenarios and do not
expect that any of our executive officers would be eligible to collect the benefits shown under
more than one termination scenario. If an executive officer is terminated for "just cause" as
defined in the employment agreement, we have no contractual payment or other obligations under the
employment agreement.
Mr.
Mr.
Mr.
Mr.
Alexander
Klein
Doherty
Widmer
Disability
Salary continuation (1)
$
1,126,799
$
140,253
$
129,930
$
104,124
Medical, dental and other health
benefits (2)
134,039
16,526
16,526
16,526
Life insurance (3)
188,707
—
—
—
Total
$
1,449,545
$
156,779
$
146,456
$
120,650
Death
Salary (lump-sum payment) (4)
$
676,000
$
300,000
$
280,000
$
230,000
Medical, dental and other health
benefits (4)
16,526
16,526
16,526
16,526
Total
$
692,526
$
316,526
$
296,526
$
246,526
Discharge Without Cause or Resignation With
Good Reason
—
no Change in
Control
(5)
Salary (lump sum)
$
2,028,000
$
900,000
$
840,000
$
690,000
Bonus (lump sum)
311,600
154,265
127,510
107,045
Retirement contributions (lump sum)
227,172
81,477
115,020
98,484
Medical, dental and other health
benefits (6)
75,313
75,313
75,313
75,313
Life insurance contributions (7)
115,205
8,247
10,309
6,322
Total
$
2,757,290
$
1,219,302
$
1,168,152
$
977,164
Discharge Without Cause or Resignation With
Good Reason
—
Change in Control Related
(8)
Salary (lump sum)
$
2,028,000
$
900,000
$
840,000
$
690,000
Bonus (lump sum)
507,000
279,045
209,880
185,010
Acceleration of vesting of equity awards
(9)
3,779,435
1,794,306
1,674,320
1,375,945
Retirement contributions (lump sum)
227,172
81,477
115,020
98,484
Medical, dental and other health benefits
75,313
75,313
75,313
75,313
Life insurance contributions
115,205
8,247
10,309
6,322
Total
$
6,732,125
$
3,138,388
$
2,924,842
$
2,431,074
(1)
In the case of disability, Mr. Alexander's employment agreement provides for supplemental
salary continuation until the earlier of: recovery from such disability, attaining age 65, or
death. The reported figure assumes salary continuation until Mr. Alexander attains the age of
65. Mr. Klein, Mr. Doherty, and Mr. Widmer receive salary continuation benefits for one-year
following such disability. The employment agreement provides the executive with his base
salary in the first year following disability, reduced by any assumed
short-term
or long-term
disability insurance benefits provided under separate insurance plans we maintain. Mr.
Alexander's employment agreement provides for second-year benefits and benefits for every year
thereafter, equal to 66 2/3% of his base salary. Such amounts due under the employment
agreements are reduced by any assumed short-term or long-term disability insurance benefits
provided under separate insurance plans on a
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tax-equivalent basis (assuming a 38% tax rate), if such short-term or long-term disability benefits
are excludable for federal income tax purposes. Supplemental salary continuation benefits have
been discounted at an annual compounding rate of 2.00% for Mr. Alexander. The figures presented
for Mr. Klein, Mr. Doherty, and Mr. Widmer are presented without discount.
(2)
Mr. Alexander's employment agreement provides for medical, dental, and other health benefits
to him and his family, at no cost to him, until Mr. Alexander recovers from such disability,
or Mr. Alexander attains the age of 65. Mr. Klein's, Mr. Doherty's, and Mr. Widmer's
employment agreements provide for one year of medical, dental, and other health benefits on
the same terms, including cost sharing by the executive, as provided to the executive prior to
his disability. The reported figure for Mr. Alexander reflects the estimated present value of
the future premium cost of such benefits, calculated utilizing substantially the same health
care cost increase assumptions we use in measuring our liability for such benefits for
financial statement purposes. For purposes of this presentation, the estimated future costs
were discounted at a 2.00% annual compounding rate. The figures presented for Mr. Klein, Mr.
Doherty, and Mr. Widmer are presented without discount.
(3)
Mr. Alexander's employment agreement provides for life insurance continuation benefits. Mr.
Alexander receives an annual reimbursement for a whole-life policy premium through 2014 in the
amount of $35,660. In addition, the employment agreement provides for the continuation of
group life insurance for Mr. Alexander until the earlier of: recovering from such disability
or Mr. Alexander attaining the age of 65. The reported figure in the table assumes that group
term life insurance benefits will continue until Mr. Alexander attains the age of 65, with an
assumed annual cost increase of 4% and a present value discount rate of 2.00% annual
compounding rate. The agreement in effect for Mr. Alexander provides for salary continuation
at his base salary for the first year after such disability and 66 2/3% of his base salary
after the first year. Such payments continue until Mr. Alexander's death, recovery from such
disability, or the date he attains age 65. The figures shown assume any amounts owed to Mr.
Alexander will be reduced by applicable short-term and long-term disability payments received
from insurance carriers without discount for present value. Mr. Klein, Mr. Doherty, and Mr.
Widmer are provided a salary continuation for the first year after such disability. The
figures shown assume any amounts owed will be reduced by applicable short-term and long-term
disability payments received from insurance carriers without discount for present value.
(4)
Each of the employment agreements provides for a lump-sum death benefit equal to one-year of
base salary for each executive. The employment agreements also provide for the continuation
of medical, dental, and other health benefits to the executive's family for a period of
one-year at the same terms and cost to the executive immediately prior to his death.
(5)
Each of the employment agreements provides for the lump-sum payment of: three times base
salary; three times the average annual bonus/and or incentive award for three years prior to
the year of termination; and the retirement contributions or payments that we would have made
on the executive's behalf, as if the executive had continued his employment for a 36-month
period, based on contributions or payments made (on an annualized basis) at the date of
termination.
(6)
Each of the employment agreements provides for medical, dental, and other health benefits to
the executive and his family, at no cost to the executive for a period of 36 months from the
date of termination. The reported figures reflect the estimated present value of the future
premium cost of such benefits, calculated utilizing substantially the same health care cost
increase assumptions we used in measuring our liability for such benefits for financial
statement purposes. For purposes of this presentation, the estimated future costs were
discounted at a 2.00% annual compounding rate.
(7)
Each of the employment agreements provides for life insurance benefits to the executive and
his family, at no cost to the executive for a period of 36 months from the date of
termination. Mr. Alexander receives an annual reimbursement of $35,660 for a whole-life
insurance policy. Mr. Alexander, Mr. Klein, Mr. Doherty, and Mr. Widmer also participate in
our group life insurance plan. The reported figures in the table assume that the
reimbursement to Mr. Alexander for his whole-life insurance policy will continue for a period
of three years. The reported figures also include the estimated costs of group term life
insurance benefits for Mr. Alexander, Mr. Klein, Mr. Doherty, and Mr. Widmer for a three year
period with an assumed annual cost increase of 4% and a present value discount rate of 2.00%
compounded annually.
(8)
Under each of the employment agreements, amounts payable under a change in control are
identical to those payable for "Discharge Without Cause or Resignation With Good Reason — no
Change in Control" except that: (i) payments pertaining to bonus and/or incentive awards are
based upon the highest annual bonus and/or incentive award earned in any of the three years
preceding the year in which the termination occurs and (ii) each of the employment agreements
limits the total payments to an executive to an amount that is one dollar less than three
times the executive's "base amount" as defined in Section 280G of the Internal Revenue Code.
The amounts presented in the table have not been reduced to reflect any cut-back required to
avoid an excess parachute payment under Section 280G of the Internal Revenue Code.
(9)
Amounts represent the value of unvested equity awards at December 31, 2009 calculated as the
sum of: (a) unvested restricted stock of 168,000 shares, 78,300 shares, 73,000 shares, 60,000
shares, and 13,300 shares for Mr. Alexander, Mr. Klein, Mr. Doherty, Mr. Widmer, and Ms.
Frank, respectively, multiplied by the closing price of our common stock on December 31, 2009,
of $13.52 per share; and (b) unvested stock options of 421,250 options, 205,500 options,
192,000 options, 157,750 options, and 26,500 options for Mr. Alexander, Mr. Klein, Mr.
Doherty, Mr. Widmer, and Ms. Frank, respectively, multiplied by $3.58 per option. The $3.58
value of each option represents the closing price of our common stock on December 31, 2009 of
$13.52 per share less the option exercise price of $9.94 per share.
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Benefits to be Considered Following Completion of the Conversion
Following the stock offering, we intend to adopt a new stock-based benefit plan that will
provide for grants of stock options and restricted common stock awards. If adopted within 12
months following the completion of the conversion, the number of shares reserved for the exercise
of stock options or available for stock awards under the stock-based benefit plan would be limited
to 10% and 4%, respectively, of the shares sold in the stock offering, subject to adjustment as may
be required by Office of Thrift Supervision regulations or policy to reflect shares of common stock
or stock options previously granted by Northfield-Federal or Northfield Bank, so that the total
shares reserved for stock options and restricted stock awards does not exceed 10% and 4%,
respectively, of Northfield-Delaware's outstanding shares immediately after the conversion and
offering.
The stock-based benefit plan will not be established sooner than six months after the stock
offering and if adopted within one year after the stock offering would require the approval of a
majority of the votes eligible to be cast by stockholders. If the stock-based benefit plan is
established after one year after the stock offering, it would require the approval of our
stockholders by a majority of votes cast. The following additional restrictions would apply to our
stock-based benefit plan only if the plan is adopted within one year after the stock offering:
•
non-employee directors in the aggregate may not receive more than 30% of
the options and restricted stock awards authorized under the plan;
•
any one non-employee director may not receive more than 5% of the options
and restricted stock awards authorized under the plan;
•
any officer or employee may not receive more than 25% of the options and
restricted stock awards authorized under the plan;
•
any tax-qualified employee stock benefit plans and management stock
benefit plans, in the aggregate, may not hold more than 10% of the shares sold in the
offering, unless Northfield Bank has tangible capital of 10% or more, in which case any
tax-qualified employee stock benefit plans and management stock benefit plans, may hold
up to 12% of the shares sold in the offering;
•
the options and restricted stock awards may not vest more rapidly than 20%
per year, beginning on the first anniversary of stockholder approval of the plan;
•
accelerated vesting is not permitted except for death, disability or upon
a change in control of Northfield Bank or Northfield-Delaware; and
•
our executive officers or directors must exercise or forfeit their options
in the event that Northfield Bank becomes critically undercapitalized, is subject to
enforcement action or receives a capital directive.
We have not determined whether we will present the stock-based benefit plan for stockholder
approval prior to or more than 12 months after the completion of the conversion. In the event
either federal or state regulators change their regulations or policies regarding stock-based
benefit plans, including any regulations or policies restricting the size of awards and vesting of
benefits as described above, the restrictions described above may not be applicable.
We may obtain the shares needed for our stock-based benefit plans by issuing additional shares
of common stock from authorized but unissued shares or through stock repurchases.
The actual value of the shares awarded under the stock-based benefit plan will be based in
part on the price of Northfield-Delaware's common stock at the time the shares are awarded. The
stock-based benefit plan is subject to stockholder approval, and cannot be implemented until at
least six months after the offering. The following table
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presents the total value of all shares that would be available for award and issuance under
the stock-based benefit plan, assuming the shares are awarded when the market price of our common
stock ranges from $8.00 per share to $14.00 per share.
1,851,500 Shares
1,190,000 Shares
1,400,000 Shares
1,610,000 Shares
Awarded at Maximum
Awarded at Minimum
Awarded at Midpoint of
Awarded at Maximum
of Offering Range, As
Share Price
of Offering Range
Offering Range
of Offering Range
Adjusted
(In thousands, except share price information)
$
8.00
$
9,520
$
11,200
$
12,880
$
14,812
10.00
11,900
14,000
16,100
18,515
12.00
14,280
16,800
19,320
22,218
14.00
16,660
19,600
22,540
25,921
The grant-date fair value of the options granted under the stock-based benefit plan will
be based in part on the price of shares of common stock of Northfield-Delaware at the time the
options are granted. The value also will depend on the various assumptions utilized in the option
pricing model ultimately adopted. The following table presents the total estimated value of the
options to be available for grant under the
stock-based
benefit plan, assuming the market price and
exercise price for the stock options are equal and the range of market prices for the shares is
$8.00 per share to $14.00 per share. The Black-Scholes option pricing model provides an estimate
only of the fair value of the options, and the actual value of the options may differ significantly
from the value set forth in this table.
2,975,000 Options
3,500,000 Options
4,025,000 Options
4,628,750 Options
Grant-Date Fair
at Minimum of
at Midpoint of
at Maximum of
at Maximum of
Exercise Price
Value Per Option
Range
Range
Range
Range, As Adjusted
(In thousands, except exercise price and fair value information)
$
8.00
$
2.98
$
8,866
$
10,430
$
11,995
$
13,794
10.00
3.73
11,097
13,055
15,013
17,265
12.00
4.48
13,328
15,680
18,032
20,737
14.00
5.22
15,530
18,270
21,011
24,162
The tables presented above are provided for informational purposes only. There can be no
assurance that our stock price will not trade below $10.00 per share. Before you make an
investment decision, we urge you to read this prospectus carefully, including, but not limited to,
the section entitled "Risk Factors" beginning on page 16.
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BENEFICIAL OWNERSHIP OF COMMON STOCK
The following table provides the beneficial ownership of shares of common stock of
Northfield-Federal held by our directors and executive officers, individually and as a group, and
all individuals known to management to own more than 5% of our common stock as of [stockholder
record date]. Unless otherwise indicated, each of the named individuals has sole voting power and
sole investment power with respect to the number of shares shown.
Percent of All
Total Shares
Common
Beneficially
Stock
Name of Beneficial Owner
Owned
Outstanding
Directors:
John W. Alexander
374,422
(1)
John R. Bowen
57,105
(2)
Annette Catino
83,481
(3)
Gil Chapman
61,610
(4)
John P. Connors, Jr.
57,145
(5)
John J. DePierro
50,822
(6)
Susan Lamberti
71,610
(7)
Albert J. Regen
92,100
(8)
Patrick E. Scura, Jr.
74,110
(9)
Executive Officers Other Than Directors:
Kenneth J. Doherty
160,398
(10)
Madeline G. Frank
50,098
(11)
Steven M. Klein
160,505
(12)
Michael J. Widmer
128,810
(13)
All directors and executive officers as
a group (13 persons)
Northfield Bancorp, MHC
1731 Victory Boulevard
Staten Island, New York 10314
Northfield Bancorp, MHC and all
directors and executive officers as a
group
Wellington Management Company, LLP
2,509,532
75 State Street
Boston, MA 02109 (14)
*
Less than 1%.
(1)
Includes 9,130 shares held jointly with Mr. Alexander's spouse, 28,538 shares held in Mr.
Alexander's individual retirement account accounts, 63,445 shares held by Mr. Alexander's
spouse, and 6,059 shares allocated to Mr. Alexander under Northfield Bank's employee stock
ownership plan. Also includes 134,400 shares of unvested stock awards over which Mr.
Alexander has voting control and 84,250 shares that may be acquired within 60 days by
exercising options.
(2)
Includes 5,667 shares held in Mr. Bowen's individual retirement account account, 3,673 shares
held by Mr. Bowen's spouse, and 6,155 shares held in Northfield Bancorp Inc.'s 401(k) Plan.
Also includes 22,200 shares of unvested stock awards over which Mr. Bowen has voting control
and 13,860 shares that may be acquired within 60 days by exercising options.
(3)
Includes 34,771 shares held jointly with Ms. Catino's spouse, 7,000 shares held in Ms.
Catino's individual retirement account account, and 100 shares held in Ms. Catino's SEP
account. Also includes 22,200 shares of unvested stock awards over which Ms. Catino has
voting control and 13,860 shares that may be acquired within 60 days by exercising options.
(4)
Includes 20,000 shares held jointly with Mr. Chapman's spouse and 5,550 shares held by Mr.
Chapman's spouse. Also includes 22,200 shares of unvested stock awards over which Mr. Chapman
has voting control and 13,860 shares that may be acquired within 60 days by exercising
options.
(5)
Includes 13,197 shares held in Mr. Connors' individual retirement account accounts, 1,738
shares held jointly with Mr. Connors' spouse, and 600 shares held by Mr. Connors' spouse.
Also includes 22,200 shares of unvested stock awards over which Mr. Connors has voting control
and 13,860 shares that may be acquired within 60 days by exercising options.
(6)
Includes 5,392 shares held jointly with Mr. DePierro's spouse. Also includes 22,200 shares
of unvested stock awards over which Mr. DePierro has voting control and 13,860 shares that may
be acquired within 60 days by exercising options.
(footnotes continued on following page)
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Table of Contents
(continued from prior page)
(7)
All shares held jointly with Ms. Lamberti's spouse. Also includes 22,200 shares of unvested
stock awards over which Ms. Lamberti has voting control and 13,860 shares that may be acquired
within 60 days by exercising options.
(8)
Includes 13,200 shares held jointly with Mr. Regen's spouse and 14,682 shares held by Mr.
Regen's spouse. Also includes 22,200 shares of unvested stock awards over which Mr. Regen has
voting control.
(9)
Includes 22,200 shares of unvested stock awards over which Mr. Scura has voting control and
13,860 shares that may be acquired within 60 days by exercising options.
(10)
Includes 18,366 shares held jointly with Mr. Doherty's spouse, 1,549 shares held as custodian
for Mr. Doherty's child, 3,368 shares held by Mr. Doherty's spouse, 24,892 shares held in
Northfield Bank's 401(k) Plan, and 6,059 shares allocated to Mr. Doherty under Northfield
Bank's employee stock ownership plan. Also includes 58,400 shares of unvested stock awards
over which Mr. Doherty has voting control and 38,400 shares that may be acquired within 60
days by exercising options.
(11)
Includes 2,050 shares held by Ms. Frank's child, 14,981 shares held in Northfield Bank's
401(k) Plan, and 4,467 shares allocated to Ms. Frank under Northfield Bank's employee stock
ownership plan. Also includes 10,640 shares of unvested stock awards over which Ms. Frank has
voting control and 5,300 shares that may be acquired within 60 days by exercising options.
(12)
Includes 24,751 shares held in Northfield Bank's 401(k) Plan and 6,059 shares allocated to
Mr. Klein under Northfield Bank's employee stock ownership plan. Also includes 62,640 shares
of unvested stock awards over which Mr. Klein has voting control and 41,100 shares that may be
acquired within 60 days by exercising options.
(13)
Includes 10,000 shares held jointly with Mr. Widmer's spouse, 6,700 shares held by Mr.
Widmer's spouse, 4,203 shares held in Mr. Widmer's individual retirement account account,
14,921 shares held in Northfield Bank's 401(k) Plan, and 5,833 shares allocated to Mr. Widmer
under Northfield Bank's employee stock ownership plan. Also includes 48,000 shares of
unvested stock awards over which Mr. Widmer has voting control and 31,550 shares that may be
acquired within 60 days by exercising options.
(14)
Based on a Schedule 13-G as filed with the Securities and Exchange Commission on February 12,
2010.
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SUBSCRIPTIONS BY DIRECTORS AND EXECUTIVE OFFICERS
The table below sets forth, for each of Northfield-Delaware's directors and executive
officers, and for all of these individuals as a group, the following information:
(i)
the number of exchange shares to be held upon completion of the conversion,
based upon their beneficial ownership of Northfield-Federal common stock as of
[stockholder record date];
(ii)
the proposed purchases of subscription shares, assuming sufficient shares of
common stock are available to satisfy their subscriptions; and
(iii)
the total shares of common stock to be held upon completion of the
conversion.
In each case, it is assumed that subscription shares are sold at the minimum of the offering
range. See "The Conversion and Offering—Additional Limitations on Common Stock Purchases."
Regulations of the Office of Thrift Supervision prohibit our directors and officers from selling
the shares they purchase in the offering for one year after the date of purchase. Subscriptions by
management through our 401(k) plan are included in the proposed purchases set forth below and will
be counted as part of the maximum number of shares such individuals may subscribe for in the stock
offering and as part of the maximum number of shares directors and officers may purchase in the
stock offering.
Proposed Purchases of Stock in the
Total Common Stock to be Held at
Offering (1)
Minimum of Offering Range (3)
Number of
Percentage of
Exchange Shares to
Number of
Number of
Shares
Name of Beneficial Owner
Be Held (2)
Shares
Amount
Shares
Outstanding
John W. Alexander, Chairman of
the Board, President and Chief
Executive Officer
$
%
John R. Bowen, Director
Annette Catino, Director
Gil Chapman, Director
John P. Connors, Jr., Director
John J. DePierro, Director
Susan Lamberti, Director
Albert J. Regen, Director
Patrick E. Scura, Jr. , Director
Kenneth J. Doherty, Executive
Vice President, Chief Lending
Officer
Madeline G. Frank, Senior Vice
President, Corporate Secretary
Steven M. Klein, Executive Vice
President, Chief Financial
Officer
Michael J. Widmer, Executive
Vice President, Operations
Total for Directors and
Executive Officers
%
*
Less than 1%.
(1)
Includes proposed subscriptions, if any, by associates.
(2)
Based on information presented in "Beneficial Ownership of Common Stock," and assuming an
exchange ratio of 1.2073 at the minimum of the offering range.
(3)
At the maximum of the offering range, directors and executive officers would own
shares, or
% of our outstanding shares of common stock.
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THE CONVERSION AND OFFERING
The Board of Directors of Northfield-Federal and the Board of Trustees of Northfield Bancorp,
MHC have approved the plan of conversion and reorganization. The plan of conversion and
reorganization must also be approved by the members of Northfield Bancorp, MHC (depositors of
Northfield Bank) and the stockholders of Northfield-Federal A special meeting of members and a
special meeting of stockholders have been called for this purpose. The Office of Thrift Supervision
has conditionally approved the plan of conversion and reorganization; however, such approval does
not constitute a recommendation or endorsement of the plan of conversion and reorganization by that
agency.
General
The respective Boards of Directors of Northfield Bancorp, MHC and Northfield-Federal adopted
the plan of conversion and reorganization on June 4, 2010. Pursuant to the plan of conversion and
reorganization, our organization will convert from the mutual holding company form of organization
to the fully stock form. Northfield Bancorp, MHC, the mutual holding company parent of
Northfield-Federal, will be merged into Northfield-Federal, and Northfield Bancorp, MHC will no
longer exist. Northfield-Federal, which owns 100% of Northfield Bank, will be merged into a new
Delaware corporation named Northfield Bancorp, Inc. As part of the conversion, the 56.4% ownership
interest of Northfield Bancorp, MHC in Northfield-Federal will be offered for sale in the stock
offering. When the conversion is completed, all of the outstanding common stock of Northfield Bank
will be owned by Northfield-Delaware, and all of the outstanding common stock of
Northfield-Delaware will be owned by public stockholders. Northfield Bancorp, MHC and
Northfield-Federal will cease to exist. A diagram of our corporate structure before and after the
conversion is set forth in the "Summary" section of this prospectus.
Under the plan of conversion and reorganization, at the completion of the conversion and
offering, each share of Northfield-Federal common stock owned by persons other than Northfield
Bancorp, MHC will be converted automatically into the right to receive new shares of
Northfield-Delaware common stock determined pursuant to an exchange ratio. The exchange ratio will
ensure that immediately after the exchange of existing shares of Northfield-Federal for new shares,
the public stockholders will own the same aggregate percentage of shares of common stock of
Northfield-Delaware that they owned in Northfield-Federal immediately prior to the conversion,
excluding any shares they purchased in the offering and their receipt of cash paid in lieu of
fractional shares.
We intend to retain between $131.6 million and $205.2 million of the net proceeds of the
offering and to invest between $143.5 million and $223.8 million of the net proceeds in Northfield
Bank. The conversion will be consummated only upon the issuance of at least the minimum number of
shares of our common stock offered pursuant to the plan of conversion and reorganization.
The plan of conversion and reorganization provides that we will offer shares of common stock
for sale in the subscription offering to eligible account holders, our tax-qualified employee
benefit plans, including our employee stock ownership plan and 401(k) plan, supplemental eligible
account holders and other members. In addition, we expect to offer common stock for sale in a
community offering to members of the general public, with a preference given in the following
order:
(i)
Natural persons (including trusts of natural persons) residing in the New
Jersey Counties of Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris,
Ocean, Passaic, Somerset, Sussex and Union, the New York Counties of Bronx, Kings,
Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk and Westchester, and Pike
County, Pennsylvania; and
(ii)
Northfield-Federal's public stockholders as of [stockholder record date].
We have the right to accept or reject, in whole or in part, any orders to purchase shares of
the common stock received in the community offering. The community offering, if any, may begin at
the same time as, during, or after the subscription offering and must be completed within 45 days
after the completion of the subscription offering unless otherwise extended by the Office of Thrift
Supervision. See "—Community Offering."
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We also may offer for sale shares of common stock not purchased in the subscription or
community offerings through a syndicated community offering to be managed by Sandler O'Neill &
Partners, L.P. See "—Syndicated Community Offering" herein.
We determined the number of shares of common stock to be offered in the offering based upon an
independent valuation appraisal of the estimated pro forma market value of Northfield-Delaware.
All shares of common stock to be sold in the offering will be sold at $10.00 per share. Investors
will not be charged a commission to purchase shares of common stock. The independent valuation
will be updated and the final number of the shares of common stock to be issued in the offering
will be determined at the completion of the offering. See "—Stock Pricing and Number of Shares to
be Issued" for more information as to the determination of the estimated pro forma market value of
the common stock.
The following is a brief summary of the conversion and is qualified in its entirety by
reference to the provisions of the plan of conversion and reorganization. A copy of the plan of
conversion and reorganization is available for inspection at each branch office of Northfield Bank
and at the Northeast Regional and the Washington, D.C. offices of the Office of Thrift Supervision.
The plan of conversion and reorganization is also filed as an exhibit to Northfield Bancorp, MHC's
application to convert from mutual to stock form of which this prospectus is a part, copies of
which may be obtained from the Office of Thrift Supervision. The plan of conversion and
reorganization is also filed as an exhibit to the registration statement we have filed with the
Securities and Exchange Commission, of which this prospectus is a part, copies of which may be
obtained from the Securities and Exchange Commission or online at the Securities and Exchange
Commission's website,
www.sec.gov
. See "Where You Can Find Additional Information."
Reasons for the Conversion
Our primary reasons for converting and undertaking the stock offering are to:
•
eliminate some of the uncertainties associated with proposed financial
regulatory reforms
. As a federal mutual holding company, we are currently regulated by
the Office of Thrift Supervision. Proposed financial reform legislation would result
in changes to our primary bank and holding company regulator, and may result in changes
in regulations applicable to us including, but not limited to, capital requirements,
payment of dividends and conversions to stock form. In addition, the Federal Reserve
Board, which is the proposed federal regulator for holding companies of banks like
Northfield Bank, currently does not allow mutual holding companies to waive the
receipt of dividends from their mid-tier holding company subsidiaries, and any waived
dividends result in dilution to the ownership interests of minority stockholders in the
event of a second-step conversion. While we cannot predict with certainty whether such
reforms will be enacted or the form they may take, we believe the conversion will
eliminate some of the uncertainties associated with the proposed legislation.
•
increase our capital
. While Northfield Bank currently exceeds all
regulatory capital requirements and is not subject to any directive or recommendation
from any banking regulatory agency to raise capital, the proceeds from the sale of
common stock will increase our capital during a period of significant economic and
regulatory uncertainty, particularly for the financial services industry.
•
transition us to a more familiar and flexible organizational structure
.
The stock holding company structure is a more familiar form of organization, which we
believe will make our common stock more appealing to investors, and will give us
greater flexibility to structure mergers and acquisitions and to access the capital
markets through possible future equity and debt offerings, although we have no current
plans, agreements or understandings regarding any mergers and acquisitions or
additional securities offerings.
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•
improve the liquidity of our shares of common stock
.
The larger number of shares that will be outstanding after completion of the conversion and offering is
expected to result in a more liquid and active market than currently exists for
Northfield-Federal common stock. A more liquid and active market would make it easier
for our shareholders to buy and sell our common stock and would give us greater
flexibility in implementing capital management strategies.
•
support future mergers and acquisitions
.
Although we do not currently
have any understandings or agreements regarding any specific acquisition transaction,
the additional capital raised in the offering may help support, and make us a more
attractive and competitive bidder for, mergers or acquisitions of other financial
institutions, as opportunities arise.
Approvals Required
The affirmative vote of a majority of the total votes eligible to be cast by the members of
Northfield Bancorp, MHC is required to approve the plan of conversion and reorganization. By their
approval of the plan of conversion and reorganization, the members of Northfield Bancorp, MHC will
also be approving the merger of Northfield Bancorp, MHC into Northfield-Federal. The affirmative
vote of the holders of at least two-thirds of the outstanding shares of common stock of
Northfield-Federal and the affirmative vote of the holders of a majority of the outstanding shares
of common stock of Northfield-Federal held by the public stockholders of Northfield-Federal are
also required to approve the plan of conversion and reorganization. The plan of conversion and
reorganization also must be approved by the Office of Thrift Supervision, which has given its
conditional approval.
Share Exchange Ratio for Current Stockholders
Office of Thrift Supervision regulations provide that in a conversion of a mutual holding
company to fully stock form, the public stockholders will be entitled to exchange their shares for
common stock of the new holding company, provided that the mutual holding company demonstrates to
the satisfaction of the Office of Thrift Supervision that the basis for the exchange is fair and
reasonable. At the completion of the conversion, each publicly held share of Northfield-Federal
common stock will be automatically converted into the right to receive a number of shares of
Northfield-Delaware common stock. The number of shares of common stock will be determined pursuant
to the exchange ratio, which ensures that the public stockholders will own the same percentage of
common stock in Northfield-Delaware after the conversion as they held in Northfield-Federal
immediately prior to the conversion, exclusive of their purchase of additional shares of common
stock in the offering and their receipt of cash in lieu of fractional exchange shares. The exchange
ratio will not depend on the market value of Northfield-Delaware common stock. The exchange ratio
will be based on the percentage of Northfield-Federal common stock held by the public, the
independent valuation of Northfield-Delaware prepared by RP Financial, LC. and the number of shares
of common stock issued in the offering. The exchange ratio is expected to range from approximately
1.2073 exchange shares for each publicly held share of
Northfield-Federal
at the minimum of the
offering range to 1.8784 exchange shares for each publicly held share of Northfield-Federal at the
adjusted maximum of the offering range.
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The following table shows how the exchange ratio will adjust, based on the number of shares of
common stock issued in the offering. The table also shows how many shares of Northfield-Delaware a
hypothetical owner of Northfield-Federal common stock would receive in the exchange for 100 shares
of common stock owned at the completion of the conversion, depending on the number of shares issued
in the offering.
Equivalent
Total Shares
Value of
Equivalent
Shares to
of Common
Shares
Pro Forma
be
Shares of Northfield-Delaware
Stock to be
Based
Book
Received
Shares to be Sold in
to be Issued for Shares of
Issued in
Upon
Value Per
for 100
This Offering
Northfield-Federal
Conversion
Exchange
Offering
Exchanged
Existing
Amount
Percent
Amount
Percent
and Offering
Ratio
Price (1)
Share (2)
Shares
Minimum
29,750,000
56.4
%
23,036,369
43.6
%
52,786,369
1.2073
$
12.07
$
14.72
120
Midpoint
35,000,000
56.4
27,101,611
43.6
62,101,611
1.4204
14.20
15.79
142
Maximum
40,250,000
56.4
31,166,852
43.6
71,416,852
1.6334
16.33
16.86
163
15% above Maximum
46,287,500
56.4
35,841,880
43.6
82,129,380
1.8784
18.78
18.09
187
(1)
Represents the value of shares of Northfield-Delaware common stock to be received in the
conversion by a holder of one share of Northfield-Federal, pursuant to the exchange ratio,
based upon the $10.00 per share offering price.
(2)
Represents the pro forma book value per share at each level of the offering range multiplied
by the respective exchange ratio.
Options to purchase shares of Northfield-Federal common stock that are outstanding
immediately prior to the completion of the conversion will be converted into options to purchase
shares of Northfield-Delaware common stock, with the number of shares subject to the option and the
exercise price per share to be adjusted based upon the exchange ratio. The aggregate exercise
price, term and vesting period of the options will remain unchanged.
Exchange of Existing Stockholders' Stock Certificates
The conversion of existing outstanding shares of Northfield-Federal common stock into the
right to receive shares of Northfield-Delaware common stock will occur automatically at the
completion of the conversion. As soon as practicable after the completion of the conversion, our
exchange agent will send a transmittal form to each public stockholder of Northfield-Federal who
holds physical stock certificates. The transmittal forms will contain instructions on how to
exchange stock certificates of Northfield-Federal common stock for stock certificates of
Northfield-Delaware common stock. We expect that stock certificates evidencing shares of
Northfield-Delaware common stock will be distributed within five business days after the exchange
agent receives properly executed transmittal forms, Northfield-Federal stock certificates and other
required documents. Shares held by public stockholders in street name (such as in a brokerage
account) will be exchanged automatically upon the completion of the conversion; no transmittal
forms will be mailed relating to these shares.
No fractional shares of Northfield-Delaware common stock will be issued to any public
stockholder of Northfield-Federal when the conversion is completed. For each fractional share that
would otherwise be issued to a stockholder who holds a stock certificate, we will pay by check an
amount equal to the product obtained by multiplying the fractional share interest to which the
holder would otherwise be entitled by the $10.00 offering purchase price per share. Payment for
fractional shares will be made as soon as practicable after the receipt by the exchange agent of
the transmittal forms and the surrendered Northfield-Federal stock certificates. If your shares of
common stock are held in street name, you will automatically receive cash in lieu of fractional
shares in your account.
You should not forward your stock certificates until you have received transmittal forms,
which will include forwarding instructions.
After the conversion, stockholders will not receive
shares of Northfield-Delaware common stock and will not be paid dividends on the shares of
Northfield-Delaware common stock until existing certificates representing shares of
Northfield-Federal common stock are surrendered for exchange in compliance with the terms of the
transmittal form. When stockholders surrender their certificates, any unpaid dividends will be paid
without interest. For all other purposes, however, each certificate that represents shares of
Northfield-Federal common stock outstanding at the effective date of the conversion will be
considered to evidence
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ownership of shares of Northfield-Delaware common stock into which those shares have been
converted by virtue of the conversion.
If a certificate for Northfield-Federal common stock has been lost, stolen or destroyed, our
exchange agent will issue a new stock certificate upon receipt of appropriate evidence as to the
loss, theft or destruction of the certificate, appropriate evidence as to the ownership of the
certificate by the claimant, and appropriate and customary indemnification, which is normally
effected by the purchase of a bond from a surety company at the stockholder's expense.
All shares of Northfield-Delaware common stock that we issue in exchange for existing shares
of Northfield-Federal common stock will be considered to have been issued in full satisfaction of
all rights pertaining to such shares of common stock, subject, however, to our obligation to pay
any dividends or make any other distributions with a record date prior to the effective date of the
conversion that may have been declared by us on or prior to the effective date, and which remain
unpaid at the effective date.
Effects of Conversion on Depositors, Borrowers and Members
Continuity
.
The conversion will not affect the normal business of Northfield Bank of accepting
deposits and making loans. Northfield Bank will continue to be a federally chartered savings bank
and will continue to be regulated by the Office of Thrift Supervision. After the conversion,
Northfield Bank will continue to offer existing services to depositors, borrowers and other
customers. The directors serving Northfield-Federal at the time of the conversion will be the
directors of Northfield-Delaware after the conversion.
Effect on Deposit Accounts
.
Pursuant to the plan of conversion and reorganization, each
depositor of Northfield Bank at the time of the conversion will automatically continue as a
depositor after the conversion, and the deposit balance, interest rate and other terms of such
deposit accounts will not change as a result of the conversion. Each such account will be insured
by the Federal Deposit Insurance Corporation to the same extent as before the conversion.
Depositors will continue to hold their existing certificates, passbooks and other evidences of
their accounts.
Effect on Loans
.
No loan outstanding from Northfield Bank will be affected by the conversion,
and the amount, interest rate, maturity and security for each loan will remain as it was
contractually fixed prior to the conversion.
Effect on Voting Rights of Members
.
At present, all depositors of Northfield Bank are members
of, and have voting rights in, Northfield Bancorp, MHC as to all matters requiring membership
action. Upon completion of the conversion, depositors will cease to be members of Northfield
Bancorp, MHC and will no longer have voting rights. Upon completion of the conversion, all voting
rights in Northfield Bank will be vested in Northfield-Delaware as the sole stockholder of
Northfield Bank. The stockholders of Northfield-Delaware will possess exclusive voting rights
with respect to Northfield-Delaware common stock.
Tax Effects
.
We will receive an opinion of counsel or tax advisor with regard to federal and
state income tax consequences of the conversion to the effect that the conversion will not be a
taxable transaction for federal or state income tax purposes to Northfield Bancorp, MHC,
Northfield-Federal, the public stockholders of Northfield-Federal (except for cash paid for
fractional shares), members of Northfield Bancorp, MHC, eligible account holders, supplemental
eligible account holders, or Northfield Bank. See "—Material Income Tax Consequences."
Effect on Liquidation Rights
.
Each depositor in Northfield Bank has both a deposit account in
Northfield Bank and a pro rata ownership interest in the net worth of Northfield Bancorp, MHC based
upon the deposit balance in his or her account. This ownership interest is tied to the depositor's
account and has no tangible market value separate from the deposit account. This interest may only
be realized in the event of a complete liquidation of Northfield Bancorp, MHC and Northfield Bank.
Any depositor who opens a deposit account obtains a pro rata ownership interest in Northfield
Bancorp, MHC without any additional payment beyond the amount of the deposit. A depositor who
reduces or closes his or her account receives a portion or all of the balance in the deposit
account
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but nothing for his or her ownership interest in the net worth of Northfield Bancorp, MHC,
which is lost to the extent that the balance in the account is reduced or closed.
Consequently, depositors in a stock subsidiary of a mutual holding company normally have no
way of realizing the value of their ownership interest, which has realizable value only in the
unlikely event that Northfield Bancorp, MHC and Northfield Bank are liquidated. If this occurs, the
depositors of record at that time, as owners, would share pro rata in any residual surplus and
reserves of Northfield Bancorp, MHC after other claims, including claims of depositors to the
amounts of their deposits, are paid.
Under the plan of conversion, Eligible Account Holders and Supplemental Eligible Account
Holders will receive an interest in liquidation accounts maintained by Northfield-Delaware and
Northfield Bank in an aggregate amount equal to (i) Northfield Bancorp, MHC's ownership interest in
Northfield-Federal's total stockholders' equity as of the date of the latest statement of financial
condition used in this prospectus plus (ii) the value of the net assets of Northfield Bancorp, MHC
as of the date of the latest statement of financial condition of Northfield Bancorp, MHC prior to
the consummation of the conversion (excluding its ownership of Northfield-Federal).
Northfield-Delaware and Northfield Bank will hold the liquidation accounts for the benefit of
Eligible Account Holders and Supplemental Eligible Account Holders who continue to maintain
deposits in Northfield Bank after the conversion. The liquidation accounts would be distributed to
Eligible Account Holders and Supplemental Eligible Account Holders who maintain their deposit
accounts in Northfield Bank only in the event of a liquidation of (a) Northfield-Delaware and
Northfield Bank or (b) Northfield Bank. The liquidation account in Northfield Bank would be used
only in the event that Northfield-Delaware does not have sufficient assets to fund its obligations
under its liquidation account. The total obligation of Northfield-Delaware and Northfield Bank
under their respective liquidation accounts will never exceed the dollar amount of
Northfield-Delaware's
liquidation account as adjusted from time to time pursuant to the plan of
conversion and Office of Thrift Supervision regulations. See "—Liquidation Rights."
Stock Pricing and Number of Shares to be Issued
The plan of conversion and reorganization and federal regulations require that the aggregate
purchase price of the common stock sold in the offering must be based on the appraised pro forma
market value of the common stock, as determined by an independent valuation. We have retained RP
Financial, LC. to prepare an independent valuation appraisal. For its services in preparing the
initial valuation, RP Financial, LC. will receive a fee of $135,000, as well as payment for
reimbursable expenses and an additional $15,000 for each valuation update, as necessary. We have
agreed to indemnify RP Financial, LC. and its employees and affiliates against specified losses,
including any losses in connection with claims under the federal securities laws, arising out of
its services as independent appraiser, except where such liability results from RP Financial, LC.'s
bad faith or negligence.
The independent valuation was prepared by RP Financial, LC. in reliance upon the information
contained in this prospectus, including the consolidated financial statements of
Northfield-Federal. RP Financial, LC. also considered the following factors, among others:
•
the present results and financial condition of Northfield-Federal and the
projected results and financial condition of
Northfield-Delaware;
•
the economic and demographic conditions in Northfield-Federal's existing
market area;
•
certain historical, financial and other information relating to
Northfield-Federal;
•
a comparative evaluation of the operating and financial characteristics of
Northfield-Federal with those of other similarly situated publicly traded savings
institutions located in the Eastern United States;
•
the effect of the conversion and offering on Northfield-Delaware's
stockholders' equity and earnings potential;
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•
the proposed dividend policy of Northfield-Delaware; and
•
the trading market for securities of comparable institutions and general
conditions in the market for such securities.
The independent valuation appraisal considered the pro forma effect of the offering.
Consistent with the Office of Thrift Supervision appraisal guidelines, the appraisal applied three
primary methodologies: (i) the pro forma price-to-book value approach applied to both reported
book value and tangible book value; (ii) the pro forma price-to-earnings approach applied to
reported and core earnings; and (iii) the pro forma price-to-assets approach. The market value
ratios applied in the three methodologies were based on the current market valuations of the peer
group companies. RP Financial, LC. placed the greatest emphasis on the price-to-earnings and
price-to-book approaches in estimating pro forma market value. RP Financial, LC. did not consider
a pro forma price to assets approach to be meaningful in preparing the appraisal, as this approach
is more meaningful when a company has low equity or earnings. The price to assets approach is less
meaningful for a company like us, as we have equity in excess of regulatory capital requirements
and positive reported and core earnings.
In applying each of the valuation methods, RP Financial considered adjustments to the pro
forma market value based on a comparison of Northfield-Delaware with the peer group. RP Financial,
LC. made slight upward adjustments for profitability, growth and viability of earnings and asset
growth and made a slight downward adjustment for marketing of the issue. No adjustments were made
for financial condition, primary market area, dividends, liquidity of the issue, management and
effect of governmental regulations and regulatory reform. The upward adjustment for profitability,
growth and viability of earnings was based primarily on Northfield-Federal's more favorable
efficiency ratio, historically more favorable interest rate risk characteristics. the greater
earnings potential derived from reinvestment of the net proceeds from the offering and growth in
the branch network, all as compared to the peer group. The downward adjustment for marketing of
the issue was based primarily on the potential discounting required to complete the offering
relative to the pricing of the seasoned pricing of the peer group companies and recent trends in
the marketing of thrift stocks.
Included in RP Financial, LC.'s independent valuation were certain assumptions as to the pro
forma earnings of Northfield-Delaware after the conversion that were utilized in determining the
appraised value. These assumptions included estimated expenses, an assumed after-tax rate of
return of 1.53% for the twelve months ended March 31, 2010 on the net offering proceeds and
purchases in the open market of 4% of the common stock issued in the offering by the stock-based
benefit plan at the $10.00 per share purchase price. See "Pro Forma Data" for additional
information concerning these assumptions. The use of different assumptions may yield different
results.
The independent valuation states that as of May 14, 2010, the estimated pro forma market value
of Northfield-Delaware was $621.0 million. Based on Office of Thrift Supervision regulations, this
market value forms the midpoint of a range with a minimum of $527.9 million and a maximum of $714.2
million. The board of directors decided to offer the shares of common stock for a price of $10.00
per share primarily because it is the price most commonly used in mutual-to-stock conversions of
financial institutions. The aggregate offering price of the shares will be equal to the valuation
range multiplied by the percentage of Northfield-Federal common stock owned by Northfield Bancorp,
MHC. The number of shares offered will be equal to the aggregate offering price of the shares
divided by the price per share. Based on the valuation range, the percentage of Northfield-Federal
common stock owned by Northfield Bancorp, MHC and the $10.00 price per share, the minimum of the
offering range will be 29,750,000 shares, the midpoint of the offering range will be 35,000,000
shares and the maximum of the offering range will be 40,250,000 shares.
The board of directors of Northfield-Delaware reviewed the independent valuation and, in
particular, considered the following:
•
Northfield-Federal's financial condition and results of operations;
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•
a comparison of financial performance ratios of Northfield-Federal to
those of other financial institutions of similar size;
•
market conditions generally and in particular for financial institutions;
and
•
the historical trading price of the publicly held shares of
Northfield-Federal common stock.
All of these factors are set forth in the independent valuation. The board of directors also
reviewed the methodology and the assumptions used by RP Financial, LC. in preparing the independent
valuation and believes that such assumptions were reasonable. The offering range may be amended
with the approval of the Office of Thrift Supervision, if required, as a result of subsequent
developments in the financial condition of Northfield-Federal or Northfield Bank or market
conditions generally. In the event the independent valuation is updated to amend the pro forma
market value of Northfield-Delaware to less than $527.9 million or more than $821.3 million, the
appraisal will be filed with the Securities and Exchange Commission by a post-effective amendment
to Northfield-Delaware's registration statement.
The following table presents a summary of selected pricing ratios for the peer group companies
and Northfield-Delaware (on a pro forma basis) based on annual earnings and other information as of
and for the twelve months ended March 31, 2010, and stock price information for the peer group
companies as of May 14, 2010, as reflected in the appraisal report. Compared to the average
pricing of the peer group, our pro forma pricing ratios at the midpoint of the offering range
indicated a discount of 20.1% on a price-to-book value basis, a discount of 30.4% on a
price-to-tangible book value basis and a premium of 110.0% on a price-to-earnings basis. Our board
of directors, in reviewing and approving the appraisal, considered the range of price-to-earnings
multiples and the range of price-to-book value and price-to-tangible book value ratios at the
different amounts of shares to be sold in the offering. The appraisal did not consider one
valuation approach to be more important than the other. The estimated appraised value and the
resulting premium/discount took into consideration the potential financial effect of the conversion
and offering as well as the trading price of Northfield-Federal's common stock. The closing price
of the common stock was $14.58 per share on June 3, 2010, the last trading day immediately
preceding the announcement of the conversion, and $14.73 per share on May 14, 2010, the effective
date of the appraisal.
Price-to-earnings
Price-to-book
Price-to-tangible
multiple (1)
value ratio
book value ratio
Northfield-Delaware
(on a pro forma
basis, assuming
completion of the
conversion)
Adjusted Maximum
67.18x
101.73
%
103.84
%
Maximum
58.68x
94.79
%
96.90
%
Midpoint
51.23x
87.97
%
89.93
%
Minimum
43.72x
80.00
%
82.03
%
Valuation of peer
group companies, all
of which are fully
converted (on an
historical basis)
Averages
24.40x
109.94
%
129.19
%
Medians
26.88x
104.00
%
134.53
%
(1)
Price-to-earnings multiples calculated by RP Financial, LC. in the independent appraisal are
based on an estimate of "core," or recurring, earnings. These ratios are different than those
presented in "Pro Forma Data."
The independent valuation is not intended, and must not be construed, as a recommendation
of any kind as to the advisability of purchasing our shares of common stock. RP Financial, LC. did
not independently verify our consolidated financial statements and other information that we
provided to them, nor did RP Financial, LC. independently value our assets or liabilities. The
independent valuation considers Northfield Bank as a going concern and should not be considered as
an indication of the liquidation value of Northfield Bank. Moreover, because the valuation is
necessarily based upon estimates and projections of a number of matters, all of which may change
from time to time, no assurance can be given that persons purchasing our common stock in the
offering will thereafter be able to sell their shares at prices at or above the $10.00 price per
share.
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Following commencement of the subscription offering, the maximum of the valuation range may be
increased by up to 15%, or up to $821.3 million, without resoliciting subscribers, which will
result in a corresponding increase of up to 15% in the maximum of the offering range to up to
46,287,500 shares, to reflect changes in the market and financial conditions or demand for the
shares. We will not decrease the minimum of the valuation range and the minimum of the offering
range without a resolicitation of subscribers. The subscription price of $10.00 per share will
remain fixed. See "—Additional Limitations on Common Stock Purchases" as to the method of
distribution of additional shares to be issued in the event of an increase in the offering range of
up to 46,287,500 shares.
If the update to the independent valuation at the conclusion of the offering results in an
increase in the maximum of the valuation range to more than $821.3 million and a corresponding
increase in the offering range to more than 46,287,500 shares, or a decrease in the minimum of the
valuation range to less than $527.9 million and a corresponding decrease in the offering range to
fewer than 29,750,000 shares, then we will promptly return with interest at [interest rate]% all
funds previously delivered to us to purchase shares of common stock in the subscription and
community offerings and cancel deposit account withdrawal authorizations and, after consulting with
the Office of Thrift Supervision, we may terminate the plan of conversion and reorganization.
Alternatively, we may establish a new offering range, extend the offering period and commence a
resolicitation of purchasers or take other actions as permitted by the Office of Thrift Supervision
in order to complete the offering. In the event that we extend the offering and conduct a
resolicitation, we will notify subscribers of the extension of time and of the rights of
subscribers to place a new stock order for a specified period of time. Any single offering
extension will not exceed 90 days; aggregate extensions may not conclude beyond
,
2012, which is two years after the special meeting of members to vote on the conversion.
An increase in the number of shares to be issued in the offering would decrease both a
subscriber's ownership interest and
Northfield-Delaware's
pro forma earnings and stockholders'
equity on a per share basis while increasing pro forma earnings and stockholders' equity on an
aggregate basis. A decrease in the number of shares to be issued in the offering would increase
both a subscriber's ownership interest and Northfield-Delaware's pro forma earnings and
stockholders' equity on a per share basis, while decreasing pro forma earnings and stockholders'
equity on an aggregate basis. For a presentation of the effects of these changes, see "Pro Forma
Data."
Copies of the independent valuation appraisal report of RP Financial, LC. and the detailed
memorandum setting forth the method and assumptions used in the appraisal report are available for
inspection at the main office of Northfield Bank and as specified under "Where You Can Find
Additional Information."
Subscription Offering and Subscription Rights
In accordance with the plan of conversion and reorganization, rights to subscribe for shares
of common stock in the subscription offering have been granted in the following descending order of
priority. The filling of all subscriptions that we receive will depend on the availability of
common stock after satisfaction of all subscriptions of all persons having prior rights in the
subscription offering and to the maximum, minimum and overall purchase and ownership limitations
set forth in the plan of conversion and reorganization and as described below under "—Additional
Limitations on Common Stock Purchases."
Priority 1: Eligible Account Holders
.
Each Northfield Bank depositor with aggregate deposit
account balances of $50.00 or more (a "Qualifying Deposit") at the close of business on March 31,
2009 (an "Eligible Account Holder") will receive, without payment therefor, nontransferable
subscription rights to purchase up to $3.0 million (300,000 shares) of our common stock, subject to
the overall purchase limitations. See "—Additional Limitations on Common Stock Purchases." If
there are not sufficient shares available to satisfy all subscriptions, shares will first be
allocated so as to permit each Eligible Account Holder to purchase a number of shares sufficient to
make his or her total allocation equal to the lesser of 100 shares or the number of shares for
which he or she subscribed. Thereafter, any remaining shares will be allocated to each Eligible
Account Holder whose subscription remains unfilled in the proportion that the amount of his or her
Qualifying Deposit bears to the total amount of Qualifying Deposits of all subscribing Eligible
Account Holders whose subscriptions remain unfilled. If an amount so allocated exceeds the amount
subscribed for by any one or more Eligible Account Holders, the excess shall be
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reallocated among those Eligible Account Holders whose subscriptions are not fully satisfied
until all available shares have been allocated.
To ensure proper allocation of our shares of common stock, each Eligible Account Holder must
list on his or her stock order form all deposit accounts in which he or she has an ownership
interest on March 31, 2009. In the event of an oversubscription, failure to list an account could
result in fewer shares being allocated than if all accounts had been disclosed. In the event of an
oversubscription, the subscription rights of Eligible Account Holders who are also directors or
executive officers of Northfield-Federal or their associates will be subordinated to the
subscription rights of other Eligible Account Holders to the extent attributable to their increased
deposits in the 12 months preceding March 31, 2009.
Priority 2: Tax-Qualified Plans
.
Our tax-qualified employee plans, including our employee
stock ownership plan and 401(k) plan, will receive, without payment therefor, nontransferable
subscription rights to purchase in the aggregate up to 10% of the shares of common stock sold in
the offering, although our employee stock ownership plan intends to purchase 4% of the shares of
common stock sold in the offering. We reserve the right to have our employee stock ownership plan
purchase more than 4% of the stock sold in the offering to the extent necessary to complete the
offering at the minimum of the offering range. If market conditions warrant, in the judgment of
its trustees, the employee stock ownership plan may instead elect to purchase shares in the open
market following the completion of the conversion. The amount of the subscription requests by the
401(k) plan will be determined by its participants, who will have the right to invest all or a
portion of their 401(k) plan accounts in our common stock, subject to the maximum purchase
limitations. However, to comply with the limitations applicable to our tax-qualified employee
plans, our 401(k) plan may purchase no more than 6% of the shares of common stock sold in the
offering.
Priority 3: Supplemental Eligible Account Holders
.
To the extent that there are sufficient
shares of common stock remaining after satisfaction of subscriptions by Eligible Account Holders
and our tax-qualified employee stock benefit plans, each Northfield Bank depositor with a
Qualifying Deposit at the close of business on June 30, 2010 who is not an Eligible Account Holder
("Supplemental Eligible Account Holder") will receive, without payment therefor, nontransferable
subscription rights to purchase up to $3.0 million (300,000 shares) of common stock, subject to the
overall purchase limitations. See "—Additional Limitations on Common Stock Purchases." If there are
not sufficient shares available to satisfy all subscriptions, shares will be allocated so as to
permit each Supplemental Eligible Account Holder to purchase a number of shares sufficient to make
his or her total allocation equal to the lesser of 100 shares of common stock or the number of
shares for which he or she subscribed. Thereafter, unallocated shares will be allocated to each
Supplemental Eligible Account Holder whose subscription remains unfilled in the proportion that the
amount of his or her Qualifying Deposit bears to the total amount of Qualifying Deposits of all
Supplemental Eligible Account Holders whose subscriptions remain unfilled.
To ensure proper allocation of common stock, each Supplemental Eligible Account Holder must
list on the stock order form all deposit accounts in which he or she has an ownership interest at
June 30, 2010. In the event of oversubscription, failure to list an account could result in fewer
shares being allocated than if all accounts had been disclosed.
Priority 4: Other Members
.
To the extent that there are shares of common stock remaining after
satisfaction of subscriptions by Eligible Account Holders, our tax-qualified employee stock benefit
plans, and Supplemental Eligible Account Holders, each depositor of Northfield Bank as of the close
of business on [depositor record date] who is not an Eligible Account Holder or Supplemental
Eligible Account Holder ("Other Members") will receive, without payment therefor, nontransferable
subscription rights to purchase up to $3.0 million (300,000 shares) of common stock, subject to the
overall purchase limitations. See "—Additional Limitations on Common Stock Purchases." If there are
not sufficient shares available to satisfy all subscriptions, shares will be allocated so as to
permit each Other Member to purchase a number of shares sufficient to make his or her total
allocation equal to the lesser of 100 shares of common stock or the number of shares for which he
or she subscribed. Thereafter, available shares will be allocated in the proportion that the
amount of the subscription of each Other Member bears to the total amount of the subscriptions of
all Other Members whose subscriptions remain unsatisfied.
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To ensure proper allocation of common stock, each Other Member must list on the stock order
form all deposit accounts in which he or she had an ownership interest at [depositor record date].
In the event of oversubscription, failure to list an account could result in fewer shares being
allocated than if all accounts had been disclosed.
Expiration Date
. The subscription offering will expire at 4:00 p.m., Eastern Time, on
[termination date], unless extended by us for up to 45 days or such additional periods with the
approval of the Office of Thrift Supervision, if necessary. Subscription rights will expire whether
or not each eligible depositor can be located. We may decide to extend the expiration date of the
subscription offering for any reason, whether or not subscriptions have been received for shares at
the minimum, midpoint or maximum of the offering range. Subscription rights which have not been
exercised prior to the expiration date will become void.
We will not execute orders until at least the minimum number of shares of common stock have
been sold in the offering. If at least 29,750,000 shares have not been sold in the offering by
[extension date] and the Office of Thrift Supervision has not consented to an extension, all funds
delivered to us to purchase shares of common stock in the offering will be returned promptly, with
interest at [interest rate]% for funds received in the subscription and community offerings, and
all deposit account withdrawal authorizations will be canceled. If an extension beyond [extension
date] is granted by the Office of Thrift Supervision, we will resolicit purchasers in the offering
as described under "—Procedures for Purchasing Shares—Expiration Date."
Community Offering
To the extent that shares of common stock remain available for purchase after satisfaction of
all subscriptions of Eligible Account Holders, our tax-qualified employee stock benefit plans,
Supplemental Eligible Account Holders and Other Members, we expect to offer shares pursuant to the
plan of conversion and reorganization to members of the general public in a community offering.
Shares would be offered with the following preferences:
(i)
Natural persons (including trusts of natural persons) residing in the New
Jersey Counties of Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris,
Ocean, Passaic, Somerset, Sussex and Union, the New York Counties of Bronx, Kings,
Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk and Westchester, and Pike
County, Pennsylvania;
(ii)
Northfield-Federal's public stockholders as of [stockholder record date]; and
(iii)
Other members of the general public.
Subscribers in the community offering may purchase up to $3.0 million (300,000 shares) of
common stock, subject to the overall purchase limitations. See "—Additional Limitations on Common
Stock Purchases." The minimum purchase is 25 shares.
The opportunity to purchase shares of common
stock in the community offering category is subject to our right, in our sole discretion, to accept
or reject any such orders in whole or in part either at the time of receipt of an order or as soon
as practicable following the expiration date of the offering.
If we do not have sufficient shares of common stock available to fill the orders of natural
persons (including trusts of natural persons) residing in the New Jersey Counties of Bergen, Essex,
Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex and Union, the New
York Counties of Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk and
Westchester, and Pike County, Pennsylvania, we will allocate the available shares among those
persons in a manner that permits each of them, to the extent possible, to purchase the lesser of
100 shares or the number of shares subscribed for by such person. Thereafter, unallocated shares
will be allocated among natural persons residing in those counties whose orders remain unsatisfied
on an equal number of shares basis per order. If oversubscription occurs due to the orders of
public stockholders of Northfield-Federal or members of the general public, the allocation
procedures described above will apply to the stock orders of such persons. In connection with the
allocation process, orders received for
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shares of common stock in the community offering will first be filled up to a maximum of 2% of
the shares sold in the offering, and thereafter any remaining shares will be allocated on an equal
number of shares basis per order until all shares have been allocated.
The term "residing" or "resident" as used in this prospectus means any person who occupies a
dwelling within the New Jersey Counties of Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth,
Morris, Ocean, Passaic, Somerset, Sussex and Union, the New York Counties of Bronx, Kings, Nassau,
New York, Putnam, Queens, Richmond, Rockland, Suffolk and Westchester, or Pike County,
Pennsylvania, has a present intent to remain within this community for a period of time, and
manifests the genuineness of that intent by establishing an ongoing physical presence within the
community, together with an indication that this presence within the community is something other
than merely transitory in nature. We may utilize deposit or loan records or other evidence
provided to us to decide whether a person is a resident. In all cases, however, the determination
shall be in our sole discretion.
Expiration Date.
The community offering may begin during or after the subscription offering,
and is currently expected to terminate at the same time as the subscription offering, and must
terminate no more than 45 days following the subscription offering, unless extended.
Northfield-Delaware may decide to extend the community offering for any reason and is not required
to give purchasers notice of any such extension unless such period extends beyond [extension date],
in which event we will resolicit purchasers.
Syndicated Community Offering
If feasible, our Board of Directors may decide to offer for sale shares of common stock not
subscribed for or purchased in the subscription and community offerings in a syndicated community
offering, subject to such terms, conditions and procedures as we may determine, in a manner that
will achieve a wide distribution of our shares of common stock. In the syndicated community
offering, any person may purchase up to $3.0 million (300,000 shares) of common stock, subject to
the overall purchase and ownership limitations. We retain the right to accept or reject in whole
or in part any orders in the syndicated community offering. Unless the Office of Thrift
Supervision permits otherwise, accepted orders for Northfield-Delaware common stock in the
syndicated community offering will first be filled up to a maximum of 2% of the shares sold in the
offering, and thereafter any remaining shares will be allocated on an equal number of shares basis
per order until all shares have been allocated. Unless the syndicated community offering begins
during the community offering, the syndicated community offering will begin as soon as possible
after the completion of the subscription and community offerings.
If a syndicated community offering is held, Sandler O'Neill & Partners, L.P. will serve
as sole book-running manager and will assist us in selling our common stock on a best efforts
basis. Sandler O'Neill & Partners, L.P. will be entitled to a minimum of 70% participation in the
syndicated community offering. Neither Sandler O'Neill & Partners, L.P. nor any registered
broker-dealer will have any obligation to take or purchase any shares of the common stock in the
syndicated community offering. The syndicated community offering will be conducted in accordance
with certain Securities and Exchange Commission rules applicable to best efforts offerings. The
closing of the syndicated community offering is subject to conditions set forth in an agency
agreement among Northfield-Delaware, Northfield-Federal, Northfield Bancorp, MHC and Northfield
Bank on the one hand and Sandler O'Neill & Partners, L.P., as representative of the several agents,
on the other hand. If and when all the conditions for the closing are met, funds for common stock
sold in the syndicated community offering, less fees and commissions payable, will be delivered
promptly to us. If the offering is consummated, but some or all of an interested investor's funds
are not accepted by us, those funds will be returned to the interested investor promptly after
closing, without interest. If the offering is not consummated, funds in the account will be
returned promptly, without interest, to the potential investor. Normal customer ticketing will be
used for order placement.
If for any reason we cannot affect a syndicated community offering of shares of common
stock not purchased in the subscription and community offerings, or in the event that there are a
significant number of shares remaining unsold after such offerings, we will try to make other
arrangements for the sale of unsubscribed shares, if possible. The Office of Thrift Supervision
and the Financial Industry Regulatory Authority must approve any such arrangements.
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Additional Limitations on Common Stock Purchases
The plan of conversion and reorganization includes the following additional limitations on the
number of shares of common stock that may be purchased in the offering:
(i)
No person may purchase fewer than 25 shares of common stock;
(ii)
Tax qualified employee benefit plans, including our employee stock ownership
plan and 401(k) plan, may purchase in the aggregate up to 10% of the shares of common
stock issued in the offering, including shares issued in the event of an increase in
the offering range of up to 15%;
(iii)
Except for the employee stock ownership plan, as described above, no person
or entity, together with associates or persons acting in concert with such person or
entity, may purchase more than $3.0 million (300,000 shares) of common stock in all
categories of the offering combined;
(iv)
Current stockholders of Northfield-Federal are subject to an ownership
limitation. As previously described, current stockholders of Northfield-Federal will
receive shares of
Northfield-Delaware
common stock in exchange for their existing shares of Northfield-Federal common stock. The number of shares of common stock that a
stockholder may purchase in the offering, together with associates or persons acting in
concert with such stockholder, when combined with the shares that the stockholder and
his or her associates will receive in exchange for existing Northfield-Federal common
stock, may not exceed 5% of the shares of common stock of Northfield-Delaware to be
issued and outstanding at the completion of the conversion; and
(v)
The maximum number of shares of common stock that may be purchased in all
categories of the offering by executive officers and directors of Northfield Bank and
their associates, in the aggregate, when combined with shares of common stock issued in
exchange for existing shares, may not exceed 25% of the total shares issued in the
conversion.
Depending upon market or financial conditions, our board of directors, with the approval of
the Office of Thrift Supervision and without further approval of members of Northfield Bancorp,
MHC, may decrease or increase the purchase and ownership limitations. If a purchase limitation is
increased, subscribers in the subscription offering who ordered the maximum amount, and who
indicated on their stock order form a desire to be resolicited, will be given the opportunity to
increase their orders up to the then applicable limit. The effect of this type of resolicitation
will be an increase in the number of shares of common stock owned by persons who choose to increase
their orders. In the event that the maximum purchase limitation is increased to 5% of the shares
sold in the offering, such limitation may be further increased to 9.99%, provided that orders for
shares of common stock exceeding 5% of the shares sold in the offering shall not exceed in the
aggregate 10% of the total shares sold in the offering.
In the event of an increase in the offering range of up to 46,287,500 shares of common stock,
shares will be allocated in the following order of priority in accordance with the plan of
conversion and reorganization:
(i)
to fill the subscriptions of our tax-qualified employee benefit plans,
including the employee stock ownership plan and our 401(k) plan, for up to 10% of the
total number of shares of common stock issued in the offering;
(ii)
in the event that there is an oversubscription at the Eligible Account
Holder, Supplemental Eligible Account Holder or Other Member levels, to fill unfilled
subscriptions of these subscribers according to their respective priorities; and
(iii)
to fill unfilled subscriptions in the community offering, with preference
given first to natural persons (including trusts of natural persons) residing in New
Jersey Counties of Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris,
Ocean, Passaic, Somerset, Sussex and Union,
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the New York Counties of Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond,
Rockland, Suffolk and Westchester, and Pike County, Pennsylvania, then to
Northfield-Federal's public stockholders as of [stockholder record date], and then
to members of the general public.
The term "associate" of a person means:
(i)
any corporation or organization, other than Northfield-Federal, Northfield
Bank or a majority-owned subsidiary of Northfield Bank, of which the person is a
senior officer, partner or 10% beneficial stockholder;
(ii)
any trust or other estate in which the person has a substantial beneficial
interest or serves as a trustee or in a similar fiduciary capacity; provided, however,
it does not include any employee stock benefit plan in which the person has a
substantial beneficial interest or serves as trustee or in a similar fiduciary
capacity; and
(iii)
any blood or marriage relative of the person, who either has the same home
as the person or who is a director or officer of
Northfield-Federal
or Northfield Bank.
The term "acting in concert" means:
(i)
knowing participation in a joint activity or interdependent conscious parallel
action towards a common goal whether or not pursuant to an express agreement; or
(ii)
a combination or pooling of voting or other interests in the securities of an
issuer for a common purpose pursuant to any contract, understanding, relationship,
agreement or other arrangement, whether written or otherwise.
A person or company that acts in concert with another person or company ("other party") will
also be deemed to be acting in concert with any person or company who is also acting in concert
with that other party, except that any tax-qualified employee stock benefit plan will not be deemed
to be acting in concert with its trustee or a person who serves in a similar capacity solely for
the purpose of determining whether common stock held by the trustee and common stock held by the
employee stock benefit plan will be aggregated.
We have the sole discretion to determine whether prospective purchasers are "associates" or
"acting in concert." Persons having the same address, and persons exercising subscription rights
through qualifying deposits registered at the same address will be deemed to be acting in concert
unless we determine otherwise.
Our directors are not treated as associates of each other solely because of their membership
on the board of directors. Common stock purchased in the offering will be freely transferable
except for shares purchased by directors and certain officers of Northfield-Delaware or Northfield
Bank and except as described below. Any purchases made by any associate of Northfield-Delaware or
Northfield Bank for the explicit purpose of meeting the minimum number of shares of common stock
required to be sold in order to complete the offering shall be made for investment purposes only
and not with a view toward redistribution. In addition, under Financial Industry Regulatory
Authority guidelines, members of the Financial Industry Regulatory Authority and their associates
are subject to certain restrictions on transfer of securities purchased in accordance with
subscription rights and to certain reporting requirements upon purchase of these securities. For a
further discussion of limitations on purchases of our shares of common stock at the time of
conversion and thereafter, see "—Certain Restrictions on Purchase or Transfer of Our Shares after
Conversion" and "Restrictions on Acquisition of Northfield-Delaware."
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Plan of Distribution; Selling Agent Compensation
To assist in the marketing of our shares of common stock, we have retained Sandler O'Neill &
Partners, L.P., which is a broker-dealer registered with the Financial Industry Regulatory
Authority. Sandler O'Neill & Partners, L.P. will assist us on a best efforts basis in the offering
by:
(i)
consulting as to the financial and securities market implications of the plan
of conversion;
(ii)
reviewing with our board of directors the financial effect of the offering on
us, based on the independent appraiser's appraisal of the shares of common stock;
(iii)
reviewing all offering documents, including the prospectus, stock order forms
and related offering materials;
(iv)
assisting in the design and implementation of a marketing strategy for the
offering;
(v)
assisting management in scheduling and preparing for meetings with potential
investors and other broker-dealers in connection with the stock offering; and
(vi)
providing such other general advice and assistance as may be reasonably
necessary to promote the successful completion of the offering.
For these services, Sandler O'Neill & Partners, L.P. will receive a fee of 1% of the dollar
amount of all shares of common stock sold in the subscription and community offerings. No sales
fee will be payable to Sandler O'Neill & Partners, L.P. with respect to shares purchased by
officers, directors, employees or their immediate families and shares purchased by our
tax-qualified and non-qualified employee benefit plans, and no sales fee will be payable with
respect to the exchange shares.
In the event that Sandler O'Neill & Partners, L.P. sells shares of common stock through a
group of broker-dealers in a syndicated community offering, it will be paid a fee equal to 1% of
the dollar amount of total shares sold in the syndicated community offering, which fee, along with
the fee payable to selected dealers (which will include Sandler O'Neill & Partners, L.P.), shall
not exceed 5% in the aggregate. Sandler O'Neill & Partners, L.P. will serve as sole book running
manager.
If the offering is completed, Sandler O'Neill & Partners, L.P. will not be reimbursed
separately for expenses. However, we have agreed to reimburse Sandler O'Neill & Partners, L.P. up
to $150,000 for reimbursable expenses (including legal fees and expenses and other
out-of-pocket
expenses) in the event the offering is not completed.
We will indemnify Sandler O'Neill & Partners, L.P. against liabilities and expenses, including
legal fees, incurred in connection with certain claims or litigation arising out of or based upon
untrue statements or omissions contained in the offering materials for the common stock, including
liabilities under the Securities Act of 1933, as amended.
Some of our directors and executive officers may participate in the solicitation of offers to
purchase common stock. These persons will be reimbursed for their reasonable out-of-pocket expenses
incurred in connection with the solicitation. Other regular employees of Northfield Bank may assist
in the offering, but only in ministerial capacities, and may provide clerical work in effecting a
sales transaction. No offers or sales may be made by tellers or at the teller counters.
Investment-related questions of prospective purchasers will be directed to executive officers or
registered representatives of Sandler O'Neill & Partners, L.P. Our other employees have been
instructed not to solicit offers to purchase shares of common stock or provide advice regarding the
purchase of common stock. We will rely on Rule 3a4-1 under the Securities Exchange Act of 1934, as
amended, and sales of common stock will be conducted within the requirements of Rule 3a4-1, so as
to permit officers, directors and employees to participate
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in the sale of common stock. None of our officers, directors or employees will be compensated
in connection with their participation in the offering.
We have also engaged Sandler O'Neill & Partners, L.P. as records management agent in
connection with the conversion and offering. In its role as records management agent, Sandler
O'Neill & Partners, L.P., will assist us in the offering in the:
•
consolidation of deposit accounts and vote calculations;
•
design and preparation of proxy and stock order forms;
•
organization and supervision of the Stock Information Center;
•
proxy solicitation and other services for our special meeting of members; and
•
preparation and processing of other documents related to the stock offering.
Sandler O'Neill & Partners, L.P. will not receive a separate fee or reimbursement for expenses
for these services.
Lock-up Agreements
We, and each of our directors and executive officers have agreed, subject to certain
exceptions, that during the period beginning on the date of this prospectus and ending 90 days
after the closing of the offering, without the prior written consent of Sandler O'Neill & Partners,
L.P. , directly or indirectly, we will not (i) offer, pledge, sell, contract to sell, sell any
option or contract to purchase, purchase any option or contract to sell, grant any option, right or
warrant for the sale of, or otherwise dispose of or transfer any shares of Northfield-Federal or
Northfield-Delaware
stock or any securities convertible into or exchangeable or exercisable for
Northfield-Federal or Northfield-Delaware stock, whether owned on the date of the prospectus or
acquired after the date of the prospectus or with respect to which we or any of our directors or
executive officers has or after the date of the prospectus acquires the power of disposition, or
file any registration statement under the Securities Act of 1933, as amended, with respect to any
of the foregoing or (ii) enter into any swap or any other agreement or any transaction that
transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of
Northfield-Federal or Northfield-Delaware stock, whether any such swap or transaction is to be
settled by delivery of stock or other securities, in cash or otherwise. In the event that either
(1) during the period that begins on the date that is 15 calendar days plus three business days
before the last day of the restricted period and ends on the last day of the restricted period, we
issue an earnings release or material news or a material event relating to us occurs, or (2) prior
to the expiration of the restricted period, we announce that we will release earnings results
during the 16-day period beginning on the last day of the restricted period, the restrictions set
forth above will continue to apply until the expiration of the date that is 15 calendar days plus
three business days after the date on which the earnings release is issued or the material news or
event related to us occurs.
Procedure for Purchasing Shares
Expiration Date
.
The subscription and community offerings will expire at 4:00 p.m., Eastern
Time, on [termination date], unless we extend one or both for up to 45 days, with the approval of
the Office of Thrift Supervision, if required. This extension may be approved by us, in our sole
discretion, without notice to purchasers in the offering. Any extension of the subscription and/or
community offering beyond [extension date] would require the Office of Thrift Supervision's
approval. If the offering is so extended, or if the offering range is decreased or is increased
above the adjusted maximum of the offering range, all subscribers' stock orders will be cancelled,
their deposit account withdrawal authorizations will be cancelled, and funds submitted to us will
be returned promptly, with interest at [interest rate]% for funds received in the subscription and
community offerings. We will then resolicit the subscribers, giving them an opportunity to place a
new stock order for a period of time.
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We reserve the right in our sole discretion to terminate the offering at any time and for any
reason, in which case we will cancel any deposit account withdrawal authorizations and promptly
return all funds submitted, with interest at [interest rate]% from the date of receipt as described
above.
Use of Order Forms in the Subscription and Community Offerings
.
In order to purchase shares of
common stock in the subscription and community offerings, you must properly complete an original
stock order form and remit full payment. We are not required to accept orders submitted on
photocopied or facsimiled order forms. All order forms must be received (not postmarked) prior to
4:00 p.m., Eastern Time, on [termination date]. We are not required to accept order forms that are
not received by that time, are not signed or are otherwise executed defectively or are received
without full payment or without appropriate deposit account withdrawal instructions. We are not
required to notify subscribers of incomplete or improperly executed order forms, and we have the
right to waive or permit the correction of incomplete or improperly executed order forms. We do
not represent, however, that we will do so and we have no affirmative duty to notify any
prospective subscriber of any such defects. You may submit your order form and payment by mail
using the stock order return envelope provided, or by overnight delivery to our Stock Information
Center at the address noted on the Stock Order Form. You may hand-deliver stock order forms to the
Stock Information Center, which will be located at Northfield Bank's Avenel office, 1410 St.
Georges Avenue, Second floor, Avenel, New Jersey. Hand-delivered stock order forms will only be
accepted at this location. We will not accept stock order forms at our other branch offices.
Please do not mail stock order forms to Northfield Bank's offices.
Once tendered, an order form cannot be modified or revoked without our consent. We reserve
the absolute right, in our sole discretion, to reject orders received in the community offering, in
whole or in part, at the time of receipt or at any time prior to completion of the offering. If
you are ordering shares in the subscription offering, you must represent that you are purchasing
shares for your own account and that you have no agreement or understanding with any person for the
sale or transfer of the shares. We have the right to reject any order submitted in the offering by
a person who we believe is making false representations or who we otherwise believe, either alone
or acting in concert with others, is violating, evading, circumventing, or intends to violate,
evade or circumvent the terms and conditions of the plan of conversion and reorganization. Our
interpretation of the terms and conditions of the plan of conversion and reorganization and of the
acceptability of the order forms will be final.
By signing the order form, you will be acknowledging that the common stock is not a deposit or
savings account and is not federally insured or otherwise guaranteed by Northfield Bank or the
federal government, and that you received a copy of this prospectus. However, signing the order
form will not result in you waiving your rights under the Securities Act of 1933 or the Securities
Exchange Act of 1934.
Payment for Shares
.
Payment for all shares of common stock will be required to accompany all
completed order forms for the purchase to be valid. Payment for shares in the subscription and
community offerings may be made by:
(i)
personal check, bank check or money order, made payable to Northfield Bancorp,
Inc.; or
(ii)
authorization of withdrawal of available funds from the types of Northfield
Bank deposit accounts described on the stock order form.
Appropriate means for designating withdrawals from deposit accounts at Northfield Bank are
provided on the order form. The funds designated must be available in the account(s) at the time
the order form is received. A hold will be placed on these funds, making them unavailable to the
depositor. Funds authorized for withdrawal will continue to earn interest within the account at the
contract rate until the offering is completed, at which time the designated withdrawal will be
made. Interest penalties for early withdrawal applicable to certificate accounts will not apply to
withdrawals authorized for the purchase of shares of common stock; however, if a withdrawal results
in a certificate account with a balance less than the applicable minimum balance requirement, the
certificate will be canceled at the time of withdrawal without penalty and the remaining balance
will earn interest at the current passbook rate subsequent to the withdrawal. In the case of
payments made by personal check, these funds must be available in the account(s). Checks and money
orders received in the subscription and community offerings will be
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immediately cashed and placed in a segregated account at Northfield Bank and will earn
interest at [interest rate]% from the date payment is processed until the offering is completed or
terminated.
You may not remit cash, wire transfers, Northfield Bank line of credit checks or any type of
third-party checks (including those payable to you and endorsed over to Northfield-Delaware). You
may not designate on your stock order form direct withdrawal from a Northfield Bank retirement
account. See "—Using Individual Retirement Account Funds." Additionally, you may not designate a
direct withdrawal from Northfield Bank accounts with check-writing privileges. Please provide a
check instead. If you request that we directly withdraw the funds, we reserve the right to
interpret that as your authorization to treat those funds as if we had received a check for the
designated amount, and we will immediately withdraw the amount from your checking account. If
permitted by the Office of Thrift Supervision, in the event we resolicit large purchasers, as
described above in "Additional Limitations on Common Stock Purchases," such purchasers who wish to
increase their purchases will not be able to use personal checks to pay for the additional shares.
Once we receive your executed stock order form, it may not be modified, amended or rescinded
without our consent, unless the offering is not completed by [extension date]. In such event,
funds delivered to us to purchase shares of common stock in the offering will be returned promptly,
with interest at [interest rate]%, for funds received in the subscription and community offerings.
Additionally, all deposit account withdrawal authorizations will be canceled. We may resolicit
purchasers for a specified period of time.
Regulations prohibit Northfield Bank from lending funds or extending credit to any persons to
purchase shares of common stock in the offering.
We shall have the right, in our sole discretion, to permit institutional investors to submit
irrevocable orders together with the legally binding commitment for payment and to thereafter pay
for the shares of common stock for which they subscribe in the community offering at any time prior
to 48 hours before the completion of the conversion. This payment may be made by wire transfer.
If our employee stock ownership plan purchases shares in the offering, it will not be required
to pay for such shares until completion of the offering, provided that there is a loan commitment
from an unrelated financial institution or Northfield-Delaware to lend to the employee stock
ownership plan the necessary amount to fund the purchase.
Using Individual Retirement Account Funds.
If you are interested in using funds in your
individual retirement account or other retirement account to purchase shares of common stock, you
must do so through a self-directed retirement account. By regulation, Northfield Bank's retirement
accounts are not self-directed, so they cannot be invested in our shares of common stock.
Therefore, if you wish to use funds that are currently in a Northfield Bank retirement account, you
may not designate on the order form that you wish funds to be withdrawn from the account for the
purchase of common stock. The funds you wish to use for the purchase of common stock will instead
have to be transferred to an independent trustee or custodian, such as a brokerage firm, offering
self-directed retirement accounts. The purchase must be made through that account. If you do not
have such an account, you will need to establish one before placing a stock order. An annual
administrative fee may be payable to the independent trustee or custodian. There will be no early
withdrawal or Internal Revenue Service interest penalties for these transfers. Individuals
interested in using funds in an individual retirement account or any other retirement account,
whether held at Northfield Bank
or elsewhere
, to purchase shares of common stock should contact our
Stock Information Center for guidance as soon as possible, preferably at least two weeks prior to
the [termination date] offering deadline. Processing such transactions takes additional time, and
whether such funds can be used may depend on limitations imposed by the institutions where such
funds are currently held. We cannot guarantee that you will be able to use such funds.
Delivery of Stock Certificates
.
Certificates representing shares of common stock sold in the
subscription offering and community offering will be mailed to the certificate registration address
noted by purchasers on the stock order form. Stock certificates will be sent to purchasers by
first-class mail as soon as practicable after the completion of the conversion and stock offering.
We expect trading in the stock to begin on the business day of or
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on the business day following the completion of the conversion and stock offering.
It is
possible that until certificates for the common stock are delivered to purchasers, purchasers might
not be able to sell the shares of common stock that they ordered, even though the shares of common
stock will have begun trading.
Your ability to sell the shares of common stock before receiving
your stock certificate will depend on arrangements you may make with a brokerage firm. If you are
currently a stockholder of Northfield-Federal, see "—Exchange of Existing Stockholders' Stock
Certificates."
Other Restrictions
.
Notwithstanding any other provision of the plan of conversion and
reorganization, no person is entitled to purchase any shares of common stock to the extent the
purchase would be illegal under any federal or state law or regulation, including state "blue sky"
regulations, or would violate regulations or policies of the Financial Industry Regulatory
Authority, particularly those regarding free riding and withholding. We may ask for an acceptable
legal opinion from any purchaser as to the legality of his or her purchase and we may refuse to
honor any purchase order if an opinion is not timely furnished. In addition, we are not required
to offer shares of common stock to any person who resides in a foreign country, or in a State of
the United States with respect to which any of the following apply:
(i)
a small number of persons otherwise eligible to subscribe for shares under the
plan of conversion reside in such state;
(iii)
the issuance of subscription rights or the offer or sale of shares of common
stock to such persons would require us, under the securities laws of such state, to
register as a broker, dealer, salesman or agent or to register or otherwise qualify our
securities for sale in such state; or
(iii)
such registration or qualification would be impracticable for reasons of cost
or otherwise.
Restrictions on Transfer of Subscription Rights and Shares
Office of Thrift Supervision regulations prohibit any person with subscription rights,
including the Eligible Account Holders, Supplemental Eligible Account Holders and Other Members,
from transferring or entering into any agreement or understanding to transfer the legal or
beneficial ownership of the subscription rights issued under the plan of conversion and
reorganization or the shares of common stock to be issued upon their exercise. These rights may be
exercised only by the person to whom they are granted and only for his or her account. When
registering your stock purchase on the order form, you should not add the name(s) of persons who do
not have subscription rights or who qualify only in a lower purchase priority than you do. Doing
so may jeopardize your subscription rights. Each person exercising subscription rights will be
required to certify that he or she is purchasing shares solely for his or her own account and that
he or she has no agreement or understanding regarding the sale or transfer of such shares. The
regulations also prohibit any person from offering or making an announcement of an offer or intent
to make an offer to purchase subscription rights or shares of common stock to be issued upon their
exercise prior to completion of the offering.
We will pursue any and all legal and equitable remedies in the event we become aware of the
transfer of subscription rights, and we will not honor orders that we believe involve the transfer
of subscription rights.
Stock Information Center
Our banking office personnel may not, by law, assist with investment-related questions about
the offering. If you have any questions regarding the conversion or offering, please call our
Stock Information Center. The toll-free phone number is (___) ___-___. The Stock Information
Center is open Monday through Friday between 10:00 a.m. and 4:00 p.m., Eastern Time. The Stock
Information Center will be closed on weekends and bank holidays.
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Liquidation Rights
Liquidation prior to the conversion.
In the unlikely event that Northfield Bancorp, MHC is
liquidated prior to the conversion, all claims of creditors of Northfield Bancorp, MHC would be
paid first. Thereafter, if there were any assets of Northfield Bancorp, MHC remaining, these assets
would first be distributed to certain depositors of Northfield Bank under such depositors'
liquidation rights. The amount received by such depositors would be equal to their pro rata
interest in the remaining value of Northfield Bancorp, MHC after claims of creditors, based on the
relative size of their deposit accounts.
Liquidation following the conversion.
The plan of conversion and reorganization provides for
the establishment, upon the completion of the conversion, of a liquidation account by
Northfield-Delaware for the benefit of Eligible Account Holders and Supplemental Eligible Account
Holders in an amount equal to (i) Northfield Bancorp, MHC's ownership interest in
Northfield-Federal's total stockholders' equity as of the date of the latest statement of financial
condition used in this prospectus plus (ii) the value of the net assets of Northfield Bancorp, MHC
as of the date of the latest statement of financial condition of Northfield Bancorp, MHC prior to
the consummation of the conversion (excluding its ownership of Northfield-Federal). The plan of
conversion also provides for the establishment of a parallel liquidation account in Northfield Bank
to support the Northfield-Delaware liquidation account in the event Northfield-Delaware does not
have sufficient assets to fund its obligations under the Northfield-Delaware liquidation account.
In the unlikely event that Northfield Bank were to liquidate after the conversion, all claims
of creditors, including those of depositors, would be paid first. However, except with respect to
the liquidation account to be established in Northfield-Federal, a depositor's claim would be
solely for the principal amount of his or her deposit accounts plus accrued interest. Depositors
generally would not have an interest in the value of the assets of Northfield Bank or
Northfield-Delaware above that amount.
The liquidation account established by Northfield-Delaware is designed to provide qualifying
depositors a liquidation interest (exchanged for the liquidation interests such persons had in
Northfield Bancorp, MHC) after the conversion in the event of a complete liquidation of
Northfield-Delaware and Northfield Bank or a liquidation solely of Northfield Bank. Specifically,
in the unlikely event that either (i) Northfield Bank or (ii) Northfield-Delaware and Northfield
Bank were to liquidate after the conversion, all claims of creditors, including those of
depositors, would be paid first, followed by a distribution to depositors as of March 31, 2009 and
June 30, 2010 of their interests in the liquidation account maintained by Northfield-Delaware.
Also, in a complete liquidation of both entities, or of Northfield Bank only, when
Northfield-Delaware has insufficient assets (other than the stock of Northfield Bank) to fund the
liquidation account distribution due to Eligible Account Holders and Supplemental Eligible Account
Holders and Northfield Bank has positive net worth, Northfield Bank shall immediately make a
distribution to fund Northfield-Delaware's remaining obligations under the liquidation account. In
no event will any Eligible Account Holder or Supplemental Eligible Account Holder be entitled to a
distribution that exceeds such holder's interest in the liquidation account maintained by
Northfield-Delaware as adjusted from time to time pursuant to the plan of conversion and Office of
Thrift Supervision regulations. If Northfield-Delaware is completely liquidated or sold apart from
a sale or liquidation of Northfield Bank, then the
Northfield-Delaware
liquidation account will
cease to exist and Eligible Account Holders and Supplemental Eligible Account Holders will receive
an equivalent interest in the Northfield Bank liquidation account, subject to the same rights and
terms as the Northfield-Delaware liquidation account.
Pursuant to the plan of conversion and reorganization, after two years from the date of
conversion and upon the written request of the Office of Thrift Supervision, Northfield-Delaware
will transfer or eliminate the liquidation account and the depositors' interests in such account to
Northfield Bank and the liquidation account shall thereupon become the liquidation account of
Northfield Bank.
Under the rules and regulations of the Office of Thrift Supervision, a post-conversion merger,
consolidation, or similar combination or transaction with another depository institution or
depository institution holding company in which Northfield-Delaware or Northfield Bank is not the
surviving institution, would not be
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considered a liquidation. In such a transaction, the liquidation account would be assumed by
the surviving institution or company.
Each Eligible Account Holder and Supplemental Eligible Account Holder would have an initial
pro-rata interest in the liquidation account for each deposit account, including savings accounts,
transaction accounts such as negotiable order of withdrawal accounts, money market deposit
accounts, and certificates of deposit, with a balance of $50.00 or more held in Northfield Bank on
March 31, 2009 or June 30, 2010 equal to the proportion that the balance of each Eligible Account
Holder's and Supplemental Eligible Account Holder's deposit account on March 31, 2009 and June 30,
2010, respectively, bears to the balance of all deposit accounts of Eligible Account Holders and
Supplemental Eligible Account Holders in Northfield Bank on such date.
If, however, on any December 31 annual closing date commencing after the effective date of the
conversion, the amount in any such deposit account is less than the amount in the deposit account
on March 31, 2009 or June 30, 2010, or any other annual closing date, then the interest in the
liquidation account relating to such deposit account would be reduced from time to time by the
proportion of any such reduction, and such interest will cease to exist if such deposit account is
closed. In addition, no interest in the liquidation account would ever be increased despite any
subsequent increase in the related deposit account. Payment pursuant to liquidation rights of
Eligible Account Holders and Supplemental Eligible Account Holders would be separate and apart from
the payment of any insured deposit accounts to such depositor. Any assets remaining after the above
liquidation rights of Eligible Account Holders and Supplemental Eligible Account Holders are
satisfied would be available for distribution to stockholders.
Material Income Tax Consequences
Completion of the conversion is subject to the prior receipt of an opinion of counsel or tax
advisor with respect to federal and state income tax consequences of conversion to Northfield
Bancorp, MHC, Northfield-Federal, Northfield Bank, Eligible Account Holders, Supplemental Eligible
Account Holders and Other Members of Northfield Bancorp, MHC. Unlike private letter rulings,
opinions of counsel or tax advisors are not binding on the Internal Revenue Service or any state
taxing authority, and such authorities may disagree with such opinions. In the event of such
disagreement, there can be no assurance that Northfield-Delaware or Northfield Bank would prevail
in a judicial proceeding.
Northfield Bancorp, MHC, Northfield-Federal, Northfield Bank and Northfield-Delaware have
received an opinion of counsel, Luse Gorman Pomerenk & Schick, P.C., regarding all of the material
federal income tax consequences of the conversion, which includes the following:
1.
The merger of Northfield Bancorp, MHC with and into Northfield-Federal will
qualify as a tax-free reorganization within the meaning of Section 368(a)(1)(A) of the
Internal Revenue Code.
2.
The constructive exchange of Eligible Account Holders' and Supplemental
Eligible Account Holders' liquidation interests in Northfield Bancorp, MHC for
liquidation interests in Northfield-Federal will satisfy the continuity of interest
requirement of Section 1.368-1(b) of the Federal Income Tax Regulations.
3.
None of Northfield Bancorp, MHC, Northfield-Federal, Eligible Account Holders
nor Supplemental Eligible Account Holders, will recognize any gain or loss on the
transfer of the assets of Northfield Bancorp, MHC to Northfield-Federal in constructive
exchange for liquidation interests in Northfield-Federal.
4.
The basis of the assets of Northfield Bancorp, MHC and the holding period of
such assets to be received by Northfield-Federal will be the same as the basis and
holding period of such assets in Northfield Bancorp, MHC immediately before the
exchange.
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5.
The merger of Northfield-Federal with and into Northfield-Delaware will
constitute a mere change in identity, form or place of organization within the meaning
of Section 368(a)(1)(F) of the Internal Revenue Code and therefore will qualify as a
tax-free reorganization within the meaning of Section 368(a)(1)(F) of the Internal
Revenue Code. Neither Northfield-Federal nor
Northfield-Delaware
will recognize gain or
loss as a result of such merger.
6.
The basis of the assets of Northfield-Federal and the holding period of such
assets to be received by Northfield-Delaware will be the same as the basis and holding
period of such assets in Northfield-Federal immediately before the exchange.
7.
Current stockholders of Northfield-Federal will not recognize any gain or loss
upon their exchange of Northfield-Federal common stock for Northfield-Delaware common
stock.
8.
Eligible Account Holders and Supplemental Eligible Account Holders will not
recognize any gain or loss upon the constructive exchange of their liquidation
interests in Northfield-Federal that they constructively received for interests in the
liquidation account in Northfield-Delaware.
9.
The exchange by the Eligible Account Holders and Supplemental Eligible Account
Holders of the liquidation interests that they constructively received in
Northfield-Federal for interests in the liquidation account established in
Northfield-Delaware will satisfy the continuity of interest requirement of Section
1.368-1(b) of the Federal Income Tax Regulations.
10.
Each stockholder's aggregate basis in shares of Northfield-Delaware common
stock (including fractional share interests) received in the exchange will be the same
as the aggregate basis of Northfield-Federal common stock surrendered in the exchange.
11.
Each stockholder's holding period in his or her Northfield-Delaware common
stock received in the exchange will include the period during which the
Northfield-Federal common stock surrendered was held, provided that the
Northfield-Federal common stock surrendered is a capital asset in the hands of the
stockholder on the date of the exchange.
12.
Cash received by any current stockholder of Northfield-Federal in lieu of a
fractional share interest in shares of Northfield-Delaware common stock will be treated
as having been received as a distribution in full payment in exchange for a fractional
share interest of Northfield-Delaware common stock, which such stockholder would
otherwise be entitled to receive. Accordingly, a stockholder will recognize gain or
loss equal to the difference between the cash received and the basis of the fractional
share. If the common stock is held by the stockholder as a capital asset, the gain or
loss will be capital gain or loss.
13.
It is more likely than not that the fair market value of the nontransferable
subscription rights to purchase Northfield-Delaware common stock is zero. Accordingly,
no gain or loss will be recognized by Eligible Account Holders, Supplemental Eligible
Account Holders or Other Members upon distribution to them of nontransferable
subscription rights to purchase shares of Northfield-Delaware common stock. Eligible
Account Holders, Supplemental Eligible Account Holders and Other Members will not
realize any taxable income as the result of the exercise by them of the nontransferable
subscriptions rights.
14.
It is more likely than not that the fair market value of the benefit provided
by the liquidation account of Northfield Bank supporting the payment of the
Northfield-Delaware liquidation account in the event Northfield-Delaware lacks
sufficient net assets is zero. Accordingly, it is more likely than not that no gain or
loss will be recognized by Eligible Account Holders and Supplemental Eligible Account
Holders upon the constructive distribution to them of such rights
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in the Northfield Bank liquidation account as of the effective date of the merger of
Northfield-Federal with and into Northfield-Delaware.
15.
It is more likely than not that the basis of the shares of Northfield-Delaware
common stock purchased in the offering by the exercise of nontransferable subscription
rights will be the purchase price. The holding period of the Northfield-Delaware common
stock purchased pursuant to the exercise of nontransferable subscription rights will
commence on the date the right to acquire such stock was exercised.
16.
No gain or loss will be recognized by Northfield-Delaware on the receipt of
money in exchange for Northfield-Delaware common stock sold in the offering.
We believe that the tax opinions summarized above address all material federal income tax
consequences that are generally applicable to Northfield Bancorp, MHC, Northfield-Federal,
Northfield Bank, Northfield-Delaware and persons receiving subscription rights and stockholders of
Northfield-Federal. With respect to items 8 and 13 above, Luse Gorman Pomerenk & Schick, P.C.
noted that the subscription rights will be granted at no cost to the recipients, are legally
non-transferable and of short duration, and will provide the recipient with the right only to
purchase shares of common stock at the same price to be paid by members of the general public in
any community offering. The firm further noted that RP Financial, LC. has issued a letter that the
subscription rights have no ascertainable fair market value. The firm also noted that the Internal
Revenue Service has not in the past concluded that subscription rights have value. Based on the
foregoing, Luse Gorman Pomerenk & Schick, P.C. believes that it is more likely than not that the
nontransferable subscription rights to purchase shares of common stock have no value. However, the
issue of whether or not the nontransferable subscription rights have value is based on all the
facts and circumstances. If the subscription rights granted to Eligible Account Holders,
Supplemental Eligible Account Holders and Other Members are deemed to have an ascertainable value,
receipt of these rights could result in taxable gain to those Eligible Account Holders,
Supplemental Eligible Account Holders and Other Members who exercise the subscription rights in an
amount equal to the ascertainable value, and we could recognize gain on a distribution. Eligible
Account Holders, Supplemental Eligible Account Holders and Other Members are encouraged to consult
with their own tax advisors as to the tax consequences in the event that subscription rights are
deemed to have an ascertainable value.
The opinion as to item 14 above is based on the position that: (i) no holder of an interest
in a liquidation account has ever received any payment attributable to a liquidation account; (ii)
the interests in the liquidation accounts are not transferable; (iii) the amounts due under the
liquidation account with respect to each Eligible Account Holder and Supplemental Eligible Account
Holder will be reduced as their deposits in Northfield Bank are reduced; and (iv) the Northfield
Bank liquidation account payment obligation arises only if Northfield-Delaware lacks sufficient
assets to fund the liquidation account.
In addition, we have received a letter from RP Financial, LC. stating its belief that the
benefit provided by the Northfield Bank liquidation account supporting the payment of the
liquidation account in the event Northfield-Delaware lacks sufficient net assets does not have any
economic value at the time of the conversion. Based on the foregoing, Luse Gorman Pomerenk &
Schick, P.C. believes it is more likely than not that such rights in the Northfield Bank
liquidation account have no value. If such rights are subsequently found to have an economic
value, income may be recognized by each Eligible Account Holder or Supplemental Eligible Account
Holder in the amount of such fair market value as of the date of the conversion.
The opinion of Luse Gorman Pomerenk & Schick, P.C., unlike a letter ruling issued by the
Internal Revenue Service, is not binding on the Internal Revenue Service and the conclusions
expressed therein may be challenged at a future date. The Internal Revenue Service has issued
favorable rulings for transactions substantially similar to the proposed reorganization and stock
offering, but any such ruling may not be cited as precedent by any taxpayer other than the taxpayer
to whom the ruling is addressed. We do not plan to apply for a letter ruling concerning the
transactions described herein.
We have also received opinion from Crowe Horwath LLP that the New Jersey and New York state
income tax consequences are consistent with the federal income tax consequences.
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The federal and state tax opinions have been filed with the Securities and Exchange Commission
as an exhibit to Northfield-Delaware's registration statement.
Certain Restrictions on Purchase or Transfer of Our Shares after Conversion
All shares of common stock purchased in the offering by a director or certain officers of
Northfield Bank generally may not be sold for a period of one year following the closing of the
conversion, except in the event of the death of the director or executive officer. Each
certificate for restricted shares will bear a legend giving notice of this restriction on transfer,
and instructions will be issued to the effect that any transfer within this time period of any
certificate or record ownership of the shares other than as provided above is a violation of the
restriction. Any shares of common stock issued at a later date as a stock dividend, stock split,
or otherwise, with respect to the restricted stock will be similarly restricted. The directors and
executive officers of Northfield-Delaware also will be restricted by the insider trading rules
under the Securities Exchange Act of 1934.
Purchases of shares of our common stock by any of our directors, certain officers and their
associates, during the three-year period following the closing of the conversion may be made only
through a broker or dealer registered with the Securities and Exchange Commission, except with the
prior written approval of the Office of Thrift Supervision. This restriction does not apply,
however, to negotiated transactions involving more than 1% of our outstanding common stock or to
purchases of our common stock by our stock option plan or any of our
tax-qualified
employee stock
benefit plans or non-tax-qualified employee stock benefit plans, including any restricted stock
plans.
Office of Thrift Supervision regulations prohibit Northfield-Delaware from repurchasing its
shares of common stock during the first year following conversion unless compelling business
reasons exist for such repurchases. After one year, the Office of Thrift Supervision does not
impose any repurchase restrictions.
COMPARISON OF STOCKHOLDERS' RIGHTS FOR EXISTING STOCKHOLDERS OF NORTHFIELD
BANCORP, INC.
General.
As a result of the conversion, existing stockholders of Northfield-Federal will
become stockholders of Northfield-Delaware There are differences in the rights of stockholders of
Northfield-Federal and stockholders of Northfield-Delaware caused by differences between federal
and Delaware law and regulations and differences in Northfield-Federal's federal stock charter and
bylaws and Northfield-Delaware's Delaware certificate of incorporation and bylaws.
This discussion is not intended to be a complete statement of the differences affecting the
rights of stockholders, but rather summarizes the material differences and similarities affecting
the rights of stockholders. See "Where You Can Find Additional Information" for procedures for
obtaining a copy of Northfield-Delaware's certificate of incorporation and bylaws.
Authorized Capital Stock.
The authorized capital stock of Northfield-Federal consists of
90,000,000 shares of common stock, $0.01 par value per share, and 10,000,000 shares of preferred
stock, par value $0.01 per share.
The authorized capital stock of Northfield-Delaware consists of 150,000,000 shares of common
stock, $0.01 par value per share, and 25,000,000 shares of preferred stock, $0.01 par value per
share.
Northfield-Federal's charter and Northfield-Delaware's certificate of incorporation both
authorize the Board of Directors to establish one or more series of preferred stock and, for any
series of preferred stock, to determine the terms and rights of the series, including voting
rights, dividend rights, conversion and redemption rates and liquidation preferences. As a result
of the ability to fix voting rights for a series of preferred stock, our Board of Directors has the
power, to the extent consistent with its fiduciary duty, to issue a series of preferred stock to
persons friendly to management in order to attempt to block a hostile tender offer, merger or other
transaction by which a third party seeks control. We currently have no plans for the issuance of
additional shares for such purposes.
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Issuance of Capital Stock.
Pursuant to applicable laws and regulations, Northfield Bancorp,
MHC is required to own not less than a majority of the outstanding shares of Northfield-Federal
common stock. Northfield Bancorp, MHC will no longer exist following consummation of the
conversion.
Northfield-Delaware's certificate of incorporation does not contain restrictions on the
issuance of shares of capital stock to directors, officers or controlling persons, whereas
Northfield-Federal's stock charter restricts such issuances to general public offerings, or to
directors for qualifying shares, unless the share issuance or the plan under which they would
generally be issued has been approved by a majority of the total votes eligible to be cast at a
legal stockholders' meeting. However, stock-based compensation plans, such as stock option plans
and restricted stock plans, would have to be submitted for approval by Northfield-Delaware
stockholders due to requirements of the Nasdaq Stock Market and in order to qualify stock options
for favorable federal income tax treatment.
Voting Rights.
Neither Northfield-Federal's stock charter or bylaws nor Northfield-Delaware's
certificate of incorporation or bylaws provide for cumulative voting for the election of directors.
For additional information regarding voting rights, see "—Limitations on Voting Rights of
Greater-than-10% Stockholders" below.
Payment of Dividends.
Northfield-Federal's has no regulatory restriction on its ability to
pay dividends. Delaware law generally provides that Northfield-Delaware is limited to paying
dividends in an amount equal to its capital surplus over payments that would be owed upon
dissolution to stockholders whose preferential rights upon dissolution are superior to those
receiving the dividend, and to an amount that would not make it insolvent.
Board of Directors
.
Northfield-Federal's bylaws and Northfield-Delaware's certificate of
incorporation and bylaws require the Board of Directors to be divided into three classes and that
the members of each class shall be elected for a term of three years and until their successors are
elected and qualified, with one class being elected annually.
Under Northfield-Federal's bylaws, any vacancies on the Board of Directors of
Northfield-Federal may be filled by the affirmative vote of two-thirds of the remaining directors.
Persons elected by the Board of Directors of Northfield-Federal to fill vacancies may only serve
until the next annual meeting of stockholders. Under Northfield-Delaware's bylaws, any vacancy
occurring on the Board of Directors, including any vacancy created by reason of an increase in the
number of directors, may be filled only by a majority of the remaining directors, and any director
so chosen shall hold office for the remainder of the term to which the director has been elected
and until his or her successor is elected and qualified.
Limitations on Liability.
The charter and bylaws of Northfield-Federal do not limit the
personal liability of directors.
Northfield-Delaware's certificate of
incorporation provides that directors will not be
personally liable for monetary damages to
Northfield-Delaware
for certain actions as directors,
except for (i) receipt of an improper personal benefit from their positions as directors, (ii)
actions or omissions that are determined to have involved active and deliberate dishonesty, or
(iii) to the extent allowed by Delaware law. These provisions might, in certain instances,
discourage or deter stockholders or management from bringing a lawsuit against directors for a
breach of their duties even though such an action, if successful, might benefit
Northfield-Delaware.
Indemnification of Directors, Officers, Employees and Agents.
Under current Office of Thrift
Supervision regulations, Northfield-Federal shall indemnify its directors, officers and employees
for any costs incurred in connection with any litigation involving such person's activities as a
director, officer or employee if such person obtains a final judgment on the merits in his or her
favor. In addition, indemnification is permitted in the case of a settlement, a final judgment
against such person, or final judgment other than on the merits, if a majority of disinterested
directors determines that such person was acting in good faith within the scope of his or her
employment as he or she could reasonably have perceived it under the circumstances and for a
purpose he or she could reasonably have believed under the circumstances was in the best interests
of Northfield-Federal or its stockholders. Northfield-Federal also is permitted to pay ongoing
expenses incurred by a director, officer or employee if a majority of disinterested directors
concludes that such person may ultimately be entitled to
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indemnification. Before making any indemnification payment, Northfield-Federal is required to
notify the Office of Thrift Supervision of its intention, and such payment cannot be made if the
Office of Thrift Supervision objects to such payment.
The certificate of incorporation of Northfield-Delaware provides that it shall indemnify its
current and former directors and officers to the fullest extent required or permitted by Delaware
law, including the advancement of expenses. Delaware law allows Northfield-Delaware to indemnify
any person for expenses, liabilities, settlements, judgments and fines in suits in which such
person has been made a party by reason of the fact that he or she is or was a director, officer or
employee of Northfield-Delaware. No such indemnification may be given if the acts or omissions of
the person are adjudged to be in bad faith and material to the matter giving rise to the
proceeding, if such person is liable to the corporation for an unlawful distribution, or if such
person personally received a benefit to which he or she was not entitled. The right to
indemnification includes the right to be paid the expenses incurred in advance of final disposition
of a proceeding.
Special Meetings of Stockholders.
Northfield-Federal's bylaws provide that special meetings of
stockholders may be called by the Chairman, the Chief Executive Officer, the President, two-thirds
of the members of the Board of Directors or the holders of not less than 50% of the outstanding
capital stock of Northfield-Federal entitled to vote at the meeting. Northfield-Delaware's bylaws
provide that special meetings of the stockholders may be called only by a majority vote of the
total authorized directors.
Stockholder Nominations and Proposals.
Northfield-Federal's bylaws generally provide that
stockholders may submit nominations for election of directors at an annual meeting of stockholders
and may propose any new business to be taken up at such a meeting by filing the proposal in writing
with Northfield-Federal at least 30 days before the date of any such meeting.
Northfield-Delaware's bylaws generally provide that any stockholder desiring to make a
nomination for the election of directors or a proposal for new business at a meeting of
stockholders must submit written notice to Northfield-Delaware at least 90 days prior to the
anniversary date of the proxy statement for the prior year's annual meeting. However, if the date
of the annual meeting is advanced more than 30 days prior to or delayed by more than 30 days after
the anniversary of the preceding year's annual meeting, notice by the stockholder to be timely must
be so delivered not later than the close of business on the 10
th
day following the day
on which public announcement of the date of such meeting is first made.
Management believes that it is in the best interests of Northfield-Delaware and its
stockholders to provide sufficient time to enable management to disclose to stockholders
information about a dissident slate of nominations for directors. This advance notice requirement
may also give management time to solicit its own proxies in an attempt to defeat any dissident
slate of nominations, should management determine that doing so is in the best interests of
stockholders generally. Similarly, adequate advance notice of stockholder proposals will give
management time to study such proposals and to determine whether to recommend to the stockholders
that such proposals be adopted. In certain instances, such provisions could make it more difficult
to oppose management's nominees or proposals, even if stockholders believe such nominees or
proposals are in their best interests.
Stockholder's Right to Examine Books and Records.
A federal regulation, which is applicable to
Northfield-Federal, provides that stockholders may inspect and copy specified books and records
after proper written notice for a proper purpose. Delaware law provides that a stockholder may
inspect a company's bylaws, stockholder minutes, annual statement of affairs and any voting trust
agreements. However, only a stockholder or group of stockholders who together, for at least six
months, hold at least 5% of the company's total shares, have the right to inspect a company's stock
ledger, list of stockholders and books of accounts.
Limitations on Voting Rights of Greater-than-10% Stockholders.
Northfield-Delaware's
certificate of incorporation provides that no beneficial owner, directly or indirectly, of more
than 10% of the outstanding shares of common stock will be permitted to vote any shares in excess
of such 10% limit. Northfield-Federal's charter does not provide such a limit on voting common
stock.
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In addition, Office of Thrift Supervision regulations provide that for a period of three years
following the date of the completion of the offering, no person, acting singly or together with
associates in a group of persons acting in concert, may directly or indirectly offer to acquire or
acquire the beneficial ownership of more than 10% of a class of Northfield-Delaware's equity
securities without the prior written approval of the Office of Thrift Supervision. Where any person
acquires beneficial ownership of more than 10% of a class of Northfield-Delaware's equity
securities without the prior written approval of the Office of Thrift Supervision, the securities
beneficially owned by such person in excess of 10% may not be voted by any person or counted as
voting shares in connection with any matter submitted to the stockholders for a vote, and will not
be counted as outstanding for purposes of determining the affirmative vote necessary to approve any
matter submitted to the stockholders for a vote.
Mergers, Consolidations and Sales of Assets.
A federal regulation applicable to
Northfield-Federal generally requires the approval of
two-thirds
of the Board of Directors of
Northfield-Federal and the holders of two-thirds of the outstanding stock of Northfield-Federal
entitled to vote thereon for mergers, consolidations and sales of all or substantially all of
Northfield-Federal's assets. Such regulation permits Northfield-Federal to merge with another
corporation without obtaining the approval of its stockholders if:
(i)
it does not involve an interim savings institution;
(ii)
Northfield-Federal's federal stock charter is not changed;
(iii)
each share of Northfield-Federal's stock outstanding immediately prior to the
effective date of the transaction will be an identical outstanding share or a treasury
share of Northfield-Federal after such effective date; and
(iv)
either:
(a)
no shares of voting stock of Northfield-Federal and no
securities convertible into such stock are to be issued or delivered under the
plan of combination; or
(b)
the authorized but unissued shares or the treasury shares of
voting stock of Northfield-Federal to be issued or delivered under the plan of
combination, plus those initially issuable upon conversion of any securities to
be issued or delivered under such plan, do not exceed 15% of the total shares
of voting stock of Northfield-Federal outstanding immediately prior to the
effective date of the transaction.
Under Delaware law, "business combinations" between Northfield-Delaware and an interested
stockholder or an affiliate of an interested stockholder are prohibited for three years after the
most recent date on which the interested stockholder becomes an interested stockholder. These
business combinations include a merger, consolidation or, in circumstances specified in the
statute, certain transfers of assets, stock issuances and other transactions involving interested
stockholders and their affiliates. Delaware law defines an interested stockholder as: (i) any
person who beneficially owns 15% or more of the voting power of Northfield-Delaware's voting stock;
or (ii) an affiliate or associate of Northfield-Delaware who, within the three-year period prior to
the date in question, was the beneficial owner of 15% or more of the voting power of the
then-outstanding voting stock of Northfield-Delaware.
Before the end of the three-year period, any business combination between Northfield-Delaware
and an interested stockholder generally must be recommended by the Board of Directors of
Northfield-Delaware and approved by the affirmative vote of at least two-thirds of the votes
entitled to be cast by holders of voting stock of Northfield-Delaware other than shares held by the
interested stockholder with whom or with whose affiliate the business combination is to be effected
or held by an affiliate or associate of the interested stockholder.
Evaluation of Offers.
The certificate of incorporation of Northfield-Delaware provides that
its Board of Directors, when evaluating an offer to: (i) make a tender or exchange offer for any
equity security of Northfield-Delaware; (ii) merge or consolidate Northfield-Delaware with another
corporation or entity or (iii) purchase or
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otherwise acquire all or substantially all of the properties and assets of
Northfield-Delaware, may, in connection with the exercise of its judgment in determining what is in
the best interest of Northfield-Delaware and its stockholders, give due consideration to all
relevant factors, including, without limitation, the social and economic effect of acceptance of
such offer on Northfield-Delaware's present and future customers and employees and those of its
subsidiaries; on the communities in which Northfield-Delaware and its subsidiaries operate or are
located; on the ability of Northfield-Delaware to fulfill its corporate objectives as Northfield
Bank's holding company and on the ability of Northfield Bank to fulfill the objectives of a stock
savings bank under applicable statutes and regulations.
Northfield-Federal's charter and bylaws do not contain a similar provision.
Dissenters' Rights of Appraisal
.
Office of Thrift Supervision regulations generally provide
that a stockholder of a federally chartered corporation that engages in a merger, consolidation or
sale of all or substantially all of its assets shall have the right to demand from such institution
payment of the fair or appraised value of his or her stock in the corporation, subject to specified
procedural requirements. The regulations also provide, however, that a stockholder of a federally
chartered corporation whose shares are listed on a national securities exchange or quoted on the
Nasdaq stock market are not entitled to dissenters' rights in connection with a merger if the
stockholder is required to accept only "qualified consideration" for his or her stock, which is
defined to include cash, shares of stock of any institution or corporation that at the effective
date of the merger will be listed on a national securities exchange or quoted on the Nasdaq stock
market, or any combination of such shares of stock and cash.
Under Delaware law, stockholders of Northfield-Delaware will not have dissenters' appraisal
rights in connection with a plan of merger or consolidation to which Northfield-Delaware is a party
as long as the common stock of Northfield Financial Services, Inc. trades on the Nasdaq Global
Market.
Amendment of Governing Instruments
.
No amendment of Northfield-Federal's stock charter may be
made unless it is first proposed by the Board of Directors of Northfield-Federal, then
preliminarily approved by the Office of Thrift Supervision, and thereafter approved by the holders
of a majority of the total votes eligible to be cast at a legal meeting.
Northfield-Delaware's certificate of incorporation may be amended, upon the submission of an
amendment by the Board of Directors to a vote of the stockholders, by the affirmative vote of at
least two-thirds of the outstanding shares of common stock, or by the affirmative vote of a
majority of the outstanding shares of common stock if at least two-thirds of the members of the
whole Board of Directors approves such amendment; provided, however, that approval by at least 85%
of the outstanding voting stock is generally required to amend the following provisions:
(i)
The limitation on voting rights of persons who directly or indirectly
beneficially own more than 10% of the outstanding shares of common stock;
(ii)
The division of the Board of Directors into three staggered classes;
(iii)
The ability of the Board of Directors to fill vacancies on the board;
(iv)
The requirement that at least a majority of the votes eligible to be cast by
stockholders must vote to remove directors, and can only remove directors for cause;
(v)
The ability of the Board of Directors to amend and repeal the bylaws;
(vi)
The number of stockholders constituting a quorum or required for stockholder
consent; and
(vii)
The provision of the certificate of incorporation requiring approval of at
least 85% of the outstanding voting stock to amend the provisions of the certificate of
incorporation provided in (i) through (vii) of this list.
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The certificate of incorporation also provides that the bylaws may be amended by the
affirmative vote of a majority of our directors or by the stockholders by the affirmative vote of
at least 80% of the total votes eligible to be voted at a duly constituted meeting of stockholders.
Any amendment of this super-majority requirement for amendment of the bylaws would also require
the approval of 80% of the outstanding voting stock.
RESTRICTIONS ON ACQUISITION OF NORTHFIELD-DELAWARE
Although the board of directors of Northfield-Delaware is not aware of any effort that might
be made to obtain control of Northfield-Delaware after the conversion, the board of directors
believes that it is appropriate to include certain provisions as part of Northfield-Delaware's
certificate of incorporation to protect the interests of Northfield-Delaware and its stockholders
from takeovers which the board of directors might conclude are not in the best interests of
Northfield Bank, Northfield-Delaware or Northfield-Delaware's stockholders.
The following discussion is a general summary of the material provisions of Delaware law,
Northfield-Delaware's certificate of incorporation and bylaws, Northfield Bank's charter and bylaws
and certain other regulatory provisions that may be deemed to have an
"anti-takeover"
effect. The
following description of certain of these provisions is necessarily general and is not intended to
be a complete description of the document or regulatory provision in question.
Northfield-Delaware's certificate of incorporation and bylaws are included as part of Northfield
Bancorp, MHC's application for conversion filed with the Office of Thrift Supervision and
Northfield-Delaware's registration statement filed with the Securities and Exchange Commission.
See "Where You Can Find Additional Information."
Delaware Law and Certificate of Incorporation and Bylaws of Northfield-Delaware
Delaware law, as well as Northfield-Delaware's certificate of incorporation and bylaws,
contain a number of provisions relating to corporate governance and rights of stockholders that may
discourage future takeover attempts. As a result, stockholders who might desire to participate in
such transactions may not have an opportunity to do so. In addition, these provisions will also
render the removal of the board of directors or management of Northfield-Delaware more difficult.
Directors
.
The board of directors will be divided into three classes. The members of each
class will be elected for a term of three years and only one class of directors will be elected
annually. Thus, it would take at least two annual elections to replace a majority of the board of
directors. The bylaws establish qualifications for board members, including restrictions on
affiliations with competitors of Northfield Bank and restrictions based upon prior legal or
regulatory violations. Further, the bylaws impose notice and information requirements in
connection with the nomination by stockholders of candidates for election to the board of directors
or the proposal by stockholders of business to be acted upon at an annual meeting of stockholders.
Such notice and information requirements are applicable to all stockholder business proposals and
nominations, and are in addition to any requirements under the federal securities laws.
Restrictions on Call of Special Meetings
.
The certificate of incorporation and bylaws provide
that special meetings of stockholders can be called by the Chairman, the President, the Chief
Executive or by a majority of the board of directors.
Prohibition of Cumulative Voting
.
The certificate of incorporation prohibits cumulative
voting for the election of directors.
Limitation of Voting Rights
.
The certificate of incorporation provides that in no event will
any person who beneficially owns more than 10% of the then-outstanding shares of common stock, be
entitled or permitted to vote any of the shares of common stock held in excess of the 10% limit.
Restrictions on Removing Directors from Office
.
The certificate of incorporation provides
that directors may be removed only for cause, and only by the affirmative vote of the holders of at
least a majority of the voting
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power of all of our then-outstanding common stock entitled to vote (after giving effect to the
limitation on voting rights discussed above in "—Limitation of Voting Rights.").
Authorized but Unissued Shares
. After the conversion, Northfield-Delaware will have
authorized but unissued shares of common and preferred stock. See "Description of Capital Stock of
Northfield-Delaware Following the Conversion." The certificate of incorporation authorizes
25,000,000 shares of serial preferred stock. Northfield-Delaware is authorized to issue preferred
stock from time to time in one or more series subject to applicable provisions of law, and the
board of directors is authorized to fix the designations, and relative preferences, limitations,
voting rights, if any, including without limitation, offering rights of such shares (which could be
multiple or as a separate class). In the event of a proposed merger, tender offer or other attempt
to gain control of Northfield-Delaware that the board of directors does not approve, it may be
possible for the board of directors to authorize the issuance of a series of preferred stock with
rights and preferences that would impede the completion of the transaction. An effect of the
possible issuance of preferred stock therefore may be to deter a future attempt to gain control of
Northfield-Delaware. The board of directors has no present plan or understanding to issue any
preferred stock.
Amendments to Certificate of Incorporation and Bylaws.
Amendments to the certificate of
incorporation must be approved by the board of directors and also by at least a majority of the
outstanding shares of the voting stock; provided, however, that approval by at least 85% of the
outstanding voting stock is generally required to amend certain provisions. A list of these
provisions is provided under "Comparison of Stockholders' Rights For Existing Stockholders of
Northfield-Federal—Amendment of Governing Instruments" above.
The certificate of incorporation also provides that the bylaws may be amended by the
affirmative vote of a majority of
Northfield-Delaware's
directors or by the stockholders by the
affirmative vote of at least 80% of the total votes eligible to be voted at a duly constituted
meeting of stockholders. Any amendment of this super-majority requirement for amendment of the
bylaws would also require the approval of 80% of the outstanding voting shares.
Business Combinations with Interested Stockholders
.
Delaware law restricts mergers,
consolidations, sales of assets and other business combinations between Northfield-Delaware and an
"interested stockholder". See "Comparison of Stockholder Rights for Existing Stockholders of
Northfield-Federal—Mergers, Consolidations and Sales of Assets" above.
Evaluation of Offers.
The certificate of incorporation of Northfield-Delaware provides that
its board of directors, when evaluating a transaction that would or may involve a change in control
of Northfield-Delaware (whether by purchases of its securities, merger, consolidation, share
exchange, dissolution, liquidation, sale of all or substantially all of its assets, proxy
solicitation or otherwise), may, in connection with the exercise of its business judgment in
determining what is in the best interests of Northfield-Delaware and its stockholders and in making
any recommendation to the stockholders, give due consideration to all relevant factors, including,
but not limited to, certain enumerated factors. For a list of these enumerated factors, see
"Comparison of Stockholder Rights for Existing Stockholders of
Northfield-Federal
—Evaluation of
Offers" above.
Purpose and Anti-Takeover Effects of Northfield-Delaware's Certificate of Incorporation and
Bylaws
.
Our board of directors believes that the provisions described above are prudent and will
reduce our vulnerability to takeover attempts and certain other transactions that have not been
negotiated with and approved by our board of directors. These provisions also will assist us in
the orderly deployment of the offering proceeds into productive assets during the initial period
after the conversion. Our board of directors believes these provisions are in the best interests
of Northfield-Delaware and its stockholders. Our board of directors believes that it will be in the
best position to determine the true value of Northfield-Delaware and to negotiate more effectively
for what may be in the best interests of all our stockholders. Accordingly, our board of directors
believes that it is in the best interests of Northfield-Delaware and all of our stockholders to
encourage potential acquirers to negotiate directly with the board of directors and that these
provisions will encourage such negotiations and discourage hostile takeover attempts. It is also
the view of our board of directors that these provisions should not discourage persons from
proposing a merger or other transaction at a price reflective of the true value of
Northfield-Delaware and that is in the best interests of all our stockholders.
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Takeover attempts that have not been negotiated with and approved by our board of directors
present the risk of a takeover on terms that may be less favorable than might otherwise be
available. A transaction that is negotiated and approved by our board of directors, on the other
hand, can be carefully planned and undertaken at an opportune time in order to obtain maximum value
of Northfield-Delaware for our stockholders, with due consideration given to matters such as the
management and business of the acquiring corporation and maximum strategic development of
Northfield-Delaware's assets.
Although a tender offer or other takeover attempt may be made at a price substantially above
the current market price, such offers are sometimes made for less than all of the outstanding
shares of a target company. As a result, stockholders may be presented with the alternative of
partially liquidating their investment at a time that may be disadvantageous, or retaining their
investment in an enterprise that is under different management and whose objectives may not be
similar to those of the remaining stockholders.
Despite our belief as to the benefits to stockholders of these provisions of
Northfield-Delaware's certificate of incorporation and bylaws, these provisions may also have the
effect of discouraging a future takeover attempt that would not be approved by our board of
directors, but pursuant to which stockholders may receive a substantial premium for their shares
over then current market prices. As a result, stockholders who might desire to participate in such
a transaction may not have any opportunity to do so. Such provisions will also make it more
difficult to remove our board of directors and management. Our board of directors, however, has
concluded that the potential benefits outweigh the possible disadvantages.
Charter of Northfield Bank
Northfield Bank's charter will provide that for a period of five years from the closing of the
conversion and offering, no person other than Northfield-Delaware may offer directly or indirectly
to acquire the beneficial ownership of more than 10% of any class of equity security of Northfield
Bank. This provision does not apply to any tax-qualified employee benefit plan of Northfield Bank
or Northfield-Delaware or to an underwriter or member of an underwriting or selling group involving
the public sale or resale of securities of Northfield-Delaware or any of its subsidiaries, so long
as after the sale or resale, no underwriter or member of the selling group is a beneficial owner,
directly or indirectly, of more than 10% of any class of equity securities of Northfield Bank. In
addition, during this five-year period, all shares owned over the 10% limit may not be voted on any
matter submitted to stockholders for a vote.
Conversion Regulations
Office of Thrift Supervision regulations prohibit any person from making an offer, announcing
an intent to make an offer or participating in any other arrangement to purchase stock or acquire
stock or subscription rights in a converting institution or its holding company from another person
prior to completion of its conversion. Further, without the prior written approval of the Office
of Thrift Supervision, no person may make an offer or announcement of an offer to purchase shares
or actually acquire shares of a converted institution or its holding company for a period of three
years from the date of the completion of the conversion if, upon the completion of such offer,
announcement or acquisition, the person would become the beneficial owner of more than 10% of the
outstanding stock of the institution or its holding company. The Office of Thrift Supervision has
defined "person" to include any individual, group acting in concert, corporation, partnership,
association, joint stock company, trust, unincorporated organization or similar company, a
syndicate or any other group formed for the purpose of acquiring, holding or disposing of
securities of an insured institution. However, offers made exclusively to a bank or its holding
company, or to an underwriter or member of a selling group acting on the converting institution's
or its holding company's behalf for resale to the general public, are excepted. The regulation
also provides civil penalties for willful violation or assistance in any such violation of the
regulation by any person connected with the management of the converting institution or its holding
company or who controls more than 10% of the outstanding shares or voting rights of a converted
institution or its holding company.
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Change in Control Regulations
Under the Change in Bank Control Act, no person may acquire control of an insured federal
savings bank or its parent holding company unless the Office of Thrift Supervision has been given
60 days' prior written notice and has not issued a notice disapproving the proposed acquisition.
In addition, Office of Thrift Supervision regulations provide that no company may acquire control
of a savings bank without the prior approval of the Office of Thrift Supervision. Any company that
acquires such control becomes a "savings and loan holding company" subject to registration,
examination and regulation by the Office of Thrift Supervision.
Control, as defined under federal law, means ownership, control of or holding irrevocable
proxies representing more than 25% of any class of voting stock, control in any manner of the
election of a majority of the institution's directors, or a determination by the Office of Thrift
Supervision that the acquiror has the power to direct, or directly or indirectly to exercise a
controlling influence over, the management or policies of the institution. Acquisition of more
than 10% of any class of a savings bank's voting stock, if the acquiror is also subject to any one
of eight "control factors," constitutes a rebuttable determination of control under the
regulations. Such control factors include the acquiror being one of the two largest stockholders.
The determination of control may be rebutted by submission to the Office of Thrift Supervision,
prior to the acquisition of stock or the occurrence of any other circumstances giving rise to such
determination, of a statement setting forth facts and circumstances which would support a finding
that no control relationship will exist and containing certain undertakings. The regulations
provide that persons or companies that acquire beneficial ownership exceeding 10% or more of any
class of a savings bank's stock who do not intend to participate in or seek to exercise control
over a savings bank's management or policies may qualify for a safe harbor by filing with the
Office of Thrift Supervision a certification form that states, among other things, that the holder
is not in control of such institution, is not subject to a rebuttable determination of control and
will take no action which would result in a determination or rebuttable determination of control
without prior notice to or approval of the Office of Thrift Supervision, as applicable. There are
also rebuttable presumptions in the regulations concerning whether a group "acting in concert"
exists, including presumed action in concert among members of an "immediate family."
The Office of Thrift Supervision may prohibit an acquisition of control if it finds, among
other things, that:
(i)
the acquisition would result in a monopoly or substantially lessen
competition;
(ii)
the financial condition of the acquiring person might jeopardize the
financial stability of the institution; or
(iii)
the competence, experience or integrity of the acquiring person indicates
that it would not be in the interest of the depositors or the public to permit the
acquisition of control by such person.
DESCRIPTION OF CAPITAL STOCK OF NORTHFIELD-DELAWARE FOLLOWING THE
CONVERSION
General
Northfield-Delaware is authorized to issue 150,000,000 shares of common stock, par value of
$0.01 per share, and 25,000,000 shares of preferred stock, par value $0.01 per share.
Northfield-Delaware currently expects to issue in the offering and exchange up to 71,416,852 shares
of common stock, subject to adjustment up to 82,129,380 shares. Northfield-Delaware will not issue
shares of preferred stock in the conversion. Each share of common stock will have the same
relative rights as, and will be identical in all respects to, each other share of common stock.
Upon payment of the subscription price for the common stock, in accordance with the plan of
conversion and reorganization, all of the shares of common stock will be duly authorized, fully
paid and nonassessable.
The shares of common stock will represent nonwithdrawable capital, will not be an account of
an insurable type, and will not be insured by the Federal Deposit Insurance Corporation or any
other government agency.
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Common Stock
Dividends
.
Delaware law generally limits dividends to our capital surplus or, if there is no
capital surplus, our net profits for the fiscal year in which the dividend is declared and/or the
preceding fiscal year. The payment of dividends by Northfield-Delaware is also subject to
limitations that are imposed by law and applicable regulation, including restrictions on payments
of dividends that would reduce
Northfield-Delaware's
assets below the then-adjusted balance of its
liquidation account. The holders of common stock of Northfield-Delaware will be entitled to
receive and share equally in dividends as may be declared by our board of directors out of funds
legally available therefor. If Northfield-Delaware issues shares of preferred stock, the holders
thereof may have a priority over the holders of the common stock with respect to dividends.
Voting Rights
.
Upon completion of the conversion, the holders of common stock of
Northfield-Delaware will have exclusive voting rights in Northfield-Delaware. They will elect
Northfield-Delaware's board of directors and act on other matters as are required to be presented
to them under Delaware law or as are otherwise presented to them by the board of directors.
Generally, each holder of common stock will be entitled to one vote per share and will not have any
right to cumulate votes in the election of directors. Any person who beneficially owns more than
10% of the then-outstanding shares of Northfield-Delaware's common stock, however, will not be
entitled or permitted to vote any shares of common stock held in excess of the 10% limit. If
Northfield-Delaware issues shares of preferred stock, holders of the preferred stock may also
possess voting rights. Certain matters require the approval of 85% of our outstanding common stock.
As a federal stock savings association, corporate powers and control of Northfield Bank are
vested in its board of directors, who elect the officers of Northfield Bank and who fill any
vacancies on the board of directors. Voting rights of Northfield Bank are vested exclusively in
the owners of the shares of capital stock of Northfield Bank, which will be Northfield-Delaware,
and voted at the direction of
Northfield-Delaware's
board of directors. Consequently, the holders
of the common stock of Northfield-Delaware will not have direct control of Northfield Bank.
Liquidation
.
In the event of any liquidation, dissolution or winding up of Northfield Bank,
Northfield-Delaware, as the holder of 100% of Northfield Bank's capital stock, would be entitled to
receive all assets of Northfield Bank available for distribution, after payment or provision for
payment of all debts and liabilities of Northfield Bank, including all deposit accounts and accrued
interest thereon, and after distribution of the balance in the liquidation account to Eligible
Account Holders and Supplemental Eligible Account Holders. In the event of liquidation, dissolution
or winding up of Northfield-Delaware, the holders of its common stock would be entitled to receive,
after payment or provision for payment of all its debts and liabilities (including payments with
respect to its liquidation account), all of the assets of Northfield-Delaware available for
distribution. If preferred stock is issued, the holders thereof may have a priority over the
holders of the common stock in the event of liquidation or dissolution.
Preemptive Rights
.
Holders of the common stock of Northfield-Delaware will not be entitled to
preemptive rights with respect to any shares that may be issued. The common stock is not subject
to redemption.
Preferred Stock
None of the shares of Northfield-Delaware's authorized preferred stock will be issued as part
of the offering or the conversion. Preferred stock may be issued with preferences and designations
as our board of directors may from time to time determine. Our board of directors may, without
stockholder approval, issue shares of preferred stock with voting, dividend, liquidation and
conversion rights that could dilute the voting strength of the holders of the common stock and may
assist management in impeding an unfriendly takeover or attempted change in control.
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TRANSFER AGENT
The transfer agent and registrar for Northfield-Delaware's common stock is Registrar and
Transfer Company, Cranford, New Jersey.
EXPERTS
The consolidated financial statements of Northfield-Federal and subsidiaries as of December
31, 2009 and 2008, and for each of the years in the three-year period ended December 31, 2009, have
been included herein in reliance upon the report of KPMG LLP, independent registered public
accounting firm, which is included herein and upon the authority of said firm as experts in
accounting and auditing.
RP Financial, LC. has consented to the publication herein of the summary of its report setting
forth its opinion as to the estimated pro forma market value of the shares of common stock upon
completion of the conversion and offering and its letters with respect to subscription rights and
the liquidation accounts.
LEGAL MATTERS
Luse Gorman Pomerenk & Schick, P.C., Washington, D.C., counsel to Northfield-Delaware,
Northfield Bancorp, MHC, Northfield-Federal and Northfield Bank, will issue to Northfield-Delaware
its opinion regarding the legality of the common stock and the federal income tax consequences of
the conversion. Crowe Horwath LLP has provided opinions to us regarding the New Jersey and New
York income tax consequences of the conversion. Certain legal matters will be passed upon for
Sandler O'Neill & Partners, L.P. by Kilpatrick Stockton LLP, Washington, D.C.
WHERE YOU CAN FIND ADDITIONAL INFORMATION
Northfield-Delaware has filed with the Securities and Exchange Commission a registration
statement under the Securities Act of 1933 with respect to the shares of common stock offered
hereby. As permitted by the rules and regulations of the Securities and Exchange Commission, this
prospectus does not contain all the information set forth in the registration statement. Such
information, including the appraisal report which is an exhibit to the registration statement, can
be examined without charge at the public reference facilities of the Securities and Exchange
Commission located at 100 F Street, N.E., Washington, D.C. 20549, and copies of such material can
be obtained from the Securities and Exchange Commission at prescribed rates. The Securities and
Exchange Commission telephone number is 1-800-SEC-0330. In addition, the Securities and Exchange
Commission maintains a web site (http://www.sec.gov) that contains reports, proxy and information
statements and other information regarding registrants that file electronically with the Securities
and Exchange Commission, including
Northfield-Delaware
. The statements contained in this
prospectus as to the contents of any contract or other document filed as an exhibit to the
registration statement are, of necessity, brief descriptions of the material terms of, and should
be read in conjunction with, such contract or document.
Northfield Bancorp, MHC has filed with the Office of Thrift Supervision an Application on Form
AC with respect to the conversion. This prospectus omits certain information contained in the
application. The application may be examined at the principal office of the Office of Thrift
Supervision, 1700 G Street, N.W., Washington, D.C. 20552, and at the Northeast Regional Office of
the Office of Thrift Supervision, Harborside Financial Center Plaza Five, Suite 1600, Jersey City,
New Jersey 07311. Our Plan of Conversion and Reorganization is available, upon request, at each of
our branch offices.
In connection with the offering, Northfield-Delaware will register its common stock under
Section
12(b)
of the Securities Exchange Act of 1934 and, upon such registration,
Northfield-Delaware and the holders of its common stock will become subject to the proxy
solicitation rules, reporting requirements and restrictions on common stock purchases and sales by
directors, officers and greater than 10% stockholders, the annual and periodic reporting and
certain other requirements of the Securities Exchange Act of 1934.
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Under the plan of conversion and reorganization, Northfield-Delaware has undertaken that it
will not terminate such registration for a period of at least three years following the offering.
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INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Report of Independent Registered Public Accounting Firm
F-2
Report of Independent Registered Public Accounting Firm
F-3
Consolidated Balance Sheets at March 31, 2010 (Unaudited) and December 31, 2009 and 2008
F-5
Consolidated Statements of Income for the three months ended March 31, 2010 and 2009
(Unaudited) and for the years ended December 31, 2009, 2008 and 2007
F-6
Consolidated Statements of Changes in Stockholders' Equity for the three months ended
March 31, 2010 (Unaudited) and for the years ended December 31, 2009, 2008 and 2007
F-7
Consolidated Statements of Cash Flows for the three months ended March 31, 2010 and
2009 (Unaudited) and for the years ended December 31, 2009, 2008 and 2007
F-8
Notes to Consolidated Financial Statements
F-9
***
All financial statement schedules have been omitted as the required information either is not
applicable or is included in the financial statements or related notes.
F-1
Table of Contents
Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders
Northfield Bancorp, Inc. and subsidiaries:
We have
audited the accompanying consolidated balance sheets of Northfield Bancorp, Inc. and
subsidiaries (the Company) as of December 31, 2009 and 2008, and the related consolidated
statements of income, changes in stockholders' equity, and cash flows for each of the years in the
three-year period ended December 31, 2009. These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express an opinion on these
consolidated financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all
material respects, the financial position of Northfield Bancorp, Inc. and subsidiaries as of
December 31, 2009 and 2008, and the results of their operations and their cash flows for each of
the years in the three-year period ended December 31, 2009, in conformity with U.S. generally
accepted accounting principles.
As discussed in note 2 to the consolidated financial statements, the Company changed its method of
evaluating other-than-temporary impairments of debt securities due to the adoption of new
accounting requirements issued by the Financial Accounting Standards Board, as of April 1, 2009.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the Company's internal control over financial reporting as of December 31,
2009, based on criteria established in
Internal Control — Integrated Framework
issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March
16, 2010 expressed an unqualified opinion on the effectiveness of the Company's internal control
over financial reporting.
/s/ KPMG LLP
Short
Hills, New Jersey
March 16, 2010
F-2
Table of Contents
Report of Independent Registered Public Accounting Firm
The Board of Directors and Stockholders
Northfield Bancorp, Inc. and subsidiaries:
We have audited Northfield Bancorp, Inc. and subsidiaries' internal control over financial
reporting as of December 31, 2009, based on criteria established in
Internal Control — Integrated
Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Northfield Bancorp, Inc. and subsidiaries' management is responsible for maintaining effective
internal control over financial reporting and for its assessment of the effectiveness of internal
control over financial reporting, included in the accompanying Management's Report on Internal
Control over Financial Reporting. Our responsibility is to express an opinion on Northfield
Bancorp, Inc. and subsidiaries' internal control over financial reporting based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an understanding of internal
control over financial reporting, assessing the risk that a material weakness exists, and testing
and evaluating the design and operating effectiveness of internal control based on the assessed
risk. Our audit also included performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our opinion.
A company's internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A
company's internal control over financial reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company
are being made only in accordance with authorizations of management and directors of the company;
and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company's assets that could have a material effect on the
financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. In addition, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
In our opinion, Northfield Bancorp, Inc. and subsidiaries maintained, in all material respects,
effective internal control over financial reporting as of December 31, 2009, based on criteria
established in
Internal Control — Integrated Framework
issued by the Committee of Sponsoring
Organizations of the Treadway Commission.
F-3
Table of Contents
We also have audited, in accordance with the standards of the Public Company Accounting Oversight
Board (United States), the consolidated balance sheets of Northfield Bancorp, Inc. and subsidiaries
as of December 31, 2009 and 2008, and the related consolidated statements of income, changes in
stockholders' equity, and cash flows for each of the years in the three-year period ended December
31, 2009, and our report dated March 16, 2010 expressed an unqualified opinion on those
consolidated financial statements.
/s/ KPMG LLP
Short Hills, New Jersey
March 16, 2010
F-4
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
At March 31,
At December 31,
(in thousands, except share data)
2010
2009
2008
(Unaudited)
ASSETS:
Cash and due from banks
$
9,646
10,183
9,014
Interest-bearing deposits in other financial institutions
41,165
32,361
41,114
Total cash and cash equivalents
50,811
42,544
50,128
Certificates of deposit
—
—
53,653
Trading securities
3,706
3,403
2,498
Securities available-for-sale, at estimated fair value (encumbered $261,004 (unaudited) in 2010,
$219,446 in 2009, and $183,711 in 2008)
1,216,195
1,131,803
957,585
Securities held-to-maturity, at amortized cost (estimated fair value of $6,432 (unaudited), $6,930 and
$14,588 in 2010, 2009, and 2008, respectively) (encumbered $0 (unaudited) in 2010, $0 in 2009, and $1,241 in 2008)
6,220
6,740
14,479
Loans held-for-investment, net
737,225
729,269
589,984
Allowance for loan losses
(17,146
)
(15,414
)
(8,778
)
Net loans held-for-investment
720,079
713,855
581,206
Accrued interest receivable
8,042
8,054
8,319
Bank owned life insurance
44,174
43,751
42,001
Federal Home Loan Bank of New York stock, at cost
5,026
6,421
9,410
Premises and equipment, net
13,114
12,676
8,899
Goodwill
16,159
16,159
16,159
Other real estate owned
1,533
1,938
1,071
Other assets
12,744
14,930
12,353
Total assets
$
2,097,803
2,002,274
1,757,761
LIABILITIES AND STOCKHOLDERS' EQUITY:
LIABILITIES:
Deposits
$
1,392,905
1,316,885
1,024,439
Securities sold under agreements to repurchase
244,680
200,000
170,000
Other borrowings
48,380
79,424
162,084
Advance payments by borrowers for taxes and insurance
2,038
757
3,823
Accrued expenses and other liabilities
13,514
13,668
10,837
Total liabilities
1,701,517
1,610,734
1,371,183
STOCKHOLDERS' EQUITY:
Preferred stock, $.01 par value; 10,000,000 shares authorized, none issued or outstanding
—
—
—
Common stock, $.01 par value; 90,000,000 shares authorized, 45,632,611 (unaudited), 45,628,211, and 44,803,061 shares
issued at March 31, 2010, December 31, 2009 and 2008, respectively, 43,722,522 (unaudited), 43,912,148 and
44,803,061
shares outstanding at March 31, 2010, December 31, 2009 and 2008, respectively
456
456
448
Additional paid-in capital
203,541
202,479
199,453
Unallocated common stock held by employee stock ownership plan
(15,660
)
(15,807
)
(16,391
)
Retained earnings
214,779
212,196
203,085
Accumulated other comprehensive income (loss)
15,690
12,145
(17
)
Treasury stock at cost; 1,910,089 (unaudited), 1,716,063, and 0 shares at March 31, 2010, December 31, 2009 and 2008,
respectively
(22,520
)
(19,929
)
—
Total stockholders' equity
396,286
391,540
386,578
Total liabilities and stockholders' equity
$
2,097,803
2,002,274
1,757,761
See accompanying notes to consolidated financial statements.
F-5
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income
Three Months Ended March 31,
Years Ended December 31,
(in thousands, except share data)
2010
2009
2009
2008
2007
(Unaudited)
Interest income:
Loans
$
10,293
8,571
38,889
31,617
28,398
Mortgage-backed securities
9,181
11,114
42,256
38,072
30,576
Other securities
1,384
282
3,223
1,348
2,100
Federal Home Loan Bank of New York dividends
95
80
399
652
519
Deposits in other financial institutions
54
435
801
3,360
4,109
Total interest income
21,007
20,482
85,568
75,049
65,702
Interest expense:
Deposits
3,952
4,957
18,214
18,522
23,763
Borrowings
2,506
2,764
10,763
9,734
5,073
Total interest expense
6,458
7,721
28,977
28,256
28,836
Net interest income
14,549
12,761
56,591
46,793
36,866
Provision for loan losses
1,930
1,644
9,038
5,082
1,442
Net interest income after provision for loan losses
12,619
11,117
47,553
41,711
35,424
Non-interest income:
Fees and service charges for customer services
660
659
2,695
3,133
3,132
Income on bank owned life insurance
423
433
1,750
4,235
1,694
Gain (loss) on securities transactions, net
615
(154
)
891
(1,318
)
71
Gain on sale of premises and equipment and deposit relationships
—
—
—
—
4,308
Other-than-temporary impairment losses on securities
—
—
(1,365
)
—
—
Portion recognized in other comprehensive income (before taxes)
—
—
1,189
—
—
Net impairment losses on securities recognized in earnings
—
—
(176
)
—
—
Other
25
31
233
103
273
Total non-interest income
1,723
969
5,393
6,153
9,478
Non-interest expense:
Compensation and employee benefits
4,791
3,768
16,896
11,723
12,685
Director compensation
392
308
1,338
545
598
Occupancy
1,194
1,120
4,602
3,864
3,062
Furniture and equipment
272
288
1,093
996
852
Data processing
607
844
2,637
3,021
2,425
Professional fees
379
526
1,950
1,584
1,218
Contribution to Northfield Bank Foundation
—
—
—
—
11,952
FDIC insurance
430
414
2,320
251
116
Other
1,056
514
3,418
2,868
3,042
Total non-interest expense
9,121
7,782
34,254
24,852
35,950
Income before income taxes
5,221
4,304
18,692
23,012
8,952
Income tax expense (benefit)
1,840
1,569
6,618
7,181
(1,555
)
Net income
$
3,381
2,735
12,074
15,831
10,507
Net income (loss) per common share — basic and diluted (1)
$
0.08
0.06
0.28
0.37
(0.03
)
Weighted average shares outstanding — basic (1)
41,509,173
43,089,331
42,405,774
43,133,856
43,076,586
Weighted average shares outstanding — diluted
41,823,794
43,104,409
42,532,568
—
—
(1)
Net loss per share is calculated for the period that the Company's shares of common stock
were outstanding (November 8, 2007, through December 31, 2007). The net loss for this period was
$1,501,000 and the weighted average common shares outstanding were 43,076,586. Per share data and
shares outstanding information is not applicable prior to November 8, 2007.
See accompanying notes to consolidated financial statements.
F-6
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders' Equity
For the three months ended March 31, 2010 (Unaudited) and the years ended December 31, 2009, 2008, and 2007
Unallocated
Accumulated
common stock
other
Common stock
Additional
held by the
comprehensive
Total
Par
paid-in
employee stock
Retained
income (loss),
Treasury
stockholders'
(in thousands, except share data)
Shares
Value
capital
ownership plan
earnings
net of tax
Stock
equity
Balance at December 31, 2006
100
$
—
510
—
177,731
(14,247
)
—
163,994
Comprehensive income:
Net income
10,507
10,507
Net unrealized holding gains on securities arising
during the year (net of tax of $7,069)
10,897
10,897
Reclassification adjustment for gains included
in net income (net of tax of $4)
(5
)
(5
)
Post retirement benefits adjustment (net of tax $158)
(163
)
(163
)
Total comprehensive income
21,236
Contribution from Northfield Bancorp, MHC.
500
500
Sale of 19,265,316 shares of common stock, issuance
of 24,641,584 shares to the mutual
holding company, and issuance of 896,061
shares to Northfield Bank Foundation
44,802,961
448
198,350
(246
)
198,552
Purchase of common stock by the ESOP
(17,563
)
(17,563
)
ESOP shares allocated or committed to be released
35
586
621
Balance at December 31, 2007
44,803,061
$
448
199,395
(16,977
)
187,992
(3,518
)
—
367,340
Comprehensive income:
Net income
15,831
15,831
Net unrealized holding gains on securities arising
during the year (net of tax of $2,434)
3,479
3,479
Reclassification adjustment for gains included
in net income (net of tax of $6)
(9
)
(9
)
Post retirement benefits adjustment (net of tax $28)
31
31
Total comprehensive income
19,332
Cash dividends declared ($0.04 per common share)
(738
)
(738
)
ESOP shares allocated or committed to be released
58
586
644
Balance at December 31, 2008
44,803,061
$
448
199,453
(16,391
)
203,085
(17
)
—
386,578
Comprehensive income:
Net income
12,074
12,074
Net unrealized holding gains on securities arising
during the year (net of tax of $8,438)
12,075
12,075
Reclassification adjustment for gains included
in net income (net of tax of $35)
(54
)
(54
)
Post retirement benefits adjustment (net of tax $26)
35
35
Reclassification adjustment for OTTI impairment
included in net income (net of tax of $70)
106
106
Total comprehensive income
24,236
ESOP shares allocated or committed to be released
92
584
676
Stock compensation expense
2,942
2,942
Cash dividends declared ($0.16 per common share)
(2,963
)
(2,963
)
Issuance of restricted stock
825,150
8
(8
)
—
Treasury stock (average cost of $11.61 per share)
(19,929
)
(19,929
)
Balance at December 31, 2009
45,628,211
$
456
202,479
(15,807
)
212,196
12,145
(19,929
)
391,540
(Unaudited)
Comprehensive income:
Net income
3,381
3,381
Change in accumulated comprehensive income
(net of tax of $2,108)
3,545
3,545
Total comprehensive income
6,926
ESOP shares allocated or committed to be released
55
147
202
Stock compensation expense
776
776
Additional tax benefit on stock awards
231
231
Exercise of stock options
(26
)
163
137
Cash dividends declared ($0.04 per common share)
(772
)
(772
)
Issuance of restricted stock
4,400
—
—
—
Treasury stock (average cost of $13.25 per share)
(2,754
)
(2,754
)
Balance at March 31, 2010
45,632,611
456
203,541
(15,660
)
214,779
15,690
(22,520
)
396,286
See accompanying notes to consolidated financial statements.
F-7
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Three months ended March 31,
Years ended December 31,
(in thousands)
2010
2009
2009
2008
2007
(Unaudited)
Cash flows from operating activities:
Net income
$
3,381
2,735
12,074
15,831
10,507
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses
1,930
1,644
9,038
5,082
1,442
Depreciation
432
412
1,679
1,490
1,326
(Accretion) of discounts, and deferred loan fees, net of amortization of premiums
123
(419
)
(1,486
)
(1,098
)
(60
)
Amortization of mortgage servicing rights
25
27
113
135
171
Income on bank owned life insurance
(423
)
(433
)
(1,750
)
(4,235
)
(1,694
)
Contribution of common stock to Northfield Bank Foundation
—
—
—
—
8,952
Net gain on sale of loans held-for-sale
—
(14
)
(138
)
(29
)
(60
)
Proceeds from sale of loans held-for-sale
—
1,222
7,509
4,092
6,265
Origination of loans held-for-sale
—
(2,267
)
(7,371
)
(3,793
)
(6,350
)
(Gain) loss on securities transactions, net
(615
)
154
(891
)
1,318
(71
)
Net impairment losses on securities recognized in earnings
—
—
176
—
—
Gain on sale of deposit relationships
—
—
—
—
(3,660
)
Gain on sale of premises and equipment, net
—
—
—
—
(648
)
Net purchases of trading securities
(42
)
185
(313
)
(226
)
(876
)
Decrease (increase) in accrued interest receivable
12
1,768
265
(2,719
)
24
(Increase) decrease in other assets
(287
)
(1,495
)
148
(5,283
)
90
Decrease (increase) in prepaid FDIC assessment
386
—
(5,736
)
—
—
ESOP and stock compensation expense
978
706
3,618
644
621
Deferred taxes
400
(1,171
)
(4,938
)
(1
)
(10,396
)
(Decrease) increase in accrued expenses and other liabilities
(154
)
(158
)
2,831
(6,253
)
5,443
Amortization of core deposit intangible
43
95
336
378
386
Net cash provided by operating activities
6,189
2,991
15,164
5,333
11,412
Cash flows from investing activities:
Net increase in loans receivable
(8,367
)
(34,927
)
(108,385
)
(163,643
)
(16,029
)
Purchases of loans
—
—
(35,369
)
—
—
Redemptions (purchases) of Federal Home Loan Bank of New York stock, net
1,395
2,295
2,989
(2,708
)
484
Purchases of securities available-for-sale
(217,161
)
(70,700
)
(655,765
)
(421,696
)
(309,396
)
Principal payments and maturities on securities available-for-sale
123,590
73,431
500,518
270,091
234,457
Principal payments and maturities on securities held-to-maturity
519
1,122
4,575
5,214
6,476
Proceeds from sale of securities available-for-sale
15,193
1,998
3,293
3,350
3,705
Proceeds from sale of securities held-to-maturity
—
—
3,371
—
—
Purchases of certificates of deposit in other financial institutions
—
—
(63
)
(118,653
)
(50,500
)
Proceeds from maturities of certificates of deposit in other financial institutions
—
46,000
53,716
89,500
31,200
Purchase of bank owned life insurance
—
—
—
—
(7,000
)
Cash received from bank owned life insurance contracts
—
—
—
3,794
—
Purchases and improvements of premises and equipment
(870
)
(901
)
(5,456
)
(2,662
)
(897
)
Proceeds from sale of premises and equipment
—
—
—
—
1,473
Net cash (used in) provided by investing activities
(85,701
)
18,318
(236,576
)
(337,413
)
(106,027
)
Cash flows from financing activities:
Net increase (decrease) in deposits
76,020
90,052
292,446
147,214
(3,560
)
Deposit relationship sold, net
—
—
—
—
(22,985
)
Net proceeds from sale of common stock
—
—
—
—
107,241
Dividends paid
(772
)
(774
)
(2,963
)
(738
)
—
Exercise of stock options
137
—
—
—
—
Purchase of common stock for ESOP
—
—
—
—
(17,563
)
Purchase of treasury stock
(2,754
)
(3,801
)
(19,929
)
—
—
Additional tax benefit on stock awards
231
—
—
—
—
Increase (decrease) in advance payments by borrowers for taxes and insurance
1,281
(1,455
)
(3,066
)
2,980
60
Repayments under capital lease obligations
(44
)
(67
)
(160
)
(136
)
(114
)
Proceeds from securities sold under agreements to repurchase and other borrowings
69,680
20,000
138,600
410,800
83,000
Repayments related to securities sold under agreements to repurchase and other borrowings
(56,000
)
(71,000
)
(191,100
)
(203,000
)
(87,000
)
Net cash provided by financing activities
87,779
32,955
213,828
357,120
59,079
Net increase (decrease) in cash and cash equivalents
8,267
54,264
(7,584
)
25,040
(35,536
)
Cash and cash equivalents at beginning of year
42,544
50,128
50,128
25,088
60,624
Cash and cash equivalents at end of year
$
50,811
104,392
42,544
50,128
25,088
Supplemental cash flow information:
Cash paid during the year for:
Interest
$
6,645
8,251
29,334
27,322
28,657
Income taxes
1,565
183
10,351
11,316
4,298
Non-cash transactions:
Deposits utilized to purchase common stock
—
—
—
—
82,359
Loans charged-off, net
198
595
2,402
1,940
836
Transfer of loans to other real estate owned
—
—
1,348
1,071
—
Other real estate owned charged-off
146
—
—
—
—
See accompanying notes to consolidated financial statements.
F-8
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
(1)
Summary of Significant Accounting Policies
The following significant accounting and reporting policies of Northfield Bancorp, Inc. and
subsidiaries (collectively, the "Company"), conform to U.S. generally accepted accounting
principles, or ("GAAP"), and are used in preparing and presenting these consolidated financial
statements.
(a)
Basis of Presentation
The consolidated financial statements are comprised of the accounts of Northfield
Bancorp, Inc. and its wholly owned subsidiaries, Northfield Investment, Inc. and
Northfield Bank (the "Bank") and the Bank's wholly-owned significant subsidiaries, NSB
Services Corp. and NSB Realty Trust. All significant intercompany accounts and
transactions have been eliminated in consolidation.
In 1995, the Bank completed a Plan of Mutual Holding Company Reorganization, utilizing a
single-tier mutual holding company structure. In a series of steps, the Bank formed a
New York-chartered mutual holding company (NSB Holding Corp.) which owned 100% of the
common stock of the Bank. In 2002, NSB Holding Corp. formed Northfield Holdings Corp.,
a New York-chartered stock corporation, and contributed 100% of the common stock of the
Bank into Northfield Holdings Corp. which owned 100% of the common stock of Northfield
Holdings Corp. In 2006, Northfield Holdings Corp.'s name was changed to Northfield
Bancorp, Inc. and Northfield Savings Bank's name was changed to Northfield Bank. In
2007, NSB Holdings Corp.'s name was changed to Northfield Bancorp, MHC.
As part of the stock issuance plan announced in April 2007, Northfield Bank converted to
a federally-charted savings bank from a New York-chartered savings bank effective
November 6, 2007. Northfield Bank's primary federal regulator is the Office of Thrift
Supervision (the "OTS") and was the Federal Deposit Insurance Corporation (the "FDIC")
prior to our November 2007 conversion. Simultaneously with Northfield Bank's
conversion, Northfield Bancorp, MHC and Northfield Bancorp, Inc. converted to
federal-chartered holding companies from New York-chartered holding companies.
In preparing the consolidated financial statements, management is required to make
estimates and assumptions that affect the reported amounts of assets and liabilities as
of the date of the balance sheets and revenues and expenses during the reporting
periods. Actual results may differ significantly from those estimates and assumptions.
A material estimate that is particularly susceptible to significant change in the near
term is the allowance for loan losses. In connection with the determination of this
allowance, management generally obtains independent appraisals for significant
properties. Judgments related to goodwill, and securities valuation and impairment also
are critical because they involve a higher degree of complexity and subjectivity and
require estimates and assumptions about highly uncertain matters. Actual results may
differ from the estimates and assumptions.
Certain prior year balances have been reclassified to conform to the current year
presentation.
(b)
Business
The Company, through its principal subsidiary, the Bank, provides a full range of
banking services primarily to individuals and corporate customers in Richmond and Kings
Counties in New York, and Union and Middlesex Counties in New Jersey. The Company also
finances insurance premiums for commercial customers throughout the contiguous United
States. The Company is subject to competition from other financial institutions and to
the regulations of certain federal and state agencies, and undergoes periodic
examinations by those regulatory authorities.
(c)
Cash Equivalents
Cash equivalents consist of cash on hand, due from banks, federal funds sold, and
interest-bearing deposits in other financial institutions with an original term of three
months or less. Certificates of
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NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
deposit with original maturities of greater than three
months are excluded from cash equivalents and reported as a separate line item on the
consolidated balance sheets.
(d)
Securities
Securities are classified at the time of purchase, based on management's intention, as
securities held- to-maturity, securities available-for-sale, or trading account
securities. Securities held-to-maturity are those that management
has the positive intent and ability to hold until maturity. Securities held-to-maturity
are carried at amortized cost, adjusted for amortization of premiums and accretion of
discounts using the level-yield method over the contractual term of the securities,
adjusted for actual prepayments. Trading securities are securities that are bought and
may be held for the purpose of selling them in the near term. Trading securities are
reported at estimated fair value, with unrealized holding gains and losses reported as a
component of gain (loss) on securities transactions, net in non-interest income.
Securities available-for-sale represents all securities not classified as either
held-to-maturity or trading. Securities available-for-sale are carried at estimated
fair value with unrealized holding gains and losses (net of related tax effects) on such
securities excluded from earnings, but included as a separate component of stockholders'
equity, titled "Accumulated other comprehensive income (loss)." The cost of securities
sold is determined using the specific-identification method. Security transactions are
recorded on a trade-date basis. Our evaluation of other-than-temporary impairment
considers the duration and severity of the impairment, our intent to
sell the security and whether it is more likely than not that we will
be required to sell the security before full recovery of our
investment or maturity and our assessments of the reason for the decline in value and the
likelihood of a near-term recovery. If a determination is made that a debt security is
other-than-temporarily impaired, the Company will estimate the amount of the unrealized
loss that is attributable to credit and all other non-credit related factors. The
credit related component will be recognized as an other-than-temporary impairment charge
in non-interest income as a component of gain (loss) on securities, net. The non-credit
related component will be recorded as an adjustment to accumulated other comprehensive
income (loss), net of tax. The estimated fair value of debt securities, including
mortgage-backed securities and corporate debt obligations is furnished by an independent
third party pricing service. The third party pricing service primarily utilizes pricing
models and methodologies that incorporate observable market inputs, including among
other things, benchmark yields, reported trades, and projected prepayment and default
rates. Management reviews the data and assumptions used in pricing the securities by
its third party provider for reasonableness.
(e)
Loans
Net loans held-for-investment are stated at unpaid principal balance, adjusted by
unamortized premiums and unearned discounts, deferred origination fees and certain
direct origination costs, and the allowance for loan losses. Interest income on loans
is accrued and credited to income as earned. Net loan origination fees/costs are
deferred and accreted/amortized to interest income over the loan's contractual life
using the level-yield method, adjusted for actual prepayments. Loans held-for-sale are
designated at time of origination and generally consist of fixed rate residential loans
with terms of 15 years or more and are recorded at the lower of cost or estimated fair
value in the aggregate. Gains are recognized on a settlement-date basis and are
determined by the difference between the net sales proceeds and the carrying value of
the loans, including any net deferred fees or costs.
The Company defines an impaired loan as a loan for which it is probable, based on
current information, that the Company will not collect all amounts due in accordance
with the contractual terms of the loan agreement. The Company has defined the
population of impaired loans to be all non-accrual loans with an outstanding balance of
$500,000 or greater. Impaired loans are individually assessed to determine that the
loan's carrying value is not in excess of the expected future cash flows, discounted at
the loans original effective interest rate, or the underlying collateral (less estimated
costs to sell) if the loan is collateral dependent. Impairments are recognized through
a charge to the provision for loan losses for the amount that the loan's carrying value
exceeds the discounted cash flow analysis or estimated fair value of collateral (less
estimated costs to sell) if the loan is collateral dependent. Homogeneous loans with
balances less than $500,000 are collectively evaluated for impairment.
F-10
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NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
The allowance for loan losses is increased by the provision for loan losses charged
against income and is decreased by charge-offs, net of recoveries. Loan losses are
charged-off in the period the loans, or portion thereof, are deemed uncollectible.
Generally, the Company will record a loan charge-off (including a partial charge-off) to
reduce a loan to the estimated fair value of the underlying collateral, less cost to
sell, if it is determined that it is probable that recovery will come primarily from the
sale of such collateral. The provision for loan losses is based on management's
evaluation of the adequacy of the allowance which considers, among other things,
impaired loans, past loan loss experience, known and inherent risks in the portfolio,
existing adverse situations that may affect the borrower's ability to repay, and
estimated value of any underlying collateral securing loans. Additionally, management
evaluates changes, if any, in underwriting standards, collection, charge-off and
recovery practices, the nature or volume of the portfolio, lending staff, concentration
of loans, as well as current economic conditions, and other relevant factors.
Management believes the allowance for loan losses is adequate to provide for probable
and reasonably estimatable losses at the date of the consolidated balance sheets. The
Company also maintains an allowance for estimated losses on off-balance sheet credit
risks related to loan commitments and standby letters of credit. Management utilizes a
methodology similar to its allowance for loan loss adequacy methodology to estimate
losses on these commitments. The allowance for estimated credit losses on off-balance
sheet commitments is included in other liabilities and any changes to the allowance are
recorded as a component of other non-interest expense.
While management uses available information to recognize probable and reasonably
estimatable losses on loans, future additions may be necessary based on changes in
conditions, including changes in economic conditions, particularly in Richmond and Kings
Counties in New York, and Union and Middlesex Counties in New Jersey.
Accordingly, as with most financial institutions in the market area, the ultimate
collectibility of a substantial portion of the Company's loan portfolio is susceptible
to changes in conditions in the Company's marketplace. In addition, future changes in
laws and regulations could make it more difficult for the Company to collect all
contractual amounts due on its loans and mortgage-backed securities.
In addition, various regulatory agencies, as an integral part of their examination
process, periodically review the Company's allowance for loan losses. Such agencies may
require the Company to recognize additions to the allowance based on their judgments
about information available to them at the time of their examination.
Troubled debt restructured loans are those loans whose terms have been modified because
of deterioration in the financial condition of the borrower. Modifications could
include extension of the terms of the loan, reduced interest rates, and forgiveness of
accrued interest and/or principal. Once an obligation has been restructured because of
such credit problems, it continues to be considered restructured until paid in full or,
if the obligation yields a market rate (a rate equal to or greater than the rate the
Company was willing to accept at the time of the restructuring for a new loan with
comparable risk), until the year subsequent to the year in which the restructuring takes
place, provided the borrower has performed under the modified terms for a six-month
period. The Company records an impairment charge equal to the difference between the
present value of estimated future cash flows under the restructured terms discounted at
the original loans effective interest rate, and the original loans carrying value.
Changes in present values attributable to the passage of time are recorded as a
component of the provision for loan losses.
A loan is considered past due when it is not paid in accordance with its contractual
terms. The accrual of income on loans, including impaired loans, and other loans in the
process of foreclosure, is generally discontinued when a loan becomes 90 days or more
delinquent, or when certain factors indicate that the ultimate collection of principal
and interest is in doubt. Loans on which the accrual of income has been discontinued
are designated as non-accrual loans. All previously accrued interest is reversed
against interest income, and income is recognized subsequently only in the period that
cash is received, provided no principal payments are due and the remaining principal
balance outstanding is deemed collectible. A non-accrual loan is not returned to
accrual status until both principal and
F-11
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NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
interest payments are brought current and
factors indicating doubtful collection no longer exist, including performance by the
borrower under the loan terms for a six-month period.
(f)
Federal Home Loan Bank Stock
The Bank, as a member of the Federal Home Loan Bank of New York (the "FHLB"), is
required to hold shares of capital stock in the FHLB as a condition to both becoming a
member and engaging in certain transactions with the FHLB. The minimum investment
requirement is determined by a "membership" investment component and an "activity-based"
investment component. The membership investment component is the greater of 0.20% of
the Bank's mortgage-related assets, as defined by the FHLB, or $1,000. The
activity-based investment component is equal to 4.5% of the Bank's outstanding advances
with the FHLB. The activity-based investment component also considers other
transactions, including assets originated for or sold to the FHLB, and delivery
commitments issued by the FHLB. The Company currently does not enter into these other
types of transactions with the FHLB.
On a quarterly basis, we perform our other-than-temporary impairment analysis of FHLB
stock, we evaluated, among other things, (i) its earnings performance, including the
significance of any decline in net assets of the FHLB as compared to the regulatory
capital amount of the FHLB, (ii) the commitment by the FHLB to continue dividend
payments, and (iii) the liquidity position of the FHLB. We do not consider this
security to be other-than-temporarily impaired at March 31, 2010 (unaudited) and
December 31, 2009.
(g)
Premises and Equipment, Net
Premises and equipment, including leasehold improvements, are carried at cost, less
accumulated depreciation and amortization. Depreciation and amortization of premises
and equipment, including capital leases, are computed on a straight-line basis over the
estimated useful lives of the related assets. The estimated useful lives of significant
classes of assets are generally as follows: buildings — forty years; furniture and
equipment — five to seven years; and purchased computer software — three years.
Leasehold improvements are amortized over the shorter of the term of the related lease
or the estimated useful lives of the improvements. Major improvements are capitalized,
while repairs and maintenance costs are charged to operations as incurred. Upon
retirement or sale, any gain or loss is credited or charged to operations.
(h)
Bank Owned Life Insurance
The Company has purchased bank owned life insurance contracts to help fund
its obligations for certain employee benefit costs. The Company's investment in
such insurance contracts has been reported in the consolidated balance sheets at
their cash surrender values. Changes in cash surrender values and death benefit
proceeds received in excess of the related cash surrender values are recorded as
non-interest income.
(i)
Goodwill
Goodwill is presumed to have an indefinite useful life and is not amortized, but rather
is tested, at least annually, for impairment at the reporting unit level. For purposes
of the Company's goodwill impairment testing, management has identified a single
reporting unit. The Company uses the quoted market price of its common stock on the
impairment testing date as the basis for estimating the fair value of the Company's
reporting unit. If the fair value of the reporting unit exceeds its carrying amount,
further evaluation is not necessary. However, if the fair value of the reporting unit
is less than its carrying amount, further evaluation is required to compare the implied
fair value of the reporting unit's goodwill to its carrying amount to determine if a
write-down of goodwill is required. As of March 31, 2010 (unaudited) and December 31,
2009, the carrying value of goodwill totaled $16.2 million. The Company performed its
annual goodwill impairment test, as of December 31, 2009, and determined the fair value
of the Company's one reporting unit to be in excess of its carrying value. Accordingly,
as of the annual impairment test date, there was no indication of goodwill impairment.
F-12
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NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
The Company will test goodwill for impairment between annual test dates if an event
occurs or circumstances change that would indicate the fair value of the reporting unit
is below its carrying amount. No events have occurred and no circumstances have changed
since the annual impairment test date that would indicate the fair value of the
reporting unit is below its carrying amount.
(j)
Income Taxes
Income taxes are accounted for under the asset and liability method. Deferred tax
assets and liabilities are recognized for the estimated future tax consequences
attributable to temporary differences between the financial statement carrying amounts
of existing assets and liabilities and their respective tax bases. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply in the year in
which those temporary differences are expected to be recovered or settled. When
applicable, deferred tax assets are reduced by a valuation allowance for any portions
determined not likely to be realized. The effect on deferred tax assets and liabilities
of a change in tax rates is recognized in income in the period that includes the
enactment date.
The Company accounts for income taxes as required by the income taxes topic of the FASB
Accounting Standards. The topic clarifies the accounting for uncertainty in income
taxes recognized in an enterprise's financial statements and prescribes a recognition
threshold and measurement attribute for the financial statement recognition and
measurement of tax positions taken or expected to be taken in a tax return. It also
provides guidance on derecognition, classification, interest and penalties, accounting
in interim periods, disclosure, and transition. Income taxes are allocated to the
individual entities within the consolidated group based on the effective tax rate of the
entity.
(k)
Impairment of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount of the asset may not be recoverable.
Recoverability of assets to be held and used is measured by a comparison of the carrying
amount of an asset to future undiscounted (and without interest) net cash flows expected
to be generated by the asset. If such assets are considered to be impaired, the
impairment to be recognized is measured by the amount by which the carrying amount of
the assets exceeds the fair value of the assets. Assets to be disposed of are reported
at the lower of the carrying amount or fair value less costs to sell.
(l)
Securities Sold Under Agreements to Repurchase and Other Borrowings
The Company enters into sales of securities under agreements to repurchase (Repurchase
Agreements) and collateral pledge agreements (Pledge Agreements) with selected dealers
and banks. Such agreements are accounted for as secured financing transactions since
the Company maintains effective control over the transferred or pledged securities and
the transfer meets the other accounting and recognition criteria as required by the
transfer and servicing topic of the FASB Accounting Standards. Obligations under these
agreements are reflected as a liability in the consolidated balance sheets. Securities
underlying the agreements are maintained at selected dealers and banks as collateral for
each transaction executed and may be sold or pledged by the counterparty. Collateral
underlying Repurchase Agreements which permit the counterparty to sell or pledge the
underlying collateral is disclosed on the consolidated balance sheets as "encumbered."
The Company retains the right under all Repurchase Agreements and Pledge Agreements to
substitute acceptable collateral throughout the terms of the agreement.
(m)
Comprehensive Income
Comprehensive income includes net income and the change in unrealized holding gains and
losses on securities available-for-sale, change in actuarial gains and losses on other
post retirement benefits, and change in service cost on other postretirement benefits,
net of taxes. Comprehensive income is presented in the Consolidated Statements of
Changes in Stockholders' Equity.
F-13
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NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
(n)
Employee Benefits
The Company sponsors a defined postretirement benefit plan that provides for medical and
life insurance coverage to a limited number of retirees, as well as life insurance to
all qualifying employees of the Company. The estimated cost of postretirement benefits
earned is accrued during an individual's estimated service period to the Company. The
Company recognizes in its statement of financial position the over-funded or
under-funded status of a defined benefit postretirement plan measured as the difference
between the fair value of plan assets and the benefit obligation at the end of our
calendar year. The actuarial gains and losses and the prior service costs and credits
that arise during the period are recognized as a component of other comprehensive
income, net of tax.
Funds borrowed by the Employee Stock Ownership Plan (ESOP) from the Company to purchase
the Company's common stock are being repaid from the Bank's contributions over a period
of up to 30 years. The Company's common stock not yet allocated to participants is
recorded as a reduction of stockholders' equity at cost. The Company records
compensation expense related to the ESOP at an amount equal to the shares allocated by
the ESOP multiplied by the average fair value of our common stock during the reporting
period.
The Company recognizes the grant-date fair value of stock based awards issued to
employees as compensation cost in the consolidated statements of income. The fair value
of common stock awards is based on the closing price of our common stock as reported on
the NASDAQ Stock Market on the grant date. The expense related to stock options is
based on the estimated fair value of the options at the date of the grant using the
Black-Scholes pricing model. The awards are fixed in nature and compensation cost
related to stock based awards is recognized on a straight-line basis over the requisite
service periods.
The Bank has a 401(k) plan covering substantially all employees. Contributions to the
plan are expensed as incurred.
(o)
Segment Reporting
As a community-focused financial institution, substantially all of the Company's
operations involve the delivery of loan and deposit products to customers. Management
makes operating decisions and assesses performance based on an ongoing review of these
community banking operations, which constitute the Company's only operating segment for
financial reporting purposes.
(p)
Net Income (Loss) per Common Share
Net income per common share-basic is computed for the three months ended March 31, 2010
and 2009 (unaudited) and the years ended December 31, 2009, 2008 and 2007, by dividing
the net income available to common stockholders by the weighted average number of common
shares outstanding, excluding unallocated ESOP shares and unearned common stock award
shares. The weighted average common shares outstanding includes the average number of
shares of common stock outstanding, including shares held by Northfield Bancorp, MHC and
allocated or committed to be released ESOP shares.
Net loss per common share is computed for the period the common stock was outstanding in
2007 (November 8, 2007, to December 31, 2007) by dividing the net loss available to
common stockholders by the weighted average number of shares outstanding for the period
from November 8, 2007, to December 31, 2007, excluding unallocated ESOP shares. The
weighted average common shares outstanding includes the average number of shares of
common stock outstanding, including shares held by Northfield Bancorp Inc, MHC and
allocated or committed to be released ESOP shares.
Net income per common share-diluted is computed using the same method as basic earnings
per share, but reflects the potential dilution that could occur if stock options and
unvested shares of restricted stock were exercised and converted into common stock.
These potentially dilutive shares are included
F-14
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NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
in the weighted average number of shares
outstanding for the period using the treasury stock method. When applying the treasury
stock method, we add: (1) the assumed proceeds from option exercises; (2) the tax
benefit, if any, that would have been credited to additional paid-in capital assuming
exercise of non-qualified stock options and vesting of shares of restricted stock; and
(3) the average unamortized compensation costs related to unvested shares of restricted
stock and stock options. We then divide this sum by our average stock price for the
period to calculate assumed shares repurchased. The excess of the number of shares
issuable over the number of shares assumed to be repurchased is added to basic weighted
average common shares to calculate diluted earnings per share. At March 31, 2010 and
2009 (unaudited) there were 314,621 and 15,078 dilutive shares outstanding. At December
31, 2009, 2008, and 2007, there were 126,794, 0, and 0 dilutive shares outstanding,
respectively.
(q)
Other Real Estate Owned
Assets acquired through, or deed-in-lieu of, loan foreclosure are held for sale and are
initially recorded at estimated fair value less estimated selling costs when acquired,
thus establishing a new cost basis. Costs after acquisition are generally expensed. If
the estimated fair value of the asset declines, a write-down is recorded through other
non-interest expense.
(r)
Stock Offering
The Company completed its initial public stock offering on November 7, 2007. The
Company sold 19,265,316 shares, or 43.0% of its outstanding common stock, to subscribers
in the offering, including 1,756,279 shares purchased by the Northfield Bank Employee
Stock Ownership Plan. Northfield Bancorp, MHC, the Company's federally chartered mutual
holding company parent originally held 24,641,684 shares, or 55.0% of the Company's
outstanding common stock. Additionally, the Company contributed $3.0 million in cash,
and issued 896,061 shares of common stock, or 2.0% of the Company's outstanding common
stock to the Northfield Bank Charitable Foundation. The Northfield Bank Charitable
Foundation purchased the common stock at par value. This action resulted in a $12.0
million pre-tax expense recorded in the quarter ended December 31, 2007. Proceeds from
the offering, including the value of shares issued to the charitable foundation, net of
expenses, were $198.6 million. The Company contributed $94.8 million of the proceeds to
Northfield Bank.
F-15
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
(2)
Securities Available-for-Sale
The following is a comparative summary of mortgage-backed securities and other securities
available-for- sale at March 31, 2010 (unaudited) (in thousands):
March 31, 2010 (unaudited)
Gross
Gross
Estimated
Amortized
unrealized
unrealized
fair
cost
gains
losses
value
Mortgage-backed securities:
Pass-through certificates:
Government sponsored
enterprises (GSE)
$
366,089
15,634
—
381,723
Non-GSE
56,696
1,410
2,137
55,969
Real estate mortgage
investment conduits (REMICs):
GSE
395,438
4,988
188
400,238
Non-GSE
101,799
4,048
220
105,627
920,022
26,080
2,545
943,557
Other securities:
Equity investments-mutual funds
5,560
63
—
5,623
GSE bonds
129,937
524
170
130,291
Corporate bonds
134,026
2,698
—
136,724
269,523
3,285
170
272,638
Total securities available-for-sale
$
1,189,545
29,365
2,715
1,216,195
F-16
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
The following is a comparative summary of mortgage-backed securities and other securities
available-for- sale at December 31 (in thousands):
2009
Gross
Gross
Estimated
Amortized
unrealized
unrealized
fair
cost
gains
losses
value
Mortgage-backed securities:
Pass-through certificates:
Government sponsored
enterprises (GSE)
$
404,128
13,932
—
418,060
Non-GSE
65,363
799
3,696
62,466
Real estate mortgage
investment conduits (REMICs):
GSE
344,150
5,368
430
349,088
Non-GSE
111,756
2,627
189
114,194
925,397
22,726
4,315
943,808
Other securities:
Equity investments — mutual funds
21,820
52
—
21,872
GSE bonds
28,994
—
11
28,983
Corporate bonds
134,595
2,595
50
137,140
185,409
2,647
61
187,995
Total securities available-for-sale
$
1,110,806
25,373
4,376
1,131,803
2008
Gross
Gross
Estimated
Amortized
unrealized
unrealized
fair
cost
gains
losses
value
Mortgage-backed securities:
Pass-through certificates:
Government sponsored
enterprises (GSE)
$
532,870
13,457
83
546,244
Non-GSE
65,040
359
9,621
55,778
Real estate mortgage
investment conduits (REMICs):
GSE
242,557
3,049
114
245,492
Non-GSE
90,446
515
7,266
83,695
930,913
17,380
17,084
931,209
Other securities:
Equity investments — mutual funds
9,025
—
—
9,025
Corporate bonds
17,319
102
70
17,351
26,344
102
70
26,376
Total securities available-for-sale
$
957,257
17,482
17,154
957,585
F-17
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
The following is a summary of the expected maturity distribution of debt securities
available-for-sale, other than mortgage-backed securities, at March 31, 2010 (unaudited) (in
thousands):
Estimated
Amortized
fair
Available-for-sale
cost
value
Due in one year or less
$
27,127
27,528
Due after one year through five years
236,836
239,487
$
263,963
267,015
The following is a summary of the expected maturity distribution of debt securities
available-for-sale other than mortgage-backed securities at December 31, 2009 (in thousands):
Estimated
Amortized
fair
Available-for-sale
cost
value
Due in one year or less
$
12,294
12,478
Due after one year through five years
151,295
153,645
Total
$
163,589
166,123
Expected maturities on mortgage-backed securities will differ from contractual maturities as
borrowers may have the right to call or prepay obligations with or without penalties.
Certain securities available-for-sale are pledged to secure borrowings under Pledge Agreements
and Repurchase Agreements and for other purposes required by law. At March 31, 2010
(unaudited), December 31, 2009, and December 31, 2008, securities available-for-sale with a
carrying value of $6,064,000, $6,537,000 and $3,772,000, respectively, were pledged to secure
deposits. See note 7 for further discussion regarding securities pledged for borrowings.
For the three months ended March 31, 2010 (unaudited), the Company had gross proceeds of $15.2
million on sales of securities available-for-sale with gross realized gains and gross realized
losses of approximately $270,000 and $0, respectively. For the three months ended March 31,
2009 (unaudited), the Company had gross proceeds of $2.0 million on sales of securities
available-for-sale with gross realized gains and gross realized losses of approximately $7,000
and $0, respectively. All unrealized losses at March 31, 2010 (unaudited) were considered
temporary.
For the year ended December 31, 2009, the Company had gross proceeds of $3,293,000 on sales of
securities available-for-sale with gross realized gains and gross realized losses of
approximately $89,000 and $0, respectively. For the year ended December 31, 2008, the Company
had gross proceeds of $3,350,000 on sales of securities available-for-sale with gross realized
gains and gross realized losses of approximately $15,000 and $0, respectively. For the year
ended December 31, 2007, the Company had gross proceeds of $3,705,000 on sales of securities
available-for-sale with gross realized gains and gross realized losses of approximately $9,000
and $0, respectively.
The Company recognized
other-than-temporary impairment charges of $1.4 million during the year ended December 31,
2009 related to one private label mortgage-backed security. The Company recognized the credit
component of $176,000 in earnings and the non-credit component of $1.2 million as a part of
accumulated other comprehensive income, net of tax as a result of the Company's adoption of new authoritative guidance related to
Investments—Debt and Equity Securities on April 1, 2009. The Company did not record
other-than-temporary impairment charges during the years ended December 31, 2008 and 2007.
F-18
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
Activity related to the credit component recognized in earnings on debt securities for which a
portion of other-than-temporary impairment was recognized in accumulated other comprehensive
income for the three months ended March 31, 2010 (unaudited) and the year ended December 31,
2009, is as follows (in thousands):
Three months ended
Year ended
March 31, 2010
December 31, 2009
Credit component of all other-than-temporary impairment on
debt securities, beginning of period
$
176
—
Additions to the credit component on debt securities in which other-
than-temporary impairment was not previously recognized
—
176
Cumulative pre-tax credit losses, end of period
$
176
176
F-19
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
Gross unrealized losses on mortgage-backed securities, equity securities, and corporate bonds
available-for-sale, and the estimated fair value of the related securities, aggregated by
security category and length of time that individual securities have been in a continuous
unrealized loss position, at March 31, 2010 (unaudited), December 31, 2009 and 2008, were as
follows (in thousands):
March 31, 2010 (unaudited)
Less than 12 months
12 months or more
Total
Unrealized
Estimated
Unrealized
Estimated
Unrealized
Estimated
losses
fair value
losses
fair value
losses
fair value
Mortgage-backed securities:
Pass-through certificates:
Non-GSE
$
—
—
2,137
18,161
2,137
18,161
REMICs
GSE
124
108,847
64
9,148
188
117,995
Non-GSE
220
12,749
—
—
220
12,749
GSE bonds
170
41,449
—
—
170
41,449
Total
$
514
163,045
2,201
27,309
2,715
190,354
December 31, 2009
Less than 12 months
12 months or more
Total
Unrealized
Estimated
Unrealized
Estimated
Unrealized
Estimated
losses
fair value
losses
fair value
losses
fair value
Mortgage-backed securities:
Pass-through certificates:
Non-GSE
$
1
1,462
3,695
27,832
3,696
29,294
REMICs
GSE
429
116,478
1
16,507
430
132,985
Non-GSE
189
6,970
—
—
189
6,970
GSE bonds
11
4,019
—
—
11
4,019
Corporate bonds
50
16,017
—
—
50
16,017
Total
$
680
144,946
3,696
44,339
4,376
189,285
December 31, 2008
Less than 12 months
12 months or more
Total
Unrealized
Estimated
Unrealized
Estimated
Unrealized
Estimated
losses
fair value
losses
fair value
losses
fair value
Mortgage-backed securities:
Pass-through certificates:
GSE
$
2
634
81
1,346
83
1,980
Non-GSE
2,708
7,290
6,913
17,525
9,621
24,815
REMICs
GSE
42
29,267
72
18,981
114
48,248
Non-GSE
7,266
68,966
—
—
7,266
68,966
Corporate bonds
70
4,298
—
—
70
4,298
Total
$
10,088
110,455
7,066
37,852
17,154
148,307
Included in the above available-for-sale security amounts at March 31, 2010 (unaudited),
were seven pass-through, non-GSE mortgage-backed securities, and two REMIC mortgage-backed
securities, in an unrealized loss position. Only three of these securities, with an estimated
fair value of $13.8 million (amortized cost of $15.8 million), are rated less than AAA at
March 31, 2010 (unaudited). Of the three securities, one had an estimated fair value of $2.6
million (amortized cost of $2.7 million), was rated A+, and had the following underlying
collateral characteristics: 84% originated in 2004, and 16% originated in 2005. The second
security had an estimated fair value of $6.1 million (amortized cost of $7.4 million), was
rated Baa2 (subsequently downgraded to Caa2), and had the following underlying collateral
characteristics: 82% originated in 2004, and 18% originated in 2005. The remaining security
had an estimated fair value of $5.1
F-20
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
million (amortized cost of $5.7 million), was rated CCC,
and was supported by collateral entirely originated in 2006. The Company continues to receive
principal and interest payments in accordance with the contractual terms of each of these
securities. Management has evaluated, among other things, delinquency status, location of
collateral, estimated prepayment speeds, and the estimated default rates and loss severity in
liquidating the underlying collateral for each of these three securities. Since management
does not have the intent to sell the securities, and it is more likely than not that the
Company will not be required to sell the securities, before their anticipated recovery (which
may be at maturity), the Company believes that the unrealized losses of $2.0 million at March
31, 2010 (unaudited), are temporary, and as such, are recorded as a component of accumulated
other comprehensive income, net of tax.
At March 31, 2010 (unaudited), REMIC mortgage-backed securities issued or guaranteed by GSEs
(nine securities) and GSE bonds (three securities) are investment grade securities. The
declines in value are deemed to relate to the general interest rate environment and are
considered temporary. The securities cannot be prepaid in a manner that would result in the
Company not receiving substantially all of its amortized cost. The Company neither has an
intent to sell, nor is it more likely than not that the Company will be required to sell, the
securities contained in the table above before the recovery of their amortized cost basis or,
if necessary, maturity.
Included in the above available-for-sale security amounts at December 31, 2009, were eight
non-GSE mortgage-backed securities in an unrealized loss position. Only three of these
securities with an estimated fair value of $16.6 million are rated less than AAA at December
31, 2009. The first of these three securities had an estimated fair value of $5.2 million
(unrealized loss of $911,000) and was rated CCC, the second had an estimated fair value of
$5.9 million (unrealized loss of $1.7 million) and was rated Baa2, with the third having an
estimated fair value of $5.5 million (unrealized loss of $845,000) and was rated AA
(downgraded to a rating of A subsequent to December 31, 2009). The Company continues to
receive principal and interest payments in accordance with the contractual terms on each of
the three securities. Management has evaluated, among other things, delinquency status,
estimated prepayment speeds and the estimated default rates and loss severity in liquidating
the underlying collateral for each of these three securities. As a result of management's
evaluation of these securities, the Company recognized, during the quarter ended September 30,
2009, an other-than-temporary impairment charge of $1.4 million on the security rated CCC.
The credit component of $176,000 was recognized in earnings and the non-credit component of
$1.2 million was recorded as a component of accumulated other comprehensive income, net of
tax. The Company has no intent to sell, nor is it more likely than not than the Company will
be required to sell, the securities contained in the table above before the recovery of their
amortized cost basis or, if necessary, maturity.
In evaluating the range of likely cash flows for the impaired private label security, the
Company applied security specific, as well as market assumptions, based on the credit
characteristics of the security to a cash flow model. Under certain stress scenarios
estimated future losses may arise. For the security in which the Company recorded
other-than-temporary impairment, the average portfolio FICO score at origination was 740 and
the weighted average loan to value ratio was 70.3%. Cash flow assumptions incorporated an
expected constant default rate of 6.8% and an ultimate loss on disposition of underlying
collateral of 47.4%. The security's cash flows were discounted at the security's effective
interest rate (the yield expected to be earned at date of purchase). Although management
recognized other-than-temporary impairment charges on this security, the security continues to
receive principal and interest payments in accordance with its contractual terms.
Mortgage-backed securities issued or guaranteed by GSEs (ten securities), GSE bonds (one
security) and corporate bonds (one security) are investment grade securities. The declines in
value are deemed to relate to the general interest rate environment and are considered
temporary. The securities cannot be prepaid in a manner that would result in the Company not
receiving substantially all of its amortized cost. The Company has no intent to sell, nor is
it more likely than not that the Company will be required to sell, the securities contained in
the table above before the recovery of their amortized cost basis or, if necessary, maturity.
F-21
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
The fair values of our investment securities could decline in the future if the underlying
performance of the collateral for the collateralized mortgage obligations or other securities
deteriorates and our credit enhancement levels do not provide sufficient protections to our
contractual principal and interest. As a result, there is a risk that significant
other-than-temporary impairments may occur in the future given the current economic
environment.
(3)
Securities Held-to-Maturity
The following is a comparative summary of mortgage-backed securities held-to-maturity at March
31, 2010 (unaudited) and December 31, 2009 and 2008 (in thousands):
March 31, 2010 (unaudited)
Gross
Gross
Estimated
Amortized
unrealized
unrealized
fair
cost
gains
losses
value
Mortgage-backed securities:
Pass-through certificates:
GSE
$
869
34
—
903
REMICs:
GSE
5,351
178
—
5,529
Total securities held-to-maturity
$
6,220
212
—
6,432
December 31, 2009
Gross
Gross
Estimated
Amortized
unrealized
unrealized
fair
cost
gains
losses
value
Mortgage-backed securities:
Pass-through certificates:
GSE
$
874
27
—
901
REMICs:
GSE
5,866
163
—
6,029
Total securities held-to-maturity
$
6,740
190
—
6,930
December 31, 2008
Gross
Gross
Estimated
Amortized
unrealized
unrealized
fair
cost
gains
losses
value
Mortgage-backed securities:
Pass-through certificates:
GSE
$
6,132
141
—
6,273
REMICs:
GSE
8,347
13
45
8,315
Total securities held-to-maturity
$
14,479
154
45
14,588
The Company did not sell any held-to-maturity securities during the three months ended March
31, 2010 or 2009 (unaudited).
For the year ended December 31, 2009, the Company had gross proceeds of $3,371,000 on sales of
securities held-to-maturity with gross realized gains and gross realized losses of
approximately $210,000 and $0,
F-22
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
respectively, which primarily resulted from the sale of smaller
balance (less than 15% of original purchased principal) mortgage-backed
securities. The Company sells these smaller balance securities as the cost of servicing
becomes prohibitive. The Company did not sell any held-to-maturity securities during the
years ended December 31, 2008 and 2007.
Gross unrealized losses on mortgage-backed securities held-to-maturity and the estimated fair
value of the related securities, aggregated by investment category and length of time that
individual securities have been in a continuous unrealized loss position, at December 31,
2008, were as follows (in thousands):
December 31, 2008
Less than 12 months
12 months or more
Total
Unrealized
Estimated
Unrealized
Estimated
Unrealized
Estimated
losses
fair value
losses
fair value
losses
fair value
REMICs:
GSE
$
45
5,536
—
—
45
5,536
Total
$
45
5,536
—
—
45
5,536
There were no gross unrealized losses on mortgage-backed securities held to maturity at
March 31, 2010 (unaudited) and December 31, 2009.
Mortgage-backed securities issued or guaranteed by GSEs are investment grade securities with
no apparent credit weaknesses. The declines in value are deemed to relate to the general
interest rate environment and are considered temporary. The securities cannot be prepaid in a
manner that would result in the Company not receiving substantially all of its amortized cost.
Management does not have the intent to sell the securities, and it is not more likely than
not that the Company will be required to sell the securities, before their anticipated
recovery (which may be at maturity).
The fair values of our investment securities could decline in the future if the underlying
performance of the collateral for the collateralized mortgage obligation or other securities
deteriorates and our credit enhancement levels do not provide sufficient protections to our
contractual principal and interest. As a result, there is a risk that significant
other-than-temporary impairments may occur in the future given the current economic
environment.
F-23
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
(4)
Loans
Loans held-for-investment, net, consists of the following at March 31, 2010 (unaudited),
December 31, 2009 and 2008 (in thousands):
March 31,
December 31,
2010
2009
2008
(unaudited)
Real estate loans:
Commercial
$
332,427
327,802
289,123
One -to- four family residential
90,014
90,898
103,128
Construction and land
39,523
44,548
52,158
Multifamily
187,372
178,401
108,534
Home equity and lines of credit
28,143
26,118
24,182
Total real estate loans
677,479
667,767
577,125
Commercial and industrial loans
17,833
19,252
11,025
Insurance premium finance loans
39,977
40,382
—
Other loans
1,328
1,299
1,339
Total loans held-for-investment
736,617
728,700
589,489
Deferred loan costs, net
608
569
495
Loans held-for-investment, net
737,225
729,269
589,984
Allowance for loan losses
(17,146
)
(15,414
)
(8,778
)
Net loans held-for-investment
$
720,079
713,855
581,206
The Company did not have any loans-held-for-sale at March 31, 2010 (unaudited), December 31,
2009 and 2008.
The Company does not have any lending programs commonly referred to as subprime lending.
Subprime lending generally targets borrowers with weakened credit histories typically
characterized by payment delinquencies, previous charge-offs, judgments, bankruptcies, or
borrowers with questionable repayment capacity as evidenced by low credit scores or high
debt-burden ratios.
The Company, through its principal subsidiary, the Bank, also services first mortgage
residential loans for others. The principal balance of residential loans serviced amounted to
$71,700,000, $73,800,000 and $77,291,000 at March 31, 2010 (unaudited), December 31, 2009 and
2008, respectively. In addition, the Company serviced $0, $0, and $250,000 in construction
loans at March 31, 2010 (unaudited), December 31, 2009 and 2008, respectively. Servicing of
loans for others does not have a significant effect on our financial position or results of
operations.
A summary of changes in the allowance for loan losses for the three months ended March 31,
2010 and 2009 (unaudited) and the years ended December 31, 2009, 2008, and 2007 follows (in
thousands):
March 31,
December 31,
2010
2009
2009
2008
2007
(unaudited)
Balance at beginning of year
$
15,414
8,778
8,778
5,636
5,030
Provision for loan losses
1,930
1,644
9,038
5,082
1,442
Charge-offs
(198
)
(595
)
(2,402
)
(1,940
)
(836
)
Balance at end of year
$
17,146
9,827
15,414
8,778
5,636
F-24
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
Included in loans receivable are loans for which the accrual of interest income has been
discontinued due to deterioration in the financial condition of the borrowers. The principal
amount of these nonaccrual loans (including impaired loans of $39.5 million at March 31, 2010
(unaudited), $36.8 million at December 31, 2009, and $6.6 million at December 31, 2008) was
$44.3 million, $41.6 million, and $9.5 million at March 31, 2010 (unaudited), December 31,
2009, and 2008, respectively. Loans past due ninety days or more and still accruing interest
was $5.7 million, $191,000, and $137,000 at March 31, 2010 (unaudited), December 31, 2009, and
2008, respectively. The majority of the $5.7 million relates to one loan relationship for
$3.7 million that was current on interest payments in accordance with the original contractual
terms of the loans, but past maturity. These loans are considered well secured and in the
process of collection. The loans are being refinanced by the Company to permanent real estate
mortgages in accordance with our current underwriting standards. The Company is under
commitment to lend additional funds totaling $360,000 to one borrower whose loan is on
non-accrual status at March 31, 2010 (unaudited).
The following tables summarize impaired loans (in thousands):
March 31, 2010 (unaudited)
Allowance
Recorded
for Loan
Net
Investment
Losses
Investment
Non-accruing loans
$
26,390
(190
)
26,200
Non-accruing loans subject to restructuring
agreements
13,090
(422
)
12,668
Accruing loans subject to restructuring
agreements
8,817
(465
)
8,352
Total impaired loans
$
48,297
(1,077
)
47,220
December 31, 2009
Allowance
Recorded
for Loan
Net
Investment
Losses
Investment
Non-accruing loans
$
26,113
(1,596
)
24,517
Non-accruing loans subject to restructuring
agreements
10,717
(409
)
10,308
Accruing loans subject to restructuring
agreements
7,250
(395
)
6,855
Total impaired loans
$
44,080
(2,400
)
41,680
December 31, 2008
Allowance
Recorded
for Loan
Net
Investment
Losses
Investment
Non-accruing loans
$
5,679
(185
)
5,494
Non-accruing loans subject to restructuring
agreements
950
(125
)
825
Total impaired loans
$
6,629
(310
)
6,319
F-25
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
Included in the table above at March 31, 2010 (unaudited), are loans with carrying balances of
$22.9 million that were not written down either by charge-offs or specific reserves in our
allowance for loan losses. The average balance of impaired loans was $46.2 million and $14.1
million for the three months ended March 31, 2010, and 2009 (unaudited), respectively. The
Company recorded $420,000 and $10,000 of interest income on impaired loans for the three
months ended March 31, 2010 and 2009 (unaudited), respectively.
In addition to loans written down by specific reserves recorded during December 31, 2009, $7.9
million of the $44.1 million of impaired loans at December 31, 2009 were written down during
the year to their recorded investment by charge-offs amounting to $735,000. Included in the
table above at December 31, 2009, are loans with carrying balances of $12.7 million that were
not written down by either charge-offs or specific reserves in our allowances for loan losses.
In addition to the specific reserves recorded during 2008, $2.7 million of the $6.6 million of
impaired loans at December 31, 2008 were written down during the year by charge-offs amounting
to $761,000. Included in the table above at December 31, 2008, are loans with carrying
balances of $1.1 million that were not written down by either charge-offs or specific reserves
in our allowances for loan losses.
At March 31, 2010 (unaudited) and December 31, 2009, there was a commitment to lend $360,000
in additional funds to one borrower with an outstanding non-accrual construction loan subject
to restructuring. At December 31, 2008, there were no commitments to lend additional funds to
these borrowers. The average recorded balance of impaired loans for the years ended December
31, 2009, 2008, and 2007 was approximately $27,152,000, $6,997,000, and $8,139,000,
respectively. The Company recorded $624,000 of interest income on impaired loans for the year
ended December 31, 2009. The Company did not record any interest income on impaired loans for
the years ended December 31, 2008 and 2007.
(5)
Premises and Equipment, Net
At March 31, 2010 (unaudited), December 31, 2009 and 2008, premises and equipment, less
accumulated depreciation and amortization, consists of the following (in thousands):
March 31,
December 31,
2010
2009
2008
(unaudited)
At cost:
Land
$
566
566
566
Buildings and improvements
3,403
3,407
3,172
Capital leases
2,600
2,600
2,600
Furniture, fixtures, and equipment
12,804
12,782
11,755
Leasehold improvements
11,360
10,570
6,376
30,733
29,925
24,469
Accumulated depreciation and amortization
(17,619
)
(17,249
)
(15,570
)
Premises and equipment, net
$
13,114
12,676
8,899
Depreciation expense for the three months ended March 31, 2010 and 2009 (unaudited), was
$432,000 and $412,000, respectively, and for the years ended December 31, 2009, 2008 and 2007
was $1,679,000, $1,490,000, and $1,326,000, respectively.
During the year ended December 31, 2007, the Company recognized a gain of approximately
$648,000 as a result of the sale of premises and equipment.
F-26
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
(6)
Deposits
Deposits account balances at March 31, 2010 (unaudited), December 31, 2009 and 2008, are
summarized as follows (dollars in thousands):
March 31,
December 31,
2010
2009
2008
Weighted
Weighted
Weighted
Amount
average rate
Amount
average rate
Amount
average rate
(unaudited)
Transaction:
Negotiable orders
of withdrawal
$
66,719
1.29
%
62,904
1.51
64,382
1.70
Non-interest
bearing checking
108,139
—
110,015
—
93,170
—
Total transaction
174,858
0.49
172,919
0.55
157,552
0.69
Savings:
Money market
226,132
1.09
195,055
1.35
88,241
3.00
Savings
365,686
0.46
369,538
0.64
361,061
1.23
Total savings
591,818
0.70
564,593
0.89
449,302
1.58
Certificates of deposit:
Under $100,000
286,425
1.68
302,869
2.02
252,426
3.18
$100,000 or more
339,804
1.20
276,504
1.76
165,159
3.41
Total certificates
of deposit
626,229
1.42
579,373
1.90
417,585
3.27
Total deposits
$
1,392,905
1.00
%
1,316,885
1.29
1,024,439
2.13
The Company had brokered deposits (classified as certificates of deposit in the above table)
of $136.7 million, $54.8 million, and $0 at March 31, 2010 (unaudited), December 31, 2009 and
December 31, 2008, respectively.
Deposit accounts at the Bank are insured by the FDIC up to a maximum of $250,000. In
addition, the Bank is a participant in the FDIC's Temporary Liquidity Guarantee Program which
fully insures certain non-interest bearing transaction accounts regardless of the dollar
amount until June 30, 2010.
Scheduled maturities of certificates of deposit at March 31, 2010 (unaudited) and December 31,
2009 are summarized as follows (in thousands):
March 31,
December 31,
2010
2009
(unaudited)
2010
$
525,512
517,986
2011
53,411
24,741
2012
10,551
8,363
2013
2,963
2,651
2014 and after
33,792
25,632
$
626,229
579,373
F-27
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
Interest expense on deposits for the three months ended March 31, 2010 and 2009 (unaudited)
and for the years ended December 31, 2009, 2008, and 2007 is summarized as follows (in
thousands):
March 31,
December 31,
2010
2009
2009
2008
2007
(unaudited)
Negotiable orders of withdrawal and money market
$
897
570
3,213
3,147
951
Savings-passbook, statement, and tiered
523
1,066
2,833
2,719
2,303
Subscription proceeds
—
—
—
—
297
Certificates of deposits
2,532
3,321
12,168
12,656
20,212
$
3,952
4,957
18,214
18,522
23,763
(7)
Securities Sold Under Agreements to Repurchase and Other Borrowings
Borrowings consisted of Securities Sold under Agreements to Repurchase, FHLB advances, and
obligations under capital leases and are summarized as follows (in thousands):
March 31,
December 31,
2010
2009
2008
(unaudited)
Repurchase agreements
$
244,680
200,000
170,000
Other borrowings
FHLB advances
46,300
71,300
159,800
Over-night borrowings
—
6,000
—
Obligations under capital leases
2,080
2,124
2,284
$
293,060
279,424
332,084
FHLB advances are secured by a blanket lien on unencumbered securities and the Company's
investment in FHLB capital stock.
Repurchase agreements and FHLB advances have contractual maturities at March 31, 2010
(unaudited) and December 31, 2009, as follows (in thousands):
March 31, 2010
December 31, 2009
Repurchase
FHLB
Repurchase
FHLB
Agreements
Advances
Agreements
Advances
(unaudited)
2010
$
44,680
10,000
25,000
35,000
2011
20,000
15,000
20,000
15,000
2012
50,000
5,000
50,000
5,000
2013
55,000
11,300
55,000
11,300
2014 and after
75,000
5,000
50,000
5,000
$
244,680
46,300
200,000
71,300
F-28
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
At March 31, 2010 (unaudited), $19.7 million of the Bank's repurchase agreements will mature
within 30 to 90 days and have a weighted average rate of 0.25%. These repurchase agreements
are secured primarily by mortgage-backed securities with an amortized cost of $20.0 million,
and a market value of $20.1 million, at March 31, 2010 (unaudited). The remaining repurchase
agreements of $225.0 million will mature after 90 days and have a weighted average rate of
3.66%. These repurchase agreements are secured primarily by mortgage-backed securities with
an amortized cost of $232.9 million, and a market value of $241.0 million, at March 31, 2010
(unaudited).
At December 31, 2009, the Bank's repurchase agreements all mature over 90 days and have a
weighted average rate of 3.76%. The repurchase agreements are secured primarily by
mortgage-backed securities with an amortized cost of $212.5 million, and a market value of
$219.4 million, at December 31, 2009.
The Bank has an overnight line of credit with the Federal Home Loan Bank of New York for
$100,000,000. Additionally, the Bank has a term line of credit for $100,000,000 from the
Federal Home Loan Bank of New York which permits the Bank to borrow for one month. These
lines are limited to the amount of securities
available to be pledged. At March 31, 2010 (unaudited), the Company has $200.0 million
available for use. These lines expire on July 31, 2010, and may be renewed at the option of
the FHLB. Additionally, the Company has the ability to borrow at the Federal Reserve Bank
discount window to the extent the Bank has acceptable collateral to pledge.
Interest expense on borrowings for the three months ended March 31, 2010 and 2009 (unaudited)
and for the years ended December 31, 2009, 2008, and 2007 are summarized as follows (in
thousands):
March 31,
December 31,
2010
2009
2009
2008
2007
(unaudited)
Repurchase Agreements
$
1,958
1,708
7,158
2,728
1,375
FHLB advances
490
999
3,358
6,655
3,464
Over-night borrowings
12
7
53
143
15
Obligations under capital leases
46
50
194
208
219
$
2,506
2,764
10,763
9,734
5,073
F-29
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
(8)
Income Taxes
Income tax expense (benefit) for the three months ended March 31, 2010 and 2009 (unaudited)
and the years ended December 31, 2009, 2008, and 2007 consists of the following (in
thousands):
For the three months ended
For the years ended
March 31,
December 31,
2010
2009
2009
2008
2007
(unaudited)
Federal tax expense (benefit):
Current
$
1,271
2,237
9,434
6,130
8,964
Deferred
389
(891
)
(3,758
)
455
(2,907
)
1,660
1,346
5,676
6,585
6,057
State and local tax expense (benefit):
Current
169
503
2,122
1,052
(123
)
Deferred
11
(280
)
(1,180
)
(456
)
(7,489
)
180
223
942
596
(7,612
)
Total income tax expense (benefit)
$
1,840
1,569
6,618
7,181
(1,555
)
The Company has recognized income tax expense related to changes in unrealized gains and
losses on securities available-for-sale of $8,473,000, $2,428,000, and $7,065,000, in 2009,
2008, and 2007, respectively. Such amounts are recorded as a component of comprehensive
income in the consolidated statements of changes in stockholders' equity.
The Company has also recognized an income tax expense (benefit) related to net actuarial
losses from other postretirement benefits of $26,000, $28,000, and $(158,000) in 2009, 2008
and 2007, respectively. Such amounts are recorded as a component of accumulated comprehensive
income in the consolidated statements of changes in stockholders' equity.
F-30
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
A reconciliation between the amount of reported total income tax expense (benefit) and the
expected amount computed by multiplying income before income tax expense (benefit) by the
applicable statutory federal income tax rate for the three months ended March 31, 2010 and
2009 (unaudited) and for the years ended December 31, 2009, 2008, and 2007 is as follows
(dollars in thousands):
For the three months ended
For the years ended
March 31,
December 31,
2010
2009
2009
2008
2007
(unaudited)
Tax expense at statutory rate of 35%
$
1,827
1,506
6,542
8,054
3,133
Increase (decrease) in taxes resulting from:
State tax, net of federal income tax
117
145
612
387
(4,947
)
Bank owned life insurance
(148
)
(152
)
(613
)
(1,482
)
(593
)
Change in state apportionment,
net of federal tax
—
—
—
—
327
Utilization of State of New York
net operating loss carryforwards,
net of federal tax
—
—
—
—
372
Other, net
44
70
77
222
153
Inome tax expense (benefit)
$
1,840
1,569
6,618
7,181
(1,555
)
F-31
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
The tax effects of temporary differences that give rise to significant portions of the
deferred tax assets and deferred tax liabilities at March 31, 2010 (unaudited), December 31,
2009 and 2008, are as follows (in thousands):
March 31,
December 31,
2010
2009
2008
(unaudited)
Deferred tax assets:
Allowance for loan losses
$
6,963
6,346
2,710
Deferred loan fees
197
181
226
Capitalized leases
869
886
985
Charitable deduction carryforward
2,888
3,017
4,088
Deferred compensation
2,136
2,175
1,679
Postretirement benefits
487
483
479
Equity awards
280
1,030
—
Unrealized actuarial losses on post retirement benefits
207
223
197
Straight-line leases adjustment
610
598
524
Asset retirement obligation
90
87
79
Reserve for accrued interest receivable
870
1,047
602
Reserve for loan commitments
153
111
168
Other
235
261
168
Total gross deferred tax assets
15,985
16,445
11,905
Deferred tax liabilities:
Depreciation
384
383
546
Unrealized gains on securities — AFS
10,666
8,558
85
Mortgage servicing rights
89
98
134
Employee Stock Ownership Plan
4
4
92
Step up to fair market value of acquired loans
116
120
157
Step up to fair market value of acquired investment
5
13
26
Other
63
84
160
Total gross deferred tax liabilities
11,327
9,260
1,200
Valuation allowance
1,035
1,038
1,046
Net deferred tax asset
$
3,623
6,147
9,659
The Company has determined that a valuation allowance should be established for certain state
and local tax benefits related to the Company's contribution to the Northfield Bank
Foundation. The Company has determined that it is not required to establish a valuation
reserve for the remaining net deferred tax asset account since it is "more likely than not"
that the net deferred tax assets will be realized through future reversals of existing taxable
temporary differences, future taxable income and tax planning strategies. The conclusion that
it is "more likely than not" that the remaining net deferred tax assets will be realized is
based on the history of earnings and the prospects for continued profitability. Management
will continue to review the tax criteria related to the recognition of deferred tax assets.
Certain amendments to the Federal, New York State, and New York City tax laws regarding bad
debt deductions were enacted in July 1996, August 1996, and March 1997, respectively. The
Federal amendments include elimination of the percentage-of-taxable-income method for tax
years beginning after December 31, 1995, and imposition of a requirement to recapture into
taxable income (over a six-year period) the bad debt reserves in excess of the base-year
amounts. The New York State and City amendments redesignated the
F-32
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
Company's state and city bad
debt reserves at December 31, 1995, as the base-year amount and also provided for future
additions to the base-year reserve using the percentage-of-taxable-income method.
The Company's Federal, state, and city base-year reserves were approximately $5,900,000,
respectively, at March 31, 2010 (unaudited), December 31, 2009 and 2008. Under the tax laws
as amended, events that would result in taxation of certain of these reserves include the
following: (a) the Company's retained earnings represented by this reserve are used for
purposes other than to absorb losses from bad debts, including excess dividends or
distributions in liquidation; (b) the Company redeems its stock; (c) the Company fails to meet
the definition of a bank for Federal purposes or a thrift for state and city purposes; or (d)
there is a change in the federal, state, or city tax laws. At December 31, 2005, the Company's
unrecognized deferred tax liabilities with respect to its base-year reserves for Federal,
state, and city taxes totaled approximately $2,800,000. Deferred tax liabilities have not
been recognized with respect to the 1987 base-year reserves, since the Company does not expect
that these amounts will become taxable in the foreseeable future.
At December 31, 2005, the Company did not meet the definition of a thrift for New York State
and City purposes, and as a result, recorded a state and local tax expense of approximately
$2,200,000 pertaining to the recapture of the state and city base-year reserves accumulated
after December 31, 1987.
The Company files income tax returns in the United States federal jurisdiction and in New York
State and City jurisdictions. The Company's subsidiary also files income tax returns in the
State of New Jersey. With few exceptions, the Company is no longer subject to federal and
local income tax examinations by tax authorities for years prior to 2005. The State of New
York has concluded examining the Company's tax returns filed from 2000 to 2006, resulting in
the Company reversing of state and local tax liabilities of approximately $4.5 million, net of
federal taxes during 2007.
The following is a reconciliation of the beginning and ending amounts of gross unrecognized
tax benefits for the year ended December 31, 2008. The amounts have not been reduced by the
federal deferred tax effects of unrecognized state benefits.
2008
Unrecognized tax benefits at beginning of year
$
2,700
Additions of positions of prior years
—
Settlement of unrecognized tax benefits
(2,700
)
Unrecognized tax benefits at end of year
$
—
The Company records interest accrued related to uncertain tax benefits as tax expense. During
the years ended December 31, 2008 and 2007, the Company accrued $62,000 and $350,000,
respectively, in interest on uncertain tax positions. The Company did not accrue interest on
uncertain tax positions for the three months ended March 31, 2010 and 2009 (unaudited), or for
the year ended December 31, 2009. The Company records penalties accrued as other expenses.
The Company has not incurred any tax penalties.
(9)
Retirement Benefits
The Company has a 401(k) plan for its employees, which grants eligible employees (those
salaried employees with at least one year of service) the opportunity to invest from 2% to 15%
of their base compensation in certain investment alternatives. The Company contributes an
amount equal to 25% of employee contributions on the first 6% of base compensation contributed
by eligible employees for the first three years of participation. Subsequent years of
participation in excess of three years will increase the Company matching contribution from
25% to 50% of an employee's contributions, on the first 6% of base compensation contributed by
eligible employees. A member becomes fully vested in the Company's contributions upon (a)
completion of five years of service, or (b) normal retirement, early retirement, permanent
disability, or death.
F-33
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
During 2007, the Company modified the employer match for the 401(k) plan. Prior to July 9,
2007, the Company contributed an amount equal to one-half of the employee contribution on the
first 6% of base compensation contributed by eligible employees for the first three years of
participation. Subsequent years of participation in excess of three years increased the
Company matching contribution from 50% to 100% of an employee's contributions, on the first 6%
of base compensation contributed by eligible employees. The Company's contribution to this
plan amounted to approximately $48,000 and $43,000 for the three months ended March 31, 2010
and 2009 (unaudited), respectively, and $156,000, $166,000, and $270,000 for the years ended
December 31, 2009, 2008, and 2007, respectively.
The Company also maintains a profit-sharing plan in which the Company can contribute to the
participant's 401(k) account, at its discretion, up to the legal limit of the Internal Revenue
Code. The Company did not contribute to the profit sharing plan during the three months ended
March 31, 2010 and 2009 (unaudited), or for the years ended December 31, 2009, 2008 and 2007.
The Company maintains the Northfield Bank Employee Stock Ownership Plan (the ESOP). The ESOP
is a tax-qualified plan designed to invest primarily in the Company's common stock. The ESOP
provides employees with the opportunity to receive a funded retirement benefit from the Bank,
based primarily on the value of the Company's common stock. The ESOP was authorized to, and
did purchase, 1,756,279 shares of the Company's common stock in the Company's initial public
offering at a price of $10.00 per share. This purchase was funded with a loan from Northfield
Bancorp, Inc. to the ESOP. The first payment on the loan from the ESOP to the Company was due
and paid on December 31, 2007, and the outstanding balance at March 31, 2010 (unaudited),
December 31, 2009 and 2008, was $15.8 million, $15.8 million, and $16.2 million, respectively.
The shares of the Company's common stock purchased in the initial public offering are pledged
as collateral for the loan. Shares will be released for allocation to participants as loan
payments are
made. A total of 58,539, 58,643, and 58,543 shares were released and allocated to
participants for the ESOP year ended December 31, 2009, 2008 and 2007, respectively. ESOP
compensation expense was $201,000 and $148,000 for the three months ended March 31, 2010 and
2009 (unaudited), respectively, and $676,000, $644,000, and $621,000 for the years ended
December 31, 2009, 2008 and 2007, respectively. Cash dividends on unallocated shares are
utilized to satisfy required debt payments. Dividends on allocated shares are utilized to
prepay debt which releases additional shares to participants.
The Company maintains a Supplemental Employee Stock Ownership Plan (the SESOP) a non-qualified
plan that provides supplemental benefits to certain executives who are prevented from
receiving the full benefits contemplated by the ESOP's benefit formula under tax law limits
for tax-qualified plans. The supplemental payments for the SESOP consist of cash payments
representing the value of Company shares that cannot be allocated to participants under the
ESOP due to legal limitations imposed on tax-qualified plans. The Company made a contribution
to the SESOP plan of $41,000, $54,000, and $48,000 for the years ended December 31, 2009, 2008
and 2007, respectively.
F-34
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
The following tables set forth the funded status and components of postretirement benefit
costs at December 31 measurement dates (in thousands):
2009
2008
Accumulated postretirement benefit obligation beginning of year
$
1,559
1,576
Service cost
4
3
Interest cost
93
95
Actuarial (gain) loss
111
(27
)
Benefits paid
(97
)
(88
)
Accumulated postretirement benefit obligation end of year
1,670
1,559
Plan assets at fair value
—
—
Unrecognized transition obligation
—
—
Unrecognized prior service cost
—
—
Unrecognized loss
—
—
Accrued liability (included in accrued expenses and other liabilities)
$
1,670
1,559
The following table sets forth the amounts recognized in accumulated other comprehensive
income (loss) (in thousands):
December 31,
2009
2008
Net loss
$
280
186
Transition obligation
100
117
Prior service cost
137
152
Loss recognized in accumulated other
comprehensive income (loss)
$
517
455
The estimated net loss, transition obligation, and prior service cost that will be amortized
from accumulated other comprehensive income (loss) into net periodic cost in 2010 are $17,000,
$17,000 and $16,000, respectively.
The following table sets forth the components of net periodic postretirement benefit costs for
the years ended December 31, 2009, 2008, and 2007 (in thousands):
December 31,
2009
2008
2007
Service cost
$
4
3
4
Interest cost
93
95
67
Amortization of transition obligation
17
17
16
Amortization of prior service costs
15
16
16
Amortization of unrecognized (gain) loss
17
22
(15
)
Net postretirement benefit cost included
in compensation and employee benefits
$
146
153
88
F-35
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
The assumed discount rate related to plan obligations reflects the weighted average of
published market rates for high-quality corporate bonds with terms similar to those of the
plan's expected benefit payments, rounded to the nearest quarter percentage point. The
Company's discount rate and rate of compensation increase used in accounting for the plan are
as follows:
2009
2008
2007
Assumptions used to determine benefit
obligation at period end:
Discount rate
5.50
%
6.25
6.25
Rate of increase in compensation
4.25
4.25
4.50
Assumptions used to determine net periodic
benefit cost for the year:
Discount rate
6.25
%
6.25
5.75
Rate of increase in compensation
4.25
4.50
4.50
At December 31, 2009, a medical cost trend rate of 9.0% for 2009, decreasing 0.50% per year
thereafter until an ultimate rate of 5.0% is reached, was used in the plan's valuation. The
Company's healthcare cost trend rate is based, among other things, on the Company's own
experience and third party analysis of recent and projected healthcare cost trends.
At December 31, 2008, a medical cost trend rate of 12.00% for 2008, decreasing 1.00% per year
thereafter until an ultimate rate of 5.0% is reached, was used in the plan's valuation. The
Company's healthcare cost trend rate is based, among other things, on the Company's own
experience and third party analysis of recent and projected healthcare cost trends.
A one percentage-point change in assumed heath care cost trends would have the following
effects (in thousands):
One
One
Percentage point
Percentage point
Increase
Decrease
2009
2008
2009
2008
Effect on benefits earned and interest cost
$
8
8
(6
)
(7
)
Effect on accumulated postretirement benefit obligation
126
120
(112
)
(106
)
A one percentage-point change in assumed heath care cost trends would have the following
effects (in thousands):
One
One
Percentage point
Percentage point
Increase
Decrease
2009
2008
2007
2009
2008
2007
Aggregate of service and interest
components of net periodic cost (benefit)
$
8
7
5
(6
)
(7
)
(5
)
Benefit payments of approximately $97,000, $88,000, and $83,000 were made in 2009, 2008, and
2007, respectively. The benefits expected to be paid under the postretirement health benefits
plan for the next five
F-36
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
years are as follows: $130,000 in 2010; $133,000 in 2011; $136,000 in
2012; $139,000 in 2013; and $141,000 in 2014. The benefit payments expected to be paid in the
aggregate for the years 2015 through 2019 are $689,000. The expected benefits are based on the
same assumptions used to measure the Company's benefit obligation at December 31, 2009, and
include estimated future employee service.
The Medicare Prescription Drug, Improvement and Modernization Act of 2003, or Medicare Act,
introduced both a Medicare prescription-drug benefit and a federal subsidy to sponsors of
retiree health-care plans that provide a benefit at least "actuarially equivalent" to the
Medicare benefit. The Company has evaluated the estimated potential subsidy available under
the Medicare Act and the related costs associated with qualifying for the subsidy. Due to the
limited number of participants in the plan, the Company has concluded that it is not cost
beneficial to apply for the subsidy. Therefore, the accumulated postretirement benefit
obligation information and related net periodic postretirement benefit costs do not reflect
the effect of any potential subsidy.
The Company maintains a nonqualified plan to provide for the elective deferral of all or a
portion of director fees by members of the participating board of directors, deferral of all
or a portion of the compensation and/or annual bonus payable to eligible employees of the
Company, and to provide to certain officers of the Company benefits in excess of those
permitted to be paid by the Company's savings plan, ESOP, and profit-sharing plan under the
applicable Internal Revenue Code. The plan obligation was approximately $3,403,000 and
$2,498,000 at December 31, 2009 and 2008, respectively, and is included in accrued expenses
and other liabilities on the consolidated balance sheets. Expense (income) under this plan
was $592,000, $(1,331,000), and $62,000 for the years ended December 31, 2009, 2008, and 2007,
respectively. The Company invests to fund this future obligation, in various mutual funds
designated as trading securities. The securities are marked-to-market through current period
earnings as a component of non-interest income. Accrued obligations under this plan are
credited or charged with the return on the trading securities portfolio as a component of
compensation and benefits expense.
The Company entered into a supplemental retirement agreement with its former president and
current director on July 18, 2006. The agreement provides for 120 monthly payments of
$17,450. The present value of the obligation, of approximately $1,625,000, was recorded in
compensation and benefits expense in 2006. The present value of the obligation as of December
31, 2009 and 2008, was approximately $1,190,000 and $1,334,000, respectively.
(10)
Equity Incentive Plan
The Company maintains the Northfield Bancorp, Inc. 2008 Equity Incentive Plan to grant common
stock or options to purchase common stock at specific prices to directors and employees of the
Company. The Plan provides for the issuance or delivery of up to 3,073,488 shares of
Northfield Bancorp, Inc. common stock subject to certain Plan limitations. On January 30,
2009, certain officers and employees of the Company were granted an aggregate of 1,478,900
stock options and 582,700 shares of restricted stock, and non-employee directors received an
aggregate of 623,700 stock options and 249,750 shares of restricted stock. On January 30,
2010 (unaudited), an employee was granted 3,000 stock options and 4,400 restricted stock
awards. On May 29, 2009, an employee was granted 3,800 stock options and 4,200 restricted
stock awards. All stock options and restricted stock vest in equal installments over a five
year period beginning one year from the date of grant. The vesting of options and restricted
stock awards may accelerate in accordance with terms of the plan. Stock options were granted
at an exercise price equal to the fair value of the Company's common stock on the grant date
based on quoted market prices and all have an expiration period of ten years. The fair value
of stock options granted on January 30, 2009, was estimated utilizing the Black-Scholes option
pricing model using the following assumptions: an expected life of 6.5 years utilizing the
simplified method, risk-free rate of return of 2.17%, volatility of 35.33% and a dividend
F-37
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
yield of 1.61%. The fair value of stock options granted on May 29, 2009, was estimated
utilizing the Black-Scholes option pricing model using the
following assumptions: an expected life of 6.5 years utilizing the simplified method,
risk-free rate of return of 2.88%, volatility of 38.39% and a dividend yield of 1.50%. The
fair value of stock options granted on January 30, 2010 (unaudited), was estimated utilizing
the Black-Scholes option pricing model using the following assumptions: an expected life of
6.5 years utilizing the simplified method, risk-free rate of return of 2.90%, volatility of
38.29% and a dividend yield of 1.81% The Company is expensing the grant date fair value of all
employee and director share-based compensation over the requisite service periods on a
straight-line basis.
During the year ended December 31, 2009, the Company recorded $2.9 million of stock-based
compensation. There was no stock based compensation during the years ended December 31, 2008
and 2007.
The following table is a summary of the Company's non-vested stock options as of March 31,
2010 (unaudited) and December 31, 2009, and changes therein during the period then ended:
Weighted
Average
Weighted
Average
Weighted
Average
Number of
Grant Date
Exercise
Contractual
Stock Options
Fair Value
Price
Life (years)
Outstanding- December 31, 2008
—
$
—
$
—
—
Granted
2,106,400
3.22
9.94
10.00
Forfeited
(23,000
)
3.22
9.94
—
Outstanding- December 31, 2009
2,083,400
$
3.22
$
9.94
9.08
Exercisable- December 31, 2009
—
$
—
$
—
—
Outstanding- December 31, 2009
2,083,400
$
3.22
$
9.94
9.08
Granted
3,000
4.66
13.24
10.00
Forfeited
—
—
—
—
Excercised
(13,860
)
3.22
9.94
—
Outstanding- March 31, 2010 (unaudited)
2,072,540
$
3.22
$
9.94
8.84
Exercisable- March 31, 2010 (unaudited)
402,060
$
3.22
$
9.94
8.83
Expected future stock option expense related to the non-vested options outstanding as of March
31, 21010 (unaudited), is $5.3 million over an average period of 3.8 years.
Expected future stock option expense related to the non-vested options outstanding as of
December 31, 2009, is $5.5 million over an average period of 4.0 years.
F-38
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
The following is a summary of the status of the Company's restricted shares as of March 31,
2010 (unaudited) and December 31, 2009, and changes therein during the period then ended.
Weighted
Number of
Average
Shares
Grant Date
Awarded
Fair Value
Non-vested at December 31, 2008
—
$
—
Granted
836,650
9.94
Vested
—
—
Forfeited
(11,500
)
9.94
Non-vested at December 31, 2009
825,150
$
9.94
Non-vested at December 31, 2009
825,150
9.94
Granted
4,400
13.24
Vested
(174,830
)
9.94
Forfeited
—
—
Non-vested at March 31, 2010 (unaudited)
654,720
9.97
Expected future stock award expense related to the non-vested restricted awards as of March
31, 2010 (unaudited) is $6.3 million over an average period of 3.8 years. On January 30, 2010
(unaudited), 174,830 of the restricted shares vested. In connection with the vesting, the
Company repurchased 21,605 shares of common stock for employees (at their request) in
satisfaction of minimum payroll taxes.
Expected future stock award expense related to the non-vested restricted awards as of December
31, 2009 is $6.7 million over an average period of 4.0 years.
Upon the exercise of stock options, management expects to utilize treasury stock as the source
of issuance for these shares.
(11)
Commitments and Contingencies
The Company, in the normal course of business, is party to commitments that involve, to
varying degrees, elements of risk in excess of the amounts recognized in the consolidated
financial statements. These commitments include unused lines of credit and commitments to
extend credit.
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NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
At March 31, 2010 (unaudited) and December 31, 2009, the following commitment and contingent
liabilities existed that are not reflected in the accompanying consolidated financial
statements (in thousands):
At
March 31, 2010
December 31, 2009
(unaudited)
Commitments to extend credit
$
23,875
4,264
Unused lines of credit
38,340
36,027
Standby letters of credit
3,181
3,181
The Company's maximum exposure to credit losses in the event of nonperformance by the other
party to these commitments is represented by the contractual amount. The Company uses the
same credit policies in granting commitments and conditional obligations as it does for
amounts recorded in the consolidated balance sheets. These commitments and obligations do not
necessarily represent future cash flow requirements. The Company evaluates each customer's
creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed
necessary, is based on management's assessment of risk. Standby letters of credit are
conditional commitments issued by the Company to guarantee the performance of a customer to a
third party. The guarantees generally extend for a term of up to one year and are fully
collateralized. For each guarantee issued, if the customer defaults on a payment to the third
party, the Company would have to perform under the guarantee. The unamortized fee on standby
letters of credit approximates their fair value; such fees were insignificant at March 31,
2010 (unaudited) and December 31, 2009. The Company maintains an allowance for estimated
losses on commitments to extend credit. At March 31, 2010 (unaudited), December 31, 2009 and
2008, the allowance was $367,000, $266,000 and $390,000, respectively, and is recorded as a
component of other non-interest expense.
At December 31, 2009, the Company was obligated under non-cancelable operating leases and
capitalized leases on property used for banking purposes. Most leases contain escalation
clauses and renewal options which provide for increased rentals as well as for increases in
certain property costs including real estate taxes, common area maintenance, and insurance.
The projected minimum annual rental payments and receipts under the capitalized leases and
operating leases are as follows (in thousands):
Rental
Rental
Rental
payments
payments
receipts
capitalized
operating
operating
leases
leases
leases
Year ending December 31:
2010
$
365
2,177
165
2011
376
2,083
165
2012
387
2,027
165
2013
399
1,991
169
2014
411
2,035
190
Thereafter
1,075
22,686
1,822
Total minimum lease payments
$
3,013
32,999
2,676
Net rental expense included in occupancy expense was approximately $549,000 and $516,000, for
the three months ended March 31, 2010 and 2009 (unaudited) and $2,128,000, $1,466,000, and
$1,140,000 for the years ended December 31, 2009, 2008, and 2007, respectively.
F-40
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NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
In December of 2009, the Bank entered in an agreement to lease a building located in Brooklyn,
New York. The Bank intends to operate a bank branch at this location. The Bank anticipates
taking possession of the building during 2010 at which time the lease will commence. The
initial lease is term is 15 years with an average monthly rental expense of $22,000 per month.
The Bank has two five year renewal options.
In December of 2009, the Bank entered in an agreement to lease a building located on in Staten
Island, New York. The Bank intends to operate a bank branch at this location. The Bank
anticipates taking possession of the building during 2010 at which time the lease will
commence. The lease is for a term of 15 years with an average monthly rental expense of
$15,000 per month. The Bank has two five year renewal options.
In the normal course of business, the Company may be a party to various outstanding legal
proceedings and claims. In the opinion of management, the consolidated financial statements
will not be materially affected by the outcome of such legal proceedings and claims.
The Bank is required by regulation to maintain a certain level of cash balances on hand and/or
on deposit with the Federal Reserve Bank of New York. As of March 31, 2010 (unaudited),
December 31, 2009 and 2008, the Bank was required to maintain balances of $243,000, $483,000
and $3,762,000, respectively.
The Bank has entered into employment agreements with its Chief Executive Officer and the other
executive officers of the Bank to ensure the continuity of executive leadership, to clarify
the roles and responsibilities of executives, and to make explicit the terms and conditions of
executive employment. These agreements are for a term of three-years subject to review and
annual renewal, and provide for certain levels of base annual salary and in the event of a
change in control, as defined, or in the event of termination, as defined, certain levels of
base salary, bonus payments, and benefits for a period of up to three-years.
On May 26, 2006, the Bank entered into a purchase and assumption agreement with a third party
which includes the purchase of certain premises, equipment, and leaseholds of two of the
Bank's branches. The agreement also provides for the third party to assume the deposit
liabilities of the two branches, totaling approximately $29.0 million as of December 31, 2006,
and related lease obligations. The purchase and assumption agreement is at or above the
Bank's carrying value of the related assets purchased and liabilities and obligations being
assumed. The transaction closed in the first quarter of 2007 and the Company recognized a
gain on the sale of premises and equipment and related deposit relationships of approximately
$4.3 million.
(12)
Regulatory Requirements
Northfield Bank converted to a federally-charted savings bank from a New York-chartered
savings bank effective November 6, 2007. Northfield Bank's regulator is the Office of Thrift
Supervision "OTS" (previously Federal Deposit Insurance Corporation "FDIC"). Simultaneously
with Northfield Bank's conversion, Northfield Bancorp, MHC and Northfield Bancorp, Inc.
converted to federal-charters from New York-chartered holding companies.
The OTS requires banks to maintain a minimum tangible capital ratio to tangible assets of
1.5%, a minimum core capital ratio to total adjusted assets of 4.0%, and a minimum ratio of
total risk-adjusted total assets of 8.0%.
Under prompt corrective action regulations, the OTS is required to take certain supervisory
actions (and may take additional discretionary actions) with respect to an undercapitalized
institution. Such actions could have a direct material effect on the institution's financial
statements. The regulations establish a framework for the classification of savings
institutions into five categories: well capitalized, adequately capitalized, undercapitalized,
significantly undercapitalized, and critically undercapitalized. Generally, an institution is
considered well capitalized if it has a core capital ratio of at least 5%, a Tier 1 risk-based
capital ratio of at least 6%, and a total risk-based capital ratio of at least 10%.
The foregoing capital ratios are based in part on specific quantitative measures of assets,
liabilities, and certain off-balance-sheet items as calculated under regulatory accounting
practices. Capital amounts and
F-41
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NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
classifications also are subject to qualitative judgments by
the regulators about capital components, risk weighting, and other factors.
Management believes that as of March 31, 2010 (unaudited) and December 31, 2009, the Bank met
all capital adequacy requirements to which it is subject. Further, the most recent OTS
notification categorized the Bank as a well-capitalized institution under the prompt
corrective action regulations. There have been no conditions or events since that
notification that management believes have changed the Bank's capital classification.
Northfield Bancorp, Inc. is regulated, supervised, and examined by the OTS as a savings and
loan holding company and, as such, is not subject to regulatory capital requirements.
The following is a summary of Northfield Bank's regulatory capital amounts and ratios compared
to the OTS requirements as of March 31, 2010 (unaudited), December 31, 2009 and 2008, for
classification as a well-capitalized institution and minimum capital (dollars in thousands).
OTS Requirements
For well capitalized
For capital
under prompt corrective
Actual
adequacy purposes
action provisions
Amount
Ratio
Amount
Ratio
Amount
Ratio
As of March 31, 2010 (unaudited):
Tangible capital to
tangible assets
$
278,658
13.91
%
$
30,046
1.50
%
$
NA
NA
%
Tier 1 captial (core)
(to adjusted total assets)
278,658
13.91
80,122
4.00
110,152
5.00
Total capital (to risk-
weighted assets)
291,780
28.59
81,634
8.00
102,043
10.00
As of December 31, 2009:
Tangible capital to
tangible assets
$
274,236
14.35
%
$
28,666
1.50
%
$
NA
NA
%
Tier 1 captial (core)
(to adjusted total assets)
274,236
14.35
76,442
4.00
95,553
5.00
Total capital (to risk-
weighted assets)
287,085
28.52
80,529
8.00
100,661
10.00
As of December 31, 2008:
Tangible capital to
tangible assets
$
272,480
15.98
%
$
25,577
1.50
%
$
NA
NA
%
Tier 1 captial (core)
(to adjusted total assets)
272,480
15.98
68,205
4.00
85,257
5.00
Total capital (to risk-
weighted assets)
281,648
34.81
64,728
8.00
80,910
10.00
The following is a reconciliation of Northfield Bank's total stockholders' equity to
regulatory capital amounts under OTS regulations at March 31, 2010 (unaudited), December 31,
2009 and 2008 (dollars in thousands).:
F-42
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
March 31,
December 31,
2010
2009
2008
(unaudited)
Total stockholders' equity
$
310,098
302,260
289,097
Adjustments for regulatory capital purposes:
Goodwill and certain other intangibles
(16,318
)
(16,361
)
(16,697
)
Net unrealized gains on securities
available for sale, net
(15,522
)
(12,064
)
(285
)
Other
400
401
365
Total (tier 1 capital) core
278,658
274,236
272,480
Qualifying allowance for loan losses
12,755
12,583
8,778
Other
367
266
390
Total risk-based capital
$
291,780
287,085
281,648
(13)
Fair Value of Measurement
The following table presents the assets reported on the consolidated balance sheet at their
estimated fair value as of March 31, 2010 (unaudited), December 31, 2009 and 2008, by level
within the Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards
Codification. Financial assets and liabilities are classified in their entirety based on the
level of input that is significant to the fair value measurement. The fair value hierarchy is
as follows:
•
Level 1 Inputs — Unadjusted quoted prices in active markets for identical
assets or liabilities that the reporting entity has the ability to access at the
measurement date.
•
Level 2 Inputs — Inputs other than quoted prices included in Level 1 that are
observable for the asset or liability, either directly or indirectly. These
include quoted prices for similar assets or liabilities in active markets, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the asset or
liability (for example, interest rates, volatilities, prepayment speeds, loss
severities, credit risks and default
rates) or inputs that are derived principally from or corroborated by observable
market data by correlations or other means.
•
Level 3 Inputs — Significant unobservable inputs that reflect the Company's own
assumptions that market participants would use in pricing the assets or
liabilities.
F-43
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
The following tables summarize financial assets and financial liabilities measured at fair
value on a recurring basis as of March 31, 2010 (unaudited), December 31, 2009 and 2008,
segregated by the level of the valuation inputs within the fair value hierarchy utilized to
measure fair value (in thousands):
Fair Value Measurements at Reporting Date Using:
Significant
Quoted Prices in
Other
Significant
Active Markets for
Observable
Unobservable
March 31, 2010
Identical Assets
Inputs
Inputs
(unaudited)
(Level 1)
(Level 2)
(Level 3)
Measured on a recurring basis:
Assets:
Investment securities:
Available-for-sale:
Mortgage-backed securities
GSE
$
781,961
—
781,961
—
Non-GSE
161,596
—
161,596
—
Corporate bonds
136,724
—
136,724
—
GSE bonds
130,291
—
130,291
—
Equities
5,623
5,623
—
—
Total available-for-sale
1,216,195
5,623
1,210,572
—
Trading securities
3,706
3,706
—
—
Total
$
1,219,901
9,329
1,210,572
—
Measured on a non-recurring basis:
Assets:
Impaired loans:
Real estate loans:
Commercial mortgage (CRE)
$
17,231
—
—
17,231
Construction and land
6,219
—
—
6,219
Multifamily
835
—
—
835
Total impaired loans
24,285
—
—
24,285
Other real estate owned (CRE)
1,533
—
—
1,533
Total
$
25,818
—
—
25,818
F-44
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
Fair Value Measurements at Reporting Date Using:
Quoted Prices in
Significant
Active Markets
Significant Other
Unobservable
for Identical
Observable
Inputs
December 31, 2009
Assets (Level 1)
Inputs (Level 2)
(Level 3)
Measured on a recurring basis:
Assets:
Investment securities:
Available-for-sale:
Mortgage-backed securities
GSE
$
767,148
—
767,148
—
Non-GSE
176,660
—
176,660
—
Corporate bonds
137,140
—
137,140
—
GSE bonds
28,983
—
28,983
—
Equities
21,872
21,872
—
—
Total available-for-sale
1,131,803
21,872
1,109,931
—
Trading securities
3,403
3,403
—
—
Total
$
1,135,206
25,275
1,109,931
—
Measured on a non-recurring basis:
Assets:
Impaired loans:
Real estate loans:
Commercial mortgage
$
21,295
—
—
21,295
Construction and land
6,910
—
—
6,910
Multifamily
823
—
—
823
Total impaired loans
29,028
—
—
29,028
Other real estate owned (CRE)
1,938
—
—
1,938
Total
$
30,966
—
—
30,966
December 31, 2008
(Level 1)
(Level 2)
(Level 3)
Measured on a recurring basis:
Assets:
Investment securities:
Available-for-sale:
Mortgage-backed securities
GSE
$
791,736
$
—
$
791,736
$
—
Non-GSE
139,473
—
139,473
Corporate bonds
17,351
—
17,351
—
Equities
9,025
9,025
—
—
Total available-for-sale
957,585
9,025
948,560
—
Trading securities
2,498
2,498
—
—
Total
$
960,083
$
11,523
$
948,560
$
—
Measured on a non-recurring basis:
Assets:
Impaired loans:
Real estate loans:
Commercial mortgage
$
2,513
—
—
2,513
Construction and land
2,675
—
—
2,675
Total impaired loans
5,188
—
—
5,188
Other real estate owned (CRE)
1,071
—
—
1,071
Total
$
6,259
—
—
6,259
F-45
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
Available -for- Sale Securities:
The estimated fair values for mortgage-backed securities, GSE
bonds, and corporate securities are obtained from a nationally recognized third-party pricing
service. The estimated fair values are derived primarily from cash flow models, which include
assumptions for interest rates, credit losses, and prepayment speeds. Broker/dealer quotes
are utilized as well when such quotes are available and deemed representative of the market.
The significant inputs utilized in the cash flow models are based on market data obtained from
sources independent of the Company (observable inputs,) and are therefore classified as Level
2 within the fair value hierarchy. The estimated fair value of equity securities classified
as Level 1, are derived from quoted market prices in active markets. Equity securities
consist primarily of money market mutual funds.
Trading Securities:
Fair values are derived from quoted market prices in active markets.
The assets consist of publicly traded mutual funds.
Also, the Company may be required, from time to time, to measure the fair value of
certain other financial assets on a nonrecurring basis in accordance with U.S. generally
accepted accounting principles. The adjustments to fair value usually result from the
application of lower-of-cost-or-market accounting or write downs of individual assets.
Impaired Loans:
At March 31, 2010 (unaudited), December 31, 2009 and 2008, the Company had
impaired loans with outstanding principal balances of $25.4 million, $31.4 million and $5.5
million, which were recorded at their estimated fair value of $24.3 million, $29.0 million and
$5.2 million, respectively. The Company recorded impairment charges of $1.1 million and
charge-offs of $198,000 for the three months ended March 31, 2010 (unaudited), compared to
impairment charges of $594,000 and charge-offs of $595,000 for the same period of 2009
(unaudited), respectively, utilizing Level 3 inputs. The Company recorded impairment charges
of $2.4 million and $300,000, for the years ended December 31, 2009 and 2008, respectively,
utilizing Level 3 inputs. In addition, the Company recorded charge-offs on impaired loans
amounting to $940,000 and $761,000, for the years ended December 31, 2009 and 2008,
respectively, also utilizing Level 3 inputs. Impaired assets are valued utilizing independent
appraisals, if the loan is collateral dependent, adjusted downward by management, as
necessary, for changes in relevant valuation factors subsequent to the appraisal date, or the
present value of expected future cash flows for non-collateral dependent loans and troubled
debt restructurings.
Other Real Estate Owned:
At March 31, 2010 (unaudited), December 31, 2009 and 2008, the
Company had assets acquired through foreclosure of $1.5 million, $1.9 million, and $1.1
million, respectively, recorded at estimated fair value, less estimated selling costs when
acquired, thus establishing a new cost basis. Fair value is generally based on independent
appraisals. These appraisals include adjustments to comparable assets based on the
appraisers' market knowledge and experience, and are considered Level 3 inputs. When an asset
is acquired, the excess of the loan balance over fair value, less estimated selling costs, is
charged to the allowance for loan losses. If the estimated fair value of the asset declines,
a write-down is recorded through expense. The valuation of foreclosed assets is subjective in
nature and may be adjusted in the future because of changes in economic conditions.
Subsequent valuation adjustments to other real estate owned totaled $146,000 for the three
months ended March 31, 2010 (unaudited), reflective of continued deterioration in estimated
fair values. The remaining reduction to REO was a result of sales. There were no subsequent
valuation adjustments to other real estate owned for the three months ended March 31, 2009
(unaudited).
During the year ended December 31, 2009, the Company transferred a loan with a principal
balance of $1.9 million and an estimated fair value, less costs to sell, of $1.4 million to
other real estate owned. During the year ended December 31, 2009, the Company recorded
impairment charges of $489,000 prior to the transfer of the loan to OREO utilizing Level 3
inputs.
During the year ended December 31, 2008, the Company transferred a loan with a
principal balance of $2.1 million and an estimated fair value, less costs to sell, of $1.1
million to other real estate owned. During the year ended December 31, 2008, the Company
recorded impairment charges of $1.0 million prior to the transfer of the loan to OREO
utilizing Level 3 inputs.
F-46
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
Subsequent valuation adjustments to other real estate owned totaled
$516,000 and $0 for the year ended December 31, 2009 and 2008, respectively, reflective of
continued deterioration in estimated fair values. Operating costs after acquisition are
generally expensed.
Fair Value of Financial Instruments
The FASB Accounting Standards Topic for Financial Instruments requires disclosure of the fair
value of financial assets and financial liabilities, including those financial assets and
financial liabilities that are not measured and reported at fair value on a recurring or
non-recurring basis. The methodologies for estimating the fair value of financial assets and
financial liabilities that are measured at fair value on a recurring or non-recurring basis
are discussed above. The following methods and assumptions were used to estimate the fair
value of other financial assets and financial liabilities not already discussed above:
(a)
Cash, Cash Equivalents, and Certificates of Deposit
Cash and cash equivalents are short-term in nature with original maturities of three
months or less; the carrying amount approximates fair value. Certificates of deposits
having original terms of six-months
or less; carrying value generally approximates fair value. Certificate of deposits with
an original maturity of six months or greater the fair value is derived from discounted
cash flows.
(b)
Securities (Held to Maturity)
The fair values for substantially all of our securities are obtained from an independent
nationally recognized pricing service. The independent pricing service utilizes market
prices of same or similar securities whenever such prices are available. Prices
involving distressed sellers are not utilized in determining fair value. Where
necessary, the independent third-party pricing service estimates fair value using models
employing techniques such as discounted cash flow analyses. The assumptions used in
these models typically include assumptions for interest rates, credit losses, and
prepayments, utilizing market observable data where available.
(c)
Federal Home Loan Bank of New York Stock
The fair value for Federal Home Loan Bank of New York stock is its carrying value, since
this is the amount for which it could be redeemed and there is no active market for this
stock.
(d)
Loans
Fair values are estimated for portfolios of loans with similar financial
characteristics. Loans are segregated by type such as residential mortgage,
construction, land, multifamily, commercial and consumer. Each loan category is further
segmented into amortizing and non-amortizing and fixed and adjustable rate interest
terms and by performing and nonperforming categories. The fair value of loans is
estimated by discounting the future cash flows using current prepayment assumptions and
current rates at which similar loans would be made to borrowers with similar credit
ratings and for the same remaining maturities. This method of estimating fair value
does not incorporate the exit price concept of fair value prescribed by the FASB ASC
Topic for Fair Value Measurements and Disclosures.
(e)
Deposits
The fair value of deposits with no stated maturity, such as non-interest-bearing demand
deposits, savings, NOW and money market accounts, is equal to the amount payable on
demand. The fair value of certificates of deposit is based on the discounted value of
contractual cash flows. The discount rate is estimated using the rates currently
offered for deposits of similar remaining maturities.
(f)
Commitments to Extend Credit and Standby Letters of Credit
The fair value of commitments to extend credit and standby letters of credit are
estimated using the fees currently charged to enter into similar agreements, taking into
account the remaining terms of the
F-47
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
agreements and the present creditworthiness of the
counterparties. For fixed-rate loan commitments, fair value also considers the
difference between current levels of interest rates and the committed rates. The fair
value of off-balance-sheet commitments is insignificant and therefore not included in
the following table.
(g)
Borrowings
The fair value of borrowings is estimated by discounting future cash flows based on
rates currently available for debt with similar terms and remaining maturity.
(h)
Advance Payments by Borrowers
Advance payments by borrowers for taxes and insurance have no stated maturity; the fair
value is equal to the amount currently payable.
The estimated fair values of the Company's significant financial instruments at March 31,
2010 (unaudited) December 31, 2009, and 2008, are presented in the following table (in
thousands):
March 31,
December 31,
2010
2009
2008
Estimated
Estimated
Estimated
Carrying
Fair
Carrying
Fair
Carrying
Fair
value
value
value
value
value
value
(unaudited)
Financial assets:
Cash and cash equivalents
$
50,811
50,811
42,544
42,544
50,128
50,128
Certificates of deposit in
other financial institutions
—
—
—
—
53,653
53,873
Trading securities
3,706
3,706
3,403
3,403
2,498
2,498
Securities available-for-sale
1,216,195
1,216,195
1,131,803
1,131,803
957,585
957,585
Securities held-to-maturity
6,220
6,432
6,740
6,930
14,479
14,588
Federal Home Loan Bank of
New York stock, at cost
5,026
5,026
6,421
6,421
9,410
9,410
Net loans
held-for-investment
720,079
735,885
713,855
726,475
581,206
610,713
Financial liabilities:
Deposits
$
1,392,905
1,394,827
1,316,885
1,319,612
1,024,439
1,027,896
Borrowings
293,060
302,780
279,424
288,737
332,084
340,404
Advance payments by
borrowers
2,038
2,038
757
757
3,823
3,823
Limitations
Fair value estimates are made at a specific point in time, based on relevant market
information and information about the financial instrument. These estimates do not reflect
any premium or discount that could result from offering for sale at one time the Company's
entire holdings of a particular financial instrument. Because no market exists for a
significant portion of the Company's financial instruments, fair value estimates are based
on judgments regarding future expected loss experience, current economic conditions, risk
characteristics of various financial instruments, and other factors. These estimates are
F-48
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
subjective in nature and involve uncertainties and matters of significant judgment and,
therefore, cannot be determined with precision. Changes in assumptions could significantly
affect the estimates.
Fair value estimates are based on existing on- and off-balance-sheet financial
instruments without attempting to estimate the value of anticipated future business and the
value of assets and liabilities that are not considered financial instruments. In addition,
the tax ramifications related to the realization of the unrealized gains and losses can have
a significant effect on fair value estimates and have not been considered in the estimates.
(14)
Stock Repurchase Program
On February 13, 2009, the board of directors of the Company authorized a stock repurchase
program pursuant to which the Company intends to repurchase up to 2,240,153 shares,
representing approximately 5% of its outstanding shares. The timing of the repurchases
depends on certain factors, including but not limited to, market conditions and prices, the
Company's liquidity and capital requirements, and alternative uses of capital. All
repurchased shares are expected to be held as treasury stock and available for general
corporate purposes. The Company is conducting such repurchases in accordance with a Rule
10b5-1 trading plan. As of March 31, 2010 (unaudited), a total of 1,902,344 shares were
purchased under this repurchase plan at a weighted average cost of $11.77. As of December 31,
2009, a total of 1,716,063 shares were purchased under this repurchase plan at a weighted
average cost of $11.61 per share.
(15)
Earnings (Loss) Per Share
The following is a summary of the Company's earnings per share calculations and
reconciliation of basic to diluted earnings per share for the periods indicated (in thousands,
except share data):
March 31,
December 31,
2010
2009
2009
2008
2007
(unaudited)
Net income available to common stockholders
$
3,381
2,735
12,074
15,831
10,507
Weighted average shares outstanding-basic
41,509,173
43,089,331
42,405,774
43,133,856
43,076,586
Effect of non-vested restricted stock and
stock
options outstanding
314,621
15,078
126,794
—
—
Weighted average shares outstanding-diluted
41,823,794
43,104,409
42,532,568
43,133,856
43,076,586
Earnings per share-basic (1)
$
0.08
0.06
0.28
0.37
(0.03
)
Earnings per share-diluted (1)
$
0.08
0.06
0.28
0.37
(0.03
)
(1)
Net loss per share is calculated for the period that the Company's shares of common stock
were outstanding (November 8, 2007, through December 31, 2007). The net loss for this period
was $1,501,000 and the weighted average common shares outstanding were 43,076,586. Per share
data and shares outstanding information is not applicable prior to November 8, 2007.
F-49
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
(16)
Parent-only Financial Information
The following condensed parent company only financial information reflects Northfield Bancorp,
Inc.'s investment in its wholly-owned consolidated subsidiary, Northfield Bank, using the
equity method of accounting.
Northfield Bancorp, Inc.
Condensed Balance Sheets
(in thousands)
March 31,
December 31,
2010
2009
2008
(unaudited)
Assets
Cash in Northfield Bank
$
16,131
18,095
42,555
Interest-earning deposits in other financial institutions
1,056
1,793
—
Certificates of deposit
—
—
30,153
Investment in Northfield Bank
310,098
302,260
289,097
Securities available-for-sale (corporate bonds)
50,370
50,511
4,298
ESOP loan receivable
15,798
15,798
16,179
Accrued interest receivable
840
585
873
Other assets
2,152
2,632
3,423
Total assets
$
396,445
391,674
386,578
Liabilities and Stockholders' Equity
Total liabilities
$
159
134
—
Total stockholders' equity
396,286
391,540
386,578
Total liabilities and stockholders' equity
$
396,445
391,674
386,578
F-50
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
Northfield Bancorp, Inc.
Condensed Statements of Income
(in thousands)
Three months ended
Years ended
March 31,
December 31,
2010
2009
2009
2008
2007
(unaudited)
Interest on ESOP loan
$
127
130
526
1,189
195
Interest income on deposit
in Northfield Bank
19
100
273
965
62
Interest income on certificates
of deposit
15
336
590
1,478
79
Interest income on corporate bonds
335
43
603
148
—
Undistributed earnings of
Northfield Bank
3,170
2,600
11,521
14,103
18,083
Total income
3,666
3,209
13,513
17,883
18,419
Contribution to charitable foundation
—
—
—
—
11,952
Other expenses
205
381
1,177
878
11
Income tax expense (benefit)
80
93
262
1,174
(4,051
)
Total expense
285
474
1,439
2,052
7,912
Net income
$
3,381
2,735
12,074
15,831
10,507
F-51
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
Northfield Bancorp, Inc.
Condensed Statements of Cash Flows
(in thousands)
Three months ended
Years ended
March 31,
December 31,
2010
2009
2009
2008
2007
(unaudited)
Cash flows from operating activities
Net income
$
3,381
2,735
12,074
15,831
10,507
Contribution of stock to charitable foundation
—
—
—
—
8,952
(Increase) decrease in accrued interest receivable
(255
)
822
288
(846
)
(27
)
Deferred taxes
—
—
1,064
262
(3,336
)
(Increase) decrease in due from Northfield Bank
—
(16
)
312
1,043
(1,287
)
Decrease (increase) in other assets
190
55
(1,154
)
(168
)
(716
)
Amortization of premium on corporate bond
286
29
527
100
—
Increase (decrease) in other liabilities
25
37
134
(46
)
46
Undistributed earnings of Northfield Bank
(3,170
)
(2,600
)
(11,521
)
(14,103
)
(18,083
)
Net cash provided by (used in) operating activities
457
1,062
1,724
2,073
(3,944
)
Cash flows from investing activities
Additional investment in Northfield Bank
—
—
—
—
(94,874
)
Dividend from Northfield Bank
—
—
14,000
—
—
Purchases of corporate bonds
—
—
(50,323
)
(4,468
)
—
Maturities of corporate bonds
—
—
4,290
—
—
Loan to ESOP
—
—
—
—
(17,563
)
Principal payments on ESOP loan receivable
—
—
381
179
1,205
Maturities (purchases) of certificate of deposits
—
22,437
30,153
(23,653
)
(6,500
)
Net cash provided by (used in) investing activities
—
22,437
(1,499
)
(27,942
)
(117,732
)
Cash flows from financing activities
Proceeds from stock offering, net
—
—
—
—
189,600
Contribution from Northfield Bancorp, MHC
—
—
—
—
500
Exercise of stock options
137
—
—
—
—
Additional tax benefit on stock awards
231
—
—
—
—
Purchase of treasury stock
(2,754
)
(3,801
)
(19,929
)
—
—
Dividends paid
(772
)
(774
)
(2,963
)
—
—
Net cash (used in) provided by financing activities
(3,158
)
(4,575
)
(22,892
)
—
190,100
Net (decrease) increase in cash and cash equivalents
(2,701
)
18,924
(22,667
)
(25,869
)
68,424
Cash and cash equivalents at beginning of period
19,888
42,555
42,555
68,424
—
Cash and cash equivalents at end of period
$
17,187
61,479
19,888
42,555
68,424
F-52
Table of Contents
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
Three Months Ended March 31, 2010 and 2009 (unaudited)
Years Ended December 31, 2009, 2008, and 2007
(17)
Subsequent Events — Plan of Conversion and Reorganization — (Unaudited)
The Boards of Directors of Northfield Bancorp, MHC ("MHC") and the Company adopted a Plan of
Conversion and Reorganization (the "Plan") on June 4, 2010. Pursuant to the Plan, the MHC will
convert from the mutual holding company form of organization to the fully public form. The MHC
will be merged into the Company, and the MHC will no longer exist. The Company will merge into
a new Delaware corporation named Northfield Bancorp, Inc. As part of the conversion, the MHC's
ownership interest of the Company will be offered for sale in a public offering. The existing
publicly held shares of the Company, which represents the remaining ownership interest in the
Company, will be exchanged for new shares of common stock of Northfield Bancorp, Inc., the new
Delaware corporation. The exchange ratio will ensure that immediately after the conversion and
public offering, the public shareholders of the Company will own the same aggregate percentage
of Northfield Bancorp., Inc. common stock that they owned immediately prior to that time
(excluding shares purchased in the stock offering and cash received in lieu of fractional
shares). When the conversion and public offering are completed, all of the capital stock of
Northfield Bank will be owned by Northfield Bancorp., Inc., the Delaware corporation.
The Plan provides for the establishment, upon the completion of the conversion, of special
"liquidation accounts" for the benefit of certain depositors of Northfield Bank in an amount
equal to the greater of the MHC's ownership interest in the retained earnings of the Company as
of the date of the latest balance sheet contained in the prospectus or the retained earnings of
Northfield Bank at the time it reorganized into the MHC. Following the completion of the
conversion, under the rules of the Office of Thrift Supervision, Northfield Bank will not be
permitted to pay dividends on its capital stock to Northfield Bancorp., Inc., its sole
shareholder, if Northfield Bank's shareholder's equity would be reduced below the amount of the
liquidation accounts. The liquidation accounts will be reduced annually to the extent that
eligible account holders have reduced their qualifying deposits. Subsequent increases will not
restore an eligible account holder's interest in the liquidation accounts.
Direct costs of the conversion and public offering will be deferred and reduce the proceeds
from the shares sold in the public offering. If the conversion and public offering are not
completed, all costs will be charged to expense in the period in which the public offering is
terminated. No costs have been incurred related to the conversion as of March 31, 2010
(unaudited).
F-53
Table of Contents
Selected Quarterly Financial Data (Unaudited)
The following tables are a summary of certain quarterly financial data for the years ended December
31, 2009 and 2008
:
2009
Quarter Ended
March 31
June 30
September 30
December 31
(Dollars in thousands)
Selected Operating Data:
Interest income
$
20,482
21,013
21,855
22,218
Interest expense
7,721
7,176
7,078
7,002
Net interest income
12,761
13,837
14,777
15,216
Provision for loan losses
1,644
3,099
2,723
1,572
Net interest income after provision for loan losses
11,117
10,738
12,054
13,644
Other income
969
1,524
1,357
1,543
Other expenses
7,782
9,061
8,429
8,982
Income before income tax expense
4,304
3,201
4,982
6,205
Income tax expense
1,569
1,079
1,795
2,175
Net income
$
2,735
2,122
3,187
4,030
Net income per common share- basis and diluted
$
0.06
0.05
0.08
0.10
2008
Quarter Ended
March 31
June 30
September 30
December 31
(Dollars in thousands)
Interest income
$
17,315
18,097
19,034
20,603
Interest expense
6,724
6,550
6,792
8,190
Net interest income
10,591
11,547
12,242
12,413
Provision for loan losses
598
1,240
1,276
1,968
Net interest income after provision for loan losses
9,993
10,307
10,966
10,445
Other income
3,399
1,207
820
727
Other expenses
5,986
5,939
6,703
6,224
Income before income tax expense
7,406
5,575
5,083
4,948
Income tax expense
1,801
2,010
1,808
1,562
Net income
$
5,605
3,565
3,275
3,386
Net income per common share- basis and diluted
$
0.13
0.08
0.08
0.08
F-54
Table of Contents
No person has been authorized to give any information or to make any representation other than
as contained in this prospectus and, if given or made, such other information or representation
must not be relied upon as having been authorized by Northfield Bancorp, Inc. or Northfield Bank.
This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of
the securities offered hereby to any person in any jurisdiction in which such offer or solicitation
is not authorized or in which the person making such offer or solicitation is not qualified to do
so, or to any person to whom it is unlawful to make such offer or solicitation in such
jurisdiction. Neither the delivery of this prospectus nor any sale hereunder shall under any
circumstances create any implication that there has been no change in the affairs of Northfield
Bancorp, Inc. or Northfield Bank since any of the dates as of which information is furnished herein
or since the date hereof.
Up to 40,250,000 Shares
(Subject to Increase to up to 46,287,500 Shares)
Northfield Bancorp, Inc.
(Proposed Holding Company for
Northfield Bank)
COMMON STOCK
par value $0.01 per share
PROSPECTUS
Sandler O'Neill + Partners, L.P.
[Prospectus Date]
These securities are not deposits or accounts and are not federally insured or guaranteed.
Until
, or 25 days after commencement of the syndicated community offering, all
dealers that effect transactions in these securities, whether or not participating in this
distribution, may be required to deliver a prospectus. This is in addition to the obligation of
dealers to deliver a prospectus when acting as underwriters and with respect to their unsold
allotments or subscriptions.
Table of Contents
[Letterhead of Northfield Bancorp, Inc.]
Dear Fellow Stockholder:
Northfield Bancorp, Inc. is soliciting stockholder votes regarding the mutual-to-stock conversion
of Northfield Bancorp, MHC. Pursuant to a Plan of Conversion and Reorganization, our organization
will convert from a partially public company to a fully public company by selling a minimum of
29,750,000 shares of common stock of a newly formed company, also named Northfield Bancorp, Inc.
("Northfield-Delaware"), which will become the holding company for Northfield Bank.
The Proxy Vote
We have received conditional regulatory approval to implement the Plan of Conversion and
Reorganization. However, we must also receive the approval of our stockholders. Enclosed is a
proxy statement/prospectus describing the proposals being presented at our special meeting of
stockholders.
Please promptly vote the enclosed proxy card. Our Board of Directors urges you to
vote "FOR" the approval of the Plan of Conversion and Reorganization and "FOR" the other matters
being presented at the special meeting.
The Exchange
At the conclusion of the conversion, your shares of Northfield Bancorp, Inc. common stock will be
exchanged for shares of Northfield-Delaware common stock. The number of new shares that you
receive will be based on an exchange ratio that is described in the proxy statement/prospectus.
Shortly after the completion of the conversion, our exchange agent will send a transmittal form to
each stockholder of Northfield Bancorp, Inc. who holds stock certificates. The transmittal form
explains the procedure to follow to exchange your shares. Please do not deliver your
certificate(s) before you receive the transmittal form. Shares of Northfield Bancorp, Inc. that
are held in
street name
(e.g., in a brokerage account) will be converted automatically at
the conclusion of the conversion; no action or documentation is required of you.
The Stock Offering
We are offering the shares of common stock of Northfield-Delaware for sale at $10.00 per share.
The shares are being offered in a subscription offering to eligible depositors of Northfield Bank.
If all shares are not subscribed for in the subscription offering, shares would be available in a
community offering to Northfield Bancorp, Inc. public stockholders and others not eligible to place
orders in the subscription offering.
If you may be interested in purchasing shares of our common
stock, contact our Stock Information Center to receive a stock order form and prospectus. The
stock offering period is expected to expire on [expiration date]
.
If you have any questions, please refer to the Questions & Answers section herein.
We thank you for your support as a stockholder of Northfield Bancorp, Inc.
Sincerely,
John W. Alexander
Chairman of the Board, President and
Chief Executive Officer
These securities are not deposits or savings accounts and are not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government agency. None of the Securities and
Exchange Commission, the Office of Thrift Supervision, or any state securities regulator has
approved or disapproved of these securities or determined if this proxy statement/prospectus is
accurate or complete. Any representation to the contrary is a criminal offense.
Table of Contents
PROSPECTUS OF NORTHFIELD BANCORP, INC., A DELAWARE CORPORATION
PROXY STATEMENT OF NORTHFIELD BANCORP, INC., A FEDERAL CORPORATION
Northfield Bank is converting from the mutual holding company structure to a fully-public
stock holding company structure. Currently, Northfield Bank is a wholly-owned subsidiary of
Northfield Bancorp, Inc., a federally chartered corporation, and Northfield Bancorp, MHC owns 56.4%
of Northfield Bancorp, Inc.'s common stock. The remaining 43.6% of Northfield Bancorp, Inc.'s
common stock is owned by public stockholders. As a result of the conversion, a newly formed
Delaware corporation named Northfield Bancorp, Inc. ("Northfield-Delaware") will replace Northfield
Bancorp, Inc. as the holding company of Northfield Bank. Each share of Northfield Bancorp, Inc.
common stock owned by the public will be exchanged for between 1.2073 and 1.6334 shares of common
stock of Northfield-Delaware, so that immediately after the conversion Northfield Bancorp, Inc.'s
existing public stockholders will own the same percentage of Northfield-Delaware common stock as
they owned of Northfield Bancorp, Inc.'s common stock immediately prior to the conversion,
excluding any new shares purchased by them in the offering and their receipt of cash in lieu of
fractional exchange shares. The actual number of shares that you will receive will depend on the
percentage of Northfield Bancorp, Inc. common stock held by the public at the completion of the
conversion, the final independent appraisal of Northfield-Delaware and the number of shares of
Northfield-Delaware common stock sold in the offering described in the following paragraph. It will
not depend on the market price of Northfield Bancorp, Inc. common stock. See "Proposal 1—Approval
of the Plan of Conversion and Reorganization—Share Exchange Ratio" for a discussion of the exchange
ratio. Based on the $  per share closing price of Northfield Bancorp, Inc. common stock as of
the last trading day prior to the date of this proxy statement/prospectus, unless at least
___ shares of Northfield-Delaware common stock are sold in the offering (which is between the
___ and the ___ of the offering range), the initial value of the
Northfield-Delaware common stock you receive in the share exchange would be less than the market
value of the Northfield Bancorp, Inc. common stock you currently own. See "Risk Factors—The market
value of Northfield-Delaware common stock received in the share exchange may be less than the
market value of Northfield Bancorp, Inc. common stock exchanged."
Concurrently with the exchange offer, we are offering for sale up to 40,250,000 shares of
common stock (subject to increase to up to 46,287,500 shares) of Northfield-Delaware, representing
the 56.4% ownership interest of Northfield Bancorp, MHC in Northfield Bancorp, Inc. We are
offering the shares of common stock to eligible depositors of Northfield Bank, to Northfield Bank's
tax qualified benefit plans and to the public, including Northfield Bancorp, Inc. stockholders, at
a price of $10.00 per share. The conversion of Northfield Bancorp, MHC and the offering and
exchange of common stock by Northfield-Delaware is referred to herein as the "conversion and
offering." After the conversion and offering are completed, Northfield Bank will be a wholly-owned
subsidiary of Northfield-Delaware, and 100% of the common stock of Northfield-Delaware will be
owned by public stockholders. As a result of the conversion and offering, Northfield Bancorp, Inc.,
the federal corporation, and Northfield Bancorp, MHC will cease to exist.
Northfield Bancorp, Inc.'s common stock is currently traded on the Nasdaq Global Select Market
under the trading symbol "NFBK." For a period of 20 trading days after the completion of the
conversion and offering, we expect Northfield-Delaware's shares of common stock will trade on the
Nasdaq Global Select Market under the symbol "NFBKD," and, thereafter, the trading symbol will
revert to "NFBK."
The conversion and offering cannot be completed unless the stockholders of Northfield Bancorp,
Inc. approve the Plan of Conversion and Reorganization of Northfield Bancorp, MHC, which may be
referred to herein as the "plan of conversion." Northfield Bancorp, Inc. is holding a special
meeting of stockholders at [meeting location], on [meeting date], at [meeting time], Eastern time,
to consider and vote upon the plan of conversion. We must obtain the affirmative vote of the
holders of (i) two-thirds of the total number of votes entitled to be cast at the special meeting
by Northfield Bancorp, Inc. stockholders, including shares held by Northfield Bancorp, MHC, and
(ii) a majority of the total number of votes entitled to be cast at the special meeting by
Northfield Bancorp, Inc. stockholders other than Northfield Bancorp, MHC.
Northfield Bancorp,
Inc.'s board of directors unanimously recommends that stockholders vote "FOR" the plan of
conversion.
This document serves as the proxy statement for the special meeting of stockholders of
Northfield Bancorp, Inc. and the prospectus for the shares of Northfield-Delaware common stock to
be issued in exchange for shares of Northfield Bancorp, Inc. common stock. We urge you to read this
entire document carefully. You can also obtain
Table of Contents
information about us from documents that we have filed with the Securities and Exchange Commission
and the Office of Thrift Supervision. This document does not serve as the prospectus relating to
the offering by Northfield-Delaware of its shares of common stock in the offering, which is being
made pursuant to a separate prospectus. Stockholders of Northfield Bancorp, Inc. are not required
to participate in the stock offering.
This proxy statement/prospectus contains information that you should consider in evaluating
the plan of conversion.
In particular, you should carefully read the section captioned "Risk
Factors" beginning on page 10 for a discussion of certain risk factors relating to the conversion
and offering.
These securities are not deposits or savings accounts and are not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government agency.
None of the Securities and Exchange Commission, the Office of Thrift Supervision, or any state
securities regulator has approved or disapproved of these securities or determined if this proxy
statement/prospectus is accurate or complete. Any representation to the contrary is a criminal
offense.
For answers to your questions, please read this proxy statement/prospectus including the
Questions and Answers section, beginning on page 1. Questions about voting on the plan of
conversion may be directed to ___, at [solicitor phone number], Monday through Friday
from 10:00 a.m. to 4:00 p.m., Eastern Time.
The date of this proxy statement/prospectus is [document date], and it is first being mailed
to stockholders of Northfield Bancorp, Inc. on or about ___, 2010.
Table of Contents
NORTHFIELD BANCORP, INC.
1410 St. Georges Avenue
Avenel, New Jersey 07001
(732) 499-7200
NOTICE OF SPECIAL MEETING OF STOCKHOLDERS
On [meeting date], Northfield Bancorp, Inc. will hold a special meeting of stockholders at
[meeting location]. The meeting will begin at [meeting time], Eastern time. At the meeting,
stockholders will consider and act on the following:
1.
The approval of a plan of conversion and reorganization, whereby Northfield
Bancorp, MHC and Northfield Bancorp, Inc., a federal corporation, will convert and
reorganize from the mutual holding company structure to the stock holding company
structure, as more fully described in the attached proxy statement;
2.
The approval of the adjournment of the special meeting, if necessary, to
solicit additional proxies in the event that there are not sufficient votes at the time
of the special meeting to approve the plan of conversion and reorganization;
3.
The following informational proposals:
3a. Approval of a provision in Northfield-Delaware's certificate of
incorporation requiring a super-majority vote of stockholders to approve certain
amendments to Northfield-Delaware's certificate of incorporation;
3b. Approval of a provision in Northfield-Delaware's certificate of
incorporation requiring a super-majority vote of stockholders to approve
stockholder-proposed amendments to Northfield-Delaware's bylaws;
3c. Approval of a provision in Northfield-Delaware's certificate of
incorporation to limit the voting rights of shares beneficially owned in excess
of 10% of Northfield-Delaware's outstanding voting stock; and
4.
Such other business that may properly come before the meeting.
NOTE: The board of directors is not aware of any other business to come before the meeting.
The provisions of Northfield-Delaware's certificate of incorporation that are summarized as
informational proposals 3a through 3c were approved as part of the process in which our board of
directors approved the plan of conversion and reorganization (referred to herein as the "plan of
conversion"). These proposals are informational in nature only because the Office of Thrift
Supervision's regulations governing mutual-to-stock conversions do not provide for votes on matters
other than the plan of conversion. While we are asking you to vote with respect to each of the
informational proposals listed above, the proposed provisions for which an informational vote is
requested will become effective if stockholders approve the plan of conversion, regardless of
whether stockholders vote to approve any or all of the informational proposals.
The board of directors has fixed [voting record date], as the record date for the
determination of stockholders entitled to notice of and to vote at the special meeting and at any
adjournment or postponement thereof.
Upon written request addressed to the Corporate Secretary of Northfield Bancorp, Inc. at the
address given above, stockholders may obtain an additional copy of this proxy statement/prospectus
and/or a copy of the plan of conversion. In order to assure timely receipt of the additional copy
of the proxy statement/prospectus and/or the plan of conversion, the written request should be
received by Northfield Bancorp, Inc. by ___, 2010.
Table of Contents
Please complete and sign the enclosed proxy card, which is solicited by the board of
directors, and mail it promptly in the enclosed envelope. The proxy will not be used if you attend
the meeting and vote in person.
BY ORDER OF THE BOARD OF DIRECTORS
Madeline G. Frank
Corporate Secretary
Avenel, New Jersey
[document date]
Table of Contents
TABLE OF CONTENTS
QUESTIONS AND ANSWERS FOR STOCKHOLDERS OF NORTHFIELD BANCORP, INC. REGARDING THE PLAN OF CONVERSION AND REORGANIZATION
1
SUMMARY
6
RISK FACTORS
10
PROPOSAL 1 — APPROVAL OF THE PLAN OF CONVERSION AND REORGANIZATION
14
PROPOSAL 2 — ADJOURNMENT OF THE SPECIAL MEETING
15
PROPOSALS 3a THROUGH 3c — INFORMATIONAL PROPOSALS RELATED TO THE CERTIFICATE OF INCORPORATION OF NORTHFIELD-DELAWARE
16
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA OF NORTHFIELD BANCORP, INC.
18
FORWARD-LOOKING STATEMENTS
18
HOW WE INTEND TO USE THE PROCEEDS FROM THE OFFERING
18
OUR DIVIDEND POLICY
18
HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE
19
CAPITALIZATION
19
PRO FORMA DATA
19
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
19
BUSINESS OF NORTHFIELD-DELAWARE
19
BUSINESS OF NORTHFIELD BANCORP, INC. AND NORTHFIELD BANK
19
SUPERVISION AND REGULATION
19
TAXATION
19
MANAGEMENT
19
BENEFICIAL OWNERSHIP OF COMMON STOCK
19
SUBSCRIPTIONS BY DIRECTORS AND EXECUTIVE OFFICERS
19
COMPARISON OF STOCKHOLDERS' RIGHTS FOR EXISTING STOCKHOLDERS OF NORTHFIELD BANCORP, INC.
19
RESTRICTIONS ON ACQUISITION OF NORTHFIELD-DELAWARE
19
DESCRIPTION OF CAPITAL STOCK OF NORTHFIELD-DELAWARE FOLLOWING THE CONVERSION
20
TRANSFER AGENT
20
EXPERTS
20
LEGAL AND TAX MATTERS
20
WHERE YOU CAN FIND ADDITIONAL INFORMATION
20
OTHER MATTERS
20
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
F-1
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QUESTIONS AND ANSWERS
FOR STOCKHOLDERS OF NORTHFIELD BANCORP, INC.
REGARDING THE PLAN OF CONVERSION AND REORGANIZATION
You should read this document for more information about the conversion. The plan of conversion
described herein has been conditionally approved by Northfield Bancorp, Inc.'s primary federal
regulator, the Office of Thrift Supervision. However, such conditional approval by the Office of
Thrift Supervision does not constitute a recommendation or endorsement of the plan of conversion.
Q.
WHAT ARE STOCKHOLDERS BEING ASKED TO APPROVE?
A.
Northfield Bancorp, Inc. stockholders as of [voting record date] are being asked to vote on
the plan of conversion pursuant to which Northfield Bancorp, MHC will convert from the mutual
to the stock form of organization. As part of the conversion, a newly formed Delaware
corporation, Northfield-Delaware, is offering its common stock to eligible depositors of
Northfield Bank, to Northfield Bank's tax qualified benefit plans, to stockholders of
Northfield Bancorp, Inc. as of [voting record date] and to the public. The shares offered
represent Northfield Bancorp, MHC's current 56.4% ownership interest in Northfield Bancorp,
Inc. Voting for approval of the plan of conversion will also include approval of the exchange
ratio and the certificate of incorporation of Northfield-Delaware (including the anti-takeover
provisions and provisions limiting stockholder rights).
Your vote is important. Without
sufficient votes "FOR" its adoption, we cannot implement the plan of conversion and complete
the stock offering.
In addition, Northfield Bancorp, Inc. stockholders are being asked to approve the
adjournment of the special meeting, if necessary, to solicit additional proxies in the event
that there are not sufficient votes at the time of the special meeting to approve the plan
of conversion.
Stockholders also are asked to vote on the following informational proposals with respect to
the certificate of incorporation of Northfield-Delaware:
•
Approval of a provision in Northfield-Delaware's certificate of
incorporation requiring a super-majority vote to approve certain amendments to
Northfield-Delaware's certificate of incorporation;
•
Approval of a provision in Northfield-Delaware's certificate of
incorporation requiring a super-majority vote of stockholders to approve
stockholder-proposed amendments to Northfield-Delaware's bylaws; and
•
Approval of a provision in Northfield-Delaware's certificate of
incorporation to limit the voting rights of shares beneficially owned in excess
of 10% of Northfield-Delaware's outstanding voting stock.
The provisions of Northfield-Delaware's certificate of incorporation that are included as
informational proposals were approved as part of the process in which our board of directors
approved the plan of conversion. These proposals are informational in nature only, because
the Office of Thrift Supervision's regulations governing mutual-to-stock conversions do not
provide for votes on matters other than the plan of conversion. While we are asking you to
vote with respect to each of the informational proposals listed above, the proposed
provisions for which an informational vote is requested will become effective if
stockholders approve the plan of conversion, regardless of whether stockholders vote to
approve any or all of the informational proposals. The provisions of Northfield-Delaware's
certificate of incorporation that are summarized above as informational proposals may have
the effect of deterring, or rendering more difficult, attempts by third parties to obtain
control of Northfield-Delaware if such attempts are not approved by the board of directors,
or may make the removal of the board of directors or management, or the appointment of new
directors, more difficult.
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Your vote is important. Without sufficient votes "FOR" adoption of the plan of conversion,
we cannot implement the plan of conversion and the related stock offering.
Q.
WHAT ARE THE REASONS FOR THE CONVERSION AND RELATED OFFERING?
A.
The primary reasons for the conversion and offering are to:
•
eliminate some of the uncertainties associated with proposed financial regulatory reform;
•
increase our capital;
•
transition us to a more familiar and flexible organizational structure;
•
improve the liquidity of our shares of common stock; and
•
support future mergers and acquisitions.
As a fully converted stock holding company, we will have greater flexibility in structuring
mergers and acquisitions, including the form of consideration that we can use to pay for an
acquisition. Our current mutual holding company structure limits our ability to offer
shares of our common stock as consideration in a merger or acquisition since Northfield
Bancorp, MHC is required to own a majority of Northfield Bancorp, Inc.'s outstanding shares
of common stock. Potential sellers often want stock for at least part of the purchase
price. Our new stock holding company structure will enable us to offer stock or cash
consideration, or a combination of stock and cash, and therefore will enhance our ability to
compete with other bidders when acquisition opportunities arise. We currently have no
arrangements or understandings regarding any specific acquisition.
Q.
WHAT WILL STOCKHOLDERS RECEIVE FOR THEIR EXISTING NORTHFIELD BANCORP, INC. SHARES?
A.
As more fully described in "Proposal 1 — Approval of the Plan of Conversion and
Reorganization — Share Exchange Ratio," depending on the number of shares sold in the
offering, each share of common stock that you own at the time of the completion of the
conversion will be exchanged for between 1.2073 shares at the minimum and 1.6334 shares at the
maximum of the offering range (or 1.8784 shares at the adjusted maximum of the offering range)
of Northfield-Delaware common stock (cash will be paid in lieu of any fractional shares). For
example, if you own 100 shares of Northfield Bancorp, Inc. common stock, and the exchange
ratio is 1.6334 (at the maximum of the offering range), after the conversion you will receive
163 shares of Northfield-Delaware common stock and $3.40 in cash, the value of the fractional
share based on the $10.00 per share purchase price of stock in the offering.
If you own shares of Northfield Bancorp, Inc. common stock in a brokerage account
in "street name," your shares will be automatically exchanged within your account, and
you do not need to take any action to exchange your shares of common stock or receive
cash in lieu of fractional shares. If you own shares in the form of Northfield
Bancorp, Inc. stock certificates, after the completion of the conversion and stock
offering, our exchange agent will mail to you a transmittal form with instructions to
surrender your stock certificates. New certificates of Northfield-Delaware common stock
and a check representing cash in lieu of fractional shares will be mailed to you within
five business days after the exchange agent receives properly executed transmittal
forms and your Northfield Bancorp, Inc. stock certificates.
You should not submit a
stock certificate until you receive a transmittal form.
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Q.
WHY WILL THE SHARES THAT I RECEIVE BE BASED ON A PRICE OF $10.00 PER SHARE RATHER THAN THE
TRADING PRICE OF THE COMMON STOCK PRIOR TO COMPLETION OF THE CONVERSION?
A.
The shares will be based on a price of $10.00 per share because that is the price at which
Northfield-Delaware will sell shares in its stock offering. The amount of common stock
Northfield-Delaware will issue at $10.00 per share in the offering and the exchange is based
on an independent appraisal of the estimated market value of Northfield-Delaware, assuming the
conversion and offering are completed. RP Financial, LC., an appraisal firm experienced in
the appraisal of financial institutions, has estimated that, as of May 14, 2010, this market
value was $621.0 million. Based on Office of Thrift Supervision regulations, the market value
forms the midpoint of a range with a minimum of $527.9 million and a maximum of $714.2
million. Based on this valuation and the valuation range, the number of shares of common
stock of Northfield-Delaware that existing public stockholders of Northfield Bancorp, Inc.
will receive in exchange for their shares of Northfield Bancorp, Inc. common stock will range
from 23,036,369 to 31,166,852 with a midpoint of 27,101,611 (a value of approximately $230.3
million to $311.7 million, with a midpoint of $271.0 million, at $10.00 per share). If market
conditions so warrant, the appraised value can be increased to $821.3 million, the adjusted
maximum of the appraisal, and the number of shares issued in the exchange for existing shares
of Northfield Bancorp, Inc. can be increased to 35,841,880 (a value of $358.4 million, at
$10.00 per share). The number of shares received by the existing public stockholders of
Northfield Bancorp, Inc. is intended to maintain their existing 43.6% ownership in our
organization (excluding any new shares purchased by them in the offering and their receipt of
cash in lieu of fractional exchange shares). The independent appraisal is based in part on
Northfield Bancorp, Inc.'s financial condition and results of operations, the pro forma impact
of the additional capital raised by the sale of shares of common stock in the offering, and an
analysis of a peer group of ten publicly traded savings bank and thrift holding companies that
RP Financial, LC. considered comparable to Northfield Bancorp, Inc.
Q.
DOES THE EXCHANGE RATIO DEPEND ON THE TRADING PRICE OF NORTHFIELD BANCORP, INC. COMMON STOCK?
A.
No, the exchange ratio will not be based on the market price of Northfield Bancorp, Inc.
common stock. Instead, the exchange ratio will be based on the appraised value of
Northfield-Delaware. The purpose of the exchange ratio is to maintain the ownership
percentage of existing public stockholders of Northfield Bancorp, Inc. Therefore, changes in
the price of Northfield Bancorp, Inc. common stock between now and the completion of the
conversion and offering will not affect the calculation of the exchange ratio.
Q.
WHY DOESN'T NORTHFIELD BANCORP, INC. WAIT TO CONDUCT THE CONVERSION AND OFFERING UNTIL THE
STOCK MARKET IMPROVES SO THAT CURRENT STOCKHOLDERS CAN RECEIVE A HIGHER EXCHANGE RATIO?
A.
The board of directors believes that the stock holding company form of organization and the
capital raised in the conversion and stock offering offer important advantages and that it is
in the best interest of our stockholders to complete the conversion and offering sooner rather
than later. There is no way to know when market conditions will change, when regulations
governing conversion to stock form will change, or how they may change, or how changes in
market conditions might affect stock prices for financial institutions. The board of directors
concluded that it would be better to complete the conversion and offering now, under existing
Office of Thrift Supervision conversion regulations and under a valuation that offers a fair
exchange ratio to existing stockholders and an attractive price to new investors, rather than
wait an indefinite amount of time for potentially better market conditions.
Q.
SHOULD I SUBMIT MY STOCK CERTIFICATES NOW?
A.
No. If you hold stock certificate(s), instructions for exchanging the certificates will be
sent to you by our exchange agent
after
completion of the conversion. If your shares are held
in "street name" (
e.g.,
in a
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brokerage account) rather than in certificate form, the share exchange will be reflected
automatically in your account upon completion of the conversion.
Q.
HOW DO I VOTE?
A.
Mark your vote, sign each proxy card enclosed and return the card(s) to us, in the enclosed
proxy reply envelope. For information on submitting your proxy, please refer to instructions
on the enclosed proxy card.
YOUR VOTE IS IMPORTANT. PLEASE VOTE PROMPTLY.
Q.
IF MY SHARES ARE HELD IN STREET NAME, WILL MY BROKER, BANK OR OTHER NOMINEE AUTOMATICALLY
VOTE ON THE PLAN ON MY BEHALF?
A.
No. Your broker, bank or other nominee will not be able to vote your shares without
instructions from you. You should instruct your broker, bank or other nominee to vote your
shares, using the directions that they provide to you.
Q.
WHY SHOULD I VOTE? WHAT HAPPENS IF I DON'T VOTE?
A.
Your vote is very important. We believe the conversion and offering are in the best
interests of our stockholders and the communities we serve. Not voting all the proxy card(s)
you receive will have the same effect as voting
"against"
the plan of conversion.
Without
sufficient favorable votes
"for"
the plan of conversion, we cannot complete the conversion and
offering.
Q.
WHAT IF I DO NOT GIVE VOTING INSTRUCTIONS TO MY BROKER, BANK OR OTHER NOMINEE?
A.
Your vote is important. If you do not instruct your broker, bank or other nominee to vote
your shares, the unvoted proxy will have the same effect as a vote
"against"
the plan of
conversion.
Q.
MAY I PLACE AN ORDER TO PURCHASE SHARES IN THE COMMUNITY OFFERING, IN ADDITION TO THE SHARES
THAT I WILL RECEIVE IN THE EXCHANGE?
A.
Yes. If you would like to receive a prospectus and stock order form, you must call our Stock
Information Center at [stock center phone number], Monday through Friday between 10:00 a.m.
and 4:00 p.m., Eastern Time. The Stock Information Center is closed weekends and bank
holidays.
Eligible depositors of Northfield Bank have priority subscription rights allowing them to
purchase common stock in a subscription offering. Shares not purchased in the subscription
offering may be available for sale to the public in a community offering, as described
herein. In the event orders for Northfield-Delaware common stock in a community offering
exceed the number of shares available for sale, shares may be allocated (to the extent
shares remain available) first to cover orders of natural persons residing in the New Jersey
Counties of Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic,
Somerset, Sussex and Union, the New York Counties of Bronx, Kings, Nassau, New York, Putnam,
Queens, Richmond, Rockland, Suffolk and Westchester, and Pike County, Pennsylvania; second
to cover orders of Northfield Bancorp, Inc. stockholders as of [voting record date]; and
thereafter to cover orders of the general public.
Stockholders of Northfield Bancorp, Inc. are subject to an ownership limitation. Shares of
common stock purchased in the offering by a stockholder and his or her associates or
individuals acting in concert with the stockholder,
plus
any shares a stockholder and these
individuals receive in the exchange for existing shares of Northfield Bancorp, Inc. common
stock, may not exceed 5% of the total shares of common stock of Northfield-Delaware to be
issued and outstanding after the completion of the conversion.
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Please note that properly completed and signed stock order forms, with full payment, must be
received (not postmarked) no later than 4:00 p.m., Eastern Time on [expiration date].
Q.
WILL THE CONVERSION HAVE ANY EFFECT ON DEPOSIT AND LOAN ACCOUNTS AT NORTHFIELD BANK?
A.
No. The account number, amount, interest rate and withdrawal rights of deposit accounts will
remain unchanged. Deposits will continue to be federally insured by the Federal Deposit
Insurance Corporation up to the legal limit. Loans and rights of borrowers will not be
affected. Depositors will no longer have voting rights in Northfield Bancorp, MHC as to
matters currently requiring such vote. Northfield Bancorp, MHC will cease to exist after the
conversion and offering. Only stockholders of Northfield-Delaware will have voting rights
after the conversion and offering.
OTHER QUESTIONS?
For answers to other questions, please read this proxy statement/prospectus. Questions about voting
on the plan of conversion may be directed to ___, at [solicitor phone number], Monday
through Friday from 10:00 a.m. to 4:00 p.m., Eastern Time. Questions about the stock offering may
be directed to our Stock Information Center at [stock center phone number], Monday through Friday
between 10:00 a.m. and 4:00 p.m., Eastern Time. The Stock Information Center is closed weekends
and bank holidays.
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SUMMARY
This summary highlights material information from this proxy statement/prospectus and may not
contain all the information that is important to you. To understand the conversion and other
proposals fully, you should read this entire document carefully, including the sections entitled
"Risk Factors," "Proposal 1 — Approval of The Plan of Conversion and Reorganization," "Proposal 2 —
Adjournment of the Special Meeting," "Proposals 3a through 3c — Informational Proposals Related to
the Certificate of Incorporation of Northfield-Delaware" and the consolidated financial statements
and the notes to the consolidated financial statements.
The Special Meeting
Date, Time and Place.
Northfield Bancorp, Inc. will hold its special meeting of stockholders
at [meeting location], on [meeting date], at [meeting time], Eastern Time.
The Proposals.
Stockholders will be voting on the following proposals at the special meeting:
1.
The approval of a plan of conversion and reorganization whereby: (a) Northfield
Bancorp, MHC and Northfield Bancorp, Inc., a federal corporation, will convert and
reorganize from the mutual holding company structure to the stock holding company
structure; (b) Northfield Bancorp, Inc., a Delaware corporation
("Northfield-Delaware"), will become the new stock holding company of Northfield Bank;
(c) the outstanding shares of Northfield Bancorp, Inc., other than those held by
Northfield Bancorp, MHC, will be converted into shares of common stock of
Northfield-Delaware; and (d) Northfield-Delaware will offer shares of its common stock
for sale in a subscription offering, a community offering and, if necessary, a
syndicated community offering;
2.
The approval of the adjournment of the special meeting, if necessary, to
solicit additional proxies in the event that there are not sufficient votes at the time
of the special meeting to approve the plan of conversion; and
3.
The following informational proposals:
3a. Approval of a provision in Northfield-Delaware's certificate of
incorporation requiring a super-majority vote of stockholders to approve certain
amendments to Northfield-Delaware's certificate of incorporation;
3b. Approval of a provision in Northfield-Delaware's certificate of
incorporation requiring a super-majority vote of stockholders to approve
stockholder-proposed amendments to Northfield-Delaware's bylaws;
3c. Approval of a provision in Northfield-Delaware's certificate of
incorporation to limit the voting rights of shares beneficially owned in excess
of 10% of Northfield-Delaware's outstanding voting stock; and
4.
Such other business that may properly come before the meeting.
The provisions of Northfield-Delaware's certificate of incorporation that are summarized as
informational proposals 3a through 3c were approved as part of the process in which our board of
directors approved the plan of conversion. These proposals are informational in nature only,
because the Office of Thrift Supervision's regulations governing mutual-to-stock conversions do not
provide for votes on matters other than the plan of conversion. While we are asking you to vote
with respect to each of the informational proposals listed above, the proposed provisions for which
an informational vote is requested will become effective if stockholders approve the plan of
conversion, regardless of whether stockholders vote to approve any or all of the informational
proposals. The provisions of Northfield-Delaware's certificate of incorporation that are summarized
as informational proposals may have the effect of deterring or rendering more difficult attempts by
third parties to obtain control of Northfield-Delaware, if
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such attempts are not approved by the board of directors, or may make the removal of the board of
directors or management, or the appointment of new directors, more difficult.
Vote Required for Approval of Proposals by the Stockholders of Northfield Bancorp, Inc.
Proposal 1: Approval of the Plan of Conversion.
We must obtain the affirmative vote of the
holders of (i) two-thirds of the total number of votes entitled to be cast at the special meeting
by Northfield Bancorp, Inc. stockholders, including shares held by Northfield Bancorp, MHC, and
(ii) a majority of the total number of votes entitled to be cast at the special meeting by
Northfield Bancorp, Inc. stockholders other than Northfield Bancorp, MHC.
Proposal 1 must also be approved by the depositors of Northfield Bank at a special meeting of
depositors called for that purpose. Depositors will receive separate informational materials from
Northfield Bancorp, MHC regarding the conversion.
Proposal 2: Approval of the adjournment of the special meeting.
We must obtain the
affirmative vote of at least a majority of the votes cast by Northfield Bancorp, Inc. stockholders
at the special meeting to adjourn the special meeting, if necessary, to solicit additional proxies
in the event that there are not sufficient votes at the time of the special meeting to approve the
proposal to approve the plan of conversion.
Informational Proposals 3a through 3c.
The provisions of Northfield-Delaware's certificate of
incorporation that are summarized as informational proposals were approved as part of the process
in which the board of directors of Northfield Bancorp, Inc. approved the plan of conversion. These
proposals are informational in nature only, because the Office of Thrift Supervision's regulations
governing mutual-to-stock conversions do not provide for votes on matters other than the plan of
conversion. While we are asking you to vote with respect to each of the informational proposals
listed above, the proposed provisions for which an informational vote is requested will become
effective if stockholders approve the plan of conversion, regardless of whether stockholders vote
to approve any or all of the informational proposals. The provisions of Northfield-Delaware's
certificate of incorporation that are summarized as informational proposals may have the effect of
deterring or rendering more difficult attempts by third parties to obtain control of
Northfield-Delaware, if such attempts are not approved by the board of directors, or may make the
removal of the board of directors or management, or the appointment of new directors, more
difficult.
Other Matters.
We must obtain the affirmative vote of the majority of the votes cast by
holders of outstanding shares of common stock of Northfield Bancorp, Inc. At this time, we know of
no other matters that may be presented at the special meeting.
Revocability of Proxies
You may revoke your proxy at any time before the vote is taken at the special meeting. To
revoke your proxy, you must advise the corporate secretary of Northfield Bancorp, Inc. in writing
before your common stock has been voted at the special meeting, deliver a later-dated proxy or
attend the special meeting and vote your shares in person. Attendance at the special meeting will
not in itself constitute revocation of your proxy.
Vote by Northfield Bancorp, MHC
Management anticipates that Northfield Bancorp, MHC, our majority stockholder, will vote all
of its shares of common stock in favor of all the matters set forth above. If Northfield Bancorp,
MHC votes all of its shares in favor of each proposal, the approval of the adjournment of the
special meeting, if necessary, would be assured.
As of [stockholder record date] the directors and executive officers of Northfield Bancorp,
Inc. beneficially owned ___ shares, or approximately ___% of the outstanding shares of
Northfield Bancorp, Inc. common stock, and Northfield Bancorp, MHC owned ___ shares, or
approximately 56.4% of the outstanding shares of Northfield Bancorp, Inc. common stock.
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Vote Recommendations
Your board of directors unanimously recommends that you vote "FOR" the plan of conversion,
"FOR" the adjournment of the special meeting, if necessary, and "FOR" the Informational Proposals
3a through 3c.
The Companies
[Same as the prospectus]
Plan of Conversion and Reorganization
The Boards of Directors of Northfield Bancorp, Inc., Northfield Bancorp, MHC, Northfield Bank
and Northfield-Delaware have adopted a plan of conversion pursuant to which Northfield Bank will
reorganize from a mutual holding company structure to a stock holding company structure. Public
stockholders of Northfield Bancorp, Inc. will receive shares in Northfield-Delaware in exchange for
their shares of Northfield Bancorp, Inc. common stock based on an exchange ratio. See "—Exchange
Ratio." This conversion to a stock holding company structure also includes the offering by
Northfield-Delaware of shares of its common stock to eligible depositors of Northfield Bank and to
the public, including Northfield Bancorp, Inc. stockholders, in a subscription offering and, if
necessary, in a community offering and/or syndicated community offering. Following the conversion
and offering, Northfield Bancorp, MHC and Northfield Bancorp, Inc. will no longer exist, and
Northfield-Delaware will be the parent company of Northfield Bank.
The conversion and offering cannot be completed unless the stockholders of Northfield Bancorp,
Inc. approve the plan of conversion. Northfield Bancorp, Inc.'s stockholders will vote on the plan
of conversion at Northfield Bancorp, Inc.'s special meeting. This document is the proxy statement
used by Northfield Bancorp, Inc.'s board of directors to solicit proxies for the special meeting.
It is also the prospectus of Northfield-Delaware regarding the shares of Northfield-Delaware common
stock to be issued to Northfield Bancorp, Inc.'s stockholders in the share exchange. This document
does not serve as the prospectus relating to the offering by Northfield-Delaware of its shares of
common stock in the subscription offering and any community offering or syndicated community
offering, which will be made pursuant to a separate prospectus.
Our Current Organizational Structure
[Same as the prospectus]
Reasons for the Conversion
[Same as the prospectus]
Conditions to Completion of the Conversion
[Same as the prospectus]
The Exchange Ratio
[Same as the prospectus]
The Exchange of Stock Certificates
[Same as the prospectus]
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How We Determined the Offering Range, the Exchange Ratio and the $10.00 Per Share Stock Price
[Same as the prospectus]
How We Intend to Use the Proceeds From the Offering
[Same as the prospectus]
Our Dividend Policy
[Same as the prospectus]
Purchases and Ownership by Officers and Directors
[Same as the prospectus]
Benefits to Management and Potential Dilution to Stockholders Resulting from the Conversion
[Same as the prospectus]
Market for Common Stock
[Same as the prospectus]
Tax Consequences
[Same as the prospectus]
Changes in Stockholders' Rights for Existing Stockholders of Northfield Bancorp, Inc.
As a result of the conversion, existing stockholders of Northfield Bancorp, Inc. will become
stockholders of Northfield-Delaware. Some rights of stockholders of Northfield-Delaware will be
reduced compared to the rights stockholders currently have in Northfield Bancorp, Inc. The
reduction in stockholder rights results from differences between the federal and Delaware charters
and bylaws, and from distinctions between federal and Delaware law. Many of the differences in
stockholder rights under the certificate of incorporation and bylaws of Northfield-Delaware are not
mandated by Delaware law but have been chosen by management as being in the best interests of
Northfield-Delaware and all of its stockholders. The differences in stockholder rights in the
certificate of incorporation and bylaws of Northfield-Delaware include the following: (i) approval
by at least 85% of outstanding shares required to amend certain provisions of the certificate of
incorporation; (ii) a limitation on the right to vote shares beneficially owned in excess of 10% of
outstanding shares; (iii) approval by at least 80% of outstanding shares required to approve
stockholder-proposed amendments to the bylaws; (iv) greater lead time required for stockholders to
submit proposals for new business or to nominate directors; and (v) stockholders' inability to call
special meetings of stockholders. See "Comparison of Stockholders' Rights For Existing Stockholders
of Northfield Bancorp, Inc." for a discussion of these differences.
Dissenters' Rights
Stockholders of Northfield Bancorp, Inc. do not have dissenters' rights in connection with the
conversion and offering.
Important Risks in Owning Northfield-Delaware's Common Stock
Before you decide to purchase stock, you should read the "Risk Factors" section beginning on
page 10 of this proxy statement/prospectus.
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RISK FACTORS
You should consider carefully the following risk factors when deciding how to vote on the
conversion and before purchasing shares of Northfield-Delaware common stock.
Risks Related to Our Business
[Same as the prospectus]
Risks Related to the Offering and the Exchange
The market value of Northfield-Delaware common stock received in the share exchange may be less
than the market value of Northfield Bancorp, Inc. common stock exchanged.
The number of shares of Northfield-Delaware common stock you receive will be based on an
exchange ratio that will be determined as of the date of completion of the conversion and offering.
The exchange ratio will be based on the percentage of Northfield Bancorp, Inc. common stock held by
the public prior to the completion of the conversion and offering, the final independent appraisal
of Northfield-Delaware common stock prepared by RP Financial, LC. and the number of shares of
common stock sold in the offering. The exchange ratio will ensure that existing public stockholders
of Northfield Bancorp, Inc. common stock will own the same percentage of Northfield-Delaware common
stock after the conversion and offering as they owned of Northfield Bancorp, Inc. common stock
immediately prior to completion of the conversion and offering (excluding any new shares purchased
by them in the offering and their receipt of cash in lieu of fractional exchange shares). The
exchange ratio will not depend on the market price of Northfield Bancorp, Inc. common stock.
The exchange ratio ranges from 1.2073 shares at the minimum and 1.6334 shares at the maximum
(or 1.8784 at the adjusted maximum) of the offering range of Northfield-Delaware common stock per
share of Northfield Bancorp, Inc. common stock. Shares of Northfield-Delaware common stock issued
in the share exchange will have an initial value of $10.00 per share. Depending on the exchange
ratio and the market value of Northfield Bancorp, Inc. common stock at the time of the exchange,
the initial market value of the Northfield-Delaware common stock that you receive in the share
exchange could be less than the market value of the Northfield Bancorp, Inc. common stock that you
currently own. Based on the most recent closing price of Northfield Bancorp, Inc. common stock
prior to the date of this proxy statement/prospectus, which was $___, unless at least ___
shares of Northfield-Delaware common stock are sold in the offering (which is between the
___ and the ___of the offering range), the initial value of the
Northfield-Delaware common stock you receive in the share exchange would be less than the market
value of the Northfield Bancorp, Inc. common stock you currently own.
[Remaining risks same as the prospectus]
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INFORMATION ABOUT THE SPECIAL MEETING
General
This proxy statement/prospectus is being furnished to you in connection with the solicitation
by the board of directors of Northfield Bancorp, Inc. of proxies to be voted at the special meeting
of stockholders to be held at [meeting location], on [meeting date], at [meeting time], Eastern
Time, and any adjournment or postponement thereof.
The purpose of the special meeting is to consider and vote upon the Plan of Conversion and
Reorganization of Northfield Bancorp, MHC (referred to herein as the "plan of conversion").
In addition, stockholders will vote on a proposal to approve the adjournment of the special
meeting, if necessary, to solicit additional proxies in the event that there are not sufficient
votes at the time of the special meeting to approve the proposal. Stockholders also will vote on
informational proposals with respect to the certificate of incorporation of Northfield-Delaware.
Voting in favor of or against the plan of conversion includes a vote for or against the
conversion of Northfield Bancorp, MHC to a stock holding company as contemplated by the plan of
conversion. Voting in favor of the plan of conversion will not obligate you to purchase any shares
of common stock in the offering and will not affect the balance, interest rate or federal deposit
insurance of any deposits at Northfield Bank.
Who Can Vote at the Meeting
You are entitled to vote your Northfield Bancorp, Inc. common stock if our records show that
you held your shares as of the close of business on [voting record date]. If your shares are held
in a stock brokerage account or by a bank or other nominee, you are considered the beneficial owner
of shares held in street name and these proxy materials are being forwarded to you by your broker
or nominee. As the beneficial owner, you have the right to direct your broker or nominee how to
vote.
As of the close of business on [voting record date], there were ___ shares of
Northfield Bancorp, Inc. common stock outstanding. Each share of common stock has one vote.
Attending the Meeting
If you are a stockholder as of the close of business on [voting record date], you may attend
the meeting. However, if you hold your shares in street name, you will need proof of ownership to
be admitted to the meeting. A recent brokerage statement or a letter from a bank or broker are
examples of proof of ownership. If you want to vote your shares of Northfield Bancorp, Inc. common
stock held in street name in person at the meeting, you will have to get a written proxy in your
name from the broker, bank or other nominee who holds your shares.
Quorum; Vote Required
The special meeting will be held only if there is a quorum. A quorum exists if a majority of
the outstanding shares of common stock entitled to vote, represented in person or by proxy, is
present at the meeting. If you return valid proxy instructions or attend the meeting in person,
your shares will be counted for purposes of determining whether there is a quorum, even if you
abstain from voting. Broker non-votes also will be counted for purposes of determining the
existence of a quorum. A broker non-vote occurs when a broker, bank or other nominee holding
shares for a beneficial owner does not vote on a particular proposal because the nominee does not
have discretionary voting power with respect to that item and has not received voting instructions
from the beneficial owner.
Proposal 1: Approval of the Plan of Conversion and Reorganization.
We must obtain the
affirmative vote of the holders of (i) two-thirds of the outstanding common stock of Northfield
Bancorp, Inc. entitled to be cast at the special meeting, including shares held by Northfield
Bancorp, MHC, and (ii) a majority of the outstanding shares of common stock of Northfield Bancorp,
Inc. entitled to be cast at the special meeting, other than shares held by Northfield Bancorp, MHC.
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Proposal 2: Approval of the adjournment of the special meeting.
We must obtain the
affirmative vote of at least a majority of the votes cast by Northfield Bancorp, Inc. stockholders
entitled to vote at the special meeting to adjourn the special meeting, if necessary, to solicit
additional proxies in the event that there are not sufficient votes at the time of the special
meeting to approve the proposal to approve the plan of conversion.
Informational Proposals 3a through 3c: Approval of certain provisions in
Northfield-Delaware's certificate of incorporation.
The provisions of Northfield-Delaware's
certificate of incorporation that are summarized as informational proposals were approved as part
of the process in which the board of directors of Northfield Bancorp, Inc. approved the plan of
conversion. These proposals are informational in nature only, because the Office of Thrift
Supervision's regulations governing mutual-to-stock conversions do not provide for votes on matters
other than the plan of conversion. While we are asking you to vote with respect to each of the
informational proposals, the proposed provisions for which an informational vote is requested will
become effective if stockholders approve the plan of conversion, regardless of whether stockholders
vote to approve any or all of the informational proposals. The provisions of Northfield-Delaware's
certificate of incorporation that are summarized as informational proposals may have the effect of
deterring or rendering more difficult attempts by third parties to obtain control of
Northfield-Delaware, if such attempts are not approved by the board of directors, or may make the
removal of the board of directors or management, or the appointment of new directors, more
difficult.
Other Matters.
We must obtain the affirmative vote of the majority of the votes cast by
holders of outstanding shares of common stock of Northfield Bancorp, Inc. At this time, we know of
no other matters that may be presented at the special meeting.
Shares Held by Northfield Bancorp, MHC and Our Officers and Directors
As of [voting record date], Northfield Bancorp, MHC beneficially owned 24,641,684 shares of
Northfield Bancorp, Inc. common stock. This equals approximately 56.4% of our outstanding shares.
We expect that Northfield Bancorp, MHC will vote all of its shares in favor of Proposal 1—Approval
of the Plan of Conversion and Reorganization, Proposal 2—Approval of the adjournment of the special
meeting, and Informational Proposals 3a through 3c.
As of [voting record date], our officers and directors beneficially owned ___ shares of
Northfield Bancorp, Inc. common stock. This equals ___% of our outstanding shares and ___% of
shares held by persons other than Northfield Bancorp, MHC.
Voting by Proxy
Our board of directors is sending you this proxy statement/prospectus to request that you
allow your shares of Northfield Bancorp, Inc. common stock to be represented at the special meeting
by the persons named in the enclosed proxy card. All shares of Northfield Bancorp, Inc. common
stock represented at the meeting by properly executed and dated proxies will be voted according to
the instructions indicated on the proxy card. If you sign, date and return a proxy card without
giving voting instructions, your shares will be voted as recommended by our board of directors.
Our board of directors recommends that you vote
"FOR"
approval of the plan of conversion,
"FOR"
approval of the adjournment of the special meeting, if necessary, and
"FOR"
each of the
Informational Proposals 3a through 3c.
If any matters not described in this proxy statement/prospectus are properly presented at the
special meeting, the board of directors will use their judgment to determine how to vote your
shares. We do not know of any other matters to be presented at the special meeting.
If your Northfield Bancorp, Inc. common stock is held in street name, you will receive
instructions from your broker, bank or other nominee that you must follow to have your shares
voted. Your broker, bank or other nominee may allow you to deliver your voting instructions via
the telephone or the Internet. Please see the instruction form provided by your broker, bank or
other nominee that accompanies this proxy statement/prospectus.
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Revocability of Proxies
You may revoke your proxy at any time before the vote is taken at the special meeting. To
revoke your proxy, you must advise the corporate secretary of Northfield Bancorp, Inc. in writing
before your common stock has been voted at the special meeting, deliver a later-dated proxy or
attend the special meeting and vote your shares in person. Attendance at the special meeting will
not in itself constitute revocation of your proxy.
Solicitation of Proxies
This proxy statement/prospectus and the accompanying proxy card are being furnished to you in
connection with the solicitation of proxies for the special meeting by the board of directors.
Northfield Bancorp, Inc. will pay the costs of soliciting proxies from its stockholders. To the
extent necessary to permit approval of the plan of conversion and the other proposals being
considered, Laurel Hill Advisory Group, LLC, our proxy solicitor, and directors, officers or
employees of Northfield Bancorp, Inc. and Northfield Bank may solicit proxies by mail, telephone
and other forms of communication. We will reimburse such persons for their reasonable
out-of-pocket expenses incurred in connection with such solicitation. For its services as
information agent and stockholder proxy solicitor, we will pay Laurel Hill Advisory Group, LLC
$___ for stockholder solicitation services and $___ for stockholder information agent
services plus out-of-pocket expenses and charges for telephone calls made and received in
connection with the solicitation.
We will also reimburse banks, brokers, nominees and other fiduciaries for the expenses they
incur in forwarding the proxy materials to you.
Participants in the Employee Stock Ownership Plan
If you participate in Northfield Bank Employee Stock Ownership Plan, you will receive a voting
instruction form that reflects all shares you may direct the trustees to vote on your behalf under
the plan. Under the terms of the Employee Stock Ownership Plan, the Employee Stock Ownership Plan
trustee votes all shares held by the Employee Stock Ownership Plan, but each Employee Stock
Ownership Plan participant may direct the trustee how to vote the shares of common stock allocated
to his or her account. The Employee Stock Ownership Plan trustee, subject to the exercise of its
fiduciary duties, will vote all unallocated shares of Northfield Bancorp, Inc. common stock held by
the ESOP and allocated shares for which no voting instructions are received in the same proportion
as shares for which it has received timely voting instructions. The deadline for returning your
voting instructions to the plan's trustee is ___, 2010.
Participants in the 401(k) Plan
If you hold shares of common stock through the Northfield Bank 401(k) Savings Plan ("401(k)
Plan"), you will receive a voting instruction form that reflects all shares that you may direct the
trustee to vote on your behalf under the 401(k) Plan. Under the terms of the 401(k) Plan, a
participant is entitled to direct the trustee as to how to vote his or her interest in any shares
of common stock held by the Northfield Bancorp, Inc. Stock Fund. The trustee will vote all shares
for which no directions are given, or for which instructions were not timely received, in the same
proportion as the shares for which the trustee received voting instructions. The deadline for
returning your voting instructions to the 401(k) Plan's trustee is ___, 2010.
Recommendation of the Board of Directors
The board of directors recommends that you promptly sign and mark the enclosed proxy in favor
of the above described proposals, including the adoption of the plan of conversion, and promptly
return it in the enclosed envelope. Voting the proxy card will not prevent you from voting in
person at the special meeting. For information on submitting your proxy, please refer to the
instructions on the enclosed proxy card.
Your prompt vote is very important. Failure to vote will have the same effect as voting
against the plan of conversion.
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PROPOSAL 1 — APPROVAL OF THE PLAN OF CONVERSION AND REORGANIZATION
The board of directors of Northfield Bancorp, Inc. and the board of trustees of Northfield
Bancorp, MHC have approved the Plan of Conversion and Reorganization of Northfield Bancorp, MHC,
referred to herein as the "plan of conversion." The plan of conversion must also be approved by
the depositors of Northfield Bank and the stockholders of Northfield Bancorp, Inc. A special
meeting of depositors and a special meeting of stockholders have been called for this purpose. The
Office of Thrift Supervision has conditionally approved the plan of conversion; however, such
conditional approval does not constitute a recommendation or endorsement of the plan of conversion
by the Office of Thrift Supervision.
General
Pursuant to the plan of conversion, our organization will convert from the mutual holding
company form of organization to the fully stock form. Currently, Northfield Bank is a wholly-owned
subsidiary of Northfield Bancorp, Inc. and Northfield Bancorp, MHC owns approximately 56.4% of
Northfield Bancorp, Inc.'s common stock. The remaining 43.6% of Northfield Bancorp, Inc.'s common
stock is owned by public stockholders. As a result of the conversion, a newly formed company,
Northfield-Delaware, will become the holding company of Northfield Bank. Each share of Northfield
Bancorp, Inc. common stock owned by the public will be exchanged for between 1.2073 shares at the
minimum and 1.6334 shares at the maximum of the offering range (or 1.8784 at the adjusted maximum
of the offering range) of Northfield-Delaware common stock, so that Northfield Bancorp, Inc.'s
existing public stockholders will own the same percentage of Northfield-Delaware common stock as
they owned of Northfield Bancorp, Inc.'s common stock immediately prior to the conversion
(excluding any new shares purchased by them in the offering and their receipt of cash in lieu of
fractional exchange shares). The actual number of shares that you will receive will depend on the
percentage of Northfield Bancorp, Inc. common stock held by the public immediately prior to the
completion of the conversion, the final independent appraisal of Northfield-Delaware and the number
of shares of Northfield-Delaware common stock sold in the offering described in the following
paragraph. It will not depend on the market price of Northfield Bancorp, Inc. common stock.
Concurrently with the exchange offer, Northfield-Delaware is offering up to 40,250,000 shares
of common stock (subject to increase to up to 46,287,500 shares) for, representing the 56.4%
ownership interest of Northfield Bancorp, MHC in Northfield Bancorp, Inc., to eligible depositors
and to the public at a price of $10.00 per share. After the conversion and offering are completed,
Northfield Bank will be a wholly-owned subsidiary of Northfield-Delaware, and 100% of the common
stock of Northfield-Delaware will be owned by public stockholders. As a result of the conversion
and offering, Northfield Bancorp, Inc. and Northfield Bancorp, MHC will cease to exist.
Northfield-Delaware intends to contribute between $143.5 million and $194.5 million of net
proceeds, or $223.8 million if the offering range is increased by 15%, to the Northfield Bank and
to retain between $131.6 million and $178.4 million of the net proceeds, or $205.2 million if the
offering range is increased by 15%. The conversion will be consummated only upon the issuance of
at least the minimum number of shares of our common stock offered pursuant to the plan of
conversion.
The plan of conversion provides that we will offer shares of common stock in a "subscription
offering" in the following descending order of priority:
(i)
First, to depositors with accounts at Northfield Bank with aggregate balances
of at least $50 at the close of business on March 31, 2009.
(ii)
Second, to our tax-qualified employee benefit plans (including Northfield
Bank's employee stock ownership plan and 401(k) plan), which will receive, without
payment therefor, nontransferable subscription rights to purchase in the aggregate up
to 10% of the shares of common stock sold in the offering. We expect our employee
stock ownership plan to purchase 4% of the shares of common stock sold in the stock
offering, although we reserve the right to have the employee stock ownership plan
purchase more than 4% of the shares sold in the offering to the extent necessary to
complete the offering at the minimum of the offering range.
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(iii)
Third, to depositors with accounts at Northfield Bank with aggregate
balances of at least $50 at the close of business on June 30, 2010.
(iv)
Fourth, to depositors of Northfield Bank at the close of business on [deposit
record date].
Shares of common stock not purchased in the subscription offering may be offered for sale to
the general public in a "community offering," with a preference given first to natural persons
(including trusts of natural persons) residing in the New Jersey Counties of Bergen, Essex, Hudson,
Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex and Union, the New York
Counties of Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk and
Westchester, and Pike County, Pennsylvania, and then to Northfield Bancorp, Inc.'s public
stockholders as of [stockholder record date]. The community offering is expected to begin
concurrently with the subscription offering. We also may offer for sale shares of common stock not
purchased in the subscription offering or community offering through a "syndicated community
offering" managed by Sandler O'Neill & Partners, L.P. We have the right to accept or reject, in
our sole discretion, orders received in the community offering or syndicated community offering.
Any determination to accept or reject stock orders in the community offering and the syndicated
community offering will be based on the facts and circumstances available to management at the time
of the determination.
The syndicated community offering may begin at any time following the commencement of the
subscription offering and must be completed within 45 days after the completion of the subscription
offering unless otherwise extended by us, with approval of the Office of Thrift Supervision. See
"—Syndicated Community Offering."
We determined the number of shares of common stock to be offered in the offering based upon an
independent valuation of the estimated pro forma market value of Northfield-Delaware. All shares
of common stock to be sold in the offering will be sold at $10.00 per share. Investors will not be
charged a commission to purchase shares of common stock in the offering. The independent valuation
will be updated and the final number of shares of common stock to be issued in the offering will be
determined at the completion of the offering. See "—Stock Pricing and Number of Shares to be
Issued" for more information as to the determination of the estimated pro forma market value of the
common stock.
A copy of the plan of conversion is available for inspection at each branch office of
Northfield Bank and at the Northeast Regional and the Washington, D.C. offices of the Office of
Thrift Supervision. The plan of conversion is also filed as an exhibit to Northfield Bancorp, MHC's
application to convert from mutual to stock form of which this proxy statement/prospectus is a
part, copies of which may be obtained from the Office of Thrift Supervision. The plan of conversion
is also filed as an exhibit to the registration statement we have filed with the Securities and
Exchange Commission, of which this proxy statement/prospectus is a part, copies of which may be
obtained from the Securities and Exchange Commission or online at the Securities and Exchange
Commission's website. See "Where You Can Find Additional Information."
The board of directors recommends that you vote "FOR" the Plan of Conversion and Reorganization of
Northfield Bancorp, MHC.
[remainder of section same as section of Prospectus entitled "The Conversion and Offering"
PROPOSAL 2 — ADJOURNMENT OF THE SPECIAL MEETING
If there are not sufficient votes to constitute a quorum or to approve the plan of conversion
at the time of the special meeting, the proposals may not be approved unless the special meeting is
adjourned to a later date or dates in order to permit further solicitation of proxies. In order to
allow proxies that have been received by
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Northfield Bancorp, Inc. at the time of the special meeting to be voted for an adjournment, if
necessary, Northfield Bancorp, Inc. has submitted the question of adjournment to its stockholders
as a separate matter for their consideration. The board of directors of Northfield Bancorp, Inc.
recommends that stockholders vote "FOR" the adjournment proposal. If it is necessary to adjourn
the special meeting, no notice of the adjourned special meeting is required to be given to
stockholders (unless the adjournment is for more than 30 days or if a new record date is fixed),
other than an announcement at the special meeting of the hour, date and place to which the special
meeting is adjourned.
The board of directors recommends that you vote "FOR" the adjournment of the special meeting,
if necessary, to solicit additional proxies in the event that there are not sufficient votes at the
time of the special meeting to approve the plan of conversion.
PROPOSALS 3a THROUGH 3c — INFORMATIONAL PROPOSALS RELATED TO THE
CERTIFICATE OF INCORPORATION OF NORTHFIELD-DELAWARE.
By their approval of the plan of conversion as set forth in Proposal 1, the board of directors
of Northfield Bancorp, Inc. has approved each of the informational proposals numbered 3a through
3c, all of which relate to provisions included in the certificate of incorporation of
Northfield-Delaware. Each of these informational proposals is discussed in more detail below.
As a result of the conversion, the public stockholders of Northfield Bancorp, Inc., whose
rights are presently governed by the charter and bylaws of Northfield Bancorp, Inc., will become
stockholders of Northfield-Delaware, whose rights will be governed by the certificate of
incorporation and bylaws of Northfield-Delaware. The following informational proposals address the
material differences between the governing documents of the two companies. This discussion is
qualified in its entirety by reference to the charter and bylaws of Northfield Bancorp, Inc. and
the certificate of incorporation and bylaws of Northfield-Delaware. See "Where You Can Find
Additional Information" for procedures for obtaining a copy of those documents.
The provisions of Northfield-Delaware's certificate of incorporation that are summarized as
informational proposals 3a through 3c were approved as part of the process in which the board of
directors of Northfield Bancorp, Inc. approved the plan of conversion. These proposals are
informational in nature only, because the Office of Thrift Supervision's regulations governing
mutual-to-stock conversions do not provide for votes on matters other than the plan of conversion.
Northfield Bancorp, Inc.'s stockholders are not being asked to approve these informational
proposals at the special meeting. While we are asking you to vote with respect to each of the
informational proposals set forth below, the proposed provisions for which an informational vote is
requested will become effective if stockholders approve the plan of conversion, regardless of
whether stockholders vote to approve any or all of the informational proposals. The provisions of
Northfield-Delaware's certificate of incorporation and bylaws that are summarized as informational
proposals may have the effect of deterring or rendering more difficult attempts by third parties to
obtain control of Northfield-Delaware, if such attempts are not approved by the board of directors,
or may make the removal of the board of directors or management, or the appointment of new
directors, more difficult.
Informational Proposal 3a. — Approval of a Provision in Northfield-Delaware's Certificate of
Incorporation Requiring a Super-Majority Vote to Amend Certain Provisions of the Certificate of
Incorporation of Northfield-Delaware.
No amendment of the charter of Northfield Bancorp, Inc. may
be made unless it is first proposed by the board of directors, then preliminarily approved by the
Office of Thrift Supervision, and thereafter approved by the holders of a majority of the total
votes eligible to be cast at a legal meeting. The certificate of incorporation of
Northfield-Delaware may generally be amended, upon the submission of an amendment by the board of
directors to a vote of the stockholders, by the affirmative vote of at least two-thirds of the
outstanding shares of common stock, or by the affirmative vote of a majority of the outstanding
shares of common stock if at least two-thirds of the members of the whole board of directors
approves such amendment; provided, however, that any amendment of Article ELEVENTH, Section C of
Article FOURTH, Sections C or D of Article FIFTH, Article SIXTH, or Article SEVENTH must be
approved by the affirmative vote of the holders of at least 85% of the outstanding shares entitled
to vote, except that the board of directors may amend the certificate of incorporation without any
action by the stockholders to increase or decrease the aggregate number of shares of capital stock.
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These limitations on amendments to specified provisions of Northfield-Delaware's certificate
of incorporation are intended to ensure that the referenced provisions are not limited or changed
upon a simple majority vote. While this limits the ability of stockholders to amend those
provisions, Northfield Bancorp, MHC, as a 56.4% stockholder, currently can effectively block any
stockholder proposed change to the charter.
The requirement of a super-majority stockholder vote to amend specified provisions of
Northfield-Delaware's certificate of incorporation could have the effect of discouraging a tender
offer or other takeover attempt where the ability to make fundamental changes through amendments to
the certificate of incorporation is an important element of the takeover strategy of the potential
acquiror. The board of directors believes that the provisions limiting certain amendments to the
certificate of incorporation will put the board of directors in a stronger position to negotiate
with third parties with respect to transactions potentially affecting the corporate structure of
Northfield-Delaware and the fundamental rights of its stockholders, and to preserve the ability of
all stockholders to have an effective voice in the outcome of such matters.
The board of directors recommends that you vote "FOR" the approval of a provision in
Northfield-Delaware's certificate of incorporation requiring a super-majority vote to approve
certain amendments to Northfield-Delaware's certificate of incorporation.
Informational Proposal 3b. — Approval of a Provision in Northfield-Delaware's Certificate of
Incorporation Requiring a Super-Majority Vote of Stockholders to Approve Stockholder Proposed
Amendments to Northfield-Delaware's Bylaws.
An amendment to Northfield Bancorp, Inc.'s bylaws
proposed by stockholders must be approved by the holders of a majority of the total votes eligible
to be cast at a legal meeting subject to applicable approval by the Office of Thrift Supervision.
The certificate of incorporation of Northfield-Delaware provides that stockholders may only amend
the bylaws if such proposal is approved by the affirmative vote of the holders of at least 80% of
the outstanding shares entitled to vote.
The requirement of a super-majority stockholder vote to amend the bylaws of
Northfield-Delaware is intended to ensure that the bylaws are not limited or changed upon a simple
majority vote of stockholders. While this limits the ability of stockholders to amend the bylaws,
Northfield Bancorp, MHC, as a 56.4% stockholder, currently can effectively block any stockholder
proposed change to the bylaws. Also, the board of directors of both Northfield Bancorp, Inc. and
Northfield-Delaware may by a majority vote amend either company's bylaws.
This provision in Northfield-Delaware's certificate of incorporation could have the effect of
discouraging a tender offer or other takeover attempt where the ability to make fundamental changes
through amendments to the bylaws is an important element of the takeover strategy of the potential
acquiror. The board of directors believes that the provision limiting amendments to the bylaws will
put the board of directors in a stronger position to negotiate with third parties with respect to
transactions potentially affecting the corporate structure of Northfield-Delaware and the
fundamental rights of its stockholders, and to preserve the ability of all stockholders to have an
effective voice in the outcome of such matters.
The board of directors recommends that you vote "FOR" the approval of the provision in
Northfield-Delaware's certificate of incorporation requiring a super-majority vote of stockholders
to approve stockholder proposed amendments to Northfield-Delaware's bylaws.
Informational Proposal 3c. — Approval of a Provision in Northfield-Delaware's Certificate of
incorporation to Limit the Voting Rights of Shares Beneficially Owned in Excess of 10% of
Northfield-Delaware's Outstanding Voting Stock.
The certificate of incorporation of
Northfield-Delaware provide that in no event shall any person, who directly or indirectly
beneficially owns in excess of 10% of the then-outstanding shares of common stock as of the record
date for the determination of stockholders entitled or permitted to vote on any matter, be entitled
or permitted to any vote in respect of the shares held in excess of the 10% limit. Beneficial
ownership is determined pursuant to the federal securities laws and includes, but is not limited
to, shares as to which any person and his or her affiliates (i) have the right to acquire pursuant
to any agreement, arrangement or understanding or upon the exercise of conversion rights, exchange
rights, warrants or options and (ii) have or share investment or voting power (but shall not be
deemed the beneficial owner of any voting shares solely by reason of a
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revocable proxy granted for a particular meeting of stockholders, and that are not otherwise
beneficially, or deemed by Northfield-Delaware to be beneficially, owned by such person and his or
her affiliates).
The foregoing restriction does not apply to any employee benefit plans of Northfield-Delaware
or any subsidiary or a trustee of a plan.
The amended and restated charter of Northfield Bank will provide that, for a period of five
years from the effective date of the conversion, no person shall directly or indirectly offer to
acquire or acquire more than 10% of the then-outstanding shares of common stock. The foregoing
restriction does not apply to:
•
the purchase of shares by underwriters in connection with a public offering; or
•
the purchase of shares by any employee benefit plans of Northfield Bancorp, Inc. or
any subsidiary.
The provision in Northfield-Delaware's certificate of incorporation limiting the voting rights
of beneficial owners of more than 10% of Northfield-Delaware's outstanding voting stock is intended
to limit the ability of any person to acquire a significant number of shares of Northfield-Delaware
common stock and thereby gain sufficient voting control so as to cause Northfield-Delaware to
effect a transaction that may not be in the best interests of Northfield-Delaware and its
stockholders generally. This provision will not prevent a stockholder from seeking to acquire a
controlling interest in Northfield-Delaware, but it will prevent a stockholder from voting more
than 10% of the outstanding shares of common stock unless that stockholder has first persuaded the
board of directors of the merits of the course of action proposed by the stockholder. The board of
directors of Northfield-Delaware believes that fundamental transactions generally should be first
considered and approved by the board of directors as it generally believes that it is in the best
position to make an initial assessment of the merits of any such transactions and that its ability
to make the initial assessment could be impeded if a single stockholder could acquire a
sufficiently large voting interest so as to control a stockholder vote on any given proposal. This
provision in Northfield-Delaware's certificate of incorporation makes an acquisition, merger or
other similar corporate transaction less likely to occur, even if such transaction is supported by
most stockholders, because it can prevent a holder of shares in excess of the 10% limit from voting
the excess shares in favor of the transaction. Thus, it may be deemed to have an anti-takeover
effect.
The board of directors recommends that you vote "FOR" the approval of a provision in
Northfield-Delaware's certificate of incorporation to limit the voting rights of shares
beneficially owned in excess of 10% of Northfield-Delaware's outstanding voting stock.
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA
OF
NORTHFIELD BANCORP, INC. AND SUBSIDIARIES
[same as the prospectus]
FORWARD-LOOKING STATEMENTS
[same as the prospectus]
HOW WE INTEND TO USE THE PROCEEDS FROM THE OFFERING
[same as the prospectus]
OUR DIVIDEND POLICY
[same as the prospectus]
MARKET FOR THE COMMON STOCK
[same as the prospectus]
18
Table of Contents
HISTORICAL AND PRO FORMA REGULATORY CAPITAL COMPLIANCE
[same as the prospectus]
CAPITALIZATION
[same as the prospectus]
PRO FORMA DATA
[same as the prospectus]
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
[same as the prospectus]
BUSINESS OF NORTHFIELD-DELAWARE
[same as the prospectus]
BUSINESS OF NORTHFIELD BANCORP, INC. AND NORTHFIELD BANK
[same as the prospectus]
SUPERVISION AND REGULATION
[same as the prospectus]
TAXATION
[same as the prospectus]
MANAGEMENT
[same as the prospectus]
BENEFICIAL OWNERSHIP OF COMMON STOCK
[same as the prospectus]
SUBSCRIPTIONS BY DIRECTORS AND EXECUTIVE OFFICERS
[same as the prospectus]
COMPARISON OF STOCKHOLDERS' RIGHTS FOR EXISTING
STOCKHOLDERS OF NORTHFIELD BANCORP, INC.
[same as the prospectus]
RESTRICTIONS ON ACQUISITION OF NORTHFIELD-DELAWARE
[same as the prospectus]
19
Table of Contents
DESCRIPTION OF CAPITAL STOCK OF NORTHFIELD-DELAWARE
FOLLOWING THE CONVERSION
[same as the prospectus]
TRANSFER AGENT
[same as the prospectus]
EXPERTS
[same as the prospectus]
LEGAL MATTERS
[same as the prospectus]
WHERE YOU CAN FIND ADDITIONAL INFORMATION
[same as the prospectus]
OTHER MATTERS
As of the date of this document, the board of directors is not aware of any business to come
before the special meeting other than the matters described above in the proxy
statement/prospectus. However, if any matters should properly come before the special meeting, it
is intended that the holders of the proxies will act in accordance with their best judgment.
[Financial Statements that are the same as the offering prospectus to appear here]
20
Table of Contents
REVOCABLE PROXY
NORTHFIELD BANCORP, INC.
SPECIAL MEETING OF STOCKHOLDERS
, 2010
The stockholder signing this proxy card hereby appoints the proxy committee of the board of
directors of Northfield Bancorp, Inc., a Federal corporation, with full powers of substitution, to
act as attorneys and proxies for the stockholder to vote all shares of common stock of Northfield
Bancorp, Inc. that the undersigned is entitled to vote at the Special Meeting of Stockholders (the
"Meeting") to be held at
, at
:00 p.m., Eastern Time, on ___,
2010. The proxy committee is authorized to cast all votes to which the stockholder is entitled as
follows:
FOR
AGAINST
ABSTAIN
1.
The approval of a plan of conversion and
reorganization pursuant to which: Northfield
Bancorp, MHC and Northfield Bancorp, Inc. will
convert and reorganize from the mutual holding
company structure to the stock holding company
structure, as more fully described in the proxy
statement;
o
o
o
2.
The approval of the adjournment of the Meeting, if necessary, to solicit additional
proxies in the event that there are not
sufficient votes at the time of the Meeting to
approve the plan of conversion and
reorganization;
o
o
o
3.
The following informational proposals:
o
o
o
3a.
Approval of a provision
in the certificate of
incorporation of Northfield
Bancorp, Inc., a Delaware
corporation ("Northfield-
Delaware") requiring a
super-majority vote of
stockholders to approve
certain amendments to
Northfield-Delaware's
certificate of
incorporation;
3b.
Approval of a provision
in Northfield-Delaware's
certificate of
incorporation requiring a
super-majority vote of
stockholders to approve
stockholder-proposed
amendments to
Northfield-Delaware's
bylaws;
3c.
Approval of a provision
in Northfield-Delaware's
certificate of
incorporation to limit the
voting rights of shares
beneficially owned in
excess of 10% of
Northfield-Delaware's
outstanding voting stock;
and
Such other business as may properly come before the Meeting.
The Board of Directors recommends a vote "FOR" the above-listed proposals.
Table of Contents
VOTING FOR APPROVAL OF THE PLAN OF CONVERSION AND REORGANIZATION WILL ALSO INCLUDE APPROVAL OF
THE EXCHANGE RATIO, THE CERTIFICATE OF INCORPORATION AND BYLAWS OF NORTHFIELD-DELAWARE (INCLUDING
THE ANTI-TAKEOVER/LIMITATIONS ON STOCKHOLDER RIGHTS PROVISIONS AND THE ESTABLISHMENT OF A
LIQUIDATION ACCOUNT FOR THE BENEFIT OF ELIGIBLE DEPOSITORS OF NORTHFIELD BANK) AND THE AMENDMENT TO
NORTHFIELD BANK'S CHARTER TO PROVIDE FOR RESTRICTIONS ON THE OWNERSHIP OF MORE THAN 10% OF
NORTHFIELD BANK'S COMMON STOCK AND A LIQUIDATION ACCOUNT FOR ELIGIBLE DEPOSITORS.
THE PROVISIONS OF NORTHFIELD-DELAWARE, INC.'S CERTIFICATE OF INCORPORATION THAT ARE SUMMARIZED AS
INFORMATIONAL PROPOSALS 3A THROUGH 3C WERE APPROVED AS PART OF THE PROCESS IN WHICH THE BOARD OF
DIRECTORS OF NORTHFIELD BANCORP, INC. APPROVED THE PLAN OF CONVERSION AND REORGANIZATION. THESE
PROPOSALS ARE INFORMATIONAL IN NATURE ONLY, BECAUSE THE OFFICE OF THRIFT SUPERVISION'S REGULATIONS
GOVERNING MUTUAL-TO-STOCK CONVERSIONS DO NOT PROVIDE FOR VOTES ON MATTERS OTHER THAN THE PLAN.
WHILE WE ARE ASKING YOU TO VOTE WITH RESPECT TO EACH OF THE INFORMATIONAL PROPOSALS LISTED ABOVE,
THE PROPOSED PROVISIONS FOR WHICH AN INFORMATIONAL VOTE IS REQUESTED WILL BECOME EFFECTIVE IF
STOCKHOLDERS APPROVE THE PLAN, REGARDLESS OF WHETHER STOCKHOLDERS VOTE TO APPROVE ANY OR ALL OF THE
INFORMATIONAL PROPOSALS.
THIS PROXY WILL BE VOTED AS DIRECTED, BUT IF NO INSTRUCTIONS ARE SPECIFIED FOR ONE OR MORE
PROPOSALS, THIS PROXY, IF SIGNED, WILL BE VOTED FOR THE UNVOTED PROPOSALS. IF ANY OTHER BUSINESS
IS PRESENTED AT THE MEETING, THIS PROXY WILL BE VOTED BY THE MAJORITY OF THE BOARD OF DIRECTORS.
AT THE PRESENT TIME, THE BOARD OF DIRECTORS KNOWS OF NO OTHER BUSINESS TO BE PRESENTED AT THE
MEETING.
THIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS
Should the stockholder be present and elect to vote at the Meeting or at any adjournment
thereof and after notification to the Secretary of Northfield Bancorp, Inc. at the Meeting of the
stockholder's decision to terminate this proxy, then the power of said attorneys and proxies shall
be deemed terminated and of no further force and effect. This proxy may also be revoked by sending
written notice to the Secretary of Northfield Bancorp, Inc. at the address set forth on the Notice
of Special Meeting of Stockholders, or by the filing of a later-dated proxy prior to a vote being
taken on a particular proposal at the Meeting.
The stockholder acknowledges receipt from Northfield Bancorp, Inc. prior to the execution of
this proxy of a Notice of Special Meeting and the enclosed proxy statement/prospectus dated
, 2010.
Dated:
, 2010
o
Check Box if You Plan to Attend the Meeting
PRINT NAME OF STOCKHOLDER
PRINT NAME OF STOCKHOLDER
SIGNATURE OF STOCKHOLDER
SIGNATURE OF STOCKHOLDER
Table of Contents
Please sign exactly as your name appears on this proxy card. When signing as attorney,
executor, administrator, trustee or guardian, please give your full title. If shares are held
jointly, each holder should sign.
Please complete, sign and date this proxy card and return it promptly
in the enclosed postage-prepaid envelope.
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS: NORTHFIELD BANCORP, INC.'S
PROXY STATEMENT-PROSPECTUS, INCLUDING THE NOTICE OF THE MEETING OF STOCKHOLDERS, IS AVAILABLE ON
THE INTERNET AT WWW.
.
Table of Contents
SYNDICATED OFFERING PROSPECTUS
NORTHFIELD BANCORP, INC.
(Proposed Holding Company for Northfield Bank)
Up to 40,250,000,000 Shares of Common Stock
(Subject to Increase to up to 46,287,500Shares)
Northfield Bancorp, Inc., a newly formed Delaware corporation, is offering up to 40,250,000
shares of common stock for sale at $10.00 per share in connection with the conversion of Northfield
Bancorp, MHC from the mutual holding company to the stock holding company form of organization.
The shares we are offering represent the ownership interest in Northfield Bancorp, Inc., a
federal corporation, currently owned by Northfield Bancorp, MHC. In the prospectus, we will refer
to Northfield Bancorp, Inc., the Delaware corporation, as "Northfield-Delaware," and we will refer
to Northfield Bancorp, Inc., the federal corporation, as "Northfield-Federal."
Northfield-Federal's common stock is currently traded on the Nasdaq Global Select Market under the
trading symbol "NFBK." For a period of 20 trading days after the completion of the conversion and
offering, we expect our shares of common stock will trade on the Nasdaq Global Select Market under
the symbol "NFBKD," and, thereafter, our trading symbol will revert to "NFBK."
We are offering up to 40,250,000 shares of common stock for sale on a best efforts basis. We
may sell up to 46,287,500 shares of common stock because of demand for the shares of common stock
or changes in market conditions, without resoliciting purchasers. We must sell a minimum of
29,750,000 shares in the offering in order to complete the offering and the conversion.
In addition to the shares we are selling in the offering, the remaining interest in
Northfield-Federal currently held by the public will be exchanged for shares of common stock of
Northfield-Delaware using an exchange ratio that will result in existing public stockholders of
Northfield-Federal owning approximately the same percentage of Northfield-Delaware common stock as
they owned in Northfield-Federal immediately prior to the completion of the conversion. We will
issue up to 31,166,852 shares of common stock in the exchange, which may be increased to up to
35,841,880 shares if we sell 46,287,500 shares of common stock in the offering.
The shares are first being offered in a subscription offering to eligible depositors and
tax-qualified employee benefit plans of Northfield Bank as described in this prospectus, who have
priority rights to buy all of the shares offered, and in a community offering, with a preference
given to residents of the communities served by Northfield Bank and existing stockholders of
Northfield-Federal.
Shares of common stock not subscribed for in the subscription and community offerings are
being offered in the syndicated community offering through a syndicate of selected
dealers. Sandler O'Neill & Partners, L.P. is serving as sole book-running manager for the
syndicated community offering. Sandler O'Neill & Partners, L.P. is not required to purchase any
shares of common stock in the offering.
OFFERING SUMMARY
Price: $10.00 per Share
Minimum
Midpoint
Maximum
Adjusted Maximum
Number of shares
29,750,000
35,000,000
40,250,000
46,287,500
Gross offering proceeds
$
297,500,000
$
350,000,000
$
402,500,000
$
462,875,000
Estimated offering expenses,
excluding selling agent
commissions
$
1,681,500
$
1,681,500
$
1,681,500
$
1,681,500
Selling agent commissions (1)
$
8,796,550
$
10,350,550
$
11,904,550
$
13,691,650
Estimated net proceeds
$
287,021,950
$
337,967,950
$
388,913,950
$
447,501,850
Estimated net proceeds per share
$
9.65
$
9.66
$
9.66
$
9.67
(1)
The amounts shown assume that 50% of the shares are sold in the subscription and
community offerings and the remaining 50% are sold in a syndicated community offering. The
amounts shown include fees and selling commissions payable by us: (i) to Sandler O'Neill &
Partners, L.P. in connection with the subscription and community offerings equal to 1.0% of
the aggregate amount of common stock in the subscription and community offerings (net of
insider purchases and shares purchased by our employee stock ownership plan), or
approximately $2.1 million, at the adjusted maximum of the offering range; and (ii) to
Sandler O'Neill & Partners, L.P. and any other broker-dealers participating in the
syndicated offering equal to 5.0% of the
aggregate amount of common stock sold in the syndicated community offering, or approximately
$11.6 million at the adjusted maximum of the offering. Sandler O'Neill & Partners, L.P. will
not be separately reimbursed for expenses if the offering is completed. See "The Conversion
and Offering—Plan of Distribution; Selling Agent Compensation" for information regarding
compensation to be received by Sandler O'Neill & Partners, L.P. and the other broker-dealers
that may participate in the syndicated community offering and "Pro Forma Data" for the
assumptions regarding the number of shares that may be sold in the subscription and community
offerings and the syndicated community offering used to determine the estimated offering
expenses. If all shares of common stock were sold in the syndicated community offering, the
maximum selling agent commissions would be approximately $14.9 million, $17.5 million, $20.1
million and $23.1 million at the minimum, midpoint, maximum, and adjusted maximum levels of
the offering, respectively.
This investment involves a degree of risk, including the possible loss of principal.
Please read "Risk Factors" beginning on page 16.
These securities are not deposits or accounts and are not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government agency. Neither the Securities and
Exchange Commission, the Office of Thrift Supervision, nor any state securities regulator has
approved or disapproved of these securities or determined if this Prospectus is accurate or
complete. Any representation to the contrary is a criminal offense.
Sandler O'Neill + Partners, L.P.
For assistance, please contact the Stock Information Center, toll-free, at (____) ___-____.
The date of this prospectus is [Prospectus Date].
Table of Contents
PART II: INFORMATION NOT REQUIRED IN PROSPECTUS
Item 13. Other Expenses of Issuance and Distribution
Amount (1)
*
Registrant's Legal Fees and Expenses
$
550,000
*
Registrant's Accounting Fees and Expenses
250,000
*
Marketing Agent Fees (1)
13,691,650
*
Appraisal Fees and Expenses
175,000
*
Printing, Postage, Mailing and EDGAR Fees
340,000
*
Filing Fees (OTS, Nasdaq, FINRA and SEC)
154,000
*
Transfer Agent Fees and Expenses
12,500
*
Business Plan Fees and Expenses
60,000
*
Proxy Solicitor Fees and Expenses
40,000
*
Other
100,000
*
Total
$
15,373,150
*
Estimated
(1)
Northfield Bancorp, Inc. has retained Sandler O'Neill & Partners, L.P. to assist in the sale
of common stock on a best efforts basis in the offerings. Fees are estimated at the adjusted
maximum of the offering range, assuming 50% of the shares are sold in the subscription and
community offerings and 50% of the shares are sold in the syndicated community offering.
Item 14. Indemnification of Directors and Officers
Articles NINTH and TENTH of the Certificate of Incorporation of Northfield Bancorp, Inc. (the
"Corporation") sets forth circumstances under which directors, officers, employees and agents of
the Corporation may be insured or indemnified against liability which they incur in their
capacities as such:
NINTH
:
A. Each person who was or is made a party or is threatened to be made a party to or is
otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or
investigative (hereinafter a "proceeding"), by reason of the fact that he or she is or was a
Director or an Officer of the Corporation or is or was serving at the request of the Corporation as
a Director, Officer, employee or agent of another corporation or of a partnership, joint venture,
trust or other enterprise, including service with respect to an employee benefit plan (hereinafter
an "indemnitee"), whether the basis of such proceeding is alleged action in an official capacity as
a Director, Officer, employee or agent or in any other capacity while serving as a Director,
Officer, employee or agent, shall be indemnified and held harmless by the Corporation to the
fullest extent authorized by the Delaware General Corporation Law, as the same exists or may
hereafter be amended (but, in the case of any such amendment, only to the extent that such
amendment permits the Corporation to provide broader indemnification rights than such law permitted
the Corporation to provide prior to such amendment), against all expense, liability and loss
(including attorneys' fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in
settlement) reasonably incurred or suffered by such indemnitee in connection therewith; provided,
however, that, except as provided in Section C hereof with respect to proceedings to enforce rights
to indemnification, the Corporation shall indemnify any such indemnitee in connection with a
proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof)
was authorized by the Board of Directors of the Corporation.
B. The right to indemnification conferred in Section A of this Article NINTH shall include the
right to be paid by the Corporation the expenses incurred in defending any such proceeding in
advance of its final disposition (hereinafter an "advancement of expenses"); provided, however,
that, if the Delaware General Corporation Law requires an advancement of expenses incurred by an
indemnitee in his or her capacity as a Director of Officer (and not in any other capacity in which
service was or is rendered by such indemnitee, including, without limitation, service to an
employee benefit plan) shall be made only upon delivery to the Corporation of an undertaking
(hereinafter an "undertaking"), by or on behalf of such indemnitee, to repay all amounts so
advanced if
II-1
Table of Contents
it shall ultimately be determined by final judicial decision from which there is no further
right to appeal (hereinafter a "final adjudication") that such indemnitee is not entitled to be
indemnified for such expenses under this Section or otherwise. The rights to indemnification and
to the advancement of expenses conferred in Sections A and B of this Article NINTH shall be
contract rights and such rights shall continue as to an indemnitee who has ceased to be a Director,
Officer, employee or agent and shall inure to the benefit of the indemnitee's heirs, executors and
administrators.
C. If a claim under Section A or B of this Article NINTH is not paid in full by the
Corporation within sixty days after a written claim has been received by the Corporation, except in
the case of a claim for an advancement of expenses, in which case the applicable period shall be
twenty days, the indemnitee may at any time thereafter bring suit against the Corporation to
recover the unpaid amount of the claim. If successful in whole or in part in any such suit, or in
a suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an
undertaking, the indemnitee also shall be entitled to be paid the expense of prosecuting or
defending such suit. In (i) any suit brought by the indemnitee to enforce a right to
indemnification hereunder (but not in a suit brought by the indemnitee to enforce a right to an
advancement of expenses) it shall be a defense that, and (ii) in any suit by the Corporation to
recover an advancement of expenses pursuant to the terms of an undertaking the Corporation shall be
entitled to recover such expenses upon a final adjudication that, the indemnitee has not met any
applicable standard for indemnification set forth in the Delaware General Corporation Law. Neither
the failure of the Corporation (including its Board of Directors, independent legal counsel, or its
stockholders) to have made a determination prior to the commencement of such suit that
indemnification of the indemnitee is proper in the circumstances because the indemnitee has met the
applicable standard of conduct set forth in the Delaware General Corporation Law, nor an actual
determination by the Corporation (including its Board of Directors, independent legal counsel, or
its stockholders) that the indemnitee has not met such applicable standard of conduct, shall create
a presumption that the indemnitee has not met the applicable standard of conduct or, in the case of
such a suit brought by the indemnitee, be a defense to such suit. In any suit brought by the
indemnitee to enforce a right to indemnification or to an advancement of expenses hereunder, or by
the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the
burden of proving that the indemnitee is not entitled to be indemnified, or to such advancement of
expenses, under this Article NINTH or otherwise shall be on the Corporation.
D. The rights to indemnification and to the advancement of expenses conferred in this Article
NINTH shall not be exclusive of any other right which any person may have or hereafter acquire
under any statute, the Corporation's Certificate of Incorporation, Bylaws, agreement, vote of
stockholders or disinterested Directors or otherwise.
E. The Corporation may maintain insurance, at its expense, to protect itself and any Director,
Officer, employee or agent of the Corporation or another corporation, partnership, joint venture,
trust or other enterprise against any expense, liability or loss, whether or not the Corporation
would have the power to indemnify such person against such expense, liability or loss under the
Delaware General Corporation Law.
F. The Corporation may, to the extent authorized from time to time by the Board of Directors,
grant rights to indemnification and to the advancement of expenses to any employee or agent of the
Corporation to the fullest extent of the provisions of this Article NINTH with respect to the
indemnification and advancement of expenses of Directors and Officers of the Corporation.
TENTH
: A Director of this Corporation shall not be personally liable to the Corporation or
its stockholders for monetary damages for breach of fiduciary duty as a Director, except for
liability (i) for any breach of the Director's duty of loyalty to the Corporation or its
stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct
or a knowing violation of law, (iii) under Section 174 of the Delaware General Corporation Law, or
(iv) for any transaction from which the Director derived an improper personal benefit. If the
Delaware General Corporation Law is amended to authorize corporate action further eliminating or
limiting the personal liability of Directors, then the liability of a Director of the Corporation
shall be eliminated or limited to the fullest extent permitted by the Delaware General Corporation
Law, as so amended.
II-2
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Any repeal or modification of the foregoing paragraph by the stockholders of the Corporation
shall not adversely affect any right or protection of a Director of the Corporation existing at the
time of such repeal or modification.
Item 15. Recent Sales of Unregistered Securities
Not Applicable.
Item 16. Exhibits and Financial Statement Schedules:
The exhibits and financial statement schedules filed as part of this registration statement
are as follows:
(a) List of Exhibits
1.1
Engagement Letter between Northfield Bancorp, MHC, Northfield Bancorp, Inc., Northfield Bank
and Sandler O'Neill & Partners, L.P.
1.2
Form of Agency Agreement between Northfield Bancorp, MHC, Northfield Bancorp, Inc.,
Northfield Bank and Northfield Bancorp, Inc., and Sandler O'Neill & Partners, L.P.*
2
Plan of Conversion and Reorganization
3.1
Certificate of Incorporation of Northfield Bancorp, Inc.
3.2
Bylaws of Northfield Bancorp, Inc.
4
Form of Common Stock Certificate of Northfield Bancorp, Inc.
5
Opinion of Luse Gorman Pomerenk & Schick, P.C. regarding legality of securities being registered
8.1
Form of Federal Tax Opinion of Luse Gorman Pomerenk & Schick, P.C.
8.2
Form of State Tax Opinion
10.1
Amended Employment Agreement with Kenneth J. Doherty (2)
10.2
Amended Employment Agreement with Steven M. Klein (2)
10.3
Supplemental Executive Retirement Agreement with Albert J. Regen (1)
10.4
Northfield Bank 2010 Management Cash Incentive Compensation Plan (4)
10.5
Short Term Disability and Long Term Disability for Senior Management (1)
10.6
Northfield Bank Non-Qualified Deferred Compensation Plan (3)
10.7
Northfield Bank Non Qualified Supplemental Employee Stock Ownership Plan (3)
10.8
Amended Employment Agreement with John W. Alexander (8)
10.9
Amended Employment Agreement with Michael J. Widmer (8)
10.10
Amendment to Northfield Bank Non-Qualified Deferred Compensation Plan (6)
10.11
Amendment to Northfield Bank Non Qualified Supplemental Employee Stock Ownership Plan (6)
10.12
Northfield Bancorp, Inc. 2008 Equity Incentive Plan (5)
10.13
Form of Director Non-Statutory Stock Option Award Agreement under the 2008 Equity Incentive Plan (6)
10.14
Form of Director Restricted Stock Award Agreement under the 2008 Equity Incentive Plan (6)
10.15
Form of Employee Non-Statutory Stock Option Award Agreement under the 2008 Equity Incentive Plan (6)
10.16
Form of Employee Incentive Stock Option Award Agreement under the 2008 Equity Incentive Plan (6)
10.17
Form of Employee Restricted Stock Award Agreement under the 2008 Equity Incentive Plan (6)
10.18
Northfield Bancorp, Inc. Management Cash Incentive Plan (7)
21
Subsidiaries of Registrant (1)
23.1
Consent of Luse Gorman Pomerenk & Schick, P.C. (contained in Opinions included as Exhibits 5 and 8)
23.2
Consent of KPMG LLP
23.3
Consent of RP Financial, LC.
23.4
Consent of Crowe Horwath LLP*
24
Power of Attorney (set forth on signature page)
99.1
Appraisal Agreement between Northfield Bank and RP Financial, LC.
99.2
Letter of RP Financial, LC. with respect to Subscription Rights
99.3
Appraisal Report of RP Financial, LC.**
II-3
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99.4
Marketing Materials
99.5
Stock Order and Certification Form
99.6
Letter of RP Financial, LC. with respect to Liquidation Account
*
To be filed supplementally
**
Supporting financial schedules filed in paper format only pursuant to Rule 202 of Regulation
S-T. Available for inspection during business hours at the principal offices of the SEC in
Washington, D.C.
(1)
Incorporated by reference to the Registration Statement on Form S-1 of Northfield Bancorp,
Inc. (File No. 333-143643), originally filed with the Securities and Exchange Commission on
June 11, 2007.
(2)
Incorporated by reference to Northfield Bancorp, Inc.'s Current Report on Form 8-K, dated
June 24, 2009, filed with the Securities and Exchange Commission on June 26, 2009 (File Number
001-33732).
(3)
Incorporated by reference to Northfield Bancorp, Inc.'s Annual Report on Form 10-K, dated
December 31, 2007, filed with the Securities and Exchange Commission on March 31, 2008 (File
Number 001-33732).
(4)
Incorporated by reference to Northfield Bancorp, Inc.'s Current Report on Form 8-K, dated
December 23, 2009, filed with the Securities and Exchange Commission on December 23, 2009
(File Number 001-33732).
(5)
Incorporated by reference to Northfield Bancorp, Inc.'s Proxy Statement Pursuant to Section
14(a) filed with the Securities and Exchange Commission on November 12, 2008 (File Number
001-33732).
(6)
Incorporated by reference to Northfield Bancorp, Inc.'s Annual Report on Form 10-K, dated
December 31, 2008, filed with the Securities and Exchange Commission on March 16, 2009 (File
Number 0001-33732).
(7)
Incorporated by reference to Appendix A of Northfield Bancorp, Inc.'s Definitive Proxy
Statement for the 2009 Annual Meeting of Stockholders (File No. 001-33732) as filed with the
Securities and Exchange Commission on April 23, 2009).
(8)
Incorporated by reference to Northfield Bancorp, Inc.'s Current Report on Form 8-K, dated
January 4, 2010, filed with the Securities and Exchange Commission on January 5, 2010 (File
Number 001-33732).
(9)
Incorporated by reference to Northfield Bancorp, Inc.'s Current Report on Form 8-K, dated
March 25, 2009, filed with the Securities and Exchange Commission on March 25, 2009 (File
Number 001-33732)
(b) Financial Statement Schedules
No financial statement schedules are filed because the required information is not applicable
or is included in the consolidated financial statements or related notes.
Item 17. Undertakings
The undersigned Registrant hereby undertakes:
(1) To file, during any period in which it offers or sales are being made, a post-effective
amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the effective
date of the registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement. Notwithstanding the foregoing, any
increase or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation from
the low or high end of the estimated maximum offering range may be reflected in the form
of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a 20 percent change in the
maximum aggregate offering price set forth in the "Calculation of Registration Fee"
table in the effective registration statement;
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(iii) To include any material information with respect to the plan of distribution
not previously disclosed in the registration statement or any material change to such
information in the registration statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(4) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act, and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
(5) That, for the purpose of determining liability of the registrant under the Securities Act
of 1933 to any purchaser in the initial distribution of the securities:
The undersigned registrant undertakes that in a primary offering of securities of the
undersigned registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such
purchaser by means of any of the following communications, the undersigned registrant will be a
seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
(i) Any preliminary prospectus or prospectus of the undersigned registrant relating
to the offering required to be filed pursuant to Rule 424 (§230.424 of this chapter);
(ii) Any free writing prospectus relating to the offering prepared by or on behalf
of the undersigned registrant or used or referred to by the undersigned registrant;
(iii) The portion of any other free writing prospectus relating to the offering
containing material information about the undersigned registrant or its securities
provided by or on behalf of the undersigned registrant; and
(iv) Any other communication that is an offer in the offering made by the
undersigned registrant to the purchaser.
(6) That, for purposes of determining any liability under the Securities Act of 1933, the
information omitted from the form of prospectus filed as part of this registration statement in
reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to
Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this
registration statement as of the time it was declared effective.
(7) That, for the purpose of determining any liability under the Securities Act of 1933, each
post-effective amendment that contains a form of prospectus shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.
II-5
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(8) The undersigned registrant hereby undertakes to provide to the underwriter at the closing
specified in the underwriting agreement, certificates in such denominations and registered in such
names as required by the underwriter to permit prompt delivery to each purchaser.
II-6
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused
this registration statement to be signed on its behalf by the undersigned, thereunto duly
authorized in the City of Woodbridge, State of New Jersey on
June 8, 2010.
NORTHFIELD BANCORP, INC.
By:
/s/ John W. Alexander
John W. Alexander
Chairman, President and Chief Executive Officer
(Duly Authorized Representative)
POWER OF ATTORNEY
We, the undersigned directors and officers of Northfield Bancorp, Inc. (the "Company") hereby
severally constitute and appoint John W. Alexander as our true and lawful attorney and agent, to do
any and all things in our names in the capacities indicated below which said John W. Alexander may
deem necessary or advisable to enable the Company to comply with the Securities Act of 1933, and
any rules, regulations and requirements of the Securities and Exchange Commission, in connection
with the registration statement on Form S-1 relating to the offering of the Company's common stock,
including specifically, but not limited to, power and authority to sign for us in our names in the
capacities indicated below the registration statement and any and all amendments (including
post-effective amendments) thereto; and we hereby approve, ratify and confirm all that said John W.
Alexander shall do or cause to be done by virtue thereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the dates indicated.
Signatures
Title
Date
/s/ John W. Alexander
Chairman, President and Chief Executive Officer
(Principal Executive Officer)
June 8, 2010
John W. Alexander
/s/ Steven M. Klein
Executive Vice President and Chief Financial Officer
(Principal Financial and
Accounting Officer)
June 8, 2010
Steven M. Klein
/s/ John R. Bowen
Director
June 8, 2010
John R. Bowen
/s/ Annette Catino
Director
June 8, 2010
Annette Catino
/s/ Gil Chapman
Director
June 8, 2010
Gil Chapman
/s/ John P. Connors, Jr.
Director
June 8, 2010
John P. Connors, Jr.
/s/ John J. DePierro
Director
June 8, 2010
John J. DePierro
/s/ Susan Lamberti
Director
June 8, 2010
Susan Lamberti
/s/ Albert J. Regen
Director
June 8, 2010
Albert J. Regen
/s/ Patrick E. Scura, Jr.
Director
June 8, 2010
Patrick E. Scura, Jr.
Table of Contents
As filed with the Securities and Exchange Commission on June 9, 2010
Registration No. 333-________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
EXHIBITS
TO
REGISTRATION STATEMENT
ON
FORM S-1
Northfield Bancorp, Inc.
Woodbridge, New Jersey
Table of Contents
EXHIBIT INDEX
1.1
Engagement Letter between Northfield Bancorp, MHC, Northfield Bancorp, Inc., Northfield Bank
and Sandler O'Neill & Partners, L.P.
1.2
Form of Agency Agreement between Northfield Bancorp, MHC, Northfield Bancorp, Inc.,
Northfield Bank and Northfield Bancorp, Inc., and Sandler O'Neill & Partners, L.P.*
2
Plan of Conversion and Reorganization
3.1
Certificate of Incorporation of Northfield Bancorp, Inc.
3.2
Bylaws of Northfield Bancorp, Inc.
4
Form of Common Stock Certificate of Northfield Bancorp, Inc.
5
Opinion of Luse Gorman Pomerenk & Schick, P.C. regarding legality of securities being registered
8.1
Form of Federal Tax Opinion of Luse Gorman Pomerenk & Schick, P.C.
8.2
Form of State Tax Opinion
10.1
Amended Employment Agreement with Kenneth J. Doherty (2)
10.2
Amended Employment Agreement with Steven M. Klein (2)
10.3
Supplemental Executive Retirement Agreement with Albert J. Regen (1)
10.4
Northfield Bank 2010 Management Cash Incentive Compensation Plan (4)
10.5
Short Term Disability and Long Term Disability for Senior Management (1)
10.6
Northfield Bank Non-Qualified Deferred Compensation Plan (3)
10.7
Northfield Bank Non Qualified Supplemental Employee Stock Ownership Plan (3)
10.8
Amended Employment Agreement with John W. Alexander (8)
10.9
Amended Employment Agreement with Michael J. Widmer (8)
10.10
Amendment to Northfield Bank Non-Qualified Deferred Compensation Plan (6)
10.11
Amendment to Northfield Bank Non Qualified Supplemental Employee Stock Ownership Plan (6)
10.12
Northfield Bancorp, Inc. 2008 Equity Incentive Plan (5)
10.13
Form of Director Non-Statutory Stock Option Award Agreement under the 2008 Equity Incentive Plan (6)
10.14
Form of Director Restricted Stock Award Agreement under the 2008 Equity Incentive Plan (6)
10.15
Form of Employee Non-Statutory Stock Option Award Agreement under the 2008 Equity Incentive Plan (6)
10.16
Form of Employee Incentive Stock Option Award Agreement under the 2008 Equity Incentive Plan (6)
10.17
Form of Employee Restricted Stock Award Agreement under the 2008 Equity Incentive Plan (6)
10.18
Northfield Bancorp, Inc. Management Cash Incentive Plan (7)
21
Subsidiaries of Registrant (1)
23.1
Consent of Luse Gorman Pomerenk & Schick, P.C. (contained in Opinions included as Exhibits 5 and 8)
23.2
Consent of KPMG LLP
23.3
Consent of RP Financial, LC.
23.4
Consent of Crowe Horwath LLP*
24
Power of Attorney (set forth on signature page)
99.1
Appraisal Agreement between Northfield Bank and RP Financial, LC.
99.2
Letter of RP Financial, LC. with respect to Subscription Rights
99.3
Appraisal Report of RP Financial, LC.**
99.4
Marketing Materials
99.5
Stock Order and Certification Form
99.6
Letter of RP Financial, LC. with respect to Liquidation Account
*
To be filed supplementally
**
Supporting financial schedules filed in paper format only pursuant to Rule 202 of Regulation
S-T. Available for inspection during business hours at the principal offices of the SEC in
Washington, D.C.
(1)
Incorporated by reference to the Registration Statement on Form S-1 of Northfield Bancorp,
Inc. (File No. 333-143643), originally filed with the Securities and Exchange Commission on
June 11, 2007.
(2)
Incorporated by reference to Northfield Bancorp, Inc.'s Current Report on Form 8-K, dated
June 24, 2009, filed with the Securities and Exchange Commission on June 26, 2009 (File Number
001-33732).
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(3)
Incorporated by reference to Northfield Bancorp, Inc.'s Annual Report on Form 10-K, dated
December 31, 2007, filed with the Securities and Exchange Commission on March 31, 2008 (File
Number 001-33732).
(4)
Incorporated by reference to Northfield Bancorp, Inc.'s Current Report on Form 8-K, dated
December 23, 2009, filed with the Securities and Exchange Commission on December 23, 2009
(File Number 001-33732).
(5)
Incorporated by reference to Northfield Bancorp, Inc.'s Proxy Statement Pursuant to Section
14(a) filed with the Securities and Exchange Commission on November 12, 2008 (File Number
001-33732).
(6)
Incorporated by reference to Northfield Bancorp, Inc.'s Annual Report on Form 10-K, dated
December 31, 2008, filed with the Securities and Exchange Commission on March 16, 2009 (File
Number 0001-33732).
(7)
Incorporated by reference to Appendix A of Northfield Bancorp, Inc.'s Definitive Proxy
Statement for the 2009 Annual Meeting of Stockholders (File No. 001-33732) as filed with the
Securities and Exchange Commission on April 23, 2009).
(8)
Incorporated by reference to Northfield Bancorp, Inc.'s Current Report on Form 8-K, dated
January 4, 2010, filed with the Securities and Exchange Commission on January 5, 2010 (File
Number 001-33732).
(9)
Incorporated by reference to Northfield Bancorp, Inc.'s Current Report on Form 8-K, dated
March 25, 2009, filed with the Securities and Exchange Commission on March 25, 2009 (File
Number 001-33732)