Core Insights - Columbia Financial reported revenue of $63.88 million for the quarter ended June 2025, reflecting a year-over-year increase of 19.9% [1] - The earnings per share (EPS) for the quarter was $0.12, up from $0.05 in the same quarter last year, indicating strong growth [1] - The reported revenue exceeded the Zacks Consensus Estimate of $61.85 million by 3.28%, and the EPS also surpassed the consensus estimate of $0.11 by 9.09% [1] Financial Performance Metrics - Efficiency Ratio was reported at 70.3%, better than the estimated 72.9% by analysts [4] - Net Interest Margin stood at 2.2%, matching the average estimate [4] - Average Interest Earning Assets were $9.83 billion, slightly below the average estimate of $9.84 billion [4] - Total Non-Interest Income was $10.17 million, exceeding the average estimate of $8.68 million [4] - Net Interest Income was reported at $53.7 million, above the average estimate of $53.2 million [4] Stock Performance - Columbia Financial's shares have returned -8.1% over the past month, contrasting with the Zacks S&P 500 composite's increase of 2.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Performance - Columbia Financial, Inc. reported net income of $12.3 million, or $0.12 per share, for Q2 2025, a significant increase from $4.5 million, or $0.04 per share, in Q2 2024[2] - For the six months ended June 30, 2025, net income was $21.2 million, up 526.4% from $3.4 million for the same period in 2024[14] - Net income for the first half of 2025 was $21,205,000, significantly higher than $3,385,000 in the same period of 2024, marking a 527% increase[42] - Earnings per share (basic) for Q2 2025 was $0.12, compared to $0.04 in Q2 2024, indicating a 200% increase[42] Income and Expenses - Net interest income for Q2 2025 was $53.7 million, an increase of $9.6 million, or 21.8%, compared to $44.1 million in Q2 2024[6] - Non-interest income rose to $10.2 million in Q2 2025, an increase of $993,000, or 10.8%, from $9.2 million in Q2 2024[11] - Non-interest expense decreased by $1.3 million, or 2.9%, to $44.9 million in Q2 2025 from $46.2 million in Q2 2024[12] - Total non-interest expense decreased to $44,906,000 in Q2 2025 from $46,247,000 in Q2 2024, a reduction of 3%[42] - Non-interest income increased to $10,173,000 in Q2 2025, up from $9,180,000 in Q2 2024, representing an 11% growth[42] - Core non-interest income for Q2 2025 was $9,837,000, a slight increase from $9,180,000 in Q2 2024[63] - Core non-interest expense for Q2 2025 was $44,106,000, a reduction from $45,452,000 in Q2 2024[63] Assets and Liabilities - Total assets increased by $263.5 million, or 2.5%, to $10.7 billion at June 30, 2025, compared to $10.5 billion at December 31, 2024[24] - Total liabilities increased by $223.2 million, or 2.4%, to $9.6 billion at June 30, 2025, from $9.4 billion at December 31, 2024[28] - Total deposits increased by $39.3 million, or 0.5%, at June 30, 2025[28] - Total gross loans increased to $8,126,713 thousand as of June 30, 2025, up from $7,980,973 thousand in March 31, 2025, representing a growth of 1.83%[53] Credit Quality - The provision for credit losses for the six months ended June 30, 2025, was $5.4 million, a decrease of $2.1 million, or 27.7%, from $7.5 million in the same period in 2024[20] - Non-performing loans totaled $39.5 million, or 0.49% of total gross loans, at June 30, 2025, compared to $21.7 million, or 0.28%, at December 31, 2024[30] - The allowance for credit losses on loans was $64.5 million, or 0.79% of total gross loans, at June 30, 2025, compared to $60.0 million, or 0.76%, at December 31, 2024[32] - Net charge-offs for the quarter ended June 30, 2025, totaled approximately $3.2 million, compared to $533,000 for the same quarter in 2024[31] Efficiency and Ratios - The efficiency ratio improved to 70.30% for June 30, 2025, down from 86.83% in June 30, 2024, indicating better operational efficiency[51] - The return on average assets for June 30, 2025, was 0.46%, an increase from 0.17% in June 30, 2024, while the return on average equity rose to 4.46% from 1.77%[51] - The interest rate spread improved to 1.57% in Q2 2025 from 1.15% in Q2 2024[44] - The net interest margin increased to 2.19% in Q2 2025, compared to 1.81% in Q2 2024[44] - Core return on average tangible equity was 5.14% for the three months ended June 30, 2025, compared to 2.34% for the same period in 2024[61] Capital and Book Value - The Tier 1 capital ratio was 13.35% as of June 30, 2025, a slight decrease from 13.40% at December 31, 2024[55] - Book value per share increased to $10.68 as of June 30, 2025, up from $10.31 at December 31, 2024[56] - The total capital to risk-weighted assets ratio was 14.18% as of June 30, 2025, compared to 14.20% at December 31, 2024[55] Other Financial Metrics - Total income increased to $63,876,000 in Q2 2025, representing a 19.9% growth compared to $53,260,000 in Q2 2024[63] - The company reported a total income of $122,672,000 for the first half of 2025, up 19.2% from $102,912,000 in the first half of 2024[63] - Non-interest income for the first half of 2025 was $18,644,000, an increase of 12.1% compared to $16,632,000 in the first half of 2024[63] - The company recorded a loss of $336,000 on securities transactions in both the second quarter and first half of 2025[63]

Core Insights - Columbia Financial, Inc. reported a significant increase in net income for the second quarter of 2025, reaching $12.3 million, compared to $4.5 million in the same quarter of 2024, driven by higher net interest income and reduced non-interest expenses [1][4][12]. Financial Performance - For the quarter ended June 30, 2025, net interest income was $53.7 million, an increase of $9.6 million or 21.8% from $44.1 million in the same quarter of 2024 [5][9]. - Non-interest income rose to $10.2 million, up $993,000 or 10.8% from $9.2 million year-over-year [10]. - Non-interest expenses decreased to $44.9 million, down $1.3 million or 2.9% from $46.2 million in the prior year [11]. - The effective tax rate increased to 25.4% for the quarter ended June 30, 2025, compared to 5.8% in the same quarter of 2024, primarily due to higher pre-tax income [12]. Year-to-Date Results - For the six months ended June 30, 2025, net income was $21.2 million, a substantial increase of $17.8 million or 526.4% from $3.4 million in the same period of 2024 [2][13]. - Net interest income for the first half of 2025 was $104.0 million, an increase of $17.7 million or 20.6% from $86.3 million in the first half of 2024 [14][18]. - Non-interest income for the six months increased to $18.6 million, up $2.0 million or 12.1% from $16.6 million year-over-year [20]. - Non-interest expenses decreased to $88.8 million, down $3.2 million or 3.4% from $91.9 million in the prior year [21]. Balance Sheet Highlights - Total assets increased by $263.5 million or 2.5% to $10.7 billion as of June 30, 2025, compared to $10.5 billion at the end of 2024 [23]. - Loans receivable, net, rose by $254.1 million or 3.2% to $8.1 billion, driven by increases in multifamily, commercial real estate, and commercial business loans [27]. - Total liabilities increased by $223.2 million or 2.4% to $9.6 billion, primarily due to a $192.0 million increase in borrowings [28]. Asset Quality - Non-performing loans increased to $39.5 million or 0.49% of total gross loans as of June 30, 2025, compared to $21.7 million or 0.28% at the end of 2024 [30]. - The allowance for credit losses on loans increased to $64.5 million, or 0.79% of total gross loans, from $60.0 million or 0.76% at the end of 2024 [32].

[PART I. Financial Information](index=4&type=section&id=PART%20I.%20Financial%20Information) This section provides the unaudited consolidated financial statements and management's analysis of Columbia Financial, Inc. for Q1 2025 [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Columbia Financial, Inc. and its subsidiaries, including the Statements of Financial Condition, Income (Loss), Comprehensive Income (Loss), Changes in Stockholders' Equity, and Cash Flows, along with detailed notes. Key highlights include a net income of $8.9 million for Q1 2025, a 1.3% increase in total assets to $10.6 billion, and a 1.2% increase in total liabilities to $9.5 billion, primarily driven by growth in deposits and loans [Consolidated Statements of Financial Condition](index=4&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) Presents the company's financial position, showing a 1.3% increase in total assets to $10.6 billion and a 1.2% rise in total liabilities to $9.5 billion Consolidated Statements of Financial Condition Highlights (in thousands) | Metric | March 31, 2025 | December 31, 2024 | Change | % Change | | :----------------------------- | :------------- | :---------------- | :------- | :------- | | Total assets | $10,607,850 | $10,475,493 | $132,357 | 1.3% | | Cash and due from banks | $255,978 | $289,113 | $(33,135) | -11.5% | | Debt securities available for sale | $1,077,331 | $1,025,946 | $51,385 | 5.0% | | Loans receivable, net | $7,965,274 | $7,856,970 | $108,304 | 1.4% | | Total liabilities | $9,507,507 | $9,395,117 | $112,390 | 1.2% | | Deposits | $8,194,935 | $8,096,149 | $98,786 | 1.2% | | Borrowings | $1,107,588 | $1,080,600 | $26,988 | 2.5% | | Total stockholders' equity | $1,100,343 | $1,080,376 | $19,967 | 1.8% | [Consolidated Statements of Income (Loss)](index=5&type=section&id=Consolidated%20Statements%20of%20Income%20(Loss)) Details the company's financial performance, reporting a net income of $8.9 million for Q1 2025, a significant improvement from a loss in Q1 2024 Consolidated Statements of Income (Loss) Highlights (in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change | % Change | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :------- | :------- | | Net Income (Loss) | $8,900 | $(1,155) | $10,055 | N/A | | Earnings (loss) per share-basic | $0.09 | $(0.01) | $0.10 | N/A | | Earnings (loss) per share-diluted | $0.09 | $(0.01) | $0.10 | N/A | | Net interest income | $50,325 | $42,200 | $8,125 | 19.3% | | Provision for credit losses | $2,933 | $5,278 | $(2,345) | -44.4% | | Non-interest income | $8,471 | $7,452 | $1,019 | 13.7% | | Non-interest expense | $43,845 | $45,658 | $(1,813) | -4.0% | | Income tax expense (benefit) | $3,118 | $(129) | $3,247 | N/A | [Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Outlines comprehensive income, showing a total of $18.2 million for Q1 2025, driven by unrealized gains on debt securities Consolidated Statements of Comprehensive Income (Loss) Highlights (in thousands) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :------- | | Net income (loss) | $8,900 | $(1,155) | $10,055 | | Total other comprehensive income (loss) | $9,318 | $(2,102) | $11,420 | | Total comprehensive income (loss), net of tax | $18,218 | $(3,257) | $21,475 | - The significant increase in total comprehensive income was primarily driven by a positive shift in other comprehensive income, which recorded an unrealized gain on debt securities available for sale of **$11.46 million** in Q1 2025 compared to a loss of **$4.99 million** in Q1 2024[12](index=12&type=chunk)[158](index=158&type=chunk) [Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Reports changes in equity, with total stockholders' equity increasing to $1.1 billion by March 31, 2025, due to net income and other comprehensive income Changes in Stockholders' Equity (in thousands) | Metric | Balance at Dec 31, 2024 | Net Income | Other Comprehensive Income (Loss) | Balance at Mar 31, 2025 | | :-------------------------- | :---------------------- | :--------- | :-------------------------------- | :---------------------- | | Total Stockholders' Equity | $1,080,376 | $8,900 | $9,318 | $1,100,343 | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Summarizes cash movements from operating, investing, and financing activities, showing a net decrease in cash of $33.1 million for Q1 2025 Consolidated Statements of Cash Flows Highlights (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash (used in) provided by operating activities | $(1,582) | $14,136 | | Net cash (used) in investing activities | $(159,018) | $(49,047) | | Net cash provided by (used in) financing activities | $127,466 | $(14,866) | | Net (decrease) in cash and cash equivalents | $(33,134) | $(49,777) | | Cash and cash equivalents at end of period | $256,089 | $373,472 | [Notes to Unaudited Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures supporting the unaudited consolidated financial statements [1. Basis of Financial Statement Presentation](index=13&type=section&id=1.%20Basis%20of%20Financial%20Statement%20Presentation) Details the accounting principles and consolidation methods used for the financial statements, adhering to SEC rules and U.S. GAAP - The consolidated financial statements include Columbia Financial, Inc. and its wholly-owned subsidiaries, prepared in accordance with SEC rules for Form 10-Q and U.S. GAAP[23](index=23&type=chunk)[27](index=27&type=chunk) - Material estimates involve the adequacy of the allowance for credit losses, valuation allowances on deferred tax assets, and liabilities related to retirement and other post-retirement benefits[25](index=25&type=chunk) [2. Acquisition](index=13&type=section&id=2.%20Acquisition) Outlines the acquisition of Freehold Bancorp entities and the subsequent merger, with no merger-related expenses in Q1 2025 - The acquisition of Freehold Bancorp entities was completed on December 1, 2021, with Freehold Bank merging into Columbia Bank on October 5, 2024[29](index=29&type=chunk) Merger-Related Expenses (in thousands) | Period | Amount | | :-------------------------------- | :----- | | Three months ended March 31, 2025 | $0 | | Three months ended March 31, 2024 | $22 | [3. Earnings per Share](index=14&type=section&id=3.%20Earnings%20per%20Share) Presents basic and diluted earnings per share, reporting $0.09 for Q1 2025, a significant improvement from a loss in Q1 2024 Earnings per Share (EPS) (Dollars in thousands, except per share data) | Metric | For the Three Months Ended March 31, 2025 | For the Three Months Ended March 31, 2024 | | :-------------------------------- | :---------------------------------------- | :---------------------------------------- | | Net income (loss) | $8,900 | $(1,155) | | Weighted average shares outstanding - basic | 101,816,716 | 101,746,740 | | Weighted average shares outstanding - diluted | 101,816,716 | 101,988,425 | | Basic EPS | $0.09 | $(0.01) | | Diluted EPS | $0.09 | $(0.01) | - The average number of stock options that were anti-dilutive and not included in diluted EPS totaled **3,894,479** for Q1 2025, up from **823,566** for Q1 2024[33](index=33&type=chunk) [4. Stock Repurchase Program](index=14&type=section&id=4.%20Stock%20Repurchase%20Program) Details the company's stock repurchase activities, noting the expiration of the sixth program and a pause in repurchases to retain capital - The company's sixth stock repurchase program, authorized on May 25, 2023, to acquire up to **2,000,000 shares**, expired in 2024, with repurchases paused to retain capital[34](index=34&type=chunk) - During Q1 2024, the company repurchased **101,516 shares** at a cost of approximately **$1.7 million**, or **$16.28 per share**[35](index=35&type=chunk) [5. Summary of Significant Accounting Policies](index=15&type=section&id=5.%20Summary%20of%20Significant%20Accounting%20Policies) Highlights key accounting policy adoptions and pending updates, including ASU 2023-09 and ASU 2024-03 - The company adopted ASU 2023-09 (Improvements to Income Tax Disclosures) on January 1, 2025, which is disclosure-related and had no impact on its consolidated financial statements[36](index=36&type=chunk) - ASU 2024-03 (Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures) is pending and not expected to impact the consolidated financial statements[37](index=37&type=chunk) [6. Debt Securities Available for Sale](index=15&type=section&id=6.%20Debt%20Securities%20Available%20for%20Sale) Provides details on debt securities available for sale, showing a 5.0% increase in fair value to $1.08 billion and a decrease in unrealized losses Debt Securities Available for Sale (in thousands) | Metric | March 31, 2025 | December 31, 2024 | Change | % Change | | :----------------------------- | :------------- | :---------------- | :------- | :------- | | Amortized Cost | $1,177,370 | $1,141,868 | $35,502 | 3.1% | | Fair Value | $1,077,331 | $1,025,946 | $51,385 | 5.0% | | Gross Unrealized Gains | $4,074 | $1,109 | $2,965 | 267.4% | | Gross Unrealized Losses | $(104,113) | $(117,031) | $12,918 | -11.0% | - The number of securities in an unrealized loss position decreased to **153** at March 31, 2025, from **185** at December 31, 2024[45](index=45&type=chunk) - No sales or maturities of debt securities available for sale occurred during Q1 2025, but there was one partial call totaling **$756,000**[41](index=41&type=chunk) [7. Debt Securities Held to Maturity](index=17&type=section&id=7.%20Debt%20Securities%20Held%20to%20Maturity) Details debt securities held to maturity, with amortized cost increasing by 2.1% to $401.0 million and fair value by 4.1% to $364.4 million Debt Securities Held to Maturity (in thousands) | Metric | March 31, 2025 | December 31, 2024 | Change | % Change | | :----------------------------- | :------------- | :---------------- | :------- | :------- | | Amortized Cost | $400,975 | $392,840 | $8,135 | 2.1% | | Fair Value | $364,428 | $350,153 | $14,275 | 4.1% | | Gross Unrealized Gains | $176 | $8 | $168 | 2100.0% | | Gross Unrealized Losses | $(36,723) | $(42,695) | $5,972 | -14.0% | - All temporarily impaired securities were investment grade as of March 31, 2025, and December 31, 2024[54](index=54&type=chunk) - No sales, calls, or maturities of debt securities held to maturity occurred during Q1 2025 or Q1 2024[52](index=52&type=chunk) [8. Equity Securities at Fair Value](index=19&type=section&id=8.%20Equity%20Securities%20at%20Fair%20Value) Reports on equity securities at fair value, which increased by 4.6% to $7.0 million in Q1 2025 Equity Securities at Fair Value (in thousands) | Metric | March 31, 2025 | December 31, 2024 | Change | % Change | | :--------- | :------------- | :---------------- | :------- | :------- | | Fair Value | $6,981 | $6,673 | $308 | 4.6% | - The company recorded a net increase in the fair value of equity securities of **$308,000** in Q1 2025, compared to **$351,000** in Q1 2024[58](index=58&type=chunk) [9. Loans Receivable and Allowance for Credit Losses](index=20&type=section&id=9.%20Loans%20Receivable%20and%20Allowance%20for%20Credit%20Losses) Details loans receivable and the allowance for credit losses, with net loans increasing by 1.4% to $7.97 billion and the allowance by 3.5% to $62.0 million Loans Receivable and Allowance for Credit Losses (in thousands) | Metric | March 31, 2025 | December 31, 2024 | Change | % Change | | :----------------------------- | :------------- | :---------------- | :------- | :------- | | Loans receivable, net | $7,965,274 | $7,856,970 | $108,304 | 1.4% | | Allowance for credit losses | $62,034 | $59,958 | $2,076 | 3.5% | | Non-accrual loans | $24,856 | $21,701 | $3,155 | 14.5% | | Net charge-offs (Q1) | $991 | $5,122 | $(4,131) | -80.6% | - Multifamily loans increased by **$107.2 million** and commercial real estate loans by **$89.5 million**, while one-to-four family, construction, commercial business, and home equity loans decreased[60](index=60&type=chunk)[191](index=191&type=chunk) - The allowance for credit losses on unfunded commitments, included in other liabilities, totaled **$4.3 million** at March 31, 2025, up from **$3.8 million** at December 31, 2024[95](index=95&type=chunk) [10. Leases](index=35&type=section&id=10.%20Leases) Outlines the company's operating lease arrangements, primarily for real estate, with a weighted average remaining lease term of 5.5 years - All of the company's leases are classified as operating leases, primarily for real estate property[97](index=97&type=chunk) Lease Metrics | Metric | March 31, 2025 | December 31, 2024 | | :-------------------------------- | :------------- | :---------------- | | Weighted average remaining lease term | 5.5 years | 5.7 years | | Weighted average discount rate | 3.16% | 3.30% | | Operating and variable lease expenses (Q1) | $857,000 | $704,000 | [11. Deposits](index=36&type=section&id=11.%20Deposits) Provides a breakdown of deposits, showing a 1.2% increase in total deposits to $8.19 billion, with growth in non-interest-bearing demand and money market accounts Deposits (in thousands) | Deposit Type | March 31, 2025 | December 31, 2024 | Change | % Change | | :-------------------------- | :------------- | :---------------- | :------- | :------- | | Non-interest-bearing demand | $1,490,243 | $1,438,030 | $52,213 | 3.6% | | Interest-bearing demand | $1,935,384 | $2,021,312 | $(85,928) | -4.3% | | Money market accounts | $1,333,668 | $1,241,691 | $91,977 | 7.4% | | Savings and club deposits | $651,713 | $652,501 | $(788) | -0.1% | | Certificates of deposit | $2,783,927 | $2,742,615 | $41,312 | 1.5% | | Total deposits | $8,194,935 | $8,096,149 | $98,786 | 1.2% | | Weighted Average Rate | 2.40% | 2.47% | -0.07% | N/A | - Brokered deposits totaled **$50.0 million** at March 31, 2025, and reciprocal deposit arrangements were **$28.7 million**[104](index=104&type=chunk) [12. Stock Based Compensation](index=37&type=section&id=12.%20Stock%20Based%20Compensation) Details stock-based compensation, including restricted shares and stock options awarded, and associated expenses for Q1 2025 - Under the 2019 Equity Incentive Plan, **209,256 restricted shares** and **454,327 stock options** were awarded in Q1 2025[107](index=107&type=chunk)[111](index=111&type=chunk) Stock-Based Compensation Expense (in thousands) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------- | :-------------------------------- | :-------------------------------- | | Restricted shares | $659 | $1,300 | | Stock options | $475 | $951 | - As of March 31, 2025, there were **559,888 non-vested restricted shares** outstanding with **$5.2 million** in expected future compensation expense, and **870,142 non-vested options** with **$4.6 million** in expected future expense[110](index=110&type=chunk)[114](index=114&type=chunk) [13. Components of Net Periodic Benefit Cost](index=39&type=section&id=13.%20Components%20of%20Net%20Periodic%20Benefit%20Cost) Presents the net periodic benefit cost for various employee plans, with the Pension Plan showing a net periodic income of $(4.3) million Net Periodic (Income) Benefit Cost (in thousands) | Plan | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------- | :-------------------------------- | :-------------------------------- | | Pension Plan | $(4,297) | $(3,295) | | RIM Plan | $221 | $251 | | Post-retirement Plan | $338 | $302 | | Split-Dollar Life Insurance | $264 | $279 | - The Pension Plan was closed to new employees effective October 1, 2018, and the Post-retirement Plan was closed to new hires effective January 1, 2019[117](index=117&type=chunk)[119](index=119&type=chunk) [14. Fair Value Measurements](index=40&type=section&id=14.%20Fair%20Value%20Measurements) Explains the categorization of fair value measurements (Level 1, 2, 3) for assets and liabilities, including debt securities and derivatives - The company categorizes fair value measurements into **Level 1** (quoted prices in active markets), **Level 2** (observable inputs), and **Level 3** (unobservable inputs)[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk) Assets and Liabilities Measured at Fair Value on a Recurring Basis (March 31, 2025, in thousands) | Asset/Liability | Fair Value | Level 1 | Level 2 | Level 3 | | :------------------------------------------ | :--------- | :-------- | :-------- | :-------- | | Debt securities available for sale | $1,077,331 | $331,869 | $734,966 | $10,496 | | Equity securities | $6,981 | $6,657 | $324 | $0 | | Derivative assets | $13,688 | $0 | $13,688 | $0 | | Derivative liabilities | $14,375 | $0 | $14,375 | $0 | Assets Measured at Fair Value on a Non-Recurring Basis (March 31, 2025, in thousands) | Asset | Fair Value | Level 1 | Level 2 | Level 3 | | :---------------------- | :--------- | :-------- | :-------- | :-------- | | Impaired loans | $7,764 | $0 | $0 | $7,764 | | Other real estate owned | $1,334 | $0 | $0 | $1,334 | | Mortgage servicing rights | $2,411 | $0 | $0 | $2,411 | [15. Other Comprehensive Income (Loss)](index=49&type=section&id=15.%20Other%20Comprehensive%20Income%20(Loss)) Details components of other comprehensive income, showing a total of $9.3 million for Q1 2025, driven by unrealized gains on debt securities Components of Other Comprehensive Income (Loss), Net of Tax (in thousands) | Component | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :---------------------------------------------------------------- | :-------------------------------- | :-------------------------------- | | Unrealized gain (loss) on debt securities available for sale | $11,455 | $(5,891) | | Derivatives | $(2,141) | $3,760 | | Employee benefit plans | $4 | $29 | | Total other comprehensive income (loss) | $9,318 | $(2,102) | - The accumulated other comprehensive loss decreased to **$(101.05) million** at March 31, 2025, from **$(110.37) million** at December 31, 2024[15](index=15&type=chunk)[160](index=160&type=chunk) [16. Derivatives and Hedging Activities](index=51&type=section&id=16.%20Derivatives%20and%20Hedging%20Activities) Describes the company's use of derivatives, primarily interest rate swaps, to manage interest rate risk and for commercial customer transactions - The company uses derivative financial instruments, primarily interest rate swaps, to manage interest rate risk and for commercial customer transactions, not for speculative purposes[161](index=161&type=chunk) Interest Rate Swaps Notional Amounts (in millions) | Type | March 31, 2025 | December 31, 2024 | | :-------------------------------- | :------------- | :---------------- | | Non-designated hedges (commercial customers) | $305.4 | $298.8 | | Cash flow hedges (FHLB advances) | $418.7 | $378.7 | | Fair value hedges (fixed-rate assets) | $100.0 | $850.0 | Derivative Fair Values (in thousands) | Metric | March 31, 2025 | December 31, 2024 | | :-------------------------- | :------------- | :---------------- | | Total derivative assets | $13,688 | $18,895 | | Total derivative liabilities | $14,375 | $20,025 | [17. Segment Reporting](index=53&type=section&id=17.%20Segment%20Reporting) States that the company operates as a single reportable segment, focusing on banking products and services domestically - The company operates as a single reportable segment, primarily offering banking products and services, with all operations being domestic[174](index=174&type=chunk) - The CEO, as the chief operating decision maker, evaluates financial performance based on revenue streams, significant expenses, and consolidated net income against competitors[174](index=174&type=chunk) [18. Revenue Recognition](index=53&type=section&id=18.%20Revenue%20Recognition) Explains the company's revenue recognition policies, noting that most revenue, primarily net interest income, is outside ASC Topic 606 - The majority of the company's revenue, primarily net interest income from financial instruments, is outside the scope of Accounting Standards Codification Topic 606[176](index=176&type=chunk) Non-Interest Income Segregated by Topic 606 Scope (in thousands) | Revenue Stream | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Total in-scope non-interest income | $4,112 | $3,444 | | Total out-of-scope non-interest income | $4,359 | $4,008 | | Total non-interest income | $8,471 | $7,452 | [19. Subsequent Events](index=54&type=section&id=19.%20Subsequent%20Events) Confirms that no material events requiring disclosure occurred subsequent to March 31, 2025, through May 9, 2025 - The company evaluated events subsequent to March 31, 2025, through May 9, 2025, and concluded that no material events occurred requiring disclosure[184](index=184&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=55&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) For Q1 2025, Columbia Financial, Inc. reported a net income of $8.9 million, a significant improvement from a net loss in Q1 2024, driven by increased net interest income and reduced credit loss provisions. Total assets grew by 1.3% to $10.6 billion, and total liabilities increased by 1.2% to $9.5 billion. Asset quality saw an increase in non-performing loans to $24.9 million (0.31% of gross loans), while net charge-offs decreased significantly. The company's critical accounting policies involve significant judgment, particularly for the allowance for credit losses, deferred tax assets, and retirement benefits [Comparison of Financial Condition](index=55&type=section&id=Comparison%20of%20Financial%20Condition) Analyzes changes in the company's financial position, highlighting a 1.3% increase in total assets to $10.6 billion and a 1.2% rise in total liabilities to $9.5 billion - Total assets increased **$132.4 million (1.3%)** to **$10.6 billion** at March 31, 2025, primarily due to increases in debt securities available for sale (**$51.4 million**) and net loans receivable (**$108.3 million**), partially offset by a **$33.1 million** decrease in cash and cash equivalents[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk) - Total liabilities increased **$112.4 million (1.2%)** to **$9.5 billion**, driven by increases in total deposits (**$98.8 million**) and borrowings (**$27.0 million**)[192](index=192&type=chunk) - Total stockholders' equity increased **$20.0 million (1.8%)** to **$1.1 billion**, mainly from net income and an increase in other comprehensive income[193](index=193&type=chunk) [Comparison of Results of Operations](index=56&type=section&id=Comparison%20of%20Results%20of%20Operations) Compares the company's operating results, showing a net income of $8.9 million for Q1 2025, a substantial improvement from a net loss in Q1 2024 - Net income for Q1 2025 was **$8.9 million**, a **$10.1 million** increase from a net loss of **$1.2 million** in Q1 2024[194](index=194&type=chunk) - Net interest income increased **$8.1 million (19.3%)** to **$50.3 million**, and the net interest margin increased **36 basis points** to **2.11%** for Q1 2025[195](index=195&type=chunk)[198](index=198&type=chunk) - Provision for credit losses decreased **$2.3 million (44.4%)** to **$2.9 million**, and non-interest expense decreased **$1.8 million (4.0%)** to **$43.8 million**[199](index=199&type=chunk)[201](index=201&type=chunk) - Non-interest income increased **$1.0 million (13.7%)** to **$8.5 million**, primarily due to the absence of securities transaction losses from the prior year and higher commercial account treasury service fees[200](index=200&type=chunk) [Asset Quality](index=57&type=section&id=Asset%20Quality) Assesses the quality of the company's assets, noting an increase in non-performing loans to $24.9 million (0.31% of gross loans) but a decrease in net charge-offs Asset Quality Metrics | Metric | March 31, 2025 | December 31, 2024 | Change | | :-------------------------------- | :------------- | :---------------- | :------- | | Non-performing loans | $24.9 million | $21.7 million | +$3.2 million | | % of total gross loans | 0.31% | 0.28% | +0.03% | | Net charge-offs (Q1) | $857,000 | $5.0 million | -$(4.143) million | | Allowance for credit losses on loans | $62.0 million | $60.0 million | +$2.0 million | | % of total gross loans | 0.78% | 0.76% | +0.02% | - The increase in non-performing loans was primarily due to a **$5.9 million** non-performing construction loan and increases in one-to-four family and commercial real estate non-performing loans, partially offset by a decrease in commercial business non-performing loans[205](index=205&type=chunk) [Additional Liquidity, Loan and Deposit Information](index=57&type=section&id=Additional%20Liquidity,%20Loan%20and%20Deposit%20Information) Provides further details on liquidity, loans, and deposits, emphasizing strong funding access and average deposit account balances - The company maintains strong liquidity with immediate access to approximately **$2.8 billion** in funding and an additional **$2.2 billion** in unpledged loan collateral[208](index=208&type=chunk)[244](index=244&type=chunk) - The average deposit account balance was approximately **$40,000** across over **207,000 accounts** at March 31, 2025[207](index=207&type=chunk) - Non-performing multifamily and commercial real estate loans totaled **$3.4 million**, or **0.04%** of total loans receivable, at March 31, 2025[209](index=209&type=chunk) [Critical Accounting Policies](index=58&type=section&id=Critical%20Accounting%20Policies) Discusses key accounting policies requiring significant judgment, including the allowance for credit losses and deferred tax assets - Critical accounting policies include the adequacy of the allowance for credit losses (ACL), valuation of deferred tax assets, and valuation of retirement and post-retirement benefits[213](index=213&type=chunk)[214](index=214&type=chunk) - The ACL is determined using an expected loss methodology (CECL), incorporating historical experience, economic forecasts (six-quarter forecast period), and qualitative adjustments[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk) - Net deferred tax assets totaled **$8.8 million** at March 31, 2025, with no valuation allowance deemed necessary[226](index=226&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=61&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Columbia Financial, Inc. actively manages interest rate risk through its Asset/Liability Committee, aiming to limit exposure to market interest rate changes. Quantitative analysis indicates that as of March 31, 2025, a 200 basis point increase in rates would decrease net interest income by 4.23% over one year, while a 200 basis point decrease would increase it by 3.63%. The company maintains strong liquidity, with immediate access to approximately $2.8 billion in funding and $2.2 billion in unpledged loan collateral, and both the company and Columbia Bank exceeded all regulatory capital adequacy requirements, maintaining 'well capitalized' status [Qualitative Analysis](index=61&type=section&id=Qualitative%20Analysis) Discusses the company's approach to managing interest rate risk, focusing on the Asset/Liability Committee's role and funding strategy - Interest rate risk is defined as the exposure of current and future earnings and capital to movements in market interest rates[229](index=229&type=chunk) - The Asset/Liability Committee regularly reviews the impact of interest rate changes on net interest income, net interest margin, net income, and the economic value of equity[230](index=230&type=chunk) - The company's strategy for liabilities focuses on maintaining a stable funding base by emphasizing core deposit accounts[231](index=231&type=chunk) [Quantitative Analysis](index=61&type=section&id=Quantitative%20Analysis) Presents numerical analysis of interest rate sensitivity, showing the impact of rate changes on net interest income and net portfolio value Interest Rate Sensitivity (as of March 31, 2025, 12-month horizon) | Change in Interest Rates (Basis Points) | Net Interest Income % Change | Net Portfolio Value % Change | | :-------------------------------------- | :--------------------------- | :--------------------------- | | +400 | (9.44)% | (35.61)% | | +300 | (6.76)% | (26.14)% | | +200 | (4.23)% | (16.93)% | | +100 | (1.96)% | (8.04)% | | Base | — | — | | -100 | 1.71% | 7.36% | | -200 | 3.63% | 13.20% | | -300 | 5.29% | 16.84% | | -400 | 2.50% | 12.87% | - All interest rate risk results, including net interest income and economic value at risk, are within the company's policy guidelines[239](index=239&type=chunk) [Liquidity Management and Capital Resources](index=62&type=section&id=Liquidity%20Management%20and%20Capital%20Resources) Details the company's liquidity position and capital adequacy, highlighting strong funding access and 'well capitalized' status for both the company and Columbia Bank - The company had immediate access to approximately **$2.8 billion** of funding and additional unpledged loan collateral of approximately **$2.2 billion** at March 31, 2025[208](index=208&type=chunk)[244](index=244&type=chunk) - Both Columbia Financial, Inc. and Columbia Bank exceeded all regulatory capital adequacy requirements at March 31, 2025, and December 31, 2024, maintaining **'well capitalized'** status[246](index=246&type=chunk) Columbia Financial, Inc. Capital Ratios (March 31, 2025) | Capital Ratio | Actual Ratio | Minimum Adequacy | Well Capitalized | | :-------------------------------- | :----------- | :--------------- | :--------------- | | Total capital to risk-weighted assets | 14.12% | 8.00% | 10.50% | | Tier 1 capital to risk-weighted assets | 13.30% | 6.00% | 8.50% | | Common equity tier 1 capital to risk-weighted assets | 13.21% | 4.50% | 7.00% | | Tier 1 capital to adjusted total assets | 10.29% | 4.00% | 4.00% | Columbia Bank Capital Ratios (March 31, 2025) | Capital Ratio | Actual Ratio | Minimum Adequacy | Well Capitalized | | :-------------------------------- | :----------- | :--------------- | :--------------- | | Total capital to risk-weighted assets | 14.37% | 8.00% | 10.00% | | Tier 1 capital to risk-weighted assets | 13.51% | 6.00% | 8.00% | | Common equity tier 1 capital to risk-weighted assets | 13.51% | 4.50% | 6.50% | | Tier 1 capital to adjusted total assets | 9.88% | 4.00% | 5.00% | [Item 4. Controls and Procedures](index=65&type=section&id=Item%204.%20Controls%20and%20Procedures) As of March 31, 2025, Columbia Financial, Inc.'s management, including the Chief Executive Officer and Chief Financial Officer, concluded that its disclosure controls and procedures were effective. No material changes in internal control over financial reporting occurred during the quarter - The company's disclosure controls and procedures were **effective** as of March 31, 2025[250](index=250&type=chunk) - There were no material changes in the company's internal control over financial reporting during the quarter ended March 31, 2025[251](index=251&type=chunk) [PART II. Other Information](index=66&type=section&id=PART%20II.%20Other%20Information) This section covers legal proceedings, risk factors, equity sales, and other disclosures for Columbia Financial, Inc [Item 1. Legal Proceedings](index=66&type=section&id=Item%201.%20Legal%20Proceedings) Columbia Financial, Inc. is involved in various legal actions and claims arising in the normal course of business, which management does not expect to have a material adverse impact on the company's financial condition - The company is involved in various legal actions and claims arising in the normal course of business[254](index=254&type=chunk) - Management believes these legal actions and claims are not expected to have a material adverse impact on the company's financial condition[254](index=254&type=chunk) [Item 1A. Risk Factors](index=66&type=section&id=Item%201A.%20Risk%20Factors) As of March 31, 2025, Columbia Financial, Inc.'s risk factors have not materially changed from those previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - The company's risk factors have not materially changed from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024[255](index=255&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=66&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2025, Columbia Financial, Inc. repurchased 37,541 shares of common stock at an average price of $14.92 per share. These repurchases were primarily for taxes related to the 2019 Equity Incentive Plan and forfeitures, and not part of any outstanding public repurchase programs Common Stock Repurchases (Q1 2025) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :-------------------- | :----------------------------- | :--------------------------- | | January 1 - 31, 2025 | 28,423 | $14.80 | | February 1 - 28, 2025 | 633 | $14.76 | | March 1 - 31, 2025 | 8,485 | $15.32 | | Total | 37,541 | $14.92 | - Repurchases were for taxes related to the 2019 Equity Incentive Plan (**8,485 shares**) and forfeitures (**29,056 shares**), and not as part of a public share repurchase program[257](index=257&type=chunk) [Item 3. Defaults Upon Senior Securities](index=66&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable to Columbia Financial, Inc. for the reported period - Not Applicable[258](index=258&type=chunk) [Item 4. Mine Safety Disclosures](index=66&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to Columbia Financial, Inc. for the reported period - Not Applicable[259](index=259&type=chunk) [Item 5. Other Information](index=66&type=section&id=Item%205.%20Other%20Information) During the fiscal quarter ended March 31, 2025, none of Columbia Financial, Inc.'s directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2025[260](index=260&type=chunk) [Item 6. Exhibits](index=66&type=section&id=Item%206.%20Exhibits) The exhibits section lists various certifications, including those from the CEO and CFO, and details the inclusion of Inline XBRL documents for the financial statements and related taxonomies - The exhibits include certifications from the Chief Executive Officer and Chief Financial Officer pursuant to the Sarbanes-Oxley Act of 2002[263](index=263&type=chunk) - Inline XBRL documents for the Consolidated Statements of Financial Condition, Income (Loss), Comprehensive Income (Loss), Changes in Stockholder's Equity, Cash Flows, and Notes to the Consolidated Financial Statements are included[263](index=263&type=chunk) [SIGNATURES](index=68&type=section&id=SIGNATURES) The quarterly report was officially signed on May 9, 2025, by Thomas J. Kemly, President and Chief Executive Officer, and Dennis E. Gibney, Senior Executive Vice President and Chief Financial Officer - The quarterly report was signed on May 9, 2025, by Thomas J. Kemly (President and Chief Executive Officer) and Dennis E. Gibney (Senior Executive Vice President and Chief Financial Officer)[266](index=266&type=chunk)

Core Insights - Columbia Financial (CLBK) reported revenue of $58.8 million for the quarter ended March 2025, reflecting an 18.4% increase year-over-year [1] - Earnings per share (EPS) for the quarter was $0.09, up from $0.01 in the same quarter last year [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $58.95 million, resulting in a surprise of -0.26% [1] - The company met the consensus EPS estimate of $0.09, indicating no surprise in EPS [1] Financial Performance Metrics - Net Interest Margin stood at 2.1%, matching the average estimate from two analysts [4] - Average Interest Earning Assets were reported at $9.69 billion, slightly below the average estimate of $9.81 billion [4] - Efficiency Ratio was 74.6%, better than the estimated 75.7% by two analysts [4] - Total Non-Interest Income was $8.47 million, below the estimated $8.76 million [4] - Net Interest Income reached $50.33 million, exceeding the average estimate of $49.95 million [4] Stock Performance - Columbia Financial's shares have returned -5.6% over the past month, compared to a -0.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

分组1 - Columbia Financial reported quarterly earnings of $0.09 per share, matching the Zacks Consensus Estimate, and showing an increase from $0.01 per share a year ago [1] - The company posted revenues of $58.8 million for the quarter ended March 2025, which was 0.26% below the Zacks Consensus Estimate, but up from $49.65 million year-over-year [2] - Over the last four quarters, Columbia Financial has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2][3] 分组2 - Columbia Financial shares have declined approximately 12% since the beginning of the year, compared to a 5.5% decline in the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $0.10 on revenues of $61.75 million, and for the current fiscal year, it is $0.43 on revenues of $250.1 million [7] - The Zacks Industry Rank for Financial - Miscellaneous Services is in the top 35% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Financial Performance - Columbia Financial, Inc. reported net income of $8.9 million for Q1 2025, a significant increase of $10.1 million compared to a net loss of $1.2 million in Q1 2024[2][4] - Non-interest income increased to $8.5 million, up $1.0 million or 13.7% from $7.5 million in Q1 2024, largely due to the absence of a loss on securities transactions recorded in the previous year[10][4] - The company's effective tax rate was 25.9% for Q1 2025, up from 10.0% in Q1 2024, primarily due to an increase in pre-tax income[12] - Core net income for the three months ended March 31, 2025, was $9,063 thousand, a significant increase from $455 thousand in the same period of 2024[50] - Return on average assets improved to 0.34% for the three months ended March 31, 2025, compared to a loss of 0.04% in the prior year[51] Income and Expenses - Net interest income rose to $50.3 million, an increase of $8.1 million or 19.3% from $42.2 million in Q1 2024, driven by higher interest income and lower interest expense[5][4] - The provision for credit losses decreased to $2.9 million, down $2.3 million from $5.3 million in Q1 2024, primarily due to a reduction in net charge-offs[9][4] - The efficiency ratio improved to 74.57% in Q1 2025 from 91.96% in Q1 2024, indicating better cost management[45] - Total non-interest income for the three months ended March 31, 2025, was $8,471, up from $7,452 in the same period of 2024, representing an increase of approximately 13.7%[37] Assets and Loans - Total assets increased by $132.4 million, or 1.3%, to $10.6 billion at March 31, 2025, compared to $10.5 billion at December 31, 2024[13] - Loans receivable, net, increased by $108.3 million, or 1.4%, to $8.0 billion at March 31, 2025, with notable growth in multifamily and commercial real estate loans[16] - Total gross loans increased to $7,980,973 thousand as of March 31, 2025, up from $7,869,447 thousand at December 31, 2024, representing a growth of 1.41%[47] - Commercial real estate loans reached $2,429,429 thousand as of March 31, 2025, an increase from $2,339,883 thousand at December 31, 2024[47] Deposits and Equity - Total deposits rose by $98.8 million, or 1.2%, to $8.2 billion at March 31, 2025, with increases in non-interest-bearing demand deposits and money market accounts[17][24] - Total stockholders' equity increased to $1,100,343 as of March 31, 2025, compared to $1,080,376 as of December 31, 2024, reflecting a growth of approximately 1.8%[35] - Book value per share increased to $10.49 as of March 31, 2025, up from $10.31 at December 31, 2024[49] Credit Quality - Non-performing loans totaled $24.9 million, or 0.31% of total gross loans, an increase from $21.7 million, or 0.28%, at December 31, 2024[20] - The allowance for credit losses on loans (ACL) increased to $62,034 thousand, with an ACL to gross loans ratio of 0.78%[46] - The provision for credit losses decreased to $2,933 for the three months ended March 31, 2025, down from $5,278 for the same period in 2024, indicating improved credit quality[37] Interest Rates and Margins - The net interest margin improved by 36 basis points to 2.11% for Q1 2025, compared to 1.75% in Q1 2024, due to higher yields on interest-earning assets[8] - The yield on loans increased to 4.89% in Q1 2025 from 4.79% in Q1 2024, while the yield on total interest-earning assets rose to 4.69% from 4.50%[42] - The interest rate spread widened to 1.48% in Q1 2025 from 1.12% in Q1 2024, reflecting improved profitability on interest-earning assets[45]

Core Viewpoint - Columbia Financial, Inc. reported a net income of $8.9 million for Q1 2025, a significant recovery from a net loss of $1.2 million in Q1 2024, driven by increased net interest income and reduced expenses [1][3][10]. Financial Performance - Net income for Q1 2025 was $8.9 million, an increase of $10.1 million compared to a net loss of $1.2 million in Q1 2024 [3]. - Net interest income rose to $50.3 million, up $8.1 million or 19.3% from $42.2 million in Q1 2024, primarily due to increased interest income and decreased interest expense [4][7]. - The provision for credit losses decreased by $2.3 million to $2.9 million in Q1 2025, reflecting lower net charge-offs [9][20]. Balance Sheet Highlights - Total assets increased by $132.4 million, or 1.3%, to $10.6 billion as of March 31, 2025, driven by increases in debt securities and loans receivable [13]. - Loans receivable, net, rose by $108.3 million, or 1.4%, to $8.0 billion, with notable growth in multifamily and commercial real estate loans [16]. - Total liabilities increased by $112.4 million, or 1.2%, to $9.5 billion, primarily due to a rise in total deposits [17]. Asset Quality - Non-performing loans totaled $24.9 million, or 0.31% of total gross loans, an increase from $21.7 million, or 0.28%, at the end of 2024 [19][43]. - The allowance for credit losses on loans was $62.0 million, or 0.78% of total gross loans, reflecting an increase from $60.0 million at the end of 2024 [20][43]. Operational Efficiency - Non-interest expense decreased by $1.8 million, or 4.0%, to $43.8 million, mainly due to reduced professional fees and federal deposit insurance premiums [11]. - The net interest margin improved by 36 basis points to 2.11% compared to 1.75% in Q1 2024, attributed to higher yields on interest-earning assets and lower costs of interest-bearing liabilities [7][8]. Deposits and Liquidity - Total deposits increased by $98.8 million, or 1.2%, to $8.2 billion, with growth in non-interest-bearing demand deposits and money market accounts [17][21]. - The company maintained strong liquidity with immediate access to approximately $2.8 billion of funding as of March 31, 2025 [21].

Financial Performance and Securities - As of December 31, 2024, loan participations purchased totaled $174.2 million, consisting of 57 commercial real estate loans[68]. - At December 31, 2024, 60.7% of the available for sale securities portfolio was comprised of mortgage-backed securities and CMOs issued by Freddie Mac, Fannie Mae, and Ginnie Mae[74]. - The company sold $352.3 million of debt securities available for sale in December 2024, funding loan growth of $72.9 million and purchasing $78.1 million of higher yielding debt securities[73]. - At December 31, 2024, 88.6% of the held to maturity securities portfolio was comprised of mortgage-backed securities and CMOs issued by Freddie Mac, Fannie Mae, and Ginnie Mae[75]. - The company’s securities portfolio consists of approximately 93.2% direct government obligations or government-sponsored enterprise obligations as of December 31, 2024[77]. Capital and Regulatory Compliance - Columbia Bank's capital exceeded all applicable requirements as of December 31, 2024[93]. - Columbia Bank met the criteria for being considered "well capitalized," with a total risk-based capital ratio exceeding 10.0%[98]. - Federal regulations require a common equity Tier 1 capital to risk-weighted assets ratio of at least 4.5%[90]. - The capital standards mandate a minimum required leverage ratio of at least 4.0% of Tier 1 capital[90]. - Columbia Bank was in compliance with the loans-to-one borrower limitations as of December 31, 2024[94]. - Columbia Bank's capital requirements were in compliance as of December 31, 2024[117]. Deposit and Insurance Information - The FDIC increased initial base deposit insurance assessment rates by 2 basis points effective January 1, 2023, impacting Columbia Bank's assessment rates[108]. - The FDIC insures deposits at Columbia Bank up to a maximum of $250,000 per separately insured depositor[107]. - Any significant increases in FDIC insurance assessments could adversely affect Columbia Bank's operating expenses[109]. - Columbia Bank's special assessment amounted to $4.5 million for the first quarter of 2024[112]. Employee Engagement and Workforce Development - As of December 31, 2024, Columbia Bank employed 755 full and part-time employees, with a voluntary turnover rate of 13.5% and an involuntary turnover rate of 3.6%[126]. - The attrition rate improved by nearly 60% over 2023 due to increased employee engagement efforts[126]. - In 2024, 53 employees received good grade awards totaling approximately $260,000, and 34 employees received approximately $53,000 in student loan repayments[128]. - The company paid out over $100,000 in wellness program incentives to approximately 60% of the workforce in 2024[130]. - The company was certified as a "Great Place to Work" with 85% employee participation in 2024[127]. - The company delivered over 43,000 hours of in-person or virtual learning completed by employees, focusing on customer service, sales, and digital banking[132]. - The company aims to develop a talent pool of well-educated and technically skilled professionals to support growth plans over the next decade[133]. Community and Corporate Responsibility - The company established the 1901 Community Development Corporation in 2024, with total assets of approximately $1.0 million, aimed at promoting affordable housing[145]. - The company is committed to enhancing shareholder value and maintaining a robust capital position while providing high-quality products and services[137]. - Columbia Bank received a "satisfactory" Community Reinvestment Act rating in its most recent federal examination[102]. Risk Management and Technological Investments - The company anticipates that adjustable-rate loans will better offset the adverse effects of an increase in interest rates compared to fixed-rate mortgages[60]. - Significant technological investments were made, including upgrades to the core banking platform and loan origination systems, aimed at enhancing customer features and automating routine tasks[133]. - The company has implemented policies and programs to ensure workplace safety and employee well-being, including an Employee Assistance Program[141]. Management and Governance - The company’s executive team includes experienced professionals with backgrounds in banking, finance, and human resources, ensuring strong leadership[149]. - Succession planning is linked to strategic planning, with various development programs in place to address leadership capacity and retention challenges[139]. - The company has incorporated market risk disclosures in the section titled "Item 7: Management's Discussion and Analysis of Financial Condition and Results of Operations"[421]. - Financial statements and supplementary data are included starting on page 74 of the report[421]. - There are no changes or disagreements with accountants regarding accounting and financial disclosure[421].

Group 1 - Columbia Financial, Inc. (CLBK) is experiencing significant activity in the options market, particularly with the Apr 17, 2025 $20.00 Call showing high implied volatility, indicating potential for a major price movement [1] - Implied volatility reflects market expectations for future stock movement, suggesting that investors anticipate a significant event that could lead to a rally or sell-off [2] - Columbia Financial holds a Zacks Rank 3 (Hold) in the Financial - Miscellaneous Services industry, which is in the top 30% of the Zacks Industry Rank, but analysts have not increased earnings estimates for the current quarter, with a consensus estimate dropping from 11 cents to 10 cents per share [3] Group 2 - The high implied volatility for Columbia Financial may indicate a developing trading opportunity, as options traders often seek to sell premium on such options to capture decay, hoping the stock does not move as much as expected by expiration [4]