Financial Performance - For Q4 2024, Columbia Financial, Inc. reported a net loss of $21.2 million, or $0.21 per share, compared to a net income of $6.6 million, or $0.06 per share, in Q4 2023[2]. - For the year ended December 31, 2024, the company reported a net loss of $11.7 million, compared to a net income of $36.1 million for 2023[13]. - The company reported a net loss of $21,223 thousand for the three months ended December 31, 2024, compared to a net income of $6,569 thousand in the same period of 2023[67]. - Total income decreased to $22,711 thousand in Q4 2024 from $56,588 thousand in Q4 2023[72]. Income and Expenses - The company experienced a decrease in non-interest income of $35.0 million, primarily due to a $34.6 million loss on securities transactions[10]. - Net interest income for Q4 2024 was $46.4 million, an increase of $1.1 million, or 2.4%, from $45.3 million in Q4 2023[5]. - Non-interest income for the year was $1.9 million, a decrease of $25.5 million, or 93.1%, from $27.4 million in 2023[19]. - Non-interest expense decreased by $1.1 million, or 0.6%, to $181.3 million for the year ended December 31, 2024, primarily due to a reduction in compensation and employee benefits expense[20]. - Non-interest expense for Q4 2024 was $46,596 thousand, slightly down from $47,999 thousand in Q4 2023[72]. Credit Losses and Provisions - The provision for credit losses increased to $2.9 million in Q4 2024, up from $1.2 million in Q4 2023[9]. - The provision for credit losses increased to $2,876 thousand in Q4 2024 from $1,155 thousand in Q4 2023, reflecting a rise of approximately 149.5%[47]. - The allowance for credit losses on loans was $60.0 million, or 0.76% of total gross loans, at December 31, 2024, up from $55.1 million, or 0.70%, at December 31, 2023[33]. - The allowance for credit losses on loans was $59,958 thousand, which is 276.29% of total non-performing loans[61]. Assets and Liabilities - Total assets decreased by $170.1 million, or 1.6%, to $10.5 billion at December 31, 2024, mainly due to a decrease in cash and cash equivalents[22]. - Total liabilities decreased by $210.1 million, or 2.2%, to $9.4 billion at December 31, 2024, primarily due to a decrease in borrowings of $448.1 million[28]. - Total deposits increased to $8.1 billion at December 31, 2024, with a weighted average interest rate of 2.47%[35]. - Total liabilities decreased to $9,395,117 thousand in December 2024 from $9,605,233 thousand in December 2023, a decline of about 2.2%[45]. Stockholders' Equity - Total stockholders' equity increased by $40.0 million, or 3.8%, to $1.1 billion at December 31, 2024, driven by stock-based compensation and an increase in other comprehensive income[29]. - Total stockholders' equity increased to $1,080,376 thousand in December 2024 from $1,040,335 thousand in December 2023, an increase of approximately 3.9%[45]. - Total average tangible stockholders' equity was $954,054 thousand in Q4 2024, a decrease from $1,007,716 thousand in Q4 2023[70]. Loan Performance - Loans receivable, net, increased by $37.5 million, or 0.5%, to $7.9 billion at December 31, 2024, with increases in multifamily, construction, and commercial business loans[25]. - Total gross loans increased to $7,869,447 thousand as of December 31, 2024, compared to $7,824,665 thousand a year earlier[63]. - Non-performing loans totaled $21.7 million, or 0.28% of total gross loans, at December 31, 2024, an increase from $12.6 million, or 0.16%, at December 31, 2023[31]. Interest Rates and Margins - The company's net interest margin for the year decreased by 34 basis points to 1.82% compared to 2.16% in 2023[17]. - The average yield on loans for the year increased by 46 basis points to 4.90% compared to 4.44% in 2023[15]. - The average cost of total interest-bearing deposits increased to 3.13% in 2024 from 2.76% in 2023, reflecting rising interest rates[57]. - The interest rate spread for the three months ended December 31, 2024, was 1.23%, compared to 1.21% in the same period of 2023[57]. Efficiency and Capital Ratios - The efficiency ratio significantly deteriorated to 205.17% for the quarter, compared to 78.95% in the previous quarter[60]. - The company’s total capital to risk-weighted assets ratio was 14.20% as of December 31, 2024, slightly up from 14.08% in 2023[64]. - The company’s Tier 1 capital to risk-weighted assets ratio stood at 13.40% as of December 31, 2024, compared to 13.32% in 2023[64]. - Core return on average tangible equity increased to 4.74% in Q4 2024 from 3.99% in Q4 2023[70].

Core Points - Columbia Financial, Inc. reported a net loss of $21.2 million for Q4 2024, a significant decline from a net income of $6.6 million in Q4 2023, primarily due to lower non-interest income and a balance sheet repositioning transaction [1][3] - For the full year 2024, the company recorded a net loss of $11.7 million compared to a net income of $36.1 million in 2023, driven by decreased net interest income and increased provisions for credit losses [1][13] Financial Performance - The net interest income for Q4 2024 was $46.4 million, a slight increase of 2.4% from $45.3 million in Q4 2023, attributed to a rise in interest income despite higher interest expenses [4][8] - The provision for credit losses increased to $2.9 million in Q4 2024 from $1.2 million in Q4 2023, reflecting higher net charge-offs and qualitative factors affecting loan performance [9][32] - Non-interest income for Q4 2024 was $(23.7) million, a decrease of 310.8% from $11.2 million in Q4 2023, mainly due to a $34.6 million loss on securities transactions [10] Balance Sheet Highlights - Total assets decreased by $170.1 million, or 1.6%, to $10.5 billion as of December 31, 2024, primarily due to a reduction in cash and cash equivalents and debt securities available for sale [23][24] - Loans receivable increased by $37.5 million, or 0.5%, to $7.9 billion, with notable growth in multifamily, construction, and commercial business loans [26] - Total liabilities decreased by $210.1 million, or 2.2%, to $9.4 billion, driven by a significant reduction in borrowings [29] Capital and Equity - Total stockholders' equity increased by $40.0 million, or 3.8%, to $1.1 billion, supported by stock-based compensation and comprehensive income, despite the net loss [30] - The company maintained a strong capital position, with no outstanding borrowings from the Federal Reserve Discount Window as of December 31, 2024 [34] Asset Quality - Non-performing loans rose to $21.7 million, or 0.28% of total gross loans, compared to $12.6 million, or 0.16% in the previous year, indicating a deterioration in asset quality [31] - The allowance for credit losses on loans increased to $60.0 million, or 0.76% of total gross loans, reflecting higher net charge-offs and qualitative factors [33]

Core Viewpoint - Columbia Financial (CLBK) is experiencing significant selling pressure, with a decline of 11.1% over the past four weeks, but is now positioned for a potential trend reversal as it enters oversold territory, supported by positive earnings forecasts from Wall Street analysts [1]. Group 1: Technical Indicators - The Relative Strength Index (RSI) is a key technical indicator used to identify oversold stocks, with a reading below 30 typically indicating oversold conditions [2]. - CLBK's current RSI reading is 17.09, suggesting that the heavy selling pressure may be exhausting, indicating a possible trend reversal [5]. Group 2: Fundamental Analysis - There is strong consensus among sell-side analysts that CLBK will report better earnings than previously predicted, with the consensus EPS estimate increasing by 22.2% over the last 30 days [6]. - An upward trend in earnings estimate revisions is generally associated with price appreciation in the near term, further supporting the potential for a turnaround in CLBK's stock price [6]. Group 3: Analyst Ratings - CLBK holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating a strong potential for a near-term turnaround [7].

Core Viewpoint - Columbia Financial, Inc. is repositioning its balance sheet to improve future earnings and expand its net interest margin through the sale of debt securities and strategic investments [1][2][4]. Group 1: Transaction Details - The company sold approximately $321 million of available-for-sale debt securities with a weighted average book yield of 1.53% and an average life of 3.6 years, primarily acquired during the COVID period [2]. - Proceeds from the sale were allocated to fund loan growth of $85 million, purchase $66 million of higher-yielding debt securities, and prepay $170 million of higher-cost borrowings [3]. - The repositioning is expected to be immediately accretive to net interest income, despite a pre-tax loss of approximately $38 million from the sale and prepayment [3]. Group 2: Strategic Goals - The transaction aims to increase 2025 earnings by approximately 24% relative to the current analyst earnings consensus [5]. - It is expected to expand the 2025 net interest margin by approximately 15 basis points compared to the current analyst earnings consensus [5]. - The company anticipates a conservative payback estimate of 3.1 years and aims to reduce reliance on wholesale funding [5]. Group 3: Capital Position - Post-transaction, the company's regulatory capital ratios will remain strong, with an estimated total capital to risk-weighted assets ratio at 13.87% and a tier 1 leverage capital ratio at 9.99% based on pro forma estimates using actual capital as of September 30, 2024 [6].

Core Viewpoint - Columbia Financial, Inc. has appointed Matthew Smith as Senior Executive Vice President and Chief Operating Officer, effective November 25, 2024, following the retirement of E. Thomas Allen, Jr. on January 31, 2025 [1][3]. Group 1: Leadership Changes - Matthew Smith previously served as Chief Digital Banking Officer and Head of Enterprise Product, Marketing and Transformation at Webster Bank from February 2022 to November 2024 [2]. - Smith has a background in digital banking, having held positions at Sterling National Bank, including Head of Digital Banking and Banking as a Service [2]. - Thomas J. Kemly, President and CEO, expressed confidence in Smith's ability to drive innovation and growth within the company [3]. Group 2: Company Overview - Columbia Financial, Inc. is a Delaware corporation and the mid-tier holding company for Columbia Bank, which operates 68 full-service banking offices [4]. - Columbia Bank provides traditional financial services to consumers and businesses in its market area [4].

Financial Performance - Net income for the quarter ended September 30, 2024, was $6.2 million, a decrease of $2.9 million, or 32.3%, compared to $9.1 million for the same quarter in 2023[251]. - Net income for the nine months ended September 30, 2024, was $9.6 million, a decrease of $19.9 million, or 67.6%, compared to $29.5 million for the same period in 2023[261]. - Net interest income was $45.3 million for the quarter ended September 30, 2024, a decrease of $3.2 million, or 6.7%, from $48.5 million for the same quarter in 2023[252]. - Net interest income for the nine months ended September 30, 2024, was $131.6 million, a decrease of $29.0 million, or 18.1%, from $160.5 million for the same period in 2023[262]. - Non-interest income was $9.0 million for the quarter ended September 30, 2024, an increase of $376,000 from $8.6 million for the same quarter in 2023[258]. - Non-interest income increased to $25.6 million, up $9.5 million from $16.1 million for the nine months ended September 30, 2023[268]. Assets and Liabilities - Total assets increased by $40.9 million, or 0.4%, to $10.7 billion at September 30, 2024, compared to $10.6 billion at December 31, 2023[243]. - Total stockholders' equity increased by $38.8 million, or 3.7%, to $1.1 billion at September 30, 2024, compared to $1.0 billion at December 31, 2023[250]. - Total deposits reached $7.96 billion with an average deposit account balance of approximately $37,000 as of September 30, 2024[276]. Interest Expense and Credit Losses - Total interest expense increased by $20.7 million, or 41.6%, to $70.6 million for the quarter ended September 30, 2024, from $49.9 million for the same quarter in 2023[254]. - The provision for credit losses for the quarter ended September 30, 2024, was $4.1 million, an increase of $1.7 million from $2.4 million for the same quarter in 2023[257]. - Total interest expense rose to $206.2 million, an increase of $79.4 million or 62.5%, from $126.9 million for the nine months ended September 30, 2023[264]. - The provision for credit losses increased to $11.6 million, up $7.9 million from $3.6 million for the nine months ended September 30, 2023[267]. - Non-performing loans totaled $28.0 million, or 0.36% of total gross loans, as of September 30, 2024, compared to $12.6 million or 0.16% at December 31, 2023[271]. - The allowance for credit losses on loans was $58.5 million, or 0.75% of total gross loans, at September 30, 2024, compared to $55.1 million or 0.70% at December 31, 2023[275]. Capital Ratios - As of September 30, 2024, the Company reported total capital to risk-weighted assets of $1,144,340, representing a ratio of 14.37%, exceeding the minimum requirement of 8.00%[317]. - The Tier 1 capital to risk-weighted assets ratio was 13.59% at September 30, 2024, with an actual amount of $1,082,443, surpassing the minimum requirement of 6.00%[317]. - Common equity tier 1 capital to risk-weighted assets was 13.50% at September 30, 2024, with an actual amount of $1,075,226, exceeding the minimum requirement of 4.50%[317]. - The Company maintained a Tier 1 capital to adjusted total assets ratio of 10.16% as of September 30, 2024, above the minimum requirement of 4.00%[317]. - Columbia Bank's total capital to risk-weighted assets was 14.44% at September 30, 2024, with an actual amount of $1,059,944, exceeding the minimum requirement of 8.00%[318]. - Freehold Bank reported a total capital to risk-weighted assets ratio of 25.98% at September 30, 2024, with an actual amount of $46,167, significantly above the minimum requirement of 8.00%[318]. Liquidity Management - The Company maintains a stable funding base by focusing on core deposit accounts, which helps retain maturing time deposit accounts[299]. - The Company has contingency funding plans to assess liquidity needs arising from stress events, ensuring adequate liquidity from various sources[313]. - As of September 30, 2024, the potential liquidity from available sources exceeds any contingent liquidity needs[315]. - The Company assesses liquidity risks and sets policies to manage these risks at quarterly meetings of the Asset/Liability Committee[312]. - The company maintains a liquidity management strategy that includes diverse funding sources such as retail deposits and long-term debt[311]. Interest Rate Sensitivity - The net interest income would increase by approximately 1.21% if interest rates rise by 200 basis points, and decrease by 1.87% if rates fall by 200 basis points over a one-year horizon[306]. - In the event of an immediate and sustained 200 basis point increase in interest rates, the net present value (NPV) is projected to decrease by 16.29%[307]. - The net portfolio value (NPV) is projected to decrease by 16.29% with an immediate and sustained 200 basis point increase in interest rates, while a decrease of 200 basis points is expected to increase the NPV by 11.82%[307]. - The Asset/Liability Committee regularly reviews the impact of interest rate changes on net interest income and net income[298]. Internal Controls and Legal Matters - The Company’s management concluded that the disclosure controls and procedures were effective as of September 30, 2024[320]. - There were no changes in the Company's internal control over financial reporting that materially affected its effectiveness during the quarter ended September 30, 2024[321]. - Management believes that ongoing legal actions and claims will not have a material adverse impact on the company's financial condition[323].

Core Viewpoint - Columbia Financial (CLBK) shows potential as a strong investment opportunity due to a significant revision in earnings estimates, with an improving earnings outlook suggesting continued stock price gains [1][2]. Estimate Revisions - The trend of rising estimate revisions indicates growing analyst optimism regarding Columbia Financial's earnings prospects, which is expected to positively influence its stock price [2]. - For the current quarter, Columbia Financial is projected to earn $0.07 per share, reflecting a decrease of 22.22% from the previous year, but the Zacks Consensus Estimate has increased by 16.67% over the last 30 days due to two upward revisions [4]. - For the full year, the expected earnings are $0.18 per share, down 63.27% from the prior year, yet the consensus estimate has risen by 5.88% with two estimates moving higher and no negative revisions [5]. Zacks Rank - Columbia Financial currently holds a Zacks Rank 2 (Buy), indicating favorable estimate revisions that suggest potential for outperformance compared to the S&P 500 [6]. - Historically, stocks rated Zacks Rank 1 (Strong Buy) and 2 (Buy) have shown significant outperformance, with Zacks 1 stocks averaging a 25% annual return since 2008 [3][6]. Investment Outlook - The strong estimate revisions have led to a 5.1% increase in Columbia Financial's stock price over the past four weeks, suggesting that there may still be further upside potential, making it a candidate for portfolio addition [7].

Columbia Financial (CLBK) came out with quarterly earnings of $0.06 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.09 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post earnings of $0.04 per share when it actually produced earnings of $0.05, delivering a surprise of 25%.Over the last four quarters, the company has surpassed consensus EPS estimates two times.Columbia Financial, which belon ...

Financial Results Announcement [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Net income declined significantly in Q3 and YTD 2024 due to funding costs and credit losses, despite some NIM improvement Q3 2024 vs. Q3 2023 Performance | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income | $6.2 million | $9.1 million | -32.3% | | Diluted EPS | $0.06 | $0.09 | -33.3% | Nine Months 2024 vs. Nine Months 2023 Performance | Metric | Nine Months 2024 | Nine Months 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income | $9.6 million | $29.5 million | -67.5% | | Diluted EPS | $0.09 | $0.29 | -69.0% | - CEO Thomas J. Kemly stated that Q3 earnings were challenged by pressure on funding costs, but expects improved earnings going forward due to a **9 basis point increase in net interest margin** since Q1 2024 and effective expense management[3](index=3&type=chunk) - The company successfully closed the merger and completed the system conversion of Freehold Bank into Columbia Bank in October 2024, marking its fourth completed merger in five years[3](index=3&type=chunk) [Results of Operations](index=1&type=section&id=Results%20of%20Operations) Operational results declined in 2024 due to net interest margin compression from rising funding costs and increased credit provisions [For the Three Months Ended September 30, 2024](index=1&type=section&id=Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20September%2030%2C%202024%20and%20September%2030%2C%202023) Q3 2024 net income decreased by **$2.9 million** due to lower net interest income and higher credit loss provisions Q3 2024 vs. Q3 2023 Income Statement Changes | Item | Change (YoY) | Reason | | :--- | :--- | :--- | | Net Interest Income | -$3.2 million | Interest expense increase ($20.7M) outpaced interest income increase ($17.5M) | | Provision for Credit Losses | +$1.7 million | Primarily due to $2.7M in net charge-offs and higher qualitative factors | | Non-Interest Income | +$0.4 million | Increase in demand deposit account fees | | Non-Interest Expense | -$0.1 million | Lower compensation (-$1.0M) offset by higher data processing and FDIC fees | | Net Income | -$2.9 million | Cumulative effect of the above changes | Q3 2024 Net Interest Margin Analysis | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Net Interest Margin | 1.84% | 2.06% | -22 bps | | Avg. Yield on Interest-Earning Assets | 4.70% | 4.17% | +53 bps | | Avg. Cost of Interest-Bearing Liabilities | 3.52% | 2.70% | +82 bps | - The net interest margin showed a sequential improvement, increasing by **9 basis points** from 1.75% in Q1 2024 to 1.84% in Q3 2024[7](index=7&type=chunk) [For the Nine Months Ended September 30, 2024](index=2&type=section&id=Results%20of%20Operations%20for%20the%20Nine%20Months%20Ended%20September%2030%2C%202024%20and%20September%2030%2C%202023) Nine-month net income fell by **$19.9 million** due to lower net interest income and higher credit loss provisions Nine Months 2024 vs. 2023 Income Statement Changes | Item | Change (YoY) | Reason | | :--- | :--- | :--- | | Net Interest Income | -$29.0 million | Interest expense increase ($79.4M) was much larger than interest income increase ($50.4M) | | Provision for Credit Losses | +$7.9 million | Primarily due to $8.2M in net charge-offs and higher qualitative factors | | Non-Interest Income | +$9.5 million | A $9.6M decrease in the loss on securities transactions compared to 2023 | | Non-Interest Expense | +$0.3 million | A $9.5M decrease in compensation was offset by higher professional fees, FDIC premiums, and data processing costs | | Net Income | -$19.9 million | Cumulative effect of the above changes | Nine Months 2024 Net Interest Margin Analysis | Metric | Nine Months 2024 | Nine Months 2023 | Change | | :--- | :--- | :--- | :--- | | Net Interest Margin | 1.80% | 2.27% | -47 bps | | Avg. Yield on Interest-Earning Assets | 4.61% | 4.06% | +55 bps | | Avg. Cost of Interest-Bearing Liabilities | 3.47% | 2.29% | +118 bps | [Balance Sheet Summary](index=3&type=section&id=Balance%20Sheet%20Summary) Total assets stable at **$10.7 billion**, with cash funding debt securities, deposit growth, and increased equity Balance Sheet Changes (Sep 30, 2024 vs. Dec 31, 2023) | Account | Balance at Sep 30, 2024 | Change from Dec 31, 2023 | | :--- | :--- | :--- | | Total Assets | $10.7 billion | +$40.9 million | | Cash and cash equivalents | $283.5 million | -$139.7 million | | Debt securities available for sale | $1.3 billion | +$178.9 million | | Loans receivable, net | $7.8 billion | -$20.7 million | | Total Deposits | $8.0 billion | +$111.5 million | | Borrowings | $1.4 billion | -$108.1 million | | Total Stockholders' Equity | $1.1 billion | +$38.8 million | - The increase in total deposits was driven by a **$195.7 million** rise in certificates of deposit, as the bank priced these products competitively to attract customers[23](index=23&type=chunk) - Stockholders' equity increased due to **$9.6 million** in net income, a **$27.7 million** positive change in other comprehensive income, and stock-based compensation, partially offset by **$5.9 million** in stock repurchases[24](index=24&type=chunk) [Asset Quality](index=4&type=section&id=Asset%20Quality) Asset quality deteriorated in 2024, with non-performing loans doubling to **$28.0 million** and increased net charge-offs Asset Quality Indicators | Metric | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Non-performing loans | $28.0 million | $12.6 million | | Non-performing loans to total gross loans | 0.36% | 0.16% | | Non-performing assets to total assets | 0.28% | 0.12% | | Allowance for credit losses on loans | $58.5 million | $55.1 million | - A single borrower, a healthcare facility, accounted for approximately **60%** of the **$15.4 million** increase in non-performing loans[25](index=25&type=chunk) Net Charge-Offs | Period | Net Charge-Offs | | :--- | :--- | | Q3 2024 | $2.7 million | | Q3 2023 | $1.7 million | | Nine Months 2024 | $8.2 million | | Nine Months 2023 | $2.3 million | [Additional Liquidity, Loan, and Deposit Information](index=6&type=section&id=Additional%20Liquidity%2C%20Loan%2C%20and%20Deposit%20Information) Strong liquidity with **$2.6 billion** in funding, diverse deposits, and a healthy **$3.7 billion** commercial and multifamily real estate loan portfolio - The company has a diverse deposit base with approximately **215,000 accounts** and an average balance of about **$37,000**[29](index=29&type=chunk) - As of September 30, 2024, the company had immediate access to approximately **$2.6 billion** of funding and no outstanding borrowings from the Federal Reserve Discount Window[30](index=30&type=chunk) Multifamily and Commercial Real Estate Loan Portfolio (at Sep 30, 2024) | Loan Category | Balance (in thousands) | % of Gross Loans | Avg. LTV | Avg. DSC | | :--- | :--- | :--- | :--- | :--- | | Multifamily Real Estate | $1,399,000 | 17.8% | 61.0% | 1.62x | | Owner Occupied CRE | $683,523 | 8.7% | 53.6% | 2.10x | | Investor Owned CRE | $1,629,236 | 20.7% | 54.3% | 1.72x | | **Total** | **$3,711,759** | **47.2%** | **56.7%** | **1.75x** | [Financial Statements and Supplementary Data](index=9&type=section&id=Financial%20Statements%20and%20Supplementary%20Data) This section presents detailed unaudited consolidated financial statements, including balance sheets, income statements, and key financial data [Consolidated Balance Sheets](index=9&type=section&id=Consolidated%20Balance%20Sheets) The Consolidated Balance Sheets detail the company's financial position, including assets, liabilities, and equity, as of September 30, 2024 Consolidated Balance Sheets (in thousands) | | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$10,686,503** | **$10,645,568** | | Total cash and cash equivalents | $283,501 | $423,249 | | Loans receivable, net | $7,798,695 | $7,819,441 | | **Total Liabilities** | **$9,607,353** | **$9,605,233** | | Deposits | $7,958,059 | $7,846,556 | | Borrowings | $1,420,640 | $1,528,695 | | **Total Stockholders' Equity** | **$1,079,150** | **$1,040,335** | [Consolidated Statements of Income](index=10&type=section&id=Consolidated%20Statements%20of%20Income) The Consolidated Statements of Income detail the company's revenues, expenses, net income, and EPS for the three and nine-month periods Consolidated Statements of Income (in thousands) | | Three Months Ended Sep 30 | Nine Months Ended Sep 30 | | :--- | :--- | :--- | | | **2024** | **2023** | **2024** | **2023** | | Net interest income | $45,275 | $48,522 | $131,555 | $160,537 | | Provision for credit losses | $4,103 | $2,379 | $11,575 | $3,632 | | Non-interest income | $8,978 | $8,602 | $25,610 | $16,130 | | Non-interest expense | $42,834 | $42,910 | $134,739 | $134,418 | | **Net income** | **$6,185** | **$9,130** | **$9,570** | **$29,517** | | **Earnings per share-diluted** | **$0.06** | **$0.09** | **$0.09** | **$0.29** | [Average Balances/Yields](index=11&type=section&id=Average%20Balances%2FYields) This section details average asset and liability balances, yields, and costs, illustrating net interest margin compression drivers Q3 Average Balances and Rates | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Avg. Yield on Interest-Earning Assets | 4.70% | 4.17% | | Avg. Cost on Interest-Bearing Liabilities | 3.52% | 2.70% | | Interest Rate Spread | 1.18% | 1.47% | | Net Interest Margin | 1.84% | 2.06% | Nine Months Average Balances and Rates | Metric | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | | Avg. Yield on Interest-Earning Assets | 4.61% | 4.06% | | Avg. Cost on Interest-Bearing Liabilities | 3.47% | 2.29% | | Interest Rate Spread | 1.15% | 1.77% | | Net Interest Margin | 1.80% | 2.27% | [Selected Financial Highlights & Asset Quality Data](index=15&type=section&id=Selected%20Financial%20Highlights%20%26%20Asset%20Quality%20Data) This section presents quarterly performance and asset quality ratios, highlighting trends in profitability, NIM, and non-performing loans Quarterly Performance Ratios | Ratio | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | | :--- | :--- | :--- | :--- | :--- | :--- | | Return on average assets | 0.23% | 0.17% | (0.04)% | 0.25% | 0.36% | | Net interest margin | 1.84% | 1.81% | 1.75% | 1.85% | 2.06% | | Efficiency ratio | 78.95% | 86.83% | 91.96% | 84.82% | 75.12% | Quarterly Asset Quality Ratios | Ratio | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | | :--- | :--- | :--- | :--- | :--- | :--- | | Non-performing loans to total gross loans | 0.36% | 0.33% | 0.30% | 0.16% | 0.19% | | ACL to gross loans | 0.75% | 0.73% | 0.71% | 0.70% | 0.69% | [Loan and Capital Data](index=16&type=section&id=Loan%20and%20Capital%20Data) This section details the quarterly loan portfolio breakdown and reports the company's and subsidiary banks' strong regulatory capital ratios Gross Loan Portfolio Breakdown (in thousands) | Loan Category | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | One-to-four family | $2,737,190 | $2,792,833 | | Commercial real estate | $2,312,759 | $2,377,077 | | Multifamily | $1,399,000 | $1,409,187 | | Commercial business loans | $586,447 | $533,041 | | Construction | $510,439 | $443,094 | | **Total Gross Loans** | **$7,809,753** | **$7,824,665** | Company Capital Ratios | Ratio | Sep 30, 2024 (Est.) | Dec 31, 2023 | | :--- | :--- | :--- | | Common equity tier 1 capital | 13.50% | 13.23% | | Tier 1 capital | 13.59% | 13.32% | | Total capital | 14.37% | 14.08% | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=17&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP to non-GAAP financial measures, including core net income, profitability ratios, and tangible book value per share Book Value vs. Tangible Book Value Per Share | Metric | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Book value per share | $10.30 | $9.92 | | Tangible book value per share | $9.16 | $8.75 | Reconciliation of Net Income to Core Net Income (in thousands) | | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2024 | | :--- | :--- | :--- | | Net Income (GAAP) | $6,185 | $9,570 | | Adjustments (net) | ($88) | $2,273 | | **Core Net Income (Non-GAAP)** | **$6,097** | **$11,843** | - Major adjustments for the nine-month period to arrive at Core Net Income included adding back a **$1.1 million** after-tax loss on securities transactions and **$691,000** in after-tax merger-related expenses[52](index=52&type=chunk) Efficiency Ratio vs. Core Efficiency Ratio | | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2024 | | :--- | :--- | :--- | | Efficiency Ratio (GAAP) | 78.95% | 85.73% | | Core Efficiency Ratio (Non-GAAP) | 79.14% | 84.26% |

FAIR LAWN, N.J., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank ("Columbia"), reported net income of $6.2 million, or $0.06 per basic and diluted share, for the quarter ended September 30, 2024, as compared to $9.1 million, or $0.09 per basic and diluted share, for the quarter ended September 30, 2023. The income for the quarter ended September 30, 2024 reflected lower net interest income, mainly due to an increase in ...