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 ...

FAIR LAWN, N.J., Oct. 07, 2024 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (Nasdaq: CLBK) (the "Company"), the mid-tier holding company for Columbia Bank, announced today the completion of the merger of Freehold Bank with and into Columbia Bank, effective as of October 5, 2024. Prior to the bank merger, Freehold Bank and Columbia Bank were held and operated as separate subsidiaries of the Company. In connection with the completion of the bank merger, James H. Wainwright, President and Chief Executive Offic ...

Columbia Financial Inc. (CLBK) announced that it has received all regulatory approvals from the Office of the Comptroller of the Currency to complete Freehold Bank's merger into the company. The transaction and system integration are anticipated to be completed on Oct. 5, 2024, subject to customary closing requirements. Despite the favorable strategic move, shares of CLBK declined 1.5% yesterday due to subdued broader market sentiments. CLBK's Freehold Acquisition Details Columbia Financial announced the ac ...

FAIR LAWN, N.J., Aug. 26, 2024 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (Nasdaq: CLBK) (the "Company"), the mid-tier holding company for Columbia Bank and Freehold Bank, announced today that Columbia Bank has received the requisite regulatory approval from the Office of the Comptroller of the Currency necessary to merge Freehold Bank with and into Columbia Bank. The transaction is expected to be completed on October 5, 2024, which is also the anticipated systems conversion date for the merger. The closi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value per share CLBK The Nasdaq Stock Market LLC FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38456 Colu ...

A downtrend has been apparent in Columbia Financial (CLBK) lately. While the stock has lost 6.1% over the past week, it could witness a trend reversal as a hammer chart pattern was formed in its last trading session. This could mean that the bulls have been able to counteract the bears to help the stock find support. The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bullish case f ...

Columbia Financial (CLBK) could be a solid addition to your portfolio given a notable revision in the company's earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving. The upward trend in estimate revisions for this company reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisi ...