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 ...

For the quarter ended June 2024, Columbia Financial (CLBK) reported revenue of $53.26 million, up 5.2% over the same period last year. EPS came in at $0.05, compared to $0.12 in the year-ago quarter. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. The reported revenue represents a surprise of +2.82% over the Zacks Consensus Estimate of $51.8 million. With the c ...

Columbia Financial (CLBK) came out with quarterly earnings of $0.05 per share, beating the Zacks Consensus Estimate of $0.04 per share. This compares to earnings of $0.12 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 25%. A quarter ago, it was expected that this company would post earnings of $0.05 per share when it actually produced earnings of $0.01, delivering a surprise of -80%. Over the last four quarters, the company ...

Columbia Financial, Inc. Announces Financial Results for the Second Quarter Ended June 30, 2024 Mr. Thomas J. Kemly, President and Chief Executive Officer commented: "The second quarter results showed improvement over the first quarter despite continuing pressure on funding costs. Our net interest margin increased 6 basis points over the first quarter of 2024 and we believe net interest margin expansion and expense management will improve earnings on a go forward basis. The Company's balance sheet, asset qu ...

PART I. Financial Information [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. as of March 31, 2024, and for the three months then ended, compared with prior periods Consolidated Statement of Financial Condition Highlights | Account | March 31, 2024 ($ in thousands) | December 31, 2023 ($ in thousands) | | :--- | :--- | :--- | | **Total Assets** | **10,637,519** | **10,645,568** | | Loans receivable, net | 7,760,228 | 7,819,441 | | Debt securities available for sale | 1,187,440 | 1,093,557 | | **Total Liabilities** | **9,599,494** | **9,605,233** | | Deposits | 7,829,403 | 7,846,556 | | Borrowings | 1,530,424 | 1,528,695 | | **Total Stockholders' Equity** | **1,038,025** | **1,040,335** | Consolidated Statement of Income (Loss) Highlights (Three Months Ended) | Account | March 31, 2024 ($ in thousands) | March 31, 2023 ($ in thousands) | | :--- | :--- | :--- | | Net interest income | 42,200 | 60,864 | | Provision for credit losses | 5,278 | 175 | | Non-interest income | 7,452 | 8,073 | | Non-interest expense | 45,658 | 43,901 | | **Net (loss) income** | **(1,155)** | **18,723** | | **(Loss) earnings per share-diluted** | **(0.01)** | **0.18** | [Notes to Unaudited Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on the company's accounting policies and financial activities, covering debt securities, loans, deposits, fair value measurements, and stock-based compensation [Note 6. Debt Securities Available for Sale](index=14&type=section&id=Note%206.%20Debt%20Securities%20Available%20for%20Sale) The portfolio of debt securities available for sale increased to $1.19 billion at March 31, 2024, with gross unrealized losses rising to $166.1 million, primarily in mortgage-backed securities and U.S. government obligations Debt Securities Available for Sale (at Fair Value) | Security Type | March 31, 2024 ($ in thousands) | December 31, 2023 ($ in thousands) | | :--- | :--- | :--- | | U.S. government and agency obligations | 237,034 | 145,501 | | Mortgage-backed securities and CMOs | 869,217 | 867,585 | | Municipal obligations | 2,708 | 2,702 | | Corporate debt securities | 78,481 | 77,769 | | **Total** | **1,187,440** | **1,093,557** | - Gross unrealized losses on AFS securities were **$166.1 million** at March 31, 2024, with **$165.5 million** in a loss position for 12 months or longer[298](index=298&type=chunk) - During Q1 2024, the company sold one debt security for proceeds of **$3.5 million**, resulting in a gross loss of **$1.3 million**[295](index=295&type=chunk) [Note 7. Debt Securities Held to Maturity](index=16&type=section&id=Note%207.%20Debt%20Securities%20Held%20to%20Maturity) Debt securities held to maturity totaled $398.4 million at amortized cost as of March 31, 2024, consisting entirely of investment-grade U.S. government and mortgage-backed securities, all in an unrealized loss position totaling $46.4 million Debt Securities Held to Maturity | Security Type | Amortized Cost (Mar 31, 2024) | Fair Value (Mar 31, 2024) | Gross Unrealized Losses (Mar 31, 2024) | | :--- | :--- | :--- | :--- | | U.S. government and agency obligations | $49,871 | $43,807 | $(6,064) | | Mortgage-backed securities and CMOs | $348,480 | $308,184 | $(40,296) | | **Total** | **$398,351** | **$351,991** | **$(46,360)** | - All **111 securities** in the HTM portfolio were in an unrealized loss position at March 31, 2024, and all were investment grade, with no allowance for credit losses required due to government guarantees[218](index=218&type=chunk)[219](index=219&type=chunk) [Note 9. Loans Receivable and Allowance for Credit Losses](index=19&type=section&id=Note%209.%20Loans%20Receivable%20and%20Allowance%20for%20Credit%20Losses) Total gross loans slightly decreased to $7.77 billion, while the allowance for credit losses (ACL) increased to $55.4 million, driven by a significant rise in non-accrual loans to $22.9 million and $5.0 million in net charge-offs Loans Receivable by Category (Gross) | Loan Category | March 31, 2024 ($ in thousands) | December 31, 2023 ($ in thousands) | | :--- | :--- | :--- | | One-to-four family | 2,778,932 | 2,792,833 | | Multifamily | 1,429,369 | 1,409,187 | | Commercial real estate | 2,318,178 | 2,377,077 | | Construction | 437,566 | 443,094 | | Commercial business | 538,260 | 533,041 | | Consumer loans | 263,387 | 269,433 | | **Total gross loans** | **7,765,692** | **7,824,665** | Allowance for Credit Losses (ACL) Activity (Q1 2024) | Metric | Amount ($ in thousands) | | :--- | :--- | | Balance at Dec 31, 2023 | 55,096 | | Provision for credit losses | 5,278 | | Charge-offs | (5,122) | | Recoveries | 149 | | **Balance at Mar 31, 2024** | **55,401** | - Non-accrual loans increased significantly to **$22.9 million** at March 31, 2024, from **$12.6 million** at December 31, 2023[194](index=194&type=chunk) - The ACL is estimated using a CECL model that incorporates a reasonable and supportable forecast period of **six quarters**, followed by a **four-quarter** reversion period to long-term historical loss rates[236](index=236&type=chunk) [Note 11. Deposits](index=36&type=section&id=Note%2011.%20Deposits) Total deposits slightly decreased to $7.83 billion, with a shift towards higher-cost certificates of deposit, leading to a sharp increase in interest expense on deposits to $48.4 million for Q1 2024 Deposit Composition | Deposit Type | March 31, 2024 ($ in thousands) | December 31, 2023 ($ in thousands) | | :--- | :--- | :--- | | Non-interest-bearing demand | 1,415,909 | 1,437,361 | | Interest-bearing demand | 1,929,490 | 1,966,463 | | Money market accounts | 1,228,098 | 1,255,528 | | Savings and club deposits | 687,303 | 700,348 | | Certificates of deposit | 2,568,603 | 2,486,856 | | **Total deposits** | **7,829,403** | **7,846,556** | - Interest expense on deposits for Q1 2024 was **$48.4 million**, a significant increase from **$17.1 million** in Q1 2023, reflecting the higher interest rate environment and shift in deposit mix[61](index=61&type=chunk) - Of the **$2.57 billion** in certificates of deposit, **$2.20 billion** (approximately **86%**) are scheduled to mature in one year or less[64](index=64&type=chunk) [Note 12. Stock Based Compensation](index=37&type=section&id=Note%2012.%20Stock%20Based%20Compensation) In Q1 2024, the company awarded 212,441 restricted shares and 286,265 stock options, incurring $1.3 million in restricted stock expense and $951,000 for stock options, with significant unrecognized compensation remaining - In March 2024, the company awarded **212,441 restricted shares** and **286,265 stock options**[69](index=69&type=chunk)[70](index=70&type=chunk) Stock-Based Compensation Expense (Q1) | Award Type | Q1 2024 Expense ($ in thousands) | Q1 2023 Expense ($ in thousands) | | :--- | :--- | :--- | | Restricted Stock | 1,300 | 1,000 | | Stock Options | 951 | 921 | - At March 31, 2024, there were **620,547 non-vested restricted shares** and **1,265,884 non-vested options** outstanding[69](index=69&type=chunk)[80](index=80&type=chunk) [Note 14. Fair Value Measurements](index=41&type=section&id=Note%2014.%20Fair%20Value%20Measurements) The company's recurring fair value measurements totaled $1.22 billion, primarily Level 1 and Level 2 debt securities and derivatives, with minimal Level 3 assets, while non-recurring Level 3 assets, including impaired loans, totaled $7.6 million Assets Measured at Fair Value on a Recurring Basis (March 31, 2024) | Asset Type | Level 1 ($ in thousands) | Level 2 ($ in thousands) | Level 3 ($ in thousands) | Total ($ in thousands) | | :--- | :--- | :--- | :--- | :--- | | Debt securities available for sale | 229,844 | 947,685 | 9,911 | 1,187,440 | | Equity securities | 4,107 | 323 | — | 4,430 | | Derivative assets | — | 25,346 | — | 25,346 | | **Total** | **233,951** | **973,354** | **9,911** | **1,217,216** | - Level 3 assets measured on a recurring basis consist of **two private placement corporate debt securities** and **two private placement municipal obligations**[115](index=115&type=chunk) - Assets measured at fair value on a non-recurring basis totaled **$7.6 million**, consisting of impaired loans (**$4.9 million**) and mortgage servicing rights (**$2.8 million**), both classified as Level 3[128](index=128&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=56&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a challenging first quarter, with a net loss of $1.2 million driven by a 30.7% decrease in net interest income due to rising funding costs and a significant increase in non-performing loans, while maintaining strong liquidity and capital [Comparison of Financial Condition](index=56&type=section&id=Comparison%20of%20Financial%20Condition) Total assets remained stable at $10.6 billion, with a decrease in net loans and cash offset by an increase in debt securities available for sale, while total liabilities and stockholders' equity saw minor decreases - Total assets decreased by a marginal **$8.0 million** to **$10.6 billion** at March 31, 2024[338](index=338&type=chunk) - Loans receivable, net, decreased by **$59.2 million**, while debt securities available for sale increased by **$93.9 million**[339](index=339&type=chunk)[303](index=303&type=chunk) - Total deposits decreased by **$17.2 million**, reflecting a shift from demand and savings accounts to higher-cost certificates of deposit[310](index=310&type=chunk) - Stockholders' equity decreased by **$2.3 million**, primarily due to a **$1.2 million** net loss and **$1.7 million** in stock repurchases[340](index=340&type=chunk) [Comparison of Results of Operations](index=57&type=section&id=Comparison%20of%20Results%20of%20Operations) The company reported a net loss of $1.2 million for Q1 2024, a $19.9 million decrease from the prior year, primarily due to a 30.7% drop in net interest income and an 83 basis point compression in net interest margin to 1.75% - Net loss for Q1 2024 was **$1.2 million**, a decrease of **$19.9 million** from the **$18.7 million** net income in Q1 2023[313](index=313&type=chunk) - Net interest income decreased by **30.7%** to **$42.2 million**, as the increase in interest expense (**$34.4 million**) significantly outpaced the increase in interest income (**$15.7 million**)[341](index=341&type=chunk) - The net interest margin for Q1 2024 fell to **1.75%** from **2.58%** in Q1 2023[315](index=315&type=chunk) - The provision for credit losses increased to **$5.3 million**, primarily due to **$5.0 million** in net charge-offs[343](index=343&type=chunk) - Non-interest expense increased by **$1.8 million (4.0%)**, driven by higher FDIC insurance premiums and professional fees, though partially offset by lower compensation costs[316](index=316&type=chunk) [Asset Quality](index=58&type=section&id=Asset%20Quality) Asset quality deteriorated in Q1 2024, with non-performing loans increasing by $10.3 million to $22.9 million, largely due to a single commercial loan relationship, and net charge-offs totaling $5.0 million - Non-performing loans increased to **$22.9 million (0.30% of gross loans)** at March 31, 2024, from **$12.6 million (0.16%)** at December 31, 2023[319](index=319&type=chunk) - A single borrower relationship with a struggling healthcare facility accounted for **$7.3 million (71%)** of the increase in non-performing loans, though the loans are current on payments and well-collateralized[319](index=319&type=chunk) - Net charge-offs for Q1 2024 totaled **$5.0 million**, compared to only **$105,000** in Q1 2023, related to four commercial business loans with expected future recoveries[320](index=320&type=chunk) - The allowance for credit losses on loans was **$55.4 million**, or **0.71%** of total gross loans, at March 31, 2024[347](index=347&type=chunk) [Critical Accounting Policies](index=60&type=section&id=Critical%20Accounting%20Policies) Management identifies the allowance for credit losses (ACL), valuation of deferred tax assets, and valuation of retirement benefits as critical accounting policies requiring significant judgment and sensitivity to economic conditions - The determination of the Allowance for Credit Losses (ACL) is a critical accounting estimate due to the high degree of judgment involved[386](index=386&type=chunk) - The ACL methodology uses a discounted cash flow model incorporating probability of default (PD) and loss given default (LGD) based on a **6-quarter** reasonable and supportable forecast, followed by a **4-quarter** reversion to long-term averages[357](index=357&type=chunk)[389](index=389&type=chunk) - Other critical policies include the valuation of deferred tax assets, which depends on future taxable income projections, and the valuation of retirement and post-retirement benefits, which relies on actuarial assumptions[355](index=355&type=chunk)[332](index=332&type=chunk)[391](index=391&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=62&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company actively manages interest rate risk, with simulations indicating net interest income is liability-sensitive in a rising rate environment and asset-sensitive in a falling rate environment, while maintaining strong liquidity and capital positions Interest Rate Sensitivity Analysis (as of March 31, 2024) | Change in Interest Rates (bps) | Change in Net Interest Income (12 Months) | Change in Net Portfolio Value (NPV) | | :--- | :--- | :--- | | +200 | (3.91)% | (18.43)% | | +100 | (1.81)% | (8.97)% | | Base | — | — | | -100 | +1.89% | +8.80% | | -200 | +3.12% | +16.04% | - The company maintains strong liquidity, with access to approximately **$2.7 billion** in immediate funding and over **$1.5 billion** in additional unpledged collateral as of March 31, 2024[351](index=351&type=chunk) - As of March 31, 2024, the company, Columbia Bank, and Freehold Bank all exceeded the capital requirements to be classified as 'well capitalized' under regulatory standards[371](index=371&type=chunk) [Item 4. Controls and Procedures](index=66&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting during the first quarter - Management concluded that the Company's disclosure controls and procedures were effective as of the end of the reporting period[376](index=376&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[407](index=407&type=chunk) PART II. Other Information [Item 1. Legal Proceedings](index=67&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal actions in the normal course of business, which management does not expect to have a material adverse impact on its financial condition - Ongoing legal actions are not expected to have a material adverse impact on the Company's financial condition[378](index=378&type=chunk) [Item 1A. Risk Factors](index=67&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - As of March 31, 2024, the Company's risk factors have not materially changed from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023[409](index=409&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=67&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company continued its sixth stock repurchase program, acquiring 101,516 shares at an average price of $16.31 per share during the first quarter of 2024 Share Repurchases in Q1 2024 | Period | Total Shares Purchased (Public Program) | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 2024 | 0 | N/A | | Feb 2024 | 100 | $16.52 | | Mar 2024 | 101,416 | $16.31 | | **Total Q1** | **101,516** | **$16.31** | - As of March 31, 2024, there were **1,005,325 shares** remaining to be purchased under the company's sixth stock repurchase program[286](index=286&type=chunk)[305](index=305&type=chunk)