UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38456 | --- | --- | |----------------------------------------------------------------------------|---------------------------------------------| | | | | Delaw ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38456 | --- | --- | |----------------------------------------------------------------------------|---------------------------------------------| | | | | Delaware | ...

[PART I. Financial Information](index=4&type=section&id=PART%20I.%20Financial%20Information) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Q1 2022 financials show stable assets, slightly lower net income, and decreased equity from unrealized losses and stock buybacks [Consolidated Statements of Financial Condition](index=4&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) Total assets remained stable at $9.24 billion, while stockholders' equity declined due to comprehensive loss and treasury stock purchases Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 (Unaudited) | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$9,237,094** | **$9,224,097** | | Loans receivable, net | $6,429,593 | $6,297,912 | | Debt securities available for sale | $1,579,497 | $1,703,847 | | Total Deposits | $7,594,988 | $7,570,216 | | Borrowings | $432,755 | $377,309 | | **Total Liabilities** | **$8,204,607** | **$8,145,016** | | **Total Stockholders' Equity** | **$1,032,487** | **$1,079,081** | | Accumulated other comprehensive loss | $(100,355) | $(45,919) | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Q1 2022 net income slightly decreased to $20.4 million, as higher net interest income was offset by credit loss provisions Quarterly Income Statement Summary (in thousands, except per share data) | Metric | Three Months Ended Mar 31, 2022 | Three Months Ended Mar 31, 2021 | | :--- | :--- | :--- | | Net Interest Income | $62,726 | $56,740 | | Provision for (reversal of) credit losses | $1,459 | $(1,280) | | Non-interest Income | $7,041 | $8,595 | | Non-interest Expense | $40,749 | $37,703 | | **Net Income** | **$20,404** | **$21,045** | | **Earnings per share-basic and diluted** | **$0.20** | **$0.20** | [Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) The company recorded a $34.0 million comprehensive loss in Q1 2022, driven by unrealized losses on debt securities Comprehensive Income (Loss) Summary (in thousands) | Component | Three Months Ended Mar 31, 2022 | Three Months Ended Mar 31, 2021 | | :--- | :--- | :--- | | Net Income | $20,404 | $21,045 | | Other comprehensive (loss) | $(54,436) | $(2,882) | | **Total comprehensive (loss) income** | **$(34,032)** | **$18,163** | [Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity decreased to $1.03 billion due to comprehensive loss and stock buybacks, despite net income contributions - Key drivers for the decrease in stockholders' equity in Q1 2022 included a significant **other comprehensive loss of $54.4 million** and the purchase of **treasury stock for $21.7 million**[27](index=27&type=chunk) - The adoption of ASU No 2016-13 ("CECL") on January 1, 2022, resulted in a cumulative effect adjustment that **increased retained earnings by $6.2 million**[27](index=27&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents increased by $25.0 million, supported by financing activities that offset investing outflows Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended Mar 31, 2022 | Three Months Ended Mar 31, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $32,854 | $172,335 | | Net cash (used in) investing activities | $(67,462) | $(343,486) | | Net cash provided by financing activities | $59,642 | $107,910 | | **Net increase (decrease) in cash** | **$25,034** | **$(63,241)** | [Notes to Unaudited Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes detail the adoption of the CECL standard, a subsequent acquisition, and breakdowns of key financial statement components - On May 1, 2022, subsequent to the quarter end, the Company completed its **acquisition of RSI Bancorp, M.H.C., RSI Bancorp, Inc. and RSI Bank**, issuing 6,086,314 shares of its common stock to the MHC[46](index=46&type=chunk)[271](index=271&type=chunk) - The company adopted the CECL standard (ASU 2016-13) on January 1, 2022, resulting in a total cumulative effect adjustment **increasing retained earnings by $6.2 million**, net of tax[59](index=59&type=chunk) - During Q1 2022, the Company **repurchased 1,023,519 shares** at an approximate cost of **$21.7 million**, or an average price of $21.19 per share[56](index=56&type=chunk) Loan Portfolio Composition (in thousands) | Loan Category | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | One-to-four family | $2,179,698 | $2,092,317 | | Multifamily | $1,077,938 | $1,041,108 | | Commercial real estate | $2,183,704 | $2,170,236 | | Construction | $261,674 | $295,047 | | Commercial business loans | $466,517 | $452,232 | | Home equity & other consumer | $272,368 | $277,991 | | **Total gross loans** | **$6,441,899** | **$6,328,931** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=54&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a slight net income decrease, improved net interest margin, and stable asset quality for Q1 2022 - Net income for Q1 2022 was **$20.4 million, down 3.0%** from $21.0 million in Q1 2021, driven by a $2.7 million increase in the provision for credit losses and higher expenses[276](index=276&type=chunk) - Net interest margin for Q1 2022 **increased by 18 basis points to 2.98%** from 2.80% in Q1 2021, as the cost of liabilities fell faster than asset yields[280](index=280&type=chunk)[282](index=282&type=chunk) - Non-performing loans were **$4.6 million, or 0.07% of total gross loans**, at March 31, 2022, indicating stable and strong asset quality[296](index=296&type=chunk) - Total stockholders' equity **decreased by $46.6 million (4.3%)** during the quarter, mainly due to a $54.4 million increase in unrealized losses and $21.7 million in stock repurchases[295](index=295&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages interest rate risk and remains well-capitalized, exceeding all regulatory capital requirements - Both the company and its subsidiary banks (Columbia Bank and Freehold Bank) **exceeded all capital adequacy requirements** and were classified as well-capitalized as of March 31, 2022[331](index=331&type=chunk)[332](index=332&type=chunk) Interest Rate Sensitivity Analysis (as of March 31, 2022) | Change in Interest Rates (bps) | % Change in Net Interest Income (12 Months) | % Change in Net Portfolio Value (NPV) | | :--- | :--- | :--- | | +300 | (2.90)% | (20.23)% | | +200 | (1.80)% | (12.96)% | | +100 | (0.86)% | (6.20)% | | Base | — | — | | -100 | (3.42)% | 1.42% | Company Capital Ratios (as of March 31, 2022) | Ratio | Actual | Minimum Adequacy Requirement | | :--- | :--- | :--- | | Total capital (to risk-weighted assets) | 16.93% | 8.00% | | Tier 1 capital (to risk-weighted assets) | 16.08% | 6.00% | | Common equity tier 1 capital (to risk-weighted assets) | 15.96% | 4.50% | | Tier 1 capital (to adjusted total assets) | 11.41% | 4.00% | [Controls and Procedures](index=63&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal controls over financial reporting were effective as of March 31, 2022 - Management concluded that the Company's **disclosure controls and procedures were effective** as of the end of the period covered by the report[338](index=338&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[339](index=339&type=chunk) [PART II. Other Information](index=64&type=section&id=PART%20II.%20Other%20Information) [Legal Proceedings](index=64&type=section&id=Item%201.%20Legal%20Proceedings) Ongoing legal actions from normal business operations are not expected to have a material adverse financial impact - Management believes that ongoing legal actions and claims from the normal course of business are **not expected to materially impact** the Company's financial condition[342](index=342&type=chunk) [Risk Factors](index=64&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the 2021 year-end annual report - As of March 31, 2022, the company's risk factors have **not materially changed** from those disclosed in the 2021 Form 10-K[343](index=343&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details its Q1 2022 share repurchase activities under its publicly announced buyback program - The company has a stock repurchase program authorized on December 6, 2021, to acquire up to 5,000,000 shares, with **3,790,420 shares remaining for purchase** as of March 31, 2022[344](index=344&type=chunk) Share Repurchases for Q1 2022 | Period | Total Shares Repurchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 2022 | 504,500 | $20.89 | | Feb 2022 | 301,500 | $21.44 | | Mar 2022 | 254,268 | $21.51 | | **Total** | **1,060,268** | **$21.20** | [Exhibits](index=64&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the report, including required CEO and CFO certifications

or UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-38456 COLUMBIA FINANCIAL, INC. (Exact name of registrant as specified in its charter) Delaware 22-3504946 (State or othe ...

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 September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38456 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38456 | --- | --- | |----------------------------------------------------------------------------|---------------------------------------------| | | | | Delaware | ...

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 March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38456 Col ...

Part I [Business](index=5&type=section&id=Item%201.%20Business) Columbia Financial is a bank holding company offering diverse financial services, primarily in New Jersey, with recent growth through acquisitions [General Overview and Recent Acquisitions](index=5&type=section&id=General%20Overview%20and%20Recent%20Acquisitions) The company operates as a community-focused bank, recently expanding through the acquisitions of Stewardship Financial and Roselle Entities - Columbia Financial, Inc is the holding company for Columbia Bank, a federally chartered savings bank founded in 1927, offering traditional financial services to businesses and consumers[20](index=20&type=chunk)[21](index=21&type=chunk) - The company completed the acquisition of Stewardship Financial Corporation on November 1, 2019, for a total consideration of **$136.3 million** in cash[26](index=26&type=chunk) - On April 1, 2020, the company acquired the Roselle Entities, issuing **4,759,048 additional shares** of its common stock to its MHC as consideration[27](index=27&type=chunk) - Effective October 15, 2020, the Bank began operating as a "covered savings association," which provides rights and privileges similar to a national bank and removes certain lending limits applicable to savings associations[23](index=23&type=chunk) [Market Area and Competition](index=6&type=section&id=Market%20Area%20and%20Competition) The company operates 61 branches in New Jersey, a high-income market, facing intense competition from various financial institutions - As of December 31, 2020, the company operated **61 full-service banking offices** in twelve New Jersey counties[31](index=31&type=chunk) - The market area is characterized by a high median household income of **$97,516** in 2020 for the twelve counties served, significantly above the national median of $67,761[33](index=33&type=chunk) - The company faces intense competition for both deposits and loans from a wide range of financial institutions, including large national banks, community banks, credit unions, and emerging fintech companies[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) [Lending Activities and Credit Risks](index=6&type=section&id=Lending%20Activities%20and%20Credit%20Risks) The company's **$6.1 billion** loan portfolio is diversified, with a strategic focus on commercial lending and associated credit risk management Loan Portfolio Composition as of December 31, 2020 | Loan Category | Amount (Billions) | Percentage of Total Loans | | :--- | :--- | :--- | | Multifamily and Commercial Real Estate | $2.8 | 45.7% | | One-to-Four Family Residential | $1.9 | 31.5% | | Commercial Business (incl. PPP) | $0.75 | 12.2% | | Construction | $0.33 | 5.3% | | Home Equity Loans and Advances | $0.32 | 5.2% | - The company originated **$344.4 million** in Paycheck Protection Program (PPP) loans as of December 31, 2020, as part of the CARES Act[52](index=52&type=chunk) - Credit risks vary by loan type: multifamily/commercial loans depend on property cash flow, residential loans are sensitive to interest rate changes and property values, and commercial business loans rely on the success of the borrower's business[63](index=63&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) - The maximum regulatory lending limit to a single borrower was **$138.7 million** at year-end 2020, with the largest relationship totaling **$115.5 million**, which was performing as per its terms[76](index=76&type=chunk) [Securities and Deposit Activities](index=11&type=section&id=Securities%20and%20Deposit%20Activities) The securities portfolio is primarily government-backed, while deposits from a diverse customer base serve as the main source of funding - The securities portfolio is primarily composed of mortgage-backed securities and CMOs issued by Freddie Mac, Fannie Mae, and Ginnie Mae, which comprised **91.1%** of the available-for-sale portfolio and **98.1%** of the held-to-maturity portfolio at December 31, 2020[81](index=81&type=chunk)[83](index=83&type=chunk) - To mitigate credit risk, **93.9%** of the total securities portfolio consisted of direct government obligations or government-sponsored enterprise obligations as of December 31, 2020[85](index=85&type=chunk) - Deposits are the primary source of funds, attracted from retail, business, and municipal customers through products like checking, savings, money market accounts, and certificates of deposit[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) - The company supplements its funding with borrowings, primarily advances from the Federal Home Loan Bank (FHLB), for which it must own capital stock and pledge collateral[90](index=90&type=chunk) [Regulation and Supervision](index=13&type=section&id=Regulation%20and%20Supervision) The company and its bank subsidiary are subject to extensive federal regulation and supervision and were considered "well capitalized" - The Bank is primarily supervised by the Office of the Comptroller of the Currency (OCC), while the holding company (Columbia Financial, Inc) and the mutual holding company (MHC) are supervised by the Federal Reserve Board[92](index=92&type=chunk)[94](index=94&type=chunk) - The Bank must adhere to minimum capital standards, including a common equity Tier 1 ratio of **4.5%**, a Tier 1 capital ratio of **6.0%**, and a total capital ratio of **8.0%** It also must maintain a capital conservation buffer of **2.5%**[98](index=98&type=chunk)[99](index=99&type=chunk)[103](index=103&type=chunk) - As of December 31, 2020, the Bank **exceeded all applicable capital requirements** and met the criteria for being considered "well capitalized"[105](index=105&type=chunk)[110](index=110&type=chunk) - The Bank received a **"satisfactory"** Community Reinvestment Act (CRA) rating in its most recent federal examination[114](index=114&type=chunk) [Human Capital Management](index=19&type=section&id=Human%20Capital%20Management) The company employed 628 people and focused on talent management, DEI initiatives, and employee safety during the COVID-19 pandemic - As of December 31, 2020, the company had **628 total employees** (557 full-time, 71 part-time)[141](index=141&type=chunk)[143](index=143&type=chunk) - The voluntary turnover rate was **7.92%** and involuntary turnover was **10.91%** in 2020, impacted by the pandemic and a voluntary early retirement program that 55 employees accepted[143](index=143&type=chunk) - The company is implementing an Environmental Social Governance (ESG) program and has named a Diversity Officer to support its **Diversity, Equity, and Inclusion (DEI)** strategy[153](index=153&type=chunk) - In response to COVID-19, the company took significant steps to protect employee health and safety, including implementing technologies for a remote work environment[160](index=160&type=chunk)[162](index=162&type=chunk) [Risk Factors](index=24&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from the COVID-19 pandemic, loan portfolio concentrations, competition, and extensive industry regulation - The COVID-19 pandemic poses significant risks, including potential increases in **loan delinquencies**, a need to increase the allowance for loan losses, and negative impacts from changes in consumer and business spending habits[184](index=184&type=chunk)[185](index=185&type=chunk)[187](index=187&type=chunk) - A significant portion of the loan portfolio is concentrated in multifamily and commercial real estate (**$2.8 billion**, or **45.7%** of total loans), which exposes the company to greater risks of non-payment compared to residential mortgages[192](index=192&type=chunk) - The geographic concentration of the loan portfolio, primarily in New Jersey and the metropolitan New York and Philadelphia areas, makes the company vulnerable to local economic downturns[202](index=202&type=chunk)[203](index=203&type=chunk) - The company is subject to significant operational and technological risks, including systems failures, **cybersecurity breaches**, and the need to keep pace with technological change to remain competitive[220](index=220&type=chunk)[223](index=223&type=chunk)[225](index=225&type=chunk) - Intense government regulation, including changes from the Dodd-Frank Act and the upcoming transition from LIBOR, could materially impact profitability and increase compliance costs[235](index=235&type=chunk)[237](index=237&type=chunk)[238](index=238&type=chunk) [Properties](index=32&type=section&id=Item%202.%20Properties) The company operates from a main office and 61 branch offices across New Jersey, with a mix of owned and leased properties - The company operates through a main office and **61 branch offices** in New Jersey[243](index=243&type=chunk) - The company **owns 28** of its properties and **leases the remaining 33**[243](index=243&type=chunk) [Legal Proceedings](index=32&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in routine legal proceedings that are considered immaterial to its financial condition - Management considers all current legal proceedings to be **routine and immaterial** to the company's financial condition[244](index=244&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=32&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock trades on Nasdaq (CLBK), with no current dividend payments and an active share repurchase program - The company's common stock is listed on the Nasdaq Global Select Market under the symbol **"CLBK"**[247](index=247&type=chunk) - The company has not declared any dividends and does not currently anticipate paying them, citing regulatory limitations on its mutual holding company's ability to waive dividend receipts[248](index=248&type=chunk)[250](index=250&type=chunk) Stock Repurchases for Quarter Ended Dec 31, 2020 | Period | Total Shares Purchased | Average Price Paid | Shares Purchased Under Program | | :--- | :--- | :--- | :--- | | Oct 2020 | 1,516,966 | $12.36 | 1,516,710 | | Nov 2020 | 973,728 | $12.36 | 973,600 | | Dec 2020 | 1,017,723 | $15.15 | 1,015,700 | | **Total** | **3,508,417** | **$13.66** | **3,506,010** | - On September 10, 2020, the Board authorized a new stock repurchase program for up to **5,000,000 shares**[258](index=258&type=chunk) [Selected Financial Data](index=35&type=section&id=Item%206.%20Selected%20Financial%20Data) The company's financial data shows asset growth to **$8.8 billion** and net income of **$57.6 million** in 2020, with non-GAAP reconciliations provided Selected Financial Condition Data (in thousands) | Metric | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Total assets | $8,798,536 | $8,188,694 | $6,691,618 | | Loans receivable, net | $6,107,094 | $6,135,857 | $4,916,840 | | Deposits | $6,778,624 | $5,645,842 | $4,413,873 | | Stockholder's equity | $1,011,287 | $982,517 | $972,060 | Selected Operating Data (in thousands) | Metric | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Net interest income | $221,573 | $172,371 | $164,034 | | Provision for loan losses | $18,447 | $4,224 | $6,677 | | Net income | $57,603 | $54,717 | $22,736 | Key Performance Ratios | Ratio | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Return on average assets | 0.66% | 0.77% | 0.36% | | Return on average equity | 5.67% | 5.50% | 2.87% | | Net interest margin | 2.72% | 2.58% | 2.74% | | Basic and diluted EPS | $0.52 | $0.49 | $0.20 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net income rose to **$57.6 million** in 2020, driven by higher net interest income from acquisitions, despite a significant increase in loan loss provisions [Business Strategy](index=38&type=section&id=Business%20Strategy) The company's strategy centers on profitable growth through organic expansion, commercial relationship building, and strategic acquisitions - Increase earnings through organic growth of loans and securities, funded by deposits and borrowings, while shifting the loan mix toward commercial loans and the deposit mix toward commercial deposits[279](index=279&type=chunk)[280](index=280&type=chunk) - Expand commercial business relationships, focusing on commercial business lending to manage interest rate risk and offer a full range of products[282](index=282&type=chunk) - Grow fee income by expanding existing title insurance and wealth management services, increasing loan servicing activities, and potentially acquiring other fee-based businesses[285](index=285&type=chunk)[286](index=286&type=chunk) - Expand the franchise through de novo branching, branch acquisitions, and the acquisition of other financial institutions, as demonstrated by the recent acquisitions of Stewardship Financial and the Roselle Entities[287](index=287&type=chunk)[289](index=289&type=chunk) - Manage capital through asset growth and tools like stock repurchase programs The company has repurchased an aggregate of **11,130,942 shares** as of December 31, 2020[300](index=300&type=chunk) [Comparison of Financial Condition at December 31, 2020 and 2019](index=44&type=section&id=Comparison%20of%20Financial%20Condition%20at%20December%2031%2C%202020%20and%202019) Total assets grew **7.4%** to **$8.8 billion**, driven by acquisitions and deposit growth, while total loans remained stable Financial Condition Comparison (in millions) | Account | Dec 31, 2020 | Dec 31, 2019 | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | $8,798.5 | $8,188.7 | 7.4% | | Total Gross Loans | $6,162.5 | $6,169.3 | (0.1%) | | Total Deposits | $6,778.6 | $5,645.8 | 20.1% | | Total Borrowings | $799.4 | $1,407.0 | (43.2%) | | Stockholders' Equity | $1,011.3 | $982.5 | 2.9% | - The increase in commercial business loans was primarily driven by **$344.4 million** in SBA Paycheck Protection Program (PPP) loans originated during 2020[340](index=340&type=chunk) - The increase in deposits was partially driven by **$333.2 million** in deposits assumed from the acquisition of the Roselle Entities[350](index=350&type=chunk) [Results of Operations Comparison](index=53&type=section&id=Results%20of%20Operations%20Comparison) Net income increased **5.3%** to **$57.6 million** in 2020, as higher net interest income was offset by a large provision for loan losses Results of Operations (Year Ended Dec 31, in thousands) | Metric | 2020 | 2019 | Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | $221,573 | $172,371 | 28.5% | | Provision for Loan Losses | $18,447 | $4,224 | 336.7% | | Non-interest Income | $31,270 | $31,636 | (1.2%) | | Non-interest Expense | $158,139 | $128,701 | 22.9% | | Net Income | $57,603 | $54,717 | 5.3% | - The increase in provision for loan losses in 2020 was primarily due to the deterioration of economic conditions related to the **COVID-19 pandemic**[365](index=365&type=chunk)[373](index=373&type=chunk) - The increase in non-interest expense in 2020 was driven by higher compensation (including equity plan expenses and a voluntary early retirement program), occupancy costs from acquisitions, and a **$1.2 million loss** on extinguishment of debt[367](index=367&type=chunk)[377](index=377&type=chunk) - The significant increase in 2019 net income compared to 2018 was largely due to a one-time **$34.8 million charitable contribution** made in 2018, which reduced that year's net income[382](index=382&type=chunk)[383](index=383&type=chunk) [Risk Management](index=63&type=section&id=Risk%20Management) The company manages credit, interest rate, and liquidity risks through disciplined underwriting, modeling, and maintaining a stable funding base - The allowance for loan losses increased to **$74.7 million**, or **1.21%** of total loans, at Dec 31, 2020, up from $61.7 million, or 1.00% of total loans, at year-end 2019, primarily due to the economic impact of the COVID-19 pandemic[438](index=438&type=chunk)[441](index=441&type=chunk) - Non-performing assets increased to **$8.2 million** (**0.09%** of total assets) at Dec 31, 2020, from $6.7 million (0.08% of total assets) at year-end 2019[419](index=419&type=chunk) Interest Rate Risk Simulation (as of Dec 31, 2020) | Rate Change (bps) | Change in Net Interest Income (%) | Change in Net Portfolio Value (%) | | :--- | :--- | :--- | | +200 | 4.60% | (2.39%) | | +100 | 2.21% | (0.08%) | | -100 | (6.90%) | (9.00%) | - As of January 31, 2021, the company had granted COVID-19 related loan modifications on loans with current balances of **$734.7 million** for commercial and **$178.1 million** for consumer loans[450](index=450&type=chunk) [Controls and Procedures](index=78&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management and the independent auditor concluded that the company's disclosure controls and internal controls over financial reporting were effective - Management concluded that the company's disclosure controls and procedures were **effective** as of December 31, 2020[491](index=491&type=chunk) - Management's report on internal control over financial reporting concluded that the company's internal controls were **effective** as of December 31, 2020, based on the COSO framework[493](index=493&type=chunk)[497](index=497&type=chunk) - The independent registered public accounting firm's attestation report expressed an **unqualified opinion** on the effectiveness of the company's internal control over financial reporting[498](index=498&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=79&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, officers, and corporate governance is incorporated by reference from the company's 2021 Proxy Statement - Information related to directors, corporate governance, and the code of ethics is **incorporated by reference** from the 2021 Proxy Statement[501](index=501&type=chunk)[504](index=504&type=chunk)[505](index=505&type=chunk) [Executive Compensation](index=80&type=section&id=Item%2011.%20Executive%20Compensation) Details regarding executive and director compensation are incorporated by reference from the company's 2021 Proxy Statement - Information regarding executive compensation is **incorporated by reference** from the 2021 Proxy Statement[507](index=507&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=80&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership by management and beneficial owners is incorporated by reference from the 2021 Proxy Statement - Information regarding security ownership is **incorporated by reference** from the 2021 Proxy Statement[508](index=508&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=80&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the 2021 Proxy Statement - Information regarding related party transactions and director independence is **incorporated by reference** from the 2021 Proxy Statement[509](index=509&type=chunk)[510](index=510&type=chunk) [Principal Accounting Fees and Services](index=80&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Details regarding principal accountant fees and services are incorporated by reference from the company's 2021 Proxy Statement - Information regarding principal accountant fees and services is **incorporated by reference** from the 2021 Proxy Statement[511](index=511&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=81&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed as part of the Form 10-K report - This section contains a list of all exhibits filed with the Form 10-K, including the company's certificate of incorporation, bylaws, employment agreements, and SEC certifications[514](index=514&type=chunk)[528](index=528&type=chunk) [Financial Statements](index=84&type=section&id=Financial%20Statements) The company's audited consolidated financial statements received an unqualified opinion from its independent auditor - KPMG LLP issued an **unqualified opinion** on the consolidated financial statements, stating they present fairly the financial position and results of operations in conformity with US GAAP[530](index=530&type=chunk) - KPMG LLP also issued an **unqualified opinion** on the effectiveness of the Company's internal control over financial reporting as of December 31, 2020[531](index=531&type=chunk)[543](index=543&type=chunk) - A critical audit matter identified was the assessment of the **allowance for loan losses** for loans collectively evaluated for impairment, due to the significant measurement uncertainty and subjective judgment involved[535](index=535&type=chunk)[536](index=536&type=chunk)

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 September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38456 ...

Financial Performance - Net income for the quarter ended June 30, 2020, was $15.1 million, an increase of $3.1 million, or 25.5%, compared to the same quarter in 2019 [306]. - Net income for the six months ended June 30, 2020, was $21.9 million, a decrease of $5.1 million, or 18.9%, compared to $27.0 million for the same period in 2019 [316]. - Net interest income increased by $15.0 million, or 36.8%, to $55.9 million for the quarter ended June 30, 2020, driven by higher average balances on loans and securities [307]. - Net interest income increased to $106.6 million for the six months ended June 30, 2020, up $23.3 million, or 28.1%, from $83.2 million in the prior year [317]. - Non-interest income rose by $233,000, or 3.4%, to $7.0 million for the quarter ended June 30, 2020, primarily from gains on loan sales and changes in fair value of equity securities [313]. - Non-interest income was $13.4 million for the six months ended June 30, 2020, an increase of $587,000, or 4.6%, from $12.8 million for the same period in 2019 [323]. Asset and Liability Management - Total assets increased by $774.5 million, or 9.5%, to $9.0 billion at June 30, 2020, from $8.2 billion at December 31, 2019 [297]. - Total liabilities increased by $716.0 million, or 9.9%, to $7.9 billion at June 30, 2020, mainly due to a $935.3 million increase in total deposits [304]. - Total stockholders' equity increased by $58.5 million, or 6.0%, to $1.0 billion at June 30, 2020, driven by net income and additional capital from the Roselle merger [305]. - The Company’s strategy for liabilities focuses on maintaining a stable funding base through core deposit accounts [350]. - The company maintains a stable funding base by focusing on core deposit accounts, which aids in retaining maturing time deposit accounts [350]. Loan Performance and Provisions - Loans receivable, net, increased by $430.0 million, or 7.0%, to $6.6 billion at June 30, 2020, with $467.0 million attributed to the SBA Paycheck Protection Program [300]. - The provision for loan losses was $5.7 million for the quarter ended June 30, 2020, an increase of $5.6 million from the same quarter in 2019, due to economic conditions related to COVID-19 [312]. - The provision for loan losses rose to $15.3 million for the six months ended June 30, 2020, an increase of $14.8 million from $548,000 in the same period of 2019 [322]. - Non-performing loans totaled $13.5 million, or 0.20% of total gross loans, as of June 30, 2020, compared to $6.7 million, or 0.11%, at December 31, 2019 [325]. - The allowance for loan losses was $74.0 million, or 1.12% of total loans, at June 30, 2020, up from $61.7 million, or 1.00%, at December 31, 2019 [328]. - The Company granted $768.0 million in commercial loan modifications and $195.0 million in consumer-related loan modifications due to COVID-19 [329]. Capital Adequacy - As of June 30, 2020, the Company and its subsidiary Bank exceeded all capital adequacy requirements, maintaining a total capital to risk-weighted assets ratio of at least 10.0% [362]. - As of June 30, 2020, total capital to risk-weighted assets was $1,092,838, representing a ratio of 18.22%, exceeding the minimum requirement of 8.00% [364]. - Tier 1 capital to risk-weighted assets was $1,006,951, with a ratio of 16.79%, above the required 6.00% [364]. - Common equity tier 1 capital to risk-weighted assets was $999,734, equating to 16.67%, surpassing the minimum of 4.50% [364]. - The company's total capital to risk-weighted assets increased from $1,061,555 (17.25%) at December 31, 2019, to $1,092,838 (18.22%) at June 30, 2020 [364]. - The Bank's total capital to risk-weighted assets ratio was 15.58% as of June 30, 2020, above the 8.00% minimum [368]. Interest Rate Sensitivity - The Company’s net interest income would increase by approximately 2.90% if interest rates were to rise by 200 basis points over a one-year period [357]. - In the event of a 200 basis point increase in interest rates, the net portfolio value (NPV) is projected to decrease by 4.69% [358]. - A 200 basis point increase in interest rates is projected to increase net interest income by approximately 2.90% [358]. - A 100 basis point decrease in interest rates is expected to decrease net interest income by 3.25% [358]. - As of June 30, 2020, the net portfolio value (NPV) is projected to decrease by 4.69% with an immediate and sustained 200 basis point increase in interest rates [358]. Management and Controls - The company's disclosure controls and procedures were deemed effective as of June 30, 2020, following an evaluation by management [370]. - The Company’s management concluded that the disclosure controls and procedures were effective as of June 30, 2020 [370]. - The Asset/Liability Committee regularly reviews the impact of interest rate changes on net interest income and net income [349].