umbia Financial(CLBK) - 2025 Q1 - Quarterly Report

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