umbia Financial(CLBK) - 2025 Q2 - Quarterly Results

Financial Performance - Columbia Financial, Inc. reported net income of $12.3 million, or $0.12 per share, for Q2 2025, a significant increase from $4.5 million, or $0.04 per share, in Q2 2024[2] - For the six months ended June 30, 2025, net income was $21.2 million, up 526.4% from $3.4 million for the same period in 2024[14] - Net income for the first half of 2025 was $21,205,000, significantly higher than $3,385,000 in the same period of 2024, marking a 527% increase[42] - Earnings per share (basic) for Q2 2025 was $0.12, compared to $0.04 in Q2 2024, indicating a 200% increase[42] Income and Expenses - Net interest income for Q2 2025 was $53.7 million, an increase of $9.6 million, or 21.8%, compared to $44.1 million in Q2 2024[6] - Non-interest income rose to $10.2 million in Q2 2025, an increase of $993,000, or 10.8%, from $9.2 million in Q2 2024[11] - Non-interest expense decreased by $1.3 million, or 2.9%, to $44.9 million in Q2 2025 from $46.2 million in Q2 2024[12] - Total non-interest expense decreased to $44,906,000 in Q2 2025 from $46,247,000 in Q2 2024, a reduction of 3%[42] - Non-interest income increased to $10,173,000 in Q2 2025, up from $9,180,000 in Q2 2024, representing an 11% growth[42] - Core non-interest income for Q2 2025 was $9,837,000, a slight increase from $9,180,000 in Q2 2024[63] - Core non-interest expense for Q2 2025 was $44,106,000, a reduction from $45,452,000 in Q2 2024[63] Assets and Liabilities - Total assets increased by $263.5 million, or 2.5%, to $10.7 billion at June 30, 2025, compared to $10.5 billion at December 31, 2024[24] - Total liabilities increased by $223.2 million, or 2.4%, to $9.6 billion at June 30, 2025, from $9.4 billion at December 31, 2024[28] - Total deposits increased by $39.3 million, or 0.5%, at June 30, 2025[28] - Total gross loans increased to $8,126,713 thousand as of June 30, 2025, up from $7,980,973 thousand in March 31, 2025, representing a growth of 1.83%[53] Credit Quality - The provision for credit losses for the six months ended June 30, 2025, was $5.4 million, a decrease of $2.1 million, or 27.7%, from $7.5 million in the same period in 2024[20] - Non-performing loans totaled $39.5 million, or 0.49% of total gross loans, at June 30, 2025, compared to $21.7 million, or 0.28%, at December 31, 2024[30] - The allowance for credit losses on loans was $64.5 million, or 0.79% of total gross loans, at June 30, 2025, compared to $60.0 million, or 0.76%, at December 31, 2024[32] - Net charge-offs for the quarter ended June 30, 2025, totaled approximately $3.2 million, compared to $533,000 for the same quarter in 2024[31] Efficiency and Ratios - The efficiency ratio improved to 70.30% for June 30, 2025, down from 86.83% in June 30, 2024, indicating better operational efficiency[51] - The return on average assets for June 30, 2025, was 0.46%, an increase from 0.17% in June 30, 2024, while the return on average equity rose to 4.46% from 1.77%[51] - The interest rate spread improved to 1.57% in Q2 2025 from 1.15% in Q2 2024[44] - The net interest margin increased to 2.19% in Q2 2025, compared to 1.81% in Q2 2024[44] - Core return on average tangible equity was 5.14% for the three months ended June 30, 2025, compared to 2.34% for the same period in 2024[61] Capital and Book Value - The Tier 1 capital ratio was 13.35% as of June 30, 2025, a slight decrease from 13.40% at December 31, 2024[55] - Book value per share increased to $10.68 as of June 30, 2025, up from $10.31 at December 31, 2024[56] - The total capital to risk-weighted assets ratio was 14.18% as of June 30, 2025, compared to 14.20% at December 31, 2024[55] Other Financial Metrics - Total income increased to $63,876,000 in Q2 2025, representing a 19.9% growth compared to $53,260,000 in Q2 2024[63] - The company reported a total income of $122,672,000 for the first half of 2025, up 19.2% from $102,912,000 in the first half of 2024[63] - Non-interest income for the first half of 2025 was $18,644,000, an increase of 12.1% compared to $16,632,000 in the first half of 2024[63] - The company recorded a loss of $336,000 on securities transactions in both the second quarter and first half of 2025[63]