umbia Financial(US:CLBK)2025-10-20 20:35Financial Performance - For Q3 2025, Columbia Financial reported net income of $14.9 million, a 240.3% increase from $6.2 million in Q3 2024[2] - For the nine months ended September 30, 2025, net income was $36.1 million, a 276.9% increase from $9.6 million in the same period of 2024[17] - Net income for the three months ended September 30, 2025, was $14,868 thousand, a substantial rise from $6,185 thousand in 2024, representing an increase of 140.5%[46] - Total income for the nine months ended September 30, 2025, reached $189,925,000, compared to $157,165,000 for the same period in 2024, reflecting a growth of 20.8%[68] Interest Income and Margin - Net interest income for Q3 2025 was $57.4 million, up $12.1 million or 26.7% from $45.3 million in Q3 2024[7] - The net interest margin increased to 2.29% in Q3 2025, a rise of 45 basis points from 1.84% in Q3 2024[12] - Total interest income for the three months ended September 30, 2025, was $120,417 thousand, an increase from $115,887 thousand in the same period of 2024, representing a growth of 2.8%[46] - Net interest income after provision for credit losses for the three months ended September 30, 2025, was $55,042 thousand, compared to $41,172 thousand in 2024, reflecting a significant increase of 33.7%[46] - Net interest income rose to $161,414 thousand for the nine months ended September 30, 2025, up from $131,555 thousand in the same period of 2024, representing a year-over-year increase of 22.6%[51] Non-Interest Income and Expenses - Non-interest income for Q3 2025 was $9.9 million, an increase of $889,000 or 9.9% from $9.0 million in Q3 2024[14] - Non-interest income for the nine months ended September 30, 2025, was $28.5 million, an increase of $2.9 million or 11.3% from $25.6 million in the same period of 2024[24] - Total non-interest expense for the three months ended September 30, 2025, was $45,086 thousand, compared to $42,834 thousand in 2024, indicating an increase of 5.3%[46] - Non-interest expense for Q3 2025 was $45,086,000, slightly higher than $42,834,000 in Q3 2024, representing a 5.2% increase[68] Asset and Liability Management - Total assets increased by $380.3 million, or 3.6%, to $10.9 billion at September 30, 2025, driven by a $349.9 million increase in loans receivable, net[27] - Total liabilities increased by $319.8 million, or 3.4%, to $9.7 billion at September 30, 2025, primarily due to a $144.2 million increase in total deposits[30] - Loans receivable, net, rose by $349.9 million, or 4.5%, to $8.2 billion at September 30, 2025, with multifamily loans increasing by $151.5 million[29] - Total deposits reached $8,240,321 as of September 30, 2025, with a weighted average interest rate of 2.32%, down from 2.36% in June 30, 2025[59] Credit Quality and Provisions - The provision for credit losses decreased by $1.8 million, or 42.9%, to $2.3 million in Q3 2025 compared to $4.1 million in Q3 2024[13] - Non-performing loans totaled $32.5 million, or 0.40% of total gross loans, at September 30, 2025, up from $21.7 million, or 0.28%, at December 31, 2024[33] - The allowance for credit losses on loans increased to $65.7 million, or 0.80% of total gross loans, at September 30, 2025, compared to $60.0 million, or 0.76%, at December 31, 2024[35] - Net charge-offs for the nine months ended September 30, 2025, totaled $5.2 million, down from $8.2 million for the same period in 2024[34] Efficiency and Ratios - The effective tax rate for Q3 2025 was 25.0%, up from 15.5% in Q3 2024, primarily due to higher pre-tax income[16] - The efficiency ratio improved to 67.04% in September 2025, down from 78.95% in September 2024, indicating enhanced operational efficiency[55] - The core efficiency ratio decreased to 66.04% in Q3 2025 from 79.14% in Q3 2024, showing a positive trend in cost management[68] - The return on average assets for the three months ended September 30, 2025, was 0.55%, compared to 0.23% for the same period in 2024, indicating improved asset efficiency[63] Shareholder Equity - Total stockholders' equity increased by $60.6 million, or 5.6%, to $1.1 billion at September 30, 2025, attributed to net income of $36.1 million[31] - The book value per share increased to $10.89 as of September 30, 2025, from $10.31 at December 31, 2024[61] - The total tangible stockholders' equity was $1,022,811 as of September 30, 2025, compared to $960,697 at December 31, 2024, showing growth in shareholder equity[61] Loan Growth and Quality - Loan growth for Q3 2025 was $97.1 million, resulting in an annualized growth rate of approximately 4.8%[8] - The average balance of loans for the three months ended September 30, 2025, was $8,165,132 thousand, an increase from $7,791,131 thousand in 2024, representing a growth of 4.8%[48] - The ratio of non-performing loans to total gross loans was 0.40% as of September 30, 2025, compared to 0.49% in June 2025, indicating improved asset quality[56]