Columbia Financial, Inc. Announces Financial Results for the Second Quarter Ended June 30, 2025

Core Insights - Columbia Financial, Inc. reported a significant increase in net income for the second quarter of 2025, reaching $12.3 million, compared to $4.5 million in the same quarter of 2024, driven by higher net interest income and reduced non-interest expenses [1][4][12]. Financial Performance - For the quarter ended June 30, 2025, net interest income was $53.7 million, an increase of $9.6 million or 21.8% from $44.1 million in the same quarter of 2024 [5][9]. - Non-interest income rose to $10.2 million, up $993,000 or 10.8% from $9.2 million year-over-year [10]. - Non-interest expenses decreased to $44.9 million, down $1.3 million or 2.9% from $46.2 million in the prior year [11]. - The effective tax rate increased to 25.4% for the quarter ended June 30, 2025, compared to 5.8% in the same quarter of 2024, primarily due to higher pre-tax income [12]. Year-to-Date Results - For the six months ended June 30, 2025, net income was $21.2 million, a substantial increase of $17.8 million or 526.4% from $3.4 million in the same period of 2024 [2][13]. - Net interest income for the first half of 2025 was $104.0 million, an increase of $17.7 million or 20.6% from $86.3 million in the first half of 2024 [14][18]. - Non-interest income for the six months increased to $18.6 million, up $2.0 million or 12.1% from $16.6 million year-over-year [20]. - Non-interest expenses decreased to $88.8 million, down $3.2 million or 3.4% from $91.9 million in the prior year [21]. Balance Sheet Highlights - Total assets increased by $263.5 million or 2.5% to $10.7 billion as of June 30, 2025, compared to $10.5 billion at the end of 2024 [23]. - Loans receivable, net, rose by $254.1 million or 3.2% to $8.1 billion, driven by increases in multifamily, commercial real estate, and commercial business loans [27]. - Total liabilities increased by $223.2 million or 2.4% to $9.6 billion, primarily due to a $192.0 million increase in borrowings [28]. Asset Quality - Non-performing loans increased to $39.5 million or 0.49% of total gross loans as of June 30, 2025, compared to $21.7 million or 0.28% at the end of 2024 [30]. - The allowance for credit losses on loans increased to $64.5 million, or 0.79% of total gross loans, from $60.0 million or 0.76% at the end of 2024 [32].