PresentationThomas KemlyPresident, CEO & Director Thank you. This is Thomas Kemly, Columbia Bank. Today, we are excited to announce that Columbia and Northfield have entered into a merger agreement valued at approximately $597 million. Upon completion of the transaction, Northfield Bank will merge into Columbia Bank, with Columbia Bank being the surviving entity. The combination of the two organizations will create the third largest regional bank headquartered in New Jersey with pro forma total assets of ap ...

Columbia Financial and Northfield Merger Conference Call Summary Company and Industry Overview - **Company**: Columbia Financial (NasdaqGS:CLBK) and Northfield Bank - **Industry**: Regional Banking in New Jersey and New York Key Points and Arguments Merger Announcement - Columbia and Northfield have entered into a merger agreement valued at approximately **$597 million** [2] - The merger will create the **third-largest regional bank** headquartered in New Jersey with pro forma total assets of approximately **$18 billion** and over **100 branches** [2][3] Financial Metrics - The merger is valued at **0.86 times Northfield's tangible book value** [3] - Anticipated **50% earnings accretion** in 2027, with a tangible book value dilution of **4.4%** and an earnback on tangible book value of **1.8 years** [3] - Pro forma earnings projected at approximately **1.06% return on average assets** and **$200 million** in earnings, which is **51% accretive** to 2027 earnings per share [7] Strategic Benefits - The merger will enhance Columbia's position in the New Jersey/New York metro area, adding **$1.8 billion** in deposits and expanding its footprint [6] - The transaction is expected to improve operating performance, balance sheet, and strategic position, accelerating the bank's business strategy [5] - The combined organization will have a **loan-to-deposit ratio of approximately 96%** and **core deposits of 71%** [7] Market Expansion - The merger allows Columbia to enter new markets, particularly in **Staten Island and Brooklyn**, with a combined deposit base of approximately **$89.5 billion** [8] - Northfield's established market presence will facilitate expansion in commercial and small business lending, enhancing cash management and tenant security capabilities [9] Risk Management - The transaction is considered low-risk due to Northfield's conservative credit culture and experienced management team [6] - The combined entity will maintain a **CRE concentration ratio well under 300%** and be highly capitalized compared to regulatory requirements [11] Management and Governance - Thomas Kemly will continue as President and CEO of the combined organization, with Dennis Gibney as Chief Banking Officer and Steven Klein as Chief Operating Officer [4] - The resulting board will consist of **13 directors**, with **9 from Columbia** and **4 from Northfield** [4] Future Growth and Strategy - The focus will be on integrating Northfield and optimizing performance, with bank M&A de-emphasized for the next **18 months** [17] - Plans to grow the **C&I portfolio** at an accelerated pace while maintaining growth in other asset categories [27] Due Diligence and Portfolio Quality - Comprehensive due diligence was conducted, reviewing **624 commercial loan files**, with a focus on maintaining a high-quality loan portfolio [18] - Northfield's rent-regulated multifamily loans are conservatively underwritten, with an average loan size of **$1.7 million** and a debt service coverage ratio of **1.6 times** [18] Additional Important Information - The merger consideration per Northfield share will range from **$14.25 to $14.65**, representing a **15% premium** over Northfield's recent closing price [4][10] - The transaction is expected to leverage capital from Columbia's second step offering to drive improved financial performance and better position the company for future growth [21] This summary encapsulates the key points from the conference call regarding the merger between Columbia Financial and Northfield Bank, highlighting the strategic, financial, and operational implications of the transaction.

Columbia Financial, Inc. to Convert to Fully Public Company and Partner with Northfield Bancorp, Inc. Unlocking Shareholder Value in Conjunction With Our Second Step Conversion & Stock Offering February 2, 2026 R: 220 G: 220 B: 220 R: 244 G: 230 B: 200 R: 222 G: 222 B: 222 R: 185 G: 208 B: 255 R: 209 G: 159 B: 42 R: 116 G: 116 B: 116 R: 0 G: 0 B: 0 R: 166 G: 202 B: 236 R: 0 G: 17 B: 50 Font: Arial Font Color: 0, 0, 0 1 Disclaimer and Caution About Forward-Looking Statements Certain statements in this commun ...