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

FAIR LAWN, N.J., July 30, 2025 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (the 鈥淐ompany鈥�) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank ("Columbia"), reported net income of $12.3 million, or $0.12 per basic and diluted share, for the quarter ended June听30, 2025, as compared to $4.5 million, or $0.04 per basic and diluted share, for the quarter ended June听30, 2024. Earnings for the quarter ended June听30, 2025 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, higher non-interest income and a decrease in non-interest expense, partially offset by higher income tax expense.

For the six months ended June听30, 2025, the Company reported net income of $21.2 million, or $0.21 per basic and diluted share, as compared to $3.4 million, or $0.03 per basic and diluted share, for the six months ended June听30, 2024. Earnings for the six months ended June听30, 2025 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, a decrease in provision for credit losses and higher non-interest income, and a decrease in non-interest expense, partially offset by higher income tax expense.

Mr. Thomas J. Kemly, President and Chief Executive Officer commented: 鈥淲e are pleased with our results for the second quarter of 2025, which reflect a substantial increase in earnings and the continued expansion of our net interest margin resulting from our previously announced strategies. During the quarter, we also experienced solid loan growth, complemented by the purchase of approximately $130.9 million in commercial equipment finance loans. Assets and deposits continued to increase throughout the 2025 period, and we reduced our overall operating costs."

Results of Operations for the Three Months Ended June听30, 2025 and June听30, 2024

Net income of $12.3 million was recorded for the quarter ended June听30, 2025, an increase of $7.8 million, as compared to net income of $4.5 million for the quarter ended June听30, 2024. The increase in net income was primarily attributable to a $9.6 million increase in net interest income, a $993,000 increase in non-interest income and a $1.3 million decrease in non-interest expense, partially offset by a $3.9 million increase in income tax expense.

Net interest income was $53.7 million for the quarter ended June听30, 2025, an increase of $9.6 million, or 21.8%, from $44.1 million for the quarter ended June听30, 2024. The increase in net interest income was primarily attributable to a $3.2 million increase in interest income and a $6.4 million decrease in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of loans coupled with an increase in average yields on loans and securities. During the fourth quarter of 2024 the Company implemented a balance sheet repositioning transaction which resulted in an increase in the average yield on securities and a decrease in the cost of borrowings, which had a notable impact on net interest income for the quarter ended June听30, 2025. The 100 basis point decrease in market interest rates during the last four months of 2024 contributed to lower interest rates paid on new and repricing deposits and borrowings during the quarter ended June听30, 2025. Prepayment penalties, which are included in interest income on loans, totaled $615,000 for the quarter ended June听30, 2025, compared to $436,000 for the quarter ended June听30, 2024.

The average yield on loans for the quarter ended June听30, 2025 increased 3 basis points to 4.96%, as compared to 4.93% for the quarter ended June听30, 2024. Interest income on loans increased due to an increase in both the average balance and yield on loans. The average yield on securities for the quarter ended June听30, 2025 increased 66 basis points to 3.55%, as compared to 2.89% for the quarter ended June听30, 2024. This was a result of lower yielding securities sold as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024 being replaced with higher yielding securities purchased in 2024 and throughout the six months ended June听30, 2025. The average yield on other interest-earning assets for the quarter ended June听30, 2025 decreased 114 basis points to 5.16%, as compared to 6.30% for the quarter ended June听30, 2024, mainly due to a 150 basis point decrease in the dividend rate received on Federal Home Loan Bank stock.

Total interest expense was $62.8 million for the quarter ended June听30, 2025, a decrease of $6.4 million, or 9.3%, from $69.2 million for the quarter ended June听30, 2024. The decrease in interest expense was primarily attributable to a 19 basis point decrease in the average cost of interest-bearing deposits along with a 52 basis point decrease in the average cost of borrowings, coupled with a decrease in the average balance of borrowings, partially offset by an increase in the average balance of interest-bearing deposits. Interest expense on deposits decreased $482,000, or 1.0%, and interest expense on borrowings decreased $5.9 million, or 30.6% for the quarter ended June听30, 2025 as compared to the quarter ended June听30, 2024.

The Company's net interest margin for the quarter ended June听30, 2025 increased 38 basis points to 2.19% when compared to 1.81%, due to an increase in the average yield on interest-earning assets coupled with a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets increased 11 basis points to 4.75% for the quarter ended June听30, 2025 as compared to 4.64% for the quarter ended June听30, 2024. The average cost of interest-bearing liabilities decreased 31 basis points to 3.18% for the quarter ended June听30, 2025 as compared to 3.49% for the quarter ended June听30, 2024.

Non-interest income was $10.2 million for the quarter ended June听30, 2025, an increase of $993,000, or 10.8%, from $9.2 million for the quarter ended June听30, 2024. The increase was primarily attributable to an increase of $425,000 in demand deposit account fees mainly related to commercial account treasury services, an increase of $366,000 in loan fees and service charges related to swap income, gains on securities transactions of $336,000, and a $281,000 gain on the sale of real estate owned, partially offset by a decrease of $693,000 in other non-interest income. The gain on the sale of other real estate owned resulted from the sale of a commercial real estate property acquired by foreclosure in 2024 with a book value of $1.3 million which was sold in June 2025.

Non-interest expense was $44.9 million for the quarter ended June听30, 2025, a decrease of $1.3 million, or 2.9%, from $46.2 million for the quarter ended June听30, 2024. The decrease was primarily attributable to a decrease in professional fees of $1.0 million, as legal, regulatory, and compliance-related costs were higher in the 2024 period, a decrease in merger-related expenses of $692,000, and a decrease in other non-interest expense of $798,000.

Income tax expense was $4.2 million for the quarter ended June听30, 2025, an increase of $3.9 million, as compared to income tax expense of $279,000 for the quarter ended June听30, 2024, mainly due to an increase in pre-tax income. The Company's effective tax rate was 25.4% and 5.8% for the quarters ended June听30, 2025 and 2024, respectively. The effective tax rate for the 2024 period was primarily impacted by permanent income tax differences.

Results of Operations for the Six Months Ended June听30, 2025 and June听30, 2024

Net income of $21.2 million was recorded for the six months ended June听30, 2025, an increase of $17.8 million, or 526.4%, compared to net income of $3.4 million for the six months ended June听30, 2024. The increase in net income was primarily attributable to a $17.7 million increase in net interest income, a $2.1 million decrease in provision for credit losses, a $2.0 million increase in non-interest income and a $3.2 million decrease in non-interest expense, partially offset by a $7.2 million increase in income tax expense.

Net interest income was $104.0 million for the six months ended June听30, 2025, an increase of $17.7 million, or 20.6%, from $86.3 million for the six months ended June听30, 2024. The increase in net interest income was primarily attributable to a $6.7 million increase in interest income and a $11.0 million decrease in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of loans coupled with an increase in the average yields on loans and securities. During the fourth quarter of 2024 the Company implemented a balance sheet repositioning transaction which resulted in an increase in the average yield on securities and a decrease in the cost of borrowings, which had a notable impact on net interest income for the six months ended June听30, 2025. The 100 basis point decrease in market interest rates during the last four months of 2024 contributed to a decrease in interest rates paid on new and repricing deposits and borrowings during the six months ended June听30, 2025. The decrease in interest expense on borrowings was also impacted by a decrease in the average balance of borrowings and the decrease in the cost of new borrowings. Prepayment penalties, which are included in interest income on loans, totaled $872,000 for the six months ended June听30, 2025, compared to $703,000 for the six months ended June听30, 2024.

The average yield on loans for the six months ended June听30, 2025 increased 6 basis points to 4.92%, as compared to 4.86% for the six months ended June听30, 2024. Interest income on loans increased due to an increase in both the average balance and yield on loans. The average yield on securities for the six months ended June听30, 2025 increased 73 basis points to 3.50%, as compared to 2.77% for the six months ended June听30, 2024. This was a result of lower yielding securities sold as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024 being replaced with higher yielding securities purchased in 2024 and throughout the six months ended June听30, 2025. The average yield on other interest-earning assets for the six months ended June听30, 2025 decreased 72 basis points to 5.47%, as compared to 6.19% for the six months ended June听30, 2024, due to lower dividends received on Federal Home Loan Bank stock.

Total interest expense was $124.6 million for the six months ended June听30, 2025, a decrease of $11.0 million, or 8.1%, from $135.6 million for the six months ended June听30, 2024. The decrease in interest expense was primarily attributable to a 10 basis point decrease in the average cost of interest-bearing deposits along with a 53 basis point decrease in the average cost of borrowings coupled with a decrease in the average balance of borrowings. Interest expense on deposits increased $1.2 million, or 1.3%, and interest expense on borrowings decreased $12.3 million, or 32.8% for the six months ended June听30, 2025 as compared to the six months ended June听30, 2024.

The Company's net interest margin for the six months ended June听30, 2025 increased 37 basis points to 2.15%, when compared to 1.78% for the six months ended June听30, 2024. The net interest margin increased for the six months ended June听30, 2025, due to an increase in the average yield on interest-earning assets coupled with a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets increased 15 basis points to 4.72% for the six months ended June听30, 2025, as compared to 4.57% for the six months ended June听30, 2024. The average cost of interest-bearing liabilities decreased 25 basis points to 3.19% for the six months ended June听30, 2025, as compared to 3.44% for the six months ended June听30, 2024.

The provision for credit losses for the six months ended June听30, 2025 was $5.4 million, a decrease of $2.1 million, or 27.7% from $7.5 million for the six months ended June听30, 2024. The decrease in provision for credit losses was primarily attributable to a decrease in net charge-offs, which totaled $4.1 million for the six months ended June听30, 2025 as compared to $5.5 million for the six months ended June听30, 2024, and a decrease in quantitative loss rates based on the evaluation of current and projected economic conditions.

Non-interest income was $18.6 million for the six months ended June听30, 2025, an increase of $2.0 million, or 12.1%, from $16.6 million for the six months ended June听30, 2024. The increase was primarily attributable to an increase in gain on securities transactions of $1.6 million, an increase of $900,000 in demand deposit account fees mainly related to commercial account treasury services, an increase of $461,000 in loan fees and service charges related to swap income and a $281,000 gain on the sale of real estate owned, partially offset by a decrease of $2.0 million in other non-interest income.

Non-interest expense was $88.8 million for the six months ended June听30, 2025, a decrease of $3.2 million, or 3.4% from $91.9 million for the six months ended June听30, 2024. The decrease was primarily attributable to a decrease in federal deposit insurance premiums of $615,000, a decrease in professional fees of $3.1 million, a decrease in merger-related expenses of $714,000 and a decrease in other non-interest expense of $1.3 million, partially offset by an increase in compensation and employee benefits expense of $2.3 million. Professional fees for legal, regulatory and compliance-related costs decreased in the 2025 period.

Income tax expense was $7.3 million for the six months ended June听30, 2025, an increase of $7.2 million, as compared to income tax expense of $150,000 for the six months ended June听30, 2024, mainly due to an increase in pre-tax income. The Company's effective tax rate was 25.6% and 4.2% for the six months ended June听30, 2025 and 2024, respectively. The effective tax rate for the 2024 period was impacted by permanent income tax differences.

Balance Sheet Summary

Total assets increased $263.5 million, or 2.5%, to $10.7 billion at June听30, 2025 as compared to $10.5 billion at December听31, 2024. The increase in total assets was primarily attributable to an increase in debt securities available for sale of $31.0 million, and an increase in loans receivable, net, of $254.1 million, partially offset by a decrease in cash and cash equivalents of $41.0 million.

Cash and cash equivalents decreased $41.0 million, or 14.2%, to $248.2 million at June听30, 2025 from $289.2 million at December听31, 2024. The decrease was primarily attributable to purchases of securities of $159.3 million, purchases of loans of $150.9 million and the origination of loans receivable, partially offset by proceeds from principal repayments on securities of $98.5 million, and repayments on loans receivable.

Debt securities available for sale increased $31.0 million, or 3.0%, to $1.1 billion at June听30, 2025 from $1.0 billion at December听31, 2024. The increase was attributable to purchases of securities of $126.0 million, consisting primarily of U.S. government obligations and mortgage-backed securities, and a decrease in the gross unrealized loss on securities of $22.1 million, partially offset by maturities on securities of $28.5 million, repayments on securities of $73.6 million, and the sale of securities of $15.7 million.

Loans receivable, net, increased $254.1 million, or 3.2%, to $8.1 billion at June听30, 2025 from $7.9 billion at December听31, 2024. Multifamily loans, commercial real estate loans and commercial business loans increased $118.1 million, $177.8 million, and $104.5 million, respectively, partially offset by decreases in one-to-four family real estate loans, construction loans and home equity loans and advances of $81.6 million, $58.2 million, and $2.6 million, respectively. The increase in commercial business loans was primarily due to the purchase of $130.9 million in equipment finance loans from a third party in May 2025, at a $3.2 million discount, which included $5.1 million of purchased credit deteriorated loans ("PCD"). The principal balance of the PCD loans was charged-off by $3.2 million. The allowance for credit losses for loans increased $4.5 million to $64.5 million at June听30, 2025 from $60.0 million at December听31, 2024, primarily due to an increase in the outstanding balance of loans.

Total liabilities increased $223.2 million, or 2.4%, to $9.6 billion at June听30, 2025 from $9.4 billion at December听31, 2024. The increase was primarily attributable to an increase in total deposits of $39.3 million, or 0.5%, and an increase in borrowings of $192.0 million, or 17.8%, partially offset by a decrease in other liabilities of $12.2 million. The increase in total deposits consisted of increases in non-interest-bearing demand deposits, money market accounts and certificates of deposit of $1.9 million, $114.0 million, and $80.2 million, respectively, partially offset by decreases in interest-bearing demand deposits and savings and club accounts of $149.0 million and $7.7 million, respectively. The $192.0 million increase in borrowings was driven by a net increase in short-term borrowings of $122.0 million, coupled with new long-term borrowings of $130.0 million, partially offset by repayments of $60.0 million in maturing long-term borrowings. Proceeds from borrowings were utilized to fund the purchase of $130.9 million in equipment finance loans from a third party in May 2025.

Total stockholders鈥� equity increased $40.3 million, or 3.7%, with a balance of $1.1 billion at both June听30, 2025 and December听31, 2024. The increase in total stockholders' equity was primarily attributable to net income of $21.2 million, and an increase of $15.3 million in other comprehensive income, which includes changes in unrealized losses on debt securities available for sale and unrealized gains on swap contracts, net of taxes, included in other comprehensive income.

Asset Quality

The Company's non-performing loans at June听30, 2025 totaled $39.5 million, or 0.49% of total gross loans, as compared to $21.7 million, or 0.28% of total gross loans, at December听31, 2024. The $17.8 million increase in non-performing loans was primarily attributable to a $5.9 million construction loan designated as non-performing during the 2025 period, an increase in non-performing one-to-four family real estate loans of $2.6 million, an increase in non-performing commercial real estate loans of $7.5 million, and an increase in non-performing commercial business loans of $1.3 million. The $5.9 million non-performing construction loan represents the construction of a mixed use five-story building with both commercial space and apartments. The increase in non-performing one-to-four family real estate loans was due to an increase in the number of loans from 32 non-performing loans at December听31, 2024 to 43 loans at June听30, 2025. The increase in non-performing commercial real estate loans was due to an increase in the number of loans from four non-performing loans at December听31, 2024 to 14 loans at June听30, 2025. The increase in non-performing commercial business loans was due to an increase in the number of loans from 11 non-performing loans at December听31, 2024 to 16 loans at June听30, 2025. Non-performing assets as a percentage of total assets totaled 0.37% at June听30, 2025, as compared to 0.22% at December听31, 2024.

For the quarter ended June听30, 2025, net charge-offs totaled approximately $3.2 million, as compared to $533,000 in net charge-offs recorded for the quarter ended June听30, 2024. For the six months ended June听30, 2025, net charge-offs totaled $4.1 million as compared to $5.5 million in net charge-offs recorded for the six months ended June听30, 2024. Charge-offs for the three and six months ended June听30, 2025 included $3.2 million in charge-offs related to PCD loans included in the equipment finance loan purchase noted above.

The Company's allowance for credit losses on loans was $64.5 million, or 0.79% of total gross loans, at June听30, 2025, compared to $60.0 million, or 0.76% of total gross loans, at December听31, 2024. The increase in the allowance for credit losses for loans was primarily due to an increase in the outstanding balance of loans.

About Columbia Financial, Inc.

The consolidated financial results include the accounts of Columbia Financial, Inc., its wholly-owned subsidiary Columbia Bank (the "Bank") and the Bank's wholly-owned subsidiaries. Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank's mid-tier stock holding company. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 69 full-service banking offices and offers traditional financial services to consumers and businesses in its market area.

Forward Looking Statements

Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as 鈥渂elieves,鈥� 鈥渨ill,鈥� 鈥渨ould,鈥� 鈥渆xpects,鈥� 鈥減rojects,鈥� 鈥渕ay,鈥� 鈥渃ould,鈥� 鈥渄evelopments,鈥� 鈥渟trategic,鈥� 鈥渓aunching,鈥� 鈥渙pportunities,鈥� 鈥渁nticipates,鈥� 鈥渆stimates,鈥� 鈥渋ntends,鈥� 鈥減lans,鈥� 鈥渢argets鈥� and similar expressions. These statements are based upon the current beliefs and expectations of the Company鈥檚 management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company鈥檚 business activities; changes in interest rates, higher inflation and their impact on national and local economic conditions; changes in monetary and fiscal policies of the U.S. Treasury, the Board of Governors of the Federal Reserve System and other governmental entities; the impact of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the impact of legal, judicial and regulatory proceedings or investigations, competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect a borrowers鈥� ability to service and repay the Company鈥檚 loans; the effect of acts of terrorism, war or pandemics, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; changes in the value of securities in the Company鈥檚 portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and securities; legislative changes and changes in government regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company鈥檚 consolidated financial statements will become impaired; cyber-attacks, computer viruses and other technological risks that may breach the security of our systems and allow unauthorized access to confidential information; the inability of third party service providers to perform; demand for loans in the Company鈥檚 market area; the Company鈥檚 ability to attract and maintain deposits and effectively manage liquidity; risks related to the implementation of acquisitions, dispositions, and restructurings; the successful implementation of our December 2024 balance sheet repositioning transaction; the risk that the Company may not be successful in the implementation of its business strategy, or its integration of acquired financial institutions and businesses, and changes in assumptions used in making such forward-looking statements which are subject to numerous risks and uncertainties, including but not limited to, those set forth in Item 1A of the Company's Annual Report on Form 10-K and those set forth in the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all as filed with the Securities and Exchange Commission (the 鈥淪EC鈥�), which are available at the SEC鈥檚 website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company's actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

Non-GAAP Financial Measures

Reported amounts are presented in accordance with U.S. generally accepted accounting principles ("GAAP"). This press release also contains certain supplemental non-GAAP information that the Company鈥檚 management uses in its analysis of the Company鈥檚 financial results. Specifically, the Company provides measures based on what it believes are its operating earnings on a consistent basis and excludes material non-routine operating items which affect the GAAP reporting of results of operations. The Company鈥檚 management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company鈥檚 core financial results for the periods presented. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

The Company also provides measurements and ratios based on tangible stockholders' equity. These measures are commonly utilized by regulators and market analysts to evaluate a company鈥檚 financial condition and, therefore, the Company鈥檚 management believes that such information is useful to investors.

A reconciliation of GAAP to non-GAAP financial measures are included at the end of this press release. See "Reconciliation of GAAP to Non-GAAP Financial Measures".

Columbia Financial, Inc.
Investor Relations Department
(833) 550-0717