Earnings release
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Columbia Financial, Inc. Announces Q2 2026 Financial Results and Commences Quarterly Cash Dividend July 30, 2026 FAIR LAWN, N.J., July 30, 2026 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the holding company for Columbia Bank ("Columbia"), reported net income of $14.5 million, or $0.14 per basic and diluted share, for the quarter ended June 30, 2026, as compared to $12.3 million, or $0.12 per basic and diluted share, for the quarter ended June 30, 2025. Earnings for the quarter ended June 30, 2026 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, and an increase in non-interest income, partially offset by an increase in provision for credit losses, an increase in non-interest expense and higher income tax expense. For the quarter ended June 30, 2026, the Company reported core net income of $15.1 million, or $0.15 per basic and diluted share. For the six months ended June 30, 2026, the Company reported net income of $27.6 million, or $0.27 per basic and diluted share, as compared to $21.2 million, or $0.21 per basic and diluted share, for the six months ended June 30, 2025. Earnings for the six months ended June 30, 2026 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, partially offset by a decrease in non-interest income, an increase in non-interest expense and higher income tax expense. Mr. Thomas J. Kemly, President and Chief Executive Officer commented: “Second quarter financial results reflected an increase in core net income, attributable to net interest margin expansion, partially offset by merger related costs and a higher income tax rate. The balance sheet experienced growth compared to the prior quarter, driven by depositor stock subscriptions in the Company's second-step conversion offering, coupled with solid commercial loan production." Financial Highlights Net income increased by $2.2 million, or 17.7%, for the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025 and increased $1.4 million for the quarter ended June 30, 2026 compared to the quarter ended March 31, 2026. Net interest margin of 2.44% for the quarter ended June 30, 2026 increased by 25 basis points compared to 2.19% for the quarter ended June 30, 2025 and increased 8 basis points compared to 2.36% for the quarter ended December 31, 2025. Commercial loan segments increased $260.6 million during the three months ended June 30, 2026, compared to March 31, 2026, which included $78.8 million of commercial business loans.
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On July 30, 2026, the Company announced that its Board of Directors has declared a quarterly cash dividend of $0.05 per share to be paid on August 26, 2026, to stockholders of record as of August 12, 2026. As previously disclosed, on July 20, 2026, the Company completed its second-step conversion offering and simultaneous acquisition of Northfield Bancorp, Inc. As a result, the Company’s financial condition and results of operations as of June 30, 2026 do not reflect the acquisition of Northfield Bancorp, Inc. The Company's June 30, 2026 financial results reflect a portion of the stock subscriptions which are included in total deposits. Mr. Kemly further remarked, “The second quarter represented a period of considerable strategic activity for Columbia leading up to the completion of our second-step conversion and acquisition of Northfield Bancorp, Inc. during the third quarter. In July 2026, the Company completed its second-step conversion offering raising gross proceeds of $1.7 billion and completed the merger with Northfield Bancorp, Inc. adding approximately $5.8 billion in total assets. These transactions are anticipated to affect a meaningful transformation of the Company through the introduction of new geographic markets within the New York metropolitan area, the expansion of a lower-cost deposit base, and the provision of substantial capital to support the future growth of our franchise." Impact of Second-Step Conversion Offering and Northfield Bancorp Acquisition Subsequent to the merger, on a proforma basis as of March 31, 2026, the Company had $18.0 billion of total assets, $12.5 billion in total deposits and $11.9 billion in total loans. Over 100 branch offices throughout the State of New Jersey, Staten Island and Brooklyn, New York. Results of Operations for the Three Months Ended June 30, 2026 and June 30, 2025 Net income of $14.5 million was recorded for the quarter ended June 30, 2026, an increase of $2.2 million compared to net income of $12.3 million for the quarter ended June 30, 2025. The increase in net income was primarily attributable to a $9.2 million increase in net interest income and a $657,000 increase in non-interest income, partially offset by a $1.8 million increase in provision for credit losses, $4.5 million increase in non-interest expense, and a $1.3 million increase in income tax expense. Net interest income was $62.9 million for the quarter ended June 30, 2026, an increase of $9.2 million, or 17.2%, from $53.7 million for the quarter ended June 30, 2025. The increase in net interest income was primarily attributable to a $5.8 million increase in interest income and a $3.5 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 total interest-earning assets coupled with an increase in average yields on loans, while the decrease in interest expense was primarily due to a decrease in yields on both deposits and borrowings. Prepayment
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penalties, which are included in interest income on loans, totaled $463,000 for the quarter ended June 30, 2026, compared to $615,000 for the quarter ended June 30, 2025. The average yield on loans for the quarter ended June 30, 2026 increased 5 basis points to 5.01%, as compared to 4.96% for the quarter ended June 30, 2025. 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 30, 2026 decreased 5 basis points to 3.50%, as compared to 3.55% for the quarter ended June 30, 2025. The average yield on other interest- earning assets for the quarter ended June 30, 2026 decreased 83 basis points to 4.33%, as compared to 5.16% for the quarter ended June 30, 2025, mainly due to a 50 basis point decrease in the dividend rate received on Federal Home Loan Bank stock. Total interest expense was $59.3 million for the quarter ended June 30, 2026, a decrease of $3.5 million, or 5.5%, from $62.8 million for the quarter ended June 30, 2025. The decrease in interest expense was primarily attributable to a 27 basis point decrease in the average cost of interest-bearing deposits coupled with a 34 basis point decrease in the average cost of borrowings, partially offset by increases in the average balance of interest-bearing deposits and borrowings. Interest expense on deposits decreased $3.2 million, or 6.5%, due to a slight decrease in the average cost of all deposit types, and to a lesser extent, the lower costing deposits held during the subscription phase of the Company's second-step conversion offering during the quarter ended June 30, 2026. Interest expense on borrowings decreased $246,000, or 1.8%, for the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025. The Company's net interest margin for the quarter ended June 30, 2026 increased 25 basis points to 2.44% when compared to 2.19%, for the quarter ended June 30, 2025, mostly due to a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets decreased 1 basis point to 4.74% for the quarter ended June 30, 2026 as compared to 4.75% for the quarter ended June 30, 2025. The average cost of interest- bearing liabilities decreased 28 basis points to 2.90% for the quarter ended June 30, 2026 as compared to 3.18% for the quarter ended June 30, 2025. The provision for credit losses for the quarter ended June 30, 2026 was $4.3 million, an increase of $1.8 million, or 74.7%, from $2.5 million for the quarter ended June 30, 2025. The increase in the provision for credit losses was primarily attributable to an increase of $234.5 million in total gross loans. Non-interest income was $10.8 million for the quarter ended June 30, 2026, an increase of $657,000, or 6.5%, from $10.2 million for the quarter ended June 30, 2025 mainly due to a $610,000 bank-owned life insurance death benefit in June 2026, and income related to the transition and exchange into higher yielding bank-owned life insurance policies.
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Non-interest expense was $49.4 million for the quarter ended June 30, 2026, an increase of $4.5 million, or 10.0%, from $44.9 million for the quarter ended June 30, 2025. The increase was primarily attributable to an increase in compensation and employee benefits expense of $3.0 million, an increase in data processing and software expenses of $863,000, and an increase in merger-related expenses of $819,000, partially offset by a decrease of $1.3 million in professional fees. The increase in compensation and employee benefits expense was due to an increase in the number of employees and normal merit increases. Income tax expense was $5.5 million for the quarter ended June 30, 2026, an increase of $1.3 million, as compared to income tax expense of $4.2 million for the quarter ended June 30, 2025, mainly due to higher pre-tax income. The Company's effective tax rate was 27.6% and 25.4% for the quarters ended June 30, 2026 and 2025, respectively. The increase in the 2026 effective tax rate was due to non-deductible merger-related expenses. Results of Operations for the Six Months Ended June 30, 2026 and June 30, 2025 Net income of $27.6 million was recorded for the six months ended June 30, 2026, an increase of $6.4 million, or 30.1%, compared to net income of $21.2 million for the six months ended June 30, 2025. The increase in net income was primarily attributable to a $19.3 million increase in net interest income, partially offset by a $1.1 million decrease in non-interest income, an $8.2 million increase in non-interest expense, and a $3.8 million increase in income tax expense. Net interest income was $123.3 million for the six months ended June 30, 2026, an increase of $19.3 million, or 18.5%, from $104.0 million for the six months ended June 30, 2025. The increase in net interest income was primarily attributable to a $12.5 million increase in interest income and a $6.8 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 yield on loans. Prepayment penalties, which are included in interest income on loans, totaled $714,000 for the six months ended June 30, 2026, compared to $872,000 for the six months ended June 30, 2025. The average yield on loans for the six months ended June 30, 2026 increased 9 basis points to 5.01%, as compared to 4.92% for the six months ended June 30, 2025. 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 30, 2026 decreased 6 basis points to 3.44%, as compared to 3.50% for the six months ended June 30, 2025. The average yield on other interest-earning assets for the six months ended June 30, 2026 decreased 98 basis points to 4.49%, as compared to 5.47% for the six months ended June 30, 2025, mainly due to a lower dividend rate received on Federal Home Loan Bank stock. Total interest expense was $117.8 million for the six months ended June 30, 2026, a decrease of $6.8 million, or 5.5%, from $124.6 million for the six months ended June 30, 2025. The
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decrease in interest expense was primarily attributable to a 29 basis point decrease in the average cost of interest-bearing deposits coupled with a 33 basis point decrease in the average cost of borrowings. Interest expense on deposits decreased $7.0 million, or 7.1%, for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, due to a decrease in the average cost of deposits, while interest expense on borrowings increased $230,000, or 0.9%, for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, due to the increase in the average balance of borrowings. The Company's net interest margin for the six months ended June 30, 2026 increased 28 basis points to 2.43% when compared to 2.15% for the six months ended June 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 3 basis points to 4.75% for the six months ended June 30, 2026 as compared to 4.72% for the six months ended June 30, 2025. The average cost of interest- bearing liabilities decreased 28 basis points to 2.91% for the six months ended June 30, 2026 as compared to 3.19% for the six months ended June 30, 2025. The provision for credit losses for the six months ended June 30, 2026 was $5.3 million, a decrease of $133,000, or 2.5% from $5.4 million for the six months ended June 30, 2025. The decrease in the provision for credit losses was primarily attributable to a decrease in net charge-offs, which totaled $1.4 million for the six months ended June 30, 2026 as compared to $4.1 million for the six months ended June 30, 2025. Non-interest income was $17.6 million for the six months ended June 30, 2026, a decrease of $1.1 million, or 5.7%, from $18.6 million for the six months ended June 30, 2025. The decrease was primarily attributable to a change in fair value of equity securities of $1.6 million and a decrease in other non-interest income of $627,000, mainly due to interest rate swaps, partially offset by a $1.1 million increase in bank-owned life insurance partially attributable to a death benefit claim in June 2026, and income related to the transition and exchange into higher yielding bank-owed life insurance policies. Non-interest expense was $96.9 million for the six months ended June 30, 2026, an increase of $8.2 million, or 9.2%, from $88.8 million for the six months ended June 30, 2025. The increase was primarily attributable to an increase in compensation and employee benefits expense of $5.5 million, an increase in occupancy expense of $1.4 million, an increase in data processing and software expenses of $1.5 million and an increase in merger-related expenses of $2.6 million, partially offset by a decrease of $2.4 million in professional fees. The increase in compensation and employee benefits expense was due to normal annual increases and an increase in the number of employees. Income tax expense was $11.1 million for the six months ended June 30, 2026, an increase of $3.8 million, as compared to income tax expense of $7.3 million for the six months ended
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June 30, 2025, mainly due to an increase in pre-tax income. The Company's effective tax rate was 28.7% and 25.6% for the six months ended June 30, 2026 and 2025, respectively. The increase in the 2026 effective tax rate was due to non-deductible merger-related expenses. Balance Sheet Summary Total assets increased $1.2 billion, or 10.5%, to $12.2 billion at June 30, 2026 from $11.0 billion at December 31, 2025. The increase in total assets was primarily attributable to increases in cash and cash equivalents of $748.8 million, debt securities available for sale of $137.5 million, loans receivable, net, of $197.7 million, and other assets of $49.3 million. Cash and cash equivalents increased $748.8 million, or 219.7%, to $1.1 billion at June 30, 2026 from $340.8 million at December 31, 2025. The increase was primarily attributable to proceeds raised through the Company's second-step conversion offering included in deposits, principal repayments on securities of $54.8 million, calls and maturities on securities of $76.1 million, and repayments on loans receivable, partially offset by purchases of securities of $272.4 million, and the origination of loans receivable of approximately $761.0 million. Debt securities available for sale increased $137.5 million, or 12.3%, to $1.3 billion at June 30, 2026 from $1.1 billion at December 31, 2025. The increase was attributable to purchases of securities of $252.9 million, consisting primarily of U.S. government obligations and mortgage- backed securities, partially offset by an increase in the gross unrealized loss on securities of $8.5 million, calls and maturities on securities of $61.3 million, and repayments on securities of $46.8 million. Loans receivable, net, increased $197.7 million, or 2.4%, to $8.4 billion at June 30, 2026 from $8.2 billion at December 31, 2025. Multifamily loans, commercial real estate loans, construction loans, and commercial business loans increased $90.8 million, $60.6 million, $33.2 million, and $64.2 million, respectively, partially offset by a decrease in one-to-four family real estate loans and home equity loans and advances of $39.5 million and $7.0 million, respectively. The allowance for credit losses for loans increased $3.9 million to $71.1 million at June 30, 2026 from $67.2 million at December 31, 2025, primarily due to loan growth during the six months ended June 30, 2026. Other assets increased $49.3 million, or 14.7%, to $385.0 million at June 30, 2026 from $335.7 million at December 31, 2025 primarily due to an increase in net pension assets of $21.3 million and an increase in commercial real estate loans in process of $16.0 million. Total liabilities increased $1.1 billion, or 11.4%, to $11.0 billion at June 30, 2026 from $9.9 billion at December 31, 2025. The increase was primarily attributable to an increase in total deposits of $1.1 billion, due to proceeds raised through the Company's second-step conversion offering included in deposits, an increase in borrowings of $35.0 million, and an increase in accrued expenses and other liabilities of $20.7 million. The increase in total
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deposits primarily consisted of increases in non-interest-bearing demand deposits, interest- bearing demand deposits, savings and club accounts, and certificates of deposits of $38.4 million, $859.1 million, $13.1 million and $202.8 million, respectively, partially offset by a decrease in money market accounts of $55.5 million. The increase in interest-bearing demand deposits was mainly attributable to proceeds raised through the Company's second-step conversion offering. The increase in accrued expenses and other liabilities related to an increase in outstanding checks and an increase in collateral pledged for interest rate swaps. The $35.0 million increase in borrowings was driven by a net increase in short-term borrowings of $50.0 million, coupled with new long-term borrowings of $40.0 million, offset by repayments of $55.0 million in maturing long-term borrowings. Total stockholders’ equity increased $35.5 million, or 3.1%, with a balance of $1.2 billion at both June 30, 2026 and December 31, 2025, primarily attributable to net income of $27.6 million. Asset Quality The Company's non-performing loans at June 30, 2026 totaled $43.0 million, or 0.51% of total gross loans, as compared to $38.0 million, or 0.46% of total gross loans, at December 31, 2025. The $5.0 million increase in non-performing loans was primarily attributable to an increase in non-performing one-to-four family loans of $1.0 million, and a $10.6 million commercial real estate loan on a six-story mixed use building, which includes apartments and commercial/storage space designated as non-performing during the 2026 period, partially offset by a decrease in non-performing commercial business loans of $1.1 million, and a decrease in non-performing construction loans of $5.9 million. The decrease in non-performing construction loans was due to one loan secured by a mixed use five-story building with both commercial space and apartments, being transferred to other real estate owned in March 2026. Non-performing assets as a percentage of total assets totaled 0.40% at June 30, 2026, as compared to 0.34% at December 31, 2025. For the quarter ended June 30, 2026, net charge-offs totaled $2.0 million, as compared to net charge-offs of $3.2 million for the quarter ended June 30, 2025. For the six months ended June 30, 2026, net charge-offs totaled $1.4 million, as compared to net charge-offs of $4.1 million for the quarter ended June 30, 2025. The Company's allowance for credit losses on loans was $71.1 million, or 0.84% of total gross loans, at June 30, 2026, compared to $67.2 million, or 0.82% of total gross loans, at December 31, 2025. 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.
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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 Maryland corporation organized as Columbia Bank's parent stock holding company. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates more than 100 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 “believes,” “will,” “would,” “expects,” “projects,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s 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’s 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 changing political conditions or federal government shutdowns; 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’ ability to service and repay the Company’s 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’s 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’s 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’s market area; the Company’s ability to attract and maintain deposits and effectively manage liquidity; risks related to the implementation of acquisitions, dispositions, and restructurings; and the risk that the Company may not be successful in the
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implementation of its business strategy, or its integration of acquired financial institutions and businesses. In addition, with respect to the Company’s recently completed merger with Northfield Bancorp (“Northfield”), such risks, uncertainties and assumptions, include, among others, the following: (i) the possibility that the anticipated benefits of the proposed transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which the combined company operates; (ii) the possibility that the integration of the two companies may be more difficult, time-consuming or costly than expected; and ((iii) the impact of purchase accounting with respect to the proposed transaction, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks. Forward-looking statements 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 “SEC”), which are available at the SEC’s 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’s management uses in its analysis of the Company’s 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’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s 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
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company’s financial condition and, therefore, the Company’s 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. AND SUBSIDIARIESConsolidated Statements of Financial Condition(In thousands) June 3 2026 Assets (UnauditCash and due from banks $ 1,089 Short-term investments Total cash and cash equivalents 1,089 Debt securities available for sale, at fair value 1,259Debt securities held to maturity, at amortized cost (fair value of $362,292, and $367,289 atJune 30, 2026 and December 31, 2025, respectively) 393Equity securities, at fair value 5Federal Home Loan Bank and Federal Reserve Bank stock, at cost 81 Loans receivable 8,493 Less: allowance for credit losses 71 Loans receivable, net 8,422 Accrued interest receivable 42Office properties and equipment, net 82Bank-owned life insurance 285Goodwill and intangible assets 119Other real estate owned 5 Other assets 384 Total assets $ 12,173 Liabilities and Stockholders' Equity Liabilities: Deposits $ 9,502Borrowings 1,218Advance payments by borrowers for taxes and insurance 51 Accrued expenses and other liabilities 205 Total liabilities 10,976 Stockholders' equity: Total stockholders' equity 1,196 Total liabilities and stockholders' equity $ 12,173 COLUMBIA FINANCIAL, INC. AND SUBSIDIARIESConsolidated Statements of Income(In thousands, except per share data) Three Months EndedJune 30, Six M 2026 2025 2026 Interest income: (Unaudited) (
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Loans receivable $ 103,340 $ 99,646 $ 205,Debt securities available for sale and equity securities 11,315 10,301 21,Debt securities held to maturity 2,851 2,922 5,Federal funds and interest-earning deposits 3,307 2,443 5,Federal Home Loan Bank and Federal Reserve Bankstock dividends 1,438 1,179 2, Total interest income 122,251 116,491 241, Interest expense: Deposits 46,135 49,344 92,Borrowings 13,198 13,444 25, Total interest expense 59,333 62,788 117, Net interest income 62,918 53,703 123, Provision for credit losses 4,312 2,468 5, Net interest income after provision for credit losses 58,606 51,235 118, Non-interest income: Demand deposit account fees 2,091 2,015 4,Bank-owned life insurance 2,741 1,990 4,Title insurance fees 829 861 1,Loan fees and service charges 1,791 1,744 2,Gain on securities transactions — 336 Change in fair value of equity securities 182 272 (Gain (loss) on sale of loans 755 (15) Gain on sale of other real estate owned — 281 Other non-interest income 2,441 2,689 4, Total non-interest income 10,830 10,173 17, Non-interest expense: Compensation and employee benefits 31,965 28,933 63,Occupancy 6,782 5,968 13,Federal deposit insurance premiums 1,827 1,739 3,Advertising 665 563 1,Professional fees 2,224 3,519 3,Data processing and software expenses 4,966 4,103 9,Merger-related expenses 819 — 2,Other non-interest expense, net 169 81 ( Total non-interest expense 49,417 44,906 96, Income before income tax expense 20,019 16,502 38, Income tax expense 5,533 4,197 11, Net income $ 14,486 $ 12,305 $ 27, Earnings per share-basic $ 0.14 $ 0.12 $ 0Earnings per share-diluted $ 0.14 $ 0.12 $ 0Weighted average shares outstanding-basic 101,367,978 101,985,784 101,317,Weighted average shares outstanding-diluted 101,946,380 101,985,784 101,708, COLUMBIA FINANCIAL, INC. AND SUBSIDIARIESAverage Balances/Yields For the Three Months Ended June 30, 2026 202
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AverageBalance InterestandDividends Yield /Cost AverageBalance D (Dollars in thousands)Interest-earnings assets: Loans $ 8,281,118 $ 103,340 5.01% $ 8,059,332 $Securities 1,624,577 14,166 3.50% 1,493,913 Other interest-earning assets 439,354 4,745 4.33% 281,611 Total interest-earning assets 10,345,049 122,251 4.74% 9,834,856 Non-interest-earning assets 907,835 860,948 Total assets $ 11,252,884 $ 10,695,804 Interest-bearing liabilities: Interest-bearing demand $ 1,917,627 $ 9,864 2.06% $ 1,938,459 $Money market accounts 1,424,641 8,645 2.43% 1,332,835 Savings and club deposits 622,373 654 0.42% 645,167 Certificates of deposit 2,935,893 26,972 3.68% 2,788,547 Total interest-bearing deposits 6,900,534 46,135 2.68% 6,705,008 FHLB advances 1,295,513 13,066 4.05% 1,218,442 Junior subordinated debentures 7,066 132 7.49% 7,045 Total borrowings 1,302,579 13,198 4.06% 1,225,487 Total interest-bearing liabilities 8,203,113 $ 59,333 2.90% 7,930,495 $ Non-interest-bearing liabilities: Non-interest-bearing deposits 1,628,692 1,443,627 Other non-interest-bearing liabilities 240,038 215,390 Total liabilities 10,071,843 9,589,512 Total stockholders' equity 1,181,041 1,106,292 Total liabilities and stockholders' equity$ 11,252,884 $ 10,695,804 Net interest income $ 62,918 $Interest rate spread 1.84% Net interest-earning assets $ 2,141,936 $ 1,904,361 Net interest margin 2.44% Ratio of interest-earning assets tointerest-bearing liabilities 126.11% 124.01% COLUMBIA FINANCIAL, INC. AND SUBSIDIARIESAverage Balances/Yields For the Six Months Ended June 30, 2026 AverageBalance InterestandDividends Yield /Cost AverageBalance D (Dollars in thousands)Interest-earnings assets: Loans $ 8,271,951 $ 205,492 5.01% $ 7,977,402 $Securities 1,590,580 27,145 3.44% 1,485,771 Other interest-earning assets 381,127 8,485 4.49% 299,424 Total interest-earning assets 10,243,658 241,122 4.75% 9,762,597 Non-interest-earning assets 897,888 866,499 Total assets $ 11,141,546 $ 10,629,096 Interest-bearing liabilities: Interest-bearing demand $ 1,944,573 $ 19,930 2.07% $ 1,999,157 $Money market accounts 1,449,238 17,709 2.46% 1,307,676 Savings and club deposits 622,117 1,307 0.42% 647,201
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Certificates of deposit 2,903,864 53,500 3.72% 2,772,808 Total interest-bearing deposits 6,919,792 92,446 2.69% 6,726,842 FHLB advances 1,242,091 25,089 4.07% 1,140,113 Junior subordinated debentures 7,063 263 7.51% 7,041 Other borrowings 718 15 4.21% — Total borrowings 1,249,872 25,367 4.09% 1,147,154 Total interest-bearing liabilities 8,169,664 $ 117,813 2.91% 7,873,996 $ Non-interest-bearing liabilities: Non-interest-bearing deposits 1,558,159 1,438,262 Other non-interest-bearing liabilities 237,291 218,314 Total liabilities 9,965,114 9,530,572 Total stockholders' equity 1,176,432 1,098,524 Total liabilities and stockholders' equity$ 11,141,546 $ 10,629,096 Net interest income $ 123,309 $Interest rate spread 1.84% Net interest-earning assets $ 2,073,994 $ 1,888,601 Net interest margin 2.43% Ratio of interest-earning assets tointerest-bearing liabilities 125.39% 123.99% COLUMBIA FINANCIAL, INC. AND SUBSIDIARIESComponents of Net Interest Rate Spread and Margin Average Yields/Costs by Quarter June 30,2026 March 31,2026 December 31,2025 Septembe2025 Yield on interest-earning assets: Loans 5.01% 5.01% 5.03% 5Securities 3.50 3.38 3.36 3 Other interest-earning assets 4.33 4.78 4.69 5 Total interest-earning assets 4.74% 4.76% 4.77% 4 Cost of interest-bearing liabilities: Total interest-bearing deposits 2.68% 2.71% 2.79% 2 Total borrowings 4.06 4.12 4.25 4 Total interest-bearing liabilities 2.90% 2.92% 3.01% 3 Interest rate spread 1.84% 1.84% 1.76% 1Net interest margin 2.44% 2.42% 2.36% 2 Ratio of interest-earning assets to interest-bearing liabilities 126.11% 124.59% 124.84% 124 COLUMBIA FINANCIAL, INC. AND SUBSIDIARIESSelected Financial Highlights June 30,2026 March 31,2026 December 31,2025 Septembe2025 SELECTED FINANCIAL RATIOS: Return on average assets 0.52% 0.48% 0.57% 0Core return on average assets 0.54% 0.55% 0.57% 0Return on average equity 4.92% 4.55% 5.43% 5Core return on average equity 5.14% 5.17% 5.50% 5Core return on average tangible equity5.71% 5.75% 6.14% 6 (1)
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Interest rate spread 1.84% 1.84% 1.76% 1Net interest margin 2.44% 2.42% 2.36% 2Non-interest income to average assets0.39% 0.25% 0.31% 0Non-interest expense to average assets1.76% 1.75% 1.70% 1Efficiency ratio 67.01% 70.73% 68.42% 67Core efficiency ratio 65.90% 68.02% 68.06% 66Average interest-earning assets to averageinterest-bearing liabilities 126.11% 124.59% 124.84% 124Net charge-offs/ (recoveries) to averageoutstanding loans 0.10% (0.03) % 0.03% 0 Ratios are annualized when appropriate.The June 30, 2025 ratio includes $3.2 million of non-annualized PCD charge-offs related to the purchaseequipment finance loans. ASSET QUALITY DATA: June 30,2026 March 31,2026 December 31,2025 Septembe2025 (Dollars in thousands)Non-accrual loans $ 42,988 $ 41,375 $ 38,000 $ 32,5 90+ and still accruing — — — Non-performing loans 42,988 41,375 38,000 32,5 Real estate owned 5,923 5,923 — Total non-performing assets $ 48,911 $ 47,298 $ 38,000 $ 32,5 Non-performing loans to total gross loans 0.51% 0.50% 0.46% 0Non-performing assets to total assets 0.40% 0.43% 0.34% 0Allowance for credit losses on loans ("ACL")$ 71,065 $ 68,761 $ 67,201 $ 65,6ACL to total non-performing loans 165.31% 166.19% 176.84% 201ACL to gross loans 0.84% 0.84% 0.82% 0 LOAN DATA: June 30,2026 March 31,2026 December 31,2025 Septem30,2025 (In thousands)Real estate loans: One-to-four family $ 2,518,768 $ 2,543,588 $ 2,558,252 $ 2,583Multifamily 1,768,395 1,669,232 1,677,613 1,612Commercial real estate 2,573,823 2,472,993 2,513,260 2,532Construction 502,609 520,753 469,438 465Commercial business loans 831,030 752,246 766,792 771Consumer loans: Home equity loans and advances 248,141 249,487 255,126 256 Other consumer loans 2,851 2,850 2,895 2 Total gross loans 8,445,617 8,211,149 8,243,376 8,224Purchased credit deteriorated loans 9,828 10,158 10,442 10Net deferred loan costs, fees and purchasedpremiums and discounts 38,165 38,371 38,192 37 Allowance for credit losses (71,065) (68,761) (67,201) (65 Loans receivable, net $ 8,422,545 $ 8,190,917 $ 8,224,809 $ 8,206 At June 30, 2026 (2) (1) (2)
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(Dollars in thousands) Balance % of GrossLoans Weighted AvLoan to VaRatio Multifamily Real Estate $ 1,768,395 20.9% 5 Owner Occupied Commercial Real Estate $ 651,597 7.7% 6 Investor Owned Commercial Real Estate: Retail / Shopping centers $ 536,812 6.4% 5Mixed Use 317,849 3.8 6Industrial / Warehouse 489,704 5.8 5Non-Medical Office 175,834 2.1 5Medical Office 93,788 1.1 5Single Purpose 58,295 0.7 6Other 249,944 3.0 5 Total $ 1,922,226 22.8% 5 Total Multifamily and Commercial Real Estate Loans$ 4,342,218 51.4% 5 Based on the most recent financial information available. As of June 30, 2026, the Company had loan exposures of approximately $793,000 and $846,000 related to ostabilized multifamily loans in New York City, respectively. In connection with the closing of the Northfield Ban2026, the Company will acquire New York City rent stabilized multifamily loans totaling approximately $415.130, 2026. DEPOSIT DATA: June 30, 2026 March 31, 2026 December 31, 2025 S Balance WeightedAverageRate Balance WeightedAverageRate Balance WeightedAverageRate B (Dollars in thousands)Non-interest-bearingdemand $1,555,833 —% $1,508,030 —% $1,517,399 —% $1Interest-bearing demand 2,844,989 1.37 1,882,987 1.86 1,985,871 1.99 1Money market accounts 1,409,504 2.48 1,451,274 2.43 1,465,028 2.59 1Savings and clubdeposits 636,566 0.42 625,001 0.42 623,444 0.47 Certificates of deposit 3,055,173 3.69 2,904,722 3.71 2,852,337 3.80 2 Total deposits $9,502,065 1.99% $8,372,014 2.16% $8,444,079 2.23% $8 CAPITAL RATIOS: June 30 2026 Company: Total capital (to risk-weighted assets) 14.Tier 1 capital (to risk-weighted assets) 13.Common equity tier 1 capital (to risk-weighted assets) 13.Tier 1 capital (to adjusted total assets) 10. Columbia Bank: Total capital (to risk-weighted assets) 14.Tier 1 capital (to risk-weighted assets) 13.Common equity tier 1 capital (to risk-weighted assets) 13. (1) (1) (1)
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Tier 1 capital (to adjusted total assets) 9. Estimated ratios at June 30, 2026 Reconciliation of GAAP to Non-GAAP Financial Measures Book and Tangible Book Value per Share June 30, 2026 (DollarTotal stockholders' equity $ 1,196,2Less: goodwill (110,7 Less: core deposit intangible (6,0 Total tangible stockholders' equity $ 1,079,4 Shares outstanding 104,055,9 Book value per share $ 11.Tangible book value per share $ 10. Reconciliation of GAAP to Non-GAAP Financial Measures (continued) Reconciliation of Core Net Income Three Months Ended June 30, Six Mont 2026 2025 2026 (In thousands)Net income $ 14,486 $ 12,305 $ 27,Less: gain on securities transactions, net of tax — (251) Add: severance expense, net of tax — 354 Add: merger-related expenses, net of tax 650 — 1, Add: litigation expenses, net of tax — 242 Core net income $ 15,136 $ 12,650 $ 28, Return on Average Assets Three Months Ended June 30, Six Month 2026 2025 2026 (Dollars in thousands) Net income $ 14,486 $ 12,305 $ 27,58 Average assets $ 11,252,884 $ 10,695,804 $ 11,141,54 Return on average assets 0.52% 0.46% 0.5 Core net income $ 15,136 $ 12,650 $ 28,83 Core return on average assets 0.54% 0.47% 0.5 Return on Average Equity Three Months Ended June 30, Six Month (1)
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2026 2025 2026 (Dollars in thousands)Total average stockholders' equity $ 1,181,041 $ 1,106,292 $ 1,176,43Less: gain on securities transactions, net of tax — (251) —Add: severance expense, net of tax — 354 —Add: merger-related expenses, net of tax 650 — 1,24Add: litigation expenses, net of tax — 242 — Core average stockholders' equity $ 1,181,691 $ 1,106,637 $ 1,177,67 Return on average equity 4.92% 4.46% 4.7 Core return on core average equity 5.14% 4.58% 4.9 Reconciliation of GAAP to Non-GAAP FinancialMeasures (continued) Return on Average Tangible Equity Three Months Ended June 30, Six Month 2026 2025 2026 (Dollars in thousands)Total average stockholders' equity $ 1,181,041 $ 1,106,292 $ 1,176,43Less: average goodwill (110,715) (110,715) (110,71Less: average core deposit intangible (6,293) (8,241) (6,53 Total average tangible stockholders' equity$ 1,064,033 $ 987,336 $ 1,059,18 Core return on average tangible equity 5.71% 5.14% 5.4 Efficiency Ratios Three Months Ended June 30, Six Month 2026 2025 2026 (Dollars in thousands)Net interest income $ 62,918 $ 53,703 $ 123,30Non-interest income 10,830 10,173 17,57 Total income $ 73,748 $ 63,876 $ 140,88 Non-interest expense $ 49,417 $ 44,906 $ 96,90 Efficiency ratio 67.01% 70.30% 68.7 Non-interest income $ 10,830 $ 10,173 $ 17,57Less :gain on securities transactions — (336) — Core non-interest income $ 10,830 $ 9,837 $ 17,57 Non-interest expense $ 49,417 $ 44,906 $ 96,90Less: severance expense — (475) —Less: merger-related expenses (819) — (2,64Less: litigation expenses — (325) — Core non-interest expense $ 48,598 $ 44,106 $ 94,26 Core efficiency ratio 65.90% 69.41% 66.9
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Columbia Financial, Inc. Investor Relations Department (833) 550-0717 Source: Columbia Financial, Inc.