$CLBK

Columbia Financial, Inc./MD/

CIK:0002115119|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Loans receivable	$ 103,340	$ 99,646	$ 205,492	$ 194,756
Debt securities available for sale and equity securities	11,315	10,301	21,538	20,043
Debt securities held to maturity	2,851	2,922	5,607	5,733
Federal funds and interest-earning deposits	3,307	2,443	5,687	5,301
Federal Home Loan Bank and Federal Reserve Bank stock dividends	1,438	1,179	2,798	2,821
Total interest income	122,251	116,491	241,122	228,654
Interest expense:
Deposits	46,135	49,344	92,446	99,489
Borrowings	13,198	13,444	25,367	25,137
Total interest expense	59,333	62,788	117,813	124,626
Net interest income	62,918	53,703	123,309	104,028
Provision for credit losses	4,312	2,468	5,268	5,401
Net interest income after provision for credit losses	58,606	51,235	118,041	98,627
Non-interest income:
Bank-owned life insurance	2,741	1,990	4,914	3,849
Loan fees and service charges	1,791	1,744	2,985	2,800
Gain on securities transactions	0	336	0	336
Change in fair value of equity securities	182	272	(982)	580
Gain (loss) on sale of loans	755	(15)	775	500
Gain on sale of other real estate owned	0	281	0	281
Other non-interest income	2,441	2,689	4,261	4,888
Total non-interest income	10,830	10,173	17,577	18,644
Non-interest expense:
Compensation and employee benefits	31,965	28,933	63,062	57,516
Occupancy	6,782	5,968	13,579	12,153
Federal deposit insurance premiums	1,827	1,739	3,412	3,619
Advertising	665	563	1,313	1,094
Professional fees	2,224	3,519	3,618	6,034
Data processing and software expenses	4,966	4,103	9,618	8,164
Merger-related expenses	819	0	2,642	0
Other non-interest expense, net	169	81	(340)	171
Total non-interest expense	49,417	44,906	96,904	88,751
Income before income tax expense	20,019	16,502	38,714	28,520
Income tax expense	5,533	4,197	11,129	7,315
Net Income	$ 14,486	$ 12,305	$ 27,585	$ 21,205
Earnings per share-basic (in dollars per share)	$ 0.14	$ 0.12	$ 0.27	$ 0.21
Earnings per share-diluted (in dollars per share)	$ 0.14	$ 0.12	$ 0.27	$ 0.21
Weighted average shares outstanding - basic (in shares)	101,367,978	101,985,784	101,317,739	101,898,636
Weighted average shares outstanding - diluted (in shares)	101,946,380	101,985,784	101,708,284	101,898,636
Demand deposit account fees
Non-interest income:
Revenue from contract with customer	$ 2,091	$ 2,015	$ 4,137	$ 3,903
Title insurance fees
Non-interest income:
Revenue from contract with customer	$ 829	$ 861	$ 1,487	$ 1,507

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 27,585	$ 21,205
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred loan costs, fees and purchased premiums and discounts	3,631	2,941
Net amortization (accretion) of premiums and discounts on securities	(1,808)	(1,915)
Net amortization of mortgage servicing rights	106	98
Amortization of intangible assets	1,122	1,031
Depreciation and amortization of office properties and equipment	4,639	4,218
Amortization of operating lease right-of-use assets	2,111	1,995
Provision for credit losses	5,268	5,401
Gain on securities transactions	0	(336)
Change in fair value of equity securities	982	(580)
Gain on securitizations	0	(70)
Gain on sale of loans, net	(775)	(430)
Gain on disposal of office properties and equipment, net	0	(18)
Deferred tax (benefit) expense	0	(5,818)
Increase in accrued interest receivable	(882)	(778)
Gain on sale of other real estate owned	0	(281)
(Increase) decrease in other assets	(41,663)	810
Increase (decrease) in accrued expenses and other liabilities	23,401	(14,599)
Income on bank-owned life insurance	(4,914)	(3,849)
Employee stock ownership plan expense	2,061	1,674
Stock based compensation	2,186	2,460
Decrease (increase) in deferred compensation obligations under Rabbi Trust	27	(99)
Net cash provided by operating activities	23,077	13,060
Cash flows from investing activities:
Proceeds from sales of debt securities available for sale	0	15,656
Proceeds from paydowns/maturities/calls of debt securities available for sale	108,072	102,847
Proceeds from paydowns/maturities/calls of debt securities held to maturity	22,810	24,869
Purchases of debt securities available for sale	(252,884)	(118,767)
Purchases of debt securities held to maturity	(19,516)	(33,369)
Proceeds from sales of loans held-for-sale	13,333	20,525
Purchases of loans receivable	0	(150,882)
Net increase in loans receivable	(225,116)	(138,878)
Proceeds from bank-owned life insurance death benefit	2,824	0
Proceeds from redemptions of Federal Home Loan Bank stock	18,340	19,574
Purchases of Federal Home Loan Bank and Federal Reserve Bank stock	(35,585)	(27,850)
Proceeds from sales of office properties and equipment	0	18
Additions to office properties and equipment	(4,450)	(4,622)
Proceeds from sales of other real estate owned	0	1,615
Net cash used in investing activities	(372,172)	(289,264)
Cash flows from financing activities:
Net increase in deposits	1,057,986	39,334
Proceeds from long-term borrowings	40,000	130,000
Payments on long-term borrowings	(55,000)	(60,000)
Net increase in short-term borrowings	49,980	121,978
Increase in advance payments by borrowers for taxes and insurance	5,276	4,072
Exercise of stock options	(133)	0
Repurchase of shares for taxes	(229)	(179)
Net cash provided by financing activities	1,097,880	235,205
Net increase (decrease) in cash and cash equivalents	748,785	(40,999)
Cash and cash equivalents at beginning of year	340,806	289,223
Cash and cash equivalents at end of period	1,089,591	248,224
Cash paid during the period for:
Interest on deposits and borrowings	117,271	124,241
Income tax payments, net of refunds	6,263	73
Non-cash investing and financing activities:
Transfer of loans receivable to other real estate owned	5,923	0
Transfer of loans receivable to loans held-for-sale	12,558	20,149
Securitization of loans	0	7,207
Excise tax (benefit) on net stock repurchases	$ 9	$ (7)

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 1,089,479	$ 340,695
Short-term investments	112	111
Total cash and cash equivalents	1,089,591	340,806
Debt securities available for sale, at fair value	1,259,489	1,122,017
Debt securities held to maturity, at amortized cost (fair value of $362,292 and $367,289 at June 30, 2026 and December 31, 2025, respectively)	393,576	396,233
Equity securities, at fair value	5,820	6,802
Federal Home Loan Bank and Federal Reserve Bank stock, at cost	81,849	64,604
Loans receivable	8,493,610	8,292,010
Less: allowance for credit losses	71,065	67,201
Loans receivable, net	8,422,545	8,224,809
Accrued interest receivable	42,372	41,490
Office properties and equipment, net	82,796	82,985
Bank-owned life insurance ("BOLI")	285,184	283,094
Goodwill and intangible assets	119,074	120,302
Other real estate owned	5,923	0
Other assets	384,986	335,651
Total assets	12,173,205	11,018,793
Liabilities:
Deposits	9,502,065	8,444,079
Borrowings	1,218,452	1,183,472
Advance payments by borrowers for taxes and insurance	51,068	45,792
Accrued expenses and other liabilities	205,410	184,722
Total liabilities	10,976,995	9,858,065
Stockholders' equity:
Preferred stock, $0.01 par value. 10,000,000 shares authorized; none issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.01 par value. 500,000,000 shares authorized; 131,799,539 shares issued and 104,055,967 shares outstanding at June 30, 2026, and 131,624,028 shares issued and 103,984,649 shares outstanding at December 31, 2025	1,318	1,316
Additional paid-in capital	811,340	806,581
Retained earnings	961,302	933,717
Accumulated other comprehensive loss	(71,978)	(75,972)
Treasury stock, at cost; 27,743,572 shares at June 30, 2026 and 27,639,379 shares at December 31, 2025	(478,144)	(476,133)
Common stock held by the Employee Stock Ownership Plan	(26,809)	(27,935)
Stock held by Rabbi Trust	(3,446)	(3,479)
Deferred compensation obligations	2,627	2,633
Total stockholders' equity	1,196,210	1,160,728
Total liabilities and stockholders' equity	$ 12,173,205	$ 11,018,793