EX-99.1 2 exhibit9913q20259302025.htm EX-99.1 Document

Columbia Financial, Inc. Announces Financial Results
for the Third Quarter Ended September 30, 2025

Fair Lawn, New Jersey (October 20, 2025): Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank ("Columbia"), reported net income of $14.9 million, or $0.15 per basic and diluted share, for the quarter ended September 30, 2025, as compared to $6.2 million, or $0.06 per basic and diluted share, for the quarter ended September 30, 2024. Earnings for the quarter ended September 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, partially offset by an increase in non-interest expense and higher income tax expense.
For the nine months ended September 30, 2025, the Company reported net income of $36.1 million, or $0.35 per basic and diluted share, as compared to $9.6 million, or $0.09 per basic and diluted share, for the nine months ended September 30, 2024. Earnings for the nine months ended September 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: “Our quarterly earnings continue to increase in 2025 driven by net interest margin expansion, strong loan demand, a continued shift in loan mix and a reduction in funding costs. In September, we recommenced our share repurchase program which we believe will contribute to enhanced shareholder value. Our asset quality remains very strong and improved from the prior quarter with a decrease in non-performing assets. We continue to grow the Company's balance sheet towards commercially oriented segments in a very competitive environment, which speaks to the strength of our core customer relationships and the local economy."
Financial Highlights
•Net interest margin for the quarter ended September 30, 2025 of 2.29% increased 10 basis points from the prior quarter and 45 basis points from the prior year quarter.
•Loan growth for the quarter ended September 30, 2025 was $97.1 million, resulting in an annualized growth rate of approximately 4.8%.
•In September 2025, the Board of Directors authorized a share repurchase program of 1,800,000 shares. Management commenced share repurchases during September 2025 totaling 183,864 shares.
•Non-performing assets to total assets at September 30, 2025 was 0.30%, a decrease of 0.07% from 0.37% at June 30, 2025.
Results of Operations for the Three Months Ended September 30, 2025 and September 30, 2024
Net income of $14.9 million was recorded for the quarter ended September 30, 2025, an increase of $8.7 million, as compared to net income of $6.2 million for the quarter ended September 30, 2024. The increase in net income was primarily attributable to a $12.1 million increase in net interest income, a $1.8 million decrease in provision for credit losses, and an $889,000 increase in non-interest income, partially offset by a $2.3 million increase in non-interest expense and a $3.8 million increase in income tax expense.
Net interest income was $57.4 million for the quarter ended September 30, 2025, an increase of $12.1 million, or 26.7%, from $45.3 million for the quarter ended September 30, 2024. The increase in net interest income was primarily attributable to a $4.5 million increase in interest income and a $7.6 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 September 30, 2025. The 100 basis point decrease in market interest rates during the last four months of 2024, and to a lesser extent, the 25 basis point decrease in market interest rates in September 2025 contributed to lower interest rates paid on new and repricing deposits and borrowings during the quarter ended


September 30, 2025. Prepayment penalties, which are included in interest income on loans, totaled $767,000 for the quarter ended September 30, 2025, compared to $171,000 for the quarter ended September 30, 2024.
The average yield on loans for the quarter ended September 30, 2025 increased 4 basis points to 5.04%, as compared to 5.00% for the quarter ended September 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 September 30, 2025 increased 51 basis points to 3.41%, as compared to 2.90% for the quarter ended September 30, 2024. This was primarily a result of lower yielding securities being sold and replaced with higher yielding securities as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024. The average yield on other interest-earning assets for the quarter ended September 30, 2025 decreased 148 basis points to 5.24%, as compared to 6.72% for the quarter ended September 30, 2024, mainly due to a 190 basis point decrease in the dividend rate received on Federal Home Loan Bank stock.
Total interest expense was $63.0 million for the quarter ended September 30, 2025, a decrease of $7.6 million, or 10.7%, from $70.6 million for the quarter ended September 30, 2024. The decrease in interest expense was primarily attributable to a 30 basis point decrease in the average cost of interest-bearing deposits along with a 50 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 $2.6 million, or 5.0%, and interest expense on borrowings decreased $5.0 million, or 26.9%, for the quarter ended September 30, 2025 as compared to the quarter ended September 30, 2024.
The Company's net interest margin for the quarter ended September 30, 2025 increased 45 basis points to 2.29% when compared to 1.84%, for the quarter ended September 30, 2024, 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 4.81% for the quarter ended September 30, 2025 as compared to 4.70% for the quarter ended September 30, 2024. The average cost of interest-bearing liabilities decreased 38 basis points to 3.14% for the quarter ended September 30, 2025 as compared to 3.52% for the quarter ended September 30, 2024.
The provision for credit losses for the quarter ended September 30, 2025 was $2.3 million, a decrease of $1.8 million, or 42.9%, from $4.1 million for the quarter ended September 30, 2024. The decrease in provision for credit losses was primarily attributable to a decrease in net charge-offs, which totaled $1.2 million for the quarter ended September 30, 2025, as compared to $2.7 million for the quarter ended September 30, 2024.
Non-interest income was $9.9 million for the quarter ended September 30, 2025, an increase of $889,000, or 9.9%, from $9.0 million for the quarter ended September 30, 2024. The increase was attributable to an increase of $342,000 in demand deposit account fees mainly related to commercial account treasury services, an increase of $619,000 in loan fees and service charges related to customer swap income, an increase in bank-owned life insurance of $464,000, and an increase in the change in fair value of equity securities of $741,000, partially offset by a decrease of $1.2 million in other non-interest income, mainly related to interest rate swaps.
Non-interest expense was $45.1 million for the quarter ended September 30, 2025, an increase of $2.3 million, or 5.3%, from $42.8 million for the quarter ended September 30, 2024. The increase was primarily attributable to an increase in compensation and employee benefits expense of $1.5 million, an increase in occupancy expense of $461,000, and an increase in data processing and software expenses of $332,000.
Income tax expense was $5.0 million for the quarter ended September 30, 2025, an increase of $3.8 million, as compared to income tax expense of $1.1 million for the quarter ended September 30, 2024, mainly due to higher pre-tax income. The Company's effective tax rate was 25.0% and 15.5% for the quarters ended September 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 Nine Months Ended September 30, 2025 and September 30, 2024
Net income of $36.1 million was recorded for the nine months ended September 30, 2025, an increase of $26.5 million, or 276.9%, compared to net income of $9.6 million for the nine months ended September 30, 2024. The increase in net income was primarily attributable to a $29.9 million increase in net interest income, a $3.8 million decrease in provision for credit
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losses, a $2.9 million increase in non-interest income and a $902,000 decrease in non-interest expense, partially offset by a $11.0 million increase in income tax expense.
Net interest income was $161.4 million for the nine months ended September 30, 2025, an increase of $29.9 million, or 22.7%, from $131.6 million for the nine months ended September 30, 2024. The increase in net interest income was primarily attributable to an $11.3 million increase in interest income and a $18.6 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 nine months ended September 30, 2025. The 100 basis point decrease in market interest rates during the last four months of 2024, and, to a lesser extent, the 25 basis point decrease in market interest rates in the September 2025, contributed to a decrease in interest rates paid on new and repricing deposits and borrowings during the nine months ended September 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 $1.6 million for the nine months ended September 30, 2025, compared to $875,000 for the nine months ended September 30, 2024.
The average yield on loans for the nine months ended September 30, 2025 increased 5 basis points to 4.96%, as compared to 4.91% for the nine months ended September 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 nine months ended September 30, 2025 increased 65 basis points to 3.47%, as compared to 2.82% for the nine months ended September 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 nine months ended September 30, 2025. The average yield on other interest-earning assets for the nine months ended September 30, 2025 decreased 96 basis points to 5.39%, as compared to 6.35% for the nine months ended September 30, 2024, due to lower dividends received on Federal Home Loan Bank stock.
Total interest expense was $187.7 million for the nine months ended September 30, 2025, a decrease of $18.6 million, or 9.0%, from $206.2 million for the nine months ended September 30, 2024. The decrease in interest expense was primarily attributable to a 16 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. Interest expense on deposits decreased $1.4 million, or 0.9%, and interest expense on borrowings decreased $17.2 million, or 30.8%, for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.
The Company's net interest margin for the nine months ended September 30, 2025 increased 40 basis points to 2.20%, when compared to 1.80% for the nine months ended September 30, 2024. The increase in net interest margin was 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 14 basis points to 4.75% for the nine months ended September 30, 2025, as compared to 4.61% for the nine months ended September 30, 2024. The average cost of interest-bearing liabilities decreased 30 basis points to 3.17% for the nine months ended September 30, 2025, as compared to 3.47% for the nine months ended September 30, 2024.
The provision for credit losses for the nine months ended September 30, 2025 was $7.7 million, a decrease of $3.8 million, or 33.1%, from $11.6 million for the nine months ended September 30, 2024. The decrease in provision for credit losses was primarily attributable to a decrease in net charge-offs, which totaled $5.2 million for the nine months ended September 30, 2025 as compared to $8.2 million for the nine months ended September 30, 2024, and a decrease in quantitative loss rates based on the evaluation of current and projected economic conditions.
Non-interest income was $28.5 million for the nine months ended September 30, 2025, an increase of $2.9 million, or 11.3%, from $25.6 million for the nine months ended September 30, 2024. The increase was primarily attributable to an increase in gain on securities transactions of $1.6 million, an increase of $1.2 million in demand deposit account fees mainly related to commercial account treasury services, an increase of $1.1 million in loan fees and service charges related to customer swap income, an increase in the change in fair value of equity securities of $869,000, and a $281,000 gain on the sale of real estate owned, partially offset by a decrease of $3.2 million in other non-interest income, mainly related to interest rate swaps.
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Non-interest expense was $133.8 million for the nine months ended September 30, 2025, a decrease of $902,000, or 0.7% from $134.7 million for the nine months ended September 30, 2024. The decrease was primarily attributable to a $3.0 million decrease in professional fees for legal, regulatory and compliance-related costs, a decrease in merger-related expenses of $737,000 and a decrease in other non-interest expense of $1.5 million, partially offset by an increase in compensation and employee benefits expense of $3.9 million and an increase in data processing and software expenses of $615,000. Professional fees for legal, regulatory and compliance-related costs decreased in the 2025 period. Increases in compensation and employee benefits expense and data processing and software expenses represent normal annual increases.
Income tax expense was $12.3 million for the nine months ended September 30, 2025, an increase of $11.0 million, as compared to income tax expense of $1.3 million for the nine months ended September 30, 2024, mainly due to higher pre-tax income. The Company's effective tax rate was 25.4% and 11.8% for the nine months ended September 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 $380.3 million, or 3.6%, to $10.9 billion at September 30, 2025 as compared to $10.5 billion at December 31, 2024. The increase in total assets was primarily attributable to an increase in debt securities available for sale of $54.3 million, and an increase in loans receivable, net, of $349.9 million, partially offset by a decrease in cash and cash equivalents of $35.8 million.
Cash and cash equivalents decreased $35.8 million, or 12.4%, to $253.4 million at September 30, 2025 from $289.2 million at December 31, 2024. The decrease was primarily attributable to purchases of securities of $219.1 million, purchases of loans of $150.9 million and the origination of loans receivable, partially offset by proceeds from principal repayments on securities of $143.6 million, and repayments on loans receivable.
Debt securities available for sale increased $54.3 million, or 5.3%, to $1.1 billion at September 30, 2025 from $1.0 billion at December 31, 2024. The increase was attributable to purchases of securities of $185.7 million, consisting primarily of U.S. government obligations and mortgage-backed securities, and a decrease in the gross unrealized loss on securities of $31.7 million, partially offset by maturities on securities of $38.5 million, repayments on securities of $115.4 million, and the sale of securities of $15.7 million.
Loans receivable, net, increased $349.9 million, or 4.5%, to $8.2 billion at September 30, 2025 from $7.9 billion at December 31, 2024. Multifamily loans, commercial real estate loans and commercial business loans increased $151.5 million, $192.4 million, and $149.5 million, respectively, partially offset by decreases in one-to-four family real estate loans, construction loans and home equity loans and advances of $127.8 million, $8.3 million, and $2.0 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 purchased was charged-off by $3.2 million. The allowance for credit losses for loans increased $5.7 million to $65.7 million at September 30, 2025 from $60.0 million at December 31, 2024, primarily due to an increase in the outstanding balance of loans.
Total liabilities increased $319.8 million, or 3.4%, to $9.7 billion at September 30, 2025 from $9.4 billion at December 31, 2024. The increase was primarily attributable to an increase in total deposits of $144.2 million, or 1.8%, and an increase in borrowings of $182.9 million, or 16.9%, partially offset by a decrease in other liabilities of $6.2 million. The increase in total deposits consisted of increases in non-interest-bearing demand deposits, money market accounts and certificates of deposit of $52.7 million, $154.8 million, and $115.9 million, respectively, partially offset by decreases in interest-bearing demand deposits and savings and club accounts of $165.6 million and $13.6 million, respectively. The $182.9 million increase in borrowings was driven by a net increase in short-term borrowings of $107.0 million, coupled with new long-term borrowings of $155.3 million, partially offset by repayments of $79.4 million in maturing long-term borrowings. A portion of the 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’ equity increased $60.6 million, or 5.6%, with a balance of $1.1 billion at both September 30, 2025 and December 31, 2024. The increase in total stockholders' equity was primarily attributable to net income of $36.1 million, and an
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increase of $21.5 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. This increase was partially offset by the repurchase of 183,864 shares of common stock at a cost of approximately $2.8 million, or $15.43 per share, under our recently announced seventh stock repurchase program.
Asset Quality
The Company's non-performing loans at September 30, 2025 totaled $32.5 million, or 0.40% of total gross loans, as compared to $21.7 million, or 0.28% of total gross loans, at December 31, 2024. The $10.8 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 $1.1 million, and an increase in non-performing commercial real estate loans of $2.7 million. The $5.9 million non-performing construction loan was made to finance 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 31, 2024 to 38 non-performing loans at September 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 31, 2024 to eight non-performing loans at September 30, 2025. Non-performing assets as a percentage of total assets totaled 0.30% at September 30, 2025, as compared to 0.22% at December 31, 2024.
For the quarter ended September 30, 2025, net charge-offs totaled approximately $1.2 million, as compared to $2.7 million for the quarter ended September 30, 2024. For the nine months ended September 30, 2025, net charge-offs totaled $5.2 million as compared to $8.2 million for the nine months ended September 30, 2024. Charge-offs for the nine months ended September 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 $65.7 million, or 0.80% of total gross loans, at September 30, 2025, compared to $60.0 million, or 0.76% of total gross loans, at December 31, 2024. The increase in the allowance for credit losses for loans was primarily due to an increase in the outstanding balance of loans.
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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.
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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; 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 “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 company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors.

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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".
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COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Financial Condition
(In thousands)
September 30,December 31,
20252024
Assets(Unaudited)
Cash and due from banks$253,291 $289,113 
Short-term investments111 110 
Total cash and cash equivalents253,402 289,223 
Debt securities available for sale, at fair value 1,080,229 1,025,946 
Debt securities held to maturity, at amortized cost (fair value of $368,206, and $350,153 at September 30, 2025 and December 31, 2024, respectively)
399,278 392,840 
Equity securities, at fair value7,967 6,673 
Federal Home Loan Bank stock68,263 60,387 
Loans receivable8,272,560 7,916,928 
Less: allowance for credit losses 65,659 59,958 
Loans receivable, net8,206,901 7,856,970 
Accrued interest receivable42,249 40,383 
Office properties and equipment, net82,814 81,772 
Bank-owned life insurance280,890 274,908 
Goodwill and intangible assets120,914 121,008 
Other real estate owned— 1,334 
Other assets312,927 324,049 
Total assets$10,855,834 $10,475,493 
Liabilities and Stockholders' Equity
Liabilities:
Deposits$8,240,321 $8,096,149 
Borrowings1,263,483 1,080,600 
Advance payments by borrowers for taxes and insurance44,305 45,453 
Accrued expenses and other liabilities166,765 172,915 
Total liabilities9,714,874 9,395,117 
Stockholders' equity:
Total stockholders' equity1,140,960 1,080,376 
Total liabilities and stockholders' equity$10,855,834 $10,475,493 


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COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands, except per share data)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Interest income:
(Unaudited)
(Unaudited)
Loans receivable
$103,792 $97,863 $298,548 $286,064 
Debt securities available for sale and equity securities
9,858 9,592 29,901 26,618 
Debt securities held to maturity
2,886 2,616 8,619 7,487 
Federal funds and interest-earning deposits
2,623 3,850 7,924 11,872 
Federal Home Loan Bank stock dividends
1,258 1,966 4,079 5,759 
Total interest income
120,417 115,887 349,071 337,800 
Interest expense:
Deposits
49,569 52,196 149,058 150,440 
Borrowings
13,462 18,416 38,599 55,805 
Total interest expense
63,031 70,612 187,657 206,245 
Net interest income
57,386 45,275 161,414 131,555 
Provision for credit losses
2,344 4,103 7,745 11,575 
Net interest income after provision for credit losses
55,042 41,172 153,669 119,980 
Non-interest income:
Demand deposit account fees
2,037 1,695 5,940 4,698 
Bank-owned life insurance
2,133 1,669 5,982 5,253 
Title insurance fees
684 688 2,191 1,935 
Loan fees and service charges
1,570 951 4,370 3,290 
Gain (loss) on securities transactions
— — 336 (1,256)
Change in fair value of equity securities
714 (27)1,294 425 
Gain on sale of loans
401 459 901 825 
Gain on sale of other real estate owned— — 281 — 
Other non-interest income
2,328 3,543 7,216 10,440 
Total non-interest income
9,867 8,978 28,511 25,610 
Non-interest expense:
Compensation and employee benefits
29,248 27,738 86,764 82,910 
Occupancy
6,055 5,594 18,208 17,621 
Federal deposit insurance premiums
1,783 1,518 5,402 5,752 
Advertising
512 766 1,606 2,053 
Professional fees
2,590 2,454 8,624 11,597 
Data processing and software expenses
4,457 4,125 12,621 12,006 
Merger-related expenses
— 23 — 737 
Other non-interest expense, net
441 616 612 2,063 
Total non-interest expense
45,086 42,834 133,837 134,739 
Income before income tax expense 19,823 7,316 48,343 10,851 
Income tax expense4,955 1,131 12,270 1,281 
Net income
$14,868 $6,185 $36,073 $9,570 
Earnings per share-basic $0.15 $0.06 $0.35 $0.09 
Earnings per share-diluted$0.15 $0.06 $0.35 $0.09 
Weighted average shares outstanding-basic102,031,221 101,623,160 101,943,317 101,673,619 
Weighted average shares outstanding-diluted102,031,221 101,832,048 101,943,317 101,813,253 

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COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Average Balances/Yields
 For the Three Months Ended September 30,
20252024
Average Balance
Interest and Dividends
Yield / Cost
Average Balance
Interest and Dividends
Yield / Cost
(Dollars in thousands)
Interest-earnings assets:
Loans
$8,165,132 $103,792 5.04 %$7,791,131 $97,863 5.00 %
Securities
1,481,219 12,744 3.41 %1,676,781 12,208 2.90 %
Other interest-earning assets
293,903 3,881 5.24 %344,560 5,816 6.72 %
Total interest-earning assets
9,940,254 120,417 4.81 %9,812,472 115,887 4.70 %
Non-interest-earning assets
871,010 870,155 
Total assets
$10,811,264 $10,682,627 
Interest-bearing liabilities:
Interest-bearing demand
$1,904,963 $10,685 2.23 %$1,970,444 $14,581 2.94 %
Money market accounts
1,369,986 9,763 2.83 %1,250,676 8,256 2.63 %
Savings and club deposits
640,834 1,056 0.65 %658,628 1,313 0.79 %
Certificates of deposit
2,838,737 28,065 3.92 %2,589,190 28,046 4.31 %
Total interest-bearing deposits
6,754,520 49,569 2.91 %6,468,938 52,196 3.21 %
FHLB advances
1,213,787 13,317 4.35 %1,497,580 18,249 4.85 %
Junior subordinated debentures
7,051 145 8.16 %7,028 164 9.28 %
Other borrowings
— — — %217 3 5.50 %
Total borrowings
1,220,838 13,462 4.37 %1,504,825 18,416 4.87 %
Total interest-bearing liabilities
7,975,358 $63,031 3.14 %7,973,763 $70,612 3.52 %
Non-interest-bearing liabilities:
Non-interest-bearing deposits
1,489,014 1,411,622 
Other non-interest-bearing liabilities
219,406 235,990 
Total liabilities
9,683,778 9,621,375 
Total stockholders' equity
1,127,486 1,061,252 
Total liabilities and stockholders' equity
$10,811,264 $10,682,627 
Net interest income
$57,386 $45,275 
Interest rate spread
1.67 %1.18 %
Net interest-earning assets
$1,964,896 $1,838,709 
Net interest margin
2.29 %1.84 %
Ratio of interest-earning assets to interest-bearing liabilities
124.64 %123.06 %

11

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Average Balances/Yields
For the Nine Months Ended September 30,
20252024
Average Balance
Interest and Dividends
Yield / Cost
Average Balance
Interest and Dividends
Yield / Cost
(Dollars in thousands)
Interest-earnings assets:
Loans
$8,040,666 $298,548 4.96 %$7,789,356 $286,064 4.91 %
Securities
1,484,237 38,520 3.47 %1,618,319 34,105 2.82 %
Other interest-earning assets
297,563 12,003 5.39 %370,749 17,631 6.35 %
Total interest-earning assets
9,822,466 349,071 4.75 %9,778,424 337,800 4.61 %
Non-interest-earning assets
867,884 864,036 
Total assets
$10,690,350 $10,642,460 
Interest-bearing liabilities:
Interest-bearing demand
$1,967,414 $33,121 2.25 %$1,972,520 $41,673 2.82 %
Money market accounts
1,328,675 28,425 2.86 %1,235,520 25,349 2.74 %
Savings and club deposits
645,055 3,278 0.68 %673,930 3,920 0.78 %
Certificates of deposit
2,795,026 84,234 4.03 %2,550,634 79,498 4.16 %
Total interest-bearing deposits
6,736,170 149,058 2.96 %6,432,604 150,440 3.12 %
FHLB advances
1,164,942 38,174 4.38 %1,507,045 55,316 4.90 %
Junior subordinated debentures
7,043 425 8.07 %7,023 486 9.24 %
Other borrowings
— — — %73 3 5.49 %
Total borrowings
1,171,985 38,599 4.40 %1,514,141 55,805 4.92 %
Total interest-bearing liabilities
7,908,155 $187,657 3.17 %7,946,745 $206,245 3.47 %
Non-interest-bearing liabilities:
Non-interest-bearing deposits
1,455,365 1,406,666 
Other non-interest-bearing liabilities
218,546 243,848 
Total liabilities
9,582,066 9,597,259 
Total stockholders' equity
1,108,284 1,045,201 
Total liabilities and stockholders' equity
$10,690,350 $10,642,460 
Net interest income
$161,414 $131,555 
Interest rate spread
1.58 %1.15 %
Net interest-earning assets
$1,914,311 $1,831,679 
Net interest margin
2.20 %1.80 %
Ratio of interest-earning assets to interest-bearing liabilities
124.21 %123.05 %

12


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Components of Net Interest Rate Spread and Margin
Average Yields/Costs by Quarter
September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
Yield on interest-earning assets:
Loans
5.04 %4.96 %4.89 %4.88 %5.00 %
Securities
3.41 3.55 3.45 2.99 2.90 
Other interest-earning assets
5.24 5.16 5.75 6.00 6.72 
Total interest-earning assets
4.81 %4.75 %4.69 %4.61 %4.70 %
Cost of interest-bearing liabilities:
Total interest-bearing deposits
2.91 %2.95 %3.01 %3.13 %3.21 %
Total borrowings
4.37 4.40 4.44 4.65 4.87 
Total interest-bearing liabilities
3.14 %3.18 %3.21 %3.38 %3.52 %
Interest rate spread
1.67 %1.57 %1.48 %1.23 %1.18 %
Net interest margin
2.29 %2.19 %2.11 %1.88 %1.84 %
Ratio of interest-earning assets to interest-bearing liabilities
124.64 %124.01 %123.96 %124.02 %123.06 %


13

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Selected Financial Highlights
September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
SELECTED FINANCIAL RATIOS (1):
Return on average assets0.55 %0.46 %0.34 %(0.79)%0.23 %
Core return on average assets0.56 %0.47 %0.35 %0.42 %0.23 %
Return on average equity5.23 %4.46 %3.31 %(7.86)%2.32 %
Core return on average equity5.41 %4.58 %3.37 %4.09 %2.29 %
Core return on average tangible equity6.04 %5.14 %3.78 %4.74 %2.58 %
Interest rate spread1.67 %1.57 %1.48 %1.23 %1.18 %
Net interest margin2.29 %2.19 %2.11 %1.88 %1.84 %
Non-interest income to average assets0.36 %0.38 %0.33 %(0.88)%0.33 %
Non-interest expense to average assets1.65 %1.68 %1.68 %1.73 %1.60 %
Efficiency ratio67.04 %70.30 %74.57 %205.17 %78.95 %
Core efficiency ratio66.04 %69.41 %74.20 %73.68 %79.14 %
Average interest-earning assets to average interest-bearing liabilities124.64 %124.01 %123.96 %124.02 %123.06 %
Net charge-offs to average outstanding loans (2)
0.04 %0.04 %0.04 %0.07 %0.14 %
(1) Ratios are annualized when appropriate.
(2) The June 30, 2025 ratio includes $3.2 million of non-annualized PCD charge-offs related to the purchased commercial equipment finance loans.

ASSET QUALITY DATA:
September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
(Dollars in thousands)
Non-accrual loans
$32,529 $39,545 $24,856 $21,701 $28,014 
90+ and still accruing
— — — — — 
Non-performing loans
32,529 39,545 24,856 21,701 28,014 
Real estate owned
— — 1,334 1,334 1,974 
Total non-performing assets
$32,529 $39,545 $26,190 $23,035 $29,988 
Non-performing loans to total gross loans
0.40 %0.49 %0.31 %0.28 %0.36 %
Non-performing assets to total assets
0.30 %0.37 %0.25 %0.22 %0.28 %
Allowance for credit losses on loans ("ACL")
$65,659 $64,467 $62,034 $59,958 $58,495 
ACL to total non-performing loans
201.85 %163.02 %249.57 %276.29 %208.81 %
ACL to gross loans
0.80 %0.79 %0.78 %0.76 %0.75 %

14

LOAN DATA:
September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
(In thousands)
Real estate loans:
One-to-four family
$2,583,162 $2,629,372 $2,676,566 $2,710,937 $2,737,190 
Multifamily 1,612,105 1,578,733 1,567,862 1,460,641 1,399,000 
Commercial real estate
2,532,329 2,517,693 2,429,429 2,339,883 2,312,759 
Construction
465,283 415,403 437,081 473,573 510,439 
Commercial business loans
771,486 726,526 614,049 622,000 586,447 
Consumer loans:
Home equity loans and advances
256,970 256,384 253,439 259,009 261,041 
Other consumer loans
2,725 2,602 2,547 3,404 2,877 
Total gross loans
8,224,060 8,126,713 7,980,973 7,869,447 7,809,753 
Purchased credit deteriorated loans
10,920 11,998 10,395 11,686 11,795 
Net deferred loan costs, fees and purchased premiums and discounts
37,580 36,788 35,940 35,795 35,642 
Allowance for credit losses
(65,659)(64,467)(62,034)(59,958)(58,495)
Loans receivable, net
$8,206,901 $8,111,032 $7,965,274 $7,856,970 $7,798,695 


At September 30, 2025
(Dollars in thousands)
Balance% of Gross LoansWeighted Average Loan to Value RatioWeighted Average Debt Service Coverage
Multifamily Real Estate$1,612,105 20.2 %59.0 %1.55 
Owner Occupied Commercial Real Estate$674,630 8.5 %52.1 %2.26 
Investor Owned Commercial Real Estate:
Retail / Shopping centers$547,192 6.9 %54.5 %1.44 
Mixed Use234,101 2.9 58.0 2.39 
Industrial / Warehouse433,719 5.4 54.3 1.60 
Non-Medical Office176,434 2.2 51.5 1.68 
Medical Office100,949 1.3 60.4 1.48 
Single Purpose63,940 0.8 62.4 1.40 
Other301,364 3.8 50.3 1.86 
Total$1,857,699 23.3 %54.5 %1.69 
Total Multifamily and Commercial Real Estate Loans$4,144,434 51.9 %55.9 %1.73 
As of September 30, 2025, the Company had loan exposures of approximately $814,000 and $850,000 related to office and rent stabilized multifamily in New York City, respectively.
.

15

DEPOSIT DATA:
September 30, 2025June 30, 2025March 31, 2025December 31, 2024
BalanceWeighted Average RateBalanceWeighted Average RateBalanceWeighted Average RateBalanceWeighted Average Rate
(Dollars in thousands)
Non-interest-bearing demand$1,490,722 — %$1,439,951 — %$1,490,243 — %$1,438,030 — %
Interest-bearing demand1,855,724 2.04 1,872,265 2.03 1,935,384 2.08 2,021,312 2.19 
Money market accounts1,396,474 2.74 1,355,682 2.79 1,333,668 2.84 1,241,691 2.82 
Savings and club deposits638,857 0.61 644,761 0.70 651,713 0.70 652,501 0.75 
Certificates of deposit2,858,544 3.89 2,822,824 3.96 2,783,927 4.08 2,742,615 4.24 
Total deposits$8,240,321 2.32 %$8,135,483 2.36 %$8,194,935 2.40 %$8,096,149 2.47 %

CAPITAL RATIOS:
September 30,
December 31,
2025 (1)
2024
Company:
Total capital (to risk-weighted assets)
14.88 %14.20 %
Tier 1 capital (to risk-weighted assets)
14.01 %13.40 %
Common equity tier 1 capital (to risk-weighted assets)
13.92 %13.31 %
Tier 1 capital (to adjusted total assets)
10.40 %10.02 %
Columbia Bank:
Total capital (to risk-weighted assets)
13.95 %14.41 %
Tier 1 capital (to risk-weighted assets)
13.08 %13.56 %
Common equity tier 1 capital (to risk-weighted assets)
13.08 %13.56 %
Tier 1 capital (to adjusted total assets)
9.71 %9.64 %
(1) Estimated ratios at September 30, 2025


Reconciliation of GAAP to Non-GAAP Financial Measures
Book and Tangible Book Value per Share
September 30,December 31,
20252024
(Dollars in thousands)
Total stockholders' equity$1,140,960 $1,080,376 
Less: goodwill(110,715)(110,715)
Less: core deposit intangible(7,434)(8,964)
Total tangible stockholders' equity$1,022,811 $960,697 
Shares outstanding104,743,273 104,759,185 
Book value per share$10.89 $10.31 
Tangible book value per share$9.76 $9.17 
16

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Reconciliation of Core Net Income
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In thousands)
Net income$14,868 $6,185 $36,073 $9,570 
Less/add: (gain) loss on securities transactions, net of tax— — (251)1,130 
Add: FDIC special assessment, net of tax— (107)— 385 
Add: severance expense, net of tax503 — 1,020 67 
Add: merger-related expenses, net of tax— 19 — 691 
Add: litigation expenses, net of tax— — 242 — 
Core net income$15,371 $6,097 $37,084 $11,843 

Return on Average Assets
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)
Net income $14,868 $6,185 $36,073 $9,570 
Average assets$10,811,264 $10,682,627 $10,690,350 $10,642,460 
Return on average assets0.55 %0.23 %0.45 %0.12 %
Core net income$15,371 $6,097 $37,084 $11,843 
Core return on average assets0.56 %0.23 %0.46 %0.15 %
17

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Return on Average Equity
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)
Total average stockholders' equity$1,127,486 $1,061,252 $1,108,284 $1,045,201 
Less/add: (gain)loss on securities transactions, net of tax— — (251)1,130 
Add: FDIC special assessment, net of tax— (107)— 385 
Add: severance expense, net of tax503 — 1,020 67 
Add: merger-related expenses, net of tax— 19 — 691 
Add: litigation expenses, net of tax— — 242 — 
Core average stockholders' equity$1,127,989 $1,061,164 $1,109,295 $1,047,474 
Return on average equity5.23 %2.32 %4.35 %1.22 %
Core return on core average equity5.41 %2.29 %4.47 %1.51 %

Return on Average Tangible Equity
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)
Total average stockholders' equity$1,127,486 $1,061,252 $1,108,284 $1,045,201 
Less: average goodwill(110,715)(110,715)(110,715)(110,715)
Less: average core deposit intangible(7,742)(9,842)(8,252)(10,391)
Total average tangible stockholders' equity$1,009,029 $940,695 $989,317 $924,095 
Core return on average tangible equity6.04 %2.58 %5.01 %1.71 %

18

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Efficiency Ratios
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)
Net interest income$57,386 $45,275 $161,414 $131,555 
Non-interest income9,867 8,978 28,511 25,610 
Total income$67,253 $54,253 $189,925 $157,165 
Non-interest expense$45,086 $42,834 $133,837 $134,739 
Efficiency ratio67.04 %78.95 %70.47 %85.73 %
Non-interest income$9,867 $8,978 $28,511 $25,610 
Less /add: (gain) loss on securities transactions— — (336)1,256 
Core non-interest income$9,867 $8,978 $28,175 $26,866 
Non-interest expense$45,086 $42,834 $133,837 $134,739 
Less: FDIC special assessment, net— 126 — (439)
Less: severance expense (670)— (1,365)(74)
Less: merger-related expenses— (23)— (737)
Less: litigation expenses— — (325)— 
Core non-interest expense$44,416 $42,937 $132,147 $133,489 
Core efficiency ratio66.04 %79.14 %69.70 %84.26 %


19