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

GlobeNewswire

July 30, 2025

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

For the six months ended June 30, 2025, the Company reported net income of $21.2 million, or $0.21 per basic and diluted share, as compared to $3.4 million, or $0.03 per basic and diluted share, for the six months ended June 30, 2024. Earnings for the six months ended June 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: “We are pleased with our results for the second quarter of 2025, which reflect a substantial increase in earnings and the continued expansion of our net interest margin resulting from our previously announced strategies. During the quarter, we also experienced solid loan growth, complemented by the purchase of approximately $130.9 million in commercial equipment finance loans. Assets and deposits continued to increase throughout the 2025 period, and we reduced our overall operating costs.”

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Company's net interest margin for the six months ended June 30, 2025 increased 37 basis points to 2.15%, when compared to 1.78% for the six months ended June 30, 2024. The net interest margin increased 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 15 basis points to 4.72% for the six months ended June 30, 2025, as compared to 4.57% for the six months ended June 30, 2024. The average cost of interest-bearing liabilities decreased 25 basis points to 3.19% for the six months ended June 30, 2025, as compared to 3.44% for the six months ended June 30, 2024.

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

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

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

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

Balance Sheet Summary

Total assets increased $263.5 million, or 2.5%, to $10.7 billion at June 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 $31.0 million, and an increase in loans receivable, net, of $254.1 million, partially offset by a decrease in cash and cash equivalents of $41.0 million.

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

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

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

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

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

Asset Quality

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

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

The Company's allowance for credit losses on loans was $64.5 million, or 0.79% of total gross loans, at June 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.

About Columbia Financial, Inc.

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

Forward Looking Statements

Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “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 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.

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 SUBSIDIARIES Consolidated Statements of Financial Condition (In thousands)
	June 30,				December 31,
	2025				2024
Assets	(Unaudited)
Cash and due from banks	$	248,113			$	289,113
Short-term investments		111				110
Total cash and cash equivalents		248,224				289,223
Debt securities available for sale, at fair value		1,056,950				1,025,946
Debt securities held to maturity, at amortized cost (fair value of $368,232, and $350,153 at June 30, 2025 and December 31, 2024, respectively)		402,159				392,840
Equity securities, at fair value		7,253				6,673
Federal Home Loan Bank stock		68,663				60,387
Loans receivable		8,175,499				7,916,928
Less: allowance for credit losses		64,467				59,958
Loans receivable, net		8,111,032				7,856,970
Accrued interest receivable		41,161				40,383
Office properties and equipment, net		82,176				81,772
Bank-owned life insurance		278,756				274,908
Goodwill and intangible assets		120,003				121,008
Other real estate owned		—				1,334
Other assets		322,651				324,049
Total assets	$	10,739,028			$	10,475,493
Liabilities and Stockholders' Equity
Liabilities:
Deposits	$	8,135,483			$	8,096,149
Borrowings		1,272,578				1,080,600
Advance payments by borrowers for taxes and insurance		49,525				45,453
Accrued expenses and other liabilities		160,734				172,915
Total liabilities		9,618,320				9,395,117
Stockholders' equity:
Total stockholders' equity		1,120,708				1,080,376
Total liabilities and stockholders' equity	$	10,739,028			$	10,475,493

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Consolidated Statements of Income (In thousands, except per share data)
	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
Interest income:	(Unaudited)								(Unaudited)
Loans receivable	$	99,646			$	95,252			$	194,756			$	188,201
Debt securities available for sale and equity securities		10,301				9,241				20,043				17,026
Debt securities held to maturity		2,922				2,502				5,733				4,871
Federal funds and interest-earning deposits		2,443				4,459				5,301				8,022
Federal Home Loan Bank stock dividends		1,179				1,832				2,821				3,793
Total interest income		116,491				113,286				228,654				221,913
Interest expense:
Deposits		49,344				49,826				99,489				98,244
Borrowings		13,444				19,380				25,137				37,389
Total interest expense		62,788				69,206				124,626				135,633
Net interest income		53,703				44,080				104,028				86,280
Provision for credit losses		2,468				2,194				5,401				7,472
Net interest income after provision for credit losses		51,235				41,886				98,627				78,808
Non-interest income:
Demand deposit account fees		2,015				1,590				3,903				3,003
Bank-owned life insurance		1,990				1,804				3,849				3,584
Title insurance fees		861				744				1,507				1,247
Loan fees and service charges		1,744				1,378				2,800				2,339
Gain (loss) on securities transactions		336				—				336				(1,256	)
Change in fair value of equity securities		272				101				580				452
(Loss) gain on sale of loans		(15	)			181				500				366
Gain on sale of other real estate owned		281				—				281				—
Other non-interest income		2,689				3,382				4,888				6,897
Total non-interest income		10,173				9,180				18,644				16,632
Non-interest expense:
Compensation and employee benefits		28,933				27,659				57,516				55,172
Occupancy		5,968				6,054				12,153				12,027
Federal deposit insurance premiums		1,739				1,879				3,619				4,234
Advertising		563				661				1,094				1,287
Professional fees		3,519				4,509				6,034				9,143
Data processing and software expenses		4,103				3,914				8,164				7,881
Merger-related expenses		—				692				—				714
Other non-interest expense, net		81				879				171				1,447
Total non-interest expense		44,906				46,247				88,751				91,905
Income before income tax expense		16,502				4,819				28,520				3,535
Income tax expense		4,197				279				7,315				150
Net income	$	12,305			$	4,540			$	21,205			$	3,385
Earnings per share-basic	$	0.12			$	0.04			$	0.21			$	0.03
Earnings per share-diluted	$	0.12			$	0.04			$	0.21			$	0.03
Weighted average shares outstanding-basic		101,985,784				101,651,511				101,898,636				101,699,126
Weighted average shares outstanding-diluted		101,985,784				101,651,511				101,898,636				101,804,386

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Average Balances/Yields
	For the Three Months Ended June 30,
	2025												2024
	Average Balance				Interest and Dividends				Yield / Cost				Average Balance				Interest and Dividends				Yield / Cost
	(Dollars in thousands)
Interest-earnings assets:
Loans	$	8,059,332			$	99,646				4.96	%		$	7,774,052			$	95,252				4.93	%
Securities		1,493,913				13,223				3.55	%			1,633,801				11,743				2.89	%
Other interest-earning assets		281,611				3,622				5.16	%			401,633				6,291				6.30	%
Total interest-earning assets		9,834,856				116,491				4.75	%			9,809,486				113,286				4.64	%
Non-interest-earning assets		860,948												871,525
Total assets	$	10,695,804											$	10,681,011
Interest-bearing liabilities:
Interest-bearing demand	$	1,938,459			$	10,898				2.25	%		$	1,948,389			$	13,708				2.83	%
Money market accounts		1,332,835				9,424				2.84	%			1,220,774				8,323				2.74	%
Savings and club deposits		645,167				1,114				0.69	%			674,793				1,370				0.82	%
Certificates of deposit		2,788,547				27,908				4.01	%			2,545,967				26,425				4.17	%
Total interest-bearing deposits		6,705,008				49,344				2.95	%			6,389,923				49,826				3.14	%
FHLB advances		1,218,442				13,303				4.38	%			1,576,514				19,219				4.90	%
Junior subordinated debentures		7,045				141				8.03	%			7,023				161				9.22	%
Total borrowings		1,225,487				13,444				4.40	%			1,583,537				19,380				4.92	%
Total interest-bearing liabilities		7,930,495			$	62,788				3.18	%			7,973,460			$	69,206				3.49	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,443,627												1,416,047
Other non-interest-bearing liabilities		215,390												260,107
Total liabilities		9,589,512												9,649,614
Total stockholders' equity		1,106,292												1,031,397
Total liabilities and stockholders' equity	$	10,695,804											$	10,681,011
Net interest income					$	53,703											$	44,080
Interest rate spread										1.57	%											1.15	%
Net interest-earning assets	$	1,904,361											$	1,836,026
Net interest margin										2.19	%											1.81	%
Ratio of interest-earning assets to interest-bearing liabilities		124.01	%											123.03	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Average Balances/Yields
	For the Six Months Ended June 30,
	2025												2024
	Average Balance				Interest and Dividends				Yield / Cost				Average Balance				Interest and Dividends				Yield / Cost
	(Dollars in thousands)
Interest-earnings assets:
Loans	$	7,977,402			$	194,756				4.92	%		$	7,788,459			$	188,201				4.86	%
Securities		1,485,771				25,776				3.50	%			1,588,767				21,897				2.77	%
Other interest-earning assets		299,424				8,122				5.47	%			383,989				11,815				6.19	%
Total interest-earning assets		9,762,597				228,654				4.72	%			9,761,215				221,913				4.57	%
Non-interest-earning assets		866,499												861,632
Total assets	$	10,629,096											$	10,622,847
Interest-bearing liabilities:
Interest-bearing demand	$	1,999,157			$	22,438				2.26	%		$	1,973,569			$	27,092				2.76	%
Money market accounts		1,307,676				18,662				2.88	%			1,227,857				17,093				2.80	%
Savings and club deposits		647,201				2,221				0.69	%			681,664				2,607				0.77	%
Certificates of deposit		2,772,808				56,168				4.08	%			2,531,145				51,452				4.09	%
Total interest-bearing deposits		6,726,842				99,489				2.98	%			6,414,235				98,244				3.08	%
FHLB advances		1,140,113				24,857				4.40	%			1,511,830				37,067				4.93	%
Junior subordinated debentures		7,041				280				8.02	%			7,020				322				9.22	%
Total borrowings		1,147,154				25,137				4.42	%			1,518,850				37,389				4.95	%
Total interest-bearing liabilities		7,873,996			$	124,626				3.19	%			7,933,085			$	135,633				3.44	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,438,262												1,404,161
Other non-interest-bearing liabilities		218,314												248,514
Total liabilities		9,530,572												9,585,760
Total stockholders' equity		1,098,524												1,037,087
Total liabilities and stockholders' equity	$	10,629,096											$	10,622,847
Net interest income					$	104,028											$	86,280
Interest rate spread										1.53	%											1.13	%
Net interest-earning assets	$	1,888,601											$	1,828,130
Net interest margin										2.15	%											1.78	%
Ratio of interest-earning assets to interest-bearing liabilities		123.99	%											123.04	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Components of Net Interest Rate Spread and Margin
	Average Yields/Costs by Quarter
	June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024
Yield on interest-earning assets:
Loans		4.96	%			4.89	%			4.88	%			5.00	%			4.93	%
Securities		3.55				3.45				2.99				2.90				2.89
Other interest-earning assets		5.16				5.75				6.00				6.72				6.30
Total interest-earning assets		4.75	%			4.69	%			4.61	%			4.70	%			4.64	%
Cost of interest-bearing liabilities:
Total interest-bearing deposits		2.95	%			3.01	%			3.13	%			3.21	%			3.14	%
Total borrowings		4.40				4.44				4.65				4.87				4.92
Total interest-bearing liabilities		3.18	%			3.21	%			3.38	%			3.52	%			3.49	%
Interest rate spread		1.57	%			1.48	%			1.23	%			1.18	%			1.15	%
Net interest margin		2.19	%			2.11	%			1.88	%			1.84	%			1.81	%
Ratio of interest-earning assets to interest-bearing liabilities		124.01	%			123.96	%			124.02	%			123.06	%			123.03	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Selected Financial Highlights
	June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024
SELECTED FINANCIAL RATIOS (1):
Return on average assets		0.46	%			0.34	%		(0.79		)%			0.23	%			0.17	%
Core return on average assets		0.47	%			0.35	%			0.42	%			0.23	%			0.20	%
Return on average equity		4.46	%			3.31	%		(7.86		)%			2.32	%			1.77	%
Core return on average equity		4.58	%			3.37	%			4.09	%			2.29	%			2.06	%
Core return on average tangible equity		5.14	%			3.78	%			4.74	%			2.58	%			2.34	%
Interest rate spread		1.57	%			1.48	%			1.23	%			1.18	%			1.15	%
Net interest margin		2.19	%			2.11	%			1.88	%			1.84	%			1.81	%
Non-interest income to average assets		0.38	%			0.33	%		(0.88		)%			0.33	%			0.35	%
Non-interest expense to average assets		1.68	%			1.68	%			1.73	%			1.60	%			1.74	%
Efficiency ratio		70.30	%			74.57	%			205.17	%			78.95	%			86.83	%
Core efficiency ratio		69.41	%			74.20	%			73.68	%			79.14	%			85.34	%
Average interest-earning assets to average interest-bearing liabilities		124.01	%			123.96	%			124.02	%			123.06	%			123.03	%
Net charge-offs to average outstanding loans (2)		0.04	%			0.04	%			0.07	%			0.14	%			0.03	%
(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:
	June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024
	(Dollars in thousands)
Non-accrual loans	$	39,545			$	24,856			$	21,701			$	28,014			$	25,281
90+ and still accruing		—				—				—				—				—
Non-performing loans		39,545				24,856				21,701				28,014				25,281
Real estate owned		—				1,334				1,334				1,974				1,974
Total non-performing assets	$	39,545			$	26,190			$	23,035			$	29,988			$	27,255
Non-performing loans to total gross loans		0.49	%			0.31	%			0.28	%			0.36	%			0.33	%
Non-performing assets to total assets		0.37	%			0.25	%			0.22	%			0.28	%			0.25	%
Allowance for credit losses on loans (“ACL”)	$	64,467			$	62,034			$	59,958			$	58,495			$	57,062
ACL to total non-performing loans		163.02	%			249.57	%			276.29	%			208.81	%			225.71	%
ACL to gross loans		0.79	%			0.78	%			0.76	%			0.75	%			0.73	%

LOAN DATA:
	June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024
	(In thousands)
Real estate loans:
One-to-four family	$	2,629,372			$	2,676,566			$	2,710,937			$	2,737,190			$	2,764,177
Multifamily		1,578,733				1,567,862				1,460,641				1,399,000				1,409,316
Commercial real estate		2,517,693				2,429,429				2,339,883				2,312,759				2,316,252
Construction		415,403				437,081				473,573				510,439				462,880
Commercial business loans		726,526				614,049				622,000				586,447				554,768
Consumer loans:
Home equity loans and advances		256,384				253,439				259,009				261,041				260,427
Other consumer loans		2,602				2,547				3,404				2,877				2,689
Total gross loans		8,126,713				7,980,973				7,869,447				7,809,753				7,770,509
Purchased credit deteriorated loans		11,998				10,395				11,686				11,795				12,150
Net deferred loan costs, fees and purchased premiums and discounts		36,788				35,940				35,795				35,642				36,352
Allowance for credit losses		(64,467	)			(62,034	)			(59,958	)			(58,495	)			(57,062	)
Loans receivable, net	$	8,111,032			$	7,965,274			$	7,856,970			$	7,798,695			$	7,761,949

	At June 30, 2025
	(Dollars in thousands)
	Balance				% of Gross Loans				Weighted Average Loan to Value Ratio				Weighted Average Debt Service Coverage
Multifamily Real Estate	$	1,578,733				19.8	%			59.0	%			1.86	x
Owner Occupied Commercial Real Estate	$	686,005				8.6	%			53.1	%			2.23	x
Investor Owned Commercial Real Estate:
Retail / Shopping centers	$	544,476				6.8	%			54.2	%			1.45	x
Mixed Use		209,619				2.6				58.5				2.52
Industrial / Warehouse		435,261				5.5				54.4				1.60
Non-Medical Office		167,986				2.1				51.6				1.69
Medical Office		98,801				1.2				61.0				1.49
Single Purpose		43,332				0.5				60.7				1.44
Other		332,213				4.2				50.4				1.85
Total	$	1,831,688				23.0	%			54.3	%			1.70	x
Total Multifamily and Commercial Real Estate Loans	$	4,096,426				51.3	%			55.9	%			1.85

DEPOSIT DATA:
	June 30, 2025								March 31, 2025								December 31, 2024
	Balance				Weighted Average Rate				Balance				Weighted Average Rate				Balance				Weighted Average Rate
	(Dollars in thousands)
Non-interest-bearing demand	$	1,439,951				—	%		$	1,490,243				—	%		$	1,438,030				—	%
Interest-bearing demand		1,872,265				2.03				1,935,384				2.08				2,021,312				2.19
Money market accounts		1,355,682				2.79				1,333,668				2.84				1,241,691				2.82
Savings and club deposits		644,761				0.70				651,713				0.70				652,501				0.75
Certificates of deposit		2,822,824				3.96				2,783,927				4.08				2,742,615				4.24
Total deposits	$	8,135,483				2.36	%		$	8,194,935				2.40	%		$	8,096,149				2.47	%

CAPITAL RATIOS:
	June 30,				December 31,
	2025 (1)				2024
Company:
Total capital (to risk-weighted assets)		14.18	%			14.20	%
Tier 1 capital (to risk-weighted assets)		13.35	%			13.40	%
Common equity tier 1 capital (to risk-weighted assets)		13.27	%			13.31	%
Tier 1 capital (to adjusted total assets)		10.37	%			10.02	%
Columbia Bank:
Total capital (to risk-weighted assets)		14.40	%			14.41	%
Tier 1 capital (to risk-weighted assets)		13.53	%			13.56	%
Common equity tier 1 capital (to risk-weighted assets)		13.53	%			13.56	%
Tier 1 capital (to adjusted total assets)		9.95	%			9.64	%
(1) Estimated ratios at June 30, 2025

Reconciliation of GAAP to Non-GAAP Financial Measures
Book and Tangible Book Value per Share
	June 30,				December 31,
	2025				2024
	(Dollars in thousands)
Total stockholders' equity	$	1,120,708			$	1,080,376
Less: goodwill		(110,715	)			(110,715	)
Less: core deposit intangible		(7,933	)			(8,964	)
Total tangible stockholders' equity	$	1,002,060			$	960,697
Shares outstanding		104,927,137				104,759,185
Book value per share	$	10.68			$	10.31
Tangible book value per share	$	9.55			$	9.17

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Reconciliation of Core Net Income
	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
	(In thousands)
Net income	$	12,305			$	4,540			$	21,205			$	3,385
Less/add: (gain) loss on securities transactions, net of tax		(251	)			—				(251	)			1,130
Add: FDIC special assessment, net of tax		—				97				—				490
Add: severance expense, net of tax		354				—				517				67
Add: merger-related expenses, net of tax		—				652				—				672
Add: litigation expenses, net of tax		242				—				242				—
Core net income	$	12,650			$	5,289			$	21,713			$	5,744

Return on Average Assets
	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
	(Dollars in thousands)
Net income	$	12,305			$	4,540			$	21,205			$	3,385
Average assets	$	10,695,804			$	10,681,011			$	10,629,096			$	10,622,847
Return on average assets		0.46	%			0.17	%			0.40	%			0.06	%
Core net income	$	12,650			$	5,289			$	21,713			$	5,744
Core return on average assets		0.47	%			0.20	%			0.41	%			0.11	%

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Return on Average Equity
	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
	(Dollars in thousands)
Total average stockholders' equity	$	1,106,292			$	1,031,397			$	1,098,524			$	1,037,087
Less/add: (gain)loss on securities transactions, net of tax		(251	)			—				(251	)			1,130
Add: FDIC special assessment, net of tax		—				97				—				490
Add: severance expense, net of tax		354				—				517				67
Add: merger-related expenses, net of tax		—				652				—				672
Add: litigation expenses, net of tax		242				—				242				—
Core average stockholders' equity	$	1,106,637			$	1,032,146			$	1,099,032			$	1,039,446
Return on average equity		4.46	%			1.77	%			3.89	%			0.66	%
Core return on core average equity		4.58	%			2.06	%			3.98	%			1.11	%

Return on Average Tangible Equity
	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
	(Dollars in thousands)
Total average stockholders' equity	$	1,106,292			$	1,031,397			$	1,098,524			$	1,037,087
Less: average goodwill		(110,715	)			(110,715	)			(110,715	)			(110,715	)
Less: average core deposit intangible		(8,241	)			(10,381	)			(8,511	)			(10,668	)
Total average tangible stockholders' equity	$	987,336			$	910,301			$	979,298			$	915,704
Core return on average tangible equity		5.14	%			2.34	%			4.47	%			1.26	%

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
Efficiency Ratios
	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
	(Dollars in thousands)
Net interest income	$	53,703			$	44,080			$	104,028			$	86,280
Non-interest income		10,173				9,180				18,644				16,632
Total income	$	63,876			$	53,260			$	122,672			$	102,912
Non-interest expense	$	44,906			$	46,247			$	88,751			$	91,905
Efficiency ratio		70.30	%			86.83	%			72.35	%			89.30	%
Non-interest income	$	10,173			$	9,180			$	18,644			$	16,632
Less /add: (gain) loss on securities transactions		(336	)			—				(336	)			1,256
Core non-interest income	$	9,837			$	9,180			$	18,308			$	17,888
Non-interest expense	$	44,906			$	46,247			$	88,751			$	91,905
Less: FDIC special assessment, net		—				(103	)			—				(565	)
Less: severance expense		(475	)			—				(695	)			(74	)
Less: merger-related expenses		—				(692	)			—				(714	)
Less: litigation expenses		(325	)			—				(325	)			—
Core non-interest expense	$	44,106			$	45,452			$	87,731			$	90,552
Core efficiency ratio		69.41	%			85.34	%			71.71	%			86.93	%

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