Business
Columbia Financial, Inc. Announces Financial Results for the First Quarter Ended March 31, 2023
FAIR LAWN, N.J., April 26, 2023 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank
About this update from Columbia Financial, Inc.
[{"type":"text","content":"FAIR LAWN, N.J., April 26, 2023 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank (\"Columbia\") and Freehold Bank (\"Freehold\"), reported net income of $18.7 million, or $0.18 per basic and diluted share, for the quarter ended March 31, 2023, as compared to net income of $20.4 million, or $0.20 per basic and diluted share, for the quarter ended March 31, 2022. Earnings for the quarter ended March 31, 2023 reflected lower net interest income and higher non-interest expense, partially offset by lower provision for credit losses, higher non-interest income and lower income tax expense. For the quarter ended March 31, 2023, the Company reported core net income of $19.8 million, a decrease of $2.4 million, or 10.8%, compared to core net income of $22.2 million for the quarter ended March 31, 2022. Mr. Thomas J. Kemly, President and Chief Executive Officer commented: “The month of March 2023 was difficult for the banking industry following the failure of two regional banks with outsized funding concentrations and large risk exposures, that lead to unnecessary customer nervousness. At March 31, 2023, our balance sheet, capital and liquidity positions remain strong. The Company has a diversified deposit base, abundant liquidity, and a conservative credit and risk management culture, all of which enable us to withstand market and economic challenges as we have through prior economic disruptions throughout our 96 year history. Furthermore, depositors have the full backing of the FDIC up to specified limits and can gain full deposit insurance coverage through our IntraFi partner. The volatility of bank stocks has allowed the Company to repurchase 2.4 million shares at attractive prices during the quarter ended March 31, 2023. The Company anticipates additional margin compression in the second quarter of 2023 due to rising funding costs, and is executing strategies to moderate the impact by boosting revenue and controlling non-interest expense.” Results of Operations for the Three Months Ended March 31, 2023 and March 31, 2022 Net income of $18.7 million was recorded for the quarter ended March 31, 2023, a decrease of $1.7 million, or 8.2%, compared to net income of $20.4 million for the quarter ended March 31, 2022. The decrease in net income was primarily attribut...