Business
Columbia Financial, Inc. Announces Financial Results for the First Quarter Ended March 31, 2024
FAIR LAWN, N.J., April 30, 2024 (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 30, 2024 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank (\"Columbia\") and Freehold Bank (\"Freehold\"), reported a net loss of $1.2 million, or $0.01 per basic and diluted share, for the quarter ended March 31, 2024, as compared to net income of $18.7 million, or $0.18 per basic and diluted share, for the quarter ended March 31, 2023. The net loss for the quarter ended March 31, 2024 reflected lower net interest income, mainly due to an increase in interest expense, a higher provision for credit losses and higher non-interest expense, partially offset by lower income tax expense. For the quarter ended March 31, 2024, the Company reported core net income of $455,000, a decrease of $19.3 million, or 97.7%, compared to core net income of $19.8 million for the quarter ended March 31, 2023. Mr. Thomas J. Kemly, President and Chief Executive Officer commented: “While the first quarter results were disappointing as we were challenged by the environment and non-recurring items, management believes it has achieved net interest margin stabilization. We believe net interest margin expansion, additional loan volumes and cost controls will contribute to improved earnings on a go forward basis. The Company's balance sheet, asset quality and capital remain strong, and we have maintained a stable, diversified deposit base and abundant liquidity.\" Results of Operations for the Three Months Ended March 31, 2024 and March 31, 2023 A net loss of $1.2 million was recorded for the quarter ended March 31, 2024, a decrease of $19.9 million, or 106.2%, compared to net income of $18.7 million for the quarter ended March 31, 2023. The decrease in net income was primarily attributable to an $18.7 million decrease in net interest income, a $5.1 million increase in provision for credit losses, and a $1.8 million increase in non-interest expense, partially offset by a $6.3 million decrease in income tax expense. Net interest income was $42.2 million for the quarter ended March 31, 2024, a decrease of $18.7 million, or 30.7%, from $60.9 million for the quarter ended March 31, 2023. The decrease in net interest income was primarily attributable to a $34.4 million increase in interest expense on deposits and borrowings, partially offset by a $15.7 million increa...