Business
Columbia Financial, Inc. Announces Financial Results for the First Quarter Ended March 31, 2020
FAIR LAWN, N.J., April 29, 2020 (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 29, 2020 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank (the \"Bank\"), reported net income of $6.8 million, or $0.06 per basic and diluted share, for the quarter ended March 31, 2020, as compared to net income of $14.9 million, or $0.13 per basic and diluted share, for the quarter ended March 31, 2019. The decrease in earnings for the quarter ended March 31, 2020 was mainly the result of a higher provision for loan losses driven primarily by increases to macro-economic qualitative factors impacted by the ongoing COVID-19 pandemic. The increase in the provision for loan losses coupled with an increase in non-interest expense was partially offset by an increase in net interest income driven by an increase in interest on loans due to the growth in the Bank's loan portfolio. The Company elected to defer the adoption of the Current Expected Credit Loss (\"CECL\") methodology permitted by the recently enacted Coronavirus Aid, Relief and Economic Security Act (\"CARES Act\"). The Company will adopt CECL at the earlier of December 31, 2020 or when the national emergency has concluded.\n Mr. Thomas J. Kemly, President and Chief Executive Officer commented: \"We are operating in an extraordinary environment and are working tirelessly to ensure the safety and financial stability of our customers, employees, and communities. We have deployed a comprehensive support program, ensured our branches are open for servicing, and are leveraging digital capabilities to provide continuous service for our clients. We are actively working with our commercial and consumer borrowers to ease their cash flow concerns by providing short-term loan modifications and Paycheck Protection Program loans when possible. Additionally, the Bank has financed a 500 bed emergency field hospital located at the New Jersey Convention and Exposition Center in Edison and the Columbia Bank Foundation has pledged nearly $600,000 to non-profit organizations in need and medical facilities.” Results of Operations for the Quarters Ended March 31, 2020 and March 31, 2019 Net income of $6.8 million was recorded for the quarter ended March 31, 2020, a decrease of $8.2 million, or 54.7%, compared to net income of $14.9 million for the quarter ended March 31, 2019. The decrease in net i...