Business
Columbia Financial, Inc. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2021
FAIR LAWN, N. J., Jan. 25, 2022 (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., Jan. 25, 2022 (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 $23.3 million, or $0.23 per basic and diluted share, for the quarter ended December 31, 2021, as compared to net income of $20.7 million, or $0.19 per basic and diluted share, for the quarter ended December 31, 2020. Earnings for the quarter ended December 31, 2021 reflected higher net interest income and a lower provision for loan losses, partially offset by lower non-interest income, higher non-interest expense and higher income tax expense. The Company successfully completed its acquisition of Freehold MHC, Freehold Bancorp and Freehold Bank on December 1, 2021. Freehold Bank will continue to operate as a wholly owned subsidiary of the Company for at least two years. For the year ended December 31, 2021, the Company reported net income of $92.0 million, or $0.88 per basic and diluted share, as compared to net income of $57.6 million, or $0.52 per basic and diluted share, for the year ended December 31, 2020. Earnings for the year ended December 31, 2021 reflected higher net interest income, a lower provision for loan losses, higher non-interest income and lower non-interest expense, partially offset by higher income tax expense. Thomas J. Kemly, President and Chief Executive Officer commented: \"During 2021, the Company achieved outstanding core profitability performance as our net income increased $34.4 million, or 59.8%, over 2020, and we increased our earnings per share by 69.2% to $0.88 for the year ended December 31, 2021, from $0.52 for year ended December 31, 2020. On December 1, 2021, we successfully completed our acquisition of Freehold Bank and announced our pending acquisition of RSI Bank. This past year has been full of unique challenges resulting from the continued disruptions from the pandemic, and we supported community recovery efforts by participating in the Paycheck Protection Program (\"PPP\") as well as providing loan deferral relief for both our residential and commercial loan clients. We remained focused in our commitment to personalized service, and continued to deliver results for our Company and our clients. We invested in new technological initiatives to improve the customer e...