Business
Columbia Financial, Inc. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2022
FAIR LAWN, N.J., Jan. 25, 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., Jan. 25, 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 $21.9 million, or $0.21 per basic and diluted share, for the quarter ended December 31, 2022, as compared to net income of $23.3 million, or $0.23 per basic and diluted share, for the quarter ended December 31, 2021. Earnings for the quarter ended December 31, 2022 reflected a higher provision for credit losses and higher non-interest expense, partially offset by higher net interest income and higher non-interest income. The quarter ended December 31, 2021 included a $7.4 million reversal of provision of credit losses. For the year ended December 31, 2022, the Company reported net income of $86.2 million, or $0.82 per basic and $0.81 per diluted share, as compared to net income of $92.0 million, or $0.88 per basic and diluted share, for the year ended December 31, 2021. Earnings for the year ended December 31, 2022 reflected a higher provision for loan losses, lower non-interest income, and higher non-interest expense partially offset by higher net interest income and lower income tax expense. Non-interest income for the year ended December 31, 2021 included a $7.7 million gain on the sale of commercial business loans granted as part of the Small Business Administration Paycheck Protection Program (\"PPP\"), and a $10.0 million reversal of provision of credit losses. Thomas J. Kemly, President and Chief Executive Officer, commented: \"During 2022, the Company’s financial performance remained solid; core profitability, asset quality, and loan growth were strong. The rising interest rate environment coupled with pricing discipline, resulted in meaningful net interest margin expansion. Contributing to the Company growth, was the successful completion of our acquisition of RSI Bank, which is our fourth acquisition in the last three years. We continue to invest in new technologies and talent to improve our customer experience, enhance cybersecurity, expand product offerings and improve operational efficiencies. We are confident that the Company is well positioned for continued future success.\" Results of Operations for the Three Months Ended December 31, 2022 and December 31, 2021 Net income of $21.9 million w...