Business
Columbia Financial, Inc. Announces Financial Results for the Second Quarter Ended June 30, 2022
FAIR LAWN, N.J., July 27, 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., July 27, 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 $23.0 million, or $0.22 per basic and diluted share, for the quarter ended June 30, 2022, as compared to net income of $26.7 million, or $0.26 per basic and diluted share, for the quarter ended June 30, 2021, partially due to the quarter ended June 30, 2021 including a $7.7 million gain on the sale of commercial business loans granted as part of the Small Business Administration Paycheck Protection Program (\"PPP\"), in addition to recording $1.3 million in merger expenses and $1.8 million in provision for credit losses on the loans acquired from the RSI Bank acquisition during the quarter ended June 30, 2022. Earnings for the quarter ended June 30, 2022 reflected a higher provision for credit losses, lower non-interest income and lower non-interest expense, partially offset by higher net interest income and higher income tax expense. For the six months ended June 30, 2022, the Company reported net income of $43.4 million, or $0.41 per basic and diluted share, as compared to net income of $47.7 million, or $0.45 per basic and diluted share, for the six months ended June 30, 2021. Earnings for the six months ended June 30, 2022 reflected a higher provision for credit losses, lower non-interest income and lower non-interest expense, partially offset by higher net interest income and lower income tax expense. Mr. Thomas J. Kemly, President and Chief Executive Officer commented: “On May 1, 2022, we successfully completed our acquisition of RSI Bank, which expanded our franchise into new markets within New Jersey, contributed substantially to our asset growth, and increased our fully converted tangible book value. We’re proud of having RSI Bank’s employees and customers join us and are excited about the future growth of our combined institution. We’re pleased with our second quarter results, as our interest rate spread and net interest margins continue to expand, and look forward to further success as we remain focused on our strategic initiatives.” Results of Operations for the Three Months Ended June 30, 2022 and June 30, 2021 Net income of $23.0 million was recorded for the quarter ended June 30, 2022, a dec...