Business
Columbia Financial, Inc. Announces Financial Results for the Second Quarter Ended June 30, 2023
FAIR LAWN, N.J., July 26, 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., July 26, 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 $1.7 million, or $0.02 per basic and diluted share, for the quarter ended June 30, 2023, as compared to net income of $23.0 million, or $0.22 per basic and diluted share, for the quarter ended June 30, 2022. The 2023 quarter was significantly impacted by the previously disclosed $9.6 million loss on the sale of available for sale securities and $1.6 million in severance expense recorded in June 2023, related to a reduction in workforce. Earnings for the quarter ended June 30, 2023 reflected lower net interest income, mainly due to an increase in interest expense, lower non-interest income, and higher non-interest expense, partially offset by a lower provision for credit losses and lower income tax expense. For the quarter ended June 30, 2023, the Company reported core net income of $11.7 million, a decrease of $12.1 million, or 50.7%, compared to core net income of $23.8 million for the quarter ended June 30, 2022. For the six months ended June 30, 2023, the Company reported net income of $20.4 million, or $0.20 per basic and diluted share, as compared to net income of $43.4 million, or $0.41 per basic and diluted share, for the six months ended June 30, 2022. Earnings for the six months ended June 30, 2023 reflected lower net interest income, mainly due to an increase in interest expense, lower non-interest income, which was primarily due to a $10.8 million loss on the sale of available for sale securities included in the six months ended June 30, 2023, and higher non-interest expense, partially offset by a lower provision for credit losses and a lower income tax expense. For the six months ended June 30, 2023, the Company reported core net income of $31.5 million, a decrease of $14.5 million, or 31.4%, compared to core net income of $46.0 million for the six months ended June 30, 2022. Mr. Thomas J. Kemly, President and Chief Executive Officer commented: “The Bank maintains a solid balance sheet, with strong liquidity, asset quality and capital levels. Net income has decreased as there is continued margin compression in the banking industry due to rising funding costs, as the Bank increased deposit rates...