Business
Columbia Financial, Inc. Announces Financial Results for the Third Quarter Ended September 30, 2021
FAIR LAWN, N.J., Oct. 27, 2021 (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., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank (the \"Bank\"), reported net income of $21.0 million, or $0.20 per basic and diluted share, for the quarter ended September 30, 2021, as compared to net income of $15.1 million, or $0.14 per basic and diluted share, for the quarter ended September 30, 2020. Earnings for the quarter ended September 30, 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. For the nine months ended September 30, 2021, the Company reported net income of $68.7 million, or $0.66 per basic and diluted share, as compared to net income of $36.9 million, or $0.34 per basic and diluted share, for the nine months ended September 30, 2020. Earnings for the nine months ended September 30, 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. Mr. Thomas J. Kemly, President and Chief Executive Officer commented: \"We are pleased with our third quarter results as our net income increased $5.9 million, or 39.1% over the same 2020 period, and we increased our earnings per share by 43% to $0.20 for the quarter ended September 30, 2021, from $0.14 for the same 2020 period. We successfully increased assets, loans and deposits during the quarter, while maintaining a strong balance sheet and solid capital levels. This year has been full of unique challenges, and we continue to evaluate prudent cost strategies as we navigate the current competitive employment market. We remain focused on enhancing digital technology to create efficiencies while enhancing the client experience.\" Results of Operations for the Quarters Ended September 30, 2021 and September 30, 2020 Net income of $21.0 million was recorded for the quarter ended September 30, 2021, an increase of $5.9 million, or 39.1%, compared to net income of $15.1 million for the quarter ended September 30, 2020. The increase in net income was primarily attributable to a $1.0 million increase in net interest income, a $2.0 million decrease in provision for loan losses, a $1.0 million increase in non-interest in...