Business
Columbia Financial, Inc. Announces Financial Results for the Third Quarter Ended September 30, 2020
FAIR LAWN, N.J., Oct. 29, 2020 (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. 29, 2020 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank (the \"Bank\"), reported net income of $15.1 million, or $0.14 per basic and diluted share, for the quarter ended September 30, 2020, as compared to net income of $14.2 million, or $0.13 per basic and diluted share, for the quarter ended September 30, 2019. Earnings for the quarter ended September 30, 2020 reflected higher net interest income, partially offset by higher provision for loan losses and non-interest expense. During the quarter ended September 30, 2020, the Company recognized $3.0 million in expenses related to a voluntary employee retirement program completed during the quarter. Excluding the after tax impact of the voluntary employee retirement program and merger expenses, the Company's core net income was $17.7 million.\n For the nine months ended September 30, 2020, the Company reported net income of $36.9 million, or $0.34 per basic and diluted share, as compared to net income of $41.2 million, or $0.37 per basic and diluted share, for the nine months ended September 30, 2019. Earnings for the nine months ended September 30, 2020 reflected higher net interest income, offset by a combination of a higher provision for loan losses and non-interest expense. The higher provision for loan losses for both the three and nine months ended September 30, 2020 was primarily attributable to consideration of the deterioration of economic factors and loan performance due to the ongoing COVID-19 pandemic which resulted in increases to qualitative factors, and to a lesser extent, due to growth in the Bank's loan portfolio. The Company elected to defer the adoption of the Current Expected Credit Loss (\"CECL\") methodology permitted by the recently enacted Coronavirus Aid, Relief and Economic Security Act (\"CARES Act\"). The Company expects to adopt CECL on December 31, 2020. Mr. Thomas J. Kemly, President and Chief Executive Officer commented: \"During these times of economic uncertainty and margin pressure, I am pleased with our strong results and believe we are well positioned for future success because of our strong capital position and balance sheet. Lowering our cost of funds and expense discipline remain priorities going into the fourth quarter. We continue to assist th...