Business
Columbia Financial, Inc. Announces Financial Results for the Second Quarter Ended June 30, 2024
FAIR LAWN, N.J., July 31, 2024 (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 31, 2024 (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 $4.5 million, or $0.04 per basic and diluted share, for the quarter ended June 30, 2024, as compared to $1.7 million, or $0.02 per basic and diluted share, for the quarter ended June 30, 2023. The income for the quarter ended June 30, 2024 reflected higher non-interest income, mainly due to the 2023 period including a $9.6 million loss on securities transactions, and lower non-interest expense, partially offset by lower net interest income, mainly due to an increase in interest expense, higher provision for credit losses and higher income tax expense. For the quarter ended June 30, 2024, the Company reported core net income of $5.3 million, a decrease of $6.5 million, or 54.9%, compared to core net income of $11.7 million for the quarter ended June 30, 2023. For the six months ended June 30, 2024, the Company reported net income of $3.4 million, or $0.03 per basic and diluted share, as compared to $20.4 million, or $0.20 per basic and diluted share, for the six months ended June 30, 2023. Earnings for the six months ended June 30, 2024 reflected lower net interest income, mainly due to an increase in interest expense, a higher provision for credit losses and higher non-interest expense, partially offset by higher non-interest income and lower income tax expense. Non-interest income for the 2023 period included a $10.8 million loss on securities transactions. Mr. Thomas J. Kemly, President and Chief Executive Officer commented: “The second quarter results showed improvement over the first quarter despite continuing pressure on funding costs. Our net interest margin increased 6 basis points over the first quarter of 2024 and we believe net interest margin expansion and expense management will improve earnings on a go forward basis. The Company's balance sheet, asset quality and capital remain strong, and we have maintained a stable, diversified deposit base and abundant liquidity. During the quarter, the Bank also expanded its presence in southern New Jersey by opening a new branch in the city of Camden.” Results of Operations for the Three Months Ended June 30, 2024 and June 30, 2023 Net income of $4.5 mill...