Columbia Financial, Inc. · NASDAQ:CLBK
Columbia Financial — Merger or Acquisition (February 2026)
23 slides from Columbia Financial's merger presentation, Feb 2, 2026
Slide 1: Columbia Financial, Inc. to Convert to Fully Public Company and Partner with Northfield Bancorp, Inc.
Columbia Financial, Inc. to Convert to Fully Public Company and Partner with Northfield Bancorp, Inc. Unlocking Shareholder Value in Conjunction With Our Second Step Conversion & Stock Offering February 2, 2026 1
Slide 2: Disclaimer and Caution About Forward-Looking Statements
Disclaimer and Caution About Forward-Looking Statements Certain statements in this communication constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which statements involve inherent risks and uncertainties. Examples of forw
Slide 3: Important Additional Information About the Transaction and Where to Find It
Important Additional Information About the Transaction and Where to Find It In connection with the proposed transaction, Columbia Financial, Inc., a newly formed Maryland corporation (the “Holding Company”), intends to file with the SEC a Registration Statement on Form S-4 (the “Registration Stateme
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation contains financial information presented in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). This presentation also contains certain non-GAAP information that the Company's management uses in its analysis of the Company's financial
Slide 5: Overview of the Transaction
Overview of the Transaction Second Step Conversion and Partnership with Northfield OVERVIEW OF THE SECOND STEP CONVERSION Two-part transaction whereby Columbia conducts a second step offering and acquires Northfield with a combination of stock and cash • Combined transactions will meaningfully enhan
Slide 6: Transaction Summary
Transaction Summary • Northfield shareholders may elect either stock or cash consideration for each share (with cash consideration to be paid for up to 30% of outstanding Northfield shares) – Presentation assumes 70% stock / 30% cash consideration structure • Merger consideration per Northfield shar
Slide 7: Strategic Rationale
Strategic Rationale • Creates a formidable competitor in the greater New Jersey / metro New York area Strategic Rationale behind Second Step • Eliminates Columbia’s “minority discount” embedded in the MHC structure Conversion & Acquisition • Acquiring Northfield simultaneously with a second step con
Slide 8: Creating a Formidable NJ/NY Metro Competitor
Creating a Formidable NJ/NY Metro Competitor Pro Forma ~$18bn ~$13bn ~$12bn ~$3bn 100+ Scale(1) Total Total Gross Tangible Common Branches Assets Deposits Loans Equity Fortress Balance Sheet With Added Enhanced Profitability Flexibility(1) 1.06% 16.7% 211% 2027E TCE CRE / TRBC ROAA Ratio Ratio(2) 48
Slide 9: Pro Forma Franchise Overview
Pro Forma Franchise Overview Creating a Premier New Jersey and New York Franchise Adding Density in One of the Best Banking Markets… …With a Strong, Complementary Branch Network(2) Deposit Market Share For Community Banks Manhattan Brooklyn Headquartered in NYC MSA(1) CLBK (71) Northern NJ NFBK (37)
Slide 10: Company Snapshot of Northfield
Company Snapshot of Prominent New Jersey and Metro New York Footprint 2025 Q4 Financial Overview Manhattan Brooklyn NFBK (37) New York City $5.8bn $4.0bn $3.8bn Total Total Net Assets Deposits Loans Staten Island Trenton 0.95% 7.5% 50.9% Non-GAAP Non-GAAP Non-GAAP Efficiency ROAA(3) ROAE(3) Ratio(3)
Slide 11: Transaction Impact At Preliminary Appraisal
Transaction Impact At Preliminary Appraisal Appraisal Range(1) Adjusted $shown in millions Minimum(2) Minimum Midpoint Maximum Appraisal Second Step & Acquisition Assumptions Peer Median(3) Appraisal Value $1,948 $1,948 $2,291 $2,635 Gross Offering Size (73.1% of total) $1,424 $1,424 $1,675 $1,926 O
Slide 12: Enhanced Performance
Enhanced Performance A Partnership With Northfield Dramatically Improves Profitability Metrics Return on Average Assets Net Interest Margin +32 bps 2.90% +24 bps 1.06% +25bps +22bps 0.82% 2.58% 0.57% 2.36% CLBK (1) Pro Forma Pro Forma CLBK (1) Pro Forma Pro Forma (2nd Step) 2027E (2nd Step + Merger)
Slide 13: Strong Underwriting Standards Supported by a Top Tier Balance Sheet
Strong Underwriting Standards Supported by a Top Tier Balance Sheet History of Prudent Underwriting Culture… NCOs / Avg. Loans Median Since '15 0.23% CLBK 0.08% NFBK 0.06% 0.19% 0.18% 0.17% Peers 0.16% 0.16% 0.18% 0.16% 0.15% 0.16% 0.16% 0.10% 0.11% 0.10% 0.14% 0.09% 0.11% CLBK 0.14% 0.07% 0.12% NFB
Slide 14: Overview of Northfield's NY Rent-Regulated Multifamily Portfolio
Overview of Northfield’s NY Rent-Regulated Multifamily Portfolio NY Rent-Regulated Portfolio Key Highlights • Low LTV and Conservative Underwriting: Sub-50% weighted-average LTV combined with a granular loan portfolio ($1.7 million average balance) • Legacy Assets: Portfolio has demonstrated strengt
Slide 15: Comprehensive Due Diligence
Comprehensive Due Diligence Due Diligence Scope of Review Credit Review Summary • 70+ professionals (inclusive of advisors and consultants) • SRA Consulting LLC conducted an independent loan review across all major business conducted a comprehensive due diligence review of lines and loan products ac
Slide 16: Transaction Highlights
Transaction Highlights Leverages a portion of the capital from Columbia’s second step offering to drive improved financial performance and better position the Company for future growth Bolsters Columbia’s position in New Jersey and establishes a robust platform in Brooklyn and Staten Island Attracti
Slide 17: Appendix
Appendix 17
Slide 18: Pro Forma Loan & Deposit Composition
Pro Forma Loan & Deposit Composition Complementary Lending & Deposit Verticals Pro Forma(1) Other CRE Other CRE Other CRE Multifamily Home Equity Home Equity Home Equity 22% 13% Loans & 19% Loans & Loans & Multifamily 20% Advances Advances Advances 33% 3% <1% Other 5% <1% Other 4% Loan Mix <1% Other
Slide 19: Detailed Transaction Assumptions
Detailed Transaction Assumptions • CLBK earnings through 2027 per FactSet Consensus Estimates and includes adjustments related to the second step Earnings conversion and stock offering • NFBK earnings through 2027 per FactSet Consensus Estimates Cost Savings • Pre-tax cost savings estimated at 35.0%
Slide 20: Seasoned & Disciplined Acquiror
Seasoned & Disciplined Acquiror Strong Track Record of Successful M&A Execution Completed IPO Acquired Roselle Acquired RSI Transformative Merger With • Sold 43% of Company • Mutual merger • Mutual merger Northfield & Second Step • Raised $498 million • $422 million in total assets • $595 million in
Slide 21: Pro Forma Earnings Per Share & Goodwill Reconciliation
Pro Forma Earnings Per Share & Goodwill Reconciliation 2027 Earnings per Share Goodwill Reconciliation at Close $ in millions $ in millions, except per share figures 2027E Fully Diluted Deal Value $597.1 CLBK Consensus Net Income $85.3 NFBK Common Equity 704.3 Additional 2nd Step Income Adjustments:
Slide 22: Pro Forma Tangible Book Value Per Share Reconciliation at Close
Pro Forma Tangible Book Value Per Share Reconciliation at Close 4.4% TBV Dilution $1.10 $11.68 $11.16 $10.58 ($0.36) ($0.16) Standalone 2nd Step CLBK After-Tax After-Tax Pro Forma CLBK TBVPS Conversion Impact Fully Converted Net Merger One-Time CLBK TBVPS Consideration & Merger Expenses FMV Impacts
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations MRQ Return on Average Assets $000s MRQ Tangible Common Equity / Tangible Assets $000s Average Assets $5,671,628 Total Assets $5,754,010 Less: Goodwill and Core Deposit Intangibles 0 Net / (Loss) income (27,402) Add: Goodwill and Intangible Impairment 41,034 Non-GAAP Tangible
Columbia Financial — Merger or Acquisition (February 2026) on 6ix