Columbia Financial, Inc. Announces Financial Results for the Second Quarter Ended June 30, 2025

About this update from Columbia Financial, Inc.

FAIR LAWN, N.J. , July 30, 2025 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank ("Columbia"), reported net income of $12.3 million , or $0.12 per basic and diluted share, for the quarter ended June 30, 2025 , as compared to $4.5 million , or $0.04 per basic and diluted share, for the quarter ended June 30, 2024 . Earnings for the quarter ended June 30, 2025 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, higher non-interest income and a decrease in non-interest expense, partially offset by higher income tax expense. For the six months ended June 30, 2025 , the Company reported net income of $21.2 million , or $0.21 per basic and diluted share, as compared to $3.4 million , or $0.03 per basic and diluted share, for the six months ended June 30, 2024 . Earnings for the six months ended June 30, 2025 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, a decrease in provision for credit losses and higher non-interest income, and a decrease in 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 results for the second quarter of 2025, which reflect a substantial increase in earnings and the continued expansion of our net interest margin resulting from our previously announced strategies. During the quarter, we also experienced solid loan growth, complemented by the purchase of approximately $130.9 million in commercial equipment finance loans. Assets and deposits continued to increase throughout the 2025 period, and we reduced our overall operating costs." Results of Operations for the Three Months Ended June 30, 2025 and June 30, 2024 Net income of $12.3 million was recorded for the quarter ended June 30, 2025 , an increase of $7.8 million , as compared to net income of $4.5 million for the quarter ended June 30, 2024 . The increase in net income was primarily attributable to a $9.6 million increase in net interest income, a $993,000 increase in non-interest income and a $1.3 million decrease in non-interest expense, partially offset by a $3.9 million increase in income tax expense. Net interest income was $53.7 million for the quarter ended June 30, 2025 , an increase of $9.6 million , or 21.8%, from $44.1 million for the quarter ended June 30, 2024 . The increase in net interest income was primarily attributable to a $3.2 million increase in interest income and a $6.4 million decrease in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of loans coupled with an increase in average yields on loans and securities. During the fourth quarter of 2024 the Company implemented a balance sheet repositioning transaction which resulted in an increase in the average yield on securities and a decrease in the cost of borrowings, which had a notable impact on net interest income for the quarter ended June 30, 2025 . The 100 basis point decrease in market interest rates during the last four months of 2024 contributed to lower interest rates paid on new and repricing deposits and borrowings during the quarter ended June 30, 2025 . Prepayment penalties, which are included in interest income on loans, totaled $615,000 for the quarter ended June 30, 2025 , compared to $436,000 for the quarter ended June 30, 2024 . The average yield on loans for the quarter ended June 30, 2025 increased 3 basis points to 4.96%, as compared to 4.93% for the quarter ended June 30, 2024 . Interest income on loans increased due to an increase in both the average balance and yield on loans. The average yield on securities for the quarter ended June 30, 2025 increased 66 basis points to 3.55%, as compared to 2.89% for the quarter ended June 30, 2024 . This was a result of lower yielding securities sold as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024 being replaced with higher yielding securities purchased in 2024 and throughout the six months ended June 30, 2025 . The average yield on other interest-earning assets for the quarter ended June 30, 2025 decreased 114 basis points to 5.16%, as compared to 6.30% for the quarter ended June 30, 2024 , mainly due to a 150 basis point decrease in the dividend rate received on Federal Home Loan Bank stock. Total interest expense was $62.8 million for the quarter ended June 30, 2025 , a decrease of $6.4 million , or 9.3%, from $69.2 million for the quarter ended June 30, 2024 . The decrease in interest expense was primarily attributable to a 19 basis point decrease in the average cost of interest-bearing deposits along with a 52 basis point decrease in the average cost of borrowings, coupled with a decrease in the average balance of borrowings, partially offset by an increase in the average balance of interest-bearing deposits. Interest expense on deposits decreased $482,000 , or 1.0%, and interest expense on borrowings decreased $5.9 million , or 30.6% for the quarter ended June 30, 2025 as compared to the quarter ended June 30, 2024 . The Company's net interest margin for the quarter ended June 30, 2025 increased 38 basis points to 2.19% when compared to 1.81%, due to an increase in the average yield on interest-earning assets coupled with a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets increased 11 basis points to 4.75% for the quarter ended June 30, 2025 as compared to 4.64% for the quarter ended June 30, 2024 . The average cost of interest-bearing liabilities decreased 31 basis points to 3.18% for the quarter ended June 30, 2025 as compared to 3.49% for the quarter ended June 30, 2024 . Non-interest income was $10.2 million for the quarter ended June 30, 2025 , an increase of $993,000 , or 10.8%, from $9.2 million for the quarter ended June 30, 2024 . The increase was primarily attributable to an increase of $425,000 in demand deposit account fees mainly related to commercial account treasury services, an increase of $366,000 in loan fees and service charges related to swap income, gains on securities transactions of $336,000 , and a $281,000 gain on the sale of real estate owned, partially offset by a decrease of $693,000 in other non-interest income. The gain on the sale of other real estate owned resulted from the sale of a commercial real estate property acquired by foreclosure in 2024 with a book value of $1.3 million which was sold in June 2025 . Non-interest expense was $44.9 million for the quarter ended June 30, 2025 , a decrease of $1.3 million , or 2.9%, from $46.2 million for the quarter ended June 30, 2024 . The decrease was primarily attributable to a decrease in professional fees of $1.0 million , as legal, regulatory, and compliance-related costs were higher in the 2024 period, a decrease in merger-related expenses of $692,000 , and a decrease in other non-interest expense of $798,000 . Income tax expense was $4.2 million for the quarter ended June 30, 2025 , an increase of $3.9 million , as compared to income tax expense of $279,000 for the quarter ended June 30, 2024 , mainly due to an increase in pre-tax income. The Company's effective tax rate was 25.4% and 5.8% for the quarters ended June 30, 2025 and 2024, respectively. The effective tax rate for the 2024 period was primarily impacted by permanent income tax differences. Results of Operations for the Six Months Ended June 30, 2025 and June 30, 2024 Net income of $21.2 million was recorded for the six months ended June 30, 2025 , an increase of $17.8 million , or 526.4%, compared to net income of $3.4 million for the six months ended June 30, 2024 . The increase in net income was primarily attributable to a $17.7 million increase in net interest income, a $2.1 million decrease in provision for credit losses, a $2.0 million increase in non-interest income and a $3.2 million decrease in non-interest expense, partially offset by a $7.2 million increase in income tax expense. Net interest income was $104.0 million for the six months ended June 30, 2025 , an increase of $17.7 million , or 20.6%, from $86.3 million for the six months ended June 30, 2024 . The increase in net interest income was primarily attributable to a $6.7 million increase in interest income and a $11.0 million decrease in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of loans coupled with an increase in the average yields on loans and securities. During the fourth quarter of 2024 the Company implemented a balance sheet repositioning transaction which resulted in an increase in the average yield on securities and a decrease in the cost of borrowings, which had a notable impact on net interest income for the six months ended June 30, 2025 . The 100 basis point decrease in market interest rates during the last four months of 2024 contributed to a decrease in interest rates paid on new and repricing deposits and borrowings during the six months ended June 30, 2025 . The decrease in interest expense on borrowings was also impacted by a decrease in the average balance of borrowings and the decrease in the cost of new borrowings. Prepayment penalties, which are included in interest income on loans, totaled $872,000 for the six months ended June 30, 2025 , compared to $703,000 for the six months ended June 30, 2024 . The average yield on loans for the six months ended June 30, 2025 increased 6 basis points to 4.92%, as compared to 4.86% for the six months ended June 30, 2024 . Interest income on loans increased due to an increase in both the average balance and yield on loans. The average yield on securities for the six months ended June 30, 2025 increased 73 basis points to 3.50%, as compared to 2.77% for the six months ended June 30, 2024 . This was a result of lower yielding securities sold as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024 being replaced with higher yielding securities purchased in 2024 and throughout the six months ended June 30, 2025 . The average yield on other interest-earning assets for the six months ended June 30, 2025 decreased 72 basis points to 5.47%, as compared to 6.19% for the six months ended June 30, 2024 , due to lower dividends received on Federal Home Loan Bank stock. Total interest expense was $124.6 million for the six months ended June 30, 2025 , a decrease of $11.0 million , or 8.1%, from $135.6 million for the six months ended June 30, 2024 . The decrease in interest expense was primarily attributable to a 10 basis point decrease in the average cost of interest-bearing deposits along with a 53 basis point decrease in the average cost of borrowings coupled with a decrease in the average balance of borrowings. Interest expense on deposits increased $1.2 million , or 1.3%, and interest expense on borrowings decreased $12.3 million , or 32.8% for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 . The Company's net interest margin for the six months ended June 30, 2025 increased 37 basis points to 2.15%, when compared to 1.78% for the six months ended June 30, 2024 . The net interest margin increased for the six months ended June 30, 2025 , due to an increase in the average yield on interest-earning assets coupled with a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets increased 15 basis points to 4.72% for the six months ended June 30, 2025 , as compared to 4.57% for the six months ended June 30, 2024 . The average cost of interest-bearing liabilities decreased 25 basis points to 3.19% for the six months ended June 30, 2025 , as compared to 3.44% for the six months ended June 30, 2024 . The provision for credit losses for the six months ended June 30, 2025 was $5.4 million , a decrease of $2.1 million , or 27.7% from $7.5 million for the six months ended June 30, 2024 . The decrease in provision for credit losses was primarily attributable to a decrease in net charge-offs, which totaled $4.1 million for the six months ended June 30, 2025 as compared to $5.5 million for the six months ended June 30, 2024 , and a decrease in quantitative loss rates based on the evaluation of current and projected economic conditions. Non-interest income was $18.6 million for the six months ended June 30, 2025 , an increase of $2.0 million , or 12.1%, from $16.6 million for the six months ended June 30, 2024 . The increase was primarily attributable to an increase in gain on securities transactions of $1.6 million , an increase of $900,000 in demand deposit account fees mainly related to commercial account treasury services, an increase of $461,000 in loan fees and service charges related to swap income and a $281,000 gain on the sale of real estate owned, partially offset by a decrease of $2.0 million in other non-interest income. Non-interest expense was $88.8 million for the six months ended June 30, 2025 , a decrease of $3.2 million , or 3.4% from $91.9 million for the six months ended June 30, 2024 . The decrease was primarily attributable to a decrease in federal deposit insurance premiums of $615,000 , a decrease in professional fees of $3.1 million , a decrease in merger-related expenses of $714,000 and a decrease in other non-interest expense of $1.3 million , partially offset by an increase in compensation and employee benefits expense of $2.3 million . Professional fees for legal, regulatory and compliance-related costs decreased in the 2025 period. Income tax expense was $7.3 million for the six months ended June 30, 2025 , an increase of $7.2 million , as compared to income tax expense of $150,000 for the six months ended June 30, 2024 , mainly due to an increase in pre-tax income. The Company's effective tax rate was 25.6% and 4.2% for the six months ended June 30, 2025 and 2024, respectively. The effective tax rate for the 2024 period was impacted by permanent income tax differences. Balance Sheet Summary Total assets increased $263.5 million , or 2.5%, to $10.7 billion at June 30, 2025 as compared to $10.5 billion at December 31, 2024 . The increase in total assets was primarily attributable to an increase in debt securities available for sale of $31.0 million , and an increase in loans receivable, net, of $254.1 million , partially offset by a decrease in cash and cash equivalents of $41.0 million . Cash and cash equivalents decreased $41.0 million , or 14.2%, to $248.2 million at June 30, 2025 from $289.2 million at December 31, 2024 . The decrease was primarily attributable to purchases of securities of $159.3 million , purchases of loans of $150.9 million and the origination of loans receivable, partially offset by proceeds from principal repayments on securities of $98.5 million , and repayments on loans receivable. Debt securities available for sale increased $31.0 million , or 3.0%, to $1.1 billion at June 30, 2025 from $1.0 billion at December 31, 2024 . The increase was attributable to purchases of securities of $126.0 million , consisting primarily of U.S. government obligations and mortgage-backed securities, and a decrease in the gross unrealized loss on securities of $22.1 million , partially offset by maturities on securities of $28.5 million , repayments on securities of $73.6 million , and the sale of securities of $15.7 million . Loans receivable, net, increased $254.1 million , or 3.2%, to $8.1 billion at June 30, 2025 from $7.9 billion at December 31, 2024 . Multifamily loans, commercial real estate loans and commercial business loans increased $118.1 million , $177.8 million , and $104.5 million , respectively, partially offset by decreases in one-to-four family real estate loans, construction loans and home equity loans and advances of $81.6 million , $58.2 million , and $2.6 million , respectively. The increase in commercial business loans was primarily due to the purchase of $130.9 million in equipment finance loans from a third party in May 2025 , at a $3.2 million discount, which included $5.1 million of purchased credit deteriorated loans ("PCD"). The principal balance of the PCD loans was charged-off by $3.2 million . The allowance for credit losses for loans increased $4.5 million to $64.5 million at June 30, 2025 from $60.0 million at December 31, 2024 , primarily due to an increase in the outstanding balance of loans. Total liabilities increased $223.2 million , or 2.4%, to $9.6 billion at June 30, 2025 from $9.4 billion at December 31, 2024 . The increase was primarily attributable to an increase in total deposits of $39.3 million , or 0.5%, and an increase in borrowings of $192.0 million , or 17.8%, partially offset by a decrease in other liabilities of $12.2 million . The increase in total deposits consisted of increases in non-interest-bearing demand deposits, money market accounts and certificates of deposit of $1.9 million , $114.0 million , and $80.2 million , respectively, partially offset by decreases in interest-bearing demand deposits and savings and club accounts of $149.0 million and $7.7 million , respectively. The $192.0 million increase in borrowings was driven by a net increase in short-term borrowings of $122.0 million , coupled with new long-term borrowings of $130.0 million , partially offset by repayments of $60.0 million in maturing long-term borrowings. Proceeds from borrowings were utilized to fund the purchase of $130.9 million in equipment finance loans from a third party in May 2025 . Total stockholders’ equity increased $40.3 million , or 3.7%, with a balance of $1.1 billion at both June 30, 2025 and December 31, 2024 . The increase in total stockholders' equity was primarily attributable to net income of $21.2 million , and an increase of $15.3 million in other comprehensive income, which includes changes in unrealized losses on debt securities available for sale and unrealized gains on swap contracts, net of taxes, included in other comprehensive income. Asset Quality The Company's non-performing loans at June 30, 2025 totaled $39.5 million , or 0.49% of total gross loans, as compared to $21.7 million , or 0.28% of total gross loans, at December 31, 2024 . The $17.8 million increase in non-performing loans was primarily attributable to a $5.9 million construction loan designated as non-performing during the 2025 period, an increase in non-performing one-to-four family real estate loans of $2.6 million , an increase in non-performing commercial real estate loans of $7.5 million , and an increase in non-performing commercial business loans of $1.3 million . The $5.9 million non-performing construction loan represents the construction of a mixed use five-story building with both commercial space and apartments. The increase in non-performing one-to-four family real estate loans was due to an increase in the number of loans from 32 non-performing loans at December 31, 2024 to 43 loans at June 30, 2025 . The increase in non-performing commercial real estate loans was due to an increase in the number of loans from four non-performing loans at December 31, 2024 to 14 loans at June 30, 2025 . The increase in non-performing commercial business loans was due to an increase in the number of loans from 11 non-performing loans at December 31, 2024 to 16 loans at June 30, 2025 . Non-performing assets as a percentage of total assets totaled 0.37% at June 30, 2025 , as compared to 0.22% at December 31, 2024 . For the quarter ended June 30, 2025 , net charge-offs totaled approximately $3.2 million , as compared to $533,000 in net charge-offs recorded for the quarter ended June 30, 2024 . For the six months ended June 30, 2025 , net charge-offs totaled $4.1 million as compared to $5.5 million in net charge-offs recorded for the six months ended June 30, 2024 . Charge-offs for the three and six months ended June 30, 2025 included $3.2 million in charge-offs related to PCD loans included in the equipment finance loan purchase noted above. The Company's allowance for credit losses on loans was $64.5 million , or 0.79% of total gross loans, at June 30, 2025 , compared to $60.0 million , or 0.76% of total gross loans, at December 31, 2024 . The increase in the allowance for credit losses for loans was primarily due to an increase in the outstanding balance of loans. About Columbia Financial, Inc. The consolidated financial results include the accounts of Columbia Financial, Inc. , its wholly-owned subsidiary Columbia Bank (the "Bank") and the Bank's wholly-owned subsidiaries. Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank's mid-tier stock holding company. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC . Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 69 full-service banking offices and offers traditional financial services to consumers and businesses in its market area. Forward Looking Statements Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “projects,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates, higher inflation and their impact on national and local economic conditions; changes in monetary and fiscal policies of the U.S. Treasury , the Board of Governors of the Federal Reserve System and other governmental entities; the impact of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the impact of legal, judicial and regulatory proceedings or investigations, competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect a borrowers’ ability to service and repay the Company’s loans; the effect of acts of terrorism, war or pandemics, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; changes in the value of securities in the Company’s portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and securities; legislative changes and changes in government regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s consolidated financial statements will become impaired; cyber-attacks, computer viruses and other technological risks that may breach the security of our systems and allow unauthorized access to confidential information; the inability of third party service providers to perform; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits and effectively manage liquidity; risks related to the implementation of acquisitions, dispositions, and restructurings; the successful implementation of our December 2024 balance sheet repositioning transaction; the risk that the Company may not be successful in the implementation of its business strategy, or its integration of acquired financial institutions and businesses, and changes in assumptions used in making such forward-looking statements which are subject to numerous risks and uncertainties, including but not limited to, those set forth in Item 1A of the Company's Annual Report on Form 10-K and those set forth in the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov . Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company's actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law. Non-GAAP Financial Measures Reported amounts are presented in accordance with U.S. generally accepted accounting principles ("GAAP"). This press release also contains certain supplemental non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. Specifically, the Company provides measures based on what it believes are its operating earnings on a consistent basis and excludes material non-routine operating items which affect the GAAP reporting of results of operations. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s core financial results for the periods presented. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. The Company also provides measurements and ratios based on tangible stockholders' equity. These measures are commonly utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors. A reconciliation of GAAP to non-GAAP financial measures are included at the end of this press release. See "Reconciliation of GAAP to Non-GAAP Financial Measures". COLUMBIA FINANCIAL, INC. AND SUBSIDIARIESConsolidated Statements of Financial Condition(In thousands) June 30 , December 31 , 2025 2024 Assets (Unaudited) Cash and due from banks $ 248,113 $ 289,113 Short-term investments 111 110 Total cash and cash equivalents 248,224 289,223 Debt securities available for sale, at fair value 1,056,950 1,025,946 Debt securities held to maturity, at amortized cost (fair value of $368,232 , and $350,153 at June 30, 2025 and December 31, 2024 , respectively) 402,159 392,840 Equity securities, at fair value 7,253 6,673 Federal Home Loan Bank stock 68,663 60,387 Loans receivable 8,175,499 7,916,928 Less: allowance for credit losses 64,467 59,958 Loans receivable, net 8,111,032 7,856,970 Accrued interest receivable 41,161 40,383 Office properties and equipment, net 82,176 81,772 Bank-owned life insurance 278,756 274,908 Goodwill and intangible assets 120,003 121,008 Other real estate owned — 1,334 Other assets 322,651 324,049 Total assets $ 10,739,028 $ 10,475,493 Liabilities and Stockholders' Equity Liabilities: Deposits $ 8,135,483 $ 8,096,149 Borrowings 1,272,578 1,080,600 Advance payments by borrowers for taxes and insurance 49,525 45,453 Accrued expenses and other liabilities 160,734 172,915 Total liabilities 9,618,320 9,395,117 Stockholders' equity: Total stockholders' equity 1,120,708 1,080,376 Total liabilities and stockholders' equity $ 10,739,028 $ 10,475,493 COLUMBIA FINANCIAL, INC. AND SUBSIDIARIESConsolidated Statements of Income(In thousands, except per share data) Three Months Ended June 30 , Six Months Ended June 30 , 2025 2024 2025 2024 Interest income: (Unaudited) (Unaudited) Loans receivable $ 99,646 $ 95,252 $ 194,756 $ 188,201 Debt securities available for sale and equity securities 10,301 9,241 20,043 17,026 Debt securities held to maturity 2,922 2,502 5,733 4,871 Federal funds and interest-earning deposits 2,443 4,459 5,301 8,022 Federal Home Loan Bank stock dividends 1,179 1,832 2,821 3,793 Total interest income 116,491 113,286 228,654 221,913 Interest expense: Deposits 49,344 49,826 99,489 98,244 Borrowings 13,444 19,380 25,137 37,389 Total interest expense 62,788 69,206 124,626 135,633 Net interest income 53,703 44,080 104,028 86,280 Provision for credit losses 2,468 2,194 5,401 7,472 Net interest income after provision for credit losses 51,235 41,886 98,627 78,808 Non-interest income: Demand deposit account fees 2,015 1,590 3,903 3,003 Bank-owned life insurance 1,990 1,804 3,849 3,584 Title insurance fees 861 744 1,507 1,247 Loan fees and service charges 1,744 1,378 2,800 2,339 Gain (loss) on securities transactions 336 — 336 (1,256 ) Change in fair value of equity securities 272 101 580 452 (Loss) gain on sale of loans (15 ) 181 500 366 Gain on sale of other real estate owned 281 — 281 — Other non-interest income 2,689 3,382 4,888 6,897 Total non-interest income 10,173 9,180 18,644 16,632 Non-interest expense: Compensation and employee benefits 28,933 27,659 57,516 55,172 Occupancy 5,968 6,054 12,153 12,027 Federal deposit insurance premiums 1,739 1,879 3,619 4,234 Advertising 563 661 1,094 1,287 Professional fees 3,519 4,509 6,034 9,143 Data processing and software expenses 4,103 3,914 8,164 7,881 Merger-related expenses — 692 — 714 Other non-interest expense, net 81 879 171 1,447 Total non-interest expense 44,906 46,247 88,751 91,905 Income before income tax expense 16,502 4,819 28,520 3,535 Income tax expense 4,197 279 7,315 150 Net income $ 12,305 $ 4,540 $ 21,205 $ 3,385 Earnings per share-basic $ 0.12 $ 0.04 $ 0.21 $ 0.03 Earnings per share-diluted $ 0.12 $ 0.04 $ 0.21 $ 0.03 Weighted average shares outstanding-basic 101,985,784 101,651,511 101,898,636 101,699,126 Weighted average shares outstanding-diluted 101,985,784 101,651,511 101,898,636 101,804,386 COLUMBIA FINANCIAL, INC. AND SUBSIDIARIESAverage Balances/Yields For the Three Months Ended June 30 , 2025 2024 Average Balance Interest and Dividends Yield / Cost Average Balance Interest and Dividends Yield / Cost (Dollars in thousands) Interest-earnings assets: Loans $ 8,059,332 $ 99,646 4.96 % $ 7,774,052 $ 95,252 4.93 % Securities 1,493,913 13,223 3.55 % 1,633,801 11,743 2.89 % Other interest-earning assets 281,611 3,622 5.16 % 401,633 6,291 6.30 % Total interest-earning assets 9,834,856 116,491 4.75 % 9,809,486 113,286 4.64 % Non-interest-earning assets 860,948 871,525 Total assets $ 10,695,804 $ 10,681,011 Interest-bearing liabilities: Interest-bearing demand $ 1,938,459 $ 10,898 2.25 % $ 1,948,389 $ 13,708 2.83 % Money market accounts 1,332,835 9,424 2.84 % 1,220,774 8,323 2.74 % Savings and club deposits 645,167 1,114 0.69 % 674,793 1,370 0.82 % Certificates of deposit 2,788,547 27,908 4.01 % 2,545,967 26,425 4.17 % Total interest-bearing deposits 6,705,008 49,344 2.95 % 6,389,923 49,826 3.14 % FHLB advances 1,218,442 13,303 4.38 % 1,576,514 19,219 4.90 % Junior subordinated debentures 7,045 141 8.03 % 7,023 161 9.22 % Total borrowings 1,225,487 13,444 4.40 % 1,583,537 19,380 4.92 % Total interest-bearing liabilities 7,930,495 $ 62,788 3.18 % 7,973,460 $ 69,206 3.49 % Non-interest-bearing liabilities: Non-interest-bearing deposits 1,443,627 1,416,047 Other non-interest-bearing liabilities 215,390 260,107 Total liabilities 9,589,512 9,649,614 Total stockholders' equity 1,106,292 1,031,397 Total liabilities and stockholders' equity $ 10,695,804 $ 10,681,011 Net interest income $ 53,703 $ 44,080 Interest rate spread 1.57 % 1.15 % Net interest-earning assets $ 1,904,361 $ 1,836,026 Net interest margin 2.19 % 1.81 % Ratio of interest-earning assets to interest-bearing liabilities 124.01 % 123.03 % COLUMBIA FINANCIAL, INC. AND SUBSIDIARIESAverage Balances/Yields For the Six Months Ended June 30 , 2025 2024 Average Balance Interest and Dividends Yield / Cost Average Balance Interest and Dividends Yield / Cost (Dollars in thousands) Interest-earnings assets: Loans $ 7,977,402 $ 194,756 4.92 % $ 7,788,459 $ 188,201 4.86 % Securities 1,485,771 25,776 3.50 % 1,588,767 21,897 2.77 % Other interest-earning assets 299,424 8,122 5.47 % 383,989 11,815 6.19 % Total interest-earning assets 9,762,597 228,654 4.72 % 9,761,215 221,913 4.57 % Non-interest-earning assets 866,499 861,632 Total assets $ 10,629,096 $ 10,622,847 Interest-bearing liabilities: Interest-bearing demand $ 1,999,157 $ 22,438 2.26 % $ 1,973,569 $ 27,092 2.76 % Money market accounts 1,307,676 18,662 2.88 % 1,227,857 17,093 2.80 % Savings and club deposits 647,201 2,221 0.69 % 681,664 2,607 0.77 % Certificates of deposit 2,772,808 56,168 4.08 % 2,531,145 51,452 4.09 % Total interest-bearing deposits 6,726,842 99,489 2.98 % 6,414,235 98,244 3.08 % FHLB advances 1,140,113 24,857 4.40 % 1,511,830 37,067 4.93 % Junior subordinated debentures 7,041 280 8.02 % 7,020 322 9.22 % Total borrowings 1,147,154 25,137 4.42 % 1,518,850 37,389 4.95 % Total interest-bearing liabilities 7,873,996 $ 124,626 3.19 % 7,933,085 $ 135,633 3.44 % Non-interest-bearing liabilities: Non-interest-bearing deposits 1,438,262 1,404,161 Other non-interest-bearing liabilities 218,314 248,514 Total liabilities 9,530,572 9,585,760 Total stockholders' equity 1,098,524 1,037,087 Total liabilities and stockholders' equity $ 10,629,096 $ 10,622,847 Net interest income $ 104,028 $ 86,280 Interest rate spread 1.53 % 1.13 % Net interest-earning assets $ 1,888,601 $ 1,828,130 Net interest margin 2.15 % 1.78 % Ratio of interest-earning assets to interest-bearing liabilities 123.99 % 123.04 % COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Components of Net Interest Rate Spread and Margin Average Yields/Costs by Quarter June 30 , 2025 March 31 , 2025 December 31 , 2024 September 30 , 2024 June 30 , 2024 Yield on interest-earning assets: Loans 4.96 % 4.89 % 4.88 % 5.00 % 4.93 % Securities 3.55 3.45 2.99 2.90 2.89 Other interest-earning assets 5.16 5.75 6.00 6.72 6.30 Total interest-earning assets 4.75 % 4.69 % 4.61 % 4.70 % 4.64 % Cost of interest-bearing liabilities: Total interest-bearing deposits 2.95 % 3.01 % 3.13 % 3.21 % 3.14 % Total borrowings 4.40 4.44 4.65 4.87 4.92 Total interest-bearing liabilities 3.18 % 3.21 % 3.38 % 3.52 % 3.49 % Interest rate spread 1.57 % 1.48 % 1.23 % 1.18 % 1.15 % Net interest margin 2.19 % 2.11 % 1.88 % 1.84 % 1.81 % Ratio of interest-earning assets to interest-bearing liabilities 124.01 % 123.96 % 124.02 % 123.06 % 123.03 % COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Selected Financial Highlights June 30 , 2025 March 31 , 2025 December 31 , 2024 September 30 , 2024 June 30 , 2024 SELECTED FINANCIAL RATIOS (1) : Return on average assets 0.46 % 0.34 % (0.79 )% 0.23 % 0.17 % Core return on average assets 0.47 % 0.35 % 0.42 % 0.23 % 0.20 % Return on average equity 4.46 % 3.31 % (7.86 )% 2.32 % 1.77 % Core return on average equity 4.58 % 3.37 % 4.09 % 2.29 % 2.06 % Core return on average tangible equity 5.14 % 3.78 % 4.74 % 2.58 % 2.34 % Interest rate spread 1.57 % 1.48 % 1.23 % 1.18 % 1.15 % Net interest margin 2.19 % 2.11 % 1.88 % 1.84 % 1.81 % Non-interest income to average assets 0.38 % 0.33 % (0.88 )% 0.33 % 0.35 % Non-interest expense to average assets 1.68 % 1.68 % 1.73 % 1.60 % 1.74 % Efficiency ratio 70.30 % 74.57 % 205.17 % 78.95 % 86.83 % Core efficiency ratio 69.41 % 74.20 % 73.68 % 79.14 % 85.34 % Average interest-earning assets to average interest-bearing liabilities 124.01 % 123.96 % 124.02 % 123.06 % 123.03 % Net charge-offs to average outstanding loans (2) 0.04 % 0.04 % 0.07 % 0.14 % 0.03 % (1) Ratios are annualized when appropriate. (2) The June 30, 2025 ratio includes $3.2 million of non-annualized PCD charge-offs related to the purchased commercial equipment finance loans. ASSET QUALITY DATA: June 30 , 2025 March 31 , 2025 December 31 , 2024 September 30 , 2024 June 30 , 2024 (Dollars in thousands) Non-accrual loans $ 39,545 $ 24,856 $ 21,701 $ 28,014 $ 25,281 90+ and still accruing — — — — — Non-performing loans 39,545 24,856 21,701 28,014 25,281 Real estate owned — 1,334 1,334 1,974 1,974 Total non-performing assets $ 39,545 $ 26,190 $ 23,035 $ 29,988 $ 27,255 Non-performing loans to total gross loans 0.49 % 0.31 % 0.28 % 0.36 % 0.33 % Non-performing assets to total assets 0.37 % 0.25 % 0.22 % 0.28 % 0.25 % Allowance for credit losses on loans ("ACL") $ 64,467 $ 62,034 $ 59,958 $ 58,495 $ 57,062 ACL to total non-performing loans 163.02 % 249.57 % 276.29 % 208.81 % 225.71 % ACL to gross loans 0.79 % 0.78 % 0.76 % 0.75 % 0.73 % LOAN DATA: June 30 , 2025 March 31 , 2025 December 31 , 2024 September 30 , 2024 June 30 , 2024 (In thousands) Real estate loans: One-to-four family $ 2,629,372 $ 2,676,566 $ 2,710,937 $ 2,737,190 $ 2,764,177 Multifamily 1,578,733 1,567,862 1,460,641 1,399,000 1,409,316 Commercial real estate 2,517,693 2,429,429 2,339,883 2,312,759 2,316,252 Construction 415,403 437,081 473,573 510,439 462,880 Commercial business loans 726,526 614,049 622,000 586,447 554,768 Consumer loans: Home equity loans and advances 256,384 253,439 259,009 261,041 260,427 Other consumer loans 2,602 2,547 3,404 2,877 2,689 Total gross loans 8,126,713 7,980,973 7,869,447 7,809,753 7,770,509 Purchased credit deteriorated loans 11,998 10,395 11,686 11,795 12,150 Net deferred loan costs, fees and purchased premiums and discounts 36,788 35,940 35,795 35,642 36,352 Allowance for credit losses (64,467 ) (62,034 ) (59,958 ) (58,495 ) (57,062 ) Loans receivable, net $ 8,111,032 $ 7,965,274 $ 7,856,970 $ 7,798,695 $ 7,761,949 At June 30, 2025 (Dollars in thousands) Balance % of Gross Loans Weighted Average Loan to Value Ratio Weighted Average Debt Service Coverage Multifamily Real Estate $ 1,578,733 19.8 % 59.0 % 1.86 x Owner Occupied Commercial Real Estate $ 686,005 8.6 % 53.1 % 2.23 x Investor Owned Commercial Real Estate : Retail / Shopping centers $ 544,476 6.8 % 54.2 % 1.45 x Mixed Use 209,619 2.6 58.5 2.52 Industrial / Warehouse 435,261 5.5 54.4 1.60 Non-Medical Office 167,986 2.1 51.6 1.69 Medical Office 98,801 1.2 61.0 1.49 Single Purpose 43,332 0.5 60.7 1.44 Other 332,213 4.2 50.4 1.85 Total $ 1,831,688 23.0 % 54.3 % 1.70 x Total Multifamily and Commercial Real Estate Loans $ 4,096,426 51.3 % 55.9 % 1.85 DEPOSIT DATA: June 30, 2025 March 31, 2025 December 31, 2024 Balance Weighted Average Rate Balance Weighted Average Rate Balance Weighted Average Rate (Dollars in thousands) Non-interest-bearing demand $ 1,439,951 — % $ 1,490,243 — % $ 1,438,030 — % Interest-bearing demand 1,872,265 2.03 1,935,384 2.08 2,021,312 2.19 Money market accounts 1,355,682 2.79 1,333,668 2.84 1,241,691 2.82 Savings and club deposits 644,761 0.70 651,713 0.70 652,501 0.75 Certificates of deposit 2,822,824 3.96 2,783,927 4.08 2,742,615 4.24 Total deposits $ 8,135,483 2.36 % $ 8,194,935 2.40 % $ 8,096,149 2.47 % CAPITAL RATIOS: June 30 , December 31 , 2025 (1) 2024 Company: Total capital (to risk-weighted assets) 14.18 % 14.20 % Tier 1 capital (to risk-weighted assets) 13.35 % 13.40 % Common equity tier 1 capital (to risk-weighted assets) 13.27 % 13.31 % Tier 1 capital (to adjusted total assets) 10.37 % 10.02 % Columbia Bank : Total capital (to risk-weighted assets) 14.40 % 14.41 % Tier 1 capital (to risk-weighted assets) 13.53 % 13.56 % Common equity tier 1 capital (to risk-weighted assets) 13.53 % 13.56 % Tier 1 capital (to adjusted total assets) 9.95 % 9.64 % (1) Estimated ratios at June 30, 2025 Reconciliation of GAAP to Non-GAAP Financial Measures Book and Tangible Book Value per Share June 30 , December 31 , 2025 2024 (Dollars in thousands) Total stockholders' equity $ 1,120,708 $ 1,080,376 Less: goodwill (110,715 ) (110,715 ) Less: core deposit intangible (7,933 ) (8,964 ) Total tangible stockholders' equity $ 1,002,060 $ 960,697 Shares outstanding 104,927,137 104,759,185 Book value per share $ 10.68 $ 10.31 Tangible book value per share $ 9.55 $ 9.17 Reconciliation of GAAP to Non-GAAP Financial Measures (continued) Reconciliation of Core Net Income Three Months Ended June 30 , Six Months Ended June 30 , 2025 2024 2025 2024 (In thousands) Net income $ 12,305 $ 4,540 $ 21,205 $ 3,385 Less/add: (gain) loss on securities transactions, net of tax (251 ) — (251 ) 1,130 Add: FDIC special assessment, net of tax — 97 — 490 Add: severance expense, net of tax 354 — 517 67 Add: merger-related expenses, net of tax — 652 — 672 Add: litigation expenses, net of tax 242 — 242 — Core net income $ 12,650 $ 5,289 $ 21,713 $ 5,744 Return on Average Assets Three Months Ended June 30 , Six Months Ended June 30 , 2025 2024 2025 2024 (Dollars in thousands) Net income $ 12,305 $ 4,540 $ 21,205 $ 3,385 Average assets $ 10,695,804 $ 10,681,011 $ 10,629,096 $ 10,622,847 Return on average assets 0.46 % 0.17 % 0.40 % 0.06 % Core net income $ 12,650 $ 5,289 $ 21,713 $ 5,744 Core return on average assets 0.47 % 0.20 % 0.41 % 0.11 % Reconciliation of GAAP to Non-GAAP Financial Measures (continued) Return on Average Equity Three Months Ended June 30 , Six Months Ended June 30 , 2025 2024 2025 2024 (Dollars in thousands) Total average stockholders' equity $ 1,106,292 $ 1,031,397 $ 1,098,524 $ 1,037,087 Less/add: (gain)loss on securities transactions, net of tax (251 ) — (251 ) 1,130 Add: FDIC special assessment, net of tax — 97 — 490 Add: severance expense, net of tax 354 — 517 67 Add: merger-related expenses, net of tax — 652 — 672 Add: litigation expenses, net of tax 242 — 242 — Core average stockholders' equity $ 1,106,637 $ 1,032,146 $ 1,099,032 $ 1,039,446 Return on average equity 4.46 % 1.77 % 3.89 % 0.66 % Core return on core average equity 4.58 % 2.06 % 3.98 % 1.11 % Return on Average Tangible Equity Three Months Ended June 30 , Six Months Ended June 30 , 2025 2024 2025 2024 (Dollars in thousands) Total average stockholders' equity $ 1,106,292 $ 1,031,397 $ 1,098,524 $ 1,037,087 Less: average goodwill (110,715 ) (110,715 ) (110,715 ) (110,715 ) Less: average core deposit intangible (8,241 ) (10,381 ) (8,511 ) (10,668 ) Total average tangible stockholders' equity $ 987,336 $ 910,301 $ 979,298 $ 915,704 Core return on average tangible equity 5.14 % 2.34 % 4.47 % 1.26 % Reconciliation of GAAP to Non-GAAP Financial Measures (continued) Efficiency Ratios Three Months Ended June 30 , Six Months Ended June 30 , 2025 2024 2025 2024 (Dollars in thousands) Net interest income $ 53,703 $ 44,080 $ 104,028 $ 86,280 Non-interest income 10,173 9,180 18,644 16,632 Total income $ 63,876 $ 53,260 $ 122,672 $ 102,912 Non-interest expense $ 44,906 $ 46,247 $ 88,751 $ 91,905 Efficiency ratio 70.30 % 86.83 % 72.35 % 89.30 % Non-interest income $ 10,173 $ 9,180 $ 18,644 $ 16,632 Less /add: (gain) loss on securities transactions (336 ) — (336 ) 1,256 Core non-interest income $ 9,837 $ 9,180 $ 18,308 $ 17,888 Non-interest expense $ 44,906 $ 46,247 $ 88,751 $ 91,905 Less: FDIC special assessment, net — (103 ) — (565 ) Less: severance expense (475 ) — (695 ) (74 ) Less: merger-related expenses — (692 ) — (714 ) Less: litigation expenses (325 ) — (325 ) — Core non-interest expense $ 44,106 $ 45,452 $ 87,731 $ 90,552 Core efficiency ratio 69.41 % 85.34 % 71.71 % 86.93 % Columbia Financial, Inc. Investor Relations Department (833) 550-0717 Source: Columbia Financial, Inc.

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