GlobeNewswire·Apr 20, 2026, 4:05 PM ET

Columbia Financial, Inc. Announces Financial Results for the First Quarter Ended March 31, 2026

CLBK

Columbia Financial, Inc. reported net income of $13.1 million ($0.13 per share) for the quarter ended March 31, 2026, up from $8.9 million ($0.09 per share) in the same period in 2025.
Net interest income increased by 20.0% to $60.4 million, driven by a $6.7 million rise in interest income & a $3.4 million decrease in interest expense.
The net interest margin expanded 31 basis points to 2.42%, compared to 2.11% in the prior year quarter.
The provision for credit losses decreased by 67.4% to $1.0 million, with the quarter showing net loan recoveries of $604,000 versus net charge-offs of $857,000 in the prior year.
Non-interest income fell 20.4% to $6.7 million, primarily due to a $1.5 million reduction in the change in fair value of equity securities.
Non-interest expense rose 8.3% to $47.5 million, attributed to a $2.5 million increase in compensation & benefits & a $1.8 million increase in merger-related costs.
Total assets remained flat at $11.0 billion, while total deposits decreased $72.1 million to $8.37 billion & borrowings increased $60.0 million to $1.24 billion.
Non-performing loans increased to $41.4 million (0.50% of total gross loans), largely due to one $10.6 million commercial real estate loan designated as non-performing.
The allowance for credit losses on loans increased by $1.6 million to $68.8 million, driven by higher qualitative loss rates.
CEO Thomas J. Kemly announced plans for a second-step conversion offering & a merger with Northfield Bancorp, Inc., which aim to expand into New York metro markets & add a lower cost deposit base.
The effective tax rate rose to 29.9% for the quarter, compared to 25.9% in 2025, mainly due to non-deductible merger-related expenses.
Total stockholders' equity increased by $13.0 million to $1.2 billion, primarily driven by the quarter's net income.