GlobeNewswire·Oct 29, 2026, 4:05 PM ET

Columbia Financial, Inc. Announces Q3 2026 Financial Results and Quarterly Cash Dividend

CLBK

Columbia Financial, Inc. reported net income of $5.2 million ($0.02 per share) for the quarter ended September 30, 2026, down from $14.9 million ($0.07 per share) in the prior year period.
For the nine months ended September 30, 2026, net income totaled $32.8 million ($0.14 per share), compared to $36.1 million ($0.16 per share) in the same period of 2025.
Core net income for the quarter ended September 30, 2026, was $40.6 million ($0.16 per share), significantly higher than the $15.4 million ($0.07 per share) reported in the same quarter of 2025.
Total assets increased $5.4 billion to $17.6 billion at September 30, 2026, primarily due to the acquisition of Northfield Bancorp, Inc. and a second-step conversion stock offering.
The company completed the acquisition of Northfield on July 20, 2026, adding approximately $5.2 billion in assets, $3.2 billion in loans, and $3.8 billion in deposits.
A bargain purchase gain of $25.7 million, net of tax, was recorded during the quarter related to the Northfield acquisition.
Merger-related expenses for the quarter totaled $30.6 million, contributing to a 116.3% increase in non-interest expense to $97.5 million.
Net interest income rose $57.0 million to $114.4 million for the quarter, driven by a 99.3% increase in interest income offset by higher interest expenses.
The net interest margin increased 67 basis points to 2.96% for the quarter ended September 30, 2026, compared to 2.29% in the prior year quarter.
Total deposits grew $3.1 billion to $12.6 billion, with non-interest-bearing deposits increasing $771.6 million due to acquired funds from Northfield.
The company sold $55.6 million of criticized or classified multifamily loans and entered a letter of intent to sell $246.2 million of New York City rent-regulated loans, reducing exposure to less than 1.0% of total assets.
Total gross loans increased $3.1 billion (37.2%) to $11.6 billion, largely driven by $3.2 billion in loans acquired from Northfield.
The allowance for credit losses on loans increased $51.4 million to $118.6 million, including a $47.1 million day 1 CECL adjustment from the Northfield acquisition.
Non-performing loans decreased to $36.5 million, or 0.31% of total gross loans, from $38.0 million (0.46%) at December 31, 2025.
Stockholders' equity increased $2.0 billion to $3.2 billion, reflecting $1.6 billion from the stock offering and $404.3 million from the Northfield acquisition.
The Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on November 25, 2026, to stockholders of record as of November 10, 2026.
The company plans to complete its core system conversion during the first quarter of 2027.