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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark one)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-38456

Columbia Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware
22-3504946
(State or other jurisdiction
of incorporation or organization)		(I.R.S. Employer Identification Number)
19-01 Route 208 North,Fair Lawn,
New Jersey07140
(Address of principal executive offices)(Zip Code)

(800) 522-4167
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per share CLBKThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer☒Accelerated filer☐Smaller reporting company☐
Non-accelerated filer☐Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes ☒ No

As of May 6, 2022, there were 112,096,649 shares issued and outstanding of the Registrant's common stock, par value $0.01 per share.


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Index to Form 10-Q
                                
Item NumberPage Number
PART I.
Financial Information
Item 1.Financial Statements
Consolidated Statements of Financial Condition as of March 31, 2022 (Unaudited) and December 31, 2021
Consolidated Statements of Income for the Three Months Ended March 31, 2022 and 2021 (Unaudited)
Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2022 and 2021 (Unaudited)
Consolidated Statements of Changes in Stockholder's Equity for the Three Months Ended March 31, 2022 and 2021 (Unaudited)
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (Unaudited)
Item 2.
Item 3.
Item 4.
PART II.


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Financial Condition
(In thousands, except share and per share data)
March 31,December 31,
20222021
Assets
 (Unaudited)
Cash and due from banks$95,736 $70,702 
Short-term investments261 261 
Total cash and cash equivalents95,997 70,963 
Debt securities available for sale, at fair value (allowance for credit losses of $1,144 at March 31, 2022 and none at December 31, 2021)
1,579,497 1,703,847 
Debt securities held to maturity, at amortized cost (fair value of $399,024 and $434,789 at March 31, 2022 and December 31, 2021, respectively)
419,033 429,734 
Equity securities, at fair value2,789 2,710 
Federal Home Loan Bank stock25,618 23,141 
Loans receivable6,476,755 6,360,601 
Less: allowance for credit losses (1)
47,162 62,689 
Loans receivable, net6,429,593 6,297,912 
Accrued interest receivable27,774 28,300 
Office properties and equipment, net77,776 78,708 
Bank-owned life insurance ("BOLI")248,013 247,474 
Goodwill and intangible assets91,382 91,693 
Other assets239,622 249,615 
Total assets$9,237,094 $9,224,097 
Liabilities and Stockholders' Equity
Liabilities:
Deposits$7,594,988 $7,570,216 
Borrowings432,755 377,309 
Advance payments by borrowers for taxes and insurance37,875 36,471 
Accrued expenses and other liabilities138,989 161,020 
Total liabilities8,204,607 8,145,016 
Stockholders' equity:
Preferred stock, $0.01 par value. 10,000,000 shares authorized; none issued and outstanding at March 31, 2022 and December 31, 2021
— — 
Common stock, $0.01 par value. 500,000,000 shares authorized; 124,690,475 shares issued and 106,441,922 shares outstanding at March 31, 2022 and 124,630,738 shares issued and 107,442,453 shares outstanding at December 31, 2021
1,247 1,246 
Additional paid-in capital670,955 667,906 
Retained earnings791,749 765,133 
Accumulated other comprehensive loss(100,355)(45,919)
Treasury stock, at cost; 18,248,553 shares at March 31, 2022 and 17,188,285 shares at December 31, 2021
(294,121)(271,647)
Common stock held by the Employee Stock Ownership Plan(36,461)(37,026)
Stock held by Rabbi Trust(2,746)(2,425)
Deferred compensation obligations2,219 1,813 
Total stockholders' equity1,032,487 1,079,081 
Total liabilities and stockholders' equity$9,237,094 $9,224,097 
See accompanying notes to unaudited consolidated financial statements.
 (1) The Company adopted ASU 2016-13 as of January 1, 2022. Prior year periods have not been restated.
2


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands, except per share data)
Three Months Ended March 31,
20222021
Interest income:
(Unaudited)
Loans receivable
$56,957 $58,768 
Debt securities available for sale and equity securities
8,888 6,378 
Debt securities held to maturity
2,426 1,752 
Federal funds and interest earning deposits
17 104 
Federal Home Loan Bank stock dividends
447 635 
Total interest income
68,735 67,637 
Interest expense:
Deposits
4,687 8,875 
Borrowings
1,322 2,022 
Total interest expense
6,009 10,897 
Net interest income
62,726 56,740 
Provision for (reversal of) credit losses (1)
1,459 (1,280)
Net interest income after provision for (reversal of) credit losses
61,267 58,020 
Non-interest income:
Demand deposit account fees
1,170 838 
Bank-owned life insurance
1,729 1,474 
Title insurance fees
957 1,620 
Loan fees and service charges
640 651 
Change in fair value of equity securities
79 (588)
Gain on sale of loans
110 2,150 
Other non-interest income
2,356 2,450 
Total non-interest income
7,041 8,595 
Non-interest expense:
Compensation and employee benefits
25,999 23,393 
Occupancy
5,429 5,252 
Federal deposit insurance premiums
647 580 
Advertising
649 535 
Professional fees
1,754 1,790 
Data processing and software expenses
3,267 2,771 
Merger-related expenses
151 — 
Loss on extinguishment of debt— 742 
Other non-interest expense
2,853 2,640 
Total non-interest expense
40,749 37,703 
 Income before income tax expense
27,559 28,912 
Income tax expense 7,155 7,867 
Net income
$20,404 $21,045 
Earnings per share-basic and diluted$0.20 $0.20 
Weighted average shares outstanding-basic103,148,417 105,977,621 
Weighted average shares outstanding-diluted103,737,252 105,977,621 
See accompanying notes to unaudited consolidated financial statements.
(1) The Company adopted ASU 2016-13 as of January 1, 2022. Prior year periods have not been restated.
3



COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
Three Months Ended March 31,
20222021
(Unaudited)
Net income $20,404 $21,045 
Other comprehensive (loss) income, net of tax:
Unrealized (loss) on debt securities available for sale(57,815)(17,034)
Accretion of unrealized (loss) gain on debt securities reclassified as held to maturity(3)14 
(57,818)(17,020)
Derivatives, net of tax:
Unrealized gain on swap contracts accounted for as cash flow hedges3,157 5,683 
3,157 5,683 
Employee benefit plans, net of tax:
Amortization of prior service cost included in net income(11)(10)
Reclassification adjustment of actuarial net (loss) included in net income(244)(1,089)
Change in funded status of retirement obligations480 9,554 
225 8,455 
Total other comprehensive (loss) (54,436)(2,882)
Total comprehensive (loss) income, net of tax$(34,032)$18,163 
See accompanying notes to unaudited consolidated financial statements.

4

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
Three Months Ended March 31, 2022 and 2021
(In thousands)

Common StockAdditional Paid-in-CapitalRetained EarningsAccumulated Other Comprehensive (Loss)Treasury StockCommon Stock Held by the Employee Stock Ownership PlanStock Held by Rabbi TrustDeferred Compensation ObligationsTotal Stockholders' Equity
Balance at December 31, 2020$1,220 $609,531 $673,084 $(69,625)$(163,015)$(39,293)$(1,875)$1,260 $1,011,287 
Net income— — 21,045 — — — — — 21,045 
Other comprehensive (loss)— — — (2,882)— — — — (2,882)
Issuance of common stock to Columbia Bank MHC— — — — — — — — — 
Treasury stock allocated to restricted stock award grants (50,203 shares)
— (733)— — 733 — — — — 
Stock based compensation— 2,143 — — — — — — 2,143 
Purchase of treasury stock (1,998,539 shares)
— — — — (32,837)— — — (32,837)
Restricted stock forfeitures (13,846 shares)
— 242 — — (242)— — — — 
Employee Stock Ownership Plan shares committed to be released— 366 — — — 559 — — 925 
Funding of deferred compensation obligations— — — — — — (266)234 (32)
Balance at March 31, 2021
$1,220 $611,549 $694,129 $(72,507)$(195,361)$(38,734)$(2,141)$1,494 $999,649 
See accompanying notes to unaudited consolidated financial statements.











5

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
Three Months Ended March 31, 2022 and 2021
(In thousands)

Common StockAdditional Paid-in-CapitalRetained EarningsAccumulated Other Comprehensive (Loss)Treasury StockCommon Stock Held by the Employee Stock Ownership PlanStock Held by Rabbi TrustDeferred Compensation ObligationsTotal Stockholders' Equity
Balance at December 31, 2021$1,246 $667,906 $765,133 $(45,919)$(271,647)$(37,026)$(2,425)$1,813 $1,079,081 
Effect of adopting ASU No. 2016-13 ("CECL")— — 6,212 — — — — — 6,212 
Balance at January 1, 20221,246 667,906 771,345 (45,919)(271,647)(37,026)(2,425)1,813 1,085,293 
Net income— — 20,404 — — — — — 20,404 
Other comprehensive (loss)— — — (54,436)— — — — (54,436)
Issuance of common stock allocated to restricted stock award grants (51,746 shares)
1 (1)— — — — — — — 
Stock based compensation— 1,915 — — — — — — 1,915 
Purchase of treasury stock (1,060,268 shares)
— — — — (21,685)— — — (21,685)
Exercise of stock options (62,859 shares)
— (182)— — — — — — (182)
Restricted stock forfeitures (31,570 shares)
— 676 — — (676)— — — — 
Repurchase shares for taxes (5,179 shares)
— — — — (113)— — — (113)
Employee Stock Ownership Plan shares committed to be released— 641 — — — 565 — — 1,206 
Funding of deferred compensation obligations— — — — — — (321)406 85 
Balance at March 31, 2022
$1,247 $670,955 $791,749 $(100,355)$(294,121)$(36,461)$(2,746)$2,219 $1,032,487 
See accompanying notes to unaudited consolidated financial statements.
6

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Three Months Ended March 31,
20222021
(In thousands, unaudited)
Cash flows from operating activities:
Net income$20,404 $21,045 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of deferred loan costs, fees and purchased premiums and discounts1,835 (1,241)
Net amortization of premiums and discounts on securities635 1,425 
Net amortization of mortgage servicing rights63 60 
Amortization of intangible assets248 262 
Depreciation and amortization of office properties and equipment1,769 1,658 
Amortization of operating lease right-of-use assets942 904 
Loss on extinguishment of debt— 742 
Provision for (reversal of) credit losses 1,459 (1,280)
Change in fair value of equity securities(79)588 
Gain on securitizations— (1,715)
Gain on sale of loans(110)(435)
Net loss on disposal of office properties and equipment28 7 
Deferred tax expense 951 736 
Decrease in accrued interest receivable526 786 
Decrease in other assets27,676 29,600 
(Increase) decrease in accrued expenses and other liabilities(24,970)117,631 
Income on bank-owned life insurance(1,729)(1,474)
Employee stock ownership plan expense1,206 925 
Stock based compensation1,915 2,143 
Increase (decrease) in deferred compensation obligations under Rabbi Trust85 (32)
Net cash provided by operating activities32,854 172,335 
Cash flows from investing activities:
Proceeds from paydowns/maturities/calls of debt securities available for sale89,921 94,255 
Proceeds from paydowns/maturities/calls of debt securities held to maturity10,567 14,131 
Purchases of debt securities available for sale(47,397)(208,575)
Purchases of debt securities held to maturity— (142,888)
Proceeds from sales of loans held-for-sale2,199 15,822 
Net increase in loans receivable(119,631)(117,233)
Proceeds from bank-owned life insurance death benefits221 4 
Proceeds from redemptions of Federal Home Loan Bank stock 16,667 3,479 
Purchases of Federal Home Loan Bank stock(19,144)— 
Additions to office properties and equipment(865)(2,481)
Net cash (used in) investing activities$(67,462)$(343,486)
















7

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (continued)
Three Months Ended March 31,
20222021
( In thousands, unaudited)
Cash flows from financing activities:
Net increase in deposits$24,772 $217,706 
Payments on long-term borrowings— (54,168)
Net increase (decrease) in short-term borrowings55,446 (23,323)
Increase in advance payments by borrowers for taxes and insurance1,404 532 
Exercise of stock options(182)— 
Purchase of treasury stock(21,685)(32,837)
Repurchase of shares for taxes(113)— 
Net cash provided by financing activities$59,642 $107,910 
Net increase (decrease) in cash and cash equivalents$25,034 $(63,241)
Cash and cash equivalents at beginning of year70,963 422,957 
Cash and cash equivalents at end of period$95,997 $359,716 
Cash paid during the period for:
Interest on deposits and borrowings$5,896 $10,887 
Income tax payments, net of (refunds)$1,849 $(687)
Non-cash investing and financing activities:
Transfer of loans receivable to loans held-for-sale$2,089 $11,241 
Securitization of loans— 64,027 
See accompanying notes to unaudited consolidated financial statements.
8
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements

1.Basis of Financial Statement Presentation

    The accompanying consolidated financial statements include the accounts of Columbia Financial, Inc. ("Columbia Financial"), its wholly-owned subsidiaries, Columbia Bank ("Columbia") and Freehold Bank ("Freehold") and Columbia's wholly-owned subsidiaries, Columbia Investment Services, Inc., 2500 Broadway Corp. 1901 Residential Management Co. LLC, Plaza Financial Services, Inc., First Jersey Title Services, Inc., Real Estate Management Corp. LLC, 1901 Commercial Management Co. LLC, Stewardship Realty LLC, and CSB Realty Corp., and Freehold's wholly-owned inactive subsidiary, Freehold S & L Service Corporation (collectively, the “Company”). In consolidation, all intercompany accounts and transactions are eliminated. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications.

    Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC (the "MHC"). The accounts of the MHC are not consolidated in the accompanying consolidated financial statements of the Company.
    
    In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the Consolidated Statements of Financial Condition and Consolidated Statements of Income for the periods presented. Actual results could differ from these estimates. Material estimates that are particularly susceptible to change are the determination of the adequacy of the allowance for credit losses, evaluation of the need for valuation allowances on deferred tax assets, and determination of liabilities related to retirement and other post-retirement benefits. These estimates and assumptions are evaluated on an ongoing basis and are adjusted when facts and circumstances dictate.

    The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three month period ended March 31, 2022 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year or any other period. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications.

    The interim unaudited consolidated financial statements of the Company presented herein have been prepared in accordance with the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and U.S. generally accepted accounting principles (“GAAP”). Certain information and note disclosures have been condensed or omitted pursuant to the rules and regulations of the SEC.

    These unaudited consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and the audited consolidated financial statements included therein.

2.    Acquisitions

Freehold Bank

On December 1, 2021, the Company completed its acquisition of Freehold Bancorp, MHC, Freehold Bancorp, Inc. and Freehold Bank (collectively, the "Freehold Entities"). Pursuant to the terms of the Merger Agreement, Freehold Bancorp, MHC merged with and into the MHC, with the MHC as the surviving entity; and Freehold Bancorp, Inc. merged with and into Columbia Financial, with Columbia Financial as the surviving entity. In connection with the merger, Freehold Bank converted to a federal savings bank and will operate as a wholly-owned subsidiary of Columbia Financial for at least two years following the effective time of the merger, or no later than December 31, 2023. Under the terms of the merger agreement, depositors of Freehold Bank became depositors of the Columbia Bank and have the same rights and privileges in the MHC as if their accounts had been established at Columbia Bank on the date established at Freehold Bank. The Company issued 2,591,007 shares of its common stock to the MHC, representing an amount equal to the fair value of the Freehold Entities as determined by an independent appraiser, at the effective time of the merger.

Merger-related expenses are recorded in the Consolidated Statements of Income and are expensed as incurred. Direct acquisition and other charges incurred in connection with the acquisition of the Freehold Entities totaled $7,000 during the three months ended March 31, 2022. There were no related merger expenses associated with the acquisition of the Freehold Entities recorded for the three months ended March 31, 2021.

9
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
2.    Acquisitions (continued)

RSI Bank

On May 1, 2022, the Company completed its acquisition of RSI Bancorp, M.H.C., RSI Bancorp, Inc. and RSI Bank (collectively, the “RSI Entities”). Pursuant to the terms of the merger agreement, RSI Bancorp, M.H.C. merged with and into the MHC, with the MHC as the surviving entity; RSI Bancorp, Inc. merged with and into Columbia Financial, with Columbia Financial as the surviving entity; and RSI Bank merged with and into Columbia Bank, with Columbia Bank as the surviving institution. Under the terms of the merger agreement, depositors of RSI Bank became depositors of Columbia Bank and have the same rights and privileges in the MHC as if their accounts had been established at Columbia Bank on the date established at RSI Bank. The transaction closed on May 1, 2022, and the Company issued 6,086,314 shares of its common stock to the MHC, representing an amount equal to the fair value of the RSI Entities as determined by an independent appraiser, at the effective time of the merger.

Merger-related expenses are recorded in the Consolidated Statements of Income and are expensed as incurred. Direct acquisition and other charges incurred in connection with the RSI acquisition totaled $144,000 during the three months ended March 31, 2022. There were no related merger expenses associated with the acquisition of the RSI Entities recorded for the three months ended March 31, 2021.

3.        Earnings per Share

    Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes treasury stock, unallocated employee stock ownership plan shares that have not been committed for release and deferred compensation obligations required to be settled in shares of Company stock.

    Diluted EPS is computed using the same method as basic EPS and reflects the potential dilution which could occur if stock options and unvested shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method.
    
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three months ended March 31, 2022 and 2021:

 For the Three Months Ended March 31,
20222021
(Dollars in thousands, except per share data)
Net income $20,404 $21,045 
Shares:
Weighted average shares outstanding - basic103,148,417 105,977,621 
Weighted average dilutive shares outstanding 588,835 — 
Weighted average shares outstanding - diluted103,737,252 105,977,621 
Earnings per share:
Basic $0.20 $0.20 
Diluted$0.20 $0.20 

    During the three months ended March 31, 2022 and March 31, 2021, the average number of stock options which could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive totaled 16,005 and 3,719,688, respectively.

4.    Stock Repurchase Program

On September 10, 2020, the Company announced that its Board of Directors authorized the Company's second stock repurchase program for the purchase of up to 5,000,000 shares, or approximately 4.3%, of the Company's issued and outstanding

10
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
4.    Stock Repurchase Program (continued)

common stock, commencing on September 15, 2020. On February 5, 2021, the Company completed the repurchases under the second stock repurchase program.

On February 1, 2021, the Company announced that its Board of Directors authorized the Company's third stock repurchase program to acquire up to 5,000,000 shares, or approximately 4.5%, of the Company's then issued and outstanding common stock, commencing upon completion of the Company's second stock repurchase program.

On December 6, 2021, the Company announced that its Board of Directors authorized the Company's fourth stock repurchase program to acquire up to 5,000,000 shares, or approximately 4.6%, of the Company's then issued and outstanding common stock, commencing upon the completion of the Company's third stock repurchase program.

During the three months ended March 31, 2022, the Company repurchased 1,023,519 shares at a cost of approximately $21.7 million, or $21.19 per share, under these programs. During the three months ended March 31, 2021, the Company repurchased 1,998,539 shares at a cost of approximately $32.8 million, or $16.43 per share under these programs. Repurchased shares are held as treasury stock and are available for general corporate purposes.

5.    Summary of Significant Accounting Policies

Accounting Pronouncement Adopted in 2022

In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("CECL"), further amended by ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. Topic 326 pertains to the measurement of credit losses on financial instruments. This update requires the measurement of all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better determine their credit loss estimates. This update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. This update was effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2019.

    The Company elected to defer the adoption of the CECL methodology until December 31, 2020 as permitted by the enacted Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). In late December 2020, the Consolidated Appropriations Act, 2021 was enacted, and extended certain provisions of the CARES Act, which allowed the Company to extend the adoption of CECL until January 1, 2022. The Company elected to extend its adoption of CECL in accordance with this legislation, and adopted the above mentioned ASUs related to Financial Instruments -Credit Losses (Topic 326) using a modified retrospective approach.

The Company adopted ASU 2016-13 on January 1, 2022 for all financial assets measured at amortized cost and off balance sheet credit exposures. Results for the three months ended March 31, 2022 are presented under Accounting Standards Codification 326, Financial Instruments - Credit Losses, while prior period amounts continue to be reported with previously applicable GAAP and have not been restated. Effective January 1, 2022, the Company recorded a $12.1 million decrease in the allowance for credit losses on loans (previously allowance for loan losses), established a $353,000 allowance for credit losses on debt securities available for sale, and recorded a $5.5 million increase in the liability for off balance sheet credit exposures, which resulted in a total cumulative effect adjustment of $6.2 million, net of tax, and an increase to retained earnings.

Accounting Pronouncement Not Yet Adopted    

In March 2022, the FASB issued ASU 2022-02, Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 addresses areas identified by the FASB as part of its post-implementation review of the credit losses standard (ASU 2016-13) that introduced the CECL model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhance the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. For entities that have adopted ASU 2016-13, this ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements.

11
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements

6.    Debt Securities Available for Sale

    Debt securities available for sale at March 31, 2022 and December 31, 2021 are summarized as follows:
March 31, 2022
Amortized CostGross Unrealized GainsGross Unrealized (Losses)Allowance for Credit LossesFair Value
(In thousands)
U.S. government and agency obligations$43,185 $80 $(1,178)$— $42,087 
Mortgage-backed securities and collateralized mortgage obligations1,488,048 2,075 (75,981)— 1,414,142 
Municipal obligations4,157 — (5)(11)4,141 
Corporate debt securities122,720 1,085 (3,545)(1,133)119,127 
$1,658,110 $3,240 $(80,709)$(1,144)$1,579,497 

December 31, 2021
Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
(In thousands)
U.S. government and agency obligations$34,711 $404 $(236)$34,879 
Mortgage-backed securities and collateralized mortgage obligations1,553,491 14,141 (13,273)1,554,359 
Municipal obligations4,159 20 — 4,179 
Corporate debt securities109,018 2,378 (966)110,430 
$1,701,379 $16,943 $(14,475)$1,703,847 

    The amortized cost and fair value of debt securities available for sale at March 31, 2022, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer.