Company Quick10K Filing
⚲
Columbia Financial
Financials
Price15.77 EPS0
Shares115 P/E32
MCap1,806 P/FCF61
Net Debt1,071 EBIT155
TEV2,877 TEV/EBIT19
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-13
10-Q 2019-03-31 Filed 2019-05-13
10-K 2018-12-31 Filed 2019-03-29
10-Q 2018-09-30 Filed 2018-11-14
10-Q 2018-06-30 Filed 2018-08-14
10-Q 2018-03-31 Filed 2018-05-14
10-Q 2017-12-31 Filed 2018-03-23
Reports
8-K 2020-05-26
8-K 2020-05-22
8-K 2020-04-29
8-K 2020-04-01
8-K 2020-01-30
8-K 2019-12-05
8-K 2019-12-02
8-K 2019-11-01
8-K 2019-10-24
8-K 2019-10-21
8-K 2019-07-24
8-K 2019-06-11
8-K 2019-06-06
8-K 2019-06-06
8-K 2019-06-06
8-K 2019-04-25
8-K 2019-02-04
8-K 2019-01-31
8-K 2019-01-25
8-K 2018-11-06
8-K 2018-10-25
8-K 2018-09-17
8-K 2018-09-04
8-K 2018-07-26
8-K 2018-05-22
8-K 2018-04-25
8-K 2018-04-19
8-K 2018-04-17
8-K 2018-02-08

CLBK 10Q Quarterly Report

Content
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Exhibits
EX-31.1 exhibit3113312020.htm
EX-31.2 exhibit3123312020.htm
EX-32.0 exhibit3203312020.htm

Columbia Financial Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02016201720182020
Assets, Equity
 0.10.10.10.00.00.02018201820192020
Rev, G Profit, Net Income
 0.80.60.30.1-0.2-0.42016201720182020
Ops, Inv, Fin
Document
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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, 2020

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 Jersey
 
07140
(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 class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value per share
CLBK
The 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 8, 2020, there were 115,067,114 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 Number
Page Number
 
 
 
PART I.
Financial Information
 
 
 
 
Item 1.
Financial Statements
 
 
Consolidated Statements of Financial Condition as of March 31, 2020 (Unaudited) and December 31, 2019
 
Consolidated Statements of Income for the Three Months Ended March 31, 2020 and 2019 (Unaudited)
 
Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2020 and 2019 (Unaudited)
 
Consolidated Statements of Changes in Stockholder's Equity for the Three Months Ended March 31, 2020 and 2019 (Unaudited)
 
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019 (Unaudited)
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
PART II.
 
 
 
 
 
 
 
 
     Item 6. Exhibit
 
 
 
 
 
 
 
 



COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Financial Condition
(In thousands, except share and per share data)
 
March 31,
 
December 31,
 
2020
 
2019
Assets
 (Unaudited)
 
 
 
 
 
 
Cash and due from banks
$
88,197

 
$
75,420

Short-term investments
127

 
127

Total cash and cash equivalents
88,324

 
75,547

 
 
 
 
Debt securities available for sale, at fair value
1,116,417

 
1,098,336

Debt securities held to maturity, at amortized cost (fair value of $286,571 and $289,505 at March 31, 2020 and December 31, 2019, respectively)
273,152

 
285,756

Equity securities, at fair value
2,271

 
2,855

Federal Home Loan Bank stock
68,233

 
69,579

 
 
 
 
Loans receivable
6,252,505

 
6,197,566

Less: allowance for loan losses
71,200

 
61,709

Loans receivable, net
6,181,305

 
6,135,857

 
 
 
 
Accrued interest receivable
22,770

 
22,092

Office properties and equipment, net
72,385

 
72,967

Bank-owned life insurance
212,832

 
211,415

Goodwill and intangible assets
68,279

 
68,582

Other assets
219,083

 
145,708

Total assets
$
8,325,051

 
$
8,188,694

 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
Liabilities:
 
 
 
Deposits
$
5,772,418

 
$
5,645,842

Borrowings
1,376,941

 
1,407,022

Advance payments by borrowers for taxes and insurance
36,768

 
35,507

Accrued expenses and other liabilities
177,798

 
117,806

Total liabilities
7,363,925

 
7,206,177

 
 
 
 
Stockholders' equity:
 
 
 
Preferred stock, $0.01 par value. 10,000,000 shares authorized; none issued and outstanding at March 31, 2020 and December 31, 2019
—

 
—

Common stock, $0.01 par value. 500,000,000 shares authorized; 117,278,745 shares issued and 111,207,380 shares outstanding at March 31, 2020, and 113,765,387 shares issued and outstanding at December 31, 2019
1,173

 
1,173

Additional paid-in capital
534,213

 
531,667

Retained earnings
622,246

 
615,481

Accumulated other comprehensive loss
(59,665
)
 
(68,735
)
Treasury stock, at cost; 6,071,365 shares at March 31, 2020 and 3,513,358 shares at December 31, 2019
(95,326
)
 
(54,950
)
Common stock held by the Employee Stock Ownership Plan
(40,999
)
 
(41,564
)
Stock held by Rabbi Trust
(1,728
)
 
(1,520
)
Deferred compensation obligations
1,212

 
965

Total stockholders' equity
961,126

 
982,517

Total liabilities and stockholders' equity
$
8,325,051

 
$
8,188,694

 
 
 
 
See accompanying notes to unaudited consolidated financial statements.

2


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands, except share and per share data)
 
Three Months Ended March 31,
 
2020
 
2019
Interest income:
(Unaudited)
Loans receivable
$
64,018

 
$
52,260

Debt securities available for sale and equity securities
7,328

 
7,659

Debt securities held to maturity
2,065

 
1,907

Federal funds and interest earning deposits
189

 
89

Federal Home Loan Bank stock dividends
1,090

 
972

Total interest income
74,690

 
62,887

Interest expense:
 
 
 
Deposits
16,832

 
13,679

Borrowings
7,156

 
6,824

Total interest expense
23,988

 
20,503

 
 
 
 
Net interest income
50,702

 
42,384

 
 
 
 
Provision for loan losses
9,568

 
436

 
 
 
 
Net interest income after provision for loan losses
41,134

 
41,948

 
 
 
 
Non-interest income:
 
 
 
Demand deposit account fees
1,299

 
959

Bank-owned life insurance
1,417

 
1,320

Title insurance fees
1,231

 
1,041

Loan fees and service charges
728

 
820

Gain on securities transactions
370

 
126

Change in fair value of equity securities
(584
)
 
176

Gain on sale of loans
754

 
132

Other non-interest income
1,176

 
1,463

Total non-interest income
6,391

 
6,037

 
 
 
 
Non-interest expense:
 
 
 
Compensation and employee benefits
24,465

 
19,580

Occupancy
4,795

 
3,831

Federal deposit insurance premiums
110

 
425

Advertising
1,144

 
1,388

Professional fees
1,366

 
1,247

Data processing
765

 
638

Merger-related expenses
1,075

 
—

Other non-interest expense
4,788

 
2,450

Total non-interest expense
38,508

 
29,559

 
 
 
 
 Income before income tax expense
9,017

 
18,426

 
 
 
 
Income tax expense
2,252

 
3,507

 
 
 
 
Net income
$
6,765

 
$
14,919

 
 
 
 
Earnings per share - basic and diluted
$
0.06

 
$
0.13

Weighted average shares outstanding -basic and diluted
108,438,173

 
111,536,577

 
 
 
 
See accompanying notes to unaudited consolidated financial statements.

3


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
(In thousands)
 
Three Months Ended March 31,
 
2020
 
2019
 
(Unaudited)
 
 
 
 
Net income
$
6,765

 
$
14,919

 
 
 
 
Other comprehensive income, net of tax:
 
 
 
Unrealized gains on debt securities available for sale
19,267

 
9,295

Accretion of unrealized gain on debt securities reclassified as held to maturity
6

 
10

Reclassification adjustment for gains included in net income
289

 
100

 
19,562

 
9,405

 
 
 
 
Derivatives, net of tax:
 
 
 
Unrealized (loss) on swap contracts accounted for as cash flow hedges
(11,349
)
 
(2,780
)
 
(11,349
)
 
(2,780
)
 
 
 
 
Employee benefit plans, net of tax:
 
 
 
Amortization of prior service cost included in net income
33

 
(25
)
Reclassification adjustment of actuarial net gain included in net income
2,084

 
130

Change in funded status of retirement obligations
(1,260
)
 
(105
)
 
857

 
—

 
 
 
 
Total other comprehensive income
9,070

 
6,625

 
 
 
 
Total comprehensive income, net of tax
$
15,835

 
$
21,544

 
 
 
 
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, 2020 and 2019
(In thousands)
 
Common Stock
 
Additional Paid-in-Capital
 
Retained Earnings
 
Accumulated Other Comprehensive (Loss)
 
Treasury Stock
 
Common Stock Held by the Employee Stock Ownership Plan
 
Stock Held by Rabbi Trust
 
Deferred Compensation Obligations
 
Total Stockholders' Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
$
1,159

 
$
527,037

 
$
560,216

 
$
(71,897
)
 
$
—

 
$
(43,835
)
 
$
(1,259
)
 
$
639

 
$
972,060

Effect of the adoption of Accounting Standards Update ("ASC") 2016-01
—

 
—

 
548

 
(548
)
 
—

 
—

 
—

 
—

 
—

Balance at January 1, 2019
1,159

 
527,037

 
560,764

 
(72,445
)
 
—

 
(43,835
)
 
(1,259
)
 
639

 
972,060

Net income
—

 
—

 
14,919

 
—

 
—

 
—

 
—

 
—

 
14,919

Other comprehensive income
—

 
—

 
—

 
6,625

 
—

 
—

 
—

 
—

 
6,625

Employee Stock Ownership Plan shares committed to be released
—

 
309

 
—

 
—

 
—

 
559

 
—

 
—

 
868

Funding of deferred compensation obligations
—

 
—

 
—

 
—

 
—

 
—

 
(100
)
 
130

 
30

Balance at March 31, 2019
$
1,159

 
$
527,346

 
$
575,683

 
$
(65,820
)
 
$
—

 
$
(43,276
)
 
$
(1,359
)
 
$
769

 
$
994,502

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
$
1,173

 
$
531,667

 
$
615,481

 
$
(68,735
)
 
$
(54,950
)
 
$
(41,564
)
 
$
(1,520
)
 
$
965

 
$
982,517

Net income
—

 
—

 
6,765

 
—

 
—

 
—

 
—

 
—

 
6,765

Other comprehensive income
—

 
—

 
—

 
9,070

 
—

 
—

 
—

 
—

 
9,070

Stock based compensation
—

 
2,204

 
—

 
—

 
—

 
—

 
—

 
—

 
2,204

Purchase of treasury stock (2,557,126 shares)
—

 
—

 
—

 
—

 
(40,363
)
 
—

 
—

 
—

 
(40,363
)
Restricted stock forfeitures (881 shares)
—

 
—

 
—

 
—

 
(13
)
 
—

 
—

 
—

 
(13
)
Employee Stock Ownership Plan shares committed to be released
—

 
342

 
—

 
—

 
—

 
565

 
—

 
—

 
907

Funding of deferred compensation obligations
—

 
—

 
—

 
—

 
—

 
—

 
(208
)
 
247

 
39

Balance at March 31, 2020
$
1,173

 
$
534,213

 
$
622,246

 
$
(59,665
)
 
$
(95,326
)
 
$
(40,999
)
 
$
(1,728
)
 
$
1,212

 
$
961,126

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to unaudited consolidated financial statements.


5


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
 
Three Months Ended March 31,
 
2020
 
2019
Cash flows from operating activities:
(In thousands, unaudited)
Net income
$
6,765

 
$
14,919

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Amortization of deferred loan costs, fees and purchased premiums and discounts
824

 
314

Net amortization of premiums and discounts on securities
352

 
309

Net amortization of mortgage servicing rights
28

 
(21
)
Amortization of intangible assets
241

 
—

Depreciation and amortization of office properties and equipment
1,615

 
1,057

Provision for loan losses
9,568

 
436

Gain on securities transactions
(370
)
 
(126
)
Change in fair value of equity securities
584

 
(176
)
Proceeds from sales of loans held-for-sale
51,621

 
8,081

Gain on sale of loans
(754
)
 
(132
)
Loss on real estate owned
—

 
1

Loss on disposal of office properties and equipment
670

 
—

Loss on write-down of mortgage servicing rights
34

 
—

Deferred tax expense
7,527

 
148

Increase in accrued interest receivable
(678
)
 
(1,198
)
(Increase) decrease in other assets
(82,522
)
 
6,197

Increase (decrease) in accrued expenses and other liabilities
45,929

 
(3,553
)
Income on bank-owned life insurance
(1,417
)
 
(1,320
)
Employee stock ownership plan expense
907

 
868

Stock based compensation
2,204

 
—

Increase in deferred compensation obligations under Rabbi Trust
39

 
30

Net cash provided by operating activities
43,167

 
25,834

Cash flows from investing activities:
 
 
 
Proceeds from sales of debt securities available for sale
20,761

 
—

Proceeds from sales of equity securities
—

 
764

Proceeds from paydowns/maturities/calls of debt securities available for sale
36,571

 
25,942

Proceeds from paydowns/maturities/calls of debt securities held to maturity
12,506

 
2,925

Purchases of debt securities available for sale
(50,544
)
 
(65,487
)
Purchases of debt securities held to maturity
—

 
(28,426
)
Proceeds from sales of loans receivable
15,555

 
9,311

Purchase of loans receivable
—

 
(2,313
)
Net increase in loans receivable
(122,262
)
 
(45,415
)
Proceeds from redemptions of Federal Home Loan Bank stock
19,269

 
19,017

Purchases of Federal Home Loan Bank stock
(17,923
)
 
(14,942
)
Additions to office properties and equipment
(1,703
)
 
(7,298
)
Proceeds from sale of real estate owned
—

 
91

Net cash used in investing activities
(87,770
)
 
(105,831
)
Cash flows from financing activities:

 
 
Net increase in deposits
126,576

 
192,755

Proceeds from long-term borrowings
50,000

 
53,455

Payments on long-term borrowings
(56,100
)
 
(60,000
)
Net decrease in short-term borrowings
(23,981
)
 
(84,000
)
Increase in advance payments by borrowers for taxes and insurance
1,261

 
727

Purchase of treasury stock
(40,363
)
 
—

Restricted stock forfeitures
(13
)
 
—

Net cash provided by financing activities
57,380

 
102,937




6


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (continued)
 
Three Months Ended March 31,
 
2020
 
2019
 
( In thousands, unaudited)
 
 
 
 
Net increase in cash and cash equivalents
$
12,777

 
$
22,940

 
 
 
 
Cash and cash equivalents at beginning of year
75,547

 
42,201

Cash and cash equivalents at end of period
$
88,324

 
$
65,141

 
 
 
 
Cash paid during the period for:
 
 
 
Interest on deposits and borrowings
$
23,197

 
$
20,272

Income tax payments
$
—

 
$
100

 
 
 
 
Non-cash investing and financing activities:
 
 
 
Transfer of loans receivable to loans held-for-sale
$
50,949

 
$
—

Securitization of loans
$
—

 
$
6,061

 
 
 
 
See accompanying notes to unaudited consolidated financial statements.


7
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements


1.Basis of Financial Statement Presentation

The accompanying unaudited consolidated financial statements include the accounts of Columbia Financial, Inc., its wholly-owned subsidiary Columbia Bank (the "Bank") and the Bank's wholly-owned subsidiaries (collectively, the “Company”). In consolidation, all intercompany accounts and transactions are eliminated.

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, 2020 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, 2019 and the audited consolidated financial statements included therein.

2.     Acquisition of Stewardship Financial Corporation

On November 1, 2019, the Company completed its acquisition of Stewardship Financial Corporation ("Stewardship"), pursuant to the Agreement and Plan of Merger, dated as of June 6, 2019 (the "Merger Agreement"), by and among Columbia Financial, Broadway Acquisition Corp. (a wholly owned subsidiary of Columbia Financial) and Stewardship. Under the terms of the merger agreement, each outstanding share of Stewardship common stock was converted into the right to received $15.75 in cash at the effective time of the merger. At the time of closing, Stewardship had $956.0 million in total assets, including $756.9 million in net loans receivable, $52.6 million in securities, and $877.8 million in total liabilities, including $781.4 million in deposits and $81.8 million in borrowings. The deposits initially acquired from Stewardship were held across a network of 12 branches located in New Jersey throughout Bergen, Morris, and Passaic counties. During the three months ended March 31, 2020, four of these branches were closed, and the Bank recorded a loss of $770,000 related to these branch closures.

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 Stewardship acquisition totaled $962,000 for the three months ended March 31, 2020. There were no merger expenses recorded for the three months ended March 31, 2019.

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.

8
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements

3.    Earnings per Share (continued)

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, 2020 and 2019:     
 
For the Three Months Ended March 31,
 
2020
 
2019
 
(Dollars in thousands, except per share data)
 
 
 
 
Net income
$