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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 September 30, 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 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:
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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:
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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 November 4, 2022, there were 109,575,472 shares issued and outstanding of the Registrant's common stock, par value $0.01 per share (including 76,016,524 shares held by Columbia Bank, MHC).
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Index to Form 10-Q
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Item Number | Page Number |
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PART I. | Financial Information | |
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Item 1. | Financial Statements | |
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Item 2. | | |
Item 3. | | |
Item 4. | | |
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PART II. | | |
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COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Financial Condition
(In thousands, except share and per share data)
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| September 30, | | December 31, |
| 2022 | | 2021 |
Assets | (Unaudited) | | |
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Cash and due from banks | $ | 101,917 | | | $ | 70,702 | |
Short-term investments | 131 | | | 261 | |
Total cash and cash equivalents | 102,048 | | | 70,963 | |
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Debt securities available for sale, at fair value | 1,371,721 | | | 1,703,847 | |
Debt securities held to maturity, at amortized cost (fair value of $373,494 and $434,789 at September 30, 2022 and December 31, 2021, respectively) | 425,077 | | | 429,734 | |
Equity securities, at fair value | 3,453 | | | 2,710 | |
Federal Home Loan Bank stock | 37,726 | | | 23,141 | |
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Loans receivable | 7,326,223 | | | 6,360,601 | |
Less: allowance for credit losses (1) | 51,891 | | | 62,689 | |
Loans receivable, net | 7,274,332 | | | 6,297,912 | |
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Accrued interest receivable | 30,152 | | | 28,300 | |
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Office properties and equipment, net | 84,255 | | | 78,708 | |
Bank-owned life insurance ("BOLI") | 263,217 | | | 247,474 | |
Goodwill and intangible assets | 126,296 | | | 91,693 | |
Other assets | 293,894 | | | 249,615 | |
Total assets | $ | 10,012,171 | | | $ | 9,224,097 | |
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Liabilities and Stockholders' Equity | | | |
Liabilities: | | | |
Deposits | $ | 8,064,893 | | | $ | 7,570,216 | |
Borrowings | 674,018 | | | 377,309 | |
Advance payments by borrowers for taxes and insurance | 44,463 | | | 36,471 | |
Accrued expenses and other liabilities | 199,152 | | | 161,020 | |
Total liabilities | 8,982,526 | | | 8,145,016 | |
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Stockholders' equity: | | | |
Preferred stock, $0.01 par value. 10,000,000 shares authorized; none issued and outstanding at September 30, 2022 and December 31, 2021 | — | | | — | |
Common stock, $0.01 par value. 500,000,000 shares authorized; 130,789,496 shares issued and 109,907,943 shares outstanding at September 30, 2022 and 124,630,738 shares issued and 107,442,453 shares outstanding at December 31, 2021 | 1,308 | | | 1,246 | |
Additional paid-in capital | 779,294 | | | 667,906 | |
Retained earnings | 835,627 | | | 765,133 | |
Accumulated other comprehensive loss | (201,149) | | | (45,919) | |
Treasury stock, at cost; 20,881,553 shares at September 30, 2022 and 17,188,285 shares at December 31, 2021 | (349,373) | | | (271,647) | |
Common stock held by the Employee Stock Ownership Plan | (35,322) | | | (37,026) | |
Stock held by Rabbi Trust | (3,010) | | | (2,425) | |
Deferred compensation obligations | 2,270 | | | 1,813 | |
Total stockholders' equity | 1,029,645 | | | 1,079,081 | |
Total liabilities and stockholders' equity | $ | 10,012,171 | | | $ | 9,224,097 | |
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See accompanying notes to unaudited consolidated financial statements. |
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(1) The Company adopted ASU 2016-13 as of January 1, 2022. Prior year periods have not been restated. | | |
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Interest income: | (Unaudited) |
Loans receivable | $ | 68,516 | | | $ | 55,451 | | | $ | 187,400 | | | $ | 171,902 | |
Debt securities available for sale and equity securities | 8,434 | | | 7,622 | | | 25,741 | | | 21,521 | |
Debt securities held to maturity | 2,440 | | | 2,353 | | | 7,223 | | | 6,256 | |
Federal funds and interest-earning deposits | 151 | | | 167 | | | 245 | | | 310 | |
Federal Home Loan Bank stock dividends | 384 | | | 460 | | | 1,129 | | | 1,582 | |
Total interest income | 79,925 | | | 66,053 | | | 221,738 | | | 201,571 | |
Interest expense: | | | | | | | |
Deposits | 6,968 | | | 6,673 | | | 16,326 | | | 23,403 | |
Borrowings | 3,806 | | | 2,028 | | | 7,028 | | | 5,996 | |
Total interest expense | 10,774 | | | 8,701 | | | 23,354 | | | 29,399 | |
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Net interest income | 69,151 | | | 57,352 | | | 198,384 | | | 172,172 | |
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Provision for (reversal of) credit losses (1) | 1,516 | | | 480 | | | 4,514 | | | (2,561) | |
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Net interest income after provision for (reversal of) credit losses | 67,635 | | | 56,872 | | | 193,870 | | | 174,733 | |
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Non-interest income: | | | | | | | |
Demand deposit account fees | 1,510 | | | 986 | | | 4,129 | | | 2,682 | |
Bank-owned life insurance | 1,633 | | | 1,504 | | | 5,501 | | | 4,475 | |
Title insurance fees | 796 | | | 1,431 | | | 2,788 | | | 4,554 | |
Loan fees and service charges | 1,432 | | | 844 | | | 2,928 | | | 2,209 | |
Gain on securities transactions | — | | | 2,296 | | | 210 | | | 2,015 | |
Change in fair value of equity securities | (264) | | | (443) | | | (332) | | | (1,809) | |
(Loss) gain on sale of loans | (1) | | | 140 | | | 109 | | | 10,814 | |
Other non-interest income | 3,058 | | | 2,116 | | | 7,541 | | | 6,920 | |
Total non-interest income | 8,164 | | | 8,874 | | | 22,874 | | | 31,860 | |
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Non-interest expense: | | | | | | | |
Compensation and employee benefits | 31,523 | | | 24,512 | | | 86,393 | | | 71,506 | |
Occupancy | 5,973 | | | 4,846 | | | 16,838 | | | 14,912 | |
Federal deposit insurance premiums | 645 | | | 604 | | | 1,922 | | | 1,751 | |
Advertising | 771 | | | 662 | | | 2,215 | | | 1,860 | |
Professional fees | 2,134 | | | 1,766 | | | 5,727 | | | 5,207 | |
Data processing and software expenses | 3,670 | | | 2,798 | | | 10,036 | | | 8,181 | |
Merger-related expenses | 1,198 | | | 55 | | | 2,676 | | | 130 | |
Loss on extinguishment of debt | — | | | — | | | — | | | 742 | |
Other non-interest expense, net | 1,925 | | | 1,809 | | | 4,501 | | | 8,076 | |
Total non-interest expense | 47,839 | | | 37,052 | | | 130,308 | | | 112,365 | |
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Income before income tax expense | 27,960 | | | 28,694 | | | 86,436 | | | 94,228 | |
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Income tax expense | 7,041 | | | 7,712 | | | 22,154 | | | 25,513 | |
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Net income | $ | 20,919 | | | $ | 20,982 | | | $ | 64,282 | | | $ | 68,715 | |
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Earnings per share-basic | $ | 0.20 | | | $ | 0.20 | | | $ | 0.61 | | | $ | 0.66 | |
Earnings per share-diluted | $ | 0.19 | | | $ | 0.20 | | | $ | 0.61 | | | $ | 0.66 | |
Weighted average shares outstanding-basic | 106,926,864 | | | 102,977,254 | | | 105,440,345 | | | 104,486,520 | |
Weighted average shares outstanding-diluted | 107,534,498 | | | 102,977,254 | | | 106,040,240 | | | 104,486,520 | |
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See accompanying notes to unaudited consolidated financial statements. |
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(1) The Company adopted ASU 2016-13 as of January 1, 2022. Prior year periods have not been restated. |
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
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| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
| (Unaudited) |
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Net income | $ | 20,919 | | | $ | 20,982 | | | $ | 64,282 | | | $ | 68,715 | |
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Other comprehensive (loss) income, net of tax: | | | | | | | |
Unrealized (loss) on debt securities available for sale | (47,155) | | | (9,943) | | | (142,643) | | | (22,189) | |
Accretion of unrealized (loss) on debt securities reclassified as held to maturity | (13) | | | (2) | | | (21) | | | — | |
Reclassification adjustment for gain included in net income | — | | | 1,791 | | | 151 | | | 1,589 | |
| (47,168) | | | (8,154) | | | (142,513) | | | (20,600) | |
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Derivatives, net of tax: | | | | | | | |
Unrealized gain on swap contracts accounted for as cash flow hedges | 1,182 | | | 1,467 | | | 5,167 | | | 8,098 | |
| 1,182 | | | 1,467 | | | 5,167 | | | 8,098 | |
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Employee benefit plans, net of tax: | | | | | | | |
Amortization of prior service cost included in net income | (11) | | | (10) | | | (31) | | | (31) | |
Reclassification adjustment of actuarial net (loss) included in net income | (244) | | | (1,089) | | | (732) | | | (3,267) | |
Change in funded status of retirement obligations | 937 | | | 2,198 | | | (17,121) | | | 36,570 | |
| 682 | | | 1,099 | | | (17,884) | | | 33,272 | |
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Total other comprehensive (loss) income | (45,304) | | | (5,588) | | | (155,230) | | | 20,770 | |
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Total comprehensive (loss) income, net of tax | $ | (24,385) | | | $ | 15,394 | | | $ | (90,948) | | | $ | 89,485 | |
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See accompanying notes to unaudited consolidated financial statements. |
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
Three Months Ended September 30, 2022 and 2021
(In thousands)
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| 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 |
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Balance at June 30, 2022 | $ | 1,308 | | | $ | 776,542 | | | $ | 814,708 | | | $ | (155,845) | | | $ | (325,723) | | | $ | (35,895) | | | $ | (2,878) | | | $ | 2,067 | | | $ | 1,074,284 | |
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Net income | — | | | — | | | 20,919 | | | — | | | — | | | — | | | — | | | — | | | 20,919 | |
Other comprehensive (loss) | — | | | — | | | — | | | (45,304) | | | — | | | — | | | — | | | — | | | (45,304) | |
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Stock based compensation | — | | | 1,680 | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,680 | |
Purchase of treasury stock (874,080 shares) | — | | | — | | | — | | | — | | | (18,590) | | | — | | | — | | | — | | | (18,590) | |
Exercise of stock options (87,025 shares) | — | | | (253) | | | — | | | — | | | — | | | — | | | — | | | — | | | (253) | |
Restricted stock forfeitures (31,796 shares) | — | | | 661 | | | — | | | — | | | (661) | | | — | | | — | | | — | | | — | |
Repurchase shares for taxes (198,794 shares) | — | | | — | | | — | | | — | | | (4,399) | | | — | | | — | | | — | | | (4,399) | |
Employee Stock Ownership Plan shares committed to be released | — | | | 664 | | | — | | | — | | | — | | | 573 | | | — | | | — | | | 1,237 | |
Funding of deferred compensation obligations | — | | | — | | | — | | | — | | | — | | | — | | | (132) | | | 203 | | | 71 | |
Balance at September 30, 2022 | $ | 1,308 | | | $ | 779,294 | | | $ | 835,627 | | | $ | (201,149) | | | $ | (349,373) | | | $ | (35,322) | | | $ | (3,010) | | | $ | 2,270 | | | $ | 1,029,645 | |
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See accompanying notes to unaudited consolidated financial statements. |
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
Three Months Ended September 30, 2022 and 2021
(In thousands)
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| 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 |
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Balance at June 30, 2021 | $ | 1,220 | | | $ | 614,381 | | | $ | 720,817 | | | $ | (43,267) | | | $ | (221,072) | | | $ | (38,169) | | | $ | (2,205) | | | $ | 1,341 | | | $ | 1,033,046 | |
Net income | — | | | — | | | 20,982 | | | — | | | — | | | — | | | — | | | — | | | 20,982 | |
Other comprehensive income | — | | | — | | | — | | | (5,588) | | | — | | | — | | | — | | | — | | | (5,588) | |
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Stock based compensation | — | | | 2,203 | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,203 | |
Purchase of treasury stock (1,163,500 shares) | — | | | — | | | — | | | — | | | (20,544) | | | — | | | — | | | — | | | (20,544) | |
Exercise of options (26,861 shares) | — | | | (26) | | | — | | | — | | | — | | | — | | | — | | | — | | | (26) | |
Restricted stock forfeitures (29,882 shares) | — | | | 539 | | | — | | | — | | | (539) | | | — | | | — | | | — | | | — | |
Repurchase shares for taxes (16,599 shares) | — | | | — | | | — | | | — | | | (292) | | | — | | | — | | | — | | | (292) | |
Employee Stock Ownership Plan shares committed to be released | — | | | 451 | | | — | | | — | | | — | | | 572 | | | — | | | — | | | 1,023 | |
Funding of deferred compensation obligations | — | | | — | | | — | | | — | | | — | | | — | | | (94) | | | 166 | | | 72 | |
Balance at September 30, 2021 | $ | 1,220 | | | $ | 617,548 | | | $ | 741,799 | | | $ | (48,855) | | | $ | (242,447) | | | $ | (37,597) | | | $ | (2,299) | | | $ | 1,507 | | | $ | 1,030,876 | |
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See accompanying notes to unaudited consolidated financial statements. | | | | | | | | | | | | |
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COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
Nine Months Ended September 30, 2022 and 2021
(In thousands)
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| 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 |
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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, 2022 | 1,246 | | | 667,906 | | | 771,345 | | | (45,919) | | | (271,647) | | | (37,026) | | | (2,425) | | | 1,813 | | | 1,085,293 | |
Net income | — | | | — | | | 64,282 | | | — | | | — | | | — | | | — | | | — | | | 64,282 | |
Other comprehensive (loss) | — | | | — | | | — | | | (155,230) | | | — | | | — | | | — | | | — | | | (155,230) | |
Issuance of common stock to Columbia Bank MHC | 61 | | | 102,680 | | | — | | | — | | | — | | | — | | | — | | | — | | | 102,741 | |
Issuance of common stock allocated to restricted stock award grants (51,746 shares) | 1 | | | (1) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
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Stock based compensation | — | | | 5,787 | | | — | | | — | | | — | | | — | | | — | | | — | | | 5,787 | |
Purchase of treasury stock (3,420,747 shares) | — | | | — | | | — | | | — | | | (71,766) | | | — | | | — | | | — | | | (71,766) | |
Exercise of stock options (155,296 shares) | — | | | (445) | | | — | | | — | | | — | | | — | | | — | | | — | | | (445) | |
Restricted stock forfeitures (68,548 shares) | — | | | 1,448 | | | — | | | — | | |