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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 June 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 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 filerAccelerated filerSmaller reporting company
Non-accelerated filerEmerging 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 August 5, 2022, there were 110,499,898 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 June 30, 2022 (Unaudited) and December 31, 2021
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)
Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)
Consolidated Statements of Changes in Stockholder's Equity for the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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)
June 30,December 31,
20222021
Assets
 (Unaudited)
Cash and due from banks$109,021 $70,702 
Short-term investments131 261 
Total cash and cash equivalents109,152 70,963 
Debt securities available for sale, at fair value1,490,642 1,703,847 
Debt securities held to maturity, at amortized cost (fair value of $393,025 and $434,789 at June 30, 2022 and December 31, 2021, respectively)
425,884 429,734 
Equity securities, at fair value3,717 2,710 
Federal Home Loan Bank stock26,293 23,141 
Loans receivable6,982,796 6,360,601 
Less: allowance for credit losses (1)
50,583 62,689 
Loans receivable, net6,932,213 6,297,912 
Accrued interest receivable28,272 28,300 
Office properties and equipment, net83,743 78,708 
Bank-owned life insurance ("BOLI")261,586 247,474 
Goodwill and intangible assets129,094 91,693 
Other assets260,822 249,615 
Total assets$9,751,418 $9,224,097 
Liabilities and Stockholders' Equity
Liabilities:
Deposits$8,033,064 $7,570,216 
Borrowings419,969 377,309 
Advance payments by borrowers for taxes and insurance45,869 36,471 
Accrued expenses and other liabilities178,232 161,020 
Total liabilities8,677,134 8,145,016 
Stockholders' equity:
Preferred stock, $0.01 par value. 10,000,000 shares authorized; none issued and outstanding at June 30, 2022 and December 31, 2021
  
Common stock, $0.01 par value. 500,000,000 shares authorized; 130,777,623 shares issued and 111,000,740 shares outstanding at June 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 capital776,542 667,906 
Retained earnings814,708 765,133 
Accumulated other comprehensive loss(155,845)(45,919)
Treasury stock, at cost; 19,776,883 shares at June 30, 2022 and 17,188,285 shares at December 31, 2021
(325,723)(271,647)
Common stock held by the Employee Stock Ownership Plan(35,895)(37,026)
Stock held by Rabbi Trust(2,878)(2,425)
Deferred compensation obligations2,067 1,813 
Total stockholders' equity1,074,284 1,079,081 
Total liabilities and stockholders' equity$9,751,418 $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 June 30,Six Months Ended June 30,
2022202120222021
Interest income:
(Unaudited)
Loans receivable
$61,927 $57,683 $118,884 $116,451 
Debt securities available for sale and equity securities
8,419 7,521 17,307 13,899 
Debt securities held to maturity
2,357 2,151 4,783 3,903 
Federal funds and interest-earning deposits
77 39 94 143 
Federal Home Loan Bank stock dividends
298 487 745 1,122 
Total interest income
73,078 67,881 141,813 135,518 
Interest expense:
Deposits
4,671 7,855 9,358 16,730 
Borrowings
1,900 1,946 3,222 3,968 
Total interest expense
6,571 9,801 12,580 20,698 
Net interest income
66,507 58,080 129,233 114,820 
Provision for (reversal of) credit losses (1)
1,539 (1,761)2,998 (3,041)
Net interest income after provision for (reversal of) credit losses
64,968 59,841 126,235 117,861 
Non-interest income:
Demand deposit account fees
1,449 858 2,619 1,696 
Bank-owned life insurance
2,139 1,497 3,868 2,971 
Title insurance fees
1,035 1,503 1,992 3,123 
Loan fees and service charges
856 714 1,496 1,365 
Gain (loss) on securities transactions
210 (281)210 (281)
Change in fair value of equity securities
(147)(778)(68)(1,366)
Gain on sale of loans
 8,524 110 10,674 
Other non-interest income
2,127 2,354 4,483 4,804 
Total non-interest income
7,669 14,391 14,710 22,986 
Non-interest expense:
Compensation and employee benefits
28,871 23,601 54,870 46,994 
Occupancy
5,436 4,814 10,865 10,066 
Federal deposit insurance premiums
630 567 1,277 1,147 
Advertising
795 663 1,444 1,198 
Professional fees
1,839 1,651 3,593 3,441 
Data processing and software expenses
3,099 2,612 6,366 5,383 
Merger-related expenses
1,327 75 1,478 75 
Loss on extinguishment of debt   742 
Other non-interest expense, net
(277)3,627 2,576 6,267 
Total non-interest expense
41,720 37,610 82,469 75,313 
 Income before income tax expense
30,917 36,622 58,476 65,534 
Income tax expense 7,958 9,934 15,113 17,801 
Net income
$22,959 $26,688 $43,363 $47,733 
Earnings per share-basic and diluted$0.22 $0.26 $0.41 $0.45 
Weighted average shares outstanding-basic106,204,230 104,537,656 104,684,765 105,253,661 
Weighted average shares outstanding-diluted106,750,557 104,537,656 105,246,304 105,253,661 
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 June 30,Six Months Ended June 30,
2022202120222021
(Unaudited)
Net income $22,959 $26,688 $43,363 $47,733 
Other comprehensive (loss) income, net of tax:
Unrealized (loss) gain on debt securities available for sale(37,676)4,788 (95,491)(12,246)
Accretion of unrealized (loss) gain on debt securities reclassified as held to maturity(3)(12)(6)2 
Reclassification adjustment for gain included in net income152 (202)152 (202)
(37,527)4,574 (95,345)(12,446)
Derivatives, net of tax:
Unrealized gain on swap contracts accounted for as cash flow hedges828 948 3,985 6,631 
828 948 3,985 6,631 
Employee benefit plans, net of tax:
Amortization of prior service cost included in net income(11)(11)(22)(20)
Reclassification adjustment of actuarial net (loss) included in net income(244)(1,089)(488)(2,178)
Change in funded status of retirement obligations(18,536)24,818 (18,056)34,371 
(18,791)23,718 (18,566)32,173 
Total other comprehensive (loss) income(55,490)29,240 (109,926)26,358 
Total comprehensive (loss) income, net of tax$(32,531)$55,928 $(66,563)$74,091 
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 June 30, 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 March 31, 2021$1,220 $611,549 $694,129 $(72,507)$(195,361)$(38,734)$(2,141)$1,494 $999,649 
Net income— — 26,688 — — — — — 26,688 
Other comprehensive income— — — 29,240 — — — — 29,240 
Stock based compensation— 2,397 — — — — — — 2,397 
Purchase of treasury stock (1,471,501 shares)
— — — — (25,709)— — — (25,709)
Exercise of options— 1 — — — — — — 1 
Restricted stock forfeitures (128 shares)
— 2 — — (2)— — —  
Employee Stock Ownership Plan shares committed to be released— 432 — — — 565 — — 997 
Funding of deferred compensation obligations— — — — — — (64)(153)(217)
Balance at June 30, 2021
$1,220 $614,381 $720,817 $(43,267)$(221,072)$(38,169)$(2,205)$1,341 $1,033,046 
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 June 30, 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 March 31, 2022$1,247 $670,955 $791,749 $(100,355)$(294,121)$(36,461)$(2,746)$2,219 $1,032,487 
Net income— — 22,959 — — — — — 22,959 
Other comprehensive (loss)— — — (55,490)— — — — (55,490)
Issuance of common stock to Columbia Bank MHC61 102,680 — — — — — — 102,741 
Stock based compensation— 2,192 — — — — — — 2,192 
Purchase of treasury stock (1,523,148 shares)
— — — — (31,491)— — — (31,491)
Exercise of stock options (5,412 shares)
— (10)— — — — — — (10)
Restricted stock forfeitures (5,182 shares)
— 111 — — (111)— — —  
Employee Stock Ownership Plan shares committed to be released— 614 — — — 566 — — 1,180 
Funding of deferred compensation obligations— — — — — — (132)(152)(284)
Balance at June 30, 2022
$1,308 $776,542 $814,708 $(155,845)$(325,723)$(35,895)$(2,878)$2,067 $1,074,284 
See accompanying notes to unaudited consolidated financial statements.
6


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
Six Months Ended June 30, 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— — 47,733 — — — — — 47,733 
Other comprehensive income— — — 26,358 — — — — 26,358 
Treasury stock allocated to restricted stock award grants— (733)— — 733 — — —  
Stock based compensation— 4,540 — — — — — — 4,540 
Purchase of treasury stock (3,470,040 shares)
— — — — (58,546)— — — (58,546)
Exercise of stock options (1,661 shares)
— 1 — — — — — — 1 
Restricted stock forfeitures (13,974 shares)
— 244 — — (244)— — —  
Employee Stock Ownership Plan shares committed to be released— 798 — — — 1,124 — — 1,922 
Funding of deferred compensation obligations— — — — — — (330)81 (249)
Balance at June 30, 2021
$1,220 $614,381 $720,817 $(43,267)$(221,072)$(38,169)$(2,205)$1,341 $1,033,046 
See accompanying notes to unaudited consolidated financial statements.












7




COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
Six Months Ended June 30, 2022 and 2021
(In thousands)

Common StockAdditional Paid-in-CapitalRetained Earnings