Columbia Financial, Inc. Announces Q2 2026 Financial Results and Commences Quarterly Cash Dividend (Form 8-K)

Columbia Financial, Inc. Announces Q2 2026 Financial Results

and Commences Quarterly Cash Dividend

Fair Lawn, New Jersey (July 30, 2026): Columbia Financial, Inc. (the "Company") (NASDAQ: CLBK), the holding company for Columbia Bank ("Columbia"), reported net income of $14.5 million, or $0.14 per basic and diluted share, for the quarter ended June 30, 2026, as compared to $12.3 million, or $0.12 per basic and diluted share, for the quarter ended June 30, 2025. Earnings for the quarter ended June 30, 2026 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, and an increase in non-interest income, partially offset by an increase in provision for credit losses, an increase in non-interest expense and higher income tax expense. For the quarter ended June 30, 2026, the Company reported core net income of $15.1 million, or $0.15 per basic and diluted share.

For the six months ended June 30, 2026, the Company reported net income of $27.6 million, or $0.27 per basic and diluted share, as compared to $21.2 million, or $0.21 per basic and diluted share, for the six months ended June 30, 2025. Earnings for the six months ended June 30, 2026 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, partially offset by a decrease in non-interest income, an increase in non-interest expense and higher income tax expense.

Mr. Thomas J. Kemly, President and Chief Executive Officer commented: "Second quarter financial results reflected an increase in core net income, attributable to net interest margin expansion, partially offset by merger related costs and a higher income tax rate. The balance sheet experienced growth compared to the prior quarter, driven by depositor stock subscriptions in the Company's second-step conversion offering, coupled with solid commercial loan production."

Financial Highlights

•Net income increased by $2.2 million, or 17.7%, for the quarter ended June 30, 2026 compared to the quarter ended June 30, 2025 and increased $1.4 million for the quarter ended June 30, 2026 compared to the quarter ended March 31, 2026.

•Net interest margin of 2.44% for the quarter ended June 30, 2026 increased by 25 basis points compared to 2.19% for the quarter ended June 30, 2025 and increased 8 basis points compared to 2.36% for the quarter ended December 31, 2025.

•Commercial loan segments increased $260.6 million during the three months ended June 30, 2026, compared to March 31, 2026, which included $78.8 million of commercial business loans.

•On July 30, 2026, the Company announced that its Board of Directors has declared a quarterly cash dividend of $0.05 per share to be paid on August 26, 2026, to stockholders of record as of August 12, 2026.

As previously disclosed, on July 20, 2026, the Company completed its second-step conversion offering and simultaneous acquisition of Northfield Bancorp, Inc. As a result, the Company's financial condition and results of operations as of June 30, 2026 do not reflect the acquisition of Northfield Bancorp, Inc. The Company's June 30, 2026 financial results reflect a portion of the stock subscriptions which are included in total deposits.

Mr. Kemly further remarked, "The second quarter represented a period of considerable strategic activity for Columbia leading up to the completion of our second-step conversion and acquisition of Northfield Bancorp, Inc. during the third quarter. In July 2026, the Company completed its second-step conversion offering raising gross proceeds of $1.7 billion and completed the merger with Northfield Bancorp, Inc. adding approximately $5.8 billion in total assets. These transactions are anticipated to affect a meaningful transformation of the Company through the introduction of new geographic markets within the New York metropolitan area, the expansion of a lower-cost deposit base, and the provision of substantial capital to support the future growth of our franchise."

Impact of Second-Step Conversion Offering and Northfield Bancorp Acquisition

•Subsequent to the merger, on a proforma basis as of March 31, 2026, the Company had $18.0 billion of total assets, $12.5 billion in total deposits and $11.9 billion in total loans.

•Over 100 branch offices throughout the State of New Jersey, Staten Island and Brooklyn, New York.

Results of Operations for the Three Months Ended June 30, 2026 and June 30, 2025

Net income of $14.5 million was recorded for the quarter ended June 30, 2026, an increase of $2.2 million compared to net income of $12.3 million for the quarter ended June 30, 2025. The increase in net income was primarily attributable to a $9.2 million increase in net interest income and a $657,000 increase in non-interest income, partially offset by a $1.8 million increase in provision for credit losses, $4.5 million increase in non-interest expense, and a $1.3 million increase in income tax expense.

Net interest income was $62.9 million for the quarter ended June 30, 2026, an increase of $9.2 million, or 17.2%, from $53.7 million for the quarter ended June 30, 2025. The increase in net interest income was primarily attributable to a $5.8 million increase in interest income and a $3.5 million decrease in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of total interest-earning assets coupled with an increase in average yields on loans, while the decrease in interest expense was primarily due to a decrease in yields on both deposits and borrowings. Prepayment penalties, which are included in interest income on loans, totaled $463,000 for the quarter ended June 30, 2026, compared to $615,000 for the quarter ended June 30, 2025.

The average yield on loans for the quarter ended June 30, 2026 increased 5 basis points to 5.01%, as compared to 4.96% for the quarter ended June 30, 2025. Interest income on loans increased due to an increase in both the average balance and yield on loans. The average yield on securities for the quarter ended June 30, 2026 decreased 5 basis points to 3.50%, as compared to 3.55% for the quarter ended June 30, 2025. The average yield on other interest-earning assets for the quarter ended June 30, 2026 decreased 83 basis points to 4.33%, as compared to 5.16% for the quarter ended June 30, 2025, mainly due to a 50 basis point decrease in the dividend rate received on Federal Home Loan Bank stock.

Total interest expense was $59.3 million for the quarter ended June 30, 2026, a decrease of $3.5 million, or 5.5%, from $62.8 million for the quarter ended June 30, 2025. The decrease in interest expense was primarily attributable to a 27 basis point decrease in the average cost of interest-bearing deposits coupled with a 34 basis point decrease in the average cost of borrowings, partially offset by increases in the average balance of interest-bearing deposits and borrowings. Interest expense on deposits decreased $3.2 million, or 6.5%, due to a slight decrease in the average cost of all deposit types, and to a lesser extent, the lower costing deposits held during the subscription phase of the Company's second-step conversion offering during the quarter ended June 30, 2026. Interest expense on borrowings decreased $246,000, or 1.8%, for the quarter ended June 30, 2026 as compared to the quarter ended June 30, 2025.

The Company's net interest margin for the quarter ended June 30, 2026 increased 25 basis points to 2.44% when compared to 2.19%, for the quarter ended June 30, 2025, mostly due to a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets decreased 1 basis point to 4.74% for the quarter ended June 30, 2026 as compared to 4.75% for the quarter ended June 30, 2025. The average cost of interest-bearing liabilities decreased 28 basis points to 2.90% for the quarter ended June 30, 2026 as compared to 3.18% for the quarter ended June 30, 2025.

The provision for credit losses for the quarter ended June 30, 2026 was $4.3 million, an increase of $1.8 million, or 74.7%, from $2.5 million for the quarter ended June 30, 2025. The increase in the provision for credit losses was primarily attributable to an increase of $234.5 million in total gross loans.

Non-interest income was $10.8 million for the quarter ended June 30, 2026, an increase of $657,000, or 6.5%, from $10.2 million for the quarter ended June 30, 2025 mainly due to a $610,000 bank-owned life insurance death benefit in June 2026, and income related to the transition and exchange into higher yielding bank-owned life insurance policies.

Non-interest expense was $49.4 million for the quarter ended June 30, 2026, an increase of $4.5 million, or 10.0%, from $44.9 million for the quarter ended June 30, 2025. The increase was primarily attributable to an increase in compensation and employee benefits expense of $3.0 million, an increase in data processing and software expenses of $863,000, and an increase in merger-related expenses of $819,000, partially offset by a decrease of $1.3 million in professional fees. The increase in compensation and employee benefits expense was due to an increase in the number of employees and normal merit increases.

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Income tax expense was $5.5 million for the quarter ended June 30, 2026, an increase of $1.3 million, as compared to income tax expense of $4.2 million for the quarter ended June 30, 2025, mainly due to higher pre-tax income. The Company's effective tax rate was 27.6% and 25.4% for the quarters ended June 30, 2026 and 2025, respectively. The increase in the 2026 effective tax rate was due to non-deductible merger-related expenses.

Results of Operations for the Six Months Ended June 30, 2026 and June 30, 2025

Net income of $27.6 million was recorded for the six months ended June 30, 2026, an increase of $6.4 million, or 30.1%, compared to net income of $21.2 million for the six months ended June 30, 2025. The increase in net income was primarily attributable to a $19.3 million increase in net interest income, partially offset by a $1.1 million decrease in non-interest income, an $8.2 million increase in non-interest expense, and a $3.8 million increase in income tax expense.

Net interest income was $123.3 million for the six months ended June 30, 2026, an increase of $19.3 million, or 18.5%, from $104.0 million for the six months ended June 30, 2025. The increase in net interest income was primarily attributable to a $12.5 million increase in interest income and a $6.8 million decrease in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of loans coupled with an increase in the average yield on loans. Prepayment penalties, which are included in interest income on loans, totaled $714,000 for the six months ended June 30, 2026, compared to $872,000 for the six months ended June 30, 2025.

The average yield on loans for the six months ended June 30, 2026 increased 9 basis points to 5.01%, as compared to 4.92% for the six months ended June 30, 2025. Interest income on loans increased due to an increase in both the average balance and yield on loans. The average yield on securities for the six months ended June 30, 2026 decreased 6 basis points to 3.44%, as compared to 3.50% for the six months ended June 30, 2025. The average yield on other interest-earning assets for the six months ended June 30, 2026 decreased 98 basis points to 4.49%, as compared to 5.47% for the six months ended June 30, 2025, mainly due to a lower dividend rate received on Federal Home Loan Bank stock.

Total interest expense was $117.8 million for the six months ended June 30, 2026, a decrease of $6.8 million, or 5.5%, from $124.6 million for the six months ended June 30, 2025. The decrease in interest expense was primarily attributable to a 29 basis point decrease in the average cost of interest-bearing deposits coupled with a 33 basis point decrease in the average cost of borrowings. Interest expense on deposits decreased $7.0 million, or 7.1%, for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, due to a decrease in the average cost of deposits, while interest expense on borrowings increased $230,000, or 0.9%, for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, due to the increase in the average balance of borrowings.

The Company's net interest margin for the six months ended June 30, 2026 increased 28 basis points to 2.43% when compared to 2.15% for the six months ended June 30, 2025, due to an increase in the average yield on interest-earning assets coupled with a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets increased 3 basis points to 4.75% for the six months ended June 30, 2026 as compared to 4.72% for the six months ended June 30, 2025. The average cost of interest-bearing liabilities decreased 28 basis points to 2.91% for the six months ended June 30, 2026 as compared to 3.19% for the six months ended June 30, 2025.

The provision for credit losses for the six months ended June 30, 2026 was $5.3 million, a decrease of $133,000, or 2.5% from $5.4 million for the six months ended June 30, 2025. The decrease in the provision for credit losses was primarily attributable to a decrease in net charge-offs, which totaled $1.4 million for the six months ended June 30, 2026 as compared to $4.1 million for the six months ended June 30, 2025.

Non-interest income was $17.6 million for the six months ended June 30, 2026, a decrease of $1.1 million, or 5.7%, from $18.6 million for the six months ended June 30, 2025. The decrease was primarily attributable to a change in fair value of equity securities of $1.6 million and a decrease in other non-interest income of $627,000, mainly due to interest rate swaps, partially offset by a $1.1 million increase in bank-owned life insurance partially attributable to a death benefit claim in June 2026, and income related to the transition and exchange into higher yielding bank-owed life insurance policies.

Non-interest expense was $96.9 million for the six months ended June 30, 2026, an increase of $8.2 million, or 9.2%, from $88.8 million for the six months ended June 30, 2025. The increase was primarily attributable to an increase in compensation

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and employee benefits expense of $5.5 million, an increase in occupancy expense of $1.4 million, an increase in data processing and software expenses of $1.5 million and an increase in merger-related expenses of $2.6 million, partially offset by a decrease of $2.4 million in professional fees. The increase in compensation and employee benefits expense was due to normal annual increases and an increase in the number of employees.

Income tax expense was $11.1 million for the six months ended June 30, 2026, an increase of $3.8 million, as compared to income tax expense of $7.3 million for the six months ended June 30, 2025, mainly due to an increase in pre-tax income. The Company's effective tax rate was 28.7% and 25.6% for the six months ended June 30, 2026 and 2025, respectively. The increase in the 2026 effective tax rate was due to non-deductible merger-related expenses.

Balance Sheet Summary

Total assets increased $1.2 billion, or 10.5%, to $12.2 billion at June 30, 2026 from $11.0 billion at December 31, 2025. The increase in total assets was primarily attributable to increases in cash and cash equivalents of $748.8 million, debt securities available for sale of $137.5 million, loans receivable, net, of $197.7 million, and other assets of $49.3 million.

Cash and cash equivalents increased $748.8 million, or 219.7%, to $1.1 billion at June 30, 2026 from $340.8 million at December 31, 2025. The increase was primarily attributable to proceeds raised through the Company's second-step conversion offering included in deposits, principal repayments on securities of $54.8 million, calls and maturities on securities of $76.1 million, and repayments on loans receivable, partially offset by purchases of securities of $272.4 million, and the origination of loans receivable of approximately $761.0 million.

Debt securities available for sale increased $137.5 million, or 12.3%, to $1.3 billion at June 30, 2026 from $1.1 billion at December 31, 2025. The increase was attributable to purchases of securities of $252.9 million, consisting primarily of U.S. government obligations and mortgage-backed securities, partially offset by an increase in the gross unrealized loss on securities of $8.5 million, calls and maturities on securities of $61.3 million, and repayments on securities of $46.8 million.

Loans receivable, net, increased $197.7 million, or 2.4%, to $8.4 billion at June 30, 2026 from $8.2 billion at December 31, 2025. Multifamily loans, commercial real estate loans, construction loans, and commercial business loans increased $90.8 million, $60.6 million, $33.2 million, and $64.2 million, respectively, partially offset by a decrease in one-to-four family real estate loans and home equity loans and advances of $39.5 million and $7.0 million, respectively. The allowance for credit losses for loans increased $3.9 million to $71.1 million at June 30, 2026 from $67.2 million at December 31, 2025, primarily due to loan growth during the six months ended June 30, 2026.

Other assets increased $49.3 million, or 14.7%, to $385.0 million at June 30, 2026 from $335.7 million at December 31, 2025 primarily due to an increase in net pension assets of $21.3 million and an increase in commercial real estate loans in process of $16.0 million.

Total liabilities increased $1.1 billion, or 11.4%, to $11.0 billion at June 30, 2026 from $9.9 billion at December 31, 2025. The increase was primarily attributable to an increase in total deposits of $1.1 billion, due to proceeds raised through the Company's second-step conversion offering included in deposits, an increase in borrowings of $35.0 million, and an increase in accrued expenses and other liabilities of $20.7 million. The increase in total deposits primarily consisted of increases in non-interest-bearing demand deposits, interest-bearing demand deposits, savings and club accounts, and certificates of deposits of $38.4 million, $859.1 million, $13.1 million and $202.8 million, respectively, partially offset by a decrease in money market accounts of $55.5 million. The increase in interest-bearing demand deposits was mainly attributable to proceeds raised through the Company's second-step conversion offering. The increase in accrued expenses and other liabilities related to an increase in outstanding checks and an increase in collateral pledged for interest rate swaps. The $35.0 million increase in borrowings was driven by a net increase in short-term borrowings of $50.0 million, coupled with new long-term borrowings of $40.0 million, offset by repayments of $55.0 million in maturing long-term borrowings.

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Total stockholders' equity increased $35.5 million, or 3.1%, with a balance of $1.2 billion at both June 30, 2026 and December 31, 2025, primarily attributable to net income of $27.6 million.

Asset Quality

The Company's non-performing loans at June 30, 2026 totaled $43.0 million, or 0.51% of total gross loans, as compared to $38.0 million, or 0.46% of total gross loans, at December 31, 2025. The $5.0 million increase in non-performing loans was primarily attributable to an increase in non-performing one-to-four family loans of $1.0 million, and a $10.6 million commercial real estate loan on a six-story mixed use building, which includes apartments and commercial/storage space designated as non-performing during the 2026 period, partially offset by a decrease in non-performing commercial business loans of $1.1 million, and a decrease in non-performing construction loans of $5.9 million. The decrease in non-performing construction loans was due to one loan secured by a mixed use five-story building with both commercial space and apartments, being transferred to other real estate owned in March 2026. Non-performing assets as a percentage of total assets totaled 0.40% at June 30, 2026, as compared to 0.34% at December 31, 2025.

For the quarter ended June 30, 2026, net charge-offs totaled $2.0 million, as compared to net charge-offs of $3.2 million for the quarter ended June 30, 2025. For the six months ended June 30, 2026, net charge-offs totaled $1.4 million, as compared to net charge-offs of $4.1 million for the quarter ended June 30, 2025.

The Company's allowance for credit losses on loans was $71.1 million, or 0.84% of total gross loans, at June 30, 2026, compared to $67.2 million, or 0.82% of total gross loans, at December 31, 2025. The increase in the allowance for credit losses for loans was primarily due to an increase in the outstanding balance of loans.

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About Columbia Financial, Inc.

The consolidated financial results include the accounts of Columbia Financial, Inc., its wholly-owned subsidiary Columbia Bank (the "Bank") and the Bank's wholly-owned subsidiaries. Columbia Financial, Inc. is a Maryland corporation organized as Columbia Bank's parent stock holding company. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates more than 100 full-service banking offices and offers traditional financial services to consumers and businesses in its market area.

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