# EDGAR Filing Document

**Accession Number:** 0001723596
**File Stem:** 0001723596-26-000004
**Filing Date:** 2026-2
**Character Count:** 66924
**Document Hash:** 6b1b43e9eacfde4899332a96be3f156b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001723596-26-000004.hdr.sgml**: 20260202

**ACCESSION NUMBER**: 0001723596-26-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260202

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260202

**DATE AS OF CHANGE**: 20260202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Columbia Financial, Inc.
- **CENTRAL INDEX KEY:** 0001723596
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 223504946
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38456
- **FILM NUMBER:** 26585739

**BUSINESS ADDRESS:**
- **STREET 1:** 19-01 ROUTE 208 NORTH
- **CITY:** FAIR LAWN
- **STATE:** NJ
- **ZIP:** 07410
- **BUSINESS PHONE:** 800-522-4167

**MAIL ADDRESS:**
- **STREET 1:** 19-01 ROUTE 208 NORTH
- **CITY:** FAIR LAWN
- **STATE:** NJ
- **ZIP:** 07410

?xml version='1.0' encoding='ASCII'? clbk-20260202

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT** 

**PURSUANT TO SECTION 13 OR 15(d) OF** 

**THE SECURITIES EXCHANGE ACT OF 1934** 

Date of Report (Date of Earliest Event Reported): February 2, 2026

**Columbia Financial, Inc.** 

<u>(Exact Name of Registrant as Specified in its Charter)</u> 

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38456** | **22-3504946** |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification Number) |

---

**19-01 Route 208 North, Fair Lawn, New Jersey** 07410

(Address of principal executive offices)

**(800) 522-4167** 

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

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**Item 2.02 <u>Results of Operations and Financial Condition</u>**

&nbsp;&nbsp;&nbsp;&nbsp;On February 2, 2026, Columbia Financial, Inc. (the "Company") issued a press release announcing its financial results for the quarter and year ended December 31, 2025. The Company's press release is included as Exhibit 99.1 to this report.

&nbsp;&nbsp;&nbsp;&nbsp;The information set forth in this Item 2.02 and in the attached Exhibit 99.1 is deemed to be "furnished" and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.

**Item 9.01 <u>Financial Statements and Exhibits</u>**

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[99.1](exhibit9914q2025.htm)</u> | Press release dated February 2, 2026 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURE**

**&nbsp;&nbsp;&nbsp;&nbsp;**Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunder duly authorized.

---

| | | |
|:---|:---|:---|
| Date: | February 2, 2026 | /s/Dennis E. Gibney |
|  |  | Dennis E. Gibney |
|  |  | 1<sup>st</sup> Senior Executive Vice President, Chief Banking Officer |

---

## Exhibit 99.1

**Columbia Financial, Inc. Announces Financial Results** 

**for the Fourth Quarter and Year Ended December 31, 2025**

**Fair Lawn, New Jersey** (February 2, 2026): Columbia Financial, Inc. (the "Company") (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank ("Columbia"), reported net income of $15.7 million, or $0.15 per basic and diluted share, for the quarter ended December 31, 2025, as compared to a net loss of $21.2 million, or $0.21 per basic and diluted share, for the quarter ended December 31, 2024. Earnings for the quarter ended December 31, 2025 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, a decrease in provision for credit losses and higher non-interest income, partially offset by higher income tax expense. During the fourth quarter of 2024, as previously disclosed, the Company restructured its balance sheet by selling debt securities available for sale and prepaying higher cost borrowings, which resulted in a pre-tax loss of $37.9 million. For the quarter ended December 31, 2025, the Company reported core net income of $15.9 million, an increase of $4.5 million, or 39.6%, compared to core net income of $11.4 million for the quarter ended December 31, 2024. (Refer to "Reconciliation of GAAP to Non-GAAP Financial Measures" for a reconciliation of GAAP net income to core net income.) The positive impact of the balance sheet repositioning transaction in 2024 significantly contributed to the net interest margin expansion in the 2025 period.

For the year ended December 31, 2025, the Company reported net income of $51.8 million, or $0.51 per basic and diluted share, as compared to a net loss of $11.7 million, or $0.11 per basic and diluted share, for the year ended December 31, 2024. The year ended December 31, 2025 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, as well as a decrease in provision for credit losses and higher non-interest income, mainly due to the loss on securities transactions resulting from the 2024 balance sheet repositioning transaction described above, partially offset by higher income tax expense. For the year ended December 31, 2025, the Company reported core net income of $53.0 million, an increase of $29.7 million, or 128.0%, compared to core net income of $23.2 million for the year ended December 31, 2024.

Thomas J. Kemly, President and Chief Executive Officer commented: "We are pleased with the results we achieved in 2025, which reflect our strategies of focusing on margin expansion, improving our asset mix by continuing to expand commercial lending, efficiency improvement through technology and investing in the infrastructure required for sustainable growth. The Company maintained a strong balance sheet and capital position, which will allow us to continue to benefit from an improving economic environment."

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest margin increased by 48 basis points and 42 basis points, respectively, for the quarter and year ended December 31, 2025, compared to the quarter and year ended December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loans receivable increased by $375.1 million, or 4.7%, for the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income increased by $36.9 million and $63.4 million, respectively, for the quarter and year ended December 31, 2025, compared to the quarter and year ended December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Basic and diluted earnings per share increased by $0.36 and $0.62, respectively, for the quarter and year ended December 31, 2025, compared to the quarter and year ended December 31, 2024, respectively.

**Results of Operations for the Three Months Ended December 31, 2025 and December 31, 2024**

Net income of $15.7 million was recorded for the quarter ended December 31, 2025, an increase of $36.9 million, as compared to a net loss of $21.2 million for the quarter ended December 31, 2024. The increase in net income was primarily attributable to a $13.8 million increase in net interest income, a $799,000 decrease in provision for credit losses, and a $32.3 million increase in non-interest income, partially offset by a $9.5 million increase in income tax expense. Non-interest income for the 2024 period included a $34.6 million loss on securities transactions as the result of the balance sheet repositioning strategy discussed above.

Net interest income was $60.2 million for the quarter ended December 31, 2025, an increase of $13.8 million, or 29.7%, from $46.4 million for the quarter ended December 31, 2024. The increase in net interest income was primarily attributable to an $8.3 million increase in interest income and a $5.5 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 loans and other interest-earning assets,

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coupled with an increase in the average yields on loans and securities. The balance sheet repositioning transaction implemented in the fourth quarter of 2024 resulted in an increase in the average yields on securities and a decrease in the cost of borrowings, which had a notable impact on net interest income for the quarter ended December 31, 2025. The 75 basis point decrease in market interest rates in the last four months of 2025 contributed to lower interest rates paid on new and repricing deposits and borrowings during the quarter ended December 31, 2025, but did not have as significant of an impact on the yields on interest-earning assets, as assets reprice at a slower pace. The decrease in interest expense on borrowings was also impacted by a decrease in the average balance of borrowings. Prepayment penalties, which are included in interest income on loans, totaled $793,000 for the quarter ended December 31, 2025, compared to $84,000 for the quarter ended December 31, 2024.

The average yield on loans for the quarter ended December 31, 2025 increased 15 basis points to 5.03%, as compared to 4.88% for the quarter ended December 31, 2024. 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 December 31, 2025 increased 37 basis points to 3.36%, as compared to 2.99% for the quarter ended December 31, 2024. This was primarily a result of lower yielding securities being sold as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024, and an increase in higher yielding securities purchased in 2025. The average yield on other interest-earning assets for the quarter ended December 31, 2025 decreased 131 basis points to 4.69%, as compared to 6.00% for the quarter ended December 31, 2024, mainly due to a 165 basis point decrease in the dividend rate received on Federal Home Loan Bank stock.

Total interest expense was $61.7 million for the quarter ended December 31, 2025, a decrease of $5.5 million, or 8.2%, from $67.2 million for the quarter ended December 31, 2024. The decrease in interest expense was primarily attributable to a 34 basis point decrease in the average cost of interest-bearing deposits, coupled with a 40 basis point decrease in the average cost of borrowings, and a decrease in the average balance of borrowings, partially offset by an increase in the average balance of interest-bearing deposits. Interest expense on deposits decreased $3.6 million, or 7.0%, and interest expense on borrowings decreased $1.9 million, or 12.5%, for the quarter ended December 31, 2025 as compared to the quarter ended December 31, 2024.

The Company's net interest margin for the quarter ended December 31, 2025 increased 48 basis points to 2.36%, when compared to 1.88% for the quarter ended December 31, 2024, 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 16 basis points to 4.77% for the quarter ended December 31, 2025 as compared to 4.61% for the quarter ended December 31, 2024. The average cost of interest-bearing liabilities decreased 37 basis points to 3.01% for the quarter ended December 31, 2025 as compared to 3.38% for the quarter ended December 31, 2024.

The provision for credit losses for the quarter ended December 31, 2025 was $2.1 million, a decrease of $799,000, or 27.8%, from $2.9 million for the quarter ended December 31, 2024. The decrease in provision for credit losses for loans was primarily due to a decrease in net charge-offs, which totaled $534,000 for the quarter ended December 31, 2025, as compared to $1.4 million for the quarter ended December 31, 2024, and a decrease in quantitative loss rates based on the evaluation of current and projected economic conditions.

Non-interest income was $8.6 million for the quarter ended December 31, 2025, an increase of $32.3 million from $(23.7) million for the quarter ended December 31, 2024. The increase was primarily attributable to the loss on securities transactions of $34.6 million included in the 2024 period which resulted from the balance sheet repositioning transaction, partially offset by a $2.6 million decrease in the change in fair value of equity securities, which included the sale of a portion of Federal Home Loan Mortgage Corporation and Federal National Mortgage Association preferred stock included in equity securities.

Non-interest expense was $47.1 million for the quarter ended December 31, 2025, an increase of $459,000, or 1.0%, from $46.6 million for the quarter ended December 31, 2024. The increase was primarily attributable to an increase in compensation and employee benefits expense of $5.8 million, mainly due to an increase in employee incentive compensation and normal annual increases, and an increase in data processing and software expenses of $935,000, partially offset by a decrease in merger-related expenses of $714,000, a decrease in loss on extinguishment of debt of $3.4 million resulting from the 2024 balance sheet repositioning transaction, and a decrease in other non-interest expense of $2.0 million, mainly related to interest rate swaps.

Income tax expense was $4.0 million for the quarter ended December 31, 2025, an increase of $9.5 million, as compared to an income tax benefit of $5.5 million for the quarter ended December 31, 2024, mainly due to higher pre-tax income. The Company's effective tax rate was 20.1% and 20.7% for the quarters ended December 31, 2025 and 2024, respectively.

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**Results of Operations for the Years Ended December 31, 2025 and December 31, 2024**

Net income of $51.8 million was recorded for the year ended December 31, 2025, an increase of $63.4 million, as compared to a net loss of $11.7 million for the year ended December 31, 2024. The increase in net income was primarily attributable to a $43.7 million increase in net interest income, a $4.6 million decrease in provision for credit losses, and a $35.2 million increase in non-interest income, partially offset by a $20.5 million increase in income tax expense.

Net interest income was $221.6 million for the year ended December 31, 2025, an increase of $43.7 million, or 24.5%, from $178.0 million for the year ended December 31, 2024. The increase in net interest income was primarily attributable to a $19.5 million increase in interest income and a $24.1 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 average yields on loans and securities. The balance sheet repositioning transaction implemented in the fourth quarter of 2024 resulted in an increase in the average yield on securities and a decrease in the cost of borrowings, which had a notable impact on net interest income for the year ended December 31, 2025. The 75 basis point decrease in market interest rates that occurred later in the 2025 period did not have a material impact on interest income, but contributed to a decrease in interest expense on deposits and borrowings, as there was a decrease in interest rates paid on new and repricing deposits and borrowings. Prepayment penalties, which are included in interest income on loans, totaled $2.4 million for the year ended December 31, 2025, compared to $960,000 for the year ended December 31, 2024.

The average yield on loans for the year ended December 31, 2025 increased 8 basis points to 4.98%, as compared to 4.90% for the year ended December 31, 2024. 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 year ended December 31, 2025 increased 58 basis points to 3.44%, as compared to 2.86% for the year ended December 31, 2024. This was a result of lower yielding securities that were sold as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024 being subsequently replaced with higher yielding securities. The average yield on other interest-earning assets for the year ended December 31, 2025 decreased 109 basis points to 5.18%, as compared to 6.27% for the year ended December 31, 2024, due to lower dividends received on Federal Home Loan Bank stock.

Total interest expense was $249.3 million for the year ended December 31, 2025, a decrease of $24.1 million, or 8.8%, from $273.4 million for the year ended December 31, 2024. The decrease in interest expense was primarily attributable to a 21 basis point decrease in the average cost of interest-bearing deposits along with a 50 basis point decrease in the average cost of borrowings, coupled with a decrease in the average balance of borrowings, partially offset by an increase in the average balance of deposits. Interest expense on deposits decreased $5.0 million, or 2.5%, and interest expense on borrowings decreased $19.1 million, or 26.9%, for the year ended December 31, 2025 as compared to the year ended December 31, 2024.

The Company's net interest margin for the year ended December 31, 2025 increased 42 basis points to 2.24%, when compared to 1.82% for the year ended December 31, 2024. The increase in net interest margin was 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 15 basis points to 4.76% for the year ended December 31, 2025, as compared to 4.61% for the year ended December 31, 2024. The average cost of interest-bearing liabilities decreased 31 basis points to 3.13% for the year ended December 31, 2025, as compared to 3.44% for the year ended December 31, 2024.

The provision for credit losses for the year ended December 31, 2025 was $9.8 million, a decrease of $4.6 million, or 32.0%, from $14.5 million for the year ended December 31, 2024. The decrease in provision for credit losses was primarily attributable to a decrease in net charge-offs, which totaled $5.8 million for the year ended December 31, 2025 as compared to $9.6 million for the year ended December 31, 2024, and a decrease in quantitative loss rates based on the evaluation of current and projected economic conditions, partially offset by an increase in outstanding loan balances.

Non-interest income was $37.1 million for the year ended December 31, 2025, an increase of $35.2 million, from $1.9 million for the year ended December 31, 2024. The increase was primarily attributable to an increase in the (loss) gain on securities transactions of $36.1 million which included a $34.6 million loss in the 2024 period resulting from the balance sheet repositioning transaction, an increase of $1.5 million in demand deposit account fees mainly related to commercial account treasury services, and an increase of $1.4 million in loan fees and service charges related to customer swap income, partially offset by a decrease in the change in fair value of equity securities of $1.7 million, and a decrease of $3.9 million in other non-interest income, mainly related to interest rate swaps. The $1.7 million decrease in the change in fair value of equity securities

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included the sale of a portion of Federal Home Loan Mortgage Corporation and Federal National Mortgage Association preferred stock included in equity securities.

Non-interest expense was $180.9 million for the year ended December 31, 2025, a decrease of $443,000, or 0.2%, from $181.3 million for the year ended December 31, 2024. The decrease was primarily attributable to a $3.4 million decrease in professional fees for legal, regulatory and compliance-related costs, a decrease in merger-related expenses of $1.5 million, a decrease in loss on extinguishment of debt of $3.4 million resulting from the 2024 balance sheet repositioning transaction, and a decrease in other non-interest expense of $3.5 million, mainly related to interest rate swaps, partially offset by an increase in compensation and employee benefits expense of $9.7 million and an increase in data processing and software expenses of $1.6 million. The increase in compensation and employee benefits expense was mainly due to an increase in employee incentive compensation and normal annual increases.

Income tax expense was $16.2 million for the year ended December 31, 2025, an increase of $20.5 million, as compared to an income tax benefit of $4.3 million for the year ended December 31, 2024, mainly due to higher pre-tax income. The Company's effective tax rate was 23.9% and 26.8% for the years ended December 31, 2025 and 2024, respectively.

**Balance Sheet Summary**

Total assets increased $543.3 million, or 5.2%, to $11.0 billion at December 31, 2025 as compared to $10.5 billion at December 31, 2024. The increase in total assets was primarily attributable to an increase in cash and cash equivalents of $51.6 million, an increase in debt securities available for sale of $96.1 million, and an increase in loans receivable, net, of $367.8 million.

Cash and cash equivalents increased $51.6 million, or 17.8%, to $340.8 million at December 31, 2025 from $289.2 million at December 31, 2024. The increase was primarily attributable to proceeds from principal repayments on securities of $164.0 million, sales, calls, and maturities on securities of $97.9 million, repayments on loans receivable, an increase in total deposits of $347.9 million and an increase in borrowings of $102.9 million, partially offset by purchases of securities of $305.5 million, the origination and purchases of loans receivable and repurchases of common stock under our stock repurchase program of $13.4 million.

Debt securities available for sale increased $96.1 million, or 9.4%, to $1.1 billion at December 31, 2025 from $1.0 billion at December 31, 2024. The increase was attributable to purchases of securities of $272.1 million, consisting primarily of U.S. government obligations and mortgage-backed securities, and a decrease in the gross unrealized loss on securities of $37.5 million, partially offset by maturities on securities of $77.5 million, repayments on securities of $132.6 million, and the sale of securities of $15.7 million.

Loans receivable, net, increased $367.8 million, or 4.7%, to $8.2 billion at December 31, 2025 from $7.9 billion at December 31, 2024. Multifamily loans, commercial real estate loans, and commercial business loans increased $217.0 million, $173.4 million, and $144.8 million, respectively, partially offset by decreases in one-to-four family real estate loans, construction loans and home equity loans and advances of $152.7 million, $4.1 million and $3.9 million, respectively. The increase in commercial business loans was primarily due to the purchase of $130.9 million in equipment finance loans from a third party in May 2025, at a $3.2 million discount, which included $5.1 million of purchased credit deteriorated ("PCD") loans. The principal balance of the PCD loans purchased was charged-off by $3.2 million. The allowance for credit losses for loans increased $7.2 million to $67.2 million at December 31, 2025 from $60.0 million at December 31, 2024.

Total liabilities increased $462.9 million, or 4.9%, to $9.9 billion at December 31, 2025 from $9.4 billion at December 31, 2024. The increase was primarily attributable to an increase in total deposits of $347.9 million, or 4.3%, an increase in borrowings of $102.9 million, or 9.5%, and an increase in other liabilities of $11.8 million The increase in total deposits primarily consisted of increases in non-interest-bearing demand deposits, money market accounts and certificates of deposit of $79.4 million, $223.3 million, and $109.7 million, respectively, partially offset by decreases in interest-bearing demand and savings and club accounts of $35.4 million and $29.1 million, respectively. The $102.9 million increase in borrowings was driven by a net increase in short-term borrowings of $32.0 million, coupled with new long-term borrowings of $175.3 million, partially offset by repayments of $104.4 million in maturing long-term borrowings. The increase in other liabilities was primarily related to increases in accrued expenses and benefit plan related liabilities coupled with an increase in outstanding checks.

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Total stockholders' equity increased $80.4 million, or 7.4%, to $1.2 billion at December 31, 2025 from $1.1 billion at December 31, 2024. The increase in total stockholders' equity was primarily attributable to net income of $51.8 million, an increase of $34.4 million in other comprehensive income, which includes changes in unrealized losses on debt securities available for sale and unrealized gains on swap contracts, net of taxes, included in other comprehensive income, and the recognition of $4.7 million in stock based compensation expense. These increases were partially offset by the repurchase of 873,304 shares of common stock at a cost of approximately $13.4 million, or $15.29 per share, under our stock repurchase program.

**Asset Quality**

The Company's non-performing loans at December 31, 2025 totaled $38.0 million, or 0.46% of total gross loans, as compared to $21.7 million, or 0.28% of total gross loans, at December 31, 2024. The $16.3 million increase in non-performing loans was primarily attributable to a an increase in non-performing one-to-four family real estate loans of $1.0 million, an increase in non-performing commercial real estate loans of $2.8 million, an increase in non-performing commercial business loans of $5.4 million, and a $5.9 million construction loan designated as non-performing during the 2025 period. The $5.9 million non-performing construction loan was made to finance the construction of a mixed use five-story building with both commercial space and apartments. The increase in non-performing one-to-four family real estate loans was due to an increase in the number of loans from 32 non-performing loans at December 31, 2024 to 36 loans at December 31, 2025. The increase in non-performing commercial real estate loans was due to an increase in the number of loans from four loans at December 31, 2024 to nine loans at December 31, 2025. The increase in non-performing commercial business loans was primarily due to four loans totaling $8.1 million designated as non-accrual during the 2025 period, partially offset by one loan for $4.3 million which was paid off in 2025. The total number of non-performing commercial business loans increased from 11 loans at December 31, 2024 to 35 loans at December 31, 2025. Non-performing assets as a percentage of total assets totaled 0.34% at December 31, 2025, as compared to 0.22% at December 31, 2024.

For the quarter ended December 31, 2025, net charge-offs totaled $534,000, as compared to $1.4 million for the quarter ended December 31, 2024. For the year ended December 31, 2025, net charge-offs totaled $5.8 million, as compared to $9.6 million for the year ended December 31, 2024. Charge-offs for the year ended December 31, 2025 included partial charge-offs of 12 commercial business loans totaling $3.6 million and $3.2 million in charge-offs related to PCD loans included in the equipment finance loan purchase noted above. Recoveries on previously charged-off loans for the quarter ended December 31, 2025, and the year ended December 31, 2025, totaled approximately $578,000 and $1.4 million, respectively.

The Company's allowance for credit losses on loans was $67.2 million, or 0.82% of total gross loans, at December 31, 2025, compared to $60.0 million, or 0.76% of total gross loans, at December 31, 2024. The increase in the allowance for credit losses for loans was primarily due to an increase in outstanding balance of loans.

**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 Delaware corporation organized as Columbia Bank's mid-tier stock holding company. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 71 full-service banking offices and offers traditional financial services to consumers and businesses in its market area.

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**Forward Looking Statements**

Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as "believes," "will," "would," "expects," "projects," "may," "could," "developments," "strategic," "launching," "opportunities," "anticipates," "estimates," "intends," "plans," "targets" and similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company's business activities; changes in interest rates, higher inflation and their impact on national and local economic conditions; changes in monetary and fiscal policies of the U.S. Treasury, the Board of Governors of the Federal Reserve System and other governmental entities; the impact of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the impact of changing political conditions or federal government shutdowns; the impact of legal, judicial and regulatory proceedings or investigations, competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect a borrowers' ability to service and repay the Company's loans; the effect of acts of terrorism, war or pandemics, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; changes in the value of securities in the Company's portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and securities; legislative changes and changes in government regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company's consolidated financial statements will become impaired; cyber-attacks, computer viruses and other technological risks that may breach the security of our systems and allow unauthorized access to confidential information; the inability of third party service providers to perform; demand for loans in the Company's market area; the Company's ability to attract and maintain deposits and effectively manage liquidity; risks related to the implementation of acquisitions, dispositions, and restructurings; the successful implementation of our December 2024 balance sheet repositioning transaction; the risk that the Company may not be successful in the implementation of its business strategy, or its integration of acquired financial institutions and businesses, and changes in assumptions used in making such forward-looking statements which are subject to numerous risks and uncertainties, including but not limited to, those set forth in Item 1A of the Company's Annual Report on Form 10-K and those set forth in the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all as filed with the Securities and Exchange Commission (the "SEC"), which are available at the SEC's website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company's actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

**Non-GAAP Financial Measures**

Reported amounts are presented in accordance with U.S. generally accepted accounting principles ("GAAP"). This press release also contains certain supplemental non-GAAP information that the Company's management uses in its analysis of the Company's financial results. Specifically, the Company provides measures based on what it believes are its operating earnings on a consistent basis and excludes material non-routine operating items which affect the GAAP reporting of results of operations. The Company's management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company's core financial results for the periods presented. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

The Company also provides measurements and ratios based on tangible stockholders' equity. These measures are commonly utilized by regulators and market analysts to evaluate a company's financial condition and, therefore, the Company's management believes that such information is useful to investors.

A reconciliation of GAAP to non-GAAP financial measures are included at the end of this press release. See "Reconciliation of GAAP to Non-GAAP Financial Measures".

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**COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES**

**Consolidated Statements of Financial Condition**

**(In thousands)** 

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| &nbsp;&nbsp;**Assets** | **(Unaudited)** |  |
| &nbsp;&nbsp;&nbsp;Cash and due from banks | $340695 | $289113 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 111 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents | 340806 | 289223 |
| &nbsp;&nbsp;&nbsp;Debt securities available for sale, at fair value | 1122017 | 1025946 |
| &nbsp;&nbsp;Debt securities held to maturity, at amortized cost (fair value of $367,289, and $350,153 at December 31, 2025 and 2024, respectively) | 396233 | 392840 |
| &nbsp;&nbsp;&nbsp;Equity securities, at fair value | 6802 | 6673 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank stock | 64604 | 60387 |
| &nbsp;&nbsp;&nbsp;Loans receivable | 8292010 | 7916928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: allowance for credit losses | 67201 | 59958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable, net | 8224809 | 7856970 |
| &nbsp;&nbsp;&nbsp;Accrued interest receivable | 41490 | 40383 |
| &nbsp;&nbsp;&nbsp;Office properties and equipment, net | 82985 | 81772 |
| &nbsp;&nbsp;&nbsp;Bank-owned life insurance | 283094 | 274908 |
| &nbsp;&nbsp;&nbsp;Goodwill and intangible assets | 120302 | 121008 |
| &nbsp;&nbsp;&nbsp;Other real estate owned |  | 1334 |
| &nbsp;&nbsp;&nbsp;Other assets | 335651 | 324049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $11018793 | $10475493 |
| &nbsp;&nbsp;**Liabilities and Stockholders' Equity** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | $8444079 | $8096149 |
| &nbsp;&nbsp;&nbsp;Borrowings | 1183472 | 1080600 |
| &nbsp;&nbsp;&nbsp;Advance payments by borrowers for taxes and insurance | 45792 | 45453 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 184722 | 172915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 9858065 | 9395117 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1160728 | 1080376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $11018793 | $10475493 |

---

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**COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES**

**Consolidated Statements of Income**

**(In thousands, except per share data)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Interest income: | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |  |
| &nbsp;&nbsp;&nbsp;Loans receivable | $104625 | $96202 | $403173 | $382266 |
| &nbsp;&nbsp;&nbsp;Debt securities available for sale and equity securities | 9965 | 9793 | 39866 | 36411 |
| &nbsp;&nbsp;&nbsp;Debt securities held to maturity | 2819 | 2479 | 11438 | 9966 |
| &nbsp;&nbsp;&nbsp;Federal funds and interest-earning deposits | 3201 | 3309 | 11125 | 15181 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank stock dividends | 1270 | 1843 | 5349 | 7602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 121880 | 113626 | 470951 | 451426 |
| Interest expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 48316 | 51943 | 197374 | 202383 |
| &nbsp;&nbsp;&nbsp;Borrowings | 13344 | 15256 | 51943 | 71061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 61660 | 67199 | 249317 | 273444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 60220 | 46427 | 221634 | 177982 |
| Provision for credit losses  | 2077 | 2876 | 9822 | 14451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 58143 | 43551 | 211812 | 163531 |
| Non-interest income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Demand deposit account fees | 2114 | 1809 | 8054 | 6507 |
| &nbsp;&nbsp;&nbsp;Bank-owned life insurance | 2204 | 2066 | 8186 | 7319 |
| &nbsp;&nbsp;&nbsp;Title insurance fees | 843 | 570 | 3034 | 2505 |
| &nbsp;&nbsp;&nbsp;Loan fees and service charges | 1496 | 1193 | 5866 | 4483 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain on securities transactions | (46) | (34595) | 290 | (35851) |
| &nbsp;&nbsp;&nbsp;Change in fair value of equity securities | (421) | 2169 | 873 | 2594 |
| &nbsp;&nbsp;&nbsp;Gain on sale of loans  | 27 | 81 | 928 | 906 |
| &nbsp;&nbsp;&nbsp;Gain on sale of real estate owned |  |  | 281 |  |
| &nbsp;&nbsp;&nbsp;Other non-interest income | 2341 | 2991 | 9557 | 13431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest income | 8558 | (23716) | 37069 | 1894 |
| Non-interest expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and employee benefits  | 32388 | 26579 | 119152 | 109489 |
| &nbsp;&nbsp;&nbsp;Occupancy  | 6267 | 5861 | 24475 | 23482 |
| &nbsp;&nbsp;&nbsp;Federal deposit insurance premiums | 1398 | 1829 | 6800 | 7581 |
| &nbsp;&nbsp;&nbsp;Advertising  | 810 | 457 | 2416 | 2510 |
| &nbsp;&nbsp;&nbsp;Professional fees  | 2131 | 2567 | 10755 | 14164 |
| &nbsp;&nbsp;&nbsp;Data processing and software expenses | 4507 | 3572 | 17128 | 15578 |
| &nbsp;&nbsp;&nbsp;Merger-related expenses | 214 | 928 | 214 | 1665 |
| &nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | 3447 |  | 3447 |
| &nbsp;&nbsp;&nbsp;Other non-interest expense | (660) | 1356 | (48) | 3419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-interest expense | 47055 | 46596 | 180892 | 181335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income tax expense (benefit) | 19646 | (26761) | 67989 | (15910) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 3953 | (5538) | 16223 | (4257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss)  | $15693 | $(21223) | $51766 | $(11653) |
| Earnings (loss) per share-basic | $0.15 | $(0.21) | $0.51 | $(0.11) |
| Earnings (loss) per share-diluted | $0.15 | $(0.21) | $0.51 | $(0.11) |
| Weighted average shares outstanding-basic | 101426363 | 101686108 | 101810752 | 101676758 |
| Weighted average shares outstanding-diluted | 101426363 | 101945750 | 101810752 | 101839507 |

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 **COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES**

**Average Balances/Yields**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** | **For the Three Months Ended December 31,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | **Average Balance** | **Interest and Dividends** | **Yield / Cost** | **Average Balance** | **Interest and Dividends** | **Yield / Cost** |
| | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Interest-earnings assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans | 8255649 | $104625 | 5.03% | 7839416 | $96202 | 4.88% |
| &nbsp;&nbsp;&nbsp;Securities | 1509794 | 12784 | 3.36% | 1635028 | 12272 | 2.99% |
| &nbsp;&nbsp;&nbsp;Other interest-earning assets | 378546 | 4471 | 4.69% | 341393 | 5152 | 6.00% |
| Total interest-earning assets | 10143989 | 121880 | 4.77% | 9815837 | 113626 | 4.61% |
| Non-interest-earning assets | 860054 |  |  | 874522 |  |  |
| Total assets | 11004043 |  |  | 10690359 |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing demand | 1962493 | $10611 | 2.15% | 2027003 | $13686 | 2.69% |
| &nbsp;&nbsp;&nbsp;Money market accounts | 1457732 | 9644 | 2.62% | 1235421 | 7630 | 2.46% |
| &nbsp;&nbsp;&nbsp;Savings and club deposits | 629047 | 738 | 0.47% | 649686 | 1209 | 0.74% |
| &nbsp;&nbsp;&nbsp;Certificates of deposit | 2830462 | 27323 | 3.83% | 2696740 | 29418 | 4.34% |
| Total interest-bearing deposits | 6879734 | 48316 | 2.79% | 6608850 | 51943 | 3.13% |
| &nbsp;&nbsp;&nbsp;FHLB advances | 1239013 | 13209 | 4.23% | 1298686 | 15102 | 4.63% |
| &nbsp;&nbsp;&nbsp;Junior subordinated debentures | 7056 | 135 | 7.59% | 7036 | 154 | 8.71% |
| Total borrowings | 1246069 | 13344 | 4.25% | 1305722 | 15256 | 4.65% |
| Total interest-bearing liabilities | 8125803 | $61660 | 3.01% | 7914572 | $67199 | 3.38% |
| Non-interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-interest-bearing deposits | 1509060 |  |  | 1460125 |  |  |
| &nbsp;&nbsp;&nbsp;Other non-interest-bearing liabilities | 223427 |  |  | 241582 |  |  |
| Total liabilities | 9858290 |  |  | 9616279 |  |  |
| Total stockholders' equity | 1145753 |  |  | 1074080 |  |  |
| Total liabilities and stockholders' equity | 11004043 |  |  | 10690359 |  |  |
| Net interest income |  | $60220 |  |  | $46427 |  |
| Interest rate spread |  |  | 1.76% |  |  | 1.23% |
| Net interest-earning assets | 2018186 |  |  | 1901265 |  |  |
| Net interest margin |  |  | 2.36% |  |  | 1.88% |
| Ratio of interest-earning assets to interest-bearing liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124.84% |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124.02% |  |  |

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**COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES**

**Average Balances/Yields**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | **Average Balance** | **Interest and Dividends** | **Yield / Cost** | **Average Balance** | **Interest and Dividends** | **Yield / Cost** |
| | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Interest-earnings assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans | 8094854 | $403173 | 4.98% | 7801939 | $382266 | 4.90% |
| &nbsp;&nbsp;&nbsp;Securities | 1490679 | 51304 | 3.44% | 1622519 | 46377 | 2.86% |
| &nbsp;&nbsp;&nbsp;Other interest-earning assets | 317974 | 16474 | 5.18% | 363370 | 22783 | 6.27% |
| Total interest-earning assets | 9903507 | $470951 | 4.76% | 9787828 | $451426 | 4.61% |
| Non-interest-earning assets | 864630 |  |  | 865684 |  |  |
| Total assets | 10768137 |  |  | 10653512 |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing demand | 1966173 | $43733 | 2.22% | 1986215 | $55360 | 2.79% |
| &nbsp;&nbsp;&nbsp;Money market accounts | 1361204 | 38070 | 2.80% | 1235495 | 32977 | 2.67% |
| &nbsp;&nbsp;&nbsp;Savings and club deposits | 641020 | 4015 | 0.63% | 667836 | 5130 | 0.77% |
| &nbsp;&nbsp;&nbsp;Certificates of deposit | 2803958 | 111556 | 3.98% | 2587360 | 108916 | 4.21% |
| Total interest-bearing deposits | 6772355 | 197374 | 2.91% | 6476906 | 202383 | 3.12% |
| &nbsp;&nbsp;&nbsp;FHLB advances | 1183612 | 51381 | 4.34% | 1454674 | 70418 | 4.84% |
| &nbsp;&nbsp;&nbsp;Junior subordinated debentures | 7046 | 562 | 7.98% | 7023 | 640 | 9.11% |
| &nbsp;&nbsp;&nbsp;Other borrowings |  |  | —% | 55 | 3 | 5.45% |
| Total borrowings | 1190658 | 51943 | 4.36% | 1461752 | 71061 | 4.86% |
| Total interest-bearing liabilities | 7963013 | $249317 | 3.13% | 7938658 | $273444 | 3.44% |
| Non-interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-interest-bearing deposits | 1468900 |  |  | 1420104 |  |  |
| &nbsp;&nbsp;&nbsp;Other non-interest-bearing liabilities | 218497 |  |  | 242290 |  |  |
| Total liabilities | 9650410 |  |  | 9601052 |  |  |
| Total stockholders' equity | 1117728 |  |  | 1052460 |  |  |
| Total liabilities and stockholders' equity | 10768138 |  |  | 10653512 |  |  |
| Net interest income |  | $221634 |  |  | $177982 |  |
| Interest rate spread |  |  | 1.63% |  |  | 1.17% |
| Net interest-earning assets | 1940494 |  |  | 1849170 |  |  |
| Net interest margin |  |  | 2.24% |  |  | 1.82% |
| Ratio of interest-earning assets to interest-bearing liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124.37% |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123.29% |  |  |

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**COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES**

**Components of Net Interest Rate Spread and Margin**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Average Yields/Costs by Quarter** | **Average Yields/Costs by Quarter** | **Average Yields/Costs by Quarter** | **Average Yields/Costs by Quarter** | **Average Yields/Costs by Quarter** |
| | **December 31, 2025** | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** |
| **Yield on interest-earning assets:** | | | | | |
| Loans | 5.03% | 5.04% | 4.96% | 4.89% | 4.88% |
| Securities | 3.36 | 3.41 | 3.55 | 3.45 | 2.99 |
| Other interest-earning assets | 4.69 | 5.24 | 5.16 | 5.75 | 6.00 |
| Total interest-earning assets | 4.77% | 4.81% | 4.75% | 4.69% | 4.61% |
| **Cost of interest-bearing liabilities:** |  |  |  |  |  |
| Total interest-bearing deposits | 2.79% | 2.91% | 2.95% | 3.01% | 3.13% |
| Total borrowings | 4.25 | 4.37 | 4.44 | 4.44 | 4.65 |
| Total interest-earning liabilities | 3.01% | 3.14% | 3.18% | 3.21% | 3.38% |
| Interest rate spread | 1.76% | 1.67% | 1.57% | 1.48% | 1.23% |
| Net interest margin | 2.36% | 2.29% | 2.19% | 2.11% | 1.88% |
| Ratio of interest-earning assets to interest-bearing liabilities | 124.84% | 124.64% | 124.01% | 123.96% | 124.02% |

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**COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES**

**Selected Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** |
| **SELECTED FINANCIAL RATIOS** <sup>(1)</sup>**:** | | | | | |
| Return on average assets | 0.57% | 0.55% | 0.46% | 0.34% | (0.79)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core return on average assets | 0.57% | 0.56% | 0.47% | 0.35% | 0.42% |
| Return on average equity | 5.43% | 5.23% | 4.46% | 3.31% | (7.86)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core return on average equity | 5.50% | 5.41% | 4.58% | 3.37% | 4.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core return on average tangible equity | 6.14% | 6.04% | 5.14% | 3.78% | 4.74% |
| Interest rate spread | 1.76% | 1.67% | 1.57% | 1.48% | 1.23% |
| Net interest margin | 2.36% | 2.29% | 2.19% | 2.11% | 1.88% |
| Non-interest income to average assets | 0.31% | 0.36% | 0.38% | 0.33% | (0.88)% |
| Non-interest expense to average assets | 1.70% | 1.65% | 1.68% | 1.68% | 1.73% |
| Efficiency ratio | 68.42% | 67.04% | 70.30% | 74.57% | 205.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core efficiency ratio | 68.06% | 66.04% | 69.41% | 74.20% | 73.68% |
| Average interest-earning assets to average interest-bearing liabilities | 124.84% | 124.64% | 124.01% | 123.96% | 124.02% |
| Net charge-offs to average outstanding loans | 0.03% | 0.04% | 0.04% | 0.04% | 0.07% |
| <sup>(1)</sup> Ratios are annualized when appropriate. | <sup>(1)</sup> Ratios are annualized when appropriate. | <sup>(1)</sup> Ratios are annualized when appropriate. | <sup>(1)</sup> Ratios are annualized when appropriate. | <sup>(1)</sup> Ratios are annualized when appropriate. | <sup>(1)</sup> Ratios are annualized when appropriate. |
| <sup>(2)</sup> The June 30, 2025 ratio includes $3.2 million of non-annualized PCD charge-offs related to the purchased commercial equipment finance loans.  | <sup>(2)</sup> The June 30, 2025 ratio includes $3.2 million of non-annualized PCD charge-offs related to the purchased commercial equipment finance loans.  | <sup>(2)</sup> The June 30, 2025 ratio includes $3.2 million of non-annualized PCD charge-offs related to the purchased commercial equipment finance loans.  | <sup>(2)</sup> The June 30, 2025 ratio includes $3.2 million of non-annualized PCD charge-offs related to the purchased commercial equipment finance loans.  | <sup>(2)</sup> The June 30, 2025 ratio includes $3.2 million of non-annualized PCD charge-offs related to the purchased commercial equipment finance loans.  | <sup>(2)</sup> The June 30, 2025 ratio includes $3.2 million of non-annualized PCD charge-offs related to the purchased commercial equipment finance loans.  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ASSET QUALITY:** | | | | | |
| | **December 31, 2025** | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Non-accrual loans | $38000 | $32529 | $39545 | $24856 | $21701 |
| 90+ and still accruing |  |  |  |  |  |
| Non-performing loans | 38000 | 32529 | 39545 | 24856 | 21701 |
| Real estate owned |  |  |  | 1334 | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-performing assets | $38000 | $32529 | $39545 | $26190 | $23035 |
| Non-performing loans to total gross loans | 0.46% | 0.40% | 0.49% | 0.31% | 0.28% |
| Non-performing assets to total assets | 0.34% | 0.30% | 0.37% | 0.25% | 0.22% |
| Allowance for credit losses on loans ("ACL") | $67201 | $65659 | $64467 | $62034 | $59958 |
| ACL to total non-performing loans | 176.84% | 201.85% | 163.02% | 249.57% | 276.29% |
| ACL to gross loans | 0.82% | 0.80% | 0.79% | 0.78% | 0.76% |

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------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LOAN DATA:** | | | | | |
| |<br>**December 31, 2025** |<br>**September 30, 2025** |<br>**June 30, 2025** |<br>**March 31, 2025** |<br>**December 31, 2024** |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |  |
| Real estate loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;One-to-four family | $2558252 | $2583162 | $2629372 | $2676566 | $2710937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multifamily | 1677613 | 1612105 | 1578733 | 1567862 | 1460641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 2513260 | 2532329 | 2517693 | 2429429 | 2339883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 469438 | 465283 | 415403 | 437081 | 473573 |
| Commercial business loans  | 766792 | 771486 | 726526 | 614049 | 622000 |
| Consumer loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Home equity loans and advances | 255126 | 256970 | 256384 | 253439 | 259009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other consumer loans | 2895 | 2725 | 2602 | 2547 | 3404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross loans | 8243376 | 8224060 | 8126713 | 7980973 | 7869447 |
| Purchased credit deteriorated loans | 10442 | 10920 | 11998 | 10395 | 11686 |
| Net deferred loan costs, fees and purchased premiums and discounts | 38192 | 37580 | 36788 | 35940 | 35795 |
| Allowance for credit losses | (67201) | (65659) | (64467) | (62034) | (59958) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans receivable, net | $8224809 | $8206901 | $8111032 | $7965274 | $7856970 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** | **At December 31, 2025** |
| | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| | **Balance** | **% of Gross Loans** | **Weighted Average Loan to Value Ratio** | **Weighted Average Debt Service Coverage** |
| Multifamily Real Estate | $1677613 | 21.0% | 59.0% | 1.59 |
| Owner Occupied Commercial Real Estate | $667239 | 8.4% | 59.5% | 2.56 |
| Investor Owned Commercial Real Estate: |  |  |  |  |
| &nbsp;&nbsp;Retail / Shopping centers | $541678 | 6.8% | 55.1% | 1.57 |
| &nbsp;&nbsp;Mixed Use | 298993 | 3.7 | 61.1 | 1.52 |
| &nbsp;&nbsp;Industrial / Warehouse | 433749 | 5.4 | 53.4 | 1.66 |
| &nbsp;&nbsp;Non-Medical Office | 172614 | 2.2 | 51.8 | 1.88 |
| &nbsp;&nbsp;Medical Office | 97556 | 1.2 | 60.2 | 1.49 |
| &nbsp;&nbsp;Single Purpose | 62283 | 0.8 | 62.1 | 1.37 |
| &nbsp;&nbsp;Other | 239148 | 3.0 | 51.8 | 2.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1846021 | 23.1% | 55.4% | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Multifamily and Commercial Real Estate Loans | $4190873 | 52.5% | 57.5% | 1.78 |
| As of December 31, 2025, the Company had loan exposures of approximately $804,000 and $846,000 related to office and rent stabilized multifamily in New York City, respectively. | As of December 31, 2025, the Company had loan exposures of approximately $804,000 and $846,000 related to office and rent stabilized multifamily in New York City, respectively. | As of December 31, 2025, the Company had loan exposures of approximately $804,000 and $846,000 related to office and rent stabilized multifamily in New York City, respectively. | As of December 31, 2025, the Company had loan exposures of approximately $804,000 and $846,000 related to office and rent stabilized multifamily in New York City, respectively. | As of December 31, 2025, the Company had loan exposures of approximately $804,000 and $846,000 related to office and rent stabilized multifamily in New York City, respectively. |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DEPOSIT DATA:** | **At** | **At** | **At** | **At** | **At** | **At** | **At** | **At** | **At** |
| | **December 31, 2025** | **December 31, 2025** | **September 30, 2025** | **September 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Balance** | **Weighted Average Rate** | **Balance** | **Weighted Average Rate** | **Balance** | **Weighted Average Rate** | **Balance** | | **Weighted Average Rate** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Non-interest-bearing demand | $1517399 | —% | $1490722 | —% | $1439951 | —% | $1438030 |  | —% |
| Interest-bearing demand | 1985871 | 1.99 | 1855724 | 2.04 | 1872265 | 2.03 | 2021312 |  | 2.19 |
| Money market accounts | 1465028 | 2.59 | 1396474 | 2.74 | 1355682 | 2.79 | 1241691 |  | 2.82 |
| Savings and club deposits | 623444 | 0.47 | 638857 | 0.61 | 644761 | 0.70 | 652501 |  | 0.75 |
| Certificates of deposit | 2852337 | 3.80 | 2858544 | 3.89 | 2822824 | 3.96 | 2742615 |  | 4.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $8444079 | 2.23% | $8240321 | 2.32% | $8135483 | 2.36% | $8096149 | 8096149 | 2.47% |

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| | | |
|:---|:---|:---|
| **CAPITAL RATIOS:** | | |
| | **December 31,** | **December 31,** |
|  | **2025** <sup>(1)</sup> | **2024** |
| **Company:** |  |  |
| Total capital (to risk-weighted assets) | 14.92% | 14.20% |
| Tier 1 capital (to risk-weighted assets) | 14.03% | 13.40% |
| Common equity tier 1 capital (to risk-weighted assets) | 13.94% | 13.31% |
| Tier 1 capital (to adjusted total assets) | 10.27% | 10.02% |
| **Columbia Bank:** |  |  |
| Total capital (to risk-weighted assets) | 14.09% | 14.41% |
| Tier 1 capital (to risk-weighted assets) | 13.20% | 13.56% |
| Common equity tier 1 capital (to risk-weighted assets) | 13.20% | 13.56% |
| Tier 1 capital (to adjusted total assets) | 9.67% | 9.64% |
| <sup>(1)</sup> Estimated ratios at December 31, 2025. |  |  |

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| | | |
|:---|:---|:---|
| **<u>Reconciliation of GAAP to Non-GAAP Financial Measures</u>** | **<u>Reconciliation of GAAP to Non-GAAP Financial Measures</u>** | **<u>Reconciliation of GAAP to Non-GAAP Financial Measures</u>** |
| **Book and Tangible Book Value per Share** | **Book and Tangible Book Value per Share** | **Book and Tangible Book Value per Share** |
| | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | (Dollars in thousands) | (Dollars in thousands) |
| Total stockholders' equity | $1160728 | $1080376 |
| Less: goodwill | (110715) | (110715) |
| Less: core deposit intangible | (6946) | (8964) |
| Total tangible stockholders' equity | $1043067 | $960697 |
| Shares outstanding | 103984649 | 104759185 |
| Book value per share | $11.16 | $10.31 |
| Tangible book value per share | $10.03 | $9.17 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Core Net Income** | **Reconciliation of Core Net Income** | **Reconciliation of Core Net Income** | **Reconciliation of Core Net Income** | **Reconciliation of Core Net Income** |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (In thousands) | (In thousands) | (In thousands) | (In thousands) |
| Net income (loss) | $15693 | $(21223) | $51766 | $(11653) |
| Less/add: loss (gain) on securities transactions, net of tax | 34 | 28952 | (217) | 30082 |
| Add: FDIC special assessment, net of tax |  |  |  | 385 |
| Add: severance expense, net of tax |  |  | 1020 | 67 |
| Add: merger-related expenses, net of tax | 171 | 777 | 171 | 1468 |
| Add: loss on extinguishment of debt, net of tax |  | 2885 |  | 2885 |
| Add: litigation expenses, net of tax |  |  | 242 |  |
| Core net income | $15898 | $11391 | $52982 | $23234 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Return on Average Assets** | **Return on Average Assets** | **Return on Average Assets** | **Return on Average Assets** | **Return on Average Assets** |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Net income (loss) | $15693 | $(21223) | $51766 | $(11653) |
| Average assets | $11004043 | $10690359 | $10768137 | $10653512 |
| Return on average assets | 0.57% | (0.79)% | 0.48% | (0.11)% |
| Core net income | $15898 | $11391 | $52982 | $23234 |
| Core return on average assets | 0.57% | 0.42% | 0.49% | 0.22% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Reconciliation of GAAP to Non-GAAP Financial Measures (continued)</u>** | **<u>Reconciliation of GAAP to Non-GAAP Financial Measures (continued)</u>** | **<u>Reconciliation of GAAP to Non-GAAP Financial Measures (continued)</u>** | **<u>Reconciliation of GAAP to Non-GAAP Financial Measures (continued)</u>** | |
| **Return on Average Equity** | **Return on Average Equity** | **Return on Average Equity** | **Return on Average Equity** | **Return on Average Equity** |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Total average stockholders' equity | $1145753 | $1074080 | $1117728 | $1052460 |
| Less/add: loss (gain) on securities transactions, net of tax | 34 | 28952 | (217) | 30082 |
| Add: FDIC special assessment, net of tax |  |  |  | 385 |
| Add: severance expense, net of tax |  |  | 1020 | 67 |
| Add: merger-related expenses, net of tax | 171 | 777 | 171 | 1468 |
| Add: loss on extinguishment of debt, net of tax |  | 2885 |  | 2885 |
| Add: litigation expenses, net of tax |  |  | 242 |  |
| Core average stockholders' equity | $1145958 | $1106694 | $1118944 | $1087347 |
| Return on average equity | 5.43% | (7.86)% | 4.63% | (1.11)% |
| Core return on core average equity | 5.50% | 4.09% | 4.74% | 2.14% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Return on Average Tangible Equity** | **Return on Average Tangible Equity** | **Return on Average Tangible Equity** | **Return on Average Tangible Equity** | **Return on Average Tangible Equity** |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Total average stockholders' equity | $1145753 | $1074080 | $1117728 | $1052460 |
| Less: average goodwill | (110715) | (110715) | (110715) | (110715) |
| Less: average core deposit intangible | (7244) | (9311) | (7998) | (10119) |
| Total average tangible stockholders' equity | $1027794 | $954054 | $999015 | $931626 |
| Core return on average tangible equity | 6.14% | 4.74% | 5.30% | 2.49% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Reconciliation of GAAP to Non-GAAP Financial Measures (continued)</u>** | **<u>Reconciliation of GAAP to Non-GAAP Financial Measures (continued)</u>** | **<u>Reconciliation of GAAP to Non-GAAP Financial Measures (continued)</u>** | **<u>Reconciliation of GAAP to Non-GAAP Financial Measures (continued)</u>** | |
| **Efficiency Ratios** | **Efficiency Ratios** | **Efficiency Ratios** | **Efficiency Ratios** | **Efficiency Ratios** |
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Net interest income | $60220 | $46427 | $221634 | $177982 |
| Non-interest income | 8558 | (23716) | 37069 | 1894 |
| Total income | $68778 | $22711 | $258703 | $179876 |
| Non-interest expense | $47055 | $46596 | $180892 | $181335 |
| Efficiency ratio | 68.42% | 205.17% | 69.92% | 100.81% |
| Non-interest income | $8558 | $(23716) | $37069 | $1894 |
| Less/add: loss (gain) on securities transactions | 46 | 34595 | (290) | 35851 |
| Core non-interest income | $8604 | $10879 | $36779 | $37745 |
| Non-interest expense | $47055 | $46596 | $180892 | $181335 |
| Less: FDIC special assessment, net |  |  |  | (439) |
| Less: severance expense |  |  | (1365) | (74) |
| Less: merger-related expenses | (214) | (928) | (214) | (1665) |
| Less: loss on extinguishment of debt |  | (3447) |  | (3447) |
| Less: litigation expenses |  |  | (325) |  |
| Core non-interest expense | $46841 | $42221 | $178988 | $175710 |
| Core efficiency ratio | 68.06% | 73.68% | 69.26% | 81.45% |

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