Columbia Financial (CLBK) investor relations material

Executive summary

• Net income rose to $13.1 million ($0.13 per share) for Q1 2026, up from $8.9 million ($0.09 per share) year-over-year, driven by higher net interest income and lower provision for credit losses, partially offset by lower non-interest income and higher expenses and taxes.

• Announced a second-step conversion offering and a significant merger with Northfield Bancorp, aiming to expand into new markets and strengthen the deposit base.

• Integration planning for the merger is underway, pending regulatory and shareholder approvals.

Financial highlights

• Net interest income increased by $10.1 million (20.0%) year-over-year to $60.4 million.

• Net interest margin improved to 2.42% from 2.11% year-over-year and 2.36% sequentially.

• Provision for credit losses decreased by $2.0 million to $1.0 million, with net recoveries of $604,000 versus net charge-offs of $857,000 a year ago.

• Non-interest income fell by $1.7 million (20.4%) to $6.7 million, mainly due to lower fair value of equity securities and swap income.

• Non-interest expense rose by $3.6 million (8.3%) to $47.5 million, driven by higher compensation and merger-related costs.

• Income tax expense increased by $2.5 million to $5.6 million, with the effective tax rate rising to 29.9% due to non-deductible merger expenses.

Outlook and guidance

• Management expects the merger and conversion to provide capital for future growth and entry into new markets, subject to regulatory and shareholder approvals.

• Forward-looking statements highlight risks from economic conditions, interest rates, regulatory changes, and integration challenges related to the merger.