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Published: 2023-11-09 00:00:00 ET
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark one)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

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 filer☒Accelerated filer☐Smaller reporting company☐
Non-accelerated filer☐Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes ☒ No

As of November 3, 2023, there were 104,914,659 shares issued and outstanding of the Registrant's common stock, par value $0.01 per share (including 76,016,524 shares held by Columbia Bank, MHC).


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Index to Form 10-Q                                
Item Number
Page Number
PART I.
Financial Information
Item 1.Financial Statements
Consolidated Statements of Financial Condition as of September 30, 2023 (Unaudited) and December 31, 2022
Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)
Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)
Consolidated Statements of Changes in Stockholder's Equity for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 (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)
September 30,December 31,
20232022
Assets
 (Unaudited)
Cash and due from banks$204,375 $179,097 
Short-term investments109 131 
Total cash and cash equivalents204,484 179,228 
Debt securities available for sale, at fair value1,018,379 1,328,634 
Debt securities held to maturity, at amortized cost (fair value of $351,927 and $370,391 at September 30, 2023 and December 31, 2022, respectively)
411,945 421,523 
Equity securities, at fair value3,633 3,384 
Federal Home Loan Bank stock71,869 58,114 
Loans receivable7,840,540 7,677,564 
Less: allowance for credit losses54,113 52,803 
Loans receivable, net7,786,427 7,624,761 
Accrued interest receivable37,016 33,898 
Office properties and equipment, net83,344 83,877 
Bank-owned life insurance ("BOLI")269,159 264,854 
Goodwill and intangible assets123,890 125,142 
Other assets313,393 284,754 
Total assets$10,323,539 $10,408,169 
Liabilities and Stockholders' Equity
Liabilities:
Deposits$7,703,166 $8,001,159 
Borrowings1,356,218 1,127,047 
Advance payments by borrowers for taxes and insurance42,417 45,460 
Accrued expenses and other liabilities214,307 180,908 
Total liabilities9,316,108 9,354,574 
Stockholders' equity:
Preferred stock, $0.01 par value. 10,000,000 shares authorized; none issued and outstanding at September 30, 2023 and December 31, 2022
— — 
Common stock, $0.01 par value. 500,000,000 shares authorized; 131,134,196 shares issued and 105,046,146 shares outstanding at September 30, 2023 and 130,900,673 shares issued and 108,970,476 shares outstanding at December 31, 2022
1,311 1,309 
Additional paid-in capital789,185 781,165 
Retained earnings887,035 857,518 
Accumulated other comprehensive loss(184,538)(179,296)
Treasury stock, at cost; 26,088,050 shares at September 30, 2023 and 21,930,197 shares at December 31, 2022
(451,756)(371,708)
Common stock held by the Employee Stock Ownership Plan(33,051)(34,750)
Stock held by Rabbi Trust(2,862)(3,149)
Deferred compensation obligations2,107 2,506 
Total stockholders' equity1,007,431 1,053,595 
Total liabilities and stockholders' equity$10,323,539 $10,408,169 
See accompanying notes to unaudited consolidated financial statements.
2

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands, except per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Interest income:
(Unaudited)
Loans receivable
$87,548 $68,516 $252,026 $187,400 
Debt securities available for sale and equity securities
6,147 8,434 21,043 25,741 
Debt securities held to maturity
2,434 2,440 7,338 7,223 
Federal funds and interest-earning deposits
747 151 3,360 245 
Federal Home Loan Bank stock dividends
1,529 384 3,661 1,129 
Total interest income
98,405 79,925 287,428 221,738 
Interest expense:
Deposits
35,918 6,968 81,733 16,326 
Borrowings
13,965 3,806 45,158 7,028 
Total interest expense
49,883 10,774 126,891 23,354 
Net interest income
48,522 69,151 160,537 198,384 
Provision for credit losses
2,379 1,516 3,632 4,514 
Net interest income after provision for credit losses
46,143 67,635 156,905 193,870 
Non-interest income:
Demand deposit account fees
1,348 1,510 3,815 4,129 
Bank-owned life insurance
2,014 1,633 5,670 5,501 
Title insurance fees
629 796 1,840 2,788 
Loan fees and service charges
969 1,432 3,366 2,928 
(Loss) gain on securities transactions
— — (10,847)210 
Change in fair value of equity securities
(81)(264)249 (332)
Gain (loss) on sale of loans
397 (1)1,060 109 
Other non-interest income
3,326 3,058 10,977 7,541 
Total non-interest income
8,602 8,164 16,130 22,874 
Non-interest expense:
Compensation and employee benefits
28,765 31,523 92,383 86,393 
Occupancy
5,845 5,973 17,337 16,838 
Federal deposit insurance premiums
1,201 645 3,624 1,922 
Advertising
834 771 2,307 2,215 
Professional fees
2,490 2,134 6,741 5,727 
Data processing and software expenses
3,459 3,670 10,885 10,036 
Merger-related expenses
14 1,198 280 2,676 
Other non-interest expense, net
302 1,925 861 4,501 
Total non-interest expense
42,910 47,839 134,418 130,308 
 Income before income tax expense
11,835 27,960 38,617 86,436 
Income tax expense 2,705 7,041 9,100 22,154 
Net income
$9,130 $20,919 $29,517 $64,282 
Earnings per share-basic $0.09 $0.20 $0.29 $0.61 
Earnings per share-diluted$0.09 $0.19 $0.29 $0.61 
Weighted average shares outstanding-basic101,968,294 106,926,864 102,993,215 105,440,345 
Weighted average shares outstanding-diluted102,097,491 107,534,498 103,257,616 106,040,240 
See accompanying notes to unaudited consolidated financial statements.
3

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(Unaudited)
Net income $9,130 $20,919 $29,517 $64,282 
Other comprehensive income (loss), net of tax:
Unrealized loss on debt securities available for sale(20,217)(47,155)(3,984)(142,643)
Accretion of unrealized (loss) on debt securities reclassified as held to maturity(1)(13)(9)(21)
Reclassification adjustment for (loss) gain included in net income— — (7,779)151 
(20,218)(47,168)(11,772)(142,513)
Derivatives, net of tax:
Unrealized gain on swap contracts accounted for as cash flow hedges1,845 1,182 3,863 5,167 
1,845 1,182 3,863 5,167 
Employee benefit plans, net of tax:
Amortization of prior service cost included in net income(10)(11)(30)(31)
Reclassification adjustment of actuarial net gain (loss) included in net income1 (244)2 (732)
Change in funded status of retirement obligations15 937 2,695 (17,121)
6 682 2,667 (17,884)
Total other comprehensive (loss)(18,367)(45,304)(5,242)(155,230)
Total comprehensive (loss) income, net of tax$(9,237)$(24,385)$24,275 $(90,948)
See accompanying notes to unaudited consolidated financial statements.

4

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (continued)
Three Months Ended September 30, 2023 and 2022 (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 June 30, 2023$1,311 $786,248 $877,905 $(166,171)$(442,084)$(33,623)$(2,780)$1,982 $1,022,788 
Net income— — 9,130 — — — — — 9,130 
Other comprehensive (loss)— — — (18,367)— — — — (18,367)
Stock based compensation— 2,283 — — — — — — 2,283 
Purchase of treasury stock (518,539 shares)
— — — — (8,974)— — — (8,974)
Exercise of stock options (3,265 shares)
— (2)— — — — — — (2)
Restricted stock forfeitures (15,509 shares)
— 244 — — (244)— — — — 
Repurchase shares for taxes (18,849 shares)
— — — — (344)— — — (344)
Excise tax on net stock repurchases— — — — (110)— — — (110)
Employee Stock Ownership Plan shares committed to be released— 412 — — — 572 — — 984 
Funding of deferred compensation obligations— — — — — — (82)125 43 
Balance at September 30, 2023
$1,311 $789,185 $887,035 $(184,538)$(451,756)$(33,051)$(2,862)$2,107 $1,007,431 
See accompanying notes to unaudited consolidated financial statements.











5

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (continued)
Three Months Ended September 30, 2023 and 2022 (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 June 30, 2022$1,308 $776,542 $814,708 $(155,845)$(325,723)$(35,895)$(2,878)$2,067 $1,074,284 
Net income— — 20,919 — — — — — 20,919 
Other comprehensive (loss)— — — (45,304)— — — — (45,304)
Stock based compensation— 1,680 — — — — — — 1,680 
Purchase of treasury stock (874,080 shares)
— — — — (18,590)— — — (18,590)
Exercise of stock options (87,025 shares)
— (253)— — — — — — (253)
Restricted stock forfeitures (31,796 shares)
— 661 — — (661)— — — — 
Repurchase shares for taxes (198,794 shares)
— — — — (4,399)— — — (4,399)
Employee Stock Ownership Plan shares committed to be released— 664 — — — 573 — — 1,237 
Funding of deferred compensation obligations— — — — — — (132)203 71 
Balance at September 30, 2022
$1,308 $779,294 $835,627 $(201,149)$(349,373)$(35,322)$(3,010)$2,270 $1,029,645 
See accompanying notes to unaudited consolidated financial statements.














6

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (continued)
Nine Months Ended September 30, 2023 and 2022 (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, 2022$1,309 $781,165 $857,518 $(179,296)$(371,708)$(34,750)$(3,149)$2,506 $1,053,595 
Net income— — 29,517 — — — — — 29,517 
Other comprehensive (loss)— — — (5,242)— — — — (5,242)
Issuance of common stock allocated to restricted stock award grants (226,574 shares)
2 7 — — — — — — 9 
Stock based compensation— 6,156 — — — — — — 6,156 
Purchase of treasury stock (4,104,073 shares)
— — — — (78,295)— — — (78,295)
Exercise of stock options (44,117 shares)
— (24)— — — — — — (24)
Restricted stock forfeitures (27,863 shares)
— 469 — — (469)— — — — 
Repurchase shares for taxes (25,917 shares)
— — — — (477)— — — (477)
Excise tax on net stock repurchases— — — — (807)(807)
Employee Stock Ownership Plan shares committed to be released— 1,412 — — — 1,699 — — 3,111 
Funding of deferred compensation obligations— — — — — — 287 (399)(112)
Balance at September 30, 2023
$1,311 $789,185 $887,035 $(184,538)$(451,756)$(33,051)$(2,862)$2,107 $1,007,431 
See accompanying notes to unaudited consolidated financial statements.










7

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
Nine Months Ended September 30, 2023 and 2022 (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, 2021$1,246 $667,906 $765,133 $(45,919)$(271,647)$(37,026)$(2,425)$1,813 $1,079,081 
Effect of adopting ASU No. 2016-13 ("CECL")— — 6,212 — — — — — 6,212 
Balance at January 1, 20221,246 667,906 771,345 (45,919)(271,647)(37,026)(2,425)1,813 1,085,293 
Net income— — 64,282 — — — — — 64,282 
Other comprehensive (loss)— — — (155,230)— — — — (155,230)
Issuance of common stock to Columbia Bank MHC61 102,680 — — — — — — 102,741 
Issuance of common stock allocated to restricted stock award grants 51,746 shares)
1 (1)— — — — — — — 
Stock based compensation— 5,787 — — — — — — 5,787 
Purchase of treasury stock (3,420,747 shares)
— — — — (71,766)— — — (71,766)
Exercise of stock options (155,296 shares)
— (445)— — — — — — (445)
Restricted stock forfeitures (68,548 shares)
— 1,448 — — (1,448)— — — — 
Repurchase shares for taxes (203,973 shares)
— — — — (4,512)— — — (4,512)
Employee Stock Ownership Plan shares committed to be released— 1,919 — — — 1,704 — — 3,623 
Funding of deferred compensation obligations— — — — — — (585)457 (128)
Balance at September 30, 2022
$1,308 $779,294 $835,627 $(201,149)$(349,373)$(35,322)$(3,010)$2,270 $1,029,645 
See accompanying notes to unaudited consolidated financial statements.
8

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Nine Months Ended September 30,
20232022
(In thousands, unaudited)
Cash flows from operating activities:
Net income$29,517 $64,282 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred loan costs, fees and purchased premiums and discounts4,349 4,748 
Net amortization of premiums and discounts on securities1,419 2,219 
Net amortization of mortgage servicing rights178 181 
Amortization of intangible assets1,777 1,369 
Depreciation and amortization of office properties and equipment5,808 5,456 
Amortization of operating lease right-of-use assets2,933 2,865 
Provision for credit losses 3,632 4,514 
Loss (gain) on securities transactions10,847 (210)
Change in fair value of equity securities(249)332 
Gain on sale of loans, net(1,060)(109)
Net loss on disposal of office properties and equipment37 147 
Deferred tax (benefit)expense (2,521)(3,487)
Increase in accrued interest receivable(3,118)(942)
(Increase) decrease in other assets(18,618)2,114 
Decrease in accrued expenses and other liabilities34,773 24,951 
Income on bank-owned life insurance(5,670)(5,501)
Employee stock ownership plan expense3,111 3,623 
Stock based compensation6,156 5,787 
Decrease in deferred compensation obligations under Rabbi Trust(112)(128)
Net cash provided by operating activities73,189 112,211 
Cash flows from investing activities:
Proceeds from sales of debt securities available for sale277,022 126,772 
Proceeds from paydowns/maturities/calls of debt securities available for sale79,287 226,887 
Proceeds from paydowns/maturities/calls of debt securities held to maturity9,476 27,645 
Purchases of debt securities available for sale(75,314)(142,181)
Purchases of debt securities held to maturity— (23,298)
Proceeds from sales of loans held-for-sale109,429 6,187 
Purchases of loans receivable(14,729)— 
Net increase in loans receivable(263,990)(639,970)
Proceeds from bank-owned life insurance death benefits605 776 
Proceeds from redemptions of Federal Home Loan Bank stock 71,666 60,176 
Purchases of Federal Home Loan Bank stock(85,421)(73,855)
Proceeds from sales of office properties and equipment— 1,009 
Additions to office properties and equipment(5,312)(4,863)
Net cash acquired in acquisition — 140,769 
Net cash provided by (used in) investing activities$102,719 $(293,946)












9

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (continued)
Nine Months Ended September 30,
20232022
(In thousands, unaudited)
Cash flows from financing activities:
Net decrease in deposits$(297,993)$(8,055)
Proceeds from long-term borrowings311,113 35,893 
Payments on long-term borrowings(11,300)— 
Net (decrease) increase in short-term borrowings(70,642)255,054 
(Decrease) increase in advance payments by borrowers for taxes and insurance(3,043)6,651 
Issuance of common stock for restricted stock awards9 — 
Exercise of stock options(24)(445)
Purchase of treasury stock(78,295)(71,766)
Repurchase of shares for taxes(477)(4,512)
Net cash (used in) provided by financing activities$(150,652)$212,820 
Net increase in cash and cash equivalents$25,256 $31,085 
Cash and cash equivalents at beginning of year179,228 70,963 
Cash and cash equivalents at end of period$204,484 $102,048 
Cash paid during the period for:
Interest on deposits and borrowings$124,003 $23,316 
Income tax payments, net of refunds$6,281 $13,229 
Non-cash investing and financing activities:
Transfer of loans receivable to loans held-for-sale$109,072 $6,078 
Excise tax on net stock repurchases$807 $— 
Acquisition:
Non-cash assets acquired:
Debt securities available for sale$— $79,024 
Equity securities— 1,075 
Federal Home Loan Bank stock— 906 
Loans receivable— 335,501 
Accrued interest receivable— 910 
Office properties and equipment, net— 7,296 
Goodwill and intangibles— 38,274 
Deferred tax asset, net— 3,633 
Bank-owned life insurance— 13,033 
Other assets— 2,723 
Total non-cash assets acquired$— $482,375 
Liabilities assumed:
Deposits$— $502,732 
Borrowings— 5,762 
Advance payments by borrowers for taxes and insurance— 1,341 
Accrued expenses and other liabilities$— $10,568 
Total liabilities assumed$— $520,403 
Net non-cash liabilities assumed$— $(38,028)
Net cash and cash equivalents acquired in acquisition$— $140,769 
See accompanying notes to unaudited consolidated financial statements.
10
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements

1.Basis of Financial Statement Presentation

    The accompanying consolidated financial statements include the accounts of Columbia Financial, Inc. ("Columbia Financial"), its wholly-owned subsidiaries, Columbia Bank ("Columbia") and Freehold Bank ("Freehold") and Columbia's wholly-owned subsidiaries, Columbia Investment Services, Inc., 2500 Broadway Corp., 1901 Residential Management Co. LLC, First Jersey Title Services, Inc., 1901 Commercial Management Co. LLC, Stewardship Realty LLC, CSB Realty Corp., and RSI Insurance Agency, Inc., (collectively, the “Company”). In consolidation, all intercompany accounts and transactions are eliminated.

    Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC (the "MHC"). The accounts of the MHC are not consolidated in the accompanying consolidated financial statements of the Company.
    
    In preparing the interim unaudited consolidated financial statements, management is required to make estimates, significant judgments and assumptions that affect the reported amounts of assets and liabilities as of the dates of the Consolidated Statements of Financial Condition and Consolidated Statements of Income for the periods presented. Actual results could differ from these judgments and estimates under different conditions, resulting in a change that could have a material impact on the carrying values of our assets and liabilities and our results of operations. Material estimates that involve significant judgments and assumptions that are particularly susceptible to change are the determination of the adequacy of the allowance for credit losses, evaluation of the need for valuation allowances on deferred tax assets, and determination of liabilities related to retirement and other post-retirement benefits. These estimates, significant judgments and assumptions are evaluated on an ongoing basis and are adjusted when facts and circumstances dictate.

    The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and nine month periods ended September 30, 2023 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year or any other period.

    The interim unaudited consolidated financial statements of the Company presented herein have been prepared in accordance with the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and U.S. generally accepted accounting principles (“GAAP”). Certain information and note disclosures have been condensed or omitted pursuant to the rules and regulations of the SEC.

    These unaudited consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2022, and the audited consolidated financial statements included therein.

2.    Acquisitions

Freehold Bank
On December 1, 2021, the Company completed its acquisition of Freehold Bancorp, MHC, Freehold Bancorp, Inc. and Freehold Bank (collectively, the "Freehold Entities" or "Freehold"). Pursuant to the terms of the merger agreement, Freehold Bancorp, MHC merged with and into the MHC, with the MHC as the surviving entity; and Freehold Bancorp, Inc. merged with and into Columbia Financial, with Columbia Financial as the surviving entity. In connection with the merger, Freehold Bank converted to a federal savings bank and operates as a wholly-owned subsidiary of Columbia Financial. While the Company had anticipated that Freehold Bank would be merged into Columbia Bank in the fourth quarter of 2023, the merger is now anticipated to occur in 2024. Under the terms of the merger agreement, upon the subsequent merger of the two banks, depositors of Freehold Bank will become depositors of Columbia Bank and will have the same rights and privileges in the MHC as if their accounts had been established at Columbia Bank on the date established at Freehold Bank. The Company issued 2,591,007 shares of its common stock to the MHC, representing an amount equal to the fair value of the Freehold Entities as determined by an independent appraiser, at the effective time of the holding company mergers.

Merger-related expenses are recorded in the Consolidated Statements of Income and are expensed as incurred. Direct acquisition and other charges incurred in connection with the acquisition of the Freehold Entities totaled $14,000 and $88,000 during the three and nine months ended September 30, 2023, respectively, and $4,000 and $11,000 during the three and nine months ended September 30, 2022, respectively.
11
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
2.    Acquisitions (continued)

RSI Bank

On May 1, 2022, the Company completed its acquisition of RSI Bancorp, M.H.C., RSI Bancorp, Inc. and RSI Bank (collectively, the “RSI Entities” or "RSI"). Pursuant to the terms of the merger agreement, RSI Bancorp, M.H.C. merged with and into the MHC, with the MHC as the surviving entity; RSI Bancorp, Inc. merged with and into Columbia Financial, with Columbia Financial as the surviving entity; and RSI Bank merged with and into Columbia Bank, with Columbia Bank as the surviving institution. Under the terms of the merger agreement, depositors of RSI Bank became depositors of Columbia Bank and have the same rights and privileges in the MHC as if their accounts had been established at Columbia Bank on the date established at RSI Bank. The Company issued 6,086,314 shares of its common stock to the MHC, representing an amount equal to the discounted fair value of the RSI Entities as determined by an independent appraiser, at the effective time of the merger.

Merger-related expenses are recorded in the Consolidated Statements of Income and are expensed as incurred. Direct acquisition and other charges incurred in connection with the acquisition of the RSI Entities totaled $1,000 and $193,000, respectively, during the three and nine months ended September 30, 2023. Direct acquisition and other charges incurred in connection with the acquisition of the RSI Entities totaled $1.2 million and $2.7 million, respectively, during the three and nine months ended September 30, 2022.

The following table sets forth assets acquired, and liabilities assumed in the acquisition of the RSI Entities, at their estimated fair values as of the closing date of the transaction:

May 1, 2022
(In thousands)
Assets acquired:
Cash and cash equivalents$140,769 
Debt securities available for sale79,024 
Equity securities1,075 
Federal Home Loan Bank Stock906 
Loans receivable335,501 
Accrued interest receivable910 
Office properties and equipment, net7,296 
Bank-owned life insurance13,033 
Deferred tax asset, net3,633 
Core deposit intangibles10,271 
Other assets2,723 
Total assets acquired$595,141 
Liabilities assumed:
Deposits$502,732 
Borrowings5,762 
Advance payments by borrowers for taxes and insurance1,341 
Accrued expenses and other liabilities10,568 
Total liabilities assumed$520,403 
       Net assets acquired$74,738 
       Fair market value of stock issued to Columbia Bank MHC for purchase102,741 
       Goodwill recorded at merger$28,003 

12
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
2.    Acquisitions (continued)

The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities were recorded at their fair values as of May 1, 2022, and resulted in the recognition of goodwill of $28.0 million. The determination of the fair value of assets acquired and liabilities assumed required management to make estimates about discount rates, future expected cash flows, market conditions, and other future events that are highly subjective in nature and subject to change. During the third quarter of 2022, the Company completed all tax returns related to the operation of RSI Bank and its impact on the Company's income taxes, which resulted in a $2.0 million adjustment to deferred income taxes, net, and a corresponding decrease in goodwill. During the fourth quarter of 2022, the Company recorded an adjustment of $490,922 to the original discounted fair value, which resulted in a decrease in additional paid-in-capital, and a corresponding decrease in goodwill. At September 30, 2023 and December 31, 2022, goodwill related to the acquisition of the RSI Entities totaled $25.5 million.

Fair Value Measurement of Assets Acquired and Liabilities Assumed

Described below are the methods used to determine the fair values of the significant assets acquired and liabilities assumed in the RSI acquisition:

Cash and cash equivalents. The estimated fair values of cash and cash equivalents approximate their stated face amounts, as
these financial instruments are either due on demand or have short-term maturities.

Debt securities available for sale. The estimated fair values of the debt securities were calculated utilizing Level 2 inputs. The majority of the acquired securities were fixed income instruments that are not quoted on an exchange but are traded in active markets. The prices for these instruments are obtained through an independent pricing service when available, or dealer market participants with whom the Company has historically transacted with for both purchases and sales of securities. The prices are derived from market quotations and matrix pricing. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, and the bond's terms and conditions, among other things. Management reviewed the data and assumptions used in pricing securities by its third-party provider to ensure the highest level of significant inputs are derived from market observable data.

Loans receivable. The acquired loan portfolio was segregated into pools for valuation purposes primarily based on loan type,
non-accrual status, and credit risk rating. The estimated fair values were computed by discounting the expected cash flows from the respective pools. Cash flows were estimated by using valuation models that incorporated estimates of current key assumptions such as prepayment speeds, default rates, and loss severity rates. The process included: (1) projecting monthly principal and/or interest cash flows based on the contractual terms of the loans, including both maturity and contractual amortization; (2) adjusting projected cash flows for expected losses and prepayments, where appropriate; (3) developing a discount rate based on the relative risk of the cash flows, considering the loan type, liquidity risk, the maturity of the loans, servicing costs, and a required return on capital; and (4) discounting the projected cash flows to a present value, to arrive at the calculated value of the loans.

The methods used to estimate the fair values of loans are extremely sensitive to the assumptions and estimates used. While management attempted to use assumptions and estimates that best reflected the acquired loan portfolios and current market conditions, a greater degree of subjectivity is inherent in the values than in those determined in active markets.

Office properties and equipment, net. The fair value of land and buildings was estimated using current appraisals. Acquired
equipment was not material. Buildings are amortized over their estimated useful lives. Equipment is amortized or depreciated over their estimated useful lives usually ranging from three to fifteen years.

Goodwill. Goodwill is not amortized for book purposes: however, it is reviewed at least annually for impairment and is not deductible for tax purposes.

Core deposit intangibles. Core deposit intangibles ("CDI") are the measure of the value of non-maturity deposits in a business combination. The fair value of the CDI was calculated utilizing the cost savings approach, the expected cost savings attributable to the core deposits funding relative to an alternative source of funding, using a discounted cash flow present value methodology. Key inputs and assumptions utilized in the discounted cash flow present value methodology include core deposit balances and rates paid, the cost of an additional funding source, the aggregate life of deposits and truncation points, non-interest deposit costs, and the immediate deposit outflow assumption.



13
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
2.    Acquisitions (continued)

Deposits. The fair values of deposit liabilities with no stated maturity (i.e., non-interest-bearing and interest-bearing demand deposit accounts, money market and savings and club accounts) are equal to the carrying amounts payable on demand. The fair value of certificates of deposit represents contractual cash flows, discounted to present value using interest rates currently offered on deposits with similar characteristics and remaining maturities.

Borrowings. The fair values of borrowings consisting of FHLB advances were estimated by discounting future cash flows using market discount rates for borrowings with similar characteristics, terms and remaining maturities.

3.        Earnings per Share

    Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes treasury stock, unallocated employee stock ownership plan shares that have not been committed for release and deferred compensation obligations required to be settled in shares of Company stock.

    Diluted EPS is computed using the same method as basic EPS and reflects the potential dilution which could occur if stock options and unvested shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method.
    
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2023 and 2022:

 For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
(In thousands, except per share data)
Net income $9,130 $20,919 $29,517 $64,282 
Shares:
Weighted average shares outstanding - basic101,968,294 106,926,864 102,993,215 105,440,345 
Weighted average diluted shares outstanding129,197 607,634 264,401 599,895 
Weighted average shares outstanding - diluted102,097,491 107,534,498 103,257,616 106,040,240 
Earnings per share:
Basic $0.09 $0.20 $0.29 $0.61 
Diluted$0.09 $0.19 $0.29 $0.61 

    During the three and nine months ended September 30, 2023 and 2022, the average number of stock options which could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive totaled 744,335 and 642,166, and 121,935 and 89,990, respectively.

4.    Stock Repurchase Program

On December 14, 2022, the Company announced that its Board of Directors authorized the Company's fifth stock repurchase program to acquire up to 3,000,000 shares, or approximately 2.7% of the Company's then issued and outstanding common stock, commencing upon the completion of the Company’s fourth stock repurchase program. As of September 30, 2023, all shares were repurchased under this program.

On May 25, 2023, the Company announced that its Board of Directors authorized the Company's sixth stock repurchase program to acquire up to 2,000,000 shares, or approximately 1.9% of the Company's then issued and outstanding common stock. As of September 30, 2023, there were 1,245,461 shares remaining to be purchased under this program.




14
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
4.    Stock Repurchase Program (continued)

During the three and nine months ended September 30, 2023, the Company repurchased 518,539 shares at a cost of approximately $9.0 million, or $17.31 per share, and 4,104,073 shares at a cost of approximately $78.3 million, or $19.08 per share, respectively, under these programs. During the three and nine months ended September 30, 2022, the Company repurchased 874,080 shares at a cost of approximately $18.6 million, or $21.27 per share, and 3,420,747 shares at a cost of approximately $71.8 million, or $20.98 per share, respectively, under these programs. Repurchased shares are held as treasury stock and are available for general corporate purposes.

The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a nondeductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. During the three and nine months ended September 30, 2023, we reflected the applicable excise tax in treasury stock as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise tax payable in accrued expenses and other liabilities in our Consolidated Statements of Financial Condition.

5.    Summary of Significant Accounting Policies

Accounting Pronouncements Adopted

In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method. The purpose of this updated guidance is to further align risk management objectives with hedge accounting results on the application of the last-of-layer method, which was first introduced in ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2022-01 is effective for public business entities for fiscal years beginning after December 15, 2022, with early adoption in the interim period, permitted. For entities who have already adopted ASU 2017-12, immediate adoption is allowed. ASU 2022-01 requires a modified retrospective transition method for basis adjustments in which the entity will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. The Company adopted this ASU on January 1, 2023 on a prospective basis; therefore, there was no impact to the Company's consolidated financial statements.

In March 2022, the FASB issued ASU 2022-02, Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 addresses areas identified by the FASB as part of its post-implementation review of the credit losses standard (ASU 2016-13) that introduced the CECL model. The amendments eliminated the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhanced the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments required a public business entity to disclose current period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. For entities that adopted ASU 2016-13, this ASU was effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted this pronouncement effective January 1, 2023. The update was applied on a prospective basis to disclosures and did not have a significant impact on the Company's consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("CECL"), further amended by ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. Topic 326 pertains to the measurement of credit losses on financial instruments. This update requires the measurement of all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better determine their credit loss estimates. This update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. This update was effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2019.

    The Company elected to defer the adoption of the CECL methodology until December 31, 2020 as permitted by the enacted Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). In late December 2020, the Consolidated Appropriations Act, 2021 was enacted, and extended certain provisions of the CARES Act, which allowed the Company to extend the adoption of CECL until January 1, 2022. The Company elected to extend its adoption of CECL in accordance with this legislation, and adopted the above mentioned ASUs related to Financial Instruments -Credit Losses (Topic 326) using a modified retrospective approach.



15
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
5.    Summary of Significant Accounting Policies (continued)

Accounting Pronouncements Adopted (continued)

The Company adopted ASU 2016-13 on January 1, 2022 for all financial assets measured at amortized cost and off-balance- sheet credit exposures. Results are presented under Accounting Standards Codification 326, Financial Instruments - Credit Losses. Effective January 1, 2022, the Company recorded a $12.1 million decrease in the allowance for credit losses on loans (previously allowance for loan losses), established a $353,000 allowance for credit losses on debt securities available for sale, and recorded a $5.5 million increase in the liability for off-balance-sheet credit exposures, which resulted in a total cumulative effect adjustment of $6.2 million, net of tax, and an increase to retained earnings.

6.    Debt Securities Available for Sale

    Debt securities available for sale at September 30, 2023 and December 31, 2022 are summarized as follows:
September 30, 2023
Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
(In thousands)
U.S. government and agency obligations$96,364 $27 $(2,608)$93,783 
Mortgage-backed securities and collateralized mortgage obligations1,026,493 140 (182,373)844,260 
Municipal obligations2,772 — (108)2,664 
Corporate debt securities92,531 9 (14,868)77,672 
$1,218,160 $176 $(199,957)$1,018,379 

December 31, 2022
Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
(In thousands)
U.S. government and agency obligations$67,771 $— $(4,205)$63,566 
Mortgage-backed securities and collateralized mortgage obligations1,351,929 135 (170,337)1,181,727 
Municipal obligations3,697 — (122)3,575 
Corporate debt securities92,544 6 (12,784)79,766 
$1,515,941 $141 $(187,448)$1,328,634 

    









16
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
6.    Debt Securities Available for Sale

The amortized cost and fair value of debt securities available for sale at September 30, 2023, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer.
September 30, 2023
Amortized CostFair Value
(In thousands)
One year or less$35,265 $35,218 
More than one year to five years87,687 84,301 
More than five years to ten years68,715 54,600 
$191,667 $174,119 
Mortgage-backed securities and collateralized mortgage obligations1,026,493 844,260 
$1,218,160 $1,018,379 
Mortgage-backed securities and collateralized mortgage obligations totaling $1.0 billion at amortized cost, and $844.3 million at fair value, are not classified by maturity in the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments.

    During the three months ended September 30, 2023, there were no sales of debt securities available for sale. During the nine months ended September 30, 2023, proceeds from the sale of debt securities available for sale totaled $277.0 million, resulting in no gross gains and $10.8 million of gross losses. There were no calls or matured debt securities available for sale during the three and nine months ended September 30, 2023.

During the three months ended September 30, 2022 there we no sales of debt securities available for sale. During the nine months ended September 30, 2022, proceeds from the sales of debt securities available for sale totaled $126.8 million, resulting in gross gains of $210,000 and no gross losses. There were no calls and $915,000 in maturities of debt securities available for sale during the three and nine months ended September 30, 2022.

Debt securities available for sale having a carrying value of $207.1 million and $724.0 million, at September 30, 2023 and December 31, 2022, respectively, were pledged as security for public funds on deposit at Columbia Bank as required and permitted by law, pledged for outstanding borrowings at the Federal Home Loan Bank, and pledged for potential borrowings at the Federal Reserve Bank of New York. Debt securities available for sale having a carrying value of $71.5 million and $28.3 million, at September 30, 2023 and December 31, 2022, respectively, were pledged by Freehold Bank for outstanding borrowings at the Federal Home Loan Bank, and for potential borrowings at the Federal Reserve Bank of New York.



















17
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
6.    Debt Securities Available for Sale (continued)

    The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at September 30, 2023 and December 31, 2022 and if the unrealized loss position was continuous for the twelve months prior to those respective dates:
September 30, 2023
Less Than 12 Months12 Months or LongerTotal
Fair ValueGross Unrealized (Losses)Fair ValueGross Unrealized (Losses)Fair ValueGross Unrealized (Losses)
(In thousands)
U.S. government and agency obligations$73,213 $(230)$18,844 $(2,378)$92,057 $(2,608)
Mortgage-backed securities and collateralized mortgage obligations11,183 (715)821,064 (181,658)832,247 (182,373)
Municipal obligations— — 2,664 (108)2,664 (108)
Corporate debt securities— — 70,663 (14,868)70,663 (14,868)
$84,396 $(945)$913,235 $(199,012)$997,631 $(199,957)

December 31, 2022
Less Than 12 Months12 Months or LongerTotal
Fair ValueGross Unrealized (Losses)Fair ValueGross Unrealized (Losses)Fair ValueGross Unrealized (Losses)
(In thousands)
U.S. government and agency obligations$47,956 $(2,359)$15,610 $(1,846)$63,566 $(4,205)
Mortgage-backed securities and collateralized mortgage obligations424,328 (29,013)741,515 (141,324)1,165,843 (170,337)
Municipal obligations3,574 (122)— — 3,574 (122)
Corporate debt securities46,751 (5,792)31,008 (6,992)77,759 (12,784)
$522,609 $(37,286)$788,133 $(150,162)$1,310,742 $(187,448)

The number of securities in an unrealized loss position at September 30, 2023 totaled 273, compared with 455 at December 31, 2022. All temporarily impaired securities were investment grade as of September 30, 2023, except one $7.0 million corporate debt security which is rated BB+. All temporarily impaired securities were investment grade at December 31, 2022.

For available for sale securities, the Company assesses whether a loss is from credit or other factors and considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows is less than the amortized cost, a credit loss would be recorded through an allowance for credit losses, limited by the amount that the fair value is less than the amortized cost basis.









18
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
6.    Debt Securities Available for Sale (continued)

The following table presents the activity in the allowance for credit losses on debt securities available for sale for the three and nine months ended September 30, 2023 and 2022:

 For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
(In thousands)
Allowance for Credit Losses:
Beginning balance
$— $— $— $—
Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022— — — 490 
Provision for credit losses— — — (490)
Ending balance
$— $— $— $— 

The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of debt securities available for sale. Accrued interest receivable on debt securities available for sale is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, which totaled $3.8 million and $3.2 million at September 30, 2023 and December 31, 2022, respectively, and is excluded from the estimate of credit losses.

7.    Debt Securities Held to Maturity

    Debt securities held to maturity at September 30, 2023 and December 31, 2022 are summarized as follows:
September 30, 2023
Amortized CostGross Unrealized GainsGross Unrealized (Losses)Allowance for Credit LossesFair Value
U.S. government and agency obligations$49,871 $— $(7,981)$— $41,890 
Mortgage-backed securities and collateralized mortgage obligations362,074 — (52,037)— 310,037 
$411,945 $— $(60,018)$— $351,927 

December 31, 2022
Amortized CostGross Unrealized GainsGross Unrealized (Losses)Allowance for Credit LossesFair Value
(In thousands)
U.S. government and agency obligations$49,871 $— $(7,304)$— $42,567 
Mortgage-backed securities and collateralized mortgage obligations371,652 — (43,828)— 327,824 
$421,523 $— $(51,132)$— $370,391 
    






19
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
7.    Debt Securities Held to Maturity (continued)

The amortized cost and fair value of debt securities held to maturity at September 30, 2023, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer.
September 30, 2023
Amortized CostFair Value
(In thousands)
More than one year to five years$29,875 $26,783 
More than five years to ten years9,996 8,022 
More than ten years10,000 7,085 
49,871 41,890 
Mortgage-backed securities and collateralized mortgage obligations362,074 310,037 
$411,945 $351,927 
    
Mortgage-backed securities and collateralized mortgage obligations totaling $362.1 million at amortized cost, and $310.0 million at fair value at September 30, 2023, are not classified by maturity as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments.

    During the three and nine months ended September 30, 2023 and 2022 there were no sales, calls or maturities of debt securities held to maturity.
    
Debt securities held to maturity having a carrying value of $149.2 million and $228.8 million, at September 30, 2023 and December 31, 2022, respectively, were pledged as security for public funds on deposit at Columbia Bank as required and permitted by law, pledged for outstanding borrowings at the Federal Home Loan Bank, and pledged for potential borrowings at the Federal Reserve Bank of New York.

The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at September 30, 2023 and December 31, 2022 and if the unrealized loss position was continuous for the twelve months prior to those respective dates:
September 30, 2023
Less Than 12 Months12 Months or LongerTotal
Fair ValueGross Unrealized (Losses)Fair ValueGross Unrealized (Losses)Fair ValueGross Unrealized (Losses)
(In thousands)
U.S. government and agency obligations$— $— $41,890 $(7,981)$41,890 $(7,981)
Mortgage-backed securities and collateralized mortgage obligations14 (1)310,023 (52,036)310,037 (52,037)
$14 $(1)$351,913 $(60,017)$351,927 $(60,018)








20
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
7.    Debt Securities Held to Maturity (continued)

December 31, 2022
Less Than 12 Months12 Months or LongerTotal
Fair ValueGross Unrealized (Losses)Fair ValueGross Unrealized (Losses)Fair ValueGross Unrealized (Losses)
(In thousands)
U.S. government and agency obligations$4,956 $(44)$37,611 $(7,260)$42,567 $(7,304)
Mortgage-backed securities and collateralized mortgage obligations275,107 (33,000)52,717 (10,828)327,824 (43,828)
$280,063 $(33,044)$90,328 $(18,088)$370,391 $(51,132)
    
    The number of securities in an unrealized loss position at September 30, 2023 totaled 115, compared with 116 at December 31, 2022. All temporarily impaired securities were investment grade as of September 30, 2023 and December 31, 2022.

For held to maturity securities, management measures expected credit losses on a collective basis by major security type. All of the mortgage-backed securities are issued by U.S. government agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses and, therefore, the expectation of non-payment is zero and the Company is not required to estimate an allowance for credit losses on these securities under the CECL standard. All these securities reflect a credit quality rating of AAA by Moody's Investors Service.

The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of debt securities held to maturity. Accrued interest receivable on debt securities held to maturity is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, which totaled $378,000 and $1.0 million at September 30, 2023 and December 31, 2022, respectively, and is excluded from the estimate of credit losses.

8.    Equity Securities at Fair Value

    The Company has an equity securities portfolio which consists of stock in other financial institutions, a payment technology company, a community bank correspondent services company, preferred stock in U.S. Government agencies, and a Community Reinvestment Act qualifying bond fund which are reported at fair value on the Company's Consolidated Statements of Financial Condition. The fair value of the equities portfolio at September 30, 2023 and December 31, 2022 was $3.6 million and $3.4 million, respectively.

    The Company recorded a net (decrease) increase in the fair value of equity securities of $(81,000) and $(264,000), and $249,000 and $(332,000), respectively, during the three and nine months ended September 30, 2023 and 2022, respectively, as a component of non-interest income.

    During the three and nine months ended September 30, 2023 and 2022, there were no sales of equity securities.












21
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
9.    Loans Receivable and Allowance for Credit Losses

Loans receivable at September 30, 2023 and December 31, 2022 are summarized as follows:
September 30,December 31,
20232022
(In thousands)
Real estate loans:
One-to-four family$2,791,939 $2,860,184 
Multifamily1,417,233 1,239,207 
Commercial real estate2,374,488 2,413,394 
Construction390,940 336,553 
Commercial business loans546,750 497,469 
Consumer loans:
Home equity loans and advances267,016 274,302 
Other consumer loans2,586 3,425 
Total gross loans7,790,952 7,624,534 
Purchased credit-deteriorated ("PCD") loans15,228 17,059 
Net deferred loan costs, fees and purchased premiums and discounts34,360 35,971 
Loans receivable$7,840,540 $7,677,564 

    The Company had no loans held-for-sale at September 30, 2023 and December 31, 2022. During the three months ended September 30, 2023, the Company sold $6.8 million, $7.1 million, and $1.9 million of one-to-four family real estate loans, Small Business Administration ("SBA") loans included in commercial business loans, and construction loans held-for-sale, respectively, resulting in gross gains of $454,000 and $58,000 of gross losses. During the nine months ended September 30, 2023, the Company sold $64.6 million, $21.4 million, $18.4 million, and $5.7 million, of one-to-four family real estate loans and home equity loans and advances, commercial real estate loans, SBA loans included in commercial business loans, and construction loans held-for-sale, respectively, resulting in gross gains of $1.4 million and $383,000 of gross losses.

During the three months ended September 30, 2022, the Company sold $1.8 million, $685,000 and $510,000 of one-to-four family real estate loans, SBA loans included in commercial business loans, and construction loans held-for-sale, respectively, resulting in gross gains of $63,000 and gross losses of $64,000. During the nine months ended September 30, 2022, the Company sold $2.4 million, $2.0 million and $1.8 million of one-to-four family real estate loans, SBA loans included in commercial business loans, and construction loans held-for-sale, respectively, resulting in gross gains of $173,000 and gross losses of $64,000.

During the three months ended September 30, 2023, no loans were purchased by the Company. During the nine months ended September 30, 2023, the Company purchased a $14.7 million commercial real estate participation loan from a third-party financial institution. During the three and nine months ended September 30, 2022, no loans were purchased by the Company.

At September 30, 2023 and December 31, 2022, commercial business loans included $902,000 and $1.6 million, respectively, in SBA Payroll Protection Program ("PPP") loans and net deferred fees related to these loans totaling $0 and $13,000, respectively.

At September 30, 2023 and December 31, 2022, the carrying value of loans serviced by the Company for investors was $555.3 million and $497.1 million, respectively. These loans are not included in the Consolidated Statements of Financial Condition.

    








22
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
9.    Loans Receivable and Allowance for Credit Losses (continued)

The following tables summarize the aging of loans receivable by portfolio segment, including non-accrual loans and excluding PCD loans at September 30, 2023 and December 31, 2022:
September 30, 2023
30-59 Days60-89 Days90 Days or MoreTotal Past DueNon-accrual CurrentTotal
(In thousands)
Real estate loans:
One-to-four family$7,807 $2,982 $1,611 $12,400 $4,305 $2,779,539 $2,791,939 
Multifamily — — — — — 1,417,233 1,417,233 
Commercial real estate6,463 — 4,063 10,526 4,063 2,363,962 2,374,488 
Construction— — — — — 390,940 390,940 
Commercial business loans— 5,000 6,602 11,602 6,602 535,148 546,750 
Consumer loans:
Home equity loans and advances393 63 89 545 180 266,471 267,016 
Other consumer loans— — — — — 2,586 2,586 
Total loans$14,663 $8,045 $12,365 $35,073 $15,150 $7,755,879 $7,790,952 

December 31, 2022
30-59 Days60-89 Days90 Days or MoreTotal Past DueNon-accrualCurrentTotal
(In thousands)
Real estate loans:
One-to-four family$4,063 $1,149 $1,808 $7,020 $2,730 $2,853,164 $2,860,184 
Multifamily — — — — — 1,239,207 1,239,207 
Commercial real estate— 853 2,892 3,745 2,892 2,409,649 2,413,394 
Construction5,218 — — 5,218 — 331,335 336,553 
Commercial business loans220 — 474 694 801 496,775 497,469 
Consumer loans:
Home equity loans and advances465 33 286 784 286 273,518 274,302 
Other consumer loans3 1 12 16 12 3,409 3,425 
Total loans$9,969 $2,036 $5,472 $17,477 $6,721 $7,607,057 $7,624,534 

The Company considers a loan to be delinquent when we have not received a payment within 30 days of its contractual due date. Generally, a loan is designated as a non-accrual loan when the payment of interest is 90 days or more in arrears of its contractual due date. Non-accruing loans are returned to accrual status after there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. The Company identifies loans that may need to be charged-off as a loss, by reviewing all delinquent loans, classified loans and other loans that management may have concerns about collectability. At September 30, 2023 and December 31, 2022, non-accrual loans totaled $15.2 million and $6.7 million, respectively. Included in non-accrual loans at September 30, 2023 and December 31, 2022, are 13 and 7 loans totaling $2.8 million and $1.2 million, respectively, which are less than 90 days in arrears.






23
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
9.    Loans Receivable and Allowance for Credit Losses (continued)

At September 30, 2023 there were no loans past due 90 days or more still accruing interest. At September 30, 2023 and December 31, 2022, there were no loans past due 90 days or more still accruing interest.

Purchased credit impaired loans ("PCI") were loans acquired at a discount primarily due to deteriorated credit quality. These loans were initially recorded at fair value at acquisition, based upon the present value of expected future cash flows, with no related allowance for credit losses. In connection with the adoption of CECL on January 1, 2022, all loans considered PCI loans prior to that date were converted to purchase credit-deteriorated ("PCD") loans. Loans acquired in a business combination after January 1, 2022 are recorded in accordance with ASC Topic 326, which requires loans as of the acquisition date, that have experienced a more than insignificant deterioration in credit quality since origination to be classified as PCD loans.

At September 30, 2023 and December 31, 2022, PCD loans acquired in the Stewardship Financial Corporation ("Stewardship") acquisition totaled $1.7 million and $2.0 million, respectively, PCD loans acquired in the Roselle Bank acquisition totaled $0 and $184,000, respectively, PCD loans acquired in the Freehold Bank acquisition totaled $2.8 million and $3.7 million, respectively, and PCD loans acquired in the RSI Bank acquisition totaled $10.7 million and $11.3 million, respectively.

    We may obtain physical possession of real estate collateralizing a residential mortgage loan via foreclosure or through an in-substance repossession. At September 30, 2023 and December 31, 2022, the Company had no real estate owned. At September 30, 2023 we had one one-to-four family loan with a carrying value of $579,000 and one home equity loan with a carrying value of $89,000, collateralized by residential real estate which were in the process of foreclosure. At December 31, 2022, we had two home equity loans with a total carrying value of $81,000, collateralized by residential real estate which were in the process of foreclosure.

On January 1, 2022, the Company adopted CECL (ASC Topic 326), which replaced the historical incurred loss methodology with an expected loss methodology. The loan portfolio segmentation was expanded to seven portfolio segments taking into consideration common loan attributes and risk characteristics, as well as historical reporting metrics and data availability. The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of loans receivable. Accrued interest receivable on loans receivable is reported as a component of accrued interest receivable in the Consolidated Statement of Financial Condition, which totaled $31.6 million and $29.4 million at September 30, 2023 and December 31, 2022, respectively, and is excluded from the estimate of credit losses.

The allowance for credit losses on loans reflects management’s evaluation of the current expected credit losses in the loan portfolio. The Company maintains the allowance for credit losses through provisions for credit losses that are charged to income. Charge-offs against the allowance for credit losses are taken on loans where management determines that the collection of loan principal and interest is unlikely. Recoveries made on loans that have been charged-off are credited to the allowance for credit losses.

Management estimates the allowance balance using relevant available information, from internal and external sources, related to past events, current conditions, and a reasonable and supportable forecast. Historical credit loss experience for both the Company and peers provides the basis for the estimation of expected credit losses, where observed credit losses are converted to probability of default rate through the use of segment-specific loss given default risk factors that convert default rates to loss severity based on industry-level, observed relationships between the two variables for each segment, primarily due to the nature of the underlying collateral. These risk factors were assessed for reasonableness against the Company’s own loss experience and adjusted in certain cases when the relationship between the Company’s historical default and loss severity deviate from that of the wider industry. The historical probability of default ("PD") curves, together with corresponding economic conditions, establish a quantitative relationship between economic conditions and loan performance through an economic cycle.

Using the historical relationship between economic conditions and loan performance, management’s expectation of future loan performance is incorporated using an externally developed economic forecast. This forecast is applied over a period that management has determined to be reasonable and supportable. Beyond the period over which management can develop or source a reasonable and supportable forecast, the model will revert to long-term average economic conditions using a straight-line, time-based methodology. The Company's current forecast period is six quarters, with a four quarter reversion period to historical average macroeconomic factors.






24
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
9.    Loans Receivable and Allowance for Credit Losses (continued)

The allowance for credit losses is measured on a collective (pool) basis, with both a quantitative and qualitative analysis that is applied on a quarterly basis, when similar risk characteristics exist. The respective quantitative allowance for each segment is measured using an economic forecast, discounted cash flow modeling methodology in which distinct, segment-specific multi-variate regression models are applied to an external economic forecast. Under the discounted cash flows methodology, expected credit losses are estimated over the effective life of the loans by measuring the difference between the net present value of modeled cash flows and amortized cost basis. Contractual cash flows over the contractual life of the loans are the basis for modeled cash flows, adjusted for modeled defaults and expected prepayments and discounted at the loan-level effective interest rate. The contractual term excludes expected extensions, renewals, and modifications. After quantitative considerations, management applies additional qualitative adjustments so that the allowance for credit loss is reflective of the estimate of lifetime losses that exist in the loan portfolio at the balance sheet date.

Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. Management developed segments for estimating loss based on type of borrower and collateral, which is generally based upon federal call report segmentation. The segments have been combined or sub-segmented as needed to ensure loans of similar risk profiles are appropriately pooled.

The allowance for credit losses on loans individually analyzed for impairment is based upon loans that have been identified through the Company’s loan monitoring process. This process includes the review of delinquent, restructured, and charged-off loans.

Management believes the primary risks inherent in the portfolio are a general decline in the economy, a decline in real estate market values, rising unemployment, and increases in interest rates in the absence of economic improvement. Any one or a combination of these events may adversely affect a borrower's ability to repay its loan, resulting in increased delinquencies and loan losses. Accordingly, the Company has recorded loan losses at a level which is estimated to represent the current risk in its loan portfolio. Management considers it important to maintain the ratio of the allowance for credit losses to total loans at an acceptable level considering the current composition of the loan portfolio.































25
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
9.    Loans Receivable and Allowance for Credit Losses (continued)

    The following tables summarize loans receivable (including PCD loans) and allowance for credit losses by portfolio segment and impairment method at September 30, 2023 and December 31, 2022:
September 30, 2023
One-to-Four FamilyMultifamily Commercial Real EstateConstructionCommercial Business Home Equity Loans and AdvancesOther Consumer LoansTotal
(In thousands)
Allowance for credit losses:
Individually analyzed loans$186 $2 $307 $— $107 $29 $— $631 
Collectively analyzed loans11,681 9,507 15,311 6,945 7,704 2,160 7 53,315 
Loans acquired with deteriorated credit quality4 — 140 — 23 — — 167 
Total $11,871 $9,509 $15,758 $6,945 $7,834 $2,189 $7 $54,113 
Total loans:
Individually analyzed loans$3,967 $401 $16,768 $— $11,692 $611 $— $33,439 
Collectively analyzed loans2,787,972 1,416,832 2,357,720 390,940 535,058 266,405 2,586 7,757,513 
Loans acquired with deteriorated credit quality1,913 — 11,749 1,039 388 139 — 15,228 
Total loans$2,793,852 $1,417,233 $2,386,237 $391,979 $547,138 $267,155 $2,586 $7,806,180 

















26
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
9.    Loans Receivable and Allowance for Credit Losses (continued)

December 31, 2022
One-to-Four FamilyMultifamily Commercial Real EstateConstructionCommercial Business Home Equity Loans and AdvancesOther Consumer LoansTotal
(In thousands)
Allowance for credit losses:
Individually analyzed loans$201 $3 $99 $— $10 $26 $— $339 
Collectively analyzed loans11,591 7,874 17,961 6,415 6,876 1,654 10 52,381 
Loans acquired with deteriorated credit quality10 — 51 10 11 1 — 83 
Total $11,802 $7,877 $18,111 $6,425 $6,897 $1,681 $10 $52,803 
Total loans:
Individually analyzed loans$4,164 $457 $16,729 $— $1,173 $697 $— $23,220 
Collectively analyzed loans2,856,020 1,238,750 2,396,665 336,553 496,296 273,605 3,425 7,601,314 
Loans acquired with deteriorated credit quality2,158 — 13,116 1,040 496 249 — 17,059 
Total loans$2,862,342 $1,239,207 $2,426,510 $337,593 $497,965 $274,551 $3,425 $7,641,593 

    On January 1, 2023, the Company adopted ASU 2022-02, Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures, which eliminated the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. This guidance was applied on a prospective basis. Modifications made to borrowers experiencing financial difficulty may include principal or interest forgiveness, forbearance, interest rate reductions, term extensions, or a combination of these events intended to minimize economic loss and to avoid foreclosure or repossession of collateral.















27
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
9.    Loans Receivable and Allowance for Credit Losses (continued)

The following tables presents the modifications of loans to borrowers experiencing financial difficulty that were modified during the three and nine months ended September 30, 2023:

Three Months Ended September 30, 2023
Amortized CostTerm ExtensionCombination of Term Extension, Interest Rate Reduction, and Principal Forgiveness% of Total Class of Loans Receivable
(In thousands)
Commercial real estate$1,038 $1,038 $— — %
Commercial business5,000 — 5,000 0.9 
Total loans$6,038 $1,038 $5,000 0.1 %

Nine Months Ended September 30, 2023
Amortized CostTerm ExtensionCombination of Term Extension, Interest Rate Reduction, and Principal Forgiveness% of Total Class of Loans Receivable
(In thousands)
Commercial real estate$1,038 $1,038 $— — %
Construction2,317 2,317 — 0.6 
Commercial business 5,240 240 5,000 1.0 
Total loans$8,595 $3,595 $5,000 0.1 %

For the three and nine months ended September 30, 2022 there were no modifications.

The following tables describes the types of modifications of loans to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2023:

Three Months Ended September 30, 2023
Type of Modifications
Commercial real estate
12 month term extension
Commercial business
12 month term extension, interest rate reduction, and/or principal forgiveness.

Nine Months Ended September 30, 2023
Type of Modifications
Commercial real estate
12 month term extension
Construction
12 month term extension
Commercial business
12 month term extension, interest rate reduction, and/or principal forgiveness.


28
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
9.    Loans Receivable and Allowance for Credit Losses (continued)

The Company closely monitors the performance of modifications of loans to borrowers experiencing financial difficulty to understand the effectiveness of these modification efforts. The Company did not extend any commitments to lend additional funds to borrowers experiencing financial difficulty whose loans had been modified during the three and nine months ended September 30, 2023.

The following tables presents the aging analysis of modifications of loans to borrowers experiencing financial difficulty at September 30, 2023:

Current30-59 Days60-89 Days90 Days or MoreNon-accrual Total
(In thousands)
Commercial real estate$1,038 $— $— $— $— $1,038 
Construction2,317 — — — — 2,317 
Commercial business — — 5,000 — 240 5,240 
Total loans$3,355 $— $5,000 $— $240 $8,595 

The activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2023 and 2022 are as follows:
 For the Three Months Ended September 30,
One-to-Four FamilyMultifamily Commercial Real EstateConstructionCommercial Business Home Equity Loans and AdvancesOther Consumer LoansTotals
(In thousands)
2023
Balance at beginning of period$11,026 $9,392 $16,212 $6,935 $7,690 $2,193 $8 $53,456 
Provision for (reversal of) credit losses1,063 117 (454)10 1,688 (53)8 2,379 
Recoveries— — — — 624 49 1 674 
Charge-offs(218)— — — (2,168)— (10)(2,396)
Balance at end of period$11,871 $9,509 $15,758 $6,945 $7,834 $2,189 $7 $54,113 
2022
Balance at beginning of period$10,836 $10,932 $14,480 $5,570 $7,284 $1,471 $10 $50,583 
Provision for (reversal of) credit losses1,394 (3,683)3,219 70 120 385 11 1,516 
Recoveries— — — — 76 18 — 94 
Charge-offs(284)— — — — (6)(12)(302)
Balance at end of period$11,946 $7,249 $17,699 $5,640 $7,480 $1,868 $9 $51,891 



29
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
9.    Loans Receivable and Allowance for Credit Losses (continued)

For the Nine Months Ended September 30,
One-to-Four FamilyMultifamilyCommercial Real EstateConstructionCommercial BusinessHome Equity Loans and AdvancesOther Consumer LoansTotals
(In thousands)
2023
Balance at beginning of period$11,802 $7,877 $18,111 $6,425 $6,897 $1,681 $10 $52,803 
Provision for (reversal of) credit losses421 1,632 (2,203)520 2,725 460 77 3,632 
Recoveries— — — — 830 73 6 909 
Charge-offs(352)— (150)— (2,618)(25)(86)(3,231)
Balance at end of period$11,871 $9,509 $15,758 $6,945 $7,834 $2,189 $7 $54,113 
2022
Balance at beginning of period$8,798 $7,741 $16,114 $8,943 $20,214 $873 $6 $62,689 
Initial adoption -CECL(2,308)(2,030)(4,227)(2,346)(5,302)(229)(1)(16,443)
Initial allowance related to PCD loans131 — 474 3 19 6 — 633 
Provision for (reversal of) credit losses5,364 1,538 5,338 (960)(7,520)1,225 19 5,004 
Recoveries338 — — — 131 26 — 495 
Charge-offs(377)— — — (62)(33)(15)(487)
Balance at end of period$11,946 $7,249 $17,699 $5,640 $7,480 $1,868 $9 $51,891 





















30
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
9.    Loans Receivable and Allowance for Credit Losses (continued)

The following tables present loans individually analyzed loans by segment, excluding PCD loans, at September 30, 2023 and December 31, 2022:

At September 30, 2023
Recorded InvestmentUnpaid Principal BalanceSpecific Allowance
(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family$1,345 $1,693 $— 
Multifamily 51 55 — 
Commercial real estate14,097 15,721 — 
Commercial business loans5,819 7,025 — 
Consumer loans:
Home equity loans and advances150 168 — 
21,462 24,662 — 
With a specific allowance recorded:
Real estate loans:
One-to-four family2,622 2,641 186 
Multifamily350 350 2 
Commercial real estate2,671 2,673 307 
Commercial business loans5,873 5,873 107 
Consumer loans:
Home equity loans and advances461 461 29 
11,977 11,998 631 
Total:
Real estate loans:
One-to-four family3,967 4,334 186 
Multifamily 401 405 2 
Commercial real estate16,768 18,394 307 
Commercial business loans11,692 12,898 107 
Consumer loans:
Home equity loans and advances611 629 29 
Total loans$33,439 $36,660 $631 












31
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
9.    Loans Receivable and Allowance for Credit Losses (continued)
At December 31, 2022
Recorded InvestmentUnpaid Principal BalanceSpecific Allowance
(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family$1,296 $1,644 $— 
Multifamily 59 63 — 
Commercial real estate14,836 15,699 — 
Commercial business loans143 400 — 
Consumer loans:
Home equity loans and advances223 315 — 
16,557 18,121 — 
With a specific allowance recorded:
Real estate loans:
One-to-four family2,868 2,887 201 
Multifamily398 397 3 
Commercial real estate1,893 1,896 99 
Commercial business loans1,030 1,030 10 
Consumer loans:
Home equity loans and advances474 474 26 
6,663 6,684 339 
Total:
Real estate loans:
One-to-four family4,164 4,531 201 
Multifamily 457 460 3 
Commercial real estate16,729 17,595 99 
Commercial business loans1,173 1,430 10 
Consumer loans:
Home equity loans and advances697 789 26 
$23,220 $24,805 $339 

    Specific allocations of the allowance for credit losses attributable to impaired loans totaled $631,000 and $339,000 at September 30, 2023 and December 31, 2022, respectively. At September 30, 2023 and December 31, 2022, impaired loans for which there was no related allowance for credit losses totaled $21.5 million and $16.6 million, respectively.

    












32
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
9.    Loans Receivable and Allowance for Credit Losses (continued)

    The following table presents interest income recognized for individually analyzed loans by loan segment, excluding PCD loans, for the three and nine months ended September 30, 2023 and 2022:
 For the Three Months Ended September 30,
20232022
Average Recorded InvestmentInterest Income RecognizedAverage Recorded InvestmentInterest Income Recognized
(In thousands)
Real estate loans:
One-to-four family$4,329 $54 $4,251 $45 
Multifamily 411 5 598 6 
Commercial real estate16,653 214 16,086 163 
Commercial business loans7,657 78 1,269 22 
Consumer loans:
Home equity loans and advances626 15 777 9 
Total loans$29,676 $366 $22,981 $245 

For the Nine Months Ended September 30,
20232022
Average Recorded InvestmentInterest Income RecognizedAverage Recorded InvestmentInterest Income Recognized
(In thousands)
Real estate loans:
One-to-four family$4,394 $154 $4,640 $146 
Multifamily429 15 675 28 
Commercial real estate16,452 516 16,254 568 
Commercial business loans4,780 148 1,447 66 
Consumer loans:
Home equity loans and advances657 32 787 29 
Total loans$26,712 $865 $23,803 $837 

Management prepares an analysis each quarter that categorizes the entire loan portfolio by certain risk characteristics such as loan type (residential mortgage, commercial mortgage, construction, commercial business, etc.) and loan risk rating. The categorization of loans into risk categories is based upon relevant information about the borrower's ability to service their debt.
The Company utilizes an eight-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 4 (Pass), with a rating of 1 established for loans with minimal risk. Loans that are deemed to be of “questionable quality” are rated 5 (Special Mention) or 6 (Substandard). Loans with adverse classifications are rated 7 (Doubtful) or 8 (Loss). The risk ratings are also confirmed through periodic loan review examinations which are currently performed by both an independent third-party and the Company's credit risk review department. The Company requires an annual review be performed above certain dollar thresholds, depending on loan type, to help determine the appropriate risk ratings. Results from examinations are presented to the Audit Committee of the Board of Directors.





33
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
9.    Loans Receivable and Allowance for Credit Losses (continued)

The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating, excluding PCD loans, at September 30, 2023 and December 31, 2022:

Loans by Year of Origination at September 30, 2023
20232022202120202019PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
One-to-Four Family
Pass$100,102 $794,991 $806,192 $277,750 $168,116 $640,209 $— $— $2,787,360 
Special mention— — — — — — — — — 
Substandard— 1,222 553 155 960 1,689 — — 4,579 
Total One-to-Four Family100,102 796,213 806,745 277,905 169,076 641,898 — — 2,791,939 
Gross charge-offs— 3 197 — — 152 — — 352 
Multifamily
Pass107,375 315,525 361,644 160,831 204,079 257,498 — — 1,406,952 
Special mention— — — — — 4,525 — — 4,525 
Substandard— 5,756 — — — — — — 5,756 
Total Multifamily107,375 321,281 361,644 160,831 204,079 262,023 — — 1,417,233 
Gross charge-offs— — — — — — — — — 
Commercial Real Estate
Pass167,016 417,317 368,522 174,970 240,513 967,119 — — 2,335,457 
Special mention— — 469 — 877 20,620 — — 21,966 
Substandard— — 911 3,094 — 13,060 — — 17,065 
Total Commercial Real Estate167,016 417,317 369,902 178,064 241,390 1,000,799 — — 2,374,488 
Gross charge-offs— — — — 64 86 — — 150 
Construction
Pass61,208 252,894 68,281 4,933 440 3,184 — — 390,940 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Construction61,208 252,894 68,281 4,933 440 3,184 — — 390,940 
Gross charge-offs$— $— $— $— $— $— $— $— $— 


34
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
9.    Loans Receivable and Allowance for Credit Losses (continued)

Loans by Year of Origination at September 30, 2023
20232022202120202019PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
Commercial Business
Pass$56,079 $52,324 $30,412 $28,374 $16,834 $42,735 $294,125 $— $520,883 
Special mention131 321 49 114 — 2,284 6,904 — 9,803 
Substandard— 76 123 7 1,035 5,689 9,134 — 16,064 
Total Commercial Business56,210 52,721 30,584 28,495 17,869 50,708 310,163 — 546,750 
Gross charge-offs— — 31 34 2,249 304 — — 2,618 
Home Equity Loans and Advances
Pass14,856 21,272 18,628 11,684 10,387 87,826 101,716 426 266,795 
Special mention— — — — — — — — — 
Substandard— — — — — 221 — — 221 
Total Home Equity Loans and Advances14,856 21,272 18,628 11,684 10,387 88,047 101,716 426 267,016 
Gross charge-offs— — — — — 25 — — 25 
Other Consumer Loans
Pass1,921 171 47 11 34 90 312 — 2,586 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Other Consumer Loans1,921 171 47 11 34 90 312 — 2,586 
Gross charge-offs— 40 45 — — 1 — — 86 
Total Loans508,688 1,861,869 1,655,831 661,923 643,275 2,046,749 412,191 426 7,790,952 
Total gross charge-offs$— $43 $273 $34 $2,313 $568 $— $— $3,231 







35
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
9.    Loans Receivable and Allowance for Credit Losses (continued)

Loans by Year of Origination at December 31, 2022
20222021202020192018PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
One-to-Four Family
Pass$829,363 $836,355 $294,721 $177,114 $125,057 $595,097 $— $— $2,857,707 
Special mention— — — — — — — — — 
Substandard— 641 — 681 320 835 — — 2,477 
Total One-to-Four family829,363 836,996 294,721 177,795 125,377 595,932 — — 2,860,184 
Gross charge-offs— — 50 — 122 210 — — 382 
Multifamily
Pass315,157 309,611 167,955 205,608 38,849 197,489 — — 1,234,669 
Special mention— — — — — 4,538 — — 4,538 
Substandard— — — — — — — — — 
Total Multifamily315,157 309,611 167,955 205,608 38,849 202,027 — — 1,239,207 
Gross charge-offs— — — — — — — — — 
Commercial Real Estate
Pass448,313 392,689 170,125 260,268 231,868 852,104 — — 2,355,367 
Special mention— 478 1,843 892 15,498 20,939 — — 39,650 
Substandard— — 1,286 1,607 — 15,484 — — 18,377 
Total Commercial Real Estate448,313 393,167 173,254 262,767 247,366 888,527 — — 2,413,394 
Gross charge-offs— — — — — — — — — 
Construction
Pass159,751 104,339 28,058 14,216 870 29,319 — — 336,553 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Construction159,751 104,339 28,058 14,216 870 29,319 — — 336,553 
Gross charge-offs$— $— $— $— $— $— $— $— $— 





36
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
9.    Loans Receivable and Allowance for Credit Losses (continued)

Loans by Year of Origination at December 31, 2022
20222021202020192018PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
Commercial Business
Pass$58,631 $32,880 $32,788 $20,705 $24,634 $27,277 $280,857 $— $477,772 
Special mention— 110 63 1,137 1,030 38 10,761 — 13,139 
Substandard— 224 60 — 2,085 315 3,874 — 6,558 
Total Commercial Business58,631 33,214 32,911 21,842 27,749 27,630 295,492 — 497,469 
Gross charge-offs— — — 143 29 18 — — 190 
Home Equity Loans and Advances
Pass22,903 20,476 13,770 12,070 11,126 88,251 105,005 457 274,058 
Special mention— — — — — — — — — 
Substandard— — — — — 188 56 — 244 
Total Home Equity Loans and Advances22,903 20,476 13,770 12,070 11,126 88,439 105,061 457 274,302 
Gross charge-offs— — — — — 33 — — 33 
Other Consumer Loans
Pass2,669 87 100 102 30 96 341 — 3,425 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Other Consumer Loans2,669 87 100 102 30 96 341 — 3,425 
Gross charge-offs10 18 — — — 5 — — 33 
Total Loans1,836,787 1,697,890 710,769 694,400 451,367 1,831,970 400,894 457 7,624,534 
Total gross charge-offs$10 $18 $50 $143 $151 $266 $— $— $638 







37
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
9.    Loans Receivable and Allowance for Credit Losses (continued)

The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancellable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. To determine the expected funding rate, the Company uses a historical utilization rate for each segment. The allowance for credit losses for off-balance-sheet exposures is reported in other liabilities in the Consolidated Statements of Financial Condition. The liability represents an estimate of expected credit losses arising from off-balance-sheet exposures such as unfunded commitments. At September 30, 2023 and December 31, 2022, the balance of the allowance for credit losses on unfunded commitments, included in other liabilities, totaled $5.8 million and $7.0 million, respectively. The Company recorded a reversal of provision for credit losses on unfunded commitments, included in other non-interest expense in the Consolidated Statements of Income, of $520,000 and $1.2 million and $1.7 million and $1.6 million during the three and nine months ended September 30, 2023 and 2022, respectively.

The following table presents the activity in the allowance for credit losses on off-balance-sheet exposures for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(In thousands)
Allowance for Credit Losses:
Beginning balance
$6,330 $8,358 $6,970 $524 
Impact of adopting ASU 2016-13 ("CECL") effective January 1, 2022— — — 7,674 
(Reversal of) provision for credit losses(520)(1,747)(1,160)(1,587)
Balance at end of period
$5,810 $6,611 $5,810 $6,611 

10.    Leases

    The Company's leases real estate property for branches and office space. At September 30, 2023 and December 31, 2022, all of the Company's leases are classified as operating leases.

    The Company determines if an arrangement is a lease at inception. Topic 842 requires lessees to recognize a right-of-use asset and a lease liability, measured at the present value of the future minimum lease payments, at the lease commencement date. The calculated amount of the right-of-use asset and lease liabilities are impacted by the length of the lease term and the discount rate used to calculate the present value of minimum lease payments.
    At September 30, 2023 and December 31, 2022, the weighted average remaining lease term for operating leases was 6.0 years and 6.5 years, respectively, and the weighted average discount rate used in the measurement of operating lease liabilities was 2.65% and 2.35%, respectively.

    The Company accounts for the lease and non-lease components separately since such amounts are readily determinable under the Company's lease contracts. Operating lease expense is recognized on a straight-line basis over the lease term, while variable lease payments are recognized as incurred. Variable lease payments include common area maintenance charges, real estate taxes, repairs and maintenance costs and utilities. Operating and variable lease expenses are recorded in occupancy expense in the Consolidated Statements of Income. During the three months ended September 30, 2023 and 2022, operating and variable lease expenses totaled approximately $754,000 and $668,000, respectively. During the nine months ended September 30, 2023 and 2022, operating and variable lease expenses totaled approximately $2.1 million and $2.0 million, respectively.

    There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the three and nine months ended September 30, 2023 and 2022. At September 30, 2023, the Company had not entered into any leases which had not yet commenced.




38
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
10.    Leases (continued)
    
The following table summarizes lease payment obligations for each of the next five years and thereafter as follows:
Lease Payment Obligations at
September 30, 2023December 31, 2022
(In thousands)
One year or less$1,116 $4,290 
After one year to two years4,234 3,745 
After two years to three years3,491 3,075 
After three years to four years3,109 2,773 
After four years to five years2,227 2,000 
Thereafter4,662 4,345 
Total undiscounted cash flows18,839 20,228 
Discount on cash flows(1,454)(1,613)
Total lease liability$17,385 $18,615 

11.    Deposits

    Deposits at September 30, 2023 and December 31, 2022 are summarized as follows:
September 30,December 31,
20232022
(In thousands)
Non-interest-bearing demand$1,439,517 $1,806,152 
Interest-bearing demand2,001,260 2,592,884 
Money market accounts1,196,983 718,524 
Savings and club deposits736,558 913,738 
Certificates of deposit2,328,848 1,969,861 
          Total deposits$7,703,166 $8,001,159 

The aggregate amount of certificates of deposit that meet or exceed $100,000 totaled approximately $1.3 billion and $1.1 billion at September 30, 2023 and December 31, 2022, respectively. Interest expense on deposits for the three months ended September 30, 2023 and 2022 totaled $35.9 million and $7.0 million, respectively. Interest expense on deposits for the nine months ended September 30, 2023 and 2022 totaled $81.7 million and $16.3 million, respectively.











39
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
11.    Deposits (continued)
    
Scheduled maturities of certificates of deposit accounts at September 30, 2023 and December 31, 2022 are summarized as follows:
September 30,December 31,
20232022
(In thousands)
One year or less$1,801,998 $1,189,826 
After one year to two years431,738 610,965 
After two years to three years60,801 92,120 
After three years to four years16,062 48,981 
After four years18,249 27,969 
$2,328,848 $1,969,861 

12.    Stock Based Compensation

    At the Company's annual meeting of stockholders held on June 6, 2019, stockholders approved the Columbia Financial, Inc. 2019 Equity Incentive Plan ("2019 Plan") which provides for the issuance of up to 7,949,996 shares (2,271,427 restricted stock awards and 5,678,569 stock options) of common stock.

At September 30, 2023, there were 597,592 shares remaining available for future restricted stock awards and 1,694,359 shares remaining available for future stock option grants under the 2019 plan.
    
    On March 2, 2022, 51,746 shares of restricted stock were awarded, with a grant date fair value of $21.79 per share. To fund the grant of restricted common stock, the Company issued shares from authorized but unissued shares.

On October 31, 2022, 38,730 shares of restricted stock were awarded, with a grant date fair value of $20.54 per share. To fund the grant of restricted common stock, the Company issued shares from authorized unissued shares.

On November 21, 2022, 13,722 shares of restricted stock were awarded, with a grant date fair value of $21.86 per share. To fund the grant of restricted common stock, the Company issued shares from authorized unissued shares.

On December 19, 2022, 18,984 shares of restricted stock were awarded, with a grant date fair value of $21.07 per share. To fund the grant of restricted common stock, the Company issued shares from authorized unissued shares.

On May 1, 2023, 201,887 shares of restricted stock were awarded, with a grant date fair value of $15.94 per share. To fund the grant of restricted common stock, the Company issued shares from authorized unissued shares.

On June 20, 2023, 24,687 shares of restricted stock were awarded, with a grant date fair value of $18.23 per share. To fund the grant of restricted common stock, the Company issued shares from authorized unissued shares.

Restricted shares granted under the 2019 Plan generally vest in equal installments, over performance or service periods ranging from 1 year to 5 years, beginning 1 year from the date of grant. A portion of restricted shares awarded are performance awards, which vest upon the satisfactory attainment of certain corporate financial targets. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite performance or service period. During the three months ended September 30, 2023 and 2022, approximately $1.3 million and $901,000 in expense was recognized in regard to these awards. The expected future compensation expense related to the 464,691 non-vested restricted shares outstanding at September 30, 2023 is approximately $5.9 million over a weighted average period of 1.7 years. During the nine months ended September 30, 2023 and 2022, approximately $3.3 million and $3.4 million in expense was recognized in regard to these awards.




40
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
12.    Stock Based Compensation (continued)

    The following is a summary of the Company's restricted stock activity during the three and nine months ended September 30, 2023 and 2022:
Number of Restricted SharesWeighted Average Grant Date Fair Value
Non-vested at January 1, 2023430,954 $17.31 
  Vested(26,424)21.16 
  Forfeited(1,929)21.12 
Non-vested at March 31, 2023402,601 $17.10 
 Grants226,574 16.19 
 Forfeited(10,425)18.51 
Non-vested at June 30, 2023618,750 $16.74 
Vested(138,550)18.27 
Forfeited(15,509)17.47 
Non-vested at September 30, 2023464,691 $17.06 

Number of Restricted SharesWeighted Average Grant Date Fair Value
Non-vested at January 1, 20221,054,335 $15.78 
 Grants51,746 21.79 
 Vested(27,775)17.86 
 Forfeited(31,570)16.91 
Non-vested at March 31, 20221,046,736 $15.98 
Forfeited(5,182)18.34 
Non-vested at June 30, 20221,041,554 $15.97 
Vested(635,951)15.62 
Forfeited(31,796)15.87 
Non-vested at September 30, 2022
373,807 $16.58 

On March 21, 2022, options to purchase 130,951 shares of Company common stock were awarded with a grant date fair value of $6.51 per option. These stock options granted under the 2019 Plan on such date, vest in equal installments over the service period of three years beginning from the date of grant. These stock options were granted at an exercise price of $21.79, which represents the fair value of the Company's common stock price on the grant date based on the closing market price, and have an expiration period of approximately 10 years. The fair value of stock options granted was estimated utilizing the Black-Scholes option pricing model using the following assumptions: expected life of 6 years risk-free rate of return of 2.34%, volatility of 25.31%, and a dividend yield of 0.00%.

On October 31, 2022, options to purchase 173,766 shares of Company common stock were awarded with a grant date fair value of $7.22 per option. Stock options granted under the 2019 Plan vest in equal installments over the service period of three years beginning one year from the date of grant. These stock options were granted at an exercise price of 20.54, which represents the fair value of the Company's common stock price on the grant date based on the closing market price and have an expiration period of 10 years. The fair value of stock options granted was estimated utilizing the Black-Scholes option pricing model using the following assumptions: expected life of 6 years, risk-free rate of return of 4.19%, volatility of 26.25%, and a dividend yield of 0.00%.



41
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
12.    Stock Based Compensation (continued)

On December 19, 2022, options to purchase 58,912 shares of Company common stock were awarded with a grant date fair value of $6.79 per option. Stock options granted under the 2019 Plan generally vest in equal installments over the service period of one year beginning one year from the date of grant. These stock options were granted at an exercise price of $21.07, which represents the fair value of the Company's common stock price on the grant date based on the closing market price and have an expiration period of approximately 10 years. The fair value of stock options granted was estimated utilizing the Black-Scholes option pricing model using the following assumptions: expected life of 5.5 years, risk-free rate of return of 3.71%, volatility of 26.11%, and a dividend yield of 0.00%.

On May 1, 2023, options to purchase 286,016 shares of Company common stock were awarded with a grant date fair value of $5.48 per option. Stock options granted under the 2019 Plan generally vest in equal installments over the service period of one year beginning one year from the date of grant. These stock options were granted at an exercise price of $15.94, which represents the fair value of the Company's common stock price on the grant date based on the closing market price and have an expiration period of approximately 10 years. The fair value of stock options granted was estimated utilizing the Black-Scholes option pricing model using the following assumptions: expected life of 6 years, risk-free rate of return of 3.60%, volatility of 27.07%, and a dividend yield of 0.00%.

The expected life of the options represents the period of time that stock options are expected to be outstanding and is estimated using the simplified approach, which assumes that all outstanding options will be exercised at the midpoint of the vesting date and full contractual term. The risk-free rate of return is based on the rates on the grant date of a U.S. Treasury Note with a term equal to the expected option life. Since the Company recently converted to a public company and does not have sufficient historical price data, the expected volatility is based on the historical daily stock prices of Company stock plus a peer group of similar entities based on factors such as industry, stage of life cycle, size and financial leverage. The Company has not paid any cash dividends on its common stock.
    Management recognizes expense for the fair value of these awards on a straight-line basis over the requisite service period. During the three months ended September 30, 2023 and 2022, approximately $1.0 million and $778,000 in expense was recognized in regard to these awards. The expected future compensation expense related to the 1,183,261 non-vested options outstanding at September 30, 2023 is $4.6 million over a weighted average period of 1.6 years. During the nine months ended September 30, 2023 and 2022, approximately $2.9 million and $2.3 million in expense was recognized in regard to these awards.























42
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
12.    Stock Based Compensation (continued)

The following is a summary of the Company's option activity during the three and nine months ended September 30, 2023 and 2022:
Number of Stock Options Weighted Average Exercise PriceWeighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value
Outstanding, January 1, 20233,436,869 $16.26 6.9$18,435,239 
 Exercised(3,618)15.60 — — 
 Expired(2,117)15.60 — — 
 Forfeited(8,055)20.03 — — 
Outstanding, March 31, 20233,423,079 $16.25 6.7$7,893,117 
   Granted286,016 15.94 — — 
   Exercised(37,234)15.60 — — 
   Expired(1,853)15.60 — — 
   Forfeited(42,598)17.72 — — 
Outstanding, June 30, 20233,627,410 $16.22 6.7$5,186,690 
Exercised(3,265)15.60 0— 
Expired(4,311)18.52 0— 
Forfeited(23,966)19.10 0— 
Outstanding, September 30, 20233,595,868 $17.04 6.4$310,461 
Options exercisable at September 30, 20232,412,607 $15.79 5.9$247,665 

Number of Stock Options Weighted Average Exercise PriceWeighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value
Outstanding, January 1, 20223,637,542 $15.78 7.6$18,654,905 
Granted130,951 21.79 — — 
Exercised(62,859)16.42 — — 
Expired(1,412)15.60 — — 
Forfeited(61,961)16.84 — — 
Outstanding, March 31, 20223,642,261 $15.92 7.5$20,401,381 
  Exercised(5,412)15.60 — — 
  Forfeited(21,801)17.78 — — 
Outstanding, June 30, 20223,615,048 $15.91 7.2$21,335,939 
Exercised(87,025)15.60 — — 
Expired(8,704)15.60 — 
Forfeited(153,309)15.72 — — 
Outstanding, September 30, 2022
3,366,010 $15.93 6.9$17,598,873 
Options exercisable at September 30, 2022
1,965,260 $15.67 6.4$10,732,855 




43
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
12.    Stock Based Compensation (continued)
    
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value, the difference between the Company's closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money options.

    During the three and nine months ended September 30, 2023 and 2022, the aggregate intrinsic value of options exercised was $7,000 and $154,000, and $507,000 and $896,000, respectively.

13.    Components of Net Periodic Benefit Cost

    Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") Post-retirement Plan, and Split-Dollar Life Insurance Plans

    The Company maintains a single employer, tax-qualified defined benefit pension plan (the "Pension Plan") which covers full-time employees that satisfy the Pension Plan's eligibility requirements. The benefits are based on years of service and the employee's average compensation for the highest five consecutive years of employment. Effective October 1, 2018, newly hired employees are not eligible to participate in the Pension Plan as the Pension Plan has been closed to new employees as of that date.

    The Company also maintains a Retirement Income Maintenance Plan (the "RIM Plan") which is a non-qualified defined benefit plan which provides benefits to all employees of the Company if their benefits under the Pension Plan are limited by Internal Revenue Code Sections 415 and 401(a)(17).    

    In addition, the Company provides certain health care and life insurance benefits to eligible retired employees under a Post-retirement Plan. The Company accrues the cost of retiree health care and other benefits during the employee's period of active service. Effective January 1, 2019, the Post-retirement Plan has been closed to new hires.

The Company also provides life insurance benefits to eligible employees under an endorsement split-dollar life insurance program. The Company recognizes a liability for future benefits applicable to endorsement split-dollar life insurance arrangements that provide death benefits post-retirement. Through its mergers, the Company recognized additional liability for future benefits applicable to endorsement split-dollar life insurance arrangements that provide death benefits post-retirement under those respective Bank's program.


























44
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
13.    Components of Net Periodic Benefit Cost (continued)

Net periodic (income) benefit cost for the Pension Plan, RIM Plan, Post-retirement Plan and Split-Dollar Life Insurance plan benefits for the three and nine months ended September 30, 2023 and 2022, includes the following components:

 For the Three Months Ended September 30,
Pension PlanRIM PlanPost-retirement PlanSplit-Dollar Life Insurance
20232022202320222023202220232022 Affected Line Item in the Consolidated Statements of Income
(In thousands)
Service cost$1,146 $1,267 $69 $93 $54 $87 $69 $130 Compensation and employee benefits
Interest cost3,028 2,724 158 97 242 150 204 158 Other non-interest expense
Expected return on plan assets(7,905)(7,072)— — — — — — Other non-interest expense
Amortization:
Prior service cost— — — — — — 14 14 Other non-interest expense
Net loss398 660 14 111 — 78 — 151 Other non-interest expense
Net periodic (income) benefit cost$(3,333)$(2,421)$241 $301 $296 $315 $287 $453 


For the Nine Months Ended September 30,
Pension PlanRIM PlanPost-retirement PlanSplit-Dollar Life Insurance
20232022202320222023202220232022 Affected Line Item in the Consolidated Statements of Income
(In thousands)
Service cost$3,544 $5,199 $207 $279 $161 $261 $208 $383 Compensation and employee benefits
Interest cost8,609 6,786 474 291 727 450 613 453 Other non-interest expense
Expected return on plan assets(22,865)(22,190)— — — — — — Other non-interest expense
Amortization:
Prior service cost— — — — — — 42 42 Other non-interest expense
Net loss397 660 42 333 — 234 — 453 Other non-interest expense
Net periodic (income) benefit cost$(10,315)$(9,545)$723 $903 $888 $945 $863 $1,331 







45
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
13.    Components of Net Periodic Benefit Cost (continued)

Through the acquisition of RSI on May 1, 2022, the Company acquired a funded pension plan and a non-funded post-retirement plan. The benefits are based on years of service and the employee’s compensation, as defined. The Plan was amended effective March 31, 2011, to freeze the Plan so that no employee shall commence or recommence participation in the Plan, that there shall be no further benefit accruals under the Plan, and that compensation received after the effective date shall not be recognized for any purpose under the Plan. The defined benefit post-retirement healthcare plan covers substantially all retirees and employees.

Net periodic (income) benefit cost for the Pension Plan and Post-retirement Plan for the three and nine months ended September 30, 2023 and 2022, includes the following components:

 For the Three Months Ended September 30,
Pension PlanPost-retirement PlanAffected Line Item in the Consolidated Statements of Income
2023202220232022
(In thousands)
Service cost$— $— $17 $35 Compensation and employee benefits
Interest cost76 75 26 35 Other non-interest expense
Expected return on plan assets(121)(111)— — Other non-interest expense
Amortization:
Prior service cost— — (15)— Other non-interest expense
Net periodic (income) benefit cost$(45)$(36)$28 $70 


For the Nine Months Ended September 30,
Pension PlanPost-retirement PlanAffected Line Item in the Consolidated Statements of Income
2023202220232022
(In thousands)
Service cost$— $— $51 $58 Compensation and employee benefits
Interest cost229 125 80 58 Other non-interest expense
Expected return on plan assets(365)(185)— — Other non-interest expense
Amortization:
Net (gain)— — (46)— Other non-interest expense
Net periodic (income) benefit cost$(136)$(60)$85 $116 

For the three and nine months ended September 30, 2023, no contributions were made to either Pension Plan. For the three and nine months ended September 30, 2022, Columbia Bank made a $10.0 million contribution to its Pension Plan. The net periodic (income) cost for pension benefits, other post-retirement and split-dollar life insurance benefits for the three and nine months ended September 30, 2023 were calculated using the most recent available benefit valuations.

14.    Fair Value Measurements

    The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. Where quoted market values in an active market are not readily available, the Company utilizes various valuation techniques to estimate fair value.


46
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
14.    Fair Value Measurements (continued)
    
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1: Unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access on the measurement date.

Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar instruments in markets that are active or not active, or inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.

Level 3: Prices or valuation techniques that require unobservable inputs that are both significant to the fair value measurement and unobservable (i.e., supported by minimal or no market activity). Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques.

    A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

    The methods described below were used to measure fair value of financial instruments as reflected in the tables below on a recurring basis at September 30, 2023 and December 31, 2022.

Debt Securities Available for Sale, at Fair Value

    For debt securities available for sale, fair value was estimated using a market approach. The majority of these securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations, matrix pricing and discounted cash flow pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to a benchmark or to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. Discounted cash flows, a Level 3 input, is estimated by discounting the expected future cash flows using the current rates for securities with similar credit ratings and similar remaining maturities. As the Company is responsible for the determination of fair value, it performs quarterly analysis on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to assess the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in an adjustment in the prices obtained from the pricing service. The Company may hold debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. The Company classifies the estimated fair value of its loan portfolio as Level 3.

Equity Securities, at Fair Value

    The Company holds equity securities that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. A trust preferred security that is not traded in an active market and Federal Home Loan Mortgage Corporation ("FHLMC") and Federal National Mortgage Association ("FNMA") preferred stock are considered Level 2 instruments. In addition, Level 2 instruments include Atlantic Community Bankers Bank ("ACCB") stock, which is based on redemption at par value and can only be sold to the issuing ACBB or another institution that holds ACBB stock.





47
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
14.    Fair Value Measurements (continued)

Derivatives

    The Company records all derivatives included in other assets and liabilities on the Consolidated Statements of Financial Condition at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. See note 16 for disclosures related to the accounting treatment for derivatives.

The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs.

    The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values at September 30, 2023 and December 31, 2022, by level within the fair value hierarchy:

September 30, 2023
                     Fair Value Measurements
Fair ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
(In thousands)
Debt securities available for sale:
U.S. government and agency obligations$93,783 $86,444 $7,339 $— 
Mortgage-backed securities and collateralized mortgage obligations844,260 — 844,260 — 
Municipal obligations2,664 — 874 1,790 
Corporate debt securities77,672 — 69,174 8,498 
Total debt securities available for sale1,018,379 86,444 921,647 10,288 
Equity securities3,633 3,314 319 — 
Derivative assets36,205 — 36,205 — 
$1,058,217 $89,758 $958,171 $10,288 
Derivative liabilities$23,015 $— $23,015 $— 


















48
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
14.    Fair Value Measurements (continued)


December 31, 2022
Fair Value Measurements
Fair ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
(In thousands)
Debt securities available for sale:
U.S. government and agency obligations$63,566 $55,178 $8,388 $— 
Mortgage-backed securities and collateralized mortgage obligations1,181,727 — 1,181,727 — 
Municipal obligations3,575 — 897 2,678 
Corporate debt securities79,766 — 70,321 9,445 
Total debt securities available for sale1,328,634 55,178 1,261,333 12,123 
Equity securities3,384 3,053 331 
Derivative assets19,756 — 19,756 — 
$1,351,774 $58,231 $1,281,420 $12,123 
Derivative liabilities$19,072 $— $19,072 $— 

The table below provides activity of assets reported as Level 3 during the three and nine months ended September 30, 2023 and 2022:

Significant Unobservable Inputs (Level 3)
(In thousands)
Debt securities available for sale:
Balance of recurring Level 3 assets -December 31, 2022$12,123 
Change in fair value of Level 3 assets(1,523)
Balance of recurring Level 3 assets - March 31, 2023$10,600 
Change in fair value of Level 3 assets481 
Balance of recurring Level 3 assets - June 30, 2023$11,081 
Maturity of Level 3 asset(918)
Change in fair value of Level 3 assets125 
Balance of recurring Level 3 assets - September 30, 2023$10,288 











49
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
14.    Fair Value Measurements (continued)

Significant Unobservable Inputs (Level 3)
(In thousands)
Debt securities available for sale:
Balance of recurring Level 3 assets -December 31, 2021$— 
Transfers into Level 3 assets13,539 
Balance of recurring Level 3 assets - June 30, 2022$13,539 
Maturity of Level 3 asset(914)
Change in fair value of Level 3 assets(256)
Balance of recurring Level 3 assets - September 30, 2022$12,369 

The fair value of investments placed in Level 3 is estimated by discounting the expected future cash flows using reasonably available current rates for comparable new issue securities with similar structure, including original maturity, call date, and assumptions about risk. Discounted cash flow estimated valuations are subsequently validated against comparable structures as an approximation of value.

Expected cash flows were projected based on contractual cash flows. At September 30, 2023, two private placement corporate debt securities classified as available for sale and two private placement municipal obligations classified as available for sale were included in Level 3 assets. At December 31, 2022, two private placement corporate debt securities classified as available for sale and three private placement municipal obligations classified as available for sale were included in Level 3 assets. There were no transfers to Level 3 assets during the three and nine months ended September 30, 2023.

Private placement debt security cash flows were discounted to a market yield of 11.00% (weighted average is 11.00%), and the cash flows for private placement municipal obligations were discounted to a market yield ranging from 3.72% to 3.77% (weighted average is 3.74%).

The period end valuations were support by an analysis prepared by an independent third party market participant and approved by management.

Assets Measured at Fair Value on a Non-Recurring Basis

    The valuation techniques described below were used to estimate fair value of financial instruments measured on a non-recurring basis at September 30, 2023 and December 31, 2022.

Individually Analyzed Collateral Dependent Loans/Impaired Loans

    The fair value of collateral dependent loans that are individually analyzed or were previously deemed impaired is measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price or the fair value of the collateral if the loan is collateral dependent. For individually analyzed loans measured for impairment based on the fair value of the underlying collateral, fair value was estimated using a market approach. The Company measures the fair value of collateral underlying impaired loans primarily through obtaining independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case-by-case basis, to comparable assets based on the appraisers’ market knowledge and experience, as well as adjustments for estimated costs to sell between 6% and 8%. For non-collateral dependent loans, management estimates fair value using discounted cash flows based on inputs that are largely observable. The Company classifies these loans as Level 3 within the fair value hierarchy.







50
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
14.    Fair Value Measurements (continued)

Mortgage Servicing Rights, Net ("MSR's")
    
    Mortgage servicing rights are carried at the lower of cost or estimated fair value. The estimated fair value of MSRs is obtained through an analysis of future cash flows, incorporating assumptions that market participants would use in determining fair value including market discount rates, prepayments speeds, servicing income, servicing costs, default rates and other market driven data, including the market's perception of future interest rate movements. The prepayment speed and the discount rate are considered two of the most significant inputs in the model. A significant degree of judgment is involved in valuing the mortgage servicing rights using Level 3 inputs. The use of different assumptions could have a significant effect on this fair value estimate.

The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values on a non-recurring basis at September 30, 2023 and December 31, 2022, by level within the fair value hierarchy:
September 30, 2023
Fair Value Measurements
Fair ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
(In thousands)
Impaired loan$5,000 $— $— $5,000 
Mortgage servicing rights2,919 — — 2,919 
$7,919 $— $— $7,919 

December 31, 2022
Fair Value Measurements
Fair ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
(In thousands)
Mortgage servicing rights$2,107 $— $— $2,107 
$2,107 $— $— $2,107 

The following table presents information for Level 3 assets measured at fair value on a non-recurring basis at September 30, 2023 and December 31, 2022:
September 30, 2023
Fair ValueValuation MethodologyUnobservable InputsRange of InputsWeighted Average Rate
(Dollars in thousands)
Impaired loans$5,000 OtherContracted modification agreement.— — 
Mortgage servicing rights$2,919 Discounted cash flow
Prepayment speeds and discount rates (1)
4.4% - 25.4%
7.2 %

51
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
14.    Fair Value Measurements (continued)

December 31, 2022
Fair ValueValuation MethodologyUnobservable InputsRange of InputsWeighted Average Rate
(Dollars in thousands)
Mortgage servicing rights$2,107 Discounted cash flow
Prepayment speeds and discount rates (2)
5.5% - 27.1%
8.6 %
(1) Value of SBA servicing rights based on a discount rate of 15.50%.
(2) Value of SBA servicing rights based on a discount rate of 14.50%.

Other Fair Value Disclosures

    The Company is required to disclose estimated fair value of financial instruments, both assets and liabilities on and off the balance sheet, for which it is practicable to estimate fair value. A description of the valuation methodologies used for those assets and liabilities not recorded at fair value on a recurring or non-recurring basis are set forth below.

Cash and Cash Equivalents

    For cash and due from banks, federal funds sold and short-term investments, the carrying amount approximates fair value due to their nature and short-term maturities.

Debt Securities Held to Maturity

    For debt securities held to maturity, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to a benchmark or to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analysis on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to assess the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in an adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs within the fair value hierarchy.

Federal Home Loan Bank Stock ("FHLB")

    The fair value of FHLB stock is based on redemption at par value and can only be sold to the issuing FHLB, to other FHLBs, or to other member banks. As such, the Company's FHLB stock is recorded at cost, or par value, and is evaluated for impairment each reporting period by considering the ultimate recoverability of the investment rather than temporary declines in value. The Company classifies the estimated fair value as Level 2 within the fair value hierarchy.

Loans Receivable

    Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction, consumer, and other. Each loan category is further segmented into fixed and adjustable rate interest terms and into performing and non-performing categories.
52
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
14.    Fair Value Measurements (continued)
    
The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company's current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date. The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3.

    The fair value for significant non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3.
    
Deposits

    The fair value of deposits with no stated maturity, such as demand, money market, and savings and club deposits are payable on demand at each reporting date and classified as Level 2. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2.

Borrowings

    The fair value of borrowings was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy.

Commitments to Extend Credit and Letters of Credit

    The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counter-parties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value estimates of commitments to extend credit and letters of credit are deemed immaterial.

    The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values at September 30, 2023 and December 31, 2022:
September 30, 2023
                          Fair Value Measurements
Carrying ValueTotal Fair ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
(In thousands)
Financial assets:
Cash and cash equivalents$204,484 $204,484 $204,484 $— $— 
Debt securities available for sale1,018,379 1,018,379 86,444 921,647 10,288 
Debt securities held to maturity411,945 351,927 — 351,927 — 
Equity securities3,633 3,633 3,314 319 — 
Federal Home Loan Bank stock71,869 71,869 — 71,869 — 
Loans receivable, net7,786,427 6,847,626 — — 6,847,626 
Derivative assets36,205 36,205 — 36,205 — 
Financial liabilities:
Deposits$7,703,166 $7,668,864 $— $7,668,864 $— 
Borrowings1,356,218 1,342,885 — 1,342,885 — 
Derivative liabilities23,015 23,015 — 23,015 — 
53
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
14.    Fair Value Measurements (continued)

December 31, 2022
                           Fair Value Measurements
Carrying ValueTotal Fair ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
(In thousands)
Financial assets:
Cash and cash equivalents$179,228 $179,228 $179,228 $— $— 
Debt securities available for sale1,328,634 1,328,634 55,178 1,261,333 12,123 
Debt securities held to maturity421,523 370,391 — 370,391 — 
Equity securities3,384 3,384 3,053 331 — 
Federal Home Loan Bank stock58,114 58,114 — 58,114 — 
Loans receivable, net7,624,761 6,771,095 — — 6,771,095 
Derivative assets19,756 19,756 — 19,756 — 
Financial liabilities:
Deposits$8,001,159 $7,942,782 $— $7,942,782 $— 
Borrowings1,127,047 1,146,265 — 1,146,265 — 
Derivative liabilities19,072 19,072 — 19,072 — 

Limitations

    Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because limited markets exist for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

    Fair value estimates are based on existing on and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets or liabilities include goodwill and intangible assets, deferred tax assets and liabilities, office properties and equipment, and bank-owned life insurance.













54
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
15.    Other Comprehensive Income (Loss)

    The following tables present the components of other comprehensive income (loss), both gross and net of tax, for the three and nine months ended September 30, 2023 and 2022:
 For the Three Months Ended September 30,
20232022
Before TaxTax EffectAfter TaxBefore TaxTax EffectAfter Tax
(In thousands)
Components of other comprehensive income (loss):
Unrealized (loss) on debt securities available for sale:$(28,188)$7,971 $(20,217)$(65,744)$18,589 $(47,155)
Accretion of unrealized (loss) on debt securities reclassified as held to maturity(1)— (1)(19)6 (13)
(28,189)7,971 (20,218)(65,763)18,595 (47,168)
Derivatives:
Unrealized gain on swap contracts accounted for as cash flow hedges2,573 (728)1,845 1,639 (457)1,182 
2,573 (728)1,845 1,639 (457)1,182 
Employee benefit plans:
Amortization of prior service cost included in net income(14)4 (10)(14)3 (11)
Reclassification adjustment of actuarial net gain (loss) included in net income1 — 1 (339)95 (244)
Change in funded status of retirement obligations21 (6)15 1,148 (211)937 
8 (2)6 795 (113)682 
Total other comprehensive income (loss)$(25,608)$7,241 $(18,367)$(63,329)$18,025 $(45,304)













55
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
15.    Other Comprehensive Income (Loss) (continued)

For the Nine Months Ended September 30,
20232022
Before TaxTax EffectAfter TaxBefore TaxTax EffectAfter Tax
(In thousands)
Components of other comprehensive income (loss):
Unrealized (loss) on debt securities available for sale:$(6,235)$2,251 $(3,984)$(198,171)$55,528 $(142,643)
Accretion of unrealized (loss) on debt securities reclassified as held to maturity(14)5 (9)(28)7 (21)
Reclassification adjustment for (loss) gain included in net income(10,847)3,068 (7,779)210 (59)151 
(17,096)5,324 (11,772)(197,989)55,476 (142,513)
Derivatives:
Unrealized gain on swap contracts accounted for as cash flow hedges5,390 (1,527)3,863 7,171 (2,004)5,167 
5,390 (1,527)3,863 7,171 (2,004)5,167 
Employee benefit plans:
Amortization of prior service cost included in net income(42)12 (30)(42)11 (31)
Reclassification adjustment of actuarial net gain (loss) included in net income3 (1)2 (1,017)285 (732)
Change in funded status of retirement obligations3,534 (839)2,695 (23,851)6,730 (17,121)
3,495 (828)2,667 (24,910)7,026 (17,884)
Total other comprehensive (loss)$(8,211)$2,969 $(5,242)$(215,728)$60,498 $(155,230)













56
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
15.    Other Comprehensive Income (Loss) (continued)

    The following tables present the changes in the components of accumulated other comprehensive income (loss), net of tax, for the three and nine months ended September 30, 2023 and 2022:
 For the Three Months Ended September 30,
20232022
Unrealized Gains (Losses) on Debt Securities Available for SaleUnrealized Gains (Losses) on SwapsEmployee Benefit PlansAccumulated Other Comprehensive (Loss)Unrealized Gains (Losses) on Debt Securities Available for SaleUnrealized Gains (Losses) on SwapsEmployee Benefit PlansAccumulated Other Comprehensive (Loss)
(In thousands)
Balance at beginning of period$(127,036)$2,522 $(41,657)$(166,171)$(93,701)$(932)$(61,212)$(155,845)
Current period changes in other comprehensive income (loss)(20,218)1,845 6 (18,367)(47,168)1,182 682 (45,304)
Total other comprehensive income (loss)$(147,254)$4,367 $(41,651)$(184,538)$(140,869)$250 $(60,530)$(201,149)

For the Nine Months Ended September 30,
20232022
Unrealized Gains (Losses) on Debt Securities Available for SaleUnrealized Gains (Losses) on SwapsEmployee Benefit PlansAccumulated Other Comprehensive (Loss)Unrealized Gains (Losses) on Debt Securities Available for SaleUnrealized Gains (Losses) on SwapsEmployee Benefit PlansAccumulated Other Comprehensive (Loss)
(In thousands)
Balance at beginning of period$(135,482)$504 $(44,318)$(179,296)$1,644 $(4,917)$(42,646)$(45,919)
Current period changes in other comprehensive income (loss)(11,772)3,863 2,667 (5,242)(142,513)5,167 (17,884)(155,230)
Total other comprehensive income (loss)$(147,254)$4,367 $(41,651)$(184,538)$(140,869)$250 $(60,530)$(201,149)





57
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
15.    Other Comprehensive Income (Loss) (continued)

    The following tables reflect amounts reclassified from accumulated other comprehensive income (loss) to the Consolidated Statements of Income and the affected line item in the statement where net income is presented for the three and nine months ended September 30, 2023 and 2022:
Accumulated Other Comprehensive Income (Loss) Components
 For the Three Months Ended September 30,Affected Line Items in the Consolidated Statements of Income
20232022
(In thousands)
Reclassification adjustment of actuarial net gain (loss) included in net income$1 $(339)Other non-interest expense
      Total before tax 1 (339)
      Income tax benefit— 95 
      Net of tax$1 $(244)


Accumulated Other Comprehensive Income (Loss) Components
For the Nine Months Ended September 30,Affected Line Items in the Consolidated Statements of Income
20232022
(In thousands)
Reclassification adjustment for (loss) gain included in net income$(10,847)$210 (Loss) gain on securities transactions
Reclassification adjustment of actuarial net gain (loss) included in net income3 (1,017)Other non-interest expense
Total before tax(10,844)(807)
Income tax benefit3,067 226 
Net of tax$(7,777)$(581)

58
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
16.    Derivatives and Hedging Activities

    The Company uses derivative financial instruments as components of its market risk management, principally to manage interest rate risk. Certain derivatives are entered into in connection with transactions with commercial customers. Derivatives are not used for speculative purposes. All derivatives are recognized as either assets or liabilities in the Consolidated Statements of Financial Condition, reported at fair value and presented on a gross basis. Until a derivative is settled, a favorable change in fair value results in an unrealized gain that is recognized as an asset, while an unfavorable change in fair value results in an unrealized loss that is recognized as a liability. 

The Company generally applies hedge accounting to its derivatives used for market risk management purposes. Hedge accounting is permitted only if specific criteria are met, including a requirement that a highly effective relationship exists between the derivative instrument and the hedged item, both at inception of the hedge and on an ongoing basis. Changes in the fair value of effective fair value hedges are recognized in current earnings (with the change in fair value of the hedged asset or liability also recognized in earnings). Changes in the fair value of effective cash flow hedges are recognized in other comprehensive income (loss) until earnings are affected by the variability in cash flows of the designated hedged item. Ineffective portions of hedge results are recognized in current earnings. Changes in the fair value of derivatives for which hedge accounting is not applied are recognized in current earnings.

The Company formally documents at inception all relationships between the derivative instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transactions. This process includes linking all derivatives that are designated as hedges to specific assets and liabilities, or to specific firm commitments. The Company also formally assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the fair values or cash flows of the hedged items. If it is determined that a derivative is not highly effective or has ceased to be a highly effective hedge, the Company would discontinue hedge accounting prospectively. Gains or losses resulting from the termination of a derivative accounted for as a cash flow hedge remain in other comprehensive income (loss) and is (accreted) amortized to earnings over the remaining period of the former hedging relationship.

Certain derivative financial instruments are offered to certain commercial banking customers to manage their risk of exposure and risk management strategies. These derivative instruments consist primarily of currency forward contracts and interest rate swap contracts. The risk associated with these transactions is mitigated by simultaneously entering into similar transactions having essentially offsetting terms with a third party. In addition, the Company executes interest rate swaps with third parties in order to hedge the interest rate risk of short-term FHLB advances.

    Currency Forward Contracts. At September 30, 2023 and December 31, 2022, the Company had no currency forward contracts in place with commercial banking customers.

    Interest Rate Swaps. At September 30, 2023 and December 31, 2022, the Company had 78 and 54 interest rate swaps in place with commercial banking customers executed by offsetting interest rate swaps with third parties, with aggregated notional amounts of $273.1 million and $205.0 million, respectively. These derivatives are not designated as hedges and are not speculative. These interest rate swaps do not meet hedge accounting requirements.
    
    At September 30, 2023 and December 31, 2022, the Company had 21 and 20 interest rate swaps with notional amounts of $300.0 million and $290.0 million, respectively, hedging certain FHLB advances. These interest rate swaps meet the cash flow hedge accounting requirements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counter-party in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount.

At both September 30, 2023 and December 31, 2022, the Company had two interest rate swaps hedged against pools of floating rate commercial loans with notional amounts totaling $100.0 million. These swaps meet the cash flow hedge accounting requirements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counter-party in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount.

At September 30, 2023, the Company had six interest rate fair value swaps with notional amounts totaling $500.0 million. The Company is exposed to changes in the fair value of certain of its fixed-rate pools of assets due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate, the Secured Overnight Financing Rate ("SOFR"). At December 31, 2022, the Company did not have any fair value swaps.
59
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
16.    Derivatives and Hedging Activities (continued)

Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount.

For the three and nine months ended September 30, 2023, the Company recorded hedge ineffectiveness associated with these contracts totaling $37,000 and $64,000, respectively. For the three and nine months ended September 30, 2022, the Company did not record any hedge ineffectiveness associated with these contracts.
    The tables below present the fair value of the Company’s derivative financial instruments as well as their classification in the Consolidated Statements of Financial Condition at September 30, 2023 and December 31, 2022:
September 30, 2023
Asset DerivativeLiability Derivative
Consolidated Statements of Financial ConditionFair ValueConsolidated Statements of Financial ConditionFair Value
(In thousands)
Derivatives:
Interest rate products - designated hedgesOther Assets$14,641 Other Liabilities$1,893 
Interest rate products - non-designated hedgesOther Assets21,564 Other Liabilities21,122 
Total derivative instruments$36,205 $23,015 

December 31, 2022
Asset DerivativeLiability Derivative
Consolidated Statements of Financial ConditionFair ValueConsolidated Statements of Financial ConditionFair Value
(In thousands)
Derivatives:
Interest rate products - designated hedgesOther Assets$4,290 Other Liabilities$3,918 
Interest rate products - non-designated hedgesOther Assets15,466 Other Liabilities15,154 
Total derivative instruments$19,756 $19,072 

For the three months ended September 30, 2023 and 2022, gains of $332,000 and $118,000, respectively, were recorded for changes in fair value of interest rate swaps with third parties. For the nine months ended September 30, 2023 and 2022, gains of $130,000 and $594,000, respectively, were recorded for changes in fair value of interest rate swaps with third parties.

    At September 30, 2023 and December 31, 2022, accrued interest was $705,000 and $22,000.

    The Company has agreements with counterparties that contain a provision that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default of its derivative obligations.

    At September 30, 2023, the termination value of derivatives in a net asset position, which includes accrued interest, was $13.2 million. The Company normally has collateral posting thresholds with certain of its derivative counterparties, but as of September 30, 2023 had no posted collateral against its obligations under these agreements.



60
COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements
16.    Derivatives and Hedging Activities (continued)

Fair Value Hedges of Interest Rate Risk. The Company is exposed to changes in the fair value of certain of its fixed-rate pools of assets due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate, SOFR. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount.

For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in interest income.

At September 30, 2023, the following amounts were recorded on the Consolidated Statements of Financial Condition related to cumulative basis adjustment for fair value hedges:

Carrying Amount of Hedged Assets/(Liabilities)Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of Hedged Assets/(Liabilities)
At September 30, 2023
(In thousands)
Fair value interest rate products$493,698 $(6,302)

At December 31, 2022, the Company had no fair value hedges.

17.    Revenue Recognition

The Company's revenue includes net interest income on financial instruments and non-interest income. Most of the Company's revenue is not within the scope of Accounting Standards Codification Topic 606 which does not apply to revenue associated with financial instruments, including interest income on loans and securities, which comprise the majority of the Company's revenue. Revenue-generating activities that are within the scope of this guidance are components of non-interest income. These revenue streams can generally be classified as demand deposit account fees, title insurance fees, insurance agency income and other fees.

The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and nine months ended September 30, 2023 and 2022.
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
(In thousands)
Non-interest income
In-scope of Topic 606:
Demand deposit account fees$1,348 $1,510 $3,815 $4,129 
Title insurance fees629 796 1,840 2,788 
Insurance agency income63 38 141 83 
Other non-interest income1,518 2,194 6,480 6,334 
Total in-scope non-interest income3,558 4,538 12,276 13,334 
Total out-of-scope non-interest income5,044 3,626 3,854 9,540 
Total non-interest income$8,602 $8,164 $16,130 $22,874 

    Demand deposit account fees include monthly maintenance fees and service charges. These fees are generally derived as a result of either transaction-based or serviced-based services. The Company's performance obligation for these services is generally satisfied, and revenue recognized, at the time the transaction is completed, or the service rendered. Fees for these services are generally received from the customer either at the time of the transaction or monthly.
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Notes to Unaudited Consolidated Financial Statements
17.    Revenue Recognition (continued)

Title insurance fees are generally recognized at the time the transaction closes or when the service is rendered.

RSI Insurance Agency, Inc. performs the function of an insurance intermediary, by introducing the policyholder and insurer for life and health, and property and casualty insurance, and is compensated by a commission fee for placement of an insurance policy. Commission and fees are generally recognized as of the effective date of the insurance policy. Commission revenues related to installment billings are recognized on the invoice date. Subsequent commission adjustments are recognized upon the receipt of notification from insurance companies concerning matters necessitating such adjustments.

Other non-interest income includes check printing fees, traveler's check fees, gift card fees, branch service fees, overdraft fees, account analysis fees, other deposit related fees, wealth management related fee income which includes annuity fees, brokerage commissions, and asset management fees. Wealth management related fee income represent fees earned from customers as consideration for asset management and investment advisory services provided by a third party. The Company's performance obligation is generally satisfied monthly, and the resulting fees are recognized monthly based upon the month-end market value of the assets under management and the applicable fee rate. The Company does not earn performance-based incentives. The Company's performance obligation for these transaction-based services are generally satisfied, and related revenue recognized, at the time the transaction closes or when the service is rendered or a point in time when the service is completed.

Also included in other fees are debit card and ATM fees which are transaction-based. Debit card revenue is primarily comprised of interchange fees earned when a customer's Company card is processed through a card payment network. ATM fees are largely generated when a Company cardholder uses a non-Company ATM, or a non-Company cardholder uses a Company ATM. The Company's performance obligation for these services is satisfied when the service is rendered. Payment is generally received at time of transaction or monthly.

Out-of-scope non-interest income primarily consists of income from bank-owned life insurance, loan prepayment and servicing fees, net fees loan level swaps, gains and losses on the sale of loans and securities, credit card interchange income, and changes in the fair value of equity securities. None of these revenue streams are subject to the requirements of Topic 606.

18.    Subsequent Events

    The Company has evaluated events subsequent to September 30, 2023 and through the financial statement issuance date of November 9, 2023, and concluded that no material events occurred that would require disclosure.


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Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Forward-Looking Statements

    Certain statements contained herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” "project," "intend," “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risk factors and uncertainties, including, but not limited to, those set forth in Item 1A of the Company's Annual Report on Form 10-K as supplemented by its Quarterly Reports on Form 10-Q, and those related to the economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, as well as its impact on fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, higher inflation and its impact on national and local economic conditions, the Company's ability to successfully implement its business strategy, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets, the impact of failures or disruptions in or breaches of the Company's operational or security systems, data or infrastructure, or those of third parties, including as a result of cyber attacks or campaigns, and the availability of and costs associated with sources of liquidity.

    The Company cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date made. The Company also advises readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not have any obligation to update any forward-looking statements to reflect any subsequent events or circumstances after the date of this statement.

Comparison of Financial Condition at September 30, 2023 and December 31, 2022

Total assets decreased $84.6 million, or 0.8%, to $10.3 billion at September 30, 2023 from $10.4 billion at December 31, 2022. The decrease in total assets was primarily attributable to a decrease in debt securities available for sale of $310.3 million, partially offset by an increase in cash and cash equivalents of $25.3 million, an increase in loans receivable, net, of $161.7 million, an increase in Federal Home Loan Bank stock of $13.8 million and an increase in other assets of $28.6 million.
Cash and cash equivalents increased $25.3 million, or 14.1%, to $204.5 million at September 30, 2023 from $179.2 million at December 31, 2022. The increase was primarily attributable to $298.0 million in proceeds from the sale of debt securities available for sale, and an increase in borrowings of $229.2 million, or 20.3%, partially offset by purchases of debt securities available for sale of $75.3 million, a decrease in total deposits of $298.0 million and $78.3 million in repurchases of common stock under our stock repurchase program.
Debt securities available for sale decreased $310.3 million, or 23.4%, to $1.0 billion at September 30, 2023 from $1.3 billion at December 31, 2022. The decrease was attributable to sales of securities of $277.0 million which resulted in a realized loss of $10.8 million, repayments on securities of $79.3 million, and an increase in the gross unrealized loss of $16.7 million, which was partially offset by purchases of U.S. government obligations of $75.3 million. The Bank sold U.S. government obligations at a weighted average rate of 2.36%, and mortgage-backed securities at a weighted average rate of 3.26% during the nine months ended September 30, 2023.
Loans receivable, net, increased $161.7 million, or 2.1%, to $7.8 billion at September 30, 2023 from $7.6 billion at December 31, 2022. Multifamily real estate loans, construction loans and commercial business loans increased $178.0 million, $54.4 million, and $49.3 million, respectively, partially offset by a decrease in one-to-four family real estate loans, commercial real estate loans, and home equity loans and advances of $68.2 million, $38.9 million, and $7.3 million, respectively. The allowance for credit losses on loans increased $1.3 million to $54.1 million at September 30, 2023 from $52.8 million at December 31, 2022. During the nine months ended September 30, 2023, the increase in the allowance for credit losses was primarily due to an increase in the outstanding balance of loans and an increase in qualitative factors, partially offset by a decrease in loan loss rates.
Federal Home Loan Bank stock increased $13.8 million, or 23.7%, to $71.9 million at September 30, 2023 from $58.1 million at December 31, 2022. The increase was due to the purchase of stock required upon acquiring new FHLB borrowings.
Other assets increased $28.6 million, or 10.1%, to $313.4 million at September 30, 2023 from $284.8 million at December 31, 2022, primarily due to a $10.5 million increase in the Company's pension plan balance, as the return on plan assets outpaced the growth in the plan’s obligations, and a $15.4 million increase in interest rate swaps assets.
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Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Total liabilities decreased $38.5 million, or 0.4%, to $9.3 billion at September 30, 2023 from $9.4 billion at December 31, 2022. The decrease was primarily attributable to a decrease in total deposits of $298.0 million, or 3.7%, partially offset by an increase in borrowings of $229.2 million, or 20.3%. The decrease in total deposits primarily consisted of decreases in non-interest-bearing demand deposits, interest-bearing demand deposits, and savings and club deposits of $366.6 million, $591.6 million, and $177.2 million, respectively, partially offset by increases in money market accounts of $478.5 million and certificates of deposit of $359.0 million. The Bank has priced select money market and certificates of deposit accounts very competitively to the market, but there continues to be strong competition for funds from other banks and non-bank investment products. The $229.2 million increase in borrowings was primarily driven by an increase in long-term borrowings of $299.8 million, partially offset by a decrease in short-term borrowings of $70.5 million. The $32.8 million increase in accrued expenses and other liabilities was primarily attributable to a $20.4 million increase in the collateral balance related to our interest rate swap program.
Total stockholders’ equity decreased $46.2 million, or 4.4%, to $1.0 billion at September 30, 2023 from $1.1 billion at December 31, 2022. The decrease in equity was primarily attributable to the repurchase of 4,104,073 shares of common stock at a cost of approximately $78.3 million, or $19.08 per share, under our stock repurchase program, partially offset by net income of $29.5 million, and an increase of $11.8 million in unrealized losses on debt securities available for sale, net of taxes, included in other comprehensive income.
Comparison of Results of Operations for the Three Months Ended September 30, 2023 and September 30, 2022

Net income of $9.1 million was recorded for the quarter ended September 30, 2023, a decrease of $11.8 million, or 56.4%, compared to net income of $20.9 million for the quarter ended September 30, 2022. The decrease in net income was primarily attributable to a $20.6 million decrease in net interest income, and an $863,000 increase in provision for credit losses, partially offset by a $4.9 million decrease in non-interest expense and a $4.3 million decrease in income tax expense.
Net interest income was $48.5 million for the quarter ended September 30, 2023, a decrease of $20.6 million, or 29.8%, from $69.2 million for the quarter ended September 30, 2022. The decrease in net interest income was primarily attributable to a $39.1 million increase in interest expense on deposits and borrowings, partially offset by a $18.5 million increase in interest income. 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 due to multiple market interest rate increases that occurred over the previous two years. The increase in interest expense on deposits was driven by these same rate increases coupled with intense competition for deposits in the market and the repricing of existing deposits into higher cost products. The increase in interest expense on borrowings was also impacted by the significant increase in interest rates for new borrowings since interest rates began rising in March 2022, along with an increase in the average balance of borrowings. Prepayment penalties, which are included in interest income on loans, totaled $83,000 for the quarter ended September 30, 2023, compared to $639,000 for the quarter ended September 30, 2022.
The average yield on loans for the quarter ended September 30, 2023 increased 67 basis points to 4.47%, as compared to 3.80% for the quarter ended September 30, 2022, as interest income was influenced by rising interest rates and loan growth. The average yield on securities for the quarter ended September 30, 2023 increased 10 basis points to 2.37%, as compared to 2.27% for the quarter ended September 30, 2022, as a number of adjustable rate securities tied to various indexes repriced higher during the quarter, and new securities purchased during the 2023 period were at higher rates. The average yield on other interest-earning assets for the quarter ended September 30, 2023 increased 323 basis points to 5.91%, as compared to 2.68% for the quarter ended September 30, 2022, due to the rise in average balances and interest rates paid on cash balances and an increase in the dividend rate paid on Federal Home Loan Bank stock.
Total interest expense was $49.9 million for the quarter ended September 30, 2023, an increase of $39.1 million, or 363.0%, from $10.8 million for the quarter ended September 30, 2022. The increase in interest expense was primarily attributable to a 223 basis point increase in the average cost of borrowings, and a significant increase in the average balance of borrowings, coupled with a 187 basis point increase in the average cost of interest-bearing deposits, partially offset by the decrease in the average balance of interest-bearing deposits. Interest expense on borrowings increased $10.2 million, or 266.9%, and interest expense on deposits increased $29.0 million, or 415.5%, due to the rise in interest rates as noted above.
The Company's net interest margin for the quarter ended September 30, 2023 decreased 95 basis points to 2.06%, when compared to 3.01% for the quarter ended September 30, 2022. The weighted average yield on interest-earning assets increased 70 basis points to 4.17% for the quarter ended September 30, 2023, as compared to 3.47% for the quarter ended September 30, 2022. The average cost of interest-bearing liabilities increased 208 basis points to 2.70% for the quarter ended September 30, 2023, as compared to 0.62% for the quarter ended September 30, 2022. The increase in yields for the quarter ended September 30, 2023 was due to the impact of multiple market interest rate increases between periods. The net interest margin decreased for the quarter ended
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Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
September 30, 2023, as the increase in the average cost of interest-bearing liabilities outweighed the increase in the average yield on interest-earning assets.
The provision for credit losses for the quarter ended September 30, 2023 was $2.4 million, an increase of $863,000, from $1.5 million for the quarter ended September 30, 2022. The increase in provision for credit losses during the quarter was primarily attributable to an increase in the outstanding balance of loans and net charge-offs totaling $1.7 million, partially offset by a decrease in loan loss rates.
Non-interest expense was $42.9 million for the quarter ended September 30, 2023, a decrease of $4.9 million, or 10.3%, from $47.8 million for the quarter ended September 30, 2022. The decrease was primarily attributable to a decrease in compensation and employee benefits expense of $2.8 million, a decrease in merger-related expenses of $1.2 million, and a decrease in other non-interest expense of $1.6 million, partially offset by an increase in federal deposit insurance premiums of $556,000, due to an increase in the assessment rate imposed by the FDIC effective January 1, 2023. The decrease in compensation and employee benefits expense was due to the result of a workforce reduction in June 2023, along with other related employee expense cutting strategies implemented during the current year. The decrease in other non-interest expense was primarily related to a decrease in pension plan related expense during the 2023 period, and $1.7 million in non-recurring litigation settlements included in the 2022 period, compounded with a $1.2 million recovery of provision for credit losses on off-balance sheet exposures.
Income tax expense was $2.7 million for the quarter ended September 30, 2023, a decrease of $4.3 million, as compared to $7.0 million for the quarter ended September 30, 2022, mainly due to a decrease in pre-tax income, and to a lesser extent, the Company's effective tax rate. The Company's effective tax rate was 22.9% and 25.2% for the quarters ended September 30, 2023 and 2022, respectively. The effective tax rate for the 2023 period was primarily impacted by lower net interest income and the loss on the sale of securities.
Comparison of Results of Operations for the Nine Months Ended September 30, 2023 and September 30, 2022

Net income of $29.5 million was recorded for the nine months ended September 30, 2023, a decrease of $34.8 million, or 54.1%, compared to net income of $64.3 million for the nine months ended September 30, 2022. The decrease in net income was primarily attributable to a $37.8 million decrease in net interest income, a $6.7 million decrease in non-interest income, and a $4.1 million increase in non-interest expense, partially offset by a $882,000 decrease in provision for credit losses, and a $13.1 million decrease in income tax expense.
Net interest income was $160.5 million for the nine months ended September 30, 2023, a decrease of $37.8 million, or 19.1%, from $198.4 million for the nine months ended September 30, 2022. The decrease in net interest income was primarily attributable to a $103.5 million increase in interest expense on deposits and borrowings, partially offset by a $65.7 million increase in interest income. 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 due to the rise in interest rates in 2022 and 2023. The increase in interest expense on deposits and borrowings was driven by an increase in the average balance of deposits and borrowings coupled with an increase in the cost of deposits and borrowings. The increase in interest expense on interest-bearing liabilities was also impacted by the significant increase in interest rates due to multiple market interest rate increases that occurred over the previous two years, along with an increase in the average balance of borrowings. Prepayment penalties, which are included in interest income on loans, totaled $399,000 for the nine months ended September 30, 2023, compared to $3.4 million for the nine months ended September 30, 2022.
The average yield on loans for the nine months ended September 30, 2023 increased 66 basis points to 4.36%, as compared to 3.70% for the nine months ended September 30, 2022, as interest income was influenced by rising interest rates and loan growth. The average yield on securities for the nine months ended September 30, 2023 increased 22 basis points to 2.42%, as compared to 2.20% for the nine months ended September 30, 2022, as a number of adjustable rate securities tied to various indexes repriced higher during the year and new securities purchased during the 2023 period were at higher rates. The average yield on other interest-earning assets for the nine months ended September 30, 2023 increased 299 basis points to 5.45%, as compared to 2.46% for the nine months ended September 30, 2022, due to the rise in average balances and interest rates, as noted above.
Total interest expense was $126.9 million for the nine months ended September 30, 2023, an increase of $103.5 million, or 443.3%, from $23.4 million for the nine months ended September 30, 2022. The increase in interest expense was primarily attributable to a 276 basis point increase in the average cost of borrowings, and an increase in the average balance of borrowings, coupled with a 142 basis point increase in the average cost of interest-bearing deposits and an increase in the average balance of deposits. Interest expense on borrowings increased $38.1 million, or 542.5%, and interest expense on deposits increased $65.4 million, or 400.6%, due to the rise in interest rates as noted above.
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The Company's net interest margin for the nine months ended September 30, 2023 decreased 73 basis points to 2.27%, when compared to 3.00% for the nine months ended September 30, 2022. The weighted average yield on interest-earning assets increased 71 basis points to 4.06% for the nine months ended September 30, 2023, as compared to 3.35% for the nine months ended September 30, 2022. The average cost of interest-bearing liabilities increased 182 basis points to 2.29% for the nine months ended September 30, 2023, as compared to 0.47% for the nine months ended September 30, 2022. The increase in yields for the nine months ended September 30, 2023 was due to the impact of multiple market interest rate increases between periods. The net interest margin decreased for the nine months ended September 30, 2023, as the average cost of interest-bearing liabilities outweighed the increase in the average yield on interest-earning assets.
The provision for credit losses for the nine months ended September 30, 2023 was $3.6 million, a decrease of $882,000, from $4.5 million for the nine months ended September 30, 2022. The decrease in provision for credit losses during the nine months was primarily attributable to a decrease in loan loss rates, partially offset by an increase in the outstanding balance of loans.
Non-interest income was $16.1 million for the nine months ended September 30, 2023, a decrease of $6.7 million, or 29.5%, from $22.9 million for the nine months ended September 30, 2022. The decrease was primarily attributable to an increase in the loss on securities transactions of $11.1 million, partially offset by an increase in other non-interest income of $3.4 million, which is primarily related to swap income.
Non-interest expense was $134.4 million for the nine months ended September 30, 2023, an increase of $4.1 million, or 3.2%, from $130.3 million for the nine months ended September 30, 2022. The increase was primarily attributable to an increase in compensation and employee benefits expense of $6.0 million, an increase in federal deposit insurance premiums of $1.7 million, due to an increase in the assessment rate imposed by the FDIC effective January 1, 2023, and an increase in data processing and software expenses of $849,000, partially offset by a decrease in merger-related expenses of $2.4 million, and a decrease in other non-interest expense of $3.6 million. The increase in compensation and employee benefits expense for the 2023 period was due to normal annual increases in employee related compensation, increased staff levels due to the May 2022 merger with RSI Bank, and severance expense recorded in June 2023 as a result of a workforce reduction. The decrease in other non-interest expense was primarily related to non-recurring litigation settlements included in the 2022 period and the decrease in expenses related to swap transactions.
Income tax expense was $9.1 million for the nine months ended September 30, 2023, a decrease of $13.1 million, as compared to $22.2 million for the nine months ended September 30, 2022, mainly due to a decrease in pre-tax income, and to a lesser extent, a decrease in the Company's effective tax rate. The Company's effective tax rate was 23.6% and 25.6% for the nine months ended September 30, 2023 and 2022, respectively. The effective tax rate for the 2023 period was primarily impacted by lower net interest income and the loss on the sale of securities.
Asset Quality
The Company's non-performing loans at September 30, 2023 totaled $15.2 million, or 0.19% of total gross loans, as compared to $6.7 million, or 0.09% of total gross loans, at December 31, 2022. The $8.5 million increase in non-performing loans was primarily attributable to an increase in non-performing commercial business loans of $5.8 million, an increase in non-performing one-to-four family real estate loans of $1.6 million, and an increase in non-performing commercial real estate loans of $1.2 million. The increase in non-performing commercial business loans was due to an increase in the number of loans from three non-performing loans at December 31, 2022 to 10 loans at September 30, 2023, including a $3.7 million loan to a technology company. The increase in non-performing one-to-four family real estate loans was due to an increase in the number of loans from 12 non-performing loans at December 31, 2022 to 18 loans at September 30, 2023. The increase in non-performing commercial real estate loans was due to the addition of two loans from December 31, 2022 to September 30, 2023. Non-performing assets as a percentage of total assets totaled 0.15% and 0.06% at September 30, 2023 and December 31, 2022, respectively.
For the quarter ended September 30, 2023, net charge-offs totaled $1.7 million, as compared to $208,000 in net charge-offs recorded for the quarter ended September 30, 2022. For the nine months ended September 30, 2023, net charge-offs totaled $2.3 million, as compared to $8,000 in net recoveries recorded for the nine months ended September 30, 2022. The 2023 periods included a partial charge-off of $2.0 million on a commercial business loan.
The Company's allowance for credit losses on loans was $54.1 million, or 0.69% of total gross loans, at September 30, 2023, compared to $52.8 million, or 0.69% of total gross loans, at December 31, 2022. The increase in the allowance for credit losses for loans was primarily due to an increase in the outstanding balance of loans, partially offset by a decrease in loan loss rates.



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Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Additional Liquidity, Loan, Deposit and Capital Information

The Company services a diverse retail and commercial deposit base through its 67 branches. With over 214,000 accounts, the average deposit account balance was approximately $36,000 at September 30, 2023.

The Company had uninsured deposits (excluding municipal deposits of $810.8 million, which are collateralized, and $3.6 billion of intercompany deposits) totaling $1.8 billion at September 30, 2023, down from $1.9 billion at June 30, 2023.

The Company had uninsured deposits as summarized below:
At September 30, 2023At June 30, 2023
(Dollars in thousands)
Uninsured deposits$1,773,116 $1,858,275 
Uninsured deposits to total deposits23.0 %24.1 %

Deposit balances are summarized as follows:
At September 30, 2023 At June 30, 2023
BalanceWeighted Average RateBalanceWeighted Average Rate
(Dollars in thousands)
Non-interest-bearing demand$1,439,517 — %$1,509,852 — %
Interest-bearing demand2,001,260 1.77 2,064,803 1.51 
Money market accounts1,196,983 3.09 1,085,317 2.80 
Savings and club deposits736,558 0.38 782,996 0.24 
Certificates of deposit2,328,848 3.27 2,271,188 2.91 
Total deposits$7,703,166 1.97 %$7,714,156 1.68 %

The Company continues to maintain strong liquidity and capital positions. The Company has not utilized the Federal Reserve’s Bank Term Funding Program and had no outstanding borrowings from the Federal Reserve Discount Window at September 30, 2023. As of October 23, 2023, the Company had immediate access to approximately $2.7 billion of funding, with additional unpledged loan collateral available to pledge in excess of $1.6 billion. Available sources of liquidity include but are not limited to:

•Cash and cash equivalents of $381.5 million;
•Borrowing capacity based on unencumbered collateral pledged at the FHLB totaling $419.1 million;
•Borrowing capacity based on unencumbered collateral pledged at the Federal Reserve Bank totaling $2.0 billion; and
•Available correspondent lines of credit of $354.0 million with various third parties.

At September 30, 2023, the Company's non-performing commercial real estate loans totaled $4.1 million, or 0.05%, of the total loans receivable loan portfolio balance.













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Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following table presents multifamily real estate, owner occupied commercial real estate, and the components of investor owned commercial real estate loans included in the real estate loan portfolio.
At September 30, 2023
(Dollars in thousands)
Balance% of Gross LoansWeighted Average Loan to Value RatioWeighted Average Debt Service Coverage
Multifamily Real Estate$1,417,233 18.2 %61.8 %1.45x
Owner Occupied Commercial Real Estate$498,525 6.4 %51.0 %2.08x
Investor Owned Commercial Real Estate:
Retail / Shopping centers$497,075 6.4 %52.9 %1.47x
Mixed Use313,480 4.0 58.6 1.61 
Industrial / Warehouse385,889 4.9 52.2 1.56 
Non-Medical Office224,103 2.9 52.1 1.57 
Medical Office140,099 1.8 59.3 1.65 
Single Purpose77,043 1.0 56.4 2.19 
Other238,274 3.1 50.5 1.64 
Total$1,875,963 24.1 %53.9 %1.59 
Total Multifamily and Commercial Real Estate Loans$3,791,721 48.7 %56.5 %1.60x


Critical Accounting Policies
    The Company considers certain accounting policies to be critically important to the fair presentation of its Consolidated Statements of Financial Condition and Consolidated Statements of Income. These policies require management to make significant judgments on matters which by their nature have elements of uncertainty. The sensitivity of the Company’s consolidated financial statements to these critical accounting policies, and the assumptions and estimates applied, could have a significant impact on its financial condition and results of operations. These assumptions, estimates and judgments made by management can be influenced by a number of factors, including the general economic environment. The Company has identified the following as critical accounting policies:

▪Adequacy of the allowance for credit losses
▪Valuation of deferred tax assets
▪Valuation of retirement and post-retirement benefits

The determination of the allowance for credit losses (“ACL”) on loans is considered a critical accounting estimate by management because of the high degree of judgment involved in determining qualitative loss factors, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment The ACL is maintained at a level management considers adequate to provide for estimated losses and impairment based upon an evaluation of known and inherent risk in the loan portfolio. The ACL consists of two elements: (1) identification of loans that must be individually analyzed for impairment and (2) establishment of an ACL for loans collectively analyzed.

Management estimates the ACL using relevant and reliable information from internal and external sources, related to past events, current conditions, and a reasonable and supportable forecast. Historical credit loss experience for both the Company and its segment-specific peers provides the basis for the estimate of expected credit losses. Credit losses over a defined period are converted to PD rate curves through the use of segment-specific LGD risk factors that convert default rates to loss severity based on industry-level, observed relationships between the two variables for each segment, primarily due to the nature of the underlying collateral. These risk factors were assessed for reasonableness against the Company’s own loss experience and adjusted in certain cases when the relationship between the Company’s historical default and loss severity deviate from that of the wider industry. The historical PD curves, together with corresponding economic conditions, establish a quantitative relationship between economic conditions and loan performance through an economic cycle.
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COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Portfolio segments are defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. Management developed segments for estimating losses based on the type of borrower and collateral which is generally based upon federal call report segmentation. The segments have been combined or sub-segments have been added as needed to ensure loans of similar risk profiles are appropriately pooled.

We maintain a loan review system that provides a periodic review of the loan portfolio and the identification of individually analyzed loans. The ACL for individually analyzed loans is based on the fair value of collateral or cash flows. While management uses the best information available to make such evaluations, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluations.

The ACL quantitative allowance for each segment is measured using a discounted cash flow methodology incorporating an econometric, probability of default (“PD”) and loss given default (“LGD”) with distinct segment-specific multi-variant regression models applied. Expected credit losses are estimated over the life of the loans by measuring the difference between the net present value of modeled cash flows and amortized cost basis. Contractual cash flows over the contractual life of the loans are the basis for the modeled cash flows, adjusted for model defaults and expected prepayments and discounted at the loan-level effective interest rate. The contractual term excludes expected extensions, renewals, and modifications.

Management estimates the ACL using relevant and reliable information from internal and external sources, related to past events, current conditions, and a reasonable and supportable forecast. Historical credit loss experience for both the Company and its segment-specific peers provides the basis for the estimate of expected credit losses. Credit losses over a defined period are converted to PD rate curves through the use of segment-specific LGD risk factors that convert default rates to loss severity based on industry-level, observed relationships between the two variables for each segment, primarily due to the nature of the underlying collateral. These risk factors were assessed for reasonableness against the Company’s own loss experience and adjusted in certain cases when the relationship between the Company’s historical default and loss severity deviate from that of the wider industry. The historical PD curves, together with corresponding economic conditions, establish a quantitative relationship between economic conditions and loan performance through an economic cycle.

Using the historical relationship between economic conditions and loan performance, management’s expectation of future loan performance is incorporated using a single economic forecast of macroeconomic variables (i.e., unemployment, gross domestic product, vacancy, and home price index). This forecast is applied over a period that management has determined to be reasonable and supportable. Beyond the period over which management can develop or source a reasonable and supportable forecast, the model reverts to long-term average historical loss rates using a straight-line, time-based methodology. The Company's current forecast period is six quarters, with a four-quarter reversion period to long-term average historical loss rates.

After quantitative considerations, management applies additional qualitative adjustments that consider the expected impact of certain factors not fully captured in the quantitative reserve. Qualitative adjustments include but are not limited to concentrations of large loan balances, delinquency trends, change in collateral values within segments, and other considerations.

The ACL is established through the provision for credit losses that are charged to income, which is based upon an evaluation of estimated losses in the current loan portfolio, including the evaluation of individually analyzed loans. Charge-offs against the ACL are taken on loans where management determines that the collection of loan principal and interest is unlikely. Recoveries made on loans that have been charged-off are credited to the ACL. Although we believe we have established and maintained the ACL on loans at appropriate levels, changes in reserves may be necessary if actual economic and other conditions differ substantially from the forecast used in estimating the ACL.

Our financial results are affected by the changes in and the level of the ACL. This process involves our analysis of internal and external variables, and it requires that we exercise judgment to estimate an appropriate ACL. As a result of the uncertainty associated with this subjectivity, we cannot assure the precision of the amount reserved, should we experience sizable loan losses in any particular period and/or significant changes in assumptions or economic condition. We believe the primary risks inherent in the portfolio are a general decline in the economy, a decline in real estate market values, rising unemployment, increasing vacancy rates, and increases in interest rates in the absence of economic improvement or any other such factors. Any one or a combination of these events may adversely affect a borrower's ability to repay its loan, resulting in increased delinquencies and loan losses. Accordingly, we have recorded loan credit losses at a level which is estimated to represent the current risk in its loan portfolio.

Most of our non-performing assets are collateral dependent loans which are written down to the fair value of the collateral less estimated costs to sell. We continue to assess the collateral of these loans and update our appraisals on these loans on an annual basis. To the extent the property values decline, there could be additional losses on these non-performing assets, which may be
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COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
material. Management considered these market conditions in deriving the estimated ACL. Should economic difficulties occur, the ultimate amount of loss could vary from our current estimate.

    The determination of whether deferred tax assets will be realizable is predicated on the reversal of existing deferred tax liabilities, utilization against carry-back years, and projections of future taxable income. These estimates are subject to management’s judgment. A valuation allowance is established when management is unable to conclude that it is more likely than not that it will realize deferred tax assets based on the nature and timing of these items. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period enacted. Management believes, based on current facts, that it is more likely than not that there will be sufficient taxable income in future years to realize federal deferred tax assets and that it is more likely than not that the benefits from certain state temporary differences will not be realized. At September 30, 2023 and December 31, 2022, the Company's net deferred tax assets totaled $37.3 million and $36.9 million, respectively, which included a valuation allowance totaling $2.0 million at both period end dates. Based upon projections of future taxable income and the ability to carryforward operating losses indefinitely, management believes it is more likely than not the Company will realize the remaining deferred tax assets.

    The Company provides certain health care and life insurance benefits, along with a split dollar BOLI death benefit, to eligible retired employees. The cost of retiree health care and other benefits during the employees' period of active service are accrued monthly. The accounting guidance requires the following: a) recognize in the statement of financial position the over funded or underfunded status of a defined benefit post-retirement plan measured as the difference between the fair value of plan assets and the benefit obligations; b) measure a plan's assets and its obligations that determine its funded status as of the end of the Company's fiscal year (with limited exceptions); and c) recognize as a component of other comprehensive income (loss), net of tax, the actuarial gain and losses and the prior service costs and credits that arise during the period. These assets and liabilities and expenses are based upon actuarial assumptions including interest rates, rates of increase in compensation, expected rate of return on plan assets and the length of time we will have to provide those benefits. Actual results may differ from these assumptions. These assumptions are reviewed and updated at least annually, and management believes the estimates are reasonable.
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COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

    Qualitative Analysis. Interest rate risk is defined as the exposure of a Company's current and future earnings and capital arising from movements in market interest rates. The guidelines of the Company’s interest rate risk policy seek to limit the exposure to changes in interest rates that affect the underlying economic value of assets, liabilities, earnings and capital.

    The Asset/Liability Committee meets regularly to review the impact of interest rate changes on net interest income, net interest margin, net income, and the economic value of equity. The Asset/Liability Committee reviews a variety of strategies that project changes in asset or liability mix and the impact of those changes on projected net interest income and net income.

    The Company’s strategy for liabilities has been to maintain a stable funding base by focusing on core deposit accounts. The Company’s ability to retain maturing time deposit accounts is the result of its strategy to remain competitively priced within its marketplace. The Company’s pricing strategy may vary depending upon current funding needs and the ability of the Company to fund operations through alternative sources.

    Quantitative Analysis. Current and future sensitivity to changes in interest rates are measured through the use of balance sheet and income simulation models. The analysis captures changes in net interest income using flat rates as a base and rising and declining interest rate forecasts. Changes in net interest income and net income for the forecast period, generally twelve to twenty-four months, are measured and compared to policy limits for acceptable changes. The Company periodically reviews historical deposit re-pricing activity and makes modifications to certain assumptions used in its balance sheet and income simulation models regarding the interest rate sensitivity of deposits. These modifications are made to more closely reflect the most likely results under the various interest rate change scenarios. Since it is inherently difficult to predict the sensitivity of interest-bearing deposits to changes in interest rates, the changes in net interest income due to changes in interest rates cannot be precisely predicted. There are a variety of reasons that may cause actual results to vary considerably from the predictions presented below which include, but are not limited to, the timing, magnitude, and frequency of changes in interest rates, interest rate spreads, prepayments, and actions taken in response to such changes.

    Assumptions used in the simulation model may include but are not limited to:

•Securities pricing from third parties;
•Loan pricing indications from third parties;
•Loan and depository spread assumptions based upon the Company's product offerings;
•Securities and borrowing spreads based upon third party indications; and
•Prepayment assumptions derived from the Company's actual results and third party surveys.

    Certain shortcomings are inherent in the methodologies used in the interest rate risk measurements. Modeling changes in net interest income requires the use of certain assumptions regarding prepayment and deposit repricing, which may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. While management believes such assumptions are reasonable, there can be no assurance that assumed prepayment rates and repricing rates will approximate actual future asset prepayment and liability repricing activity.

    The table below sets forth an approximation of our interest rate exposure. Net interest income assumes that the composition of interest sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and also assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration to maturity or repricing of specific assets and liabilities. Accordingly, although the net interest income table provides an indication of our interest rate risk exposure at a particular point in time, such measurement is not intended to and does not provide a precise forecast of the effect of changes in market interest rates on our net interest income and will differ from actual.

    The table below sets forth, as of September 30, 2023, the net portfolio value, the estimated changes in the net portfolio value, and the net interest income that would result from the designated instantaneous parallel changes in market interest rates. This data is for Columbia Bank and Freehold Bank and its subsidiaries only and does not include any assets of the Company.
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COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Twelve Months Net Interest IncomeNet Portfolio Value ("NPV")
Change in Interest Rates (Basis Points)AmountDollar ChangePercent of ChangeEstimated NPVPresent Value RatioPercent Change
      (Dollars in thousands)
+400$154,880 $(42,324)(21.46)%$669,508 7.98 %(41.61)%
+300166,498 (30,706)(15.57)790,862 9.15 (31.02)
+200177,174 (20,030)(10.16)911,765 10.25 (20.48)
+100187,544 (9,660)(4.90)1,030,965 11.25 (10.08)
Base197,204 — — 1,146,523 12.15 — 
-100207,364 10,160 5.15 1,259,588 12.94 9.86 
-200212,890 15,686 7.95 1,334,324 13.30 16.38 
-300212,482 15,278 7.75 1,368,384 13.64 19.35 
-400202,205 5,001 2.54 1,336,418 13.32 16.56 
    
    As of September 30, 2023, based on the scenarios above, net interest income would decrease by approximately 10.16% if rates were to rise 200 basis points, and would increase by 7.95% if rates were to decrease 200 basis points over a one-year time horizon.

    Another measure of interest rate sensitivity is to model changes in net portfolio value through the use of immediate and sustained interest rate shocks. As of September 30, 2023, based on the scenarios above, in the event of an immediate and sustained 200 basis point increase in interest rates, the NPV is projected to decrease 20.48%. If rates were to decrease 200 basis points, the model forecasts a 16.38% increase in the NPV.

    Overall, our September 30, 2023 results indicate that we are adequately positioned with an acceptable net interest income and economic value at risk in all scenarios and that all interest rate risk results continue to be within our policy guidelines.

Liquidity Management and Capital Resources:

    Liquidity Management. Liquidity refers to the Company's ability to generate adequate amounts of cash to meet financial obligations of a short-term and long-term nature. Sources of funds consist of deposit inflows, loan repayments and maturities, maturities and sales of securities, and the ability to execute new borrowings. While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows, calls of debt securities, and prepayments on loans and mortgage-backed securities are influenced by economic conditions, competition, and interest rate movements.

    The Company's cash flows are identified as cash flows from operating activities, investing activities and financing activities. Refer to the Consolidated Statements of Cash Flows for further details of the cash inflows and outflows of the Company.

    We mitigate liquidity risk by attempting to structure our balance sheet prudently and by maintaining diverse borrowing resources to fund potential cash needs. For example, we structure our balance sheet so that we fund less liquid assets, such as loans, with stable funding sources, such as retail deposits, long-term debt, wholesale borrowings, and capital. We assess liquidity needs arising from asset growth, maturing obligations, and deposit withdrawals, taking into account operations in both the normal course of business and times of unusual events. In addition, we consider our off-balance sheet arrangements and commitments that may impact liquidity in certain business environments.

Our Asset/Liability Committee measures liquidity risks, sets policies to manage these risks, and reviews adherence to those policies at its quarterly meetings. For example, we manage the use of short-term unsecured borrowings as well as total wholesale funding through policies established and reviewed by our Asset/Liability Committee. In addition, the Risk Committee of our Board of Directors reviews liquidity limits, and reviews current and forecasted liquidity positions at each of its regularly scheduled meetings.
We have contingency funding plans that assess liquidity needs that may arise from certain stress events such as rapid asset growth or financial market disruptions. Our contingency plans also provide for continuous monitoring of net borrowed funds and dependence and available sources of contingent liquidity. These sources of contingent liquidity include cash and cash equivalents, capacity to borrow at the Federal Reserve discount window or the Bank Term Funding Program and through the FHLB system, fed funds purchased from other banks and the ability to sell, pledge or borrow against unencumbered securities in our securities
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COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

portfolio. As of September 30, 2023, the potential liquidity from these sources is an amount we believe currently exceeds any contingent liquidity need.
    Capital Resources. The Company and its subsidiary banks (Columbia Bank and Freehold Bank) are subject to various regulatory capital requirements administered by the federal banking regulators, including a risk-based capital measure. The Federal Reserve establishes capital requirements, including well capitalized standards, for the consolidated financial holding company, and the Office of the Comptroller of the Currency (the "OCC") has similar requirements for the Company's subsidiary banks. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's Consolidated Statements of Financial Condition.
Federal regulators require federally insured depository institutions to meet several minimum capital standards: (1) total capital to risk-weighted assets of 8.0%; (2) tier 1 capital to risk-weighted assets of 6.0%; (3) common equity tier 1 capital to risk-weighted assets of 4.5%; and (4) tier 1 capital to adjusted total assets of 4.0%. In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements. The regulators established a framework for the classification of savings institutions into five categories: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. Generally, an institution is considered well capitalized if it has: a total capital to risk-weighted assets ratio of at least 10.5%, a tier 1 capital to risk-weighted assets ratio of at least 8.5%, a common tier 1 capital to risk-weighted assets ratio of at least 7.0%, and a tier 1 capital to adjusted total assets ratio of at least 4.0%. As of September 30, 2023 and December 31, 2022, each of the Company and Columbia Bank and Freehold Bank exceeded all capital adequacy requirements to which it was subject.

    The following tables presents the Company's, Columbia Bank's and Freehold Bank's actual capital amounts and ratios at September 30, 2023 and December 31, 2022 compared to the Federal Reserve Bank minimum capital adequacy requirements and the Federal Reserve Bank requirements for classification as a well-capitalized institution:
ActualMinimum Capital Adequacy RequirementsMinimum Capital Adequacy Requirements with Capital Conservation BufferTo be Well Capitalized Under Prompt Corrective Action Provisions
AmountRatioAmountRatioAmountRatioAmountRatio
Company(In thousands, except ratio data)
At September 30, 2023:
Total capital (to risk-weighted assets)$1,100,669 13.91 %$633,028 8.00 %$830,849 10.50 %N/AN/A
Tier 1 capital (to risk-weighted assets)1,040,960 13.16 474,771 6.00 672,592 8.50 N/AN/A
Common equity tier 1 capital (to risk-weighted assets)1,033,743 13.06 356,078 4.50 553,900 7.00 N/AN/A
Tier 1 capital (to adjusted total assets)1,040,960 10.25 406,283 4.00 406,283 4.00 N/AN/A
At December 31, 2022:
Total capital (to risk-weighted assets)$1,145,331 15.39 %$595,313 8.00 %$781,348 10.50 %N/AN/A
Tier 1 capital (to risk-weighted assets)1,085,665 14.59 446,485 6.00 632,520 8.50 N/AN/A
Common equity tier 1 capital (to risk-weighted assets)1,078,448 14.49 334,863 4.50 520,899 7.00 N/AN/A
Tier 1 capital (to adjusted total assets)1,085,665 10.68 406,643 4.00 406,643 4.00 N/AN/A






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COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ActualMinimum Capital Adequacy RequirementsMinimum Capital Adequacy Requirements with Capital Conservation BufferTo be Well Capitalized Under Prompt Corrective Action Provisions
AmountRatioAmountRatioAmountRatioAmountRatio
Columbia Bank(In thousands, except ratio data)
At September 30, 2023:
Total capital (to risk-weighted assets)$1,011,926 13.86 %$584,221 8.00 %$766,790 10.50 %$730,276 10.00 %
Tier 1 capital (to risk-weighted assets)953,543 13.06 438,165 6.00 620,734 8.50 584,221 8.00 
Common equity tier 1 capital (to risk-weighted assets)953,543 13.06 328,624 4.50 511,193 7.00 474,679 6.50 
Tier 1 capital (to adjusted total assets)953,543 9.67 394,613 4.00 394,613 4.00 493,267 5.00 
At December 31, 2022:
Total capital (to risk-weighted assets)$1,019,850 14.12 %$577,656 8.00 %$758,173 10.50 %$722,070 10.00 %
Tier 1 capital (to risk-weighted assets)961,613 13.32 433,242 6.00 613,759 8.50 577,656 8.00 
Common equity tier 1 capital (to risk-weighted assets)961,613 13.32 324,931 4.50 505,449 7.00 469,345 6.50 
Tier 1 capital (to adjusted total assets)961,613 9.74 394,968 4.00 394,968 4.00 493,711 5.00 

    
ActualMinimum Capital Adequacy RequirementsMinimum Capital Adequacy Requirements with Capital Conservation BufferTo be Well Capitalized Under Prompt Corrective Action Provisions
AmountRatioAmountRatioAmountRatioAmountRatio
Freehold Bank(In thousands, except ratio data)
At September 30, 2023:
Total capital (to risk-weighted assets)$45,210 22.24 %$16,265 8.00 %$21,347 10.50 %$20,331 10.00 %
Tier 1 capital (to risk-weighted assets)43,850 21.57 12,198 6.00 17,281 8.50 16,265 8.00 
Common equity tier 1 capital (to risk-weighted assets)43,850 21.57 9,149 4.50 14,231 7.00 13,215 6.50 
Tier 1 capital (to adjusted total assets)43,850 15.27 11,484 4.00 11,484 4.00 14,355 5.00 
At December 31, 2022:
Total capital (to risk-weighted assets)$44,725 22.92 %$15,609 8.00 %$20,486 10.50 %$19,511 10.00 %
Tier 1 capital (to risk-weighted assets)43,298 22.19 11,706 6.00 16,584 8.50 15,609 8.00 
Common equity tier 1 capital (to risk-weighted assets)43,298 22.19 8,780 4.50 13,657 7.00 12,682 6.50 
Tier 1 capital (to adjusted total assets)43,298 15.19 11,399 4.00 11,399 4.00 14,249 5.00 
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COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Item 4. CONTROLS AND PROCEDURES

    An evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities and Exchange Act of 1934, as amended) as of September 30, 2023. In designing and evaluating the Company’s disclosure controls and procedures, the Company and its management recognize that any controls and procedures, no matter how well-designed and operated, can provide only a reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating and implementing possible controls and procedures. Based on that evaluation, the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective.

    During the quarter ended September 30, 2023, there were no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.


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PART II – OTHER INFORMATION

Item 1.     Legal Proceedings
    
    The Company is involved in various legal actions and claims arising in the normal course of business. In the opinion of management, these legal actions and claims are not expected to have a material adverse impact on the Company’s financial condition.


Item 1A.     Risk Factors

    For information regarding the Company’s risk factors, refer to the Risk Factors previously disclosed under Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 1, 2023. As of September 30, 2023, the risk factors of the Company have not materially changed from those disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.

Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds

    The following table reports information regarding repurchases of the Company's common stock, excluding excise tax during the quarter ended September 30, 2023:
Period
Total Number of Shares (2)
Average Price Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
July 1 - 31, 2023186,489 $17.83 167,640 1,596,360 
August 1 - 31, 2023275,099 17.41 275,099 1,321,261 
September 1 - 30, 202391,309 15.87 75,800 1,245,461 
Total552,897 $17.29 518,539 
(1) On May 25, 2023, the Company announced that its Board of Directors authorized the Company's sixth stock repurchase program to acquire up to 2,000,000 shares, or approximately 1.9% of the Company's then issued and outstanding common stock.
(2) During the three months ended September 30, 2023, 18,849 shares were repurchased for taxes related to the 2019 Equity Incentive Plan and 15,509 shares were repurchased pursuant to forfeitures and not as part of a share repurchase program.

Item 3.     Defaults Upon Senior Securities
    
    Not Applicable.

Item 4.     Mine Safety Disclosures

    Not Applicable.

Item 5.     Other Information

    During the fiscal quarter ended September 30, 2023, none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K.

Item 6.     Exhibits

    The exhibits listed in the Exhibit Index (following the signatures section of this report) are included in, or incorporated by reference into this Quarterly Report on Form 10-Q.
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Exhibit Index
31.1
31.2
32
101.0
The following materials from the Company’s Quarterly Report to Stockholders on Form 10-Q for the quarter ended September 30, 2023, formatted in inline XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income (Loss), (iv) the Consolidated Statements of Changes in Stockholder’s Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to the Consolidated Financial Statements.
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101. CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101. DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101. LABInline XBRL Taxonomy Extension Label Linkbase Document
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104Cover page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Registrant has duly caused this quarterly report to be signed on its behalf by the undersigned, thereunto duly authorized.
Columbia Financial, Inc.
Date:November 9, 2023/s/Thomas J. Kemly
Thomas J. Kemly
President and Chief Executive Officer
(Principal Executive Officer)
Date:November 9, 2023/s/Dennis E. Gibney
Dennis E. Gibney
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)

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