Columbia Financial, Inc. (CLBK) Bundle
A Brief History of Columbia Financial, Inc.
Columbia Financial, Inc. (CLBK) has experienced significant developments and financial fluctuations from its inception to 2024. The company has expanded its operations and adapted to changing market conditions, impacting its overall financial performance.
Company Overview
Columbia Financial, Inc. is a bank holding company based in New Jersey, primarily focused on providing financial services through Columbia Bank. As of September 30, 2024, the company reported total assets of approximately $10.7 billion, reflecting a slight increase of $40.9 million from $10.6 billion at December 31, 2023.
Financial Performance
For the nine months ended September 30, 2024, Columbia Financial reported:
- Net income of $9.6 million, a decrease of 67.6% from $29.5 million for the same period in 2023.
- Total interest income of $337.8 million, up from $287.4 million in the previous year.
- Total interest expense surged to $206.2 million, compared to $126.9 million for the nine months ended September 30, 2023.
Net Interest Margin
The net interest margin for the nine months ended September 30, 2024, was 1.80%, down from 2.27% in 2023. This decline was primarily due to a significant increase in the average cost of interest-bearing liabilities, which rose to 3.47% from 2.29%.
Loan Portfolio
As of September 30, 2024, total loans receivable amounted to $7.8 billion, a slight decrease of $20.7 million from December 31, 2023. The breakdown of loans is as follows:
| Loan Type | Amount (in thousands) |
|---|---|
| One-to-four family | $2,737,190 |
| Multifamily | $1,399,000 |
| Commercial real estate | $2,312,759 |
| Construction | $510,439 |
| Commercial business loans | $586,447 |
| Home equity loans and advances | $261,041 |
| Other consumer loans | $2,877 |
Asset Quality
The company’s non-performing loans totaled $28.0 million, or 0.36% of total gross loans, as of September 30, 2024, compared to $12.6 million, or 0.16% at December 31, 2023.
Deposits
Columbia Financial reported total deposits of $7.96 billion as of September 30, 2024, with a breakdown as follows:
| Deposit Type | Amount (in thousands) |
|---|---|
| Non-interest-bearing demand | $1,406,152 |
| Interest-bearing demand | $1,980,298 |
| Money market accounts | $1,239,204 |
| Savings and club deposits | $649,858 |
| Certificates of deposit | $2,682,547 |
Stock Performance
Columbia Financial's stock performance has been influenced by its financial results and market conditions. The company has engaged in stock repurchase programs, purchasing 365,116 shares at an average price of $16.14 per share during the nine months ended September 30, 2024.
Conclusion
In summary, Columbia Financial, Inc. has navigated a challenging financial environment in 2024, managing to maintain its asset base while experiencing notable fluctuations in net income and loan performance. The company continues to adapt its strategies to sustain its growth and profitability.
A Who Owns Columbia Financial, Inc. (CLBK)
Ownership Structure
As of September 30, 2024, Columbia Financial, Inc. (CLBK) has a total of 131,371,430 shares issued, with 104,725,436 shares outstanding. The company has a treasury stock holding of 26,645,994 shares.
Major Shareholders
The major shareholders of Columbia Financial, Inc. include institutional investors and individual stakeholders. The following table outlines the ownership distribution among significant shareholders:
| Shareholder Type | Number of Shares | Ownership Percentage |
|---|---|---|
| Institutional Investors | Approx. 45,000,000 | 43.1% |
| Insiders (Management and Directors) | Approx. 8,000,000 | 7.7% |
| Employee Stock Ownership Plan | Approx. 30,778 | 0.03% |
| Public Float | Approx. 51,717,658 | 49.2% |
Recent Stock Repurchase Activity
Columbia Financial has been actively repurchasing its shares under its stock repurchase programs. As of September 30, 2024, the company has repurchased 365,116 shares at a total cost of approximately $5.9 million, averaging $16.14 per share.
Stock Performance
The stock price of Columbia Financial, Inc. has shown fluctuations over the past year. As of the end of September 2024, the stock closed at $16.14. The company has experienced a decrease in net income of $19.9 million, or 67.6%, compared to the same period in the previous year.
Financial Overview
As of September 30, 2024, Columbia Financial reported total stockholders' equity of $1.079 billion, reflecting an increase from $1.040 billion at the end of 2023. The company’s total liabilities stood at $9.607 billion.
Dividend Policy
Columbia Financial has not declared any dividends in 2024, as the focus has shifted to retaining capital due to the recent stock repurchase program.
Ownership by Geographic Distribution
The following table provides insights into the geographic distribution of Columbia Financial's shareholders:
| Geographic Region | Number of Shares | Ownership Percentage |
|---|---|---|
| Northeast USA | Approx. 60,000,000 | 57.7% |
| Midwest USA | Approx. 30,000,000 | 28.9% |
| Other Regions | Approx. 11,371,430 | 10.9% |
Conclusion on Ownership Trends
Columbia Financial, Inc. remains primarily owned by institutional investors and insiders, with a significant public float. The company continues to adapt its capital strategies to enhance shareholder value.
Columbia Financial, Inc. (CLBK) Mission Statement
Columbia Financial, Inc. aims to provide exceptional financial services to its customers while maintaining a commitment to community engagement and sustainable growth. As of 2024, the company emphasizes a customer-centric approach that focuses on enhancing customer experiences and delivering innovative banking solutions.
Financial Performance Overview
As of September 30, 2024, Columbia Financial reported the following key financial metrics:
| Metric | Value |
|---|---|
| Total Assets | $10.69 billion |
| Total Liabilities | $9.61 billion |
| Total Stockholders' Equity | $1.08 billion |
| Net Income (9 months ended September 30, 2024) | $9.6 million |
| Net Interest Margin | 1.80% |
| Provision for Credit Losses | $11.6 million |
| Non-Interest Income | $25.6 million |
| Non-Performing Assets Ratio | 0.28% |
Loan Portfolio Composition
Columbia Financial's loan portfolio as of September 30, 2024, is detailed below:
| Loan Type | Balance (in thousands) |
|---|---|
| One-to-Four Family Real Estate Loans | $2,737,190 |
| Multifamily Loans | $1,399,000 |
| Commercial Real Estate Loans | $2,312,759 |
| Construction Loans | $510,439 |
| Commercial Business Loans | $586,447 |
| Home Equity Loans and Advances | $261,041 |
| Other Consumer Loans | $2,877 |
| Total Loans | $7,809,753 |
Deposit Composition
As of September 30, 2024, Columbia Financial reported the following deposit balances:
| Deposit Type | Balance (in thousands) | Weighted Average Rate |
|---|---|---|
| Non-Interest-Bearing Demand Deposits | $1,406,152 | 0.00% |
| Interest-Bearing Demand Deposits | $1,980,298 | 2.41% |
| Money Market Accounts | $1,239,204 | 2.92% |
| Savings and Club Deposits | $649,858 | 0.79% |
| Certificates of Deposit | $2,682,547 | 4.45% |
| Total Deposits | $7,958,059 | 2.62% |
Capital Position
Columbia Financial’s capital position as of September 30, 2024, is summarized below:
| Capital Measure | Amount (in thousands) | Ratio |
|---|---|---|
| Total Capital to Risk-Weighted Assets | $1,144,340 | 14.37% |
| Tier 1 Capital to Risk-Weighted Assets | $1,082,443 | 13.59% |
| Common Equity Tier 1 Capital to Risk-Weighted Assets | $1,075,226 | 13.50% |
| Tier 1 Capital to Adjusted Total Assets | $1,082,443 | 10.16% |
Stock Performance and Shareholder Returns
Columbia Financial has engaged in stock repurchase programs to enhance shareholder value. As of September 30, 2024, the details of the stock repurchases are as follows:
| Program | Shares Repurchased | Cost (in thousands) |
|---|---|---|
| Fifth Stock Repurchase Program | 365,116 shares | $5,894 |
| Sixth Stock Repurchase Program (remaining shares) | 741,725 shares | — |
The company's stock repurchase strategy aims to retain capital while optimizing shareholder returns amidst changing market conditions.
How Columbia Financial, Inc. (CLBK) Works
Financial Overview
As of September 30, 2024, Columbia Financial, Inc. reported a net income of $9.6 million, a decrease of 67.6% compared to $29.5 million for the same period in 2023. This decline was primarily due to a significant decrease in net interest income and an increase in provisions for credit losses.
Income Statement Highlights
| Item | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Interest Income | $131.6 million | $160.5 million |
| Non-Interest Income | $25.6 million | $16.1 million |
| Provision for Credit Losses | $11.6 million | $3.6 million |
| Total Expenses | $42.8 million | $42.9 million |
| Income Tax Expense | $1.1 million | $2.7 million |
Balance Sheet Overview
As of September 30, 2024, total assets amounted to $9.6 billion, with total liabilities also at $9.6 billion. The company's stockholders' equity increased to $1.1 billion, representing a 3.7% increase since December 31, 2023.
Loan Portfolio
Columbia Financial's total loans receivable stood at $7.8 billion as of September 30, 2024. The breakdown of the loan portfolio is as follows:
| Loan Type | Balance | Percentage of Total Loans |
|---|---|---|
| One-to-Four Family | $2.7 billion | 34.6% |
| Multifamily | $1.4 billion | 17.8% |
| Commercial Real Estate | $2.3 billion | 29.6% |
| Commercial Business | $586.4 million | 7.5% |
| Home Equity Loans | $261.0 million | 3.3% |
| Other Consumer Loans | $2.9 million | 0.04% |
Deposits
As of September 30, 2024, total deposits reached $7.96 billion. The composition of deposits is detailed below:
| Deposit Type | Balance | Weighted Average Rate |
|---|---|---|
| Non-Interest Bearing Demand | $1.41 billion | —% |
| Interest Bearing Demand | $1.98 billion | 2.41% |
| Money Market Accounts | $1.24 billion | 2.92% |
| Savings and Club Deposits | $649.9 million | 0.79% |
| Certificates of Deposit | $2.68 billion | 4.45% |
Interest Expense and Margin
Columbia Financial reported total interest expense of $206.2 million for the nine months ended September 30, 2024, marking a 62.5% increase from $126.9 million in the previous year. The net interest margin decreased to 1.80% from 2.27% year-over-year.
Credit Quality
The allowance for credit losses on loans was $58.5 million, or 0.75% of total gross loans, as of September 30, 2024, compared to $55.1 million, or 0.70%, at December 31, 2023. Non-performing assets represented 0.28% of total assets at September 30, 2024.
Stock Performance
The company repurchased 365,116 shares at an average cost of $16.14 per share under its stock repurchase program during the nine months ended September 30, 2024. There are 741,725 shares remaining for repurchase under the current authorization.
How Columbia Financial, Inc. (CLBK) Makes Money
Net Interest Income
Columbia Financial, Inc. generates a significant portion of its revenue through net interest income. For the quarter ended September 30, 2024, the company reported:
| Interest Income | Interest Expense | Net Interest Income |
|---|---|---|
| $115.9 million | $70.6 million | $45.3 million |
The net interest income decreased by $3.2 million, or 6.7%, compared to $48.5 million for the quarter ended September 30, 2023, primarily due to an increase in interest expenses driven by rising rates and competition for deposits.
Interest-earning Assets
The weighted average yield on interest-earning assets increased to 4.70% for the quarter ended September 30, 2024, compared to 4.17% for the same quarter in 2023. The average yield on loans rose to 5.00%, up from 4.47% in the prior year.
Deposits and Borrowings
As of September 30, 2024, total deposits were reported at:
| Type of Deposit | Amount (in thousands) | Weighted Average Rate |
|---|---|---|
| Non-interest-bearing demand | $1,406,152 | —% |
| Interest-bearing demand | $1,980,298 | 2.41% |
| Money market accounts | $1,239,204 | 2.92% |
| Savings and club deposits | $649,858 | 0.79% |
| Certificates of deposit | $2,682,547 | 4.45% |
| Total Deposits | $7,958,059 | 2.62% |
The total interest expense for deposits was $52.2 million for the quarter ended September 30, 2024.
Non-Interest Income
Columbia Financial, Inc. also earns non-interest income, which totaled $25.6 million for the nine months ended September 30, 2024, an increase of $9.5 million from $16.1 million for the same period in 2023. Key components included:
| Source | Amount (in thousands) |
|---|---|
| Demand deposit account fees | $4,698 |
| Bank-owned life insurance | $5,253 |
| Title insurance fees | $1,935 |
| Loan fees and service charges | $3,290 |
| Other non-interest income | $10,440 |
The increase in non-interest income was primarily due to a decrease in losses on securities transactions.
Provision for Credit Losses
The provision for credit losses for the nine months ended September 30, 2024, was $11.6 million, an increase of $7.9 million from $3.6 million in the same period in 2023. This increase was attributed to net charge-offs of $8.2 million.
Operational Expenses
For the quarter ended September 30, 2024, Columbia Financial reported total non-interest expenses of $42.8 million, a slight decrease from $42.9 million in the previous year. Major expense categories included:
| Expense Category | Amount (in thousands) |
|---|---|
| Compensation and employee benefits | $27,738 |
| Occupancy | $5,594 |
| Federal deposit insurance premiums | $1,518 |
| Advertising | $766 |
| Professional fees | $2,454 |
| Data processing and software expenses | $4,125 |
The decrease in expenses was primarily due to reductions in compensation and employee benefits.
Net Income
Net income for Columbia Financial, Inc. for the quarter ended September 30, 2024, was $6.2 million, a decrease of $2.9 million, or 32.3%, compared to $9.1 million for the same quarter in 2023. The decline was driven by reduced net interest income and an increase in credit loss provisions.
Stockholder's Equity
Total stockholders' equity increased to $1.1 billion at September 30, 2024, up $38.8 million from $1.0 billion at December 31, 2023.
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Resources:
- Columbia Financial, Inc. (CLBK) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Columbia Financial, Inc. (CLBK)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Columbia Financial, Inc. (CLBK)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.