Columbia Financial, Inc. Files Q2 2024 10-Q Report
Ticker: CLBK · Form: 10-Q · Filed: Aug 9, 2024 · CIK: 1723596
Sentiment: neutral
Topics: 10-Q, financials, savings-institution
TL;DR
Columbia Financial Q2 2024 10-Q filed. All systems go.
AI Summary
Columbia Financial, Inc. reported its financial results for the quarter ended June 30, 2024. The company's filings indicate a fiscal year end of December 31 and its primary business is as a federally chartered savings institution. Key financial data and operational details are provided in this 10-Q filing.
Why It Matters
This filing provides investors and analysts with the latest financial performance and operational status of Columbia Financial, Inc., crucial for understanding its current market position and future prospects.
Risk Assessment
Risk Level: low — This filing is a standard quarterly report and does not contain immediate red flags or significant negative developments.
Key Numbers
- 2024 Q2 — Reporting Period (Indicates the second quarter of 2024 financial data is presented.)
- 12/31 — Fiscal Year End (Specifies the end of the company's fiscal year.)
Key Players & Entities
- Columbia Financial, Inc. (company) — Filer of the 10-Q report
- 20240630 (date) — End of the reporting period
- 20240809 (date) — Filing date of the report
- Fair Lawn, NJ (location) — Business and mailing address
FAQ
What is the primary business of Columbia Financial, Inc.?
Columbia Financial, Inc. is a federally chartered savings institution, as indicated by its Standard Industrial Classification code [6035].
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending on June 30, 2024 (2024 Q2).
When was this 10-Q report filed with the SEC?
This 10-Q report was filed on August 9, 2024.
Where is Columbia Financial, Inc. located?
Columbia Financial, Inc.'s business and mailing address is 19-01 Route 208 North, Fair Lawn, NJ 07410.
What is the SEC file number for Columbia Financial, Inc.?
The SEC file number for Columbia Financial, Inc. is 001-38456.
Filing Stats: 4,853 words · 19 min read · ~16 pages · Grade level 16.6 · Accepted 2024-08-09 16:03:14
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value per share CLBK The Nasdaq Sto
Filing Documents
- clbk-20240630.htm (10-Q) — 3621KB
- exhibit3116302024.htm (EX-31.1) — 10KB
- exhibit3126302024.htm (EX-31.2) — 10KB
- exhibit3206302024.htm (EX-32.0) — 7KB
- 0001723596-24-000326.txt ( ) — 19655KB
- clbk-20240630.xsd (EX-101.SCH) — 59KB
- clbk-20240630_cal.xml (EX-101.CAL) — 156KB
- clbk-20240630_def.xml (EX-101.DEF) — 494KB
- clbk-20240630_lab.xml (EX-101.LAB) — 959KB
- clbk-20240630_pre.xml (EX-101.PRE) — 778KB
- clbk-20240630_htm.xml (XML) — 4951KB
Financial Information
PART I. Financial Information
Financial Statements
Item 1. Financial Statements Consolidated Statements of Financial Condition as of June 30, 2024 (Unaudited) and December 31, 2023 2 Consolidated Statements of Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 3 Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Changes in Stockholder's Equity for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 9 Notes to Unaudited Consolidated Financial Statements 11
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 60
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 68
Controls and Procedures
Item 4. Controls and Procedures 72
Other Information
PART II. Other Information
Legal Proceedings
Item 1. Legal Proceedings 73
Risk Factors
Item 1A. Risk Factors 73
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 73
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 73
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 73
Other Information
Item 5. Other Information 73
Exhibits
Item 6. Exhibits 73 Exhibit Index 74
SIGNATURES
SIGNATURES 75 COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Consolidated Statements of Financial Condition (In thousands, except share and per share data) June 30, December 31, 2024 2023 Assets (Unaudited) Cash and due from banks $ 391,004 $ 423,140 Short-term investments 110 109 Total cash and cash equivalents 391,114 423,249 Debt securities available for sale, at fair value 1,263,459 1,093,557 Debt securities held to maturity, at amortized cost (fair value of $ 365,344 and $ 357,177 at June 30, 2024 and December 31, 2023, respectively) 411,300 401,154 Equity securities, at fair value 4,531 4,079 Federal Home Loan Bank stock 87,618 81,022 Loans receivable 7,819,011 7,874,537 Less: allowance for credit losses 57,062 55,096 Loans receivable, net 7,761,949 7,819,441 Accrued interest receivable 41,338 39,345 Office properties and equipment, net 82,547 83,577 Bank-owned life insurance ("BOLI") 271,300 268,362 Goodwill and intangible assets 122,102 123,350 Other real estate owned 1,974 — Other assets 324,358 308,432 Total assets $ 10,763,590 $ 10,645,568 Liabilities and Stockholders' Equity Liabilities: Deposits $ 7,781,547 $ 7,846,556 Borrowings 1,683,899 1,528,695 Advance payments by borrowers for taxes and insurance 47,842 43,509 Accrued expenses and other liabilities 203,568 186,473 Total liabilities 9,716,856 9,605,233 Stockholders' equity: Preferred stock, $ 0.01 par value. 10,000,000 shares authorized; none issued and outstanding at June 30, 2024 and December 31, 2023 — — Common stock, $ 0.01 par value. 500,000,000 shares authorized; 131,370,633 shares issued and 104,755,270 shares outstanding at June 30, 2024 and 131,155,268 shares issued and 104,918,905 shares outstanding at December 31, 2023 1,314 1,312 Additional paid-in capital 796,432 791,450 Retained earnings 896,989 893,604 Accumulated other comprehensive loss ( 155,482 ) ( 158,735 ) Treasury stock, at cost; 26,615,363 shares at June 30, 2024 and 26,236,363 s