Columbia Financial, Inc. Announces Repositioning of Balance Sheet
Columbia Financial (NASDAQ: CLBK) announced a strategic balance sheet repositioning, selling $321 million of available-for-sale debt securities with a 1.53% weighted average book yield. The proceeds were allocated to: $85 million in loan growth, $66 million in higher-yielding debt securities, and $170 million to prepay high-cost borrowings.
The transaction resulted in a $38 million pre-tax loss but is expected to be immediately accretive to net interest income and neutral to tangible book value per share. The company projects a 24% increase in 2025 earnings and a 15 basis points expansion in net interest margin compared to current analyst consensus. The estimated payback period is 3.1 years.
Post-transaction, the company maintains strong regulatory capital ratios, with total capital to risk-weighted assets at 13.87% and tier 1 leverage capital ratio at 9.99%.
Columbia Financial (NASDAQ: CLBK) ha annunciato una riposizionamento strategico del proprio bilancio, vendendo titoli di debito disponibili per la vendita per un valore di 321 milioni di dollari, con un rendimento medio ponderato del 1,53%. I proventi sono stati allocati a: 85 milioni di dollari per la crescita dei prestiti, 66 milioni in titoli di debito con rendimento più elevato e 170 milioni per ripagare prestiti ad alto costo.
La transazione ha comportato una perdita prima delle tasse di 38 milioni di dollari, ma si prevede che sia immediatamente accrescitiva per il reddito netto da interessi e neutra per il valore contabile tangibile per azione. L'azienda prevede un aumento del 24% degli utili nel 2025 e un'espansione di 15 punti base nel margine netto da interessi rispetto al consenso attuale degli analisti. Il periodo di rimborso stimato è di 3,1 anni.
Dopo la transazione, l'azienda mantiene solidi rapporti di capitalizzazione regolamentare, con un capitale totale rispetto agli attivi ponderati per il rischio del 13,87% e un rapporto di capitale di leva Tier 1 del 9,99%.
Columbia Financial (NASDAQ: CLBK) anunció un reposicionamiento estratégico de su balance, vendiendo valores de deuda disponibles para la venta por un valor de 321 millones de dólares, con un rendimiento promedio ponderado del 1.53%. Los ingresos se destinaron a: 85 millones para el crecimiento de préstamos, 66 millones en valores de deuda de mayor rendimiento y 170 millones para prepagar préstamos de alto costo.
La transacción resultó en una pérdida antes de impuestos de 38 millones de dólares, pero se espera que sea inmediatamente accretiva al ingreso neto por intereses y neutral para el valor contable tangible por acción. La compañía proyecta un aumento del 24% en las ganancias de 2025 y una expansión de 15 puntos básicos en el margen neto por intereses en comparación con el consenso actual de los analistas. El período de recuperación estimado es de 3.1 años.
Después de la transacción, la compañía mantiene sólidos ratios de capital regulatorio, con un capital total respecto a activos ponderados por riesgo del 13.87% y un ratio de capital de carga Tier 1 del 9.99%.
콜롬비아 파이낸셜 (NASDAQ: CLBK)는 전략적 자산 재편성을 발표하며, 평균 1.53%의 가중 평균 수익률을 가진 3억 2천1백만 달러의 매각 가능한 채무 증권을 판매하였습니다. 수익금은: 8천5백만 달러의 대출 성장, 6천6백만 달러의 고수익 채무 증권, 1억7천만 달러의 고비용 차입금 조기 상환에 할당되었습니다.
이번 거래는 세전 손실 3천8백만 달러를 초래하였으나, 순이자 수익에 즉각적으로 긍정적인 영향을 미칠 것으로 예상되며, 주당 실질 장부가치에 대해서는 중립적일 것으로 보입니다. 회사는 2025년 수익이 24% 증가하고, 현재 분석가의 컨센서스와 비교하여 순이자 마진이 15베이시스 포인트 확대될 것으로 예상하고 있습니다. 추정 상환 기간은 3.1년입니다.
거래 이후, 회사는 규제 자본 비율이 견고함을 유지하고 있으며, 위험 가중 자산 대비 총 자본 비율이 13.87%이고, 1티어 자본 레버리지 비율이 9.99%입니다.
Columbia Financial (NASDAQ: CLBK) a annoncé un repositionnement stratégique de son bilan, en vendant pour 321 millions de dollars de titres de créance disponibles à la vente, avec un rendement moyen pondéré de 1,53%. Les produits ont été alloués à : 85 millions de dollars pour la croissance des prêts, 66 millions de dollars dans des titres de créance à rendement plus élevé et 170 millions de dollars pour le remboursement anticipé d'emprunts coûteux.
La transaction a entraîné une perte avant impôts de 38 millions de dollars, mais elle devrait être immédiatement accretive au revenu net d'intérêts et neutre par rapport à la valeur comptable tangible par action. L'entreprise prévoit une augmentation de 24 % des bénéfices en 2025 et une expansion de 15 points de base de la marge nette d'intérêts par rapport au consensus actuel des analystes. La période de récupération estimée est de 3,1 ans.
Après la transaction, l'entreprise maintient des ratios de capital réglementaire solides, avec un capital total par rapport aux actifs pondérés au risque de 13,87 % et un ratio de capital de levier de niveau 1 de 9,99 %.
Columbia Financial (NASDAQ: CLBK) gab eine strategische Neuausrichtung der Bilanz bekannt, indem 321 Millionen US-Dollar an verfügbaren Schuldtiteln mit einer gewichteten durchschnittlichen Buchrendite von 1,53% verkauft wurden. Der Erlös wurde verwendet für: 85 Millionen US-Dollar für Kreditwachstum, 66 Millionen US-Dollar in höherverzinslichen Schuldtiteln und 170 Millionen US-Dollar zur vorzeitigen Rückzahlung von hochverzinslichen Darlehen.
Die Transaktion führte zu einem Verlust vor Steuern von 38 Millionen US-Dollar, wird jedoch voraussichtlich sofort positiv zum Nettozinsertrag beitragen und neutral zum realen Buchwert pro Aktie sein. Das Unternehmen prognostiziert einen Anstieg der Gewinne um 24% im Jahr 2025 und eine Expansion von 15 Basispunkten in der Nettozinsspanne im Vergleich zum aktuellen Analystenkonsens. Die geschätzte Amortisationsdauer beträgt 3,1 Jahre.
Nach der Transaktion behält das Unternehmen starke regulatorische Kapitalquoten bei, mit einer Gesamtkapitalquote zu den risikoadjustierten Aktiva von 13,87% und einer Tier-1-Leverage-Kapitalquote von 9,99%.
- Projected 24% increase in 2025 earnings vs analyst consensus
- Expected 15 basis points expansion in 2025 net interest margin
- Immediate accretion to net interest income
- Reduction in reliance on wholesale funding
- Maintains strong capital ratios above 'well capitalized' levels
- $38 million pre-tax loss from sale and prepayment
- 3.1 years payback period for the transaction
Insights
This strategic balance sheet repositioning represents a significant move to enhance profitability. The sale of
The
The timing of this repositioning is particularly strategic given the current market expectations for interest rate cuts in 2024. By selling securities purchased during the COVID period and restructuring towards higher-yielding assets, Columbia Financial is ahead of the curve in preparing for a shifting rate environment. The reduction in wholesale funding exposure also improves the funding profile, making it more resilient to market volatility.
The projected
FAIR LAWN, N.J., Dec. 05, 2024 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK) the holding company for Columbia Bank (the “Bank”) announced a repositioning of the Company’s balance sheet.
As part of the Company’s strategy to improve future earnings and expand its net interest margin, the Company sold approximately
Proceeds from the sale were used to fund loan growth of
“Given the decline in interest rates, we believe this is a well-timed transaction that is expected to improve future earnings while allowing the Company to continue to maintain a strong capital position. It accelerates our strategy to realign the Company's balance sheet towards higher-yielding assets and enhances the flexibility of our funding,” said Thomas J. Kemly, President and Chief Executive Officer.
The transaction is intended to achieve the following goals:
- Increase 2025 earnings by approximately
24% relative to the current analyst earnings consensus; - Expand 2025 net interest margin by approximately 15 basis points relative to the current analyst earnings consensus;
- Achieve a conservative payback estimate of 3.1 years; and
- Reduce the Company’s reliance on wholesale funding.
The Company's regulatory capital ratios will remain strong and above “well capitalized” levels after the transaction, with an estimated total capital to risk weighted assets ratio at
About Columbia Financial, Inc.
Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank's mid-tier stock holding company. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 68 full-service banking offices and offers traditional financial services to consumers and businesses in its market area.
Forward Looking Statements
Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “projects,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates, higher inflation and their impact on national and local economic conditions; changes in monetary and fiscal policies of the U.S. Treasury, the Board of Governors of the Federal Reserve System and other governmental entities; the impact of legal, judicial and regulatory proceedings or investigations, competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect a borrowers’ ability to service and repay the Company’s loans; the effect of acts of terrorism, war or pandemics, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; changes in the value of securities in the Company’s portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and securities; legislative changes and changes in government regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s consolidated financial statements will become impaired; cyber-attacks, computer viruses and other technological risks that may breach the security of our systems and allow unauthorized access to confidential information; the inability of third party service providers to perform; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits and effectively manage liquidity; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that the Company may not be successful in the implementation of its business strategy, or its integration of acquired financial institutions and businesses, and changes in assumptions used in making such forward-looking statements which are subject to numerous risks and uncertainties, including but not limited to, those set forth in Item 1A of the Company's Annual Report on Form 10-K and those set forth in the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company's actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.
Columbia Financial, Inc.
Investor Relations Department
(833) 550-0717
FAQ
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