Columbia Financial, Inc. - CLBK STOCK NEWS

Columbia Financial, Inc. (NASDAQ: CLBK) reported a Q1 2023 net income of $18.7 million, or $0.18 per share, down from $20.4 million, or $0.20 per share in Q1 2022. This decline reflects reduced net interest income and increased non-interest expenses, although it was partially offset by a decrease in provision for credit losses and lower income tax expense. Core net income was $19.8 million, a 10.8% decrease compared to $22.2 million last year. Net interest income fell to $60.9 million, down 3.0% from $62.7 million. The company anticipates further margin compression in Q2 2023 due to rising funding costs. Despite these challenges, Columbia remains committed to a conservative risk management approach and has repurchased 2.4 million shares during the quarter.

Columbia Financial reassures clients and shareholders of its strong risk management amid concerns regarding Silicon Valley Bank and Silvergate Bank. The company emphasizes its diverse depositor base with over 210,000 accounts and claims no exposure to cryptocurrencies or venture capital. As of March 10, 2023, Columbia Bank boasts $1.7 billion in immediate funding availability, bolstered by various liquidity sources, including $84.2 million in cash and $525.6 million in unpledged securities. The tier 1 leverage ratio stands at 10.68%, significantly above regulatory requirements, indicating a robust capital position.

Columbia Financial, Inc. (NASDAQ: CLBK) reported a net income of $21.9 million, or $0.21 per share, for Q4 2022, down from $23.3 million in Q4 2021. For the full year 2022, net income was $86.2 million, a decrease from $92.0 million in 2021. The decline was attributed to a $15.4 million rise in provision for credit losses and higher non-interest expenses, though net interest income increased by $33.6 million. The company completed the acquisition of RSI Bank, enhancing its asset base to $10.4 billion. The provisions for loan losses increased, reflecting economic conditions. The company remains focused on technology investments and operational efficiencies for future growth.

Columbia Financial, Inc. (Nasdaq: CLBK) has announced a new stock repurchase program, authorizing the buyback of up to 3,000,000 shares, representing approximately 2.7% of its outstanding common stock. This program follows the previous authorization to repurchase 5,000,000 shares, under which 4,311,566 shares were repurchased at an average cost of $20.99 per share. The plan allows for flexibility in repurchases based on market conditions and other factors, signaling confidence in shareholder value and prudent capital deployment.

Columbia Financial has appointed Mayra L. Rinaldi as Executive Vice President, Corporate Governance and Culture. Rinaldi, with over 20 years at Columbia Bank, will oversee various departments including Corporate Governance and ESG strategy. Her responsibilities also include ensuring alignment with the Company's values to benefit customers and shareholders. Rinaldi's experience includes roles such as Assistant Branch Manager and Senior Vice President, Corporate Governance. Columbia Bank, founded in 1927, operates over 60 branches in New Jersey with assets around $10 billion.

Columbia Financial, Inc. (NASDAQ: CLBK) reported Q3 2022 net income of $20.9 million, flat compared to Q3 2021, with core net income rising 17.5% to $22.7 million. For the nine months ended September 30, 2022, net income dropped 6.5% to $64.3 million due to increased provisions for credit losses totaling $7.1 million and merger expenses from the RSI Bank acquisition. However, net interest income increased 15.2% to $198.4 million driven by higher loan volumes and rising interest rates. Total assets grew by 8.5% to $10.0 billion, with a significant increase in loans receivable.

Columbia Bank has appointed Manesh Prabhu as Executive Vice President and Chief Information Officer, effective immediately. With over 20 years of experience, including a significant role as Chief Technology Officer at Peoples United Bank, Prabhu will focus on enhancing Information Systems and Digital Banking. President and CEO Thomas J. Kemly emphasized that leveraging technology is crucial for improving processes and expanding services. Columbia Bank, founded in 1927 and based in New Jersey, manages assets of approximately $9.8 billion.

Columbia Bank has appointed Matthew Rickert as Executive Vice President and Chief Credit Officer, effective immediately. Mr. Rickert, bringing over 20 years of experience from institutions like JPMorgan Chase, will oversee the Bank's credit policies, including Commercial Credit and Special Assets. His previous roles include Market Executive and Credit Risk Director at JPMC. Rickert holds an MBA from Baruch College and a Bachelor's degree from Pennsylvania State University. Columbia Bank, founded in 1927, operates 66 branches across New Jersey with approximately $9.8 billion in assets.

Columbia Bank, based in Fair Lawn, NJ, announced significant changes to its Consumer Overdraft Program effective August 15, 2022. The revamped program will eliminate uncollected fees on consumer checking accounts and introduce a $50 fee-free overdraft threshold. Additionally, the daily maximum insufficient funds fee will be reduced from four $35 charges to one $35 charge for overdrawn accounts exceeding $50. Columbia Bank aims to alleviate client concerns regarding overdraft fees while providing educational resources for better account management.