Columbia Financial Inc

CLBK

Equity

ISIN US1976411033 / Valor 41461430

NASDAQ (2024-12-24)

USD 15.97+0.38%

Columbia Financial Inc
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About company

Columbia Financial Inc. is the holding company for Columbia Bank, a community-based financial institution that has been serving the residents and businesses of New Jersey since 1927. With assets of approximately $10.6 billion, more than 60 full-service branch offices, and four regional lending centers, Columbia Bank aims to provide a broad range of financial services to its customers and the community. The bank focuses on maintaining financial soundness and profitability, while also seeking opportunities to improve operational efficiencies, expand its branch network, grow community outreach programs, and enhance its products and services.

Summarized from source with an LLMView SourceSector: Finance

Net Income

Columbia Financial Inc. reported a net income of $4.5 million for the second quarter of 2024, which is a significant increase from the $1.7 million reported in the same quarter of 2023. This improvement was primarily driven by higher non-interest income and lower non-interest expenses.

Net Interest Income

For the quarter ended June 30, 2024, Columbia Financial Inc. recorded net interest income of $44.1 million, a decrease of 13.8% compared to $51.2 million in the same period of the previous year. The decline was mainly due to a substantial increase in interest expenses on deposits and borrowings.

Non-Interest Income

Columbia Financial Inc.'s non-interest income for Q2 2024 was $9.2 million, a notable increase from a loss of $546,000 in Q2 2023. This rise was largely attributed to a decrease in losses on securities transactions, which had negatively impacted the previous year's results.

Interest Expense

Total interest expense for Columbia Financial Inc. in the second quarter of 2024 was $69.2 million, up by 53.8% from $45.0 million in Q2 2023. The increase was driven by higher costs associated with interest-bearing deposits and borrowings, reflecting the competitive market for deposits and rising interest rates.

Provision for Credit Losses

The provision for credit losses for Columbia Financial Inc. in Q2 2024 was $2.2 million, doubling from $1.1 million in the same quarter of the previous year. This increase was primarily due to net charge-offs and higher quantitative loss rates.

Summarized from source with an LLMView Source

Key figures

-17.6%1Y

-22.8%3Y

-6.88%5Y

Performance

33.7%1Y

33.9%3Y

32.9%5Y

Volatility