Key Highlights

  • Net income was $5.2 million, or $0.02 per share, against $14.9 million, or $0.07.
  • Core Net Income was $40.6 million, or $0.16 per share, up from $15.4 million, or $0.07.
  • Total Assets rose $5.4 billion to $17.6 billion from $12.2 billion at June 30, 2026.
  • Net interest Margin was 2.96%, up 67 basis points from 2.29% a year ago.
  • A quarterly Dividend of $0.05 per share was declared.

GAAP profit falls while core Earnings more than double

Columbia Financial (NASDAQ:CLBK) is the Holding Company for Columbia Bank. For the quarter ended September 30, 2026, it reported net income of $5.2 million, or $0.02 per basic and diluted share, compared with $14.9 million, or $0.07, in the third quarter of 2025.

The company's core net income, a non-GAAP measure, was $40.6 million, or $0.16 per share, versus $15.4 million, or $0.07. Return on average assets was 0.13%, against 0.55%, while core return on average assets rose to 0.97% from 0.56%.

The gap between GAAP and core results of roughly $35.4 million on a calculated basis reflects the transaction-related items the company excludes from core earnings.

Second-step conversion and Northfield acquisition

CEO Thomas Kemly said the team completed the second-step conversion offering and the simultaneous Acquisition of Northfield Bancorp during the quarter. It also executed transactions intended to improve earnings and reduce Interest Rate and Credit risk by selling securities and delevering the balance sheet.

Total assets grew by $5.4 billion to $17.6 billion, which the company attributes mainly to the Northfield acquisition and the stock offering. Mr. Kemly said the company continues to attract experienced commercial bankers to grow lending, deposit and treasury solutions.

Loans and deposits expand sharply

Gross loans increased $3.1 billion, or 37.2%, from June 30, 2026, including $3.2 billion of loans acquired from Northfield. Commercial real estate, construction and commercial Business loans rose $899.8 million, or 23.0%.

Total deposits increased $3.1 billion, or 32.2%, with $3.8 billion acquired in the deal, partly offset by $970.1 million of stock subscription proceeds transferred to stockholders' equity. Non-interest-bearing deposits rose $771.6 million, or 49.6%.

Because most of the growth was acquired, organic Loan growth is a separate question to watch in coming quarters.

Margin improves 52 basis points in one quarter

Net interest margin was 2.96%, compared with 2.29% a year earlier and 2.44% at June 30, 2026, up 67 and 52 basis points respectively. The company linked the margin recovery to its Balance Sheet actions and the larger earning asset base.

Net interest income was $114.4 million, up $57.0 million, or 99.3%, from $57.4 million a year earlier, while the average Yield on loans rose 33 basis points to 5.37%. The company said the Northfield acquisition closed on July 20, 2026 and added about $5.2 billion in total assets. Core net income for the nine months was $70.6 million. The board declared a regular quarterly dividend of $0.05 per share.

Readers tracking the name will likely follow integration costs, the pace of organic loan growth and whether the margin holds near 2.96%.

Balance sheet scale on a calculated basis

Total assets rose about 44% in a single quarter, from $12.2 billion to $17.6 billion. Gross loans grew 37.2% while deposits grew 32.2%, so loan growth outpaced deposit growth by five percentage points, which can lift the loan-to-deposit ratio.

With the second-step offering adding capital, the larger Equity base spreads over a bigger asset base, which is relevant for Return on Assets and equity going forward.