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Here are a couple of analogies for Columbia Financial (CLBK):

• It's like a smaller, New Jersey-focused version of Bank of America, providing a full suite of banking services to individuals and businesses.
• Think of it as a regional version of Wells Fargo, serving New Jersey with traditional banking, lending, and wealth management services.

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• Deposit Accounts: Offers a range of accounts including non-interest-bearing and interest-bearing checking, savings, money market, and certificates of deposit for individuals and businesses.
• Real Estate Loans: Provides financing for multifamily, commercial, one-to-four family residential, and construction properties.
• Commercial Business Loans: Supplies loans specifically designed to meet the financial needs of commercial businesses.
• Consumer Loans: Includes home equity loans, automobile and personal loans, as well as unsecured and overdraft lines of credit.
• Title Insurance Products: Offers specialized insurance products related to property titles.
• Wealth Management Services: Provides professional services to assist clients with managing their financial assets and investments.
• Cash Management Services: Delivers essential services such as remote deposit, lockbox service, and sweep accounts for businesses.

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Columbia Financial, Inc. (CLBK) is a bank holding company that provides a broad range of financial services to both businesses and consumers. As a bank, its customer base is highly diversified and does not consist of a few identifiable major corporate customers. Instead, it serves a multitude of individual and business clients.

Given the nature of its business, CLBK primarily serves various categories of individual and business customers rather than a handful of specific companies. The major customer categories Columbia Financial serves include:

1. Individual Retail Consumers: This category includes individuals and households utilizing the bank for personal financial needs such as checking accounts, savings accounts, money market accounts, certificates of deposit, one-to-four family residential loans, home equity loans and advances, automobile loans, and other personal loans. These customers also access wealth management services.
2. Commercial Businesses: This segment comprises various small to medium-sized businesses that use the bank for commercial checking accounts, commercial business loans, commercial real estate loans, and specialized cash management services like remote deposit, lockbox services, and sweep accounts.
3. Real Estate Investors and Developers: This category encompasses individuals and entities involved in property development and investment, specifically utilizing the bank's services for multifamily real estate loans, commercial real estate loans, and construction loans.

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Thomas J. Kemly, President and Chief Executive Officer

Thomas J. Kemly was appointed President and CEO of Columbia Bank in 2012 and Columbia Financial, Inc. in 2011. He has over 40 years of experience in the banking industry. Mr. Kemly began his career at Columbia Bank in 1981, holding various positions including Chief Financial Officer and Chief Operating Officer before becoming President. He has led the bank through significant growth, including Columbia Financial, Inc.'s IPO in 2018 and strategic acquisitions. Mr. Kemly serves on the Board of Directors for the Federal Home Loan Bank of New York and the Commerce and Industry Association of New Jersey. He previously served as Chairman and Board Member of the New Jersey Bankers Association.

Thomas F. Splaine, Jr., Executive Vice President and Chief Financial Officer

Thomas F. Splaine, Jr. was appointed Executive Vice President and Chief Financial Officer of Columbia Financial, Inc. and Columbia Bank in January 2026. He joined Columbia in 2025 as First Senior Vice President and Chief Accounting Officer. Mr. Splaine brings over 35 years of experience in banking, finance, accounting, mergers and acquisitions, investor and regulatory relations, and strategic planning. Prior to joining Columbia, he served as Executive Vice President and Chief Financial Officer at Lakeland Bancorp and Investors Bancorp. Earlier in his career, he was a Senior Audit Manager at KPMG LLP. Mr. Splaine holds an MBA and a Bachelor of Science in Accounting from Rider University.

Allyson Schlesinger, Senior Executive Vice President and Head of Consumer Banking

Allyson Schlesinger was appointed Executive Vice President and Head of Consumer Banking of Columbia Bank in September 2018. In this role, she is responsible for the retail banking, retail lending, wealth management, and marketing divisions of the Bank. Before joining Columbia, Ms. Schlesinger spent 25 years with Citigroup, Inc., where her most recent position was Managing Director, U.S. Retail and Division Manager for the New York City and New Jersey markets. She holds a Bachelor's degree from the University of Michigan.

Dennis E. Gibney, First Senior Executive Vice President and Chief Banking Officer

Dennis E. Gibney was promoted to First Senior Executive Vice President and Chief Banking Officer in January 2026. He joined Columbia in 2014 as Executive Vice President and Chief Financial Officer and was appointed Senior Executive Vice President and Chief Financial Officer in May 2025. Mr. Gibney has 17 years of prior banking experience and previously served as Principal at FinPro Capital Advisors, Inc., an investment banking and consulting firm. He played a key role in the Company's 2018 initial public offering and helped expand the Company's asset base and complete four acquisitions within a five-year period. Mr. Gibney graduated Magna Cum Laude from Babson College with a triple major in Finance, Investments, and Economics, and holds a Chartered Financial Analyst (CFA) designation.

Matthew William Rickert, Executive Vice President & Chief Credit Officer

Matthew William Rickert serves as the Executive Vice President & Chief Credit Officer at Columbia Financial, Inc. In this position, he is responsible for overseeing all aspects of the company's credit operations, including the development of credit policies, loan underwriting standards, and managing credit risk.

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The key risks for Columbia Financial, Inc. (CLBK) include:

1. Credit Risk: Columbia Financial's business is significantly exposed to credit risk due to its extensive loan portfolio, which includes multifamily and commercial real estate loans, commercial business loans, one-to-four family residential loans, and construction loans. An economic downturn, particularly within its primary operating region of New Jersey, or a decline in real estate values, could lead to increased loan defaults and negatively impact the company's financial performance.

2. Interest Rate Risk: As a bank holding company, Columbia Financial's profitability is highly sensitive to changes in interest rates. Fluctuations in interest rates can significantly affect the company's net interest margin (NIM), which is the difference between interest earned on assets (like loans) and interest paid on liabilities (like deposits). A "poor" and "weak" net interest margin has been identified as a specific concern for Columbia Financial, indicating that changes in interest rates could disproportionately impact its earnings.

3. Geographic Concentration Risk: Columbia Financial operates 62 full-service banking offices across 12 of New Jersey's 21 counties, with its headquarters in Fair Lawn, New Jersey. This high concentration in a specific geographic region makes the company particularly vulnerable to local economic conditions, regulatory changes, and competitive pressures within New Jersey. A localized economic downturn or adverse market volatility in the state could have a significant and concentrated impact on its loan portfolio, deposit base, and overall business operations.

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The clear emerging threat to Columbia Financial (CLBK) is the proliferation of digital-only banks (neobanks) and specialized financial technology (fintech) companies. These entities leverage technology to offer banking, lending, and wealth management services with lower overhead costs due to a lack of physical branches. This allows them to offer more competitive rates, lower fees, and often superior user experiences through mobile apps and online platforms, directly challenging traditional banks like CLBK that rely on a branch-based model and established legacy systems. This trend threatens to erode CLBK's customer base, particularly among younger demographics and those seeking convenience and cost efficiency, and to capture market share in key banking products like deposits, loans, and wealth management services.

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Columbia Financial, Inc. (CLBK) operates primarily in New Jersey, offering a range of financial services. The addressable markets for its main products and services in its operating regions are as follows:

• Deposits: The total bank deposits market in New Jersey was approximately $431 billion in 2024.
• Residential Mortgage Loans: New home loans booked in New Jersey totaled $29.1 billion in 2024.
• Commercial Business Loans: The market for small business loans in New Jersey was $21.6 billion in 2024.
• Commercial Real Estate Loans: The total commercial real estate (CRE) mortgage borrowing and lending market in the United States was estimated at $498 billion in 2024.
• Title Insurance Products: The U.S. title insurance industry generated $16.2 billion in premiums during 2024.
• Wealth Management Services: The wealth management market in North America was valued at approximately $937.45 billion in 2023.
• Other Consumer Loans (Automobiles and Personal Loans): Null

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Columbia Financial, Inc. (CLBK) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

• Strategic Acquisitions and Market Expansion: Columbia Financial plans to expand its market reach and customer base through strategic acquisitions, such as the recent integration of Northfield Bancorp, Inc., and the merger with Freehold Bank finalized in October 2024. This strategy is designed to boost its presence and capabilities in its main markets.
• Growth in Commercial Lending: The company is strategically managing its loan portfolio by emphasizing commercial lending and de-emphasizing residential real estate. This focus on expanding commercial lending is a key part of improving its asset mix.
• Technological Innovation and Digital Transformation: Columbia Financial recognizes the need for technological advancement to innovate and enhance its digital offerings. Its "Project Horizon Initiative," a three-year digital transformation plan, aims to drive operational efficiency and create new, scalable revenue channels through cutting-edge technology and digital platform enhancements.
• Diversification of Revenue through Fee-Based Services: The bank is actively working to diversify its revenue beyond traditional lending. It aims to increase fee-based income from wealth management and treasury services to 25% of total revenue by 2027, up from 19% in 2024. The company's foray into insurance and wealth management services has already diversified its revenue streams.
• Net Interest Margin (NIM) Expansion: Columbia Financial anticipates revenue growth from the stabilization and expansion of its net interest margin. Higher net interest income, resulting from increases in interest income and decreases in interest expense, contributed to improved earnings in the quarter ended December 31, 2025.

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Share Repurchases

• In September 2025, Columbia Financial's Board of Directors authorized a new stock repurchase program to acquire up to 1,800,000 common shares, representing approximately 1.7% of the company's issued and outstanding common stock, for a one-year period.
• In December 2021, the Board approved a share repurchase plan for up to 5 million shares, or approximately 4.6% of its outstanding shares, with no expiry date. This plan became effective after the completion of a previous program, under which 1.2 million shares remained to be repurchased as of November 30, 2021.

Share Issuance

• Columbia Financial Inc. filed for an offering of up to 192.63 million shares of common stock in March 2026.
• In February 2026, in connection with a proposed merger with Northfield Bancorp, Inc., a newly formed Maryland corporation (Holding Company) intends to issue shares of Holding Company common stock. This issuance includes shares related to the proposed transaction and a "second step conversion offering."

Outbound Investments

• Columbia Financial, Inc. and Northfield Bancorp, Inc. announced plans to merge in February 2026.
• In December 2021, Columbia Financial entered into a stock deal to acquire New Jersey-based RSI Bank, with the acquisition expected to close in the second quarter of 2022.
• Columbia Financial completed the acquisition of Freehold Bank in December 2021, an acquisition that was initially announced in June 2021.