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• A regional version of Bank of America, primarily serving New Jersey.

• Like PNC Financial, but with a sole focus on New Jersey.

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• Deposit Accounts: A range of checking, savings, money market, and certificate of deposit accounts for individuals and businesses to securely store and grow their funds.
• Commercial Lending: Providing financing solutions including commercial real estate loans, construction loans, and lines of credit to businesses of all sizes.
• Residential Mortgage Lending: Offering various mortgage products for home purchases and refinancing, enabling individuals to achieve homeownership.
• Wealth Management Services: Financial planning, investment advisory, and trust services to help individuals and institutions manage and grow their assets.
• Treasury Management Services: Business solutions like cash management, merchant services, and remote deposit capture to assist companies in optimizing their financial operations.

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Columbia Financial (symbol: CLBK) is a bank holding company. As such, it does not have "major customers" in the traditional sense of a company selling products or services to a few large corporate buyers. Instead, its revenue is generated from a broad base of individuals and businesses through interest on loans and various banking fees.

The company primarily serves individuals and businesses within its operating market. Its customer base can be broadly categorized as:

• Individuals/Consumers: This category includes individual customers who utilize a range of retail banking products and services, such as checking accounts, savings accounts, certificates of deposit (CDs), residential mortgage loans, home equity lines of credit (HELOCs), and various other personal loans.
• Small and Medium-sized Businesses (SMBs): CLBK serves local businesses, providing commercial checking and savings accounts, commercial real estate loans, commercial and industrial (C&I) loans, lines of credit, and treasury management services to support their operations and growth.
• Commercial Real Estate Investors and Developers: A significant portion of banking activity for regional banks like CLBK involves lending to individuals and entities for the acquisition, development, and refinancing of commercial properties, including multi-family residential, office, retail, and industrial spaces.

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Thomas J. Kemly, President and Chief Executive Officer

Mr. Kemly was appointed President and CEO of Columbia Bank in 2012, and has over 40 years of experience in banking. He has led the bank through a period of organic growth, Columbia Financial, Inc.'s IPO in 2018, and strategic acquisitions. Prior to his current role, he held positions at Columbia Bank including Chief Financial Officer and Chief Operating Officer. Mr. Kemly was elected to the Federal Home Loan Bank of New York's Board of Directors and has been named to the Power 100 List by NJBIZ.

Dennis E. Gibney, Senior Executive Vice President, Chief Financial Officer

Mr. Gibney joined Columbia Bank in 2014 as Executive Vice President, Chief Financial Officer. Before joining Columbia Bank, he served as Principal at FinPro Capital Advisors, Inc., an investment banking and consulting firm specializing in the financial services industry, where he worked on mergers and acquisitions, mutual-to-stock conversions, corporate valuations, strategic planning, and interest rate risk management. He graduated Magna Cum Laude from Babson College with a triple major in Finance, Investments, and Economics, and holds the Chartered Financial Analyst (CFA) designation.

John Klimowich, Senior Executive Vice President, Chief Risk Officer

Mr. Klimowich was appointed Executive Vice President, Chief Risk Officer in 2013. He earned a Bachelor's degree in Economics from William Paterson University and an MBA in Accounting from Seton Hall University.

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

Ms. Schlesinger serves as the Senior Executive Vice President, Head of Consumer Banking. She holds a Bachelor's Degree from the University of Michigan.

Oliver E. Lewis, Jr., Senior Executive Vice President, Head of Commercial Banking

Mr. Lewis joined Columbia Bank in January 2021 as EVP, Head of Commercial Banking. Previously, he was an Executive Director for JPMorgan Chase from 2011 to March 2019, and held various other roles at JPMorgan Chase from 1998 to 2011. He also served as an Assistant Vice President, Treasury Management with PNC Bank from 1994 to 1998.

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The key risks to Columbia Financial (CLBK) revolve primarily around its financial performance metrics and market valuation:

1. Weak Long-Term Revenue and Net Interest Income Growth: Columbia Financial has experienced tepid annualized revenue growth of 1.8% over the past five years, which has fallen short of benchmarks. Its net interest income has also remained flat over the same period, underperforming the broader banking industry. Furthermore, the company's net interest margin (NIM) has averaged a poor 2% over the last two years, indicating weak profitability from its loan portfolio.
2. Overvaluation and Amplified Execution Risk: The company's stock trades at a significantly high price-to-earnings (P/E) ratio compared to the average for the US Banks industry (e.g., 118.2x versus an industry average of 11.6x, or 107.1x versus 11.3x). This premium valuation suggests extremely high investor expectations for future profits, even as the company's profits have contracted by an average of 33.4% annually over the past five years. This disconnect amplifies execution risk, meaning any failure to meet these elevated growth promises could lead to a sharp decline in stock price relative to its peers.
3. Interest Rate Sensitivity and Potential Margin Pressure: As a financial institution, Columbia Financial is inherently exposed to changes in interest rates. While recent reports mention a stabilizing net interest margin and positive sentiment from a Federal Reserve rate cut, there remains a risk that slowing loan growth or renewed margin pressure from future interest rate fluctuations could challenge its financial expectations.

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Columbia Financial, Inc. (CLBK) primarily operates Columbia Bank, which provides banking and financial services to businesses and consumers, predominantly within New Jersey, but also extending to parts of New York and eastern Pennsylvania. The company's main products and services include commercial loans (such as multifamily and commercial real estate, commercial business, and construction loans), residential loans (like one-to-four family residential real estate and home equity loans), consumer loans, and various deposit products.

For its core offerings, the addressable markets are identified as follows:

• Commercial Banking and Lending Market (New Jersey): The market size of the Commercial Banking industry in New Jersey is projected to be approximately $50.6 billion in 2025. This market encompasses commercial, industrial, and consumer loans, as well as deposit-taking activities from both retail and business clients within the state.
• Residential Real Estate/Mortgage Market (New Jersey): While a direct aggregate market size in dollar value for residential loans is not available, key indicators highlight the scale of this market in New Jersey. The median home sales price in New Jersey was $550,000 in May 2025. The housing market in New Jersey demonstrated solid momentum through September 2025, with closed sales increasing by 7.6% overall and median sales prices rising by 4.6% statewide compared to the previous year.

Specific market sizes for wealth management services or title insurance products within Columbia Financial's operating region are not readily available in the provided information.

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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:

1. Loan Portfolio Growth and Diversification: Columbia Financial anticipates revenue growth through the expansion of its loan services and a strategic shift in its loan portfolio. The company reported a loan growth of $97.1 million for the quarter ended September 30, 2025, representing an annualized growth rate of approximately 4.8%. Furthermore, Columbia Bank is actively expanding its balance sheet towards commercially focused segments, aiming to capitalize on strong customer relationships and a supportive local economy. The bank offers a diverse range of loan products, including multifamily and commercial real estate loans, commercial business loans, one-to-four family real estate loans, construction loans, home equity loans, and other consumer loans.
2. Net Interest Margin Expansion: A significant driver of future revenue is the anticipated expansion of the net interest margin (NIM). Columbia Financial has demonstrated an increase in its net interest margin, which rose to 2.29% for the quarter ended September 30, 2025, an increase of 45 basis points from the prior year. This improvement is attributed to an increased average yield on interest-earning assets and a decrease in the average cost of interest-bearing liabilities. The company projects a 15 basis points expansion in its 2025 net interest margin as part of a strategic balance sheet repositioning aimed at realigning towards higher-yielding assets and enhancing funding flexibility.
3. Growth in Non-Interest Income: Columbia Financial sees opportunities in expanding its non-interest income streams, particularly through wealth management offerings, fees, and service charges. While non-interest income represented $9.867 million in Q3 2025, a slight increase from the previous year, the company's broader offerings include insurance products, investment solutions, and wealth management services. Enhancing these services is expected to contribute to revenue diversification.
4. Strategic Branch Network Expansion and Enhanced Product Offerings: Columbia Bank plans to continue building on its financial soundness and profitability by seeking out opportunities to expand its branch network, grow community outreach programs, and enhance its products and services. With 69 full-service branch offices and four regional lending centers as of September 30, 2025, the company aims to deepen its market penetration and serve its community with a broad range of financial services.

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Share Repurchases

• On September 8, 2025, Columbia Financial's Board of Directors authorized a new stock repurchase program to acquire up to 1.8 million shares, approximately 1.7% of its outstanding common stock, with 183,864 shares repurchased during September 2025.
• In 2021, the company repurchased 6,055,119 shares of common stock, totaling $107.8 million, under its stock repurchase program.
• On September 14, 2020, a new share repurchase plan was approved, authorizing the buyback of approximately 5 million shares, representing 4.3% of the company's issued and outstanding common stock.

Share Issuance

• In April 2020, Columbia Financial issued 4,759,048 shares of its common stock to Columbia Bank MHC in connection with the acquisition of Roselle Bank.
• In 2021, the company issued 2,591,007 shares of common stock to Columbia Bank MHC as part of the Freehold acquisition, contributing to a $47.2 million increase in paid-in-capital.

Outbound Investments

• The merger of Freehold Bank into Columbia Bank was completed on October 5, 2024, following the initial acquisition of Freehold Bancorp announced in June 2021 and completed in December 2021.
• In May 2022, Columbia Financial acquired RSI and merged its depositors into Columbia Bank.
• Columbia Financial completed the acquisition of Roselle Bank in April 2020.