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Columbia Financial, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total assets of $10.7 billion, an increase of $40.9 million from December 31, 2023. This increase was primarily driven by a rise in debt securities available for sale and other assets.
Cash and cash equivalents decreased by $139.7 million to $283.5 million, mainly due to securities purchases and stock repurchases.
Debt securities available for sale increased by $178.9 million, attributed to purchases of U.S. government obligations and mortgage-backed securities.
Loans receivable, net, decreased by $20.7 million, with declines in one-to-four family real estate loans and commercial real estate loans.
Total liabilities remained steady at $9.6 billion, with deposits increasing by $111.5 million and borrowings decreasing by $108.1 million.
Total stockholders' equity increased by $38.8 million to $1.1 billion, driven by net income, stock-based compensation, and other comprehensive income.
Net income for the quarter was $6.2 million, a decrease of $2.9 million from the previous year, primarily due to lower net interest income and higher provision for credit losses.
Net interest income decreased by $3.2 million to $45.3 million, impacted by higher interest expenses on deposits and borrowings.
The provision for credit losses increased by $1.7 million to $4.1 million, influenced by net charge-offs and loan performance factors.
Non-interest income increased by $376,000 to $9.0 million, with higher demand deposit account fees.
Non-interest expense slightly decreased to $42.8 million, with reductions in compensation and benefits offset by higher data processing fees and federal deposit insurance premiums.
The effective tax rate for the quarter was 15.5%, with income tax expense decreasing by $1.6 million.
For the nine months ended September 30, 2024, net income was $9.6 million, a decline of $19.9 million from the prior year, due to lower net interest income and higher credit loss provisions.
Non-performing loans increased to $28.0 million, representing 0.36% of total gross loans, with notable increases in commercial real estate and commercial business loans.
The allowance for credit losses on loans was $58.5 million, or 0.75% of total gross loans.
The Company maintains a strong liquidity position with access to $2.6 billion of funding, and capital levels exceed regulatory requirements.
The filing also details various financial agreements, including interest rate swaps and stock repurchase programs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Columbia Financial Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.