Columbia Financial recorded net income of $13.1 million for the quarter ended March 31, 2026, up from $8.9 million a year earlier, translating to $0.13 per share. Net interest income rose 20% to $60.4 million, while net interest margin expanded by 31 basis points to 2.42%. Provision for credit losses declined by $2.0 million, partially offset by a $1.7 million drop in non-interest income, a $3.6 million rise in non-interest expenses, and higher income tax expense.

The company launched its second-step conversion offering and agreed to merge with Northfield Bancorp, aiming to enter new New York metro markets, secure a lower cost deposit base, and gain additional capital for growth. Both transactions remain subject to regulatory and stockholder approvals, with integration teams preparing for a seamless customer transition.

Columbia Financial reduced its cost of deposits by 6 basis points despite heightened competition, while higher commercial loan prepayments offset solid new loan production. The average yield on loans climbed 12 basis points to 5.01%, and net recoveries on loans totaled $604,000 compared to $857,000 in net charge-offs a year earlier.