Parent-only Financial Information

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Parent-only Financial Information

Parent-only Financial Information

The condensed financial statements of Columbia Financial, Inc. (parent company) are presented below:

Statements of Financial Condition
	December 31,
	2019		2018
	(In thousands)
Assets
Cash and due from Bank	$	168,242	$	153,697
Short-term investments	127		136
Total cash and cash equivalents	168,369		153,833
Debt securities available for sale, at fair value	1,496		—
Equity securities, at fair value	1,282		1,420
Investment in subsidiaries	785,964		764,663
Loan receivable from Bank	42,982		44,439
Other assets	8,431		7,852
Total assets	$	1,008,524	$	972,207
Liabilities and Stockholders' Equity
Liabilities:
Borrowings	$	23,831	$	—
Accrued expenses and other liabilities	2,176		147
Total liabilities	26,007		147
Total stockholders' equity	982,517		972,060
Total liabilities and stockholders' equity	$	1,008,524	$	972,207

(19)    Parent-only Financial Information (continued)

Statements of Comprehensive Income (Loss)
	Years Ended December 31,						Three Months Ended December 31,			Year Ended September 30,
	2019			2018			2017			2017
	(In thousands)
Income:
Dividends from subsidiary	$	179,000		$	—		$	—		$	2,000
Loans receivable	2,111			1,513			—			—
Debt securities available for sale and equity securities	51			123			41			162
Interest-earning deposits	173			871			—			1
Total interest income	181,335			2,507			41			2,163
Interest expense on borrowings	176			3,468			1,044			4,177
Net interest income (expense)	181,159			(961		)	(1,003		)	(2,014		)
Equity earnings (loss) in subsidiary	(123,142		)	51,401			4,288			32,230
Non-interest income:
Gain on securities transactions	236			—			(60		)	—
Change in fair value of equity securities	65			—			—			—
Other non-interest income	139			—			—			—
Total non-interest income	440			—			(60		)	—
Non-interest expense
Charitable contribution to foundation	—			34,767			—			—
Merger-related expenses	1,807			—			—			—
Other non-interest expense	1,955			425			2			460
Total non-interest expense	3,762			35,192			2			460
Income before income tax benefit	54,695			15,248			3,223			29,756
Income tax benefit	22			7,488			455			1,316
Net income	54,717			22,736			3,678			31,072
Other comprehensive income (loss)	3,710			(6,487		)	(19,230		)	5,178
Comprehensive income (loss)	$	58,427		$	16,249		$	(15,552	)	$	36,250

(19)    Parent-only Financial Information (continued)

Statements of Cash Flows
	Years Ended December 31,						Three Months Ended December 31,			Year Ended September 30,
	2019			2018			2017			2017
	(In thousands)
Cash flows from operating activities:
Net income	$	54,717		$	22,736		$	3,678		$	31,072
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of debt issuance costs	—			890			14			53
Amortization of intangible assets	(71		)	—			—			—
(Gain) loss on securities transactions	(236		)	—			60			—
Change in fair value of equity securities	(65		)	—			—			—
Deferred tax (benefit) expense	1,453			(6,086		)	42			1
(Decrease) increase in other assets	(2,026		)	1,515			(494		)	1,404
Increase (decrease) in accrued expenses and other liabilities	3,515			(1,498		)	989			62
Contribution of common stock to Columbia Bank Foundation	—			34,767			—			—
Equity in undistributed earnings (loss) of subsidiary	123,142			(51,401		)	(4,288		)	(32,295		)
Net cash provided by operating activities	180,429			923			1			297
Cash flows from investing activities:
Capital contribution to subsidiary	—			(246,420		)	—			—
Proceeds from sales of debt securities available for sale	—			—			92			—
Proceeds from sale of equity securities	1,065			—			—			—
Proceeds from paydowns/maturities/calls of debt securities available for sale	500			1,601			10			—
Purchases of debt securities available for sale	—			(414		)	—			—
Purchase of equity securities	(416		)	—			—			—
Loan to ESOP	—			(45,428		)	—			—
Repayment of loan receivable from Bank	1,457			989			—			—
Net cash paid in acquisition	(135,410		)	—			—			—
Net cash (used in) provided by investing activities	(132,804		)	(289,672		)	102			—
Cash flows from financing activities:
Payments on trust preferred securities	—			(51,547		)	—			—
Issuance of common stock in initial public offering	—			492,428			—			—
Purchase of treasury stock	(55,309		)	—			—			—
Issuance of common stock allocated to restricted stock award grants	21,687			—			—			—
Restricted stock forfeitures	(736		)	—			—			—
Issuance of treasury stock allocated to restricted stock award grants	1,269			—			—			—
Net cash (used in) provided by financing activities	(33,089		)	440,881			—			—

(19)    Parent-only Financial Information (continued)

Statements of Cash Flows
	Years Ended December 31,							Three Months Ended December 31,		Year Ended September 30,
	2019				2018			2017		2017
	(In thousands)
Net increase in cash and cash equivalents	$	14,536		—	$	152,132	—	$	103	$	297
Cash and cash equivalents at beginning of year	153,833				1,701			1,598		1,301
Cash and cash equivalents at end of period	$	168,369			$	153,833		$	1,701	$	1,598
Acquisition:
Non-cash assets acquired:
Debt securities available for sale	$	1,998			$	—		$	—	$	—
Equity securities	208				—			—		—
Other assets	1,492				—			—		—
Total non-cash assets acquired	$	3,698			$	—		$	—	$	—
Liabilities assumed:
Borrowings	$	23,901			$	—		$	—	$	—
Total liabilities assumed	$	23,901			$	—		$	—	$	—
Net non-cash liabilities acquired	$	(20,203	)		$	—		$	—	$	—
Net cash acquired in acquisition	$	884			$	—		$	—	$	—