Business

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business

Business

On April 19, 2018, Columbia Financial, Inc. completed its minority stock offering, after receiving all regulatory approvals. In connection with the closing, 62,580,155 shares of its common stock were issued to Columbia Bank, MHC (the "MHC"), the mutual holding company of Columbia Financial, Inc., 3,476,675 shares were issued to the Columbia Bank Foundation, Columbia Bank's charitable foundation, and 49,832,345 shares were issued to depositors who subscribed for and were allocated shares in the minority stock offering, as well as the Columbia Bank Employee Stock Ownership Plan (the "ESOP"). The accounts of the MHC are not consolidated in the consolidated financial statements of the Company.

On May 22, 2018, the Board of Directors of the Company adopted a resolution to change the Company’s fiscal year end from September 30 to December 31, effective immediately as of the date of the Board resolution. In addition, on May 22, 2018, the Boards of Directors of Columbia Bank, MHC and Columbia Bank (the "Bank") also adopted resolutions to change the MHC’s and the Bank’s fiscal year ends from September 30 to December 31, effective immediately as of the date of the Board resolutions.

On November 1, 2019, the Company completed its acquisition of Stewardship Financial Corporation (“Stewardship”), pursuant to the Agreement and Plan of Merger, dated as of June 6, 2019. Immediately following the consummation of the Merger, Atlantic Stewardship Bank, a wholly owned subsidiary of Stewardship, merged with and into Columbia Bank, a wholly owned subsidiary of the Company, with Columbia Bank as the surviving bank.

On December 2, 2019, the Company, the Bank and the MHC entered into an Agreement and Plan of Merger (the “Merger Agreement”) with RSB Bancorp, MHC, RSB Bancorp, Inc. and Roselle Bank (collectively, the “Roselle Entities”), pursuant to which (i) RSB Bancorp, MHC will merge with and into the MHC, with the MHC as the surviving entity, (ii) RSB Bancorp, Inc. will merge with and into the Company, with the Company as the surviving entity; and (iii) Roselle Bank will merge with and into the Bank, with the Bank as the surviving institution (collectively, the “Merger”). Under the terms of the Merger Agreement, depositors of Roselle Bank will become depositors of the Bank and will have the same rights and privileges in the MHC as if their accounts had been established at the Bank on the date established at Roselle Bank. As part of the transactions contemplated by the Merger Agreement, at the effective time of the Merger, the Company will issue additional shares of its common stock to the MHC in an amount equal to the fair value of the Roselle Entities as determined by an independent appraiser. The Merger Agreement has been unanimously approved by the Boards of Directors of each of the Company, the MHC and the Bank and the Boards of Directors of each of the Roselle Entities. Subject to the receipt of all required regulatory and other approvals, and the satisfaction or waiver of other customary closing conditions, the parties anticipate that the transactions contemplated by the Merger Agreement will close in the second quarter of 2020.