0001723596-20-000015.txt : 20200511 0001723596-20-000015.hdr.sgml : 20200511 20200511160303 ACCESSION NUMBER: 0001723596-20-000015 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 102 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200511 DATE AS OF CHANGE: 20200511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Columbia Financial, Inc. CENTRAL INDEX KEY: 0001723596 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 223504946 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38456 FILM NUMBER: 20864687 BUSINESS ADDRESS: STREET 1: 19-01 ROUTE 208 NORTH CITY: FAIR LAWN STATE: NJ ZIP: 07410 BUSINESS PHONE: 800-522-4167 MAIL ADDRESS: STREET 1: 19-01 ROUTE 208 NORTH CITY: FAIR LAWN STATE: NJ ZIP: 07410 10-Q 1 a10q3312020.htm 10-Q Document
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xbrli:pure clbk:branch iso4217:USD xbrli:shares clbk:security clbk:loan iso4217:USD xbrli:shares clbk:swap
 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Commission File Number 001-38456

Columbia Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware
 
22-3504946
(State or other jurisdiction
of incorporation or organization)
 
(I.R.S. Employer Identification Number)
19-01 Route 208 North,
Fair Lawn,
 
 
New Jersey
 
07140
(Address of principal executive offices)
 
(Zip Code)

(800) 522-4167
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value per share
CLBK
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer
Accelerated filer
Smaller reporting company
Non-accelerated filer
Emerging growth company
 
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No

As of May 8, 2020, there were 115,067,114 shares issued and outstanding of the Registrant's common stock, par value $0.01 per share.
 



COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Index to Form 10-Q
Item Number
Page Number
 
 
 
PART I.
Financial Information
 
 
 
 
Item 1.
Financial Statements
 
 
Consolidated Statements of Financial Condition as of March 31, 2020 (Unaudited) and December 31, 2019
 
Consolidated Statements of Income for the Three Months Ended March 31, 2020 and 2019 (Unaudited)
 
Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2020 and 2019 (Unaudited)
 
Consolidated Statements of Changes in Stockholder's Equity for the Three Months Ended March 31, 2020 and 2019 (Unaudited)
 
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019 (Unaudited)
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
PART II.
 
 
 
 
 
 
 
 
     Item 6. Exhibit
 
 
 
 
 
 
 
 




COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Financial Condition
(In thousands, except share and per share data)
 
March 31,
 
December 31,
 
2020
 
2019
Assets
 (Unaudited)
 
 
 
 
 
 
Cash and due from banks
$
88,197

 
$
75,420

Short-term investments
127

 
127

Total cash and cash equivalents
88,324

 
75,547

 
 
 
 
Debt securities available for sale, at fair value
1,116,417

 
1,098,336

Debt securities held to maturity, at amortized cost (fair value of $286,571 and $289,505 at March 31, 2020 and December 31, 2019, respectively)
273,152

 
285,756

Equity securities, at fair value
2,271

 
2,855

Federal Home Loan Bank stock
68,233

 
69,579

 
 
 
 
Loans receivable
6,252,505

 
6,197,566

Less: allowance for loan losses
71,200

 
61,709

Loans receivable, net
6,181,305

 
6,135,857

 
 
 
 
Accrued interest receivable
22,770

 
22,092

Office properties and equipment, net
72,385

 
72,967

Bank-owned life insurance
212,832

 
211,415

Goodwill and intangible assets
68,279

 
68,582

Other assets
219,083

 
145,708

Total assets
$
8,325,051

 
$
8,188,694

 
 
 
 
Liabilities and Stockholders' Equity
 
 
 
Liabilities:
 
 
 
Deposits
$
5,772,418

 
$
5,645,842

Borrowings
1,376,941

 
1,407,022

Advance payments by borrowers for taxes and insurance
36,768

 
35,507

Accrued expenses and other liabilities
177,798

 
117,806

Total liabilities
7,363,925

 
7,206,177

 
 
 
 
Stockholders' equity:
 
 
 
Preferred stock, $0.01 par value. 10,000,000 shares authorized; none issued and outstanding at March 31, 2020 and December 31, 2019

 

Common stock, $0.01 par value. 500,000,000 shares authorized; 117,278,745 shares issued and 111,207,380 shares outstanding at March 31, 2020, and 113,765,387 shares issued and outstanding at December 31, 2019
1,173

 
1,173

Additional paid-in capital
534,213

 
531,667

Retained earnings
622,246

 
615,481

Accumulated other comprehensive loss
(59,665
)
 
(68,735
)
Treasury stock, at cost; 6,071,365 shares at March 31, 2020 and 3,513,358 shares at December 31, 2019
(95,326
)
 
(54,950
)
Common stock held by the Employee Stock Ownership Plan
(40,999
)
 
(41,564
)
Stock held by Rabbi Trust
(1,728
)
 
(1,520
)
Deferred compensation obligations
1,212

 
965

Total stockholders' equity
961,126

 
982,517

Total liabilities and stockholders' equity
$
8,325,051

 
$
8,188,694

 
 
 
 
See accompanying notes to unaudited consolidated financial statements.

2



COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(In thousands, except share and per share data)
 
Three Months Ended March 31,
 
2020
 
2019
Interest income:
(Unaudited)
Loans receivable
$
64,018

 
$
52,260

Debt securities available for sale and equity securities
7,328

 
7,659

Debt securities held to maturity
2,065

 
1,907

Federal funds and interest earning deposits
189

 
89

Federal Home Loan Bank stock dividends
1,090

 
972

Total interest income
74,690

 
62,887

Interest expense:
 
 
 
Deposits
16,832

 
13,679

Borrowings
7,156

 
6,824

Total interest expense
23,988

 
20,503

 
 
 
 
Net interest income
50,702

 
42,384

 
 
 
 
Provision for loan losses
9,568

 
436

 
 
 
 
Net interest income after provision for loan losses
41,134

 
41,948

 
 
 
 
Non-interest income:
 
 
 
Demand deposit account fees
1,299

 
959

Bank-owned life insurance
1,417

 
1,320

Title insurance fees
1,231

 
1,041

Loan fees and service charges
728

 
820

Gain on securities transactions
370

 
126

Change in fair value of equity securities
(584
)
 
176

Gain on sale of loans
754

 
132

Other non-interest income
1,176

 
1,463

Total non-interest income
6,391

 
6,037

 
 
 
 
Non-interest expense:
 
 
 
Compensation and employee benefits
24,465

 
19,580

Occupancy
4,795

 
3,831

Federal deposit insurance premiums
110

 
425

Advertising
1,144

 
1,388

Professional fees
1,366

 
1,247

Data processing
765

 
638

Merger-related expenses
1,075

 

Other non-interest expense
4,788

 
2,450

Total non-interest expense
38,508

 
29,559

 
 
 
 
 Income before income tax expense
9,017

 
18,426

 
 
 
 
Income tax expense
2,252

 
3,507

 
 
 
 
Net income
$
6,765

 
$
14,919

 
 
 
 
Earnings per share - basic and diluted
$
0.06

 
$
0.13

Weighted average shares outstanding -basic and diluted
108,438,173

 
111,536,577

 
 
 
 
See accompanying notes to unaudited consolidated financial statements.

3



COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
(In thousands)
 
Three Months Ended March 31,
 
2020
 
2019
 
(Unaudited)
 
 
 
 
Net income
$
6,765

 
$
14,919

 
 
 
 
Other comprehensive income, net of tax:
 
 
 
Unrealized gains on debt securities available for sale
19,267

 
9,295

Accretion of unrealized gain on debt securities reclassified as held to maturity
6

 
10

Reclassification adjustment for gains included in net income
289

 
100

 
19,562

 
9,405

 
 
 
 
Derivatives, net of tax:
 
 
 
Unrealized (loss) on swap contracts accounted for as cash flow hedges
(11,349
)
 
(2,780
)
 
(11,349
)
 
(2,780
)
 
 
 
 
Employee benefit plans, net of tax:
 
 
 
Amortization of prior service cost included in net income
33

 
(25
)
Reclassification adjustment of actuarial net gain included in net income
2,084

 
130

Change in funded status of retirement obligations
(1,260
)
 
(105
)
 
857

 

 
 
 
 
Total other comprehensive income
9,070

 
6,625

 
 
 
 
Total comprehensive income, net of tax
$
15,835

 
$
21,544

 
 
 
 
See accompanying notes to unaudited consolidated financial statements.


4



COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
Three Months Ended March 31, 2020 and 2019
(In thousands)
 
Common Stock
 
Additional Paid-in-Capital
 
Retained Earnings
 
Accumulated Other Comprehensive (Loss)
 
Treasury Stock
 
Common Stock Held by the Employee Stock Ownership Plan
 
Stock Held by Rabbi Trust
 
Deferred Compensation Obligations
 
Total Stockholders' Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
$
1,159

 
$
527,037

 
$
560,216

 
$
(71,897
)
 
$

 
$
(43,835
)
 
$
(1,259
)
 
$
639

 
$
972,060

Effect of the adoption of Accounting Standards Update ("ASC") 2016-01

 

 
548

 
(548
)
 

 

 

 

 

Balance at January 1, 2019
1,159

 
527,037

 
560,764

 
(72,445
)
 

 
(43,835
)
 
(1,259
)
 
639

 
972,060

Net income

 

 
14,919

 

 

 

 

 

 
14,919

Other comprehensive income

 

 

 
6,625

 

 

 

 

 
6,625

Employee Stock Ownership Plan shares committed to be released

 
309

 

 

 

 
559

 

 

 
868

Funding of deferred compensation obligations

 

 

 

 

 

 
(100
)
 
130

 
30

Balance at March 31, 2019
$
1,159

 
$
527,346

 
$
575,683

 
$
(65,820
)
 
$

 
$
(43,276
)
 
$
(1,359
)
 
$
769

 
$
994,502

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
$
1,173

 
$
531,667

 
$
615,481

 
$
(68,735
)
 
$
(54,950
)
 
$
(41,564
)
 
$
(1,520
)
 
$
965

 
$
982,517

Net income

 

 
6,765

 

 

 

 

 

 
6,765

Other comprehensive income

 

 

 
9,070

 

 

 

 

 
9,070

Stock based compensation

 
2,204

 

 

 

 

 

 

 
2,204

Purchase of treasury stock (2,557,126 shares)

 

 

 

 
(40,363
)
 

 

 

 
(40,363
)
Restricted stock forfeitures (881 shares)

 

 

 

 
(13
)
 

 

 

 
(13
)
Employee Stock Ownership Plan shares committed to be released

 
342

 

 

 

 
565

 

 

 
907

Funding of deferred compensation obligations

 

 

 

 

 

 
(208
)
 
247

 
39

Balance at March 31, 2020
$
1,173

 
$
534,213

 
$
622,246

 
$
(59,665
)
 
$
(95,326
)
 
$
(40,999
)
 
$
(1,728
)
 
$
1,212

 
$
961,126

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to unaudited consolidated financial statements.


5



COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
 
Three Months Ended March 31,
 
2020
 
2019
Cash flows from operating activities:
(In thousands, unaudited)
Net income
$
6,765

 
$
14,919

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Amortization of deferred loan costs, fees and purchased premiums and discounts
824

 
314

Net amortization of premiums and discounts on securities
352

 
309

Net amortization of mortgage servicing rights
28

 
(21
)
Amortization of intangible assets
241

 

Depreciation and amortization of office properties and equipment
1,615

 
1,057

Provision for loan losses
9,568

 
436

Gain on securities transactions
(370
)
 
(126
)
Change in fair value of equity securities
584

 
(176
)
Proceeds from sales of loans held-for-sale
51,621

 
8,081

Gain on sale of loans
(754
)
 
(132
)
Loss on real estate owned

 
1

Loss on disposal of office properties and equipment
670

 

Loss on write-down of mortgage servicing rights
34

 

Deferred tax expense
7,527

 
148

Increase in accrued interest receivable
(678
)
 
(1,198
)
(Increase) decrease in other assets
(82,522
)
 
6,197

Increase (decrease) in accrued expenses and other liabilities
45,929

 
(3,553
)
Income on bank-owned life insurance
(1,417
)
 
(1,320
)
Employee stock ownership plan expense
907

 
868

Stock based compensation
2,204

 

Increase in deferred compensation obligations under Rabbi Trust
39

 
30

Net cash provided by operating activities
43,167

 
25,834

Cash flows from investing activities:
 
 
 
Proceeds from sales of debt securities available for sale
20,761

 

Proceeds from sales of equity securities

 
764

Proceeds from paydowns/maturities/calls of debt securities available for sale
36,571

 
25,942

Proceeds from paydowns/maturities/calls of debt securities held to maturity
12,506

 
2,925

Purchases of debt securities available for sale
(50,544
)
 
(65,487
)
Purchases of debt securities held to maturity

 
(28,426
)
Proceeds from sales of loans receivable
15,555

 
9,311

Purchase of loans receivable

 
(2,313
)
Net increase in loans receivable
(122,262
)
 
(45,415
)
Proceeds from redemptions of Federal Home Loan Bank stock
19,269

 
19,017

Purchases of Federal Home Loan Bank stock
(17,923
)
 
(14,942
)
Additions to office properties and equipment
(1,703
)
 
(7,298
)
Proceeds from sale of real estate owned

 
91

Net cash used in investing activities
(87,770
)
 
(105,831
)
Cash flows from financing activities:

 
 
Net increase in deposits
126,576

 
192,755

Proceeds from long-term borrowings
50,000

 
53,455

Payments on long-term borrowings
(56,100
)
 
(60,000
)
Net decrease in short-term borrowings
(23,981
)
 
(84,000
)
Increase in advance payments by borrowers for taxes and insurance
1,261

 
727

Purchase of treasury stock
(40,363
)
 

Restricted stock forfeitures
(13
)
 

Net cash provided by financing activities
57,380

 
102,937




6



COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (continued)
 
Three Months Ended March 31,
 
2020
 
2019
 
( In thousands, unaudited)
 
 
 
 
Net increase in cash and cash equivalents
$
12,777

 
$
22,940

 
 
 
 
Cash and cash equivalents at beginning of year
75,547

 
42,201

Cash and cash equivalents at end of period
$
88,324

 
$
65,141

 
 
 
 
Cash paid during the period for:
 
 
 
Interest on deposits and borrowings
$
23,197

 
$
20,272

Income tax payments
$

 
$
100

 
 
 
 
Non-cash investing and financing activities:
 
 
 
Transfer of loans receivable to loans held-for-sale
$
50,949

 
$

Securitization of loans
$

 
$
6,061

 
 
 
 
See accompanying notes to unaudited consolidated financial statements.


7

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements


1.Basis of Financial Statement Presentation

The accompanying unaudited consolidated financial statements include the accounts of Columbia Financial, Inc., its wholly-owned subsidiary Columbia Bank (the "Bank") and the Bank's wholly-owned subsidiaries (collectively, the “Company”). In consolidation, all intercompany accounts and transactions are eliminated.

Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC (the "MHC"). The accounts of the MHC are not consolidated in the accompanying consolidated financial statements of the Company.
    
In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the Consolidated Statements of Financial Condition and Consolidated Statements of Income for the periods presented. Actual results could differ from these estimates. Material estimates that are particularly susceptible to change are the determination of the adequacy of the allowance for credit losses, evaluation of the need for valuation allowances on deferred tax assets, and determination of liabilities related to retirement and other post-retirement benefits. These estimates and assumptions are evaluated on an ongoing basis and are adjusted when facts and circumstances dictate.

The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three month period ended March 31, 2020 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year or any other period. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications.

The interim unaudited consolidated financial statements of the Company presented herein have been prepared in accordance with the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and U.S. generally accepted accounting principles (“GAAP”). Certain information and note disclosures have been condensed or omitted pursuant to the rules and regulations of the SEC.

These unaudited consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2019 and the audited consolidated financial statements included therein.

2.     Acquisition of Stewardship Financial Corporation

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 (the "Merger Agreement"), by and among Columbia Financial, Broadway Acquisition Corp. (a wholly owned subsidiary of Columbia Financial) and Stewardship. Under the terms of the merger agreement, each outstanding share of Stewardship common stock was converted into the right to received $15.75 in cash at the effective time of the merger. At the time of closing, Stewardship had $956.0 million in total assets, including $756.9 million in net loans receivable, $52.6 million in securities, and $877.8 million in total liabilities, including $781.4 million in deposits and $81.8 million in borrowings. The deposits initially acquired from Stewardship were held across a network of 12 branches located in New Jersey throughout Bergen, Morris, and Passaic counties. During the three months ended March 31, 2020, four of these branches were closed, and the Bank recorded a loss of $770,000 related to these branch closures.

Merger-related expenses are recorded in the Consolidated Statements of Income and are expensed as incurred. Direct acquisition and other charges incurred in connection with the Stewardship acquisition totaled $962,000 for the three months ended March 31, 2020. There were no merger expenses recorded for the three months ended March 31, 2019.

3.        Earnings per Share

Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes treasury stock, unallocated employee stock ownership plan shares that have not been committed for release and deferred compensation obligations required to be settled in shares of Company stock.

Diluted EPS is computed using the same method as basic EPS and reflects the potential dilution which could occur if stock options and unvested shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method.

8

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements

3.    Earnings per Share (continued)

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three months ended March 31, 2020 and 2019:     
 
For the Three Months Ended March 31,
 
2020
 
2019
 
(Dollars in thousands, except per share data)
 
 
 
 
Net income
$
6,765

 
$
14,919

Shares:
 
 
 
Weighted average shares outstanding - basic
108,438,173

 
111,536,577

Weighted average dilutive shares outstanding

 

Weighted average shares outstanding - diluted
108,438,173

 
111,536,577

Earnings per share:
 
 
 
Basic
$
0.06

 
$
0.13

Diluted
$
0.06

 
$
0.13



For the three months ended March 31, 2020 the average number of stock options which were anti-dilutive and were not included in the computation of diluted earnings per share totaled 811,853. There were no stock options outstanding for the three months ended March 31, 2019.

4.    Stock Repurchase Program

On June 11, 2019, the Company announced that its Board of Directors authorized the Company's first stock repurchase program since the completion of its minority public offering in April 2018. This program, which commenced on June 13, 2019, authorized the purchase of up to 4,000,000 shares, or approximately 3.5%, of the Company's then issued and outstanding common stock. On December 5, 2019, the Company announced that its Board of Directors had expanded its stock repurchase program to authorize the purchase of an additional 3,000,000 shares of the Company's outstanding common stock in addition to the shares remaining under the repurchase program announced on June 11, 2019. During the three months ended March 31, 2020, the Company repurchased 2,557,126 shares at a cost of approximately $40.4 million, or $15.78 per share under this program. There were no shares repurchased during the three months ended March 31, 2019. Repurchased shares are held as treasury stock and are available for general corporate purposes.

5.     Summary of Significant Accounting Policies

Accounting Pronouncements Adopted in 2020

In October 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815)- Inclusion of the Secured Overnight Financing Rate ("SOFR") Overnight Index Swap ("OIS") Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. This ASU permits the use of the OIS rate based upon SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the direct Treasury obligations of the U.S. Government, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate, and the Securities Industry and Financial Markets Association Municipal Swap Rate. The amendments in this ASU are required to be adopted concurrently with the amendments in ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities, which was issued in August 2017. The effective date for this ASU for the Company is for fiscal years beginning after December 15, 2019, with early adoption, including adoption in an interim period permitted. The amendments should be adopted on a prospective basis for qualifying new of redesignated hedging relationships entered into on or after date of adoption. The Company adopted this guidance effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.
    
    






9

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements

5.    Summary of Significant Accounting Policies (continued)

Accounting Pronouncements Adopted in 2020 (continued)

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The purpose of this updated guidance is to improve the effectiveness and disclosures in the notes to the financial statements. The ASU removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; removes the policy for timing of transfers between levels; and removes the disclosure related to the valuation process for Level 3 fair value measurements. The ASU also modifies existing disclosure requirements
which relate to the disclosure for investments in certain entities which calculate net asset value and clarifies the disclosure about uncertainty in the measurements as of the reporting date. For all entities, the effective date for this guidance is fiscal years beginning after December 15, 2019, including interim periods within the reporting period, with early adoption permitted. Entities are also allowed to elect early adoption of the eliminated or modified disclosure requirements and delay adoption of the new disclosure requirements until their effective date. The Company adopted this guidance effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.
    
In March 2017, the FASB issued ASU No. 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. This guidance shortens the amortization period for premiums on callable debt securities by requiring that premiums be amortized to the first (or earliest) call date instead of as an adjustment to the yield over the contractual life. This change more closely aligns the accounting with the economics of a callable debt security and the amortization period with expectations that already are included in market pricing on callable debt securities. This guidance does not change the accounting for discounts on callable debt securities, which will continue to be amortized to the maturity date. This guidance includes only instruments that are held at a premium and have explicit call features. It does not include instruments that contain prepayment features, such as mortgage backed securities; nor does it include call options that are contingent upon future events or in which the timing or amount to be paid is not fixed. The effective date for this ASU for the Company is fiscal years beginning after December 15, 2019, including interim periods within the reporting period, with early adoption permitted. Transition is on a modified retrospective basis with an adjustment to retained earnings as of the beginning of the period of adoption. The Company adopted this guidance effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The main objective of this guidance is to simplify the accounting for goodwill impairment by requiring that impairment charges be based upon the first step in the current two-step impairment test under ASC 350. Currently, if the fair value of a reporting unit is lower than its carrying amount (Step 1), an entity calculates any impairment charge by comparing the implied fair value of goodwill with its carrying amount (Step 2). The implied fair value of goodwill is calculated by deducting the fair value of all assets and liabilities of the reporting unit from the reporting unit’s fair value as determined in Step 1. To determine the implied fair value of goodwill, entities estimate the fair value of any unrecognized intangible assets and any corporate-level assets or liabilities that were included in the determination of the carrying amount and fair value of the reporting unit in Step 1. Under this guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. This guidance eliminates the requirement to calculate a goodwill impairment charge using Step 2. This guidance does not change the guidance on completing Step 1 of the goodwill impairment test. Under this guidance, an entity will still be able to perform the current optional qualitative goodwill impairment assessment before determining whether to proceed to Step 1. The guidance in the ASU was applied prospectively and is effective for the Company for annual and interim impairment tests performed in periods beginning after December 15, 2019. The Company adopted this guidance effective January 1, 2020. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.
    
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This guidance requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date for leases classified as operating leases as well as finance leases. The update also requires new quantitative disclosures related to leases in the Company's consolidated financial statements. There are also practical expedients in this update related to leases that commenced before the effective date, initial direct costs and the use of hindsight to extend or terminate a lease or purchase a leased asset. Lessor accounting remains largely unchanged under this new guidance. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842)-Land Easement Practical Expedient for Transition to Topic 842, which provides an optional practical expedient to not evaluate land easements which were existing or expired before the adoption of Topic 842 that were not accounted for as leases under Topic 840. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases and ASU 2018-11, Leases (Topic 842) -Targeted Improvements which provides entities with an optional transition method under which comparative periods presented in the financial statements will continue to be in accordance with current Topic 840, Leases, and a practical expedient to not separate non-lease components from the associated lease component. The guidance is effective for the Company for annual periods beginning after


10

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements

5.    Summary of Significant Accounting Policies (continued)

Accounting Pronouncements Adopted in 2020 (continued)

December 15, 2019, including interim periods within that reporting period. In the evaluation of this guidance, the Company identified the inventory of leases and actively accumulated the requisite lease data necessary to apply the guidance. The Company selected a software platform to support the recording, accounting and disclosure requirements of the new lease guidance. Upon adoption, the Company recorded a right-of-use asset and lease liability as of January 1, 2020. See note 10 for more information regarding adoption.

Accounting Pronouncements Not Yet Adopted

In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("CECL"), further amended by ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. Topic 326 pertains to the measurement of credit losses on financial instruments. This update requires the measurement of all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better determine their credit loss estimates. This update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. This update is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2019.

The Company elected to defer the adoption of the CECL methodology permitted by the recently enacted Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). The Company will adopt CECL at the earlier of December 31, 2020 or when the national emergency concerning the COVID-19 outbreak has concluded. The Company will adopt the above mentioned ASUs related to Financial Instruments -Credit Losses (Topic 326) using a modified retrospective approach. Our CECL methodology includes the following key factors and assumptions for all loan portfolio segments:

a historical loss period, which represents a full economic credit cycle utilizing internal loss experience, as well as industry and peer historical loss data;
a single economic scenario with a reasonable and supportable forecast period of four to six quarters based on management’s current review of macroeconomic factors and the reliability of extended economic forecasts over different time horizons;
a reversion to historical mean period (after the reasonable and supportable forecast period) using a straight-line approach that extends through the shorter of six quarters or the end of the remaining contractual term; and
expected prepayment rates based on a combination of our historical experience and market observations.

Based on several analyses performed, as well as an implementation analysis utilizing existing exposures and forecasts of macroeconomic conditions at March 31, 2020, we currently expect the adoption of ASU 2016-13 will result in an increase between 10% and 20% in our allowance for loan losses and our reserves for unfunded commitments.

As part of the implementation of the ASU, the Company will reconcile historical loan data, determine segmentation of the loan portfolio for application of the CECL calculation, determine the key assumptions, select calculation methods, and establish an internal control framework. We are currently finalizing the execution of our implementation controls and enhancing process documentation.

The expected increase in the allowance for loan losses and reserve for unfunded commitments is a result of the change from an incurred loss model, which encompasses allowances for current known and inherent losses within the portfolio, to an expected loss model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. Furthermore, ASU 2016-13 will necessitate that we establish an allowance for expected credit losses for certain debt securities and other financial assets; however, we do not expect these allowances to be significant.

Future amounts of provision expense related to our allowance for loan losses and reserves for unfunded commitments will depend on the size and composition of our loan portfolio, future economic conditions and borrowers’ payment performance. Future amounts of provision related our debt securities will depend on the composition of our securities portfolio and current market conditions.

The adoption of ASU 2016-13 is not expected to have a significant impact on our regulatory capital ratios.
    
Upon adoption, any impact to the allowance for credit losses, currently the allowance for loan losses, will have an offsetting impact on retained earnings.


11

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
Notes to Unaudited Consolidated Financial Statements

5.    Summary of Significant Accounting Policies (continued)

Accounting Pronouncements Not Yet Adopted

In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans by removing disclosures that no longer are considered cost beneficial, clarifying the specific requirements of disclosures, and adding disclosure requirements identified as relevant. Among other changes, the ASU adds disclosure requirements to Topic 715-20 for the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and an explanation of the reasons for significant gains and losses related to changes in benefit obligation for the period. The amendments remove disclosure requirements for the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year, the amount and timing of plan assets expected to be returned to the employer, and the effects of a one-percentage-point change in assumed health care cost trend rates on the (a) aggregate of the service and interest cost components of net periodic benefit costs and (b) benefit obligation for post-retirement health care benefits. ASU 2018-14 is effective for fiscal years beginning after December 15, 2020, including interim reporting periods within that reporting period, with early adoption permitted. The update is to be applied on a retrospective basis. The Company is currently evaluating the effect of ASU 2018-14 on its disclosures in the Company's consolidated financial statements, and as its adoption is only disclosure related, does not expect it will have a significant impact on the Company's consolidated financial statements.

6.    Debt Securities Available for Sale

Debt securities available for sale at March 31, 2020 and December 31, 2019 are summarized as follows:
 
March 31, 2020
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized (Losses)
 
Fair Value
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
$
40,930

 
$
1,283

 
$

 
$
42,213

Mortgage-backed securities and collateralized mortgage obligations
963,977

 
38,878

 
(817
)
 
1,002,038

Municipal obligations
956

 
3

 

 
959

Corporate debt securities
68,606

 
563

 
(2,044
)
 
67,125

Trust preferred securities
5,000

 

 
(918
)
 
4,082

 
$
1,079,469

 
$
40,727

 
$
(3,779
)
 
$
1,116,417

 
December 31, 2019
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized (Losses)
 
Fair Value
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
U.S. government and agency obligations
$
42,081

 
$
321

 
$
(16
)
 
$
42,386

Mortgage-backed securities and collateralized mortgage obligations
968,165

 
12,981

 
(1,265
)
 
979,881

Municipal obligations
2,284

 
1

 
(1
)