Parent-only Financial Information

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

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


Statements of Financial Condition

	December 31,
	2021		2020
	(In thousands)
Assets
Cash and due from banks	$	77,077	$	94,053
Short-term investments	261		170
Total cash and cash equivalents	77,338		94,223


Equity securities, at fair value	216		1,167
Investment in subsidiaries	981,922		873,629
Loan receivable from Columbia Bank	39,862		41,461
Other assets	15,608		9,803
Total assets	$	1,114,946	$	1,020,283

Liabilities and Stockholders' Equity
Liabilities:
Borrowings	$	36,815	$	6,953
Accrued expenses and other liabilities	2,301		2,043
Total liabilities	39,116		8,996

Stockholders' equity	1,075,830		1,011,287
Total liabilities and stockholders' equity	$	1,114,946	$	1,020,283

(19) Parent-only Financial Information (continued)


Statements of Income and Comprehensive Income

	Years Ended December 31,
	2021		2020		2019
	(In thousands)
Dividends from subsidiary	$	65,000	$	50,000	$	179,000

Interest income:
Loans receivable	1,969		2,047		2,111
Debt securities available for sale and equity securities	43		51		51
Interest-earning deposits	—		1		173
Total interest income	67,012		52,099		181,335

Interest expense on borrowings	427		863		176

Net interest income	66,585		51,236		181,159

Equity earnings (loss) in subsidiaries	27,652		8,027		(123,142)

Non-interest income:
Gain on securities transactions	383		2		236
Change in fair value of equity securities	(35)		(115)		65
Other non-interest income	—		—		139
Total non-interest income (loss)	348		(113)		440

Non-interest expense:

Merger-related expenses	546		280		1,807
Other non-interest expense	2,203		1,377		1,955
Total non-interest expense	2,749		1,657		3,762

Income before income tax (benefit)	91,836		57,493		54,695

Income tax (benefit)	(213)		110		22

Net income	92,049		57,603		54,717
Other comprehensive income (loss)	23,706		(890)		3,710
Comprehensive income	$	115,755	$	56,713	$	58,427

(19) Parent-only Financial Information (continued)


Statements of Cash Flows
	Years Ended December 31,
	2021		2020		2019
	(In thousands)
Cash flows from operating activities:
Net income	$	92,049	$	57,603	$	54,717
Adjustments to reconcile net income to net cash provided by operating activities:

Amortization of intangible assets	21		(278)		(71)
Gain on securities transactions	(383)		(2)		(236)
Change in fair value of equity securities	35		115		(65)
Deferred tax expense	1,830		1,411		1,453
( Increase) in other assets	(7,721)		(2,675)		(2,026)
Increase (decrease) in accrued expenses and other liabilities	691		(647)		3,515

Equity in undistributed (earnings) loss of subsidiaries	(27,652)		(8,027)		123,142
Net cash provided by operating activities	$	58,870	$	47,500	$	180,429

Cash flows from investing activities:


Proceeds from sales of equity securities	1,390		—		1,065
Proceeds from paydowns/maturities/calls of debt securities available for sale	—		1,498		500

Purchases of equity securities	(91)		—		(416)

Repayment of loan receivable from Columbia Bank	1,599		1,521		1,457
Net cash paid in acquisition	—		—		(135,410)
Net cash provided by (used in) investing activities	$	2,898	$	3,019	$	(132,804)

Cash flows from financing activities:
Payments of subordinated debt and trust preferred securities	$	—	$	(16,600)	$	—

Net proceeds from note payable	29,841		—		—
Purchase of treasury stock	(107,774)		(108,166)		(55,309)
Exercise of options	(25)		—		—
Issuance of common stock allocated to restricted stock award grants	—		—		21,687
Restricted stock forfeitures	(1,234)		(199)		(736)
Repurchase of shares for taxes	(357)		(181)		—
Issuance of treasury stock allocated to restricted stock award grants	896		481		1,269
Net cash (used in) financing activities	$	(78,653)	$	(124,665)	$	(33,089)

(19) Parent-only Financial Information (continued)


Statements of Cash Flows
	Years Ended December 31,
	2021		2020		2019
	(In thousands)

Net (decrease) increase in cash and cash equivalents	$	(16,885)	$	(74,146)	$	14,536
Cash and cash equivalents at beginning of year	94,223		168,369		153,833
Cash and cash equivalents at end of period	$	77,338	$	94,223	$	168,369
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 and cash equivalents acquired in acquisitions	$	—	$	—	$	884