Parent-only Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

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


Statements of Financial Condition

	December 31,
	2022		2021
	(In thousands)
Assets
Cash and due from banks	$	59,754	$	77,077
Short-term investments	131		261
Total cash and cash equivalents	59,885		77,338


Equity securities, at fair value	201		216
Investment in subsidiaries	979,841		981,922
Loan receivable from Columbia Bank	38,187		39,862
Other assets	13,760		15,608
Total assets	$	1,091,874	$	1,114,946

Liabilities and Stockholders' Equity
Liabilities:
Borrowings	$	36,888	$	36,815
Accrued expenses and other liabilities	1,391		2,301
Total liabilities	38,279		39,116

Stockholders' equity	1,053,595		1,075,830
Total liabilities and stockholders' equity	$	1,091,874	$	1,114,946

Condensed Statement of Income and Comprehensive Income


Statements of Income and Comprehensive Income

	Years Ended December 31,
	2022		2021		2020
	(In thousands)
Dividends from subsidiary	$	80,000	$	65,000	$	50,000

Interest income:
Loans receivable	1,893		1,969		2,047
Debt securities available for sale and equity securities	10		43		51
Interest-earning deposits	7		—		1
Total interest income	81,910		67,012		52,099

Interest expense on borrowings	1,600		427		863

Net interest income	80,310		66,585		51,236

Equity earnings (loss) in subsidiaries	9,132		27,652		8,027

Non-interest income:
Gain on securities transactions	—		383		2
Change in fair value of equity securities	(15)		(35)		(115)
Other non-interest income	650		—		—
Total non-interest income (loss)	635		348		(113)

Non-interest expense:

Merger-related expenses	522		546		280
Other non-interest expense	2,861		2,203		1,377
Total non-interest expense	3,383		2,749		1,657

Income before income tax (benefit)	86,694		91,836		57,493

Income tax (benefit)	521		(213)		110

Net income	86,173		92,049		57,603
Other comprehensive income (loss)	(133,377)		23,706		(890)
Comprehensive income (loss)	$	(47,204)	$	115,755	$	56,713

Condensed Cash Flow Statement


Statements of Cash Flows
	Years Ended December 31,
	2022		2021		2020
	(In thousands)
Cash flows from operating activities:
Net income	$	86,173	$	92,049	$	57,603
Adjustments to reconcile net income to net cash provided by operating activities:

Amortization of intangible assets	73		21		(278)
Gain on securities transactions	—		(383)		(2)
Change in fair value of equity securities	15		35		115
Deferred tax expense	2,463		1,830		1,411
( Increase) in other assets	(642)		(7,721)		(2,675)
(Decrease) increase in accrued expenses and other liabilities	(997)		691		(647)

Equity in undistributed (earnings)of subsidiaries	(9,132)		(27,652)		(8,027)
Net cash provided by operating activities	$	77,953	$	58,870	$	47,500

Cash flows from investing activities:


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

Purchases of equity securities	—		(91)		—

Repayment of loan receivable from Columbia Bank	1,675		1,599		1,521
Net cash acquired in acquisition	31		—		—
Net cash provided by investing activities	$	1,706	$	2,898	$	3,019

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	(93,996)		(107,774)		(108,166)
Exercise of options	325		(25)		—
Issuance of common stock allocated to restricted stock award grants	2,624		—		—
Restricted stock forfeitures	(1,451)		(1,234)		(199)
Repurchase of shares for taxes	(4,614)		(357)		(181)
Issuance of treasury stock allocated to restricted stock award grants	—		896		481
Net cash (used in) financing activities	$	(97,112)	$	(78,653)	$	(124,665)

(19) Parent-only Financial Information (continued)


Statements of Cash Flows
	Years Ended December 31,
	2022		2021		2020
	(In thousands)

Net (decrease) in cash and cash equivalents	$	(17,453)	$	(16,885)	$	(74,146)
Cash and cash equivalents at beginning of year	77,338		94,223		168,369
Cash and cash equivalents at end of period	59,885		77,338		94,223
Acquisition:









Net cash and cash equivalents acquired in acquisition	$	31	$	—	$	—