Parent-only Financial Information

12 Months Ended

Dec. 31, 2023

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


Statements of Financial Condition

	December 31,
	2023		2022
	(In thousands)
Assets
Cash and due from banks	$	8,644	$	59,754
Short-term investments	108		131
Total cash and cash equivalents	8,752		59,885


Equity securities, at fair value	191		201
Investment in subsidiaries	1,000,185		979,841
Loan receivable from Columbia Bank	36,432		38,187
Other assets	2,918		13,760
Total assets	$	1,048,478	$	1,091,874

Liabilities and Stockholders' Equity
Liabilities:
Borrowings	$	6,962	$	36,888
Accrued expenses and other liabilities	1,181		1,391
Total liabilities	8,143		38,279

Stockholders' equity	1,040,335		1,053,595
Total liabilities and stockholders' equity	$	1,048,478	$	1,091,874

(19) Parent-only Financial Information (continued)


Statements of Income and Comprehensive Income

	Years Ended December 31,
	2023		2022		2021
	(In thousands)
Dividends from subsidiary	$	45,000	$	80,000	$	65,000

Interest income:
Loans receivable	1,814		1,893		1,969
Debt securities available for sale and equity securities	18		10		43
Interest-earning deposits	8		7		—
Total interest income	46,840		81,910		67,012

Interest expense on borrowings	1,339		1,600		427

Net interest income	45,501		80,310		66,585

Equity earnings (loss) income in subsidiaries	(8,432)		9,132		27,652

Non-interest income:
Gain on securities transactions	—		—		383
Change in fair value of equity securities	(10)		(15)		(35)
Other non-interest income	—		650		—
Total non-interest income (loss)	(10)		635		348

Non-interest expense:

Merger-related expenses	41		522		546
Loss on extinguishment of debt	300		—		—
Other non-interest expense	1,502		2,861		2,203
Total non-interest expense	1,843		3,383		2,749

Income before income tax (benefit) expense	35,216		86,694		91,836

Income tax (benefit) expense	(870)		521		(213)

Net income	36,086		86,173		92,049
Other comprehensive income (loss)	20,561		(133,377)		23,706
Comprehensive income (loss)	$	56,647	$	(47,204)	$	115,755

(19) Parent-only Financial Information (continued)


Statements of Cash Flows
	Years Ended December 31,
	2023		2022		2021
	(In thousands)
Cash flows from operating activities:
Net income	$	36,086	$	86,173	$	92,049
Adjustments to reconcile net income to net cash provided by operating activities:

Amortization of intangible assets	74		73		21
Gain on securities transactions	—		—		(383)
Change in fair value of equity securities	10		15		35
Loss on extinguishment of debt	300		—		—
Deferred tax expense	2,019		2,463		1,830
Decrease (increase) in other assets	8,894		(642)		(7,721)
(Decrease) increase in accrued expenses and other liabilities	(890)		(997)		691

Equity in undistributed (earnings)of subsidiaries	8,432		(9,132)		(27,652)
Net cash provided by operating activities	$	54,925	$	77,953	$	58,870

Cash flows from investing activities:


Proceeds from sales of equity securities	—		—		1,390


Purchases of equity securities	—		—		(91)

Repayment of loan receivable from Columbia Bank	1,755		1,675		1,599
Net cash acquired in acquisition	—		31		—
Net cash provided by investing activities	$	1,755	$	1,706	$	2,898

Cash flows from financing activities:
Repayment of term note	$	(30,300)	$	—	$	—

Net proceeds from term note	—		—		29,841
Purchase of treasury stock	(80,497)		(93,996)		(107,774)
Exercise of options	42		325		(25)
Issuance of common stock allocated to restricted stock award grants	4,066		2,624		—
Restricted stock forfeitures	(501)		(1,451)		(1,234)
Repurchase of shares for taxes	(623)		(4,614)		(357)
Issuance of treasury stock allocated to restricted stock award grants	—		—		896
Net cash (used in) financing activities	$	(107,813)	$	(97,112)	$	(78,653)

(19) Parent-only Financial Information (continued)


Statements of Cash Flows
	Years Ended December 31,
	2023		2022		2021
	(In thousands)

Net (decrease) in cash and cash equivalents	$	(51,133)	$	(17,453)	$	(16,885)
Cash and cash equivalents at beginning of year	59,885		77,338		94,223
Cash and cash equivalents at end of period	$	8,752	$	59,885	$	77,338

Non-cash investing and financing activities:
Excise tax on net stock repurchases	$	800	$	—	$	—

Acquisition:









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