Columbia Financial, Inc./MD/

Columbia Financial, Inc., a Maryland corporation, is the proposed successor to Columbia Financial (Delaware), the mid-tier holding company for Columbia Bank, a federally chartered savings bank headquartered in Fair Lawn, New Jersey. Columbia Bank operates 71 branches in New Jersey, serving consumers and businesses with traditional banking products including multifamily and commercial real estate loans (50.9% of $8.2 billion loan portfolio), one-to-four family residential loans (31.0%), and commercial business loans (9.3%). As of December 31, 2025, Columbia Financial reported $11.0 billion in assets, $8.4 billion in deposits, $1.2 billion in equity (10.53% of assets), and net income of $51.8 million (0.48% ROAA). The company is undertaking a second-step mutual-to-stock conversion from its MHC structure, offering up to 192,625,000 shares at $10.00 each (range $1.4-$1.9 billion, midpoint $1.7 billion) to eliminate MHC dividend restrictions, strengthen capital for growth, and facilitate the $597.1 million acquisition of Northfield Bancorp (assets $5.8 billion). Post-conversion, Columbia Financial, Inc. will retain 50% of net proceeds for acquisitions/dividends/repurchases, contributing 50% to Columbia Bank for lending/investments. The investment thesis centers on enhanced capital flexibility, merger synergies (larger $18.0 billion asset base, 108 branches), and strategic growth in commercial lending/deposits amid a competitive NJ/NY market, though risks include integration challenges, interest rate sensitivity, and commercial real estate concentration.

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