What changed in Columbia Financial, Inc.'s 2023 10-K compared to 2022?

Across the narrative sections we track, Columbia Financial, Inc. (CLBK) added 281 paragraphs, removed 277, and edited 216 between the 2022 and 2023 10-K filings. The biggest movers are Item 7. Management's Discussion & Analysis (+233/−232), Item 1A. Risk Factors (+41/−36), Item 5. Market for Registrant's Common Equity (+6/−8).

Did Columbia Financial, Inc. add new Risk Factors in the 2023 10-K?

Yes — Item 1A Risk Factors shows 41 new/edited paragraphs and 36 removed paragraphs versus the 2022 10-K.

What changed in Columbia Financial, Inc.'s MD&A (Item 7) in 2023?

Item 7 Management's Discussion & Analysis shows 233 new/edited paragraphs and 232 removed paragraphs year-over-year. Read the side-by-side diff to see exactly which revenue, margin, and outlook commentary was rewritten.

Did Columbia Financial, Inc.'s Legal Proceedings (Item 3) change in 2023?

Item 3 shows 1 added/edited paragraphs and 1 removed paragraphs — usually indicating new litigation disclosed or settled cases removed.

Where does this CLBK 10-K diff come from?

The source filings are Columbia Financial, Inc.'s official 2022 and 2023 Form 10-K annual reports from SEC EDGAR. 10q10k.net parses each filing, aligns paragraphs by section (Item 1, 1A, 1C, 2, 3, 7, 7A), and highlights every added, removed and edited sentence side-by-side.

What changed in Columbia Financial, Inc.'s 10-K — 2022 vs 2023

Paragraph-level year-over-year comparison of Columbia Financial, Inc.'s 2022 and 2023 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2023 report.

+281 added−277 removedSource: 10-K (2024-02-29) vs 10-K (2023-03-01)

Top changes in Columbia Financial, Inc.'s 2023 10-K

281 paragraphs added · 277 removed · 216 edited across 4 sections

Item 7. Management's Discussion & Analysis+233 / −232 · 184 edited
Item 1A. Risk Factors+41 / −36 · 26 edited
Item 5. Market for Registrant's Common Equity+6 / −8 · 5 edited
Item 3. Legal Proceedings+1 / −1 · 1 edited

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

26 edited+15 added−10 removed93 unchanged

2022 filing

2023 filing

Biggest changeEconomic, social and political conditions or civil unrest in the United States, may affect the markets in which we operate, our customers, our ability to provide customer service, and could have a material adverse impact on our business, results of operations, or financial condition.

Biggest changeSuch events could affect the stability of our deposit base, impair the ability of borrowers to repay outstanding loans, impair the value of collateral securing loans, cause significant property damage, result in lost revenue, or cause us to incur additional expenses. 25 Economic, social and political conditions or civil unrest in the United States, may affect the markets in which we operate, our customers, our ability to provide customer service, and could have a material adverse impact on our business, results of operations, or financial condition.

Moreover, if loans that are collateralized by multifamily or commercial real estate properties become troubled and the value of the real estate has been significantly impaired, then we may not be able to recover the full contractual amount of principal and interest that we anticipated at the time we originated the loan, which could cause us to increase our provision for loan losses and adversely affect our earnings and financial condition.

Moreover, if loans that are collateralized by multifamily or commercial real estate properties become troubled and the value of the real estate has been significantly impaired, then we may not be able to recover the full contractual amount of principal and interest that we anticipated at the time we originated the loan, which could cause us to increase our provision for credit losses and adversely affect our earnings and financial condition.

The ability to keep pace with technological change is important, and the failure to do so, due to cost, proficiency or otherwise, could have a material adverse impact on our business and therefore on our financial condition and results of operations. Because the nature of the financial services business involves a high volume of transactions, we face significant operational risks.

The ability to keep pace with technological change is important, and the failure to do so, due to cost, proficiency or otherwise, could have a material adverse impact on our business and therefore on our financial condition and results of operations. 24 Because the nature of the financial services business involves a high volume of transactions, we face significant operational risks.

These include, but are not limited to, (i) the establishment by publicly 23 traded depository institution holding companies with $10 billion or more in assets of a risk committee responsible for oversight of enterprise-wide risk management practices that are commensurate with the entity’s structure, risk profile, complexity, activities and size and (ii) an institution with total consolidated assets of $10 billion or more no longer being entitled to benefit from the FDIC’s offset of the effect of the increase in the statutory minimum Deposit Insurance Fund reserve ratio to 1.35% from the former statutory minimum of 1.15% that is required for institutions with assets of less than $10 billion by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

These include, but are not limited to, (i) the establishment by publicly traded depository institution holding companies with $10 billion or more in assets of a risk committee responsible for oversight of enterprise-wide risk management practices that are commensurate with the entity’s structure, risk profile, complexity, activities and size and (ii) an institution with total consolidated assets of $10 billion or more no longer being entitled to benefit from the FDIC’s 22 offset of the effect of the increase in the statutory minimum Deposit Insurance Fund reserve ratio to 1.35% from the former statutory minimum of 1.15% that is required for institutions with assets of less than $10 billion by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Operational risk is the risk of loss resulting from our operations, including but not limited to, the risk of fraud by employees or outside 25 persons, the execution of unauthorized transactions by employees, errors relating to transaction processing and technology, breaches of our internal control system and compliance requirements, and business continuation and disaster recovery.

Operational risk is the risk of loss resulting from our operations, including but not limited to, the risk of fraud by employees or outside persons, the execution of unauthorized transactions by employees, errors relating to transaction processing and technology, breaches of our internal control system and compliance requirements, and business continuation and disaster recovery.

Accordingly, we are now subject to certain regulations that apply only to depository institution holding companies or depository institutions with total consolidated assets of $10 billion or more, and the regulatory costs resulting from the Company having total consolidated assets of $10 billion or more may negatively impact the Company’s revenue and earnings.

Accordingly, we are subject to certain regulations that apply only to depository institution holding companies or depository institutions with total consolidated assets of $10 billion or more, and the regulatory costs resulting from the Company having total consolidated assets of $10 billion or more may negatively impact the Company’s revenue and earnings.

Further, deterioration in local economic conditions could drive the level of loan losses beyond the level we have provided for in our allowance for loan losses, which in turn could necessitate an increase in our provision for loan losses and a resulting reduction to our earnings and capital.

Further, deterioration in local economic conditions could drive the level of loan losses beyond the level we have provided for in our allowance for loan losses, which in turn could necessitate an increase in our provision for credit losses and a resulting reduction to our earnings and capital.

Financial institutions have been and continue to be targets of terrorist threats aimed at compromising operating and communication systems. Additionally, the metropolitan New York area and northern New Jersey remain central targets for potential 26 acts of terrorism.

To the extent that we must work through the resolution of assets, economic problems may cause us to incur losses and adversely affect our capital, liquidity, and financial condition. 22 Risks Related to Our Growth Strategies Our business strategy includes growth, and our financial condition and results of operations could be negatively affected if we fail to grow or fail to manage our growth effectively.

To the extent that we must work through the resolution of assets, economic problems may cause us to incur losses and adversely affect our capital, liquidity, and financial condition. 21 Risks Related to Our Growth Strategies Our business strategy includes growth, and our financial condition and results of operations could be negatively affected if we fail to grow or fail to manage our growth effectively.

Construction loans also often involve the disbursement of funds with repayment dependent, in part, on the success of the project and the ability of the borrower to sell or lease the property or refinance the indebtedness. 21 Our concentration of residential mortgage loans exposes us to increased lending risks.

Construction loans also often involve the disbursement of funds with repayment dependent, in part, on the success of the project and the ability of the borrower to sell or lease the property or refinance the indebtedness. 20 Our concentration of residential mortgage loans exposes us to increased lending risks.

The exemption for small issuers ceases to apply as of July 1st of the year following the calendar year in which the debit card issuer has total consolidated assets of $10 billion or more at calendar year-end. As a result, we will become subject to the interchange restrictions of the Durbin Amendment beginning July 1, 2023.

The exemption for small issuers ceases to apply as of July 1st of the year following the calendar year in which the debit card issuer has total consolidated assets of $10 billion or more at calendar year-end. As a result, we became subject to the interchange restrictions of the Durbin Amendment beginning July 1, 2023.

As a result, if our total consolidated assets continue to exceed $10 billion through the quarter ending September 30, 2023, we will become subject to CFPB supervision, examination and enforcement at the beginning of the quarter ending December 31, 2023.

As a result, if our total consolidated assets continued to exceed $10 billion through the quarter ending September 30, 2024, we will become subject to CFPB supervision, examination and enforcement at the beginning of the quarter ending December 31, 2024.

A debit card issuer that adopts certain fraud prevention procedures may charge an additional $0.01 per transaction. Debit card issuers with total consolidated assets of less than $10 billion, which currently includes the Company, are exempt from these interchange fee restrictions.

A debit card issuer that adopts certain fraud prevention procedures may charge an additional $0.01 per transaction. Debit card issuers with total consolidated assets of less than $10 billion are exempt from these interchange fee restrictions.

At December 31, 2022, $2.9 billion or 37.5%, of our loan portfolio was secured by one-to-four family real estate, a significant majority of which is located in the State of New Jersey, and to a lesser extent New York and Pennsylvania, and we intend to continue this type of lending in the foreseeable future.

At December 31, 2023, $2.8 billion or 35.6%, of our loan portfolio was secured by one-to-four family real estate, a significant majority of which is located in the State of New Jersey, and to a lesser extent New York and Pennsylvania, and we intend to continue this type of lending in the foreseeable future.

At December 31, 2022, our multifamily and commercial real estate loan portfolios totaled $3.7 billion, or 48.0% of our total loan portfolio. Our current business strategy is to continue our originations of multifamily and commercial real estate loans.

At December 31, 2023, our multifamily and commercial real estate loan portfolios totaled $3.8 billion, or 48.5% of our total loan portfolio. Our current business strategy is to continue our originations of multifamily and commercial real estate loans.

The balance of these real estate loans represented 323.5% of Columbia Bank’s total risk-based capital at December 31, 2022, and our commercial real estate loan portfolio increased by 25.9% during the preceding 36 months. In December 2015, the Agencies released a new statement on prudent risk management for commercial real estate lending (the “2015 Statement”).

The balance of these real estate loans represented 315.2% of Columbia Bank’s total risk-based capital at December 31, 2023, and our commercial real estate loan portfolio increased by 17.4% during the preceding 36 months. In December 2015, the Agencies released a new statement on prudent risk management for commercial real estate lending (the “2015 Statement”).

Smaller businesses may be impacted more during periods of high inflation, as they are not able to leverage economies of scale to mitigate cost pressures compared to larger businesses.

Inflation continued to rise in 2023 and may remain elevated in 2024. Smaller businesses may be impacted more during periods of high inflation, as they are not able to leverage economies of scale to mitigate cost pressures compared to larger businesses.

We must keep pace with technological change to remain competitive. Financial products and services have become increasingly technology-driven. Our ability to meet the needs of our customers competitively, and in a cost-efficient manner, is dependent on the ability to keep pace with technological advances and to invest in new technology as it becomes available, as well as related essential personnel.

Our ability to meet the needs of our customers competitively, and in a cost-efficient manner, is dependent on the ability to keep pace with technological advances and to invest in new technology as it becomes available, as well as related essential personnel.

If we were to become subject to a regulatory action, such action could negatively impact our ability to execute our business plan, and result in operational restrictions, as well as our ability to grow, pay dividends, repurchase stock or engage in mergers and acquisitions. See “Item 1: Business—Regulation and Supervision-Federal Banking Regulations-Capital Requirements” for a discussion of regulatory capital requirements.

At December 31, 2022, $337.6 million, or 4.4%, of our loan portfolio, consisted of construction loans, of which $210.5 million, or 62.3% consisted of speculative construction loans. In addition, we originate residential construction loans primarily on a construction-to-permanent basis with such loans converting to an amortizing loan following the completion of the construction phase.

At December 31, 2023, $443.1 million, or 5.7%, of our loan portfolio, consisted of construction loans, of which $296.2 million, or 66.9% consisted of speculative construction loans. In addition, we originate residential construction loans primarily on a construction-to-permanent basis with such loans converting to an amortizing loan following the completion of the construction phase.

Our business is dependent on the successful and uninterrupted functioning of our information technology and telecommunications systems and third-party service providers. The failure of these systems, or the termination of a third-party software license or service agreement on which any of these systems is based, could interrupt our operations.

The failure of these systems, or the termination of a third-party software license or service agreement on which any of these systems is based, could interrupt our operations.

Price competition for loans and deposits might result in us earning less on our loans and paying more on our deposits, which reduces net interest income. We expect competition to remain strong in the future. The COVID-19 pandemic adversely affected, and could continue to adversely affect our business, financial condition, and results of operations.

Price competition for loans and deposits might result in us earning less on our loans and paying more on our deposits, which reduces net interest income. We expect competition to remain strong in the future. Inflationary pressures and rising prices may impact our results of operations and financial condition.

If we are forced to pay higher rates on our municipal deposits to retain those funds, or if we are unable to retain those funds and we are forced to turn to borrowing sources for our lending and investment activities, the interest expense associated with such borrowings may be higher than the rates we are paying on our municipal deposits, which could adversely affect our net income. 24 We are dependent on our information technology and telecommunications systems and third-party service providers; systems failures, interruptions and cybersecurity breaches could have a material adverse effect on us.

Our consolidated assets now exceed $10 billion, which will result in increased regulation and supervision for the Bank and may also result in increased costs and/or reduced revenues.

Our consolidated assets now exceed $10 billion, which will result in increased regulation and supervision for the Bank and may also result in increased costs and/or reduced revenues. As of December 31, 2023, the Company had on a consolidated basis, total assets of $10.6 billion.

At December 31, 2022, $850.1 million, or 10.6%, of our total deposits were comprised of municipal deposits, including public funds deposits from local government entities primarily domiciled in the State of New Jersey.

Municipal deposits are an important source of funds for our lending and investment activities. At December 31, 2023, $861.8 million, or 11.0%, of our total deposits were comprised of municipal deposits, including public funds deposits from local government entities primarily domiciled in the State of New Jersey.

Interest rates are highly sensitive to many factors, including government monetary policies, domestic and international economic and political conditions and other factors beyond our control. Municipal deposits are an important source of funds for us and a reduced level of such deposits may hurt our profits. Municipal deposits are an important source of funds for our lending and investment activities.

Interest rates are highly sensitive to many factors, including government monetary policies, domestic and international economic and political conditions and other factors beyond our control. Financial challenges at other banking institutions could lead to depositor concerns that spread within the banking industry causing disruptive and destabilizing deposit outflows.

Removed

We exceeded $10 billion in total consolidated assets during the quarter ended September 30, 2022 and, as of December 31, 2022, the Company had on a consolidated basis, total assets of $10.4 billion.

Added

In March 2023, Silicon Valley Bank and Signature Bank experienced large deposit outflows coupled with insufficient liquidity to meet withdrawal demands, resulting in the institutions being placed into FDIC receivership. Additionally, in May 2023, First Republic Bank experienced similar circumstances which resulted in the institution being placed in FDIC receivership.

Removed

In March 2022, the SEC published a new set of proposed cybersecurity disclosure rules for public companies, such as the Company, which would significantly increase SEC scrutiny of public companies’ cybersecurity-related business activities, decision-making processes, and the Board’s new role in overseeing cybersecurity.

Added

In the aftermath of these events, there has been substantial market disruption and concerns that diminished depositor confidence could spread across the banking industry, leading to deposit outflows that could destabilize other institutions.

Removed

Under the new rules, companies will be required to develop and maintain reasonable cybersecurity practices, describe those practices in public filings, explain how their senior leadership oversee those programs effectively, and report cybersecurity incidents in a way that provides appropriate information to shareholders.

Added

To strengthen public confidence in the banking system, the FDIC took action to protect funds held in uninsured deposit accounts at Silicon Valley Bank and Signature Bank following the placement of those institutions into receivership. However, the FDIC has not committed to protecting uninsured deposits in other institutions that experience outsized withdrawal demands.

Removed

The comment period for the proposed rules ended on May 9, 2022, with hundreds of comments submitted, and it is unclear when the rules will be finalized or effective and to what extent the final rules will change from the proposed rules published in March 2022. Final actions on the rules are expected to be announced in April 2023.

Added

To further bolster the banking system, the Federal Reserve Board created a new Bank Term Funding Program to provide an additional source of liquidity. At December 31, 2023, we had approximately $3.4 billion in available liquidity, including $423.2 million in cash and cash equivalents, which was sufficient to cover our uninsured deposits.

Removed

The COVID-19 pandemic created a global public-health crisis that resulted in challenging economic conditions for households and businesses and negatively affected our business. The COVID-19 virus has had many variants and spread throughout the United States, including in the regions and communities in which the Company operates.

Added

Notwithstanding our significant liquidity, large deposit outflows could adversely affect our financial condition and results of operations and could result in the closure of the Bank.

Removed

The economic impact of the COVID-19 pandemic impacted a broad range of industries, although many areas of consumer spending have rebounded since the initial onset of the COVID-19 pandemic. However, uncertainty remains surrounding the future economic conditions that will emerge in the years following the COVID-19 pandemic.

Added

Furthermore, the recent bank failures may result in strengthening of capital and liquidity rules which, if the revised rules apply to us, could adversely affect our financial condition and results of operations. 23 Municipal deposits are an important source of funds for us and a reduced level of such deposits may hurt our profits.

Removed

As a result, management is confronted with a significant and unfamiliar degree of uncertainty in estimating the impact of the pandemic on credit quality, revenues and asset values.

Added

We are dependent on our information technology and telecommunications systems and third-party service providers; systems failures, interruptions and cybersecurity breaches could have a material adverse effect on us. Our business is dependent on the successful and uninterrupted functioning of our information technology and telecommunications systems and third-party service providers.

Removed

The extent to which COVID-19 will continue to negatively affect our business is unknown and will depend on a number of factors, including the overall severity of the disease and of new variants of the virus, the duration of the pandemic, and the ultimate effects of COVID-19, including those described above and those not yet known or knowable, could have a negative effect on the stock price, business prospects, financial condition and results of operations of the Company.

Added

We must keep pace with technological change to remain competitive. Financial products and services have become increasingly technology driven.

Removed

Inflationary pressures and rising prices may impact our results of operations and financial condition. Inflation has continued to rise in 2022 at levels not seen for over 40 years, and is expected to remain elevated throughout 2023.

Added

We face significant legal risks, both from regulatory investigations and proceedings, and from private actions brought against us. As a financial services company, many aspects of our business involve substantial risk of legal liability. From time to time, customers and others make claims and take legal action pertaining to the performance of our responsibilities.

Removed

Such events could affect the stability of our deposit base, impair the ability of borrowers to repay outstanding loans, impair the value of collateral securing loans, cause significant property damage, result in lost revenue, or cause us to incur additional expenses.

Added

Whether customer claims and legal action related to the performance of our responsibilities are founded or unfounded, if such claims and legal actions are not resolved in a manner favorable to us, they may result in significant expenses, attention from management and financial liability.

Added

Any financial liability or reputational damage could have a material adverse effect on our business, which, in turn, could have a material adverse effect on our financial condition and results of operations. There is no assurance that litigation with private parties will not increase in the future.

Added

In addition, regulatory actions or investigations may result in judgments, settlements, fines, penalties or other results adverse to us, which could materially adversely affect our business, financial condition or results of operations, or cause reputational harm to us.

Added

Increasing scrutiny and evolving expectations from customers, regulators, investors, and other stockholders with respect to our ESG practices may impose additional costs on us or expose us to new or additional risks. Companies are facing increasing scrutiny from customers, regulators, investors, and other stockholders related to their ESG practices and disclosure.

Added

Investor advocacy groups, investment funds and influential investors are also increasingly focused on these practices, especially as they relate to the environment, health and safety, diversity, labor conditions and human rights. Increased ESG related compliance costs could result in increases to our overall operational costs.

Added

Failure to adapt to or comply with regulatory requirements or investor or shareholder expectations and standards could negatively impact our reputation, ability to do business with certain partners, and our stock price. New government regulations could also result in new or more stringent forms of ESG oversight and expanding mandatory and voluntary reporting, diligence, and disclosure. Item 1B.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+0 added−0 removed0 unchanged

2022 filing

2023 filing

Biggest changeItem 3. Legal Proceedings From time to time, we are involved in routine legal proceedings in the ordinary course of business. Such routine legal proceedings, in the aggregate, are believed by management to be immaterial to our financial condition, results of operations and cash flows. Item 4. Mine Safety Disclosures None. PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

5 edited+1 added−3 removed11 unchanged

2022 filing

2023 filing

Biggest changePeriod Ending Index 4/20/2018 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 Columbia Financial, Inc. 100.00 99.16 109.86 100.91 135.28 140.21 NASDAQ Composite Index 100.00 93.59 127.93 185.39 226.50 152.81 S&P Composite 1500 Thrifts & Mortgage Finance Index 100.00 80.24 109.04 102.95 126.98 105.15 __________________________________ Source: S&P Global Market Intelligence Equity Compensation Plan Information The following table sets forth information about the Company’s common stock that may be issued upon the exercise of stock options, warrants and rights under all of the Company’s equity compensation plans as of December 31, 2022: 29 (A) (B) (C) Plan Category Number of Securities to be Issued Upon Exercise of Outstanding options Weighted Average Exercise Price of Outstanding Options Number of Securities Remaining Available for Future Issuance Under Equity Compensation plans (Excluding Securities Reflected in Column (A)) Equity compensation plans approved by stockholders: 2019 Equity Incentive Plan 3,436,869 $ 16.26 2,693,778 Equity compensation plans not yet approved by stockholders: None. — — — Total 3,436,869 $ 16.26 2,693,778 Issuer Purchases of Equity Securities The following table reports information regarding repurchases of the Company’s common stock during the quarter ended December 31, 2022: Period Total Number of Shares (2) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs October 1 - 31, 2022 282,858 $ 20.96 282,858 1,110,334 November 1 - 30, 2022 272,900 21.49 272,900 837,434 December 1 - 31, 2022 492,886 21.39 487,900 3,349,534 Total 1,048,644 $ 21.20 1,043,658 (1) On December 6, 2021, the Company announced that its Board of Directors authorized a new stock repurchase program to acquire up to 5,000,000 shares, or approximately 4.6%, of the Company's then issued and outstanding common stock, commencing upon the completion of the Company’s stock repurchase program announced on February 1, 2021.

Biggest changePeriod Ending Index 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 Columbia Financial, Inc. 100.00 110.79 101.77 136.43 141.40 126.10 NASDAQ Composite Index 100.00 136.69 198.10 242.03 163.28 236.17 S&P Composite 1500 Thrifts & Mortgage Finance Index 100.00 125.46 113.94 158.62 139.85 140.55 __________________________________ Source: S&P Global Market Intelligence 29 Equity Compensation Plan Information The following table sets forth information about the Company’s common stock that may be issued upon the exercise of stock options, warrants and rights under all of the Company’s equity compensation plans as of December 31, 2023: (A) (B) (C) Plan Category Number of Securities to be Issued Upon Exercise of Outstanding options Weighted Average Exercise Price of Outstanding Options Number of Securities Remaining Available for Future Issuance Under Equity Compensation plans (Excluding Securities Reflected in Column (A)) Equity compensation plans approved by stockholders: 2019 Equity Incentive Plan 3,584,069 $ 16.20 2,284,621 Equity compensation plans not yet approved by stockholders: None. — — — Total 3,584,069 $ 16.20 2,284,621 Issuer Purchases of Equity Securities The following table reports information regarding repurchases of the Company’s common stock during the quarter ended December 31, 2023: Period Total Number of Shares (2) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs October 1 - 31, 2023 127,487 $ 15.83 124,420 1,121,041 November 1 - 30, 2023 14,000 16.38 14,000 1,107,041 December 1 - 31, 2023 6,826 19.18 200 1,106,841 Total 148,313 $ 16.04 138,620 (1) On May 25, 2023, the Company announced that its Board of Directors authorized the Company's sixth stock repurchase program to acquire up to 2,000,000 shares, or approximately 1.9% of the Company's then issued and outstanding common stock.

Dividends we can declare and pay will depend, in part, upon receipt of dividends from Columbia Bank and, to a lesser extent, Freehold Bank. Regulations of the Federal Reserve Board and the Office of the Comptroller of the Currency impose limitations on 28 “capital distributions” by savings institutions.

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Stock Listing and Holders The Company’s common stock is listed on the Nasdaq Global Select Market (“Nasdaq”) under the trading symbol “CLBK.” As of February 22, 2023 the Company had approximately 3,511 holders of record of common stock.

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Stock Listing and Holders The Company’s common stock is listed on the Nasdaq Global Select Market (“Nasdaq”) under the trading symbol “CLBK.” As of February 23, 2024 the Company had approximately 3,360 holders of record of common stock.

See “Item 1: Business-Regulation and Supervision—Federal Banking Regulations—Capital Distributions.” Stock Performance Graph The following graph provided by S&P Global Market Intelligence compares the cumulative total return of the Company’s common stock with the cumulative total return of the Nasdaq Composite Index, and S&P Composite 1500 Thrifts & Mortgage Finance Index.

(2) During the three months ended December 31, 2022, 129 shares were repurchased pursuant to forfeitures and 4,857 shares were repurchased for taxes related to the 2019 Equity Incentive Plan and not as part of a share repurchase program. 30

(2) During the three months ended December 31, 2023, 1,943 shares were repurchased pursuant to forfeitures and 7,750 shares were repurchased for taxes related to the 2019 Equity Incentive Plan and not as part of a share repurchase program. 30

Removed

The graph assumes $100 was invested on April 20, 2018, at the end of the first day of trading of the Company’s common stock. Cumulative total return assumes reinvestment of all dividends.

Added

Cumulative total return assumes reinvestment of all dividends.

Removed

On December 21, 2021, the Company completed the repurchases under the previous stock repurchase program.

Removed

On December 14, 2022 the Company announced that its Board of Directors authorized a new stock repurchase program to acquire up to 3,000,000 shares, or approximately 2.7%, of the Company's then issued and outstanding common stock, commencing upon the completion of the Company’s stock repurchase program announced on December 6, 2021.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

184 edited+49 added−48 removed166 unchanged

2022 filing

2023 filing

Biggest changeThe maturities are as follows: Balance (In thousands) Maturity Period: Three months or less $ 94,797 Over three through six months 27,257 Over six through twelve months 141,382 Over twelve months 153,656 Total $ 417,092 43 The following table sets forth all of our certificates of deposit classified by interest rate as of the dates indicated: At December 31, 2022 2021 2020 (In thousands) Less than 0.50% $ 594,280 $ 1,014,820 $ 477,849 0.50% to 0.99% 402,691 466,787 358,562 1.00% to 1.49% 129,892 53,799 181,037 1.50% to 1.99% 136,444 69,706 307,957 2.00% to 2.49% 205,575 40,719 226,922 2.50% to 2.99% 113,226 124,223 384,284 3.00% and greater 387,753 8,125 21,755 Total $ 1,969,861 $ 1,778,179 $ 1,958,366 The following table sets forth the amount and maturities of our certificates of deposit by interest rate at December 31, 2022: Period to Maturity One Year or Less More Than One Year to Two Years More Than Two Years to Three Years More Than Three Years to Four Years More Than Four Years Total Percentage of Certificate Accounts (Dollars in thousands) Less than 0.50% $ 524,192 $ 64,256 $ 5,642 $ 169 $ 21 $ 594,280 30.2 % 0.50% to 0.99% 189,525 131,607 32,741 38,089 10,729 402,691 20.4 1.00% to 1.49% 18,986 59,762 37,464 2,490 11,190 129,892 6.6 1.50% to 1.99% 57,391 63,759 9,574 1,468 4,252 136,444 6.9 2.00% to 2.49% 159,895 40,629 2,536 1,403 1,112 205,575 10.4 2.50% to 2.99% 22,644 87,690 392 2,500 — 113,226 5.7 3.00% and greater 217,193 163,262 3,771 2,862 665 387,753 19.7 Total $ 1,189,826 $ 610,965 $ 92,120 $ 48,981 $ 27,969 $ 1,969,861 100.0 % 44 The following tables set forth the average balances and weighted average rates of our deposit products at the dates indicated: For the Years Ended December 31, 2022 2021 Average Balance Percent Weighted Average Rate Average Balance Percent Weighted Average Rate (Dollars in thousands) Non-interest-bearing demand $ 1,742,607 22.11 % — % $ 1,522,322 21.32 % — % Interest-bearing demand 2,685,675 34.07 0.42 2,395,493 33.56 0.34 Money market accounts 695,849 8.83 0.37 632,011 8.85 0.30 Savings and club deposits 922,916 11.71 0.05 752,983 10.55 0.10 Certificates of deposit 1,834,876 23.28 0.74 1,835,866 25.72 1.00 Total $ 7,881,923 100.00 % 0.35 % $ 7,138,675 100.00 % 0.41 % For the Year Ended December 31, 2020 Average Balance Percent Weighted Average Rate (Dollars in thousands) Non-interest-bearing demand $ 1,215,352 19.04 % — % Interest-bearing demand 1,945,075 30.47 0.65 Money market accounts 510,189 7.99 0.57 Savings and club deposits 623,964 9.78 0.16 Certificates of deposit 2,088,488 32.72 1.85 Total $ 6,383,068 100.00 % 0.87 % Borrowings We have the ability to utilize advances and overnight lines of credit from the FHLB to supplement our liquidity.

Biggest changeThe maturities of uninsured amounts included in time deposits are as follows: Balance (In thousands) Maturity Period: Three months or less $ 122,054 Over three through six months 105,460 Over six through twelve months 284,085 Over twelve months 54,226 Total $ 565,825 43 The following table sets forth all of our certificates of deposit classified by interest rate as of the dates indicated: At December 31, 2023 2022 2021 (In thousands) Less than 0.50% $ 81,654 $ 594,280 $ 1,014,820 0.50% to 0.99% 135,402 402,691 466,787 1.00% to 1.49% 74,502 129,892 53,799 1.50% to 1.99% 71,178 136,444 69,706 2.00% to 2.49% 69,973 205,575 40,719 2.50% to 2.99% 143,095 113,226 124,223 3.00% to 3.49% 62,272 224,223 8,125 3.50% to 3.99% 318,582 108,342 — 4.00% to 4.49% 431,891 25,188 — 4.50% to 4.99% 572,736 30,000 — 5.00% and greater 525,571 — — Total $ 2,486,856 $ 1,969,861 $ 1,778,179 The following table sets forth the amount and maturities of our certificates of deposit by interest rate at December 31, 2023: Period to Maturity One Year or Less More Than One Year to Two Years More Than Two Years to Three Years More Than Three Years to Four Years More Than Four Years Total Percentage of Certificate Accounts (Dollars in thousands) Less than 0.50% $ 64,050 $ 12,416 $ 5,173 $ 15 $ — $ 81,654 3.3 % 0.50% to 0.99% 86,971 19,688 22,104 3,874 2,765 135,402 5.4 1.00% to 1.49% 41,469 23,727 1,504 4,630 3,172 74,502 3.0 1.50% to 1.99% 51,893 11,565 3,650 3,256 814 71,178 2.9 2.00% to 2.49% 65,322 1,821 1,775 50 1,005 69,973 2.8 2.50% to 2.99% 112,582 24,510 4,127 438 1,438 143,095 5.8 3.00% to 3.49% 39,133 10,005 4,705 1,164 7,265 62,272 2.5 3.50% to 3.99% 308,236 2,928 7,418 — — 318,582 12.8 4.00% to 4.49% 414,736 15,982 1,173 — — 431,891 17.4 4.50% to 4.99% 396,420 175,194 1,122 — — 572,736 23.0 5.00% and greater 497,051 23,435 5,085 — — 525,571 21.1 Total $ 2,077,863 $ 321,271 $ 57,836 $ 13,427 $ 16,459 $ 2,486,856 100.0 % 44 The following tables set forth the average balances and weighted average rates of our deposit products at the dates indicated: For the Years Ended December 31, 2023 2022 Average Balance Percent Weighted Average Rate Average Balance Percent Weighted Average Rate (Dollars in thousands) Non-interest-bearing demand $ 1,539,354 20.00 % — % $ 1,742,607 22.11 % — % Interest-bearing demand 2,183,333 28.37 1.73 2,685,675 34.07 0.42 Money market accounts 951,174 12.36 2.55 695,849 8.83 0.37 Savings and club deposits 793,303 10.31 0.28 922,916 11.71 0.05 Certificates of deposit 2,229,042 28.96 2.73 1,834,876 23.28 0.74 Total $ 7,696,206 100.00 % 1.63 % $ 7,881,923 100.00 % 0.35 % For the Year Ended December 31, 2021 Average Balance Percent Weighted Average Rate (Dollars in thousands) Non-interest-bearing demand $ 1,522,322 21.32 % — % Interest-bearing demand 2,395,493 33.56 0.34 Money market accounts 632,011 8.85 0.30 Savings and club deposits 752,983 10.55 0.10 Certificates of deposit 1,835,866 25.72 1.00 Total $ 7,138,675 100.00 % 0.41 % Borrowings We have the ability to utilize advances and overnight lines of credit from the FHLB to supplement our liquidity.

Historically, we have focused on lending in New Jersey with only a minimal volume from neighboring states, but anticipate that we will increase the amount of loans originated in Pennsylvania and New York, as we continue to grow our commercial loan business.

Historically, we have focused on commercial business lending in New Jersey with only a minimal volume from neighboring states, but anticipate that we will increase the amount of loans originated in Pennsylvania and New York, as we continue to grow our commercial loan business.

In order to expand our services and to grow our wealth management business, we have considered the acquisition of title insurance agencies and wealth management businesses in recent years and expect to actively pursue the acquisition of such fee-based businesses, as well as considering the acquisition of other fee-based businesses such as other insurance agencies and specialty lending companies.

In order to expand our services and grow our business, we have considered the acquisition of title insurance agencies and wealth management businesses in recent years and expect to actively pursue the acquisition of such fee-based businesses, as well as considering the acquisition of other fee-based businesses such as other insurance agencies and specialty lending companies.

This sensitivity analysis does not represent a change to our expectations of the economic environment but provides a hypothetical result to assess the sensitivity of the ACL to a change in a key input. This sensitivity analysis does not incorporate changes to management’s judgment of qualitative loss factors.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We exercise significant judgment in evaluating the amount and timing of recognition of the resulting tax assets and liabilities.

The gain on sale of loans for the year ended December 31, 2021 included a $7.7 million gain on the sale of commercial business loans granted as part of the Small Business Administration PPP.

The increase in compensation and employee benefits expense was due to an increase in the number of employees as a result of recent mergers, along with normal annual increase in salaries and bonuses and related personnel benefit costs. There was an increase of 90 full time equivalent employees from December 31, 2021 compared to December 31, 2022.

(2) Includes debt securities available for sale, debt securities held to maturity and equity securities. (3) Interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. (4) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

The Company's effective tax rate was 26.3% and 27.1% for the years ended December 31, 2022 and 2021, respectively. 47 Summary Income Statements The following table sets forth the income summary for the periods indicated: Years Ended December 31, Change 2022/2021 2022 2021 $ % (Dollars in thousands) Net interest income $ 266,777 $ 233,134 $ 33,643 14.4 % Provision for (reversal of) credit losses 5,485 (9,953) 15,438 (155.1) Non-interest income 30,400 38,831 (8,431) (21.7) Non-interest expense 174,816 155,737 19,079 12.3 Income tax expense 30,703 34,132 (3,429) (10.0) Net income $ 86,173 $ 92,049 $ (5,876) (6.4) % Return on average assets 0.88 % 1.01 % Return on average equity 8.09 % 8.98 % Net Interest Income For the year ended December 31, 2022, net interest income increased $33.6 million, or 14.4%, to $266.8 million from $233.1 million for the year ended December 31, 2021.

The Company's effective tax rate was 26.3% and 27.1% for the years ended December 31, 2022 and 2021, respectively. 50 Summary Income Statements The following table sets forth the income summary for the periods indicated: Years Ended December 31, Change 2022/2021 2022 2021 $ % (Dollars in thousands) Net interest income $ 266,777 $ 233,134 $ 33,643 14.4 % Provision for (reversal of) credit losses 5,485 (9,953) 15,438 (155.1) Non-interest income 30,400 38,831 (8,431) (21.7) Non-interest expense 174,816 155,737 19,079 12.3 Income tax expense 30,703 34,132 (3,429) (10.0) Net income $ 86,173 $ 92,049 $ (5,876) (6.4) % Return on average assets 0.88 % 1.01 % Return on average equity 8.09 % 8.98 % Net Interest Income For the year ended December 31, 2022, net interest income increased $33.6 million, or 14.4%, to $266.8 million from $233.1 million for the year ended December 31, 2021.

We charge-off the collateral or cash flow deficiency on all loans meeting our definition of an impaired loan, which we define as a loan for which it is probable, based on current 58 information, that we will not collect all amounts due under the contractual terms of the loan agreement.

We charge-off the collateral or cash flow deficiency on all loans meeting our definition of an impaired loan, which we define as a loan for which it is probable, based on current information, that we will not collect all amounts due under the contractual terms of the loan agreement.

We anticipate that any such expansion of our commercial lending to market areas outside New Jersey will increase lending and deposit opportunities in those areas and provide geographic diversification within our portfolio. Continuing to emphasize the origination of one-to- four family residential mortgage loans.

We anticipate that any such expansion of our commercial lending to market areas outside New Jersey will increase lending and deposit opportunities in those areas and provide geographic diversification within our portfolio. 32 Continuing to emphasize the origination of one-to- four family residential mortgage loans.

We have developed reporting, analytics and stress testing that we believe provide effective oversight of these portfolios at higher concentration levels. We employ tools to ensure we are being appropriately compensated for the risks inherent in the lending products we offer, and in the specific transactions.

We have developed reporting, analytics and stress testing that we believe provide effective oversight of these portfolios at higher concentration levels. 33 We employ tools to ensure we are being appropriately compensated for the risks inherent in the lending products we offer, and in the specific transactions.

Our credit risk review function provides objective assessments of the quality of underwriting and documentation, the accuracy of risk ratings and the charge-off, non-accrual and impact on the reserve analysis process. Our credit review process and overall assessment of credit defaults and charge-offs on our allowance for credit losses is analyzed quarterly or as necessary.

Our credit risk review function provides objective assessments of the quality of underwriting and documentation, the accuracy of risk ratings and the charge-off, non-accrual and impact on the reserve analysis 56 process. Our credit review process and overall assessment of credit defaults and charge-offs on our allowance for credit losses is analyzed quarterly or as necessary.

These assets and liabilities and expenses are based upon actuarial 36 assumptions including interest rates, rates of increase in compensation, expected rate of return on plan assets and the length of time we will have to provide those benefits. Actual results may differ from these assumptions.

These assets and liabilities and expenses are based upon actuarial assumptions including interest rates, rates of increase in compensation, expected rate of return on plan assets and the length of time we will have to provide those benefits. Actual results may differ from these assumptions.

Should economic difficulties occur, the ultimate amount of loss could vary from our current estimate. For additional discussion related to the determination of the allowance for credit losses, see “Risk Management-Analysis and Determination of the Allowance for Credit Losses” and the notes to the consolidated financial statements. Income Taxes.

We intend to focus on growing our existing title insurance business, expanding the scope of the wealth management services we provide, and increasing our revenues from loan servicing activities to increase the amount of fees earned from our fee-based businesses.

We intend to focus on growing our existing title insurance business, our existing insurance agency business and expanding the scope of the wealth management services we provide and increasing our revenues from loan servicing activities to increase the amount of fees earned from our fee-based businesses.

These securities are guaranteed by the issuing agency and backed by residential and multifamily mortgages. These securities are comprised of fixed rate, adjustable-rate and hybrid securities that bear a 37 fixed rate for a specific term and thereafter, to the extent they are not prepaid, adjust periodically.

These securities are guaranteed by the issuing agency and backed by residential and multifamily mortgages. These securities are comprised of fixed rate, adjustable-rate and hybrid securities that bear a fixed rate for a specific term and thereafter, to the extent they are not prepaid, adjust periodically.

Managing risk is an essential part of successfully managing a financial institution. Our most prominent risk exposures are credit risk, interest rate risk and market risk. Credit risk is the risk of not collecting the interest and/or the principal balance of a loan or investment when it is due.

Managing risk is an essential part of successfully managing a financial institution. Our most prominent risk exposures are credit risk, interest rate risk, liquidity risk, and market risk. Credit risk is the risk of not collecting the interest and/or the principal balance of a loan or investment when it is due.

For commercial loans, a charge-off is recorded when management determines we will not collect 100% of a loan based on the fair value of the collateral or the net present value of expected future cash flows.

For commercial loans, a charge-off is 60 recorded when management determines we will not collect 100% of a loan based on the fair value of the collateral or the net present value of expected future cash flows.

Interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services because such prices are affected by inflation to a larger extent than interest rates. 68

Interest rates do 67 not necessarily move in the same direction or to the same extent as the prices of goods and services because such prices are affected by inflation to a larger extent than interest rates. 68

Changes in quantitative inputs and qualitative loss factors may not occur in the same direction or magnitude across all segments of our loan portfolio and deterioration in some quantitative inputs and qualitative loss factors may offset improvement in 35 others.

Our credit risk management strategy also emphasizes diversification on an industry and customer level as well as regular credit examinations and monthly management reviews of large credit exposures and loans 56 experiencing deterioration in credit quality.

For the years ended December 31, 2022 and 2021, we did not engage in any off-balance sheet transactions reasonably likely to have a material effect on our financial condition, results of operations or cash flows. Derivative Financial Instruments. Columbia Bank executes interest rate swaps with third parties in order to hedge the interest expense of short-term FHLB advances.

For the years ended December 31, 2023 and 2022, we did not engage in any off-balance sheet transactions reasonably likely to have a material effect on our financial condition, results of operations or cash flows. Derivative Financial Instruments. Columbia Bank executes interest rate swaps with third parties in order to hedge the interest expense of short-term FHLB advances.

We believe that unrealized and unrecognized losses on securities at December 31, 2022 are a function of changes in market interest rates and credit spreads, not changes in credit quality. Therefore, no allowance for credit losses was recorded at December 31, 2022. For held to maturity securities, management measures expected credit losses on a collective basis by major security type.

We believe that unrealized and unrecognized losses on securities at December 31, 2023 are a function of changes in market interest rates and credit spreads, not changes in credit quality. Therefore, no allowance for credit losses was recorded at December 31, 2023. For held to maturity securities, management measures expected credit losses on a collective basis by major security type.

If these maturing deposits do not remain with us, we will be required to seek other sources of funds, including other certificates of deposit and borrowings. Depending on market conditions, we may be required to pay higher rates on such deposits and borrowings than we currently pay on the certificates of deposit due on or before December 31, 2022.

Individually Analyzed Loans. Management regularly monitors the condition of borrowers and assesses both internal and external factors in determining whether any relationships have deteriorated, considering factors such as historical loss experience, trends in delinquency and non-performing loans, changes in risk composition and underwriting standards, and regional and national economic conditions and trends.

Management regularly monitors the condition of borrowers and assesses both internal and external factors in determining whether any relationships have deteriorated, considering factors such as historical loss experience, trends in delinquency and non-performing loans, changes in risk composition and underwriting standards, and regional and national economic conditions and trends.

The risk-based capital guidelines include both a definition of capital and a framework for calculating risk-weighted assets by assigning balance sheet assets and off-balance sheet items to broad risk categories. At December 31, 2022, we exceeded all of our regulatory capital requirements. We are considered “well capitalized” under regulatory guidelines.

The risk-based capital guidelines include both a definition of capital and a framework for calculating risk-weighted assets by assigning balance sheet assets and off-balance sheet items to broad risk categories. At December 31, 2023, we exceeded all of our regulatory capital requirements. We are considered “well capitalized” under regulatory guidelines.

An analysis of the changes in the allowance for credit losses is presented under “ Risk Management-Analysis and Determination of the Allowance for Credit Losses” below. 48 Non-Interest Income The following table sets forth a summary of non-interest income for the periods indicated: Years Ended December 31, 2022 2021 (In thousands) Demand deposit account fees $ 5,293 $ 3,803 Bank-owned life insurance 7,393 5,994 Title insurance fees 3,423 6,088 Loan fees and service charges 3,924 2,983 Gain on securities transactions 210 2,025 Change in fair value of equity securities (401) (1,792) Gain on sale of loans 178 10,790 Other non-interest income 10,380 8,940 Total $ 30,400 $ 38,831 For the year ended December 31, 2022, non-interest income decreased $8.4 million, or 21.7%, to $30.4 million from $38.8 million for the year ended December 31, 2021.

An analysis of the changes in the allowance for credit losses is presented under “Risk Management-Analysis and Determination of the Allowance for Credit Losses” below. 51 Non-Interest Income The following table sets forth a summary of non-interest income for the periods indicated: Years Ended December 31, 2022 2021 (In thousands) Demand deposit account fees $ 5,293 $ 3,803 Bank-owned life insurance 7,393 5,994 Title insurance fees 3,423 6,088 Loan fees and service charges 3,924 2,983 Gain on securities transactions 210 2,025 Change in fair value of equity securities (401) (1,792) Gain on sale of loans 178 10,790 Other non-interest income 10,380 8,940 Total $ 30,400 $ 38,831 For the year ended December 31, 2022, non-interest income decreased $8.4 million, or 21.7%, to $30.4 million from $38.8 million for the year ended December 31, 2021.

The results at December 31, 2022 indicate a level of risk within the parameters of our model. Our management believes that the December 31, 2022 results indicate a profile that reflects an acceptable level of interest rate risk exposures in both rising and declining rate environments for both net interest income and economic value. Model Simulation Analysis.

The results at December 31, 2023 indicate a level of risk within the parameters of our model. Our management believes that the December 31, 2023 results indicate a profile that reflects an acceptable level of interest rate risk exposures in both rising and declining rate environments for both net interest income and economic value. Model Simulation Analysis.

As the currency forward contract does not meet the hedge accounting requirements, changes in the fair value of both the customer forward contract and the offsetting forward contract is recognized directly in earnings. At December 31, 2022, Columbia Bank had no currency forward contracts in place with commercial banking customers.

As the currency forward contract does not meet the hedge accounting requirements, changes in the fair value of both the customer forward contract and the offsetting forward contract is recognized directly in earnings. At December 31, 2023, Columbia Bank had no currency forward contracts in place with commercial banking customers.

Management believes, based upon current facts, that it is more likely than not that there will be sufficient taxable income in future years to realize the federal deferred tax assets and that it is more likely than not that the benefits from certain state temporary differences will not be realized.

Management believes, based on current facts, that it is more likely than not that there will be sufficient taxable income in future years to realize federal deferred tax assets and that it is more likely than not that the benefits from certain state temporary differences will not be realized.

We can also utilize securities sold under agreements to repurchase to provide funding. We maintain access to the Federal Reserve Bank’s discount window and federal funds lines with correspondent banks for additional contingency funding. To secure our borrowings, we generally pledge securities and/or loans.

We can also utilize securities sold under agreements to repurchase to provide funding. We maintain access to the Federal Reserve Bank’s Term Funding Program, discount window and federal funds lines with correspondent banks for additional contingency funding. To secure our borrowings, we generally pledge securities and/or loans.

We have also introduced a digital small business lending solution, online chat and appointment scheduling and a credit card platform. We expect to continue to enhance our digital technology platforms to provide more appealing products and services to our customers and support our sales and marketing initiatives.

As of December 31, 2022, the potential liquidity from these sources is an amount we believe currently exceeds any contingent liquidity need. Uses of Funds. Our primary uses of funds include the extension of loans and credit, the purchase of securities, working capital, and debt and capital management.

As of December 31, 2023, the potential liquidity from these sources is an amount we believe currently exceeds any contingent liquidity need. Uses of Funds. Our primary uses of funds include the extension of loans and credit, the purchase of securities, working capital, and debt and capital management.

Generally, a loan is designated as a non-accrual loan when the payment of interest is 90 days or more in arrears of its contractual due date. At December 31, 2022, there were no loans past due 90 days or more still accruing interest.

Generally, a loan is designated as a non-accrual loan when the payment of interest is 90 days or more in arrears of its contractual due date. At December 31, 2023, there were no loans past due 90 or more still accruing interest.

We believe there are opportunities to maintain and increase our residential mortgage lending in our market area, and we have made efforts to take advantage of these opportunities by increasing our origination channels. We recently implemented a new digital mortgage system which greatly expedites the processing of mortgage, home equity and HELOC applications.

We believe there are opportunities to maintain and increase our residential mortgage lending in our market area, and we have made efforts to take advantage of these opportunities by increasing our origination channels. In recent years, we implemented a new digital mortgage system which greatly expedites the processing of mortgage, home equity and HELOC applications.

The table below sets forth, as of December 31, 2022, the net portfolio value, the estimated changes in the net portfolio value, and the net interest income that would result from the designated instantaneous parallel changes in market interest rates.

The table below sets forth, as of December 31, 2023, the net portfolio value, the estimated changes in the net portfolio value, and the net interest income that would result from the designated instantaneous parallel changes in market interest rates.

In recognition of this risk, we have provided a valuation allowance of $2.0 million as of December 31, 2022 on the deferred tax assets related to state net operating losses. Post-retirement Benefits. We provide certain health care and life insurance benefits, along with split-dollar BOLI death benefits, to eligible retired employees.

In recognition of this risk, we have provided a valuation allowance of $26,000 and $2.0 million, respectively, as of December 31, 2023 and 2022, on the deferred tax assets related to state net operating losses. Post-retirement Benefits. We provide certain health care and life insurance benefits, along with split-dollar BOLI death benefits, to eligible retired employees.

We believe the one-to-four family real estate loan reserve ratio was appropriate given the continued low levels of charge-off levels. Multifamily Loan Portfolio.

We believe the one-to-four family real estate loan reserve ratio was appropriate given the continued low levels of charge-offs. Multifamily Loan Portfolio.

In 2019, we implemented a new commercial loan underwriting and a new relationship monitoring system to better support and manage our commercial customer base. In recent years, we have released several digital banking and other Fintech solutions to support our customers, which included a new digital mortgage system which greatly expedited the handling of mortgage, home equity and HELOC applications.

Our commercial loan underwriting and relationship monitoring system enables us to better support and manage our commercial customer base. In recent years, we have released several digital banking and other Fintech solutions to support our customers, which included a new digital mortgage system which greatly expedited the handling of mortgage, home equity and HELOC applications.

Another measure of interest rate sensitivity is to model changes in the net portfolio value through the use of immediate and sustained interest rate shocks. As of December 31, 2022, based on the scenarios above, in the event of an immediate and sustained 200 basis point increase in interest rates, the NPV is projected to decrease 18.46%.

Another measure of interest rate sensitivity is to model changes in the net portfolio value through the use of immediate and sustained interest rate shocks. As of December 31, 2023, based on the scenarios above, in the event of an immediate and sustained 200 basis point increase in interest rates, the NPV is projected to decrease 18.29%.

Columbia Financial is a separate legal entity from Columbia Bank and Freehold Bank and must provide for its own liquidity in addition to its operating expenses. Columbia Financial’s primary source of income is dividends received from Columbia Bank and 66 Freehold Bank.

Columbia Financial is a separate legal entity from Columbia Bank and Freehold Bank and must provide for its own liquidity in addition to its operating expenses. Columbia Financials' primary source of income is dividends received from Columbia Bank and Freehold Bank.

Excess liquid assets are generally invested in fed funds. Sources of Funds. Our most liquid assets are cash and cash equivalents. The levels of these assets are dependent on our operating, investing and financing activities during any given period. At December 31, 2022, total cash and cash equivalents totaled $179.2 million.

Excess liquid assets are generally invested in fed funds. Sources of Funds. Our most liquid assets are cash and cash equivalents. The levels of these assets are dependent on our operating, investing and financing activities during any given period. At December 31, 2023, total cash and cash equivalents totaled $423.2 million.

The portion of the allowance for credit losses related to the multifamily real estate loan portfolio totaled $7.9 million, or 0.6%, of multifamily loans at December 31, 2022, as compared to $7.7 million, or 0.7%, of multifamily loans at December 31, 2021. There were no multifamily non-accrual loans at December 31, 2022 and December 31, 2021, respectively.

The portion of the allowance for credit losses related to the multifamily real estate loan portfolio totaled $8.7 million, or 0.6%, of multifamily loans at December 31, 2023, as compared to $7.9 million, or 0.6%, of multifamily loans at December 31, 2022. There were no multifamily non-accrual loans at December 31, 2023 and 2022.

Debt securities classified as available for sale, and equity securities, which provide additional sources of liquidity, totaled $1.3 billion, and $3.4 million, respectively, at December 31, 2022. At December 31, 2022, we had $1.1 billion in Federal Home Loan Bank fixed rate advances.

Debt securities classified as available for sale, and equity securities, which provide additional sources of liquidity, totaled $1.1 billion, and $4.1 million, respectively, at December 31, 2023. At December 31, 2023, we had $1.5 billion in Federal Home Loan Bank fixed rate advances.

Analysis of Non-Performing, Troubled Debt Restructurings and Classified Assets. We consider repossessed assets and loans to be non-performing assets if they are 90 days or more past due or earlier if management believes the collectability of the loan is unlikely.

Analysis of Non-Performing, Modification of Loans and Classified Assets. We consider repossessed assets and loans to be non-performing assets if they are 90 days or more past due or earlier if management believes the collectability of the loan is unlikely.

The portion of the allowance for credit losses related to the one-to-four family real estate loan portfolio totaled $11.8 million, or 0.4%, of one-to-four family loans at December 31, 2022, as compared to $8.8 million, or 0.4%, of one-to-four family real estate loans at December 31, 2021.

The portion of the allowance for credit losses related to the one-to-four family real estate loan portfolio totaled $13.0 million, or 0.5%, of one-to-four family loans at December 31, 2023, as compared to $11.8 million, or 0.4%, of one-to-four family real estate loans at December 31, 2022.

If rates were to decrease 200 basis points, the model forecasts a 9.77% increase in the NPV. Overall, our December 31, 2022 results indicate that we are adequately positioned with an acceptable net interest income and economic value at risk in all scenarios and that all interest rate risk results continue to be within our policy guidelines.

If rates were to decrease 200 basis points, the model forecasts a 15.93% increase in the NPV. Overall, our December 31, 2023 results indicate that we are adequately positioned with an acceptable net interest income and economic value at risk in all scenarios and that all interest rate risk results continue to be within our policy guidelines.

These sources of contingent liquidity include cash and cash equivalents, capacity to borrow at the Federal Reserve discount window and through the FHLB system, fed funds purchased from other banks and the ability to sell, pledge or borrow against unencumbered securities in our securities portfolio.

These sources of contingent liquidity include cash and cash equivalents, capacity to borrow at the Federal Reserve discount window and through their Bank Term Funding Program and through the FHLB system, fed funds purchased from other banks and the ability to sell, pledge or borrow against unencumbered securities in our securities portfolio.

The portion of the allowance for credit losses related to the construction loan portfolio totaled $6.4 million, or 1.9%, of construction loans at December 31, 2022, as compared to $8.9 million, or 3.0%, of construction loans at December 31, 2021. At both December 31, 2022 and 2021, we had no criticized, classified or non-accrual construction loans.

The portion of the allowance for credit losses related to the construction loan portfolio totaled $7.8 million, or 1.8%, of construction loans at December 31, 2023, as compared to $6.4 million, or 1.9%, of construction loans at December 31, 2022. At both December 31, 2023 and 2022, we had no criticized, classified or non-accrual construction loans.

Results of Operations for the Fiscal Year Ended December 31, 2020 For a comparison of the Company’s results of operations for the year ended December 31, 2020, please see the section captioned “Results of Operations for the Fiscal Year Ended December 31, 2020” in Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Results of Operations for the Fiscal Year Ended December 31, 2021 For a comparison of the Company’s results of operations for the year ended December 31, 2021, please see the section captioned “Results of Operations for the Fiscal Year Ended December 31, 2021” in Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

The Company identified no significant income tax uncertainties through the evaluation of its income tax positions as of December 31, 2022 and 2021. Therefore, the Company has no unrecognized income tax benefits as of those dates. As of December 31, 2022, we had a net deferred tax assets totaling $36.9 million.

The Company identified no significant income tax uncertainties through the evaluation of its income tax positions as of December 31, 2023 and 2022. Therefore, the Company has no unrecognized income tax benefits as of those dates. As of December 31, 2023 and 2022, we had a net deferred tax assets totaling $25.5 million and $36.9 million, respectively.

If the four-quarter U.S. unemployment rate forecast had been 9% rather than an average of approximately 3.5%, our ACL would have been approximately $14.1 million higher. This sensitivity analysis includes the impact to the quantitative components of our ACL.

If the four-quarter U.S. unemployment rate forecast had been 9% rather than an average of approximately 4.3%, our ACL would have been approximately $18.4 million higher. This sensitivity analysis includes the impact to the quantitative components of our ACL.

We regularly evaluate the realizability of deferred tax asset positions. In determining whether a valuation allowance is necessary, we consider the level of taxable income in prior years to the extent that carrybacks are permitted under current tax laws, as well as estimates of future pre-tax and taxable income and tax planning strategies that would, if necessary, be implemented.

In determining whether a valuation allowance is necessary, we consider the level of taxable income in prior years to the extent that carrybacks are permitted under current tax laws, as well as estimates of future pre-tax and taxable income and tax planning strategies that would, if necessary, be implemented.

The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management's credit evaluation of the borrower. Another significant use of liquidity is the funding of deposit withdrawals. Certificates of deposit due within one year of December 31, 2022 totaled $1.2 billion, or 60.4% of total certificates of deposit.

The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management's credit evaluation of the borrower. Another significant use of liquidity is the funding of deposit withdrawals. Certificates of deposit due within one year of December 31, 2023 totaled $2.1 billion, or 83.6% of total certificates of deposit.

Although we believe we have established and maintained the ACL at appropriate levels, changes in reserves may be necessary if actual economic and other conditions differ substantially from the forecast used in estimating the ACL. Our ACL totaled $52.8 million and $62.7 million at December 31 2022 and 2021, respectively.

Although we believe we have established and maintained the ACL at appropriate levels, changes in reserves may be necessary if actual economic and other conditions differ substantially from the forecast used in estimating the ACL. Our ACL totaled $55.1 million and $52.8 million at December 31, 2023 and 2022, respectively.

Presently, the majority of our revenue comes from net interest income and less than 9.0% from other sources, including title insurance fees, loan and deposit fees, bank-owned life insurance and gains and losses on the sales of securities and loans.

Presently, the majority of our revenue comes from interest income and less than 7% from other sources, including title insurance fees, loan and deposit fees, bank-owned life insurance, insurance agency income and gains and losses on the sales of securities and loans.

The amount of dividends the Banks may declare and pay to Columbia Financial is generally restricted under federal regulations to the retained earnings of each Bank. At December 31, 2022, on a stand-alone basis, Columbia Financial had liquid assets of $59.9 million. Capital Management.

The amount of dividends the Banks may declare and pay to Columbia Financial is generally restricted under federal regulations to the retained earnings of each Bank. At December 31, 2023, on a stand-alone basis, Columbia Financial had liquid assets of $8.8 million. 66 Capital Management.

The portion of the allowance for credit losses related to the commercial real estate loan portfolio totaled $18.1 million, or 0.7%, of commercial real estate loans at December 31, 2022, as compared to $16.1 million, or 0.7%, of commercial real estate loans at December 31, 2021.

The portion of the allowance for credit losses related to the commercial real estate loan portfolio totaled $15.8 million, or 0.7%, of commercial real estate loans at December 31, 2023, as compared to $18.1 million, or 0.7%, of commercial real estate loans at December 31, 2022.

At December 31, 2022, 88.9% of the debt securities available for sale portfolio was comprised of mortgage-backed securities and CMOs issued by Freddie Mac, Fannie Mae and Ginnie Mae. These securities are guaranteed by the issuing agency and backed by residential and multifamily mortgages.

At December 31, 2023, 79.3% of the debt securities available for sale portfolio was comprised of mortgage-backed securities and CMOs issued by Freddie Mac, Fannie Mae and Ginnie Mae. These securities are guaranteed by the issuing agency and backed by residential and multifamily mortgages.

These uncommitted sources include federal funds purchased from other banks, securities sold under agreements to repurchase, and FHLB advances. Aggregate wholesale funding totaled $1.1 billion at December 31, 2022, compared to $377.3 million as of December 31, 2021.

These uncommitted sources include federal funds purchased from other banks, securities sold under agreements to repurchase, and FHLB advances. Aggregate wholesale funding totaled $1.5 billion at December 31, 2023, compared to $1.1 billion as of December 31, 2022.

As of December 31, 2022, Columbia Bank had 20 interest rate swaps with notional amounts of $290.0 million hedging certain FHLB advances. Columbia Bank presently offers interest rate swaps to commercial banking customers to manage their risk of exposure and risk management strategies.

As of December 31, 2023, Columbia Bank had 30 interest rate swaps with notional amounts of $380.0 million hedging certain FHLB advances. Columbia Bank presently offers interest rate swaps to commercial banking customers to manage their risk of exposure and risk management strategies.

We recorded no recoveries and $2,000 in recoveries for the years ended December 31, 2022 and 2021, respectively. We believe the construction loan reserve ratio was appropriate as there were no non-accrual loans or charge-offs, considering the inherent credit risk associated with this portfolio. Commercial Business Loan Portfolio.

There were no charge-offs or recoveries for the years ended December 31, 2023 and 2022. We believe the construction loan reserve ratio was appropriate as there were no non-accrual loans or charge-offs, considering the inherent credit risk associated with this portfolio. Commercial Business Loan Portfolio.

There was also $1.2 billion in unused commercial business, construction and consumer lines of credit, and $20.4 million in letters of credit. Since these commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

There was also $1.3 billion in unused commercial business, construction and consumer lines of credit, and $33.1 million in letters of credit. Since these commitments may expire without being drawn upon, and may have conditions, the total commitment amounts do not necessarily represent future cash requirements.

At December 31, 2022, the remaining 11.8% of our held to maturity securities portfolio consisted of U.S. government and agency obligations. To mitigate the credit risk related to our securities portfolio, we primarily invest in agency and highly-rated securities.

At December 31, 2023, the remaining 12.4% of our held to maturity securities portfolio consisted of U.S. government and agency obligations. To mitigate the credit risk related to our securities portfolio, we primarily invest in agency and highly-rated securities.

At December 31, 2022, $2.9 billion, or 37.5%, of our total loan portfolio consisted of one-to-four family residential mortgage loans. Although we expect to shift the mix of our loans over time, from residential mortgage loans, toward commercial loans, we intend to continue to emphasize the origination of one-to-four family residential mortgage loans in the future.

At December 31, 2023, $2.8 billion or 35.6%, of our total loan portfolio consisted of one-to-four family residential mortgage loans. Although we expect to shift the mix of our loans over time, from residential mortgage loans, toward commercial loans, we intend to continue to emphasize the origination of one-to-four family residential mortgage loans in the future.

Currently, we are in the process of upgrading our current company-wide technology infrastructure to support both organic and inorganic growth. Focusing on an enhanced customer experience and continued customer satisfaction. We believe that customer satisfaction is a key to generating sustainable growth and profitability.

We are continuously upgrading our company-wide technology infrastructure to support both organic and inorganic growth. Focusing on an enhanced customer experience and continued customer satisfaction. We believe that customer satisfaction is a key to generating sustainable growth and profitability.

At December 31, 2022, we had interest rate swaps in place with 54 commercial banking customers executed by offsetting interest rate swaps with third parties, with aggregated notional amounts of $205.0 million. Columbia Bank offers currency forward contracts to certain commercial banking customers to facilitate international trade.

At December 31, 2023, we had interest rate swaps in place with 80 commercial banking customers executed by offsetting interest rate swaps with third parties, with aggregated notional amounts of $277.8 million. Columbia Bank offers currency forward contracts to certain commercial banking customers to facilitate international trade.

We originate one-to-four family residential mortgage loans for our own portfolio but periodically Columbia Bank and Freehold Bank sells loans to third party investors with servicing retained. We offer fixed-rate and adjustable-rate residential mortgage loans, which totaled $2.7 billion and $294 million, respectively, at December 31, 2022.

We originate one-to-four family residential mortgage loans for our own portfolio but periodically Columbia Bank and Freehold Bank sell loans to third-party investors with servicing retained. We offer fixed-rate and adjustable-rate residential mortgage loans, which totaled $2.5 billion and $314.0 million, respectively, at December 31, 2023.

Under Federal Reserve Board regulations, we were prohibited from repurchasing shares of our common stock for one year following our minority public offering that was completed in April 2018. Since June 2019, we have announced five stock repurchase programs under which we have repurchased an aggregated of 21,650,466 shares of common stock as of December 31, 2022.

Under Federal Reserve Board regulations, we were prohibited from repurchasing shares of our common stock for one year following our minority public offering that was completed in April 2018. Since June 2019, we have announced six stock repurchase programs under which we have repurchased an aggregated of 25,893,159 shares of common stock as of December 31, 2023.

We continue to rigorously review our loan portfolio to ensure that the collateral values remain sufficient to support the outstanding balances. Non-performing assets decreased $4.2 million to $3.9 million, or 0.04% of total assets, at December 31, 2021 from $8.2 million, or 0.09% of total assets, at December 31, 2020.

We continue to rigorously review our loan portfolio to ensure that the collateral values remain sufficient to support the outstanding balances. Non-performing assets increased $2.8 million to $6.7 million, or 0.06% of total assets, at December 31, 2022 from $3.9 million, or 0.04% of total assets, at December 31, 2021.

Recent Accounting Pronouncements For a discussion of the impact of recent accounting pronouncements, see note 2 in the notes to the consolidated financial statements included in this report. 67 Effect of Inflation and Changing Prices The consolidated financial statements and related consolidated financial data presented in this report have been prepared in accordance with accounting principles generally accepted in the United States of America, which require the measurement of financial position and operating results in terms of historical dollars without considering changes in the relative purchasing power of money over time due to inflation.

Effect of Inflation and Changing Prices The consolidated financial statements and related consolidated financial data presented in this report have been prepared in accordance with accounting principles generally accepted in the United States of America, which require the measurement of financial position and operating results in terms of historical dollars without considering changes in the relative purchasing power of money over time due to inflation.

We continue to focus on maintaining a high quality securities portfolio that provides consistent cash flows in changing interest rate environments. At December 31, 2022, our total securities portfolio was 16.8% of total assets, as compared to 23.2% at December 31, 2021.

We continue to focus on maintaining a high quality securities portfolio that provides consistent cash flows in changing interest rate environments. At December 31, 2023, our total securities portfolio, which includes equity securities, was 14.1% of total assets, as compared to 16.8% at December 31, 2022.

We believe the home equity loan reserve was appropriate based upon the insignificant amount of delinquencies, non-accrual loans and charge-offs. 62 The following table sets forth an analysis of the activity in the allowance for credit losses for the periods indicated: At or For the Years Ended December 31, 2022 2021 2020 (Dollars in thousands) Allowance at beginning of period $ 62,689 $ 74,676 $ 61,709 Effect of the adopting ASU No. 2016-13 ("CECL") (16,443) — — Initial allowance related to PCD loans 633 — — Provision for credit losses 5,969 (9,953) 18,447 Charge-offs: Real estate loans: One-to-four family (382) (773) (1,931) Multifamily — (296) — Commercial real estate — (407) (28) Total real estate loans (382) (1,476) (1,959) Commercial business loans (190) (1,773) (4,120) Consumer loans: Home equity loans and advances (33) (308) (220) Other consumer loans (33) (7) (4) Total consumer loans (66) (315) (224) Total charge-offs (638) (3,564) (6,303) Recoveries: Real estate loans: One-to-four family 338 22 438 Multifamily — 216 Commercial real estate — 1,015 16 Construction — 2 1 Total real estate loans 338 1,255 455 Commercial business loans 208 219 308 Consumer loans: Home equity loans and advances 45 56 60 Other consumer loans 2 — — Total consumer loans 47 56 60 Total recoveries 593 1,530 823 Net charge-offs (45) (2,034) (5,480) Allowance at end of period: $ 52,803 $ 62,689 $ 74,676 Total loans outstanding $ 7,624,534 $ 6,328,931 $ 6,162,547 Average gross loans outstanding $ 6,939,419 $ 6,139,290 $ 6,413,559 ACL to total non-performing loans 785.64 % 1,591.50 % 915.60 % ACL to total gross loans at end of period 0.69 % 0.99 % 1.21 % Net charge-offs to average outstanding loans — % 0.03 % 0.09 % 63 The following table sets forth the ratio of net charge-offs (recoveries) to average loans outstanding by segment for the periods indicated: For the Years Ended December 31, 2022 2021 2020 Real estate loans: One-to-four family — % 0.04 % 0.07 % Commercial real estate — (0.02) — Commercial business loans — 0.25 0.50 Consumer loans: Home equity loans and advances — 0.09 0.04 Other consumer 1.45 0.39 0.25 Total loans — % 0.03 % 0.09 % Interest Rate Risk Management Interest rate risk is defined as the exposure of a Company's current and future earnings and capital arising from movements in market interest rates.

We believe the home equity loan reserve was appropriate based upon the insignificant amount of delinquencies, non-accrual loans and charge-offs. 62 The following table sets forth an analysis of the activity in the allowance for credit losses for the periods indicated: At or For the Years Ended December 31, 2023 2022 2021 (Dollars in thousands) Allowance at beginning of period $ 52,803 $ 62,689 $ 74,676 Effect of the adopting ASU No. 2016-13 ("CECL") — (16,443) — Initial allowance related to PCD loans — 633 — Provision for credit losses 4,787 5,969 (9,953) Charge-offs: Real estate loans: One-to-four family (585) (382) (773) Multifamily — — (296) Commercial real estate (150) — (407) Total real estate loans (735) (382) (1,476) Commercial business loans (2,618) (190) (1,773) Consumer loans: Home equity loans and advances (26) (33) (308) Other consumer loans (115) (33) (7) Total consumer loans (141) (66) (315) Total charge-offs (3,494) (638) (3,564) Recoveries: Real estate loans: One-to-four family 17 338 22 Multifamily — — 216 Commercial real estate 21 — 1,015 Construction — — 2 Total real estate loans 38 338 1,255 Commercial business loans 879 208 219 Consumer loans: Home equity loans and advances 77 45 56 Other consumer loans 6 2 — Total consumer loans 83 47 56 Total recoveries 1,000 593 1,530 Net charge-offs (2,494) (45) (2,034) Allowance at end of period: $ 55,096 $ 52,803 $ 62,689 Total gross loans outstanding $ 7,824,665 $ 7,624,534 $ 6,328,931 Average gross loans outstanding $ 7,748,096 $ 6,939,419 $ 6,139,290 ACL to total non-performing loans 436.65 % 785.64 % 1,591.50 % ACL to total gross loans at end of period 0.70 % 0.69 % 0.99 % Net charge-offs to average outstanding loans 0.03 % — % 0.03 % 63 The following table sets forth the ratio of net charge-offs (recoveries) to average loans outstanding by segment for the periods indicated: For the Years Ended December 31, 2023 2022 2021 Real estate loans: One-to-four family 0.02 % — % 0.04 % Commercial real estate 0.01 — (0.02) Commercial business loans 0.34 — 0.25 Consumer loans: Home equity loans and advances (0.02) — 0.09 Other consumer 4.07 1.45 0.39 Total loans 0.03 % — % 0.03 % Interest Rate Risk Management Interest rate risk is defined as the exposure of a Company's current and future earnings and capital arising from movements in market interest rates.

The portion of the allowance for credit losses related to the home equity loan portfolio totaled $1.7 million, or 0.6%, of home equity loans at December 31, 2022, as compared to $873,000, or 0.3%, of home equity loans at December 31, 2021. Home equity non-accrual loans increased to $286,000 at December 31, 2022, from $201,000 at December 31, 2021.

The portion of the allowance for credit losses related to the home equity loan portfolio totaled $1.9 million, or 0.7%, of home equity loans at December 31, 2023, as compared to $1.7 million, or 0.6%, of home equity loans at December 31, 2022. Home equity non-accrual loans decreased to $221,000 at December 31, 2023, from $286,000 at December 31, 2022.

Securities not rated consist primarily of short term municipal bond anticipation notes, private placement municipal notes issued and guaranteed by local municipal authorities, and equity securities.

Securities not rated consist primarily of private placement municipal notes issued and/or guaranteed by local municipal authorities and equity securities.

Net charge-offs totaled $2.0 million for the year ended December 31, 2021, as compared to $5.5 million for the year ended December 31, 2020.

Net charge-offs totaled $45,000 for the year ended December 31, 2022, as compared to $2.0 million for the year ended December 31, 2021.

At December 31, 2022 2021 2020 Amount % of Allowance to Total Allowance % of Allowance to Loans in Category Amount % of Allowance to Total Allowance % of Allowance to Loans in Category Amount % of Allowance to Total Allowance % of Allowance to Loans in Category (Dollars in thousands) Real estate loans: One-to-four family $ 11,802 22.3 % 0.4 % $ 8,798 14.1 % 0.4 % $ 13,586 18.2 % 0.7 % Multifamily 7,877 14.9 0.6 7,741 12.3 0.7 8,799 11.8 1.1 Commercial real estate 18,111 34.3 0.7 16,114 25.7 0.7 21,882 29.3 1.1 Construction 6,425 12.2 1.9 8,943 14.3 3.0 11,271 15.1 3.4 Commercial business 6,897 13.1 1.4 20,214 32.2 4.5 17,384 23.3 2.3 Consumer loans: Home equity loans and advances 1,681 3.2 0.6 873 1.4 0.3 1,748 2.3 0.5 Other consumer loans 10 — 0.3 6 — 0.4 6 — 0.4 Total allowance for credit losses $ 52,803 100.0 % 0.7 % $ 62,689 100.0 % 1.0 % $ 74,676 100.0 % 1.2 % Total Loans .

At December 31, 2023 2022 2021 Amount % of Allowance to Total Allowance % of Allowance to Loans in Category Amount % of Allowance to Total Allowance % of Allowance to Loans in Category Amount % of Allowance to Total Allowance % of Allowance to Loans in Category (Dollars in thousands) Real estate loans: One-to-four family $ 13,017 23.6 % 0.5 % $ 11,802 22.3 % 0.4 % $ 8,798 14.1 % 0.4 % Multifamily 8,742 15.9 0.6 7,877 14.9 0.6 7,741 12.3 0.7 Commercial real estate 15,757 28.6 0.7 18,111 34.3 0.7 16,114 25.7 0.7 Construction 7,758 14.1 1.8 6,425 12.2 1.9 8,943 14.3 3.0 Commercial business 7,923 14.4 1.5 6,897 13.1 1.4 20,214 32.2 4.5 Consumer loans: Home equity loans and advances 1,892 3.4 0.7 1,681 3.2 0.6 873 1.4 0.3 Other consumer loans 7 — 0.2 10 — 0.3 6 — 0.4 Total allowance for credit losses $ 55,096 100.0 % 0.7 % $ 52,803 100.0 % 0.7 % $ 62,689 100.0 % 1.0 % Total Loans .

Net charge-offs totaled $45,000 for the year ended December 31, 2022, as compared to $2.0 million for the year ended December 31, 2021 The decrease in non-interest income was primarily attributable to a decrease in income from the gain on the sale of loans of $10.6 million, a decrease in income from title insurance fees of $2.7 million, and a decrease in gain on securities transactions of $1.8 million, partially offset by an increase in demand deposit account fees of $1.5 million, an increase in bank-owned life insurance income of $1.4 million due to death benefit claims, an increase in the change in fair value of equity securities of $1.4 million, and an increase in other non-interest income of $1.4 million, primarily due to an insurance settlement.

The decrease in non-interest income was primarily attributable to a decrease in income from the gain on the sale of loans of $10.6 million, a decrease in income from title insurance fees of $2.7 million, and a decrease in gain on securities transactions of $1.8 million, partially offset by an increase in demand deposit account fees of $1.5 million, an increase in bank-owned life insurance income of $1.4 million due to death benefit claims, an increase in the change in fair value of equity securities of $1.4 million, and an increase in other non-interest income of $1.4 million, primarily due to an insurance settlement.

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Top changes in Columbia Financial, Inc.'s 2023 10-K

Item 1A. Risk Factors

Item 3. Legal Proceedings

Item 5. Market for Registrant's Common Equity

Item 7. Management's Discussion & Analysis

Other CLBK 10-K year-over-year comparisons