What changed in Columbia Financial, Inc.'s 2024 10-K compared to 2023?

Across the narrative sections we track, Columbia Financial, Inc. (CLBK) added 246 paragraphs, removed 267, and edited 217 between the 2023 and 2024 10-K filings. The biggest movers are Item 7. Management's Discussion & Analysis (+209/−227), Item 1A. Risk Factors (+19/−21), Item 1C. Cybersecurity (+9/−10).

Did Columbia Financial, Inc. add new Risk Factors in the 2024 10-K?

Yes — Item 1A Risk Factors shows 19 new/edited paragraphs and 21 removed paragraphs versus the 2023 10-K.

What changed in Columbia Financial, Inc.'s MD&A (Item 7) in 2024?

Item 7 Management's Discussion & Analysis shows 209 new/edited paragraphs and 227 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. update its Cybersecurity disclosure (Item 1C) in 2024?

Item 1C Cybersecurity has 9 paragraph-level changes between the 2023 and 2024 filings.

Where does this CLBK 10-K diff come from?

The source filings are Columbia Financial, Inc.'s official 2023 and 2024 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 — 2023 vs 2024

Paragraph-level year-over-year comparison of Columbia Financial, Inc.'s 2023 and 2024 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 2024 report.

+246 added−267 removedSource: 10-K (2025-03-03) vs 10-K (2024-02-29)

Top changes in Columbia Financial, Inc.'s 2024 10-K

246 paragraphs added · 267 removed · 217 edited across 5 sections

Item 7. Management's Discussion & Analysis+209 / −227 · 182 edited
Item 1A. Risk Factors+19 / −21 · 17 edited
Item 1C. Cybersecurity+9 / −10 · 9 edited
Item 5. Market for Registrant's Common Equity+7 / −7 · 7 edited
Item 2. Properties+2 / −2 · 2 edited

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

17 edited+2 added−4 removed113 unchanged

2023 filing

2024 filing

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.

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.

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.

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

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.

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 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 events also pose significant risks to the Company’s personnel and to physical facilities, transportation and operations, which could materially adversely affect the Company’s financial results. Regulation of the financial services industry is intense, and we may be adversely affected by changes in laws and regulations. We are subject to extensive government regulation, supervision and examination.

These events also pose significant risks to the 25 Company’s personnel and to physical facilities, transportation and operations, which could materially adversely affect the Company’s financial results. Regulation of the financial services industry is intense, and we may be adversely affected by changes in laws and regulations. We are subject to extensive government regulation, supervision and examination.

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.

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. Municipal deposits are an important source of funds for us and a reduced level of such deposits may hurt our profits.

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.

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 additional regulatory costs resulting from the Company having total consolidated assets of $10 billion or more may negatively impact the Company’s revenue and earnings.

Because our total consolidated assets are now in excess of $10 billion, we no longer qualify for any of the foregoing relief. The increased regulatory costs resulting from the Company having total consolidated assets of $10 billion or more may negatively impact the Company’s revenue and earnings.

Because our total consolidated assets are in excess of $10 billion, we no longer qualify for any of the foregoing relief. The increased regulatory costs resulting from the Company having total consolidated assets of $10 billion or more may negatively impact the Company’s revenue and earnings.

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.

At December 31, 2024, our multifamily and commercial real estate loan portfolios totaled $3.8 billion, or 48.3% of our total loan portfolio. Our current business strategy is to continue our originations of multifamily and commercial real estate loans.

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.

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, 2024, the Company had on a consolidated basis, total assets of $10.5 billion.

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.

Whether customer claims or legal and/or regulatory action related to the performance of our responsibilities are founded or unfounded, they may result in significant expenses, attention from management and financial liability, even if they are resolved in a manner favorable to us.

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, 2024, $2.7 billion or 34.4%, 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.

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.

Municipal deposits are an important source of funds for our lending and investment activities. At December 31, 2024, $969.4 million, or 11.7% 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.

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”).

The balance of these real estate loans represented 326.0% of Columbia Bank’s total risk-based capital at December 31, 2024, and our commercial real estate loan portfolio increased by 8.3% 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”).

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.

At December 31, 2024, $473.6 million, or 6.0%, of our loan portfolio, consisted of construction loans, of which $309.7 million or 65.4% 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.

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.

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. Acts of terrorism and other external events could impact our ability to conduct business.

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.

As a result, because our total consolidated assets continued to exceed $10 billion through the quarter ended September 30, 2024, we became subject to CFPB supervision, examination and enforcement at the beginning of the quarter ended December 31, 2024. 22 There are other regulatory requirements that apply to insured depository institution holding companies and insured depository institutions with total consolidated assets of $10 billion or more.

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.

At December 31, 2024, we had approximately $2.7 billion in available liquidity, including $289.2 million in cash and cash equivalents, which was sufficient to cover our uninsured deposits. Notwithstanding our significant liquidity, large deposit outflows could adversely affect our financial condition and results of 23 operations and could result in the closure of the Bank.

Removed

There are other regulatory requirements that apply to insured depository institution holding companies and insured depository institutions with total consolidated assets of $10 billion or more.

Added

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.

Removed

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.

Added

In addition, at any given time, we are involved in a number of legal and regulatory examinations and investigations as a part of reviews conducted by regulators and other parties, which may involve banking, securities, consumer protection, employment, tort, and numerous other laws and regulations.

Removed

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.

Removed

Consequently, the ability of some of our business customers to repay their loans may deteriorate, and a prolonged period of inflation could cause wages and other costs to the Company to increase, which could adversely impact our results of operations and financial condition. Acts of terrorism and other external events could impact our ability to conduct business.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

9 edited+0 added−1 removed3 unchanged

2023 filing

2024 filing

Biggest changeThe ETRM function manages testing of technology controls, technology risk assessments, risk reporting, information security third-party due diligence, monitoring the implementation of risk mitigation actions, and tracking their effectiveness over time. The Company's internal audit department acts as the third line of defense, providing the independent assurance function.

Biggest changeThe Company's enterprise-wide technology risk management (ETRM) function acts as the second line of defense and provides independent risk oversight for the Company's technology operating infrastructure and operations. The ETRM function manages testing of technology controls, technology risk assessments, risk reporting, information security third-party due diligence, monitoring the implementation of risk mitigation actions, and tracking their effectiveness over time.

In particular, we have enhanced disclosure controls and procedures to meet the requirement to report material cybersecurity incidents on Form 8-K within four business days after we determine that an incident is material. Additionally, we maintain a proactive cyber risk management framework to identify, assess, and mitigate potential risks.

In particular, we have enhanced disclosure controls and procedures to meet the requirement to report material cybersecurity incidents on Form 8-K within four business days after we determine that an incident is material. 26 Additionally, we maintain a proactive cyber risk management framework to identify, assess, and mitigate potential risks.

We are firm in our commitment to collaborate with regulatory authorities to enhance industry-wide cybersecurity standards. Given the continuously evolving cyber threat landscape, we are committed to continuous improvement in our cybersecurity practices. Regular assessments, testing, audits, and training are conducted to adapt to emerging threats and enhance our ability to safeguard the interests of our customers.

The Bank provides periodic reports to our Technology Committee and our Board of Directors, as well as to our senior management team as appropriate. These reports include updates on the Company’s cyber risks and threats, the status of projects to strengthen our information security systems, assessments of the information security program, and the emerging threat landscape.

Management provides periodic reports to our Technology Committee and our Board of Directors, as well as to our senior management team as appropriate. These reports include updates on the Company’s cyber risks and threats, the status of projects to strengthen our information security systems, assessments of the information security program, and the emerging threat landscape.

The ISO leads a team of security professionals in safeguarding the Company's critical data, systems, and assets against threats, breaches, and attacks. The ISO is responsible for ensuring the confidentiality, integrity, and availability of information assets.

The CISO leads a team of security professionals in safeguarding the Company's critical data, systems, and assets against threats, breaches, and attacks. The CISO is responsible for ensuring the confidentiality, integrity, and availability of information assets.

The Company's cybersecurity operations function is headed by the Vice President Information Security Officer ("ISO") who is responsible for managing information security risks by developing and implementing information security strategies, architecture, and procedures and acts as the first line of defense.

The Company's cybersecurity function is headed by the Senior Vice President Chief Information Security Officer ("CISO") who is responsible for managing information security risks by developing and implementing information security programs, policies, strategies, architecture, standards, and procedures and acts as the first line of defense.

Concerning governance, oversight, and compliance, the Board of Directors plays an active role in overseeing our cybersecurity program. Regular briefings on cyber risk management and incident response activities are conducted, ensuring a high level of governance and accountability in addressing cybersecurity concerns.

The Company's internal audit department acts as the third line of defense, providing the independent assurance function. Concerning governance, oversight, and compliance, the Board of Directors plays an active role in overseeing our cybersecurity program. Regular briefings on cyber risk management and incident response activities are conducted, ensuring a high level of governance and accountability in addressing cybersecurity concerns.

We have a comprehensive cybersecurity program designed to protect sensitive information, ensure the integrity of financial transactions, and maintain the confidentiality of our customers' data. 26 We have established procedures for timely reporting of significant cybersecurity incidents; our commitment involves promptly notifying regulatory authorities, customers, and other stakeholders in the event of any material cyber incidents that may impact our operations or the security of sensitive information.

We have established procedures for timely reporting of significant cybersecurity incidents; our commitment involves promptly notifying regulatory authorities, customers, and other stakeholders in the event of any material cyber incidents that may impact our operations or the security of sensitive information.

The Company recognizes the increasing threats posed by cyber incidents and is dedicated to implementing robust cybersecurity practices.

The Company recognizes the increasing threats posed by cyber incidents and is dedicated to implementing robust cybersecurity practices. We have a comprehensive cybersecurity program designed to protect sensitive information, ensure the integrity of financial records and transactions, and maintain the confidentiality of our customers' data.

Removed

The information security program, policies, and standards are managed by the Vice President of Enterprise Technology Risk Management ("ETRM"), who leads the Company's enterprise-wide technology risk management function. The ETRM function acts as the second line of defense and provides independent risk oversight for the Company's technology operating infrastructure and Operations.

Item 2. Properties

Properties — owned and leased real estate

2 edited+0 added−0 removed0 unchanged

2023 filing

2024 filing

Biggest changeItem 2. Properties We conduct our business through (i) Columbia Bank’s main office and 65 branch offices located in Bergen, Passaic, Morris, Essex, Union, Middlesex, Monmouth, Burlington, Camden, Gloucester, Somerset and Hunterdon Counties in New Jersey and (ii) Freehold Bank’s two branch offices in Monmouth County, New Jersey. We own 31 properties and lease the other 34 properties.

Biggest changeItem 2. Properties We conduct our business through Columbia Bank’s main office and 68 branch offices located in Bergen, Passaic, Morris, Essex, Union, Middlesex, Monmouth, Burlington, Camden, Gloucester, Somerset and Hunterdon Counties in New Jersey. We own 33 properties and lease the other 35 properties.

First Jersey Title Services, Inc. and RSI Insurance Agency, Inc. operate within two of Columbia Bank’s branch facilities.

First Jersey Title Services, Inc. and Columbia Insurance Services, Inc. operate within two of Columbia Bank’s branch facilities.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

7 edited+0 added−0 removed10 unchanged

2023 filing

2024 filing

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.

Biggest changeSmallCap Banks Index 100.00 90.82 126.43 111.47 112.03 132.44 __________________________________ 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, 2024: (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 3,757,032 $ 16.22 1,779,838 Equity compensation plans not yet approved by stockholders: None. — — — Total 3,757,032 $ 16.22 1,779,838 Issuer Purchases of Equity Securities The following table reports information regarding repurchases of the Company’s common stock during the quarter ended December 31, 2024: 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, 2024 1,552 $ 17.08 — — November 1 - 30, 2024 791 17.32 — — December 1 - 31, 2024 7,069 16.02 — — Total 9,412 $ 16.31 — (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.

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.

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 26, 2025 the Company had approximately 3,207 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. The graph assumes $100 was invested on December 31, 2018.

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 U.S. SmallCap Banks Index. The graph assumes $100 was invested on December 31, 2019.

(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

This program expired with 741,725 shares outstanding. (2) During the three months ended December 31, 2024, 1,573 shares were repurchased pursuant to forfeitures and 7,839 shares were repurchased for taxes related to the 2019 Equity Incentive Plan and not as part of a share repurchase program. 30

The denial by the Federal Reserve Board of any such dividend waiver request, if sought, could significantly affect any determination by Columbia Financial to pay dividends or the amount of any dividend it might determine to pay in the future, if any.

The performance graph is being furnished solely to accompany this report pursuant to Item 201(e) of Regulation S-K, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. 28 Period Ending Index 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 Columbia Financial, Inc. 100.00 91.85 123.14 127.63 113.81 93.33 NASDAQ Composite Index 100.00 144.92 177.06 119.45 172.77 223.87 S&P U.S.

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 “capital distributions” by savings institutions.

Regulations of the Federal Reserve Board and the Office of the Comptroller of the Currency impose limitations on “capital distributions” by savings institutions.

Item 7. Management's Discussion & Analysis

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

182 edited+27 added−45 removed172 unchanged

2023 filing

2024 filing

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.

Biggest changeThe maturities of uninsured amounts included in time deposits at December 31, 2024 are as follows: Balance (In thousands) Maturity Period: Three months or less $ 189,606 Over three through six months 199,585 Over six through twelve months 236,314 Over twelve months 51,746 Total $ 677,251 43 The following table sets forth all of our certificates of deposit classified by interest rate as of the dates indicated: At December 31, 2024 2023 2022 (In thousands) Less than 0.50% $ 25,394 $ 81,654 $ 594,280 0.50% to 0.99% 37,194 135,402 402,691 1.00% to 1.49% 27,758 74,502 129,892 1.50% to 1.99% 20,162 71,178 136,444 2.00% to 2.49% 10,513 69,973 205,575 2.50% to 2.99% 75,459 143,095 113,226 3.00% to 3.49% 82,033 62,272 224,223 3.50% to 3.99% 356,192 318,582 108,342 4.00% to 4.49% 1,096,800 431,891 25,188 4.50% to 4.99% 732,306 572,736 30,000 5.00% and greater 278,804 525,571 — Total $ 2,742,615 $ 2,486,856 $ 1,969,861 The following table sets forth the amount and maturities of our certificates of deposit by interest rate at December 31, 2024: 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% $ 19,753 $ 4,939 $ 702 $ — $ — $ 25,394 0.8 % 0.50% to 0.99% 15,962 16,453 3,571 1,013 195 37,194 1.4 1.00% to 1.49% 22,435 1,221 3,654 219 229 27,758 1.0 1.50% to 1.99% 11,412 5,225 2,932 579 14 20,162 0.7 2.00% to 2.49% 8,935 1,262 — 126 190 10,513 0.4 2.50% to 2.99% 53,178 4,967 9,948 1,539 5,827 75,459 2.8 3.00% to 3.49% 55,575 18,791 1,102 4,717 1,848 82,033 3.0 3.50% to 3.99% 173,784 182,408 — — — 356,192 13.0 4.00% to 4.49% 1,071,737 25,063 — — — 1,096,800 40.0 4.50% to 4.99% 713,512 18,794 — — — 732,306 26.7 5.00% and greater 275,966 2,838 — — — 278,804 10.2 Total $ 2,422,249 $ 281,961 $ 21,909 $ 8,193 $ 8,303 $ 2,742,615 100.0 % 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, 2024 2023 Average Balance Percent Weighted Average Rate Average Balance Percent Weighted Average Rate (Dollars in thousands) Non-interest-bearing demand $ 1,420,104 17.98 % — % $ 1,539,354 20.00 % — % Interest-bearing demand 1,986,215 25.15 2.79 2,183,333 28.37 1.73 Money market accounts 1,235,495 15.65 2.67 951,174 12.36 2.55 Savings and club deposits 667,836 8.46 0.77 793,303 10.31 0.28 Certificates of deposit 2,587,360 32.76 4.21 2,229,042 28.96 2.73 Total $ 7,897,010 100.00 % 2.56 % $ 7,696,206 100.00 % 1.63 % For the Year Ended December 31, 2022 Average Balance Percent Weighted Average Rate (Dollars in thousands) Non-interest-bearing demand $ 1,742,607 22.11 % — % Interest-bearing demand 2,685,675 34.07 0.42 Money market accounts 695,849 8.83 0.37 Savings and club deposits 922,916 11.71 0.05 Certificates of deposit 1,834,876 23.28 0.74 Total $ 7,881,923 100.00 % 0.35 % Borrowings We have the ability to utilize advances and overnight lines of credit from the FHLB to supplement our liquidity.

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.

These increases were partially offset by a decrease in merger-related expenses of $2.2 million and a decrease in other non-interest expense of $4.1 million.

The increase in compensation and employee benefits expense for the 2023 period was due to normal annual increases in employee related compensation, increased staff levels due to the May 2022 merger with RSI Bank, and severance expense recorded in June 2023 as a result of a workforce reduction.

The federal deposit insurance premium expense increased due to the one-time Federal Deposit Insurance Corporation special assessment recorded in December 2023, and an increase in the assessment rate imposed by the FDIC effective January 1, 2023.

The provision for credit losses was determined by management to be an amount necessary to maintain a balance of allowance for credit losses at a level that uses relevant and reliable information from internal and external sources, related past events, current conditions, and a reasonable and supportable forecast.

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.

(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.

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.

Our credit risk review function provides objective assessments of the quality of 56 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.

The effective tax rate for the 2023 period was primarily impacted by lower net interest income and the loss on the sale of securities, and higher tax-exempt income. 47 Summary Income Statements The following table sets forth the income summary for the periods indicated: Years Ended December 31, Change 2023/2022 2023 2022 $ % (Dollars in thousands) Net interest income $ 205,876 $ 266,777 $ (60,901) (22.8) % Provision for credit losses 4,787 5,485 (698) (12.7) Non-interest income 27,379 30,400 (3,021) (9.9) Non-interest expense 182,417 174,816 7,601 4.3 Income tax expense 9,965 30,703 (20,738) (67.5) Net income $ 36,086 $ 86,173 $ (50,087) (58.1) % Return on average assets 0.35 % 0.88 % Return on average equity 3.29 % 8.09 % Net Interest Income For the year ended December 31, 2023, net interest income decreased $60.9 million, or 22.8%, to $205.9 million from $266.8 million for the year ended December 31, 2022.

The effective tax rate for the 2023 period was primarily impacted by lower net interest income and the loss on the sale of securities, and higher tax-exempt income. 50 Summary Income Statements The following table sets forth the income summary for the periods indicated: Years Ended December 31, Change 2023/2022 2023 2022 $ % (Dollars in thousands) Net interest income $ 205,876 $ 266,777 $ (60,901) (22.8) % Provision for (reversal of) credit losses 4,787 5,485 (698) (12.7) Non-interest income 27,379 30,400 (3,021) (9.9) Non-interest expense 182,417 174,816 7,601 4.3 Income tax expense 9,965 30,703 (20,738) (67.5) Net income $ 36,086 $ 86,173 $ (50,087) (58.1) % Return on average assets 0.35 % 0.88 % Return on average equity 3.29 % 8.09 % Net Interest Income For the year ended December 31, 2023, net interest income decreased $60.9 million, or 22.8%, to $205.9 million from $266.8 million for the year ended December 31, 2022.

The Board is 36 releasing the ASU in response to stakeholder feedback indicating that the existing income tax disclosures should be enhanced to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows.

The Board is releasing the ASU in response to stakeholder feedback indicating that the existing income tax disclosures should be enhanced to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows.

A substandard loan is inadequately protected by the current net worth and paying capacity of the obligor, normal repayment from this borrower is in jeopardy, and there is a distinct possibility that a partial loss of interest and/or principal will occur if the deficiencies are not corrected.

A substandard loan is inadequately protected by the current net worth and paying capacity of the obligor, normal repayment from this borrower is in jeopardy, and there is a distinct possibility that a partial 58 loss of interest and/or principal will occur if the deficiencies are not corrected.

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. 35 Income Taxes.

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.

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 35 exercise significant judgment in evaluating the amount and timing of recognition of the resulting tax assets and liabilities.

We maintain a Risk Management Division comprised of our Risk Management, Compliance, Credit Risk Review, Collateral Risk, and Security Departments. Our Risk Management Division is led by our Executive Vice President and Chief Risk Officer, who reports quarterly to Columbia Bank’s Risk Committee, which is comprised of the full board of directors.

We maintain a Risk Management Division comprised of our Risk Management, Compliance, Credit Risk Review, Collateral Risk, and Security Departments. Our Risk Management Division is led by our Senior Executive Vice President and Chief Risk Officer, who reports quarterly to Columbia Bank’s Risk Committee, which is comprised of the full board of directors.

Traditionally, the majority of our non-interest income has come from service charges, loan fees, interchange income, gains on sales of loans and securities, revenue from mortgage servicing, income from bank-owned life insurance and fee income from title insurance, insurance agency and wealth management businesses.

Traditionally, the majority of our non-interest income has come from service charges, loan fees, interchange income, gains (losses) on sales of loans and securities, revenue from mortgage servicing, income from bank-owned life insurance and fee income from title insurance, insurance agency and wealth management businesses.

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

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. 67

See “Item 1: Business - Regulation and Supervision - Federal Banking Regulations - Capital Requirements” and note 13 in the notes to the consolidated financial statements included in this report. Off-Balance Sheet Arrangements.

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.

For the years ended December 31, 2024 and 2023, 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.

The decrease in other non-interest expense was primarily related to non-recurring litigation settlements included in the 2022 period and the decrease in expenses related to swap transactions. 49 Income Tax Expense We recorded income tax expense of $10.0 million for the year ended December 31, 2023, reflecting an effective tax rate of 21.6%, compared to income tax expense of $30.7 million for 2022, reflecting an effective tax rate of 26.3%.

The decrease in other non-interest expense was primarily related to non-recurring litigation settlements included in the 2022 period and the decrease in expenses related to swap transactions. 52 Income Tax Expense We recorded income tax expense of $10.0 million for the year ended December 31, 2023, reflecting an effective tax rate of 21.6%, compared to income tax expense of $30.7 million for 2022, reflecting an effective tax rate of 26.3%.

Our largest non-interest expense is salaries and employee benefits, which consist primarily of salaries and wages paid to our employees, payroll taxes, and expenses for health insurance, retirement plans and other employee benefits. Our business results are impacted by the pace of economic growth and the level of market interest rates, and the difference between short-term and long-term rates.

Our largest non-interest expense is compensation and employee benefits, which consist primarily of compensation and wages paid to our employees, payroll taxes, and expenses for health insurance, retirement plans and other employee benefits. Our business results are impacted by the pace of economic growth and the level of market interest rates, and the difference between short-term and long-term rates.

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, 2023.

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.

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, 2024, 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, 2023 2022 (In thousands) Demand deposit account fees $ 5,145 $ 5,293 Bank-owned life insurance 10,126 7,393 Title insurance fees 2,400 3,423 Loan fees and service charges 4,510 3,924 (Loss) gain on securities transactions (10,847) 210 Change in fair value of equity securities 695 (401) Gain on sale of loans 1,214 178 Other non-interest income 14,136 10,380 Total $ 27,379 $ 30,400 For the year ended December 31, 2023, non-interest income decreased $3.0 million, or 9.9%, to $27.4 million from $30.4 million for the year ended December 31, 2022.

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, 2023 2022 (In thousands) Demand deposit account fees $ 5,145 $ 5,293 Bank-owned life insurance 10,126 7,393 Title insurance fees 2,400 3,423 Loan fees and service charges 4,510 3,924 (Loss) gain on securities transactions (10,847) 210 Change in fair value of equity securities 695 (401) Gain on sale of loans 1,214 178 Other non-interest income 14,136 10,380 Total $ 27,379 $ 30,400 For the year ended December 31, 2023, non-interest income decreased $3.0 million, or 9.9%, to $27.4 million from $30.4 million for the year ended December 31, 2022.

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.

The results at December 31, 2024 indicate a level of risk within the parameters of our model. Our management believes that the December 31, 2024 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, 2023, 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, 2024, Columbia Bank had no currency forward contracts in place with commercial banking customers.

We expect to increase fee income from enhancing interchange services, generating additional commercial loan swap fee income and expanding treasury services. We currently offer title insurance services through our title insurance agency, offer wealth management services through a third-party networking arrangement, and offer life and heath, and property and casualty insurance to our customers through our insurance agency.

We expect to increase fee income from enhancing interchange services, generating additional commercial loan swap fee income and expanding treasury services. We currently offer title insurance services through our title insurance agency, offer wealth management services through a third-party networking arrangement, and offer life and health, and property and casualty insurance to our customers through our insurance agency.

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 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.

In addition, at December 31, 2023, we had availability to borrow additional funds, subject to our ability to collateralize such borrowings from the FHLB of New York and the Federal Reserve Bank of New York. A significant use of our liquidity is the funding of loan originations.

In addition, at December 31, 2024, we had the availability to borrow additional funds, subject to our ability to collateralize such borrowings from the FHLB of New York and the Federal Reserve Bank of New York. A significant use of our liquidity is the funding of loan originations.

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.

As of December 31, 2024, 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.

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 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.

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, 2024, compared to $1.5 billion as of December 31, 2023.

Our loan officers and loan servicing staff identify and manage potential problem loans within our commercial loan portfolio. Non-performing assets within the commercial loan portfolio are transferred to the Special Assets Department for workout or litigation. The Special Assets Department reports directly to the Chief Credit Officer.

As member banks, we are required to own capital stock in the FHLB and are authorized to apply for advances on the security of such stock and certain mortgage loans and other assets, provided certain standards related to creditworthiness have been met. Advances are made under several different programs, each having its own interest rate and range of maturities.

As a member bank, we are required to own capital stock in the FHLB and are authorized to apply for advances on the security of such stock and certain mortgage loans and other assets, provided certain standards related to creditworthiness have been met. Advances are made under several different programs, each having its own interest rate and range of maturities.

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.

There was also $1.2 billion in unused commercial business, construction and consumer lines of credit, and $28.3 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.

Real estate that we acquire through foreclosure or by deed in lieu of foreclosure is classified as real estate owned until it is sold. When an asset is acquired, the excess of the loan balance over fair value less estimated selling costs is charged to the allowance for loan losses.

Real estate that we acquire through foreclosure or by deed in lieu of foreclosure is classified as real estate owned until it is sold. When an asset is acquired, the excess of the loan balance over fair value less estimated costs to sell is charged to the allowance for credit losses.

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.

The portion of the allowance for credit losses related to the multifamily real estate loan portfolio totaled $9.5 million, or 0.7%, of multifamily loans at December 31, 2024, as compared to $8.7 million, or 0.6%, of multifamily loans at December 31, 2023. There were no multifamily non-accrual loans at December 31, 2024 and 2023.

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.

Presently, the majority of our revenue comes from interest income and less than 0.4% 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.

We continue to assess the collateral of these loans and update our appraisals on these loans on an annual basis. To the extent the property values decline, there could be additional losses on these non-performing assets, which may be material. Management considered these market conditions in deriving the estimated ACL.

We continue to assess the collateral of these loans and obtain updated appraisals on these loans on an annual basis. To the extent the property values decline, there could be additional losses on these non-performing assets, which may be material. Management considered these market conditions in deriving the estimated ACL.

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.

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, 2024, total cash and cash equivalents totaled $289.2 million.

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.

Columbia Financial is a separate legal entity from Columbia 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.

The non-interest expense we incur in operating our business consists of salaries and employee benefits expenses, occupancy expenses, depreciation, amortization and maintenance expenses, data processing and software expenses and other miscellaneous expenses, such as loan expenses, advertising, insurance, professional services and federal deposit insurance premiums.

The non-interest expense we incur in operating our business consists of compensation and employee benefits expenses, occupancy expenses, depreciation, amortization and maintenance expenses, data processing and software expenses and other miscellaneous expenses, such as loan expenses, advertising, insurance, professional fees and federal deposit insurance premiums.

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.

If the four-quarter U.S. unemployment rate forecast had been 9.0% rather than an average of approximately 4.7%, our ACL would have been approximately $9.0 million higher. This sensitivity analysis includes the impact to the quantitative components of our ACL.

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, 2024, the remaining 11.4% 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.

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.

If rates were to decrease 200 basis points, the model forecasts a 12.49% increase in the NPV. Overall, our December 31, 2024 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 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.

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.

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.

Results of Operations for the Fiscal Year Ended December 31, 2022 For a comparison of the Company’s results of operations for the year ended December 31, 2022, please see the section captioned “Results of Operations for the Fiscal Year Ended December 31, 2022” in Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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.

The portion of the allowance for credit losses related to the construction loan portfolio totaled $6.7 million, or 1.4%, of construction loans at December 31, 2024, as compared to $7.8 million, or 1.8%, of construction loans at December 31, 2023. At both December 31, 2024 and 2023, we had no non-accrual construction loans.

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. At December 31, 2023, U.S. government and agency obligations comprised the next largest segment of the available for sale portfolio, totaling 13.3%.

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. At December 31, 2024, U.S. government and agency obligations comprised the next largest segment of the available for sale portfolio, totaling 30.7%.

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.

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 $60.0 million and $55.1 million at December 31, 2024 and 2023, respectively.

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%.

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, 2024, 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 16.22%.

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 continue to focus on maintaining a high quality securities portfolio that provides consistent cash flows in changing interest rate environments. At December 31, 2024, our total securities portfolio, which includes equity securities, was 13.6% of total assets, as compared to 14.1% at December 31, 2023.

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.

At December 31, 2024, we had interest rate swaps in place with 84 commercial banking customers executed by offsetting interest rate swaps with third parties, with aggregated notional amounts of $298.8 million. Columbia Bank offers currency forward contracts to certain commercial banking customers to facilitate international trade.

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.

The Company identified no significant income tax uncertainties through the evaluation of its income tax positions as of December 31, 2024 and 2023. Therefore, the Company has no unrecognized income tax benefits as of those dates. As of December 31, 2024 and 2023, we had a net deferred tax assets totaling $12.4 million and $25.5 million, respectively.

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.

The portion of the allowance for credit losses related to the commercial real estate loan portfolio totaled $16.0 million, or 0.7%, of commercial real estate loans at December 31, 2024, as compared to $15.8 million, or 0.7%, of commercial real estate loans at December 31, 2023.

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.

At December 31, 2024, 60.7% 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.

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, marketing initiatives, and call center.

We have also introduced a digital small business lending solution, online chat and appointment scheduling and a credit card platform. More recently we implemented an online wire transfer tool for customers. We expect to continue to enhance our digital technology platforms to provide more appealing products and services to our customers and support our sales, marketing initiatives, and call center.

In addition, if Columbia Bank and Freehold Bank require funds beyond their ability to generate them internally, they can each borrow additional funds under an overnight advance program up to their maximum borrowing capacity based on their ability to collateralize such borrowings. Our primary sources of funds include a large, stable deposit base.

In addition, if Columbia Bank requires funds beyond its ability to generate them internally, it can borrow additional funds under an overnight advance program up to its maximum borrowing capacity based on their ability to collateralize such borrowings. Our primary sources of funds include a large, stable deposit base.

The Bank has priced select money market and certificates of deposit accounts very competitively to the market, but there continues to be strong competition for funds from other banks and non-bank investment products. Municipal deposits totaled $861.8 million at December 31, 2023 compared to $850.1 million at December 31, 2022.

Columbia Bank has priced select certificates of deposit accounts very competitively to the market, but there continues to be strong competition for funds from other banks and non-bank investment products. Municipal deposits totaled $969.4 million at December 31, 2024 compared to $861.8 million at December 31, 2023.

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 amount of dividends Columbia Bank may declare and pay to Columbia Financial is generally restricted under federal regulations to the retained earnings of Columbia Bank. At December 31, 2024, on a stand-alone basis, Columbia Financial had liquid assets of $6.6 million. Capital Management.

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.

The portion of the allowance for credit losses related to the one-to-four family real estate loan portfolio totaled $13.2 million, or 0.5%, of one-to-four family loans at December 31, 2024, as compared to $13.0 million, or 0.5%, of one-to-four family real estate loans at December 31, 2023.

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.

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, 2024 totaled $2.4 billion, or 88.3% of total certificates of deposit.

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.

The portion of the allowance for credit losses related to the home equity loan portfolio totaled $1.5 million, or 0.6%, of home equity loans at December 31, 2024, as compared to $1.9 million, or 0.7%, of home equity loans at December 31, 2023. Home equity non-accrual loans increased to $246,000 at December 31, 2024, from $221,000 at December 31, 2023.

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.

Debt securities classified as available for sale, and equity securities, which provide additional sources of liquidity, totaled $1.0 billion, and $6.7 million, respectively, at December 31, 2024. At December 31, 2024, we had $1.1 billion in Federal Home Loan Bank fixed rate advances.

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.

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 $5.9 million to $12.6 million, or 0.12% of total assets, at December 31, 2023 from $6.7 million, or 0.06% of total assets, at December 31, 2022.

The portion of the allowance for credit losses related to the commercial business loan portfolio totaled $7.9 million, or 1.5%, of commercial business loans at December 31, 2023, as compared to $6.9 million, or 1.4%, of commercial business loans at December 31, 2022.

The portion of the allowance for credit losses related to the commercial business loan portfolio totaled $13.1 million, or 2.1%, of commercial business loans at December 31, 2024, as compared to $7.9 million, or 1.5%, of commercial business loans at December 31, 2023.

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.

As of December 31, 2024, Columbia Bank had 31 interest rate swaps with notional amounts of $378.7 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.

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 were no charge-offs and recoveries were $4,000 for the year ended December 31, 2024 and there were no charge-offs for the year ended December 31, 2023. 61 We believe the construction loan reserve ratio was appropriate as there were no non-accrual loans and no charge-offs, considering the inherent credit risk associated with this portfolio. Commercial Business Loan Portfolio.

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.

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 aggregate of 26,258,275 shares of common stock as of December 31, 2024.

When additional allowances are necessary, a provision for credit losses is charged to earnings. The ACL is maintained at a level management considers adequate to provide for estimated losses and impairment based upon an evaluation of known and inherent risk in the loan portfolio.

We evaluate the need to establish allowances against losses on loans on a quarterly basis. When additional allowances are necessary, a provision for credit losses is charged to earnings. The ACL is maintained at a level management considers adequate to provide for estimated losses and impairment based upon an evaluation of known and inherent risk in the loan portfolio.

This sensitivity analysis includes the impact of quantitative components of our ACL. 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 others.

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 others.

At 37 December 31, 2023, the remainder of our available for sale securities portfolio consisted of corporate debt securities and municipal obligations which comprised 7.1% and 0.3%, respectively. At December 31, 2023, 87.6% of the debt securities held to maturity portfolio was comprised of mortgage-backed securities and CMOs issued by Freddie Mac, Fannie Mae and Ginnie Mae.

At December 31, 2024, the remainder of our available for sale securities portfolio consisted of corporate debt securities and municipal obligations which comprised 8.4% and 0.2%, respectively. 37 At December 31, 2024, 88.6% of the debt securities held to maturity portfolio was comprised of mortgage-backed securities and CMOs issued by Freddie Mac, Fannie Mae and Ginnie Mae.

Certain shortcomings are inherent in the methodologies used in the interest rate risk measurements. Modeling changes in net interest income requires the use of certain assumptions regarding prepayment and deposit repricing, which may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates.

Modeling changes in net interest income requires the use of certain assumptions regarding prepayment and deposit repricing, which may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates.

The allowance for credit losses is subject to review by our banking regulators. On an annual basis our primary bank regulator conducts an examination of the allowance for credit losses and makes an assessment regarding its adequacy and the methodology employed in its determination.

On an annual basis our primary bank regulator conducts an examination of the allowance for credit losses and makes an assessment regarding its adequacy and the methodology employed in its determination.

The types of loans pledged for borrowings include, but are not limited to, one-to-four family real estate loans home equity loans and multifamily and commercial real estate loans. 45 The following table sets forth the outstanding borrowings and weighted averages at the dates or for the periods indicated: Years Ended December 31, 2023 2022 2021 (Dollars in thousands) Maximum amount outstanding at any month-end during the year: Lines of credit $ 168,800 $ 174,000 $ 36,000 FHLB advances 1,659,706 1,090,159 729,261 Notes payable 29,934 36,368 29,841 Junior subordinated debentures 6,962 6,994 7,198 Average outstanding balance during the year: Lines of credit $ 18,036 $ 75,197 $ 2,276 FHLB advances 1,297,365 471,961 722,514 Notes payable 22,780 30,084 740 Junior subordinated debentures 7,054 6,984 7,448 Other borrowings — 55 — Weighted average interest rate during the year: Lines of credit 9.26 % 2.58 % 0.35 % FHLB advances 4.68 2.44 1.06 Notes payable 4.03 3.97 3.38 Junior subordinated debentures 8.85 5.30 3.29 Other borrowings — 3.64 — Balance outstanding at end of the year: Lines of credit $ — $ — $ — FHLB advances 1,521,733 1,090,159 340,495 Notes payable — 29,894 29,841 Junior subordinated debentures 6,962 6,994 6,973 Weighted average interest rate at end of year: Lines of credit — % — % — % FHLB advances 4.92 % 4.37 % 1.17 % Notes payable — 3.35 3.35 Junior subordinated debentures 8.59 7.69 3.07 Comparison of Financial Condition at December 31, 2022 and 2021 For a comparison of the Company’s financial condition at December 31, 2022 and 2021, please see the section captioned “Comparison of Financial Condition at December 31, 2022 and 2021” in Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. 46 Results of Operations for the Year Ended December 31, 2023 Financial Highlights Net income was $36.1 million for the year ended December 31, 2023 as compared to $86.2 million for the year ended December 31, 2022, a decrease of $50.1 million, or 58.1%.

The types of loans pledged for borrowings include, but are not limited to, one-to-four family real estate loans home equity loans and multifamily and commercial real estate loans. 45 The following table sets forth the outstanding borrowings and weighted averages at the dates or for the periods indicated: Years Ended December 31, 2024 2023 2022 (Dollars in thousands) Maximum amount outstanding at any month-end during the year: Lines of credit $ 26,500 $ 168,800 $ 174,000 FHLB advances 1,676,705 1,659,706 1,090,159 Notes payable — 29,934 36,368 Junior subordinated debentures 7,036 6,962 6,994 Average outstanding balance during the year: Lines of credit $ 339 $ 18,036 $ 75,197 FHLB advances 1,454,335 1,297,365 471,961 Notes payable — 22,780 30,084 Junior subordinated debentures 7,023 7,054 6,984 Other borrowings 55 — 55 Weighted average interest rate during the year: Lines of credit 5.31 % 9.26 % 2.58 % FHLB advances 4.84 4.68 2.44 Notes payable — 4.03 3.97 Junior subordinated debentures 9.11 8.85 5.30 Other borrowings 5.45 — 3.64 Balance outstanding at end of the year: Lines of credit $ — $ — $ — FHLB advances 1,073,564 1,521,733 1,090,159 Notes payable — — 29,894 Junior subordinated debentures 7,036 6,962 6,994 Weighted average interest rate at end of year: Lines of credit — % — % — % FHLB advances 4.42 4.92 4.37 Notes payable — — 3.35 Junior subordinated debentures 7.56 8.59 7.69 Comparison of Financial Condition at December 31, 2023 and 2022 For a comparison of the Company’s financial condition at December 31, 2023 and 2022, please see the section captioned “Comparison of Financial Condition at December 31, 2023 and 2022” in Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 46 Results of Operations for the Year Ended December 31, 2024 Financial Highlights A net loss of $11.7 million was recorded for the year ended December 31, 2024, a decrease of $47.7 million, compared to net income of $36.1 million for the year ended December 31, 2023.

Commercial business non-accrual loans increased to $6.5 million at December 31, 2023, from $801,000 at December 31, 2022. Net charge-offs were $1.7 million for the year ended December 31, 2023 compared to net recoveries of $18,000 for the year ended December 31, 2022.

Commercial business non-accrual loans increased to $9.8 million at December 31, 2024, from $6.5 million at December 31, 2023. Net charge-offs were $9.3 million for the year ended December 31, 2024 compared to net recoveries of $1.7 million for the year ended December 31, 2023.

The following table sets forth the deposit activity for the periods indicated: Years Ended December 31, 2023 2022 2021 (In thousands) Beginning balance $ 8,001,159 $ 7,570,216 $ 6,778,624 Increase before interest credited (279,765) 403,065 762,483 Interest credited 125,162 27,878 29,109 Net (decrease) increase in deposits (154,603) 430,943 791,592 Ending balance $ 7,846,556 $ 8,001,159 $ 7,570,216 At December 31, 2023, the aggregate amount of uninsured deposits (deposits in amounts greater than or equal to $250,000, which is the maximum amount for federal deposit insurance) was $6.1 billion.

The following table sets forth the deposit activity for the periods indicated: Years Ended December 31, 2024 2023 2022 (In thousands) Beginning balance $ 7,846,556 $ 8,001,159 $ 7,570,216 Increase (decrease) before interest credited 47,210 (279,765) 403,065 Interest credited 202,383 125,162 27,878 Net increase (decrease) in deposits 249,593 (154,603) 430,943 Ending balance $ 8,096,149 $ 7,846,556 $ 8,001,159 At December 31, 2024, the aggregate amount of uninsured deposits (deposits in amounts greater than or equal to $250,000, which is the maximum amount for federal deposit insurance) was $3.1 billion.

As of December 31, 2023, approximately 94.2% of the total portfolio consisted of direct government obligations or government sponsored enterprise obligations, approximately 5.5% of the remaining portfolio was rated at least investment grade and approximately 0.3% of the remaining portfolio was not rated.

As of December 31, 2024, approximately 93.2% of the total portfolio consisted of direct government obligations or government sponsored enterprise obligations, approximately 5.6% of the remaining portfolio was rated at least investment grade and approximately 1.2% of the remaining portfolio was not rated.

Net recoveries were $51,000 for the year ending December 31, 2023 and $12,000 for the year ending December 31, 2022.

Net recoveries were $19,000 for the year ending December 31, 2024 and $51,000 for the year ending December 31, 2023.

We have focused on obtaining deposit products by offering attractive pricing and promotions and by deepening our existing customer relationships. 42 The following table sets forth the deposit balances as of the periods indicated: At December 31, 2023 2022 2021 Amount Percent of Total Deposits Amount Percent of Total Deposits Amount Percent of Total Deposits (Dollars in thousands) Non-interest-bearing demand $ 1,437,361 18.3 % $ 1,806,152 22.6 % $ 1,712,061 22.6 % Interest-bearing demand 1,966,463 25.1 2,592,884 32.4 2,599,987 34.3 Money market accounts 1,255,528 16.0 718,524 9.0 657,156 8.7 Savings and club deposits 700,348 8.9 913,738 11.4 822,933 10.9 Certificates of deposit 2,486,856 31.7 1,969,861 24.6 1,778,179 23.5 Total deposits $ 7,846,556 100.0 % $ 8,001,159 100.0 % $ 7,570,316 100.0 % We are required to pledge securities or other financial instruments to secure municipal deposits.

We have focused on obtaining deposit products by offering attractive pricing and promotions and by deepening our existing customer relationships. 42 The following table sets forth the deposit balances as of the periods indicated: At December 31, 2024 2023 2022 Amount Percent of Total Deposits Amount Percent of Total Deposits Amount Percent of Total Deposits (Dollars in thousands) Non-interest-bearing demand $ 1,438,030 17.8 % $ 1,437,361 18.3 % $ 1,806,152 22.6 % Interest-bearing demand 2,021,312 25.0 1,966,463 25.1 2,592,884 32.4 Money market accounts 1,241,691 15.3 1,255,528 16.0 718,524 9.0 Savings and club deposits 652,501 8.1 700,348 8.9 913,738 11.4 Certificates of deposit 2,742,615 33.8 2,486,856 31.7 1,969,861 24.6 Total deposits $ 8,096,149 100.0 % $ 7,846,556 100.00 % $ 8,001,159 100.0 % We are required to pledge securities or other financial instruments to secure municipal deposits.

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Top changes in Columbia Financial, Inc.'s 2024 10-K

Item 1A. Risk Factors

Item 1C. Cybersecurity

Item 2. Properties

Item 5. Market for Registrant's Common Equity

Item 7. Management's Discussion & Analysis

Other CLBK 10-K year-over-year comparisons