Revenue growth is accelerating with NII up 64.6% YoY in 2025Q3, but the 2026Q2 provision spike to $59.3M and volatile fee income (100% of revenue in 2026Q2 vs 2.5% in 2026Q1) cloud earnings quality.
Columbia Financial, Inc. (CLBK) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Sep'17 | Sep'16 |
|---|
| Net Interest Income | 191.91M | 232.73M | 170.38M | 200.68M | 265.06M | 231.1M | 217.91M | 168.77M | 161.27M | 137.94M | 123.5M |
| NII Growth % | 23.75% | 36.59% | -15.1% | -24.29% | 14.69% | 6.05% | 29.11% | 4.65% | 16.91% | 11.7% | - |
| Net Interest Margin % | 1.58% | 2.11% | 1.63% | 1.89% | 2.55% | 2.51% | 2.48% | 2.06% | 2.41% | 2.39% | 2.45% |
| Interest Income | 361.17M | 468.13M | 443.82M | 389.79M | 307.95M | 267.68M | 291.64M | 256.89M | 222.35M | 182.08M | 167.25M |
| Interest Expense | 169.26M | 235.4M | 273.44M | 189.1M | 42.89M | 37.02M | 73.72M | 88.12M | 61.08M | 44.14M | 43.76M |
| Loan Loss Provision | 71.92M | 17.04M | 14.45M | 4.79M | 5.49M | -9.95M | 18.45M | 4.22M | 6.68M | 6.43M | 417K |
| Non-Interest Income | 143.19M | 39.31M | 9.5M | 32.57M | 32.12M | 41.3M | 34.58M | 35.23M | 24.45M | 19.01M | 20.44M |
| Non-Interest Income % | 42.73% | 14.45% | 5.28% | 13.96% | 10.81% | 15.16% | 13.69% | 17.27% | 13.16% | 12.11% | 14.2% |
| Total Net Revenue | 335.11M | 272.04M | 179.88M | 233.25M | 297.18M | 272.39M | 252.49M | 204.01M | 185.72M | 156.95M | 143.94M |
| Revenue Growth % | 67.86% | 51.24% | -22.88% | -21.51% | 9.1% | 7.88% | 23.76% | 9.85% | 18.33% | 9.04% | - |
| Non-Interest Expense | 203.66M | 194.84M | 181.34M | 182.42M | 174.82M | 155.74M | 158.14M | 128.7M | 145.39M | 103.45M | 93.77M |
| Efficiency Ratio | 60.78% | 71.62% | 100.81% | 78.2% | 58.83% | 57.17% | 62.63% | 63.09% | 78.28% | 65.91% | 65.14% |
| Operating Income | 59.52M | 60.16M | -15.91M | 46.05M | 116.88M | 126.18M | 76.26M | 71.08M | 33.66M | 47.08M | 49.76M |
| Operating Margin % | 17.76% | 22.11% | -8.84% | 19.74% | 39.33% | 46.32% | 30.2% | 34.84% | 18.12% | 30% | 34.57% |
| Operating Income Growth % | - | 478.11% | -134.55% | -60.6% | -7.37% | 65.47% | 7.28% | 111.18% | -28.51% | -5.38% | - |
| Pretax Income | 70.35M | 60.16M | -15.91M | 46.05M | 116.88M | 126.18M | 76.26M | 71.08M | 33.66M | 47.08M | 49.76M |
| Pretax Margin % | 20.99% | 22.11% | -8.84% | 19.74% | 39.33% | 46.32% | 30.2% | 34.84% | 18.12% | 30% | 34.57% |
| Income Tax | 12.21M | 8.39M | -4.26M | 9.96M | 30.7M | 34.13M | 18.65M | 16.36M | 10.92M | 16.01M | 16.8M |
| Effective Tax Rate % | 17.35% | 13.95% | 26.76% | 21.64% | 26.27% | 27.05% | 24.46% | 23.02% | 32.45% | 34% | 33.77% |
| Net Income | 58.15M | 51.77M | -11.65M | 36.09M | 86.17M | 92.05M | 57.6M | 54.72M | 22.74M | 31.07M | 32.95M |
| Net Margin % | 17.35% | 19.03% | -6.48% | 15.47% | 29% | 33.79% | 22.81% | 26.82% | 12.24% | 19.8% | 22.89% |
| Net Income Growth % | 842.86% | 544.23% | -132.29% | -58.12% | -6.38% | 59.8% | 5.27% | 140.66% | -26.83% | -5.71% | - |
| Net Income (Continuing) | 58.15M | 51.77M | -11.65M | 36.09M | 86.17M | 92.05M | 57.6M | 54.72M | 22.74M | 31.07M | 32.95M |
| EPS (Diluted) | 0.26 | 0.23 | -0.05 | 0.16 | 0.37 | 0.40 | 0.24 | 0.22 | 0.09 | 0.12 | 0.13 |
| EPS Growth % | 885.89% | 563.64% | -131.43% | -56.79% | -7.95% | 69.23% | 6.12% | 145% | -25.93% | -3.57% | - |
| EPS (Basic) | - | 0.23 | -0.05 | 0.16 | 0.37 | 0.40 | 0.24 | 0.22 | 0.09 | 0.12 | 0.13 |
| Diluted Shares Outstanding | 223.2M | 223.14M | 224.05M | 226.37M | 233.62M | 229.14M | 241.46M | 244.42M | 245.07M | 254.96M | 254.96M |
Quick answers to the most common questions about buying CLBK stock.
For fiscal year 2025, Columbia Financial, Inc. (CLBK) reported total revenue of $272.0M. This represents a 89.0% increase compared to $143.9M in 2016.
Columbia Financial, Inc. (CLBK) is profitable, generating $51.8M in net income for the fiscal year ending 2025 with a net profit margin of 10.2%.
Columbia Financial, Inc. (CLBK) reported an operating income of $60.2M, resulting in an operating profit margin of 11.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Columbia Financial, Inc. (CLBK) generated $255.0M in gross profit for the year, representing a gross profit margin of 50.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Deposit competition and margin pressure
Metrics are mathematically derived from official filings.
NII Momentum Accelerates on Loan Growth
Net interest income surged 64.6% YoY in 2025Q3, reaching $71.3M, driven by loan growth and higher yields, according to quarterly financials.
The 64.6% YoY growth in NII during 2025Q3 marks a significant acceleration from the 24.3% growth in 2025Q2, suggesting that the bank's loan portfolio is repricing favorably or expanding rapidly. However, the subsequent quarter (2025Q4) saw NII decline to $60.2M, indicating potential volatility or seasonal factors. Investors should monitor whether this growth is sustainable given the competitive deposit environment in the NY/NJ metro area.
NIM Remains Thin but Stable
Net interest margin held at 0.5% in 2025Q4, unchanged from prior quarters, reflecting a stable but compressed spread, as per reported data.
The NIM of 0.5% is exceptionally low, even for a regional bank, and suggests that the bank's cost of funds is rising in tandem with asset yields, leaving little spread. This could be a structural issue if the bank's legacy residential loans are not repricing as quickly as its deposit costs. The stability across quarters may indicate that management is actively managing the balance sheet, but the thin margin leaves little room for error if deposit competition intensifies.
Efficiency Ratio Shows Mixed Trends
Efficiency ratio improved to 35.9% in 2026Q1 from 43.9% in 2026Q2, but 2025Q3 spiked to 45.5%, indicating variable cost control, per financial statements.
The efficiency ratio has been volatile, with a notable spike in 2025Q3 to 45.5% before improving in subsequent quarters. This suggests that the bank's cost structure is not fully under control, possibly due to integration costs from the Freehold Bank acquisition or branch-related expenses. The improvement to 35.9% in 2026Q1 is encouraging, but the bank must demonstrate consistent cost discipline to achieve operating leverage.
Provision Expense Spikes in 2026Q2
Provision for loan losses jumped to $59.3M in 2026Q2, a dramatic increase from $956K in 2026Q1, based on reported quarterly data.
The provision expense in 2026Q2 is an outlier, representing a massive charge that likely reflects a specific credit event or a change in economic outlook. This is a significant red flag, as it could indicate deteriorating asset quality, particularly in the multi-family or CRE portfolio. Investors should scrutinize the composition of this provision and whether it signals a broader trend or a one-time adjustment.
Fee Income Volatility Raises Questions
Non-interest income swung from $122.3M in 2026Q2 to $3.1M in 2026Q1, with fee income as a percentage of revenue varying wildly, per SEC filings.
The non-interest income line is highly erratic, with 2026Q2 showing $122.3M (likely including a one-time gain) and 2024Q4 showing a negative $21.9M. This volatility suggests that the bank's fee income is not stable, possibly due to securities gains/losses or other non-recurring items. The core fee income from wealth management and title insurance appears to be a small portion of total revenue, making the bank heavily reliant on net interest income.
Earnings Quality Clouded by One-Time Items
The 2026Q2 revenue spike and provision charge suggest earnings may be distorted by non-recurring items, warranting caution, as per reported figures.
The 2026Q2 data shows total revenue of $122.3M with non-interest income of $122.3M, implying zero net interest income, which is implausible for a bank. This suggests a data anomaly or a major one-time event, such as a securities sale or acquisition-related gain. Similarly, the provision expense of $59.3M is abnormally high. Analysts should adjust for these items to assess the bank's underlying earnings power, which appears more modest based on other quarters.