Detailed financial statements for Columbia Financial, Inc. (CLBK): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Columbia Financial, Inc. operates as a bank holding company, delivering a comprehensive array of financial solutions to both corporate clients and individual consumers, primarily within the United States. Its deposit offerings encompass various options, including non-interest-bearing checking accounts for businesses and individuals, interest-bearing checking and municipal accounts, savings and club accounts, money market accounts, and certificates of deposit.
Analysis Summary
Columbia Financial, Inc. reported revenue of $272.0M in the most recent fiscal year, growing at a 5-year CAGR of 1.5%. Net income reached $51.8M, with a -2.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 52.6%, operating margin 8.9%, net margin 8.8%. Free cash flow grew at 5.7% CAGR over 5 years.
At $11.16 (closing price, November 4, 2026), CLBK trades at a P/E of 52.59 and an ROE of 2.90%. Market capitalisation stands at $2.5B.
Balance sheet quality for CLBK: debt-to-equity ratio of 0.47, current ratio of 0.35 over the last 12 months, net debt of $842.8M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $58.6M represents 113% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $143.9M | $157.0M | $185.7M | $204.0M | $252.5M | $272.0M | $297.2M | $233.3M | $179.9M | $272.0M |
| Cost of Revenue | $417,000 | $6.4M | $6.7M | $4.2M | $18.4M | $27.1M | $5.5M | $4.8M | $14.5M | $17.0M |
| Gross Profit | $143.5M | $150.5M | $179.0M | $199.8M | $234.4M | $281.9M | $291.7M | $228.5M | $165.4M | $255.0M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $65.6M | $71.0M | $85.9M | $89.1M | $105.2M | $104.3M | $122.4M | $132.3M | $119.6M | $74.5M |
| Operating Expenses | $93.8M | $103.4M | $145.4M | $128.7M | $158.1M | $155.7M | $174.8M | $182.4M | $181.3M | $194.8M |
| Operating Income | $49.8M | $47.1M | $33.7M | $71.1M | $76.3M | $126.2M | $116.9M | $46.1M | -$15.9M | $60.2M |
| EBITDA | $53.0M | $50.5M | $37.4M | $76.1M | $86.6M | $137.8M | $130.2M | $60.3M | -$1.4M | $75.2M |
| Interest Expense | $43.8M | $44.1M | $61.1M | $88.1M | $73.7M | $37.0M | $42.9M | $189.1M | $273.4M | $235.4M |
| Pre-tax Income | $49.8M | $47.1M | $33.7M | $71.1M | $76.3M | $126.2M | $116.9M | $46.1M | -$15.9M | $60.2M |
| Income Tax | $16.8M | $16.0M | $10.9M | $16.4M | $18.7M | $34.1M | $30.7M | $10.0M | -$4.3M | $8.4M |
| Net Income | $33.0M | $31.1M | $22.7M | $54.7M | $57.6M | $92.0M | $86.2M | $36.1M | -$11.7M | $51.8M |
| EPS | $0.13 | $0.12 | $0.09 | $0.22 | $0.24 | $0.40 | $0.37 | $0.16 | -$0.05 | $0.23 |
| EPS (Diluted) | $0.13 | $0.12 | $0.09 | $0.22 | $0.24 | $0.40 | $0.37 | $0.16 | -$0.05 | $0.23 |
| Shares Outstanding (Diluted) | 255.0 M | 255.0 M | 245.1 M | 244.4 M | 241.5 M | 229.1 M | 233.6 M | 226.4 M | 224.0 M | 223.1 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $68.8M | $63.5M | $122.3M | $100.5M |
| Gross Profit | $67.1M | $62.5M | $62.9M | $98.6M |
| Operating Income | $20.0M | $18.7M | $9.2M | $1.1M |
| EBITDA | $23.9M | $22.6M | $20.0M | $79.4M |
| Net Income | $15.7M | $13.1M | $14.5M | $5.2M |
| EPS | $0.07 | $0.06 | $0.07 | $0.02 |
| EPS (Diluted) | $0.07 | $0.06 | $0.06 | $0.02 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $45.7M | $65.5M | $42.2M | $75.5M | $423.0M | $71.0M | $179.2M | $423.2M | $289.2M | $340.7M |
| Short-term Investments | $771.8M | $710.6M | $1.03B | $1.10B | $1.32B | $1.70B | $1.33B | $1.09B | $772.6M | 0 |
| Receivables | $13.2M | $15.9M | $18.9M | $22.1M | $29.5M | $28.3M | $33.9M | $39.3M | $40.4M | $41.5M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $830.6M | $792.0M | $1.09B | $1.20B | $1.77B | $1.80B | $1.54B | $1.56B | $1.10B | $382.2M |
| Property, Plant & Equipment | $37.9M | $42.6M | $52.0M | $73.0M | $76.0M | $78.7M | $83.9M | $83.6M | $81.8M | $83.0M |
| Goodwill | $5.7M | $5.7M | $5.7M | $60.8M | $80.3M | $85.3M | $110.7M | $110.7M | $110.7M | $110.7M |
| Intangible Assets | $408,000 | $281,000 | $369,000 | $7.8M | $7.1M | $6.4M | $14.4M | $12.6M | $10.3M | $9.6M |
| Total Assets | $5.04B | $5.77B | $6.69B | $8.19B | $8.80B | $9.22B | $10.41B | $10.65B | $10.48B | $11.02B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $177.4M | $56.0M | $159.6M | $107.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $4.06B | $4.40B | $4.66B | $5.87B | $6.96B | $7.73B | $8.18B | $7.85B | $8.10B | $4.97B |
| Long-term Debt | $504.6M | $873.1M | $1.03B | $1.30B | $799.4M | $377.3M | $1.13B | $1.53B | $1.08B | $1.17B |
| Total Liabilities | $4.60B | $5.29B | $5.72B | $7.21B | $7.79B | $8.15B | $9.35B | $9.61B | $9.40B | $9.86B |
| Retained Earnings | $491.0M | $537.5M | $560.2M | $615.5M | $673.1M | $765.1M | $857.5M | $893.6M | $882.0M | $933.7M |
| Total Equity | $439.7M | $472.1M | $972.1M | $982.5M | $1.01B | $1.08B | $1.05B | $1.04B | $1.08B | $1.16B |
| Total Debt | $682.0M | $929.1M | $1.19B | $1.41B | $799.4M | $377.3M | $1.13B | $1.53B | $1.08B | $1.18B |
| Net Debt | -$135.5M | $153.0M | $114.1M | $233.1M | -$940.5M | -$1.40B | -$380.8M | $11.9M | $18.7M | $842.8M |
| Working Capital | -$3.23B | -$3.60B | -$3.56B | -$4.68B | -$5.19B | -$5.93B | -$6.64B | -$6.29B | -$6.99B | -$4.59B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $253.4M | $340.7M | $276.8M | $1.09B |
| Total Assets | $10.86B | $11.02B | $11.01B | $12.17B |
| Total Liabilities | $9.71B | $9.86B | $9.84B | $10.98B |
| Total Equity | $1.14B | $1.16B | $1.17B | $1.20B |
| Total Debt | $1.26B | $1.18B | $1.24B | $1.22B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $33.0M | $31.1M | $22.7M | $54.7M | $57.6M | $92.0M | $86.2M | $36.1M | -$11.7M | $51.8M |
| Depreciation & Amortization | $3.3M | $3.5M | $3.8M | $5.0M | $10.4M | $11.6M | $13.4M | $14.3M | $14.6M | $15.0M |
| Stock-based Compensation | 0 | 0 | $2.6M | $7.3M | $12.0M | $12.9M | $12.3M | $12.1M | $10.3M | $8.2M |
| Change in Working Capital | $2.9M | -$3.4M | -$6.7M | -$49.7M | -$49.0M | -$18.2M | $10.4M | -$36.2M | -$20.9M | -$22.6M |
| Operating Cash Flow | $59.0M | $36.0M | $56.6M | $21.8M | $49.0M | $98.7M | $142.2M | $40.7M | $33.3M | $68.4M |
| Capital Expenditure | -$3.7M | -$6.5M | -$13.3M | -$19.3M | -$4.6M | -$5.5M | -$7.2M | -$7.6M | -$7.4M | -$9.8M |
| Acquisitions | 0 | 0 | 0 | 0 | $155.2M | $20.4M | $140.8M | 0 | 0 | -$1.4M |
| Stock Repurchased | 0 | 0 | 0 | -$56.0M | -$108.4M | -$108.1M | -$98.6M | -$81.1M | -$6.7M | -$13.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $55.3M | $29.5M | $43.3M | $2.5M | $44.4M | $93.2M | $135.0M | $33.1M | $25.9M | $58.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $31.0M | $24.4M | $3.1M | $19.9M |
| Capital Expenditure | -$2.8M | -$2.4M | -$1.9M | -$2.6M |
| Free Cash Flow | $28.1M | $22.0M | $1.3M | $17.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.0M | $2.0M | $2.0M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.0% | +18.3% | +9.8% | +23.8% | +7.7% | +9.3% | -21.5% | -22.9% | +51.2% | |
| Net Income Growth (YoY) | -5.7% | -26.8% | +140.7% | +5.3% | +59.8% | -6.4% | -58.1% | -132.3% | +544.2% | |
| EPS Growth (YoY) | -3.6% | -25.9% | +145.0% | +6.1% | +69.2% | -6.8% | -57.3% | -131.4% | +563.6% | |
| Shares Change (YoY) | +0.0% | -3.9% | -0.3% | -1.2% | -5.1% | +2.0% | -3.1% | -1.0% | -0.4% | |
| FCF Growth (YoY) | -46.7% | +46.8% | -94.3% | +1,691.1% | +109.8% | +44.8% | -75.5% | -21.8% | +126.3% | |
| Gross Margin | 99.7% | 95.9% | 96.4% | 97.9% | 92.8% | 103.7% | 98.2% | 97.9% | 92.0% | 93.7% |
| Operating Margin | 34.6% | 30.0% | 18.1% | 34.8% | 30.2% | 46.4% | 39.3% | 19.7% | -8.8% | 22.1% |
| EBITDA Margin | 36.8% | 32.2% | 20.1% | 37.3% | 34.3% | 50.7% | 43.8% | 25.9% | -0.8% | 27.6% |
| Net Margin | 22.9% | 19.8% | 12.2% | 26.8% | 22.8% | 33.8% | 29.0% | 15.5% | -6.5% | 19.0% |
| FCF Margin | 38.4% | 18.8% | 23.3% | 1.2% | 17.6% | 34.3% | 45.4% | 14.2% | 14.4% | 21.5% |
| Effective Tax Rate | 33.8% | 34.0% | 32.5% | 23.0% | 24.5% | 27.1% | 26.3% | 21.6% | 26.8% | 13.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.22 | $0.12 | $0.18 | $0.01 | $0.18 | $0.41 | $0.58 | $0.15 | $0.12 | $0.26 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 255.0 M | 255.0 M | 245.1 M | 244.4 M | 241.5 M | 229.1 M | 232.3 M | 225.8 M | 223.7 M | 223.1 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 2.90% |
| Return on Assets | 0.28% |
| Gross Margin | 52.61% |
| Operating Margin | 8.86% |
| Net Margin | 8.77% |
Financial Health
| Piotroski F-Score | 7 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 55.16 | 57.20 | 76.45 | 34.57 | 29.91 | 23.70 | 26.37 | 55.06 | -143.80 | 30.45 |
| P/B | 4.07 | 3.79 | 1.75 | 1.92 | 1.69 | 2.01 | 2.17 | 1.90 | 1.49 | 1.36 |
| P/S | 12.43 | 11.40 | 9.17 | 9.23 | 6.76 | 7.99 | 7.68 | 8.48 | 8.94 | 5.79 |
| Gross Margin | 76.5% | 74.9% | 72.5% | 68.4% | 71.9% | 91.2% | 85.8% | 54.1% | 36.5% | 50.3% |
| Operating Margin | 34.6% | 30.0% | 18.1% | 34.8% | 30.2% | 46.4% | 39.3% | 19.7% | -8.8% | 22.1% |
| Net Margin | 22.9% | 19.8% | 12.2% | 26.8% | 22.8% | 33.8% | 29.0% | 15.5% | -6.5% | 19.0% |
Related companies: UMBF · COLB · CVBF · FBNC · CHCO · PRK
Explore sector: Financial Services · Banks - Regional
More sections of CLBK: Overview · Valuation · Estimates · Technical · Ownership
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