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FAIR LAWN, N.J., July 20, 2026 (GLOBE NEWSWIRE) -- Columbia Financial, Inc., (Nasdaq Global Select Market: CLBK), (the “Company” or “Columbia”), a Maryland corporation and the successor to Columbia Financial, Inc., a Delaware corporation (the “Holding Company”), today announced the completion of the Holding Company’s conversion from the mutual holding company structure and Company’s related public offering. Columbia Bank is now 100% owned by the Company and the Company is 100% owned by public stockholders.

The Company also announced today that, simultaneously with the completion of the conversion, it has completed its previously announced merger with Northfield Bancorp, Inc. (“Northfield”). Subsequent to the closing, on a pro forma basis as of March 31, 2026, Columbia had $18.0 billion in total assets, $12.5 billion in total deposits and $11.9 billion in total loans held for investment and more than 100 branch offices throughout New Jersey and in Staten Island and Brooklyn, New York. Northfield’s subsidiary bank, Northfield Bank, was merged into Columbia Bank.

“We are very pleased to announce the completion of our second-step conversion and merger with Northfield. The combination of our two organizations creates one of the largest community banks headquartered in the region, with substantial excess capital to support growth, strengthen our market position and create long-term value,” said Thomas J. Kemly, President and Chief Executive Officer of Columbia.   “Columbia and Northfield share proud histories as community banks built on strong relationships, local decision-making and a deep commitment to the communities we serve. Together, we are better positioned to deepen customer relationships, support our commercial customers and expand across a larger, more dynamic market, while continuing to deliver the local service and community focus that have long defined both institutions.”

“Over the past five months, the Columbia and Northfield teams have worked diligently to bring together two highly respected community banking organizations. Today marks the successful completion of that effort and the beginning of an exciting new chapter. With a shared commitment to our customers, team members, communities, and stockholders, we have created a stronger institution with the scale, talent, and financial strength to deliver greater value and drive long-term growth. This combination positions us for continued success in one of the most attractive banking markets in the country,” said Steven M. Klein, Chairman, President and Chief Executive Officer of Northfield.  

The Company sold 167,236,353 shares of common stock at a purchase price of $10.00 per share in the stock offering. Concurrent with the completion of the conversion and stock offering, each share of Holding Company common stock owned by public stockholders was exchanged for 2.2000 shares of Company common stock. Cash in lieu of fractional shares will be paid at a rate of $10.00 per share.

Under the terms of the merger agreement, each share of Northfield common stock was converted into the right to receive either $14.25 in cash or 1.425 shares of Company common stock, or a combination thereof, subject to the elections made and proration procedures, for an aggregate transaction value of $580 million. Northfield stockholders who did not make an election (“non-election shares”) will receive cash consideration of $8.06 and 0.6185 of a share of Company common stock for each non-election share of Northfield common stock held by such stockholders based on the proration procedures in the merger agreement. Final aggregate merger consideration at closing will be comprised of 70% Company common stock and 30% cash. Cash in lieu of fractional shares will be paid at a rate of $10.00 per share.

In accordance with the merger agreement, John P. Connors, Jr., Timothy C. Harrison, Steven M. Klein and Paul V. Stahlin, all of whom served as directors of Northfield, have been appointed to the Boards of Directors of the Company and Columbia Bank, effective as of the effective time of the merger. In addition, Mr. Klein was appointed as Senior Executive Vice President, Chief Operating Officer of the Company and the Bank.

After the issuance of shares in the conversion and the acquisition and adjustments for cash payments in lieu of fractional shares, Columbia will have approximately 269,542,256 shares of common stock outstanding. Shares of the Company’s common stock will begin trading on the NASDAQ Global Select Market on Tuesday, July 21, 2026, under the symbol "CLBK," CUSIP No. 197914104. If you subscribed for shares of the Company’s common stock in the subscription offering and have any questions regarding your subscription order, you may confirm your subscription order online at https://allocations.kbw.com, or you may contact the Stock Information Center at (844) 265-9680. Additionally, purchasers in the subscription offering who have questions about their Direct Registration System (“DRS”) Book-Entry statements, as well as interest checks, should contact Broadridge Corporate Issuer Solutions, LLC after the closing date at (800) 586-1549. Statements reflecting ownership of shares of common stock purchased in the subscription offering are expected to be mailed to subscribers on or about July 23, 2026.

Current owners of the Holding Company's stock holding shares in street name or in book-entry form will receive shares of Company common stock in their accounts.  Current owners of the Holding Company's stock holding shares in certificate form will be mailed a letter of transmittal following the closing of the transaction and will receive ownership statements reflecting their shares of Company common stock and cash in lieu of fractional shares after returning their stock certificates and a properly completed letter of transmittal to the Company’s transfer agent. Current owners of the Holding Company’s stock or current Northfield stockholders who hold their shares directly as the record holder and have any questions about their accounts should contact the Company’s transfer agent Broadridge Financial Solutions, LLC at (877) 830-4932. Existing stockholders of the Holding Company or Northfield whose shares are beneficially held in “street name” should contact their broker-dealer or other nominee with any questions about their accounts.

Keefe, Bruyette & Woods, Inc., A Stifel Company, acted as selling agent for the subscription portion of the offering and served as the lead-left book running manager for the firm commitment offering. Piper Sandler & Co. acted as co-book running manager for the firm commitment offering and Brean Capital, LLC acted as co-manager.

Kilpatrick Townsend & Stockton LLP served as legal counsel to the Company and the Holding Company for the conversion, Nutter McClennen & Fish LLP served as legal counsel to Keefe, Bruyette & Woods, Inc., A Stifel Company and the underwriters. RP Financial, LC., served as independent appraiser for the conversion and offering.     

Kilpatrick Townsend & Stockton LLP served as legal counsel to Columbia for the merger and Keefe, Bruyette & Woods, Inc., A Stifel Company, acted as financial advisor to Columbia. Luse Gorman, PC served as legal counsel to Northfield for the merger and Raymond James acted as financial advisor to Northfield.

About Columbia

The Company is a Maryland corporation organized as Columbia Bank’s stock holding company. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates over 100 full-service banking offices and offers traditional financial services to consumers and businesses in its market area. For more information about Columbia Bank, please visit www.columbiabankonline.com.

Disclaimer and Caution About Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, statements regarding the outlook and expectations of Columbia, respectively, with respect to the proposed transaction, the strategic benefits and financial benefits of the proposed transaction, including the expected impact of the proposed transaction on the combined company’s future financial performance (including anticipated accretion to earnings per share, the tangible book value earn-back period and other operating and return metrics), the timing of the closing of the proposed transaction, and the ability to successfully integrate the combined businesses. Such statements are often characterized by the use of qualified words (and their derivatives) such as “may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “project” and “intend,” as well as words of similar meaning or other statements concerning opinions or judgment of Columbia and its management about future events.

Forward-looking statements are based on assumptions as of the time they are made and are subject to risks, uncertainties and other factors that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results expressed or implied by such forward-looking statements. Such risks, uncertainties and assumptions, include, among others, the following: (i) the outcome of any legal proceedings that may be instituted against Columbia; (ii) the possibility that the anticipated benefits of the proposed transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which the combined operates ; (iii) the possibility that the integration of the two companies may be more difficult, time-consuming or costly than expected; (iv) the impact of purchase accounting with respect to the proposed transaction, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; (v) the diversion of management’s attention from ongoing business operations and opportunities; (vi) potential adverse reactions of Columbia’s customers (including former Northfield customers) or changes to business or employee relationships, including those resulting from the completion of the proposed transaction; (vii) a material adverse change in the financial condition of Columbia; (vii) changes in Columbia’s share price following the closing of the conversion and offering; (viii) risks relating to the potential dilutive effect of shares of Columbia’s common stock to be issued in the proposed transaction; (ix) general competitive, economic, political and market conditions, including the impact of any potential government shutdown; (x) major catastrophes such as earthquakes, floods or other natural or human disasters, including infectious disease outbreaks; and (xi) other factors that may affect future results of Columbia, including, among others; changes in asset quality and credit risk; the imposition of tariffs and any retaliatory responses; the inability to sustain revenue and earnings growth; changes in interest rates; deposit flows; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.

These factors are not necessarily all of the factors that could cause the combined company’s actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm the combined company’s results.

Although Columbia believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions based on its existing knowledge of its business and operations, there can be no assurance that actual results of Columbia will not differ materially from any projected future results expressed or implied by such forward-looking statements. Additional factors that could cause results to differ materially from those described above can be found in Columbia’s most recent annual report on Form 10-K for the fiscal year ended December 31, 2025, quarterly reports on Form 10-Q, and other documents subsequently filed by Columbia with the Securities Exchange Commission. The actual results anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on Columbia or its businesses or operations. Investors are cautioned not to rely too heavily on any such forward-looking statements. Columbia urges you to consider all of these risks, uncertainties and other factors carefully in evaluating all such forward-looking statements made by Columbia. Forward-looking statements speak only as of the date they are made and Columbia undertakes no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.   For purposes of this section, references to Columbia include both the Company and the Holding Company.

Columbia Financial, Inc.
Investor Relations Department
(833) 550-0717

FAIR LAWN, N.J., July 07, 2026 (GLOBE NEWSWIRE) --  Columbia Financial, Inc. (NASDAQ: CLBK), a Delaware corporation and the mid-tier holding company for Columbia Bank (the “Holding Company” or “Columbia”), announced today that Columbia Financial, Inc., a Maryland corporation (the “Company”) and the proposed successor to the Holding Company, has commenced a firm commitment underwritten offering to sell shares of common stock not subscribed for in its second-step conversion subscription offering to the general public at $10.00 per share. 

Between the orders received in the subscription offering and the increased orders received in the previously announced resolicitation of maximum purchasers in the subscription offering, which concluded on June 30, 2026, the Company received approximately $1.1 billion in the subscription offering, excluding shares to be issued to Columbia Bank’s employee stock ownership plan.  Accordingly, the Company expects to sell in the firm commitment underwritten offering between approximately $281 million and $769 million of its common stock.

Keefe, Bruyette & Woods, Inc., A Stifel Company, will serve as the lead-left book running manager, Piper Sandler & Co. will act as co-book running manager and Brean Capital, LLC will act as co-manager for the firm commitment underwritten offering. 

Completion of the second-step conversion remains subject to (1) the receipt of all required final regulatory approvals, including the final independent appraisal, and (2) the sale of at least 142,375,000 shares of common stock, including shares that may be issued as merger consideration to stockholders of Northfield Bancorp, Inc. (“Northfield”).

About Columbia

The Holding Company is a Delaware corporation organized as Columbia Bank’s mid-tier stock holding company and is a majority-owned subsidiary of Columbia Bank MHC. The Company is a newly formed Maryland corporation that will be the successor to the Holding Company upon closing of the second-step conversion.  Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 70 full-service banking offices and offers traditional financial services to consumers and businesses in its market area.  For more information about Columbia Bank, please visit www.columbiabankonline.com.

Disclaimer and Caution About Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, statements regarding the outlook and expectations of Columbia and Northfield, respectively, with respect to the proposed transaction, the strategic benefits and financial benefits of the proposed transaction, including the expected impact of the proposed transaction on the combined company’s future financial performance (including anticipated accretion to earnings per share, the tangible book value earn-back period and other operating and return metrics), the timing of the closing of the proposed transaction, and the ability to successfully integrate the combined businesses. Such statements are often characterized by the use of qualified words (and their derivatives) such as “may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “project” and “intend,” as well as words of similar meaning or other statements concerning opinions or judgment of Columbia or Northfield or their respective management about future events.

Forward-looking statements are based on assumptions as of the time they are made and are subject to risks, uncertainties and other factors that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results expressed or implied by such forward-looking statements. Such risks, uncertainties and assumptions, include, among others, the following: (i) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; (ii) the possibility that the proposed transaction does not close when expected or at all because approvals and the other conditions to closing are not received or satisfied on a timely basis or at all; (iii) the outcome of any legal proceedings that may be instituted against Columbia or Northfield; (iv) the possibility that the anticipated benefits of the proposed transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Columbia and Northfield operate; (v) the possibility that the integration of the two companies may be more difficult, time-consuming or costly than expected; (vi) Columbia’s ability to successfully complete its second-step conversion; (vi) the possibility that the final independent appraisal of Columbia will differ from the preliminary independent appraisal of Columbia; (viii) the impact of purchase accounting with respect to the proposed transaction, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; (ix) the possibility that the proposed transaction may be more expensive or take longer to complete than anticipated, including as a result of unexpected factors or events; (x) the diversion of management’s attention from ongoing business operations and opportunities; (xi) potential adverse reactions of Columbia’s or Northfield’s customers or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; (xii) a material adverse change in the financial condition of Columbia or Northfield; (xiii) changes in Columbia’s or Northfield’s share price before closing; (xiv) risks relating to the potential dilutive effect of shares of Columbia’s common stock to be issued in the proposed transaction; (xv) general competitive, economic, political and market conditions, including the impact of any potential government shutdown; (xvi) major catastrophes such as earthquakes, floods or other natural or human disasters, including infectious disease outbreaks; and (xvii) other factors that may affect future results of Columbia or Northfield, including, among others, changes in asset quality and credit risk; the imposition of tariffs and any retaliatory responses; the inability to sustain revenue and earnings growth; changes in interest rates; deposit flows; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.

These factors are not necessarily all of the factors that could cause Columbia’s, Northfield’s or the combined company’s actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm Columbia’s, Northfield’s or the combined company’s results.

Although each of Columbia and Northfield believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions based on its existing knowledge of its business and operations, there can be no assurance that actual results of Columbia or Northfield will not differ materially from any projected future results expressed or implied by such forward-looking statements. Additional factors that could cause results to differ materially from those described above can be found in Columbia’s most recent annual report on Form 10-K for the fiscal year ended December 31, 2025, quarterly reports on Form 10-Q, and other documents subsequently filed by Columbia with the Securities Exchange Commission (the “SEC”), and in Northfield’s most recent annual report on Form 10-K for the fiscal year ended December 31, 2025, and its other filings with the SEC and quarterly reports on Form 10-Q, and other documents subsequently filed by Northfield with the SEC. The actual results anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on Columbia, Northfield or each of their respective businesses or operations. Investors are cautioned not to rely too heavily on any such forward-looking statements. Columbia and Northfield urge you to consider all of these risks, uncertainties and other factors carefully in evaluating all such forward-looking statements made by Columbia and Northfield. Forward-looking statements speak only as of the date they are made and Columbia and/or Northfield undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.  For purposes of this section, references to Columbia include both Columbia Financial, Inc., a Delaware corporation and the current mid-tier holding company for Columbia Bank, and Columbia Financial, Inc., a Maryland corporation and the proposed successor holding company of Columbia Bank.

Important Additional Information About the Transaction and Where to Find It

Columbia Financial, Inc. has filed with the SEC a Registration Statement on Form S-1 (the “Form S-1 Registration Statement”) that includes a prospectus of Columbia Financial, Inc. and other relevant documents concerning the proposed second-step conversion.  In addition, Columbia Financial, Inc. has also filed with the SEC a Registration Statement on Form S-4 (the “Form S-4 Registration Statement”) that includes a joint proxy statement/prospectus concerning the proposed second-step conversion and the merger.

BEFORE MAKING ANY INVESTMENT DECISION, INVESTORS AND STOCKHOLDERS OF COLUMBIA AND NORTHFIELD ARE URGED TO READ THE FORM S-1 REGISTRATION STATEMENT AND THE FORM S-4 REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities.  No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

A copy of the Form S-1 Registration Statement and the Form S-4 Registration Statement, Joint Proxy Statement/Prospectus, as well as other filings containing information about Columbia and Northfield may be obtained, free of charge, at the SEC’s website (http://www.sec.gov). You may also obtain these documents, free of charge, by directing a request to Columbia Investor Relations, 19-01 Route 208 North, Fair Lawn, New Jersey 07410, or by calling (833) 550-0717, or to Northfield by directing a request to Northfield Investor Relations, 581 Main Street, Suite 810, Woodbridge, New Jersey 07095 or by calling (732) 499-7200 x2519. The information on Columbia’s or Northfield’s respective websites is not, and shall not be deemed to be, a part of this communication or incorporated into other filings either company makes with the SEC.

Columbia Financial, Inc.
Investor Relations Department
(833) 550-0717

FAIR LAWN, N.J., June 23, 2026 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (“Columbia”) (NASDAQ: CLBK), a Delaware corporation and the mid-tier holding company for Columbia Bank, announced today, on a preliminary basis, that Columbia Financial, Inc., a Maryland corporation and the proposed successor to Columbia, received over 5,000 orders representing approximately $925 million in the subscription offering that expired on June 16, 2026 in connection with the “second-step” conversion of Columbia Bank MHC from mutual to stock form.

In addition, Columbia also announced an increase in the maximum purchase limits in the stock offering being conducted by Columbia Financial, Inc. The maximum individual purchase limit in the offering has been increased from 300,000 shares ($3.0 million) to 800,000 shares ($8.0 million) and the maximum group purchase limit has been increased from 1,000,000 shares ($10.0 million) to 5,000,000 shares ($50.0 million).

Consistent with the prospectus dated May 11, 2026, as supplemented by the prospectus supplement dated June 23, 2026, only those persons who subscribed for the maximum number of shares in the subscription offering will be resolicited and given the opportunity to order additional shares up to the new purchase limits. Supplemental stock order forms will be distributed to those subscribers. A properly completed original supplemental stock order form for any increased stock order, together with full payment of immediately available funds, must be received by Columbia Financial, Inc. (not postmarked) by 2:00 p.m., Eastern time, on June 30, 2026. All other eligible subscribers who submitted valid stock order forms in the subscription offering will have their stock orders filled in full.

Columbia Financial, Inc. currently does not intend to conduct a community offering and will be offering shares not subscribed for in the subscription offering for sale at the same price of $10.00 per share in a firm commitment underwritten offering. Keefe, Bruyette & Woods, Inc., A Stifel Company, will serve as the lead-left book running manager, Piper Sandler & Co. will act as co-book running manager and Brean Capital, LLC will act as co-manager for the firm commitment underwritten offering. Anyone purchasing stock in the firm commitment underwritten offering is subject to the new purchase limitations set forth above.  

Completion of the offering remains subject to (1) approval of the plan of conversion and reorganization by the current stockholders of Columbia and the members (who are eligible depositors and borrowers of Columbia Bank) of Columbia Bank MHC, (2) the receipt of all required final regulatory approvals, including an update of the independent appraisal, and (3) the sale of at least 142,375,000 shares of common stock, including up to 61,390,681 shares that may be issued as merger consideration to stockholders of Northfield Bancorp, Inc. (“Northfield”), at the adjusted minimum of the offering range.

About Columbia 

Columbia is a Delaware corporation organized as Columbia Bank’s mid-tier stock holding company. Columbia is a majority-owned subsidiary of Columbia Bank MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 70 full-service banking offices and offers traditional financial services to consumers and businesses in its market area. For more information about Columbia Bank, please visit www.columbiabankonline.com.

Disclaimer and Caution About Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, statements regarding the outlook and expectations of Columbia and Northfield, respectively, with respect to the proposed transaction, the strategic benefits and financial benefits of the proposed transaction, including the expected impact of the proposed transaction on the combined company’s future financial performance (including anticipated accretion to earnings per share, the tangible book value earn-back period and other operating and return metrics), the timing of the closing of the proposed transaction, and the ability to successfully integrate the combined businesses. Such statements are often characterized by the use of qualified words (and their derivatives) such as “may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “project” and “intend,” as well as words of similar meaning or other statements concerning opinions or judgment of Columbia or Northfield or their respective management about future events.

Forward-looking statements are based on assumptions as of the time they are made and are subject to risks, uncertainties and other factors that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results expressed or implied by such forward-looking statements. Such risks, uncertainties and assumptions, include, among others, the following: (i) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; (ii) the possibility that the proposed transaction does not close when expected or at all because the required approval by Columbia’s and/or Northfield’s stockholders, or other approvals and the other conditions to closing, are not received or satisfied on a timely basis or at all; (iii) the outcome of any legal proceedings that may be instituted against Columbia or Northfield; (iv) the possibility that the anticipated benefits of the proposed transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Columbia and Northfield operate; (v) the possibility that the integration of the two companies may be more difficult, time-consuming or costly than expected; (vi) Columbia’s ability to successfully complete its second-step conversion; (vi) the possibility that the final independent appraisal of Columbia will differ from the preliminary independent appraisal of Columbia; (viii) the impact of purchase accounting with respect to the proposed transaction, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; (ix) the possibility that the proposed transaction may be more expensive or take longer to complete than anticipated, including as a result of unexpected factors or events; (x) the diversion of management’s attention from ongoing business operations and opportunities; (xi) potential adverse reactions of Columbia’s or Northfield’s customers or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; (xii) a material adverse change in the financial condition of Columbia or Northfield; (xiii) changes in Columbia’s or Northfield’s share price before closing; (xiv) risks relating to the potential dilutive effect of shares of Columbia’s common stock to be issued in the proposed transaction; (xv) general competitive, economic, political and market conditions, including the impact of any potential government shutdown; (xvi) major catastrophes such as earthquakes, floods or other natural or human disasters, including infectious disease outbreaks; and (xvii) other factors that may affect future results of Columbia or Northfield, including, among others, changes in asset quality and credit risk; the imposition of tariffs and any retaliatory responses; the inability to sustain revenue and earnings growth; changes in interest rates; deposit flows; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.

These factors are not necessarily all of the factors that could cause Columbia’s, Northfield’s or the combined company’s actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm Columbia’s, Northfield’s or the combined company’s results.

Although each of Columbia and Northfield believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions based on its existing knowledge of its business and operations, there can be no assurance that actual results of Columbia or Northfield will not differ materially from any projected future results expressed or implied by such forward-looking statements. Additional factors that could cause results to differ materially from those described above can be found in Columbia’s most recent annual report on Form 10-K for the fiscal year ended December 31, 2025, quarterly reports on Form 10-Q, and other documents subsequently filed by Columbia with the Securities Exchange Commission (the “SEC”), and in Northfield’s most recent annual report on Form 10-K for the fiscal year ended December 31, 2025, and its other filings with the SEC and quarterly reports on Form 10-Q, and other documents subsequently filed by Northfield with the SEC. The actual results anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on Columbia, Northfield or each of their respective businesses or operations. Investors are cautioned not to rely too heavily on any such forward-looking statements. Columbia and Northfield urge you to consider all of these risks, uncertainties and other factors carefully in evaluating all such forward-looking statements made by Columbia and Northfield. Forward-looking statements speak only as of the date they are made and Columbia and/or Northfield undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.   For purposes of this section, references to Columbia include both Columbia Financial, Inc., a Delaware corporation and the current mid-tier holding company for Columbia Bank, and Columbia Financial, Inc., a Maryland corporation and the proposed successor holding company of Columbia Bank.

Important Additional Information About the Transaction and Where to Find It

Columbia Financial, Inc. has filed with the SEC a Registration Statement on Form S-1 (the “Form S-1 Registration Statement”) that includes a prospectus of Columbia Financial, Inc. and other relevant documents concerning the proposed second-step conversion. In addition, Columbia Financial, Inc. has also filed with the SEC a Registration Statement on Form S-4 (the “Form S-4 Registration Statement”) that includes a joint proxy statement/prospectus concerning the proposed second-step conversion and the merger.

BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND STOCKHOLDERS OF COLUMBIA AND NORTHFIELD ARE URGED TO READ THE FORM S-1 REGISTRATION STATEMENT AND THE FORM S-4 REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval with respect to the proposed second-step conversion or the proposed merger between Columbia Financial, Inc. and Northfield. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

A copy of the Form S-1 Registration Statement and the Form S-4 Registration Statement, Joint Proxy Statement/Prospectus, as well as other filings containing information about Columbia and Northfield may be obtained, free of charge, at the SEC’s website (http://www.sec.gov). You may also obtain these documents, free of charge, by directing a request to Columbia Investor Relations, 19-01 Route 208 North, Fair Lawn, New Jersey 07410, or by calling (833) 550-0717, or to Northfield by directing a request to Northfield Investor Relations, 581 Main Street, Suite 810, Woodbridge, New Jersey 07095 or by calling (732) 499-7200 x2519. The information on Columbia’s or Northfield’s respective websites is not, and shall not be deemed to be, a part of this communication or incorporated into other filings either company makes with the SEC.

Participants in the Solicitation

Columbia, Northfield and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from the stockholders of Columbia and Northfield in connection with the proposed transaction. Information about the interests of the directors and executive officers of Columbia and Northfield and other persons who may be deemed to be participants in the solicitation of stockholders of Columbia and Northfield in connection with the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, is included in the Joint Proxy Statement/Prospectus related to the proposed transaction.

Columbia Financial, Inc.
Investor Relations Department
(833) 550-0717

Columbia Financial (CLBK - Free Report) came out with quarterly earnings of $0.15 per share, missing the Zacks Consensus Estimate of $0.16 per share. This compares to earnings of $0.09 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -3.23%. A quarter ago, it was expected that this company would post earnings of $0.15 per share when it actually produced earnings of $0.15, delivering no surprise.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Columbia Financial, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $67.14 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 4.23%. This compares to year-ago revenues of $58.8 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Columbia Financial shares have added about 19.4% since the beginning of the year versus the S&P 500's gain of 4.1%.

What's Next for Columbia Financial?While Columbia Financial has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Columbia Financial was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.17 on $71.9 million in revenues for the coming quarter and $0.76 on $411.1 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the top 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Brookfield Asset Management (BAM - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 8.

This investment manager is expected to post quarterly earnings of $0.43 per share in its upcoming report, which represents a year-over-year change of +7.5%. The consensus EPS estimate for the quarter has been revised 2.8% lower over the last 30 days to the current level.

Brookfield Asset Management's revenues are expected to be $1.48 billion, up 14% from the year-ago quarter.

On April 28, 2026, Columbia Financial Inc CLBK shares rose 3.1% to a current price of $19.09. This increase comes amid a strong price performance, with CLBK showing a 52-week range of $13.32 to $19.33.

GF Value™ verdict: Current price of $19.09 is 0.3% above GF Value™ of $19.04.GF Score™: 62/100, indicating an above-average assessment.Most notable signal: No insider transactions in the last 3 months. Is CLBK Overvalued or Undervalued? According to the GF Value™ analysis, Columbia Financial Inc is currently trading at a price of $19.09, which is marginally overvalued by 0.3% compared to its GF Value™ estimate of $19.04. This suggests that while the stock is close to its intrinsic value, there is little margin of safety for investors. The GF Valuation label indicates that the stock is fairly valued, but with a slight risk of overvaluation at the current price level. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.

Being slightly overvalued may pose a risk to potential investors, as any market corrections could result in a sharper decline in share price. However, the company has demonstrated strong price momentum over the past year, which could support the current valuation despite the overvaluation warning.

How Does CLBK's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 34.7x 28.3x Forward P/E 25.3x N/A Columbia Financial Inc's current P/E (TTM) of 34.7x is significantly higher than its 5-year median P/E of 28.3x, indicating that the stock is trading above its historical valuation levels. Additionally, the forward P/E of 25.3x provides an outlook that is more favorable than the current P/E but still suggests a premium valuation relative to historical averages. This P/E analysis aligns with the GF Value™ verdict, confirming that CLBK is overvalued at its current price.

What Does CLBK's GF Score™ Tell Us? The GF Score™ ranks stocks based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. The overall GF Score™ for Columbia Financial Inc is 62/100, indicating an above-average stock. Below is a detailed breakdown of the individual metrics:

Metric Rating GF Score™ 62/100 Financial Strength 2/10 Profitability 4/10 Growth 1/10 Valuation 9/10 Momentum 9/10 The scores indicate that while CLBK has a strong valuation and momentum rank, it struggles in financial strength and growth. This mix of strengths and weaknesses suggests that while there may be opportunities for short-term gains driven by momentum, long-term investors should be cautious due to the company's financial health and growth potential.

What Are Insiders Doing with CLBK Stock? In the last three months, there have been no insider transactions reported for Columbia Financial Inc. This lack of activity may suggest that insiders do not see a compelling reason to buy or sell shares at this time, which could imply a degree of uncertainty about the company's future performance or valuation.

What This Means for Investors Based on the analysis, Columbia Financial Inc is currently overvalued, with a modest margin above its GF Value™. While the stock has exhibited strong momentum recently, investors should exercise caution given the slight overvaluation and the company's financial strength and growth metrics. It would be prudent to consider these factors when making investment decisions.

For the complete analysis, visit the Columbia Financial Inc CLBK stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is CLBK's GF Score™?

The GF Score™ for Columbia Financial Inc is 62/100, indicating an above-average stock with potential for generating returns based on its current metrics.

Is CLBK overvalued or undervalued?

Columbia Financial Inc is currently overvalued, with a price of $19.09 compared to a GF Value™ estimate of $19.04.

What is CLBK's P/E ratio?

The current P/E (TTM) ratio for Columbia Financial Inc is 34.7x, which is significantly higher than its 5-year median P/E of 28.3x, indicating a premium valuation compared to its historical levels.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

FAIR LAWN, N.J., May 11, 2026 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (“Columbia Financial”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank (the “Bank”), announced today that on or about May 21, 2026 Columbia Financial, Inc., a newly formed Maryland corporation and the proposed successor holding company of the Bank (“Columbia Financial, Inc.”), expects to commence its offering of common stock in connection with the proposed conversion of Columbia Bank MHC (the “MHC”) from the mutual holding company to the stock holding company form of organization.

Columbia Financial, Inc., Columbia Financial and the MHC have received all requisite regulatory approvals and authorizations to commence the offering. In addition, Columbia Financial, Inc. and Columbia Bank have received conditional approval of the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency to acquire Northfield Bancorp, Inc., Woodbridge, New Jersey (“Northfield”) and Northfield Bank immediately upon completion of the second-step conversion.

Columbia Financial, Inc. is offering for sale, on a best efforts basis, up to 192,625,000 shares of its common stock at a purchase price of $10.00 per share. The shares will be offered for sale in a subscription offering to eligible depositors and certain borrowers of the Bank and to the Bank’s employee stock ownership plan. Any shares of common stock not purchased in the subscription offering may be offered for sale to the general public in a community offering, with a preference first given to natural persons residing in Bergen, Burlington, Camden, Essex, Gloucester, Middlesex, Monmouth, Morris, Passaic, Somerset and Union Counties in New Jersey and then to existing stockholders of Columbia Financial (other than Columbia Bank MHC) and to the general public. Columbia Financial, Inc. will also offer shares of common stock not purchased in the subscription offering and community offering, if any, in a firm commitment underwritten offering.

All questions concerning the conversion and stock offering or requests for stock offering materials should be directed to the Stock Information Center at (844) 265-9680 (toll-free). The Stock Information Center will be open Monday through Friday between 10:00 a.m. and 4:00 p.m., Eastern time, beginning on May 22, 2026. The Stock Information Center will be closed on bank holidays.

        Columbia Financial, Inc. must sell at least 142,375,000 shares of its common stock in the offering in order to complete the conversion and offering. If Columbia Financial, Inc. does not receive orders for at least 142,375,000 shares of common stock in the offering, shares that Columbia Financial, Inc. issues to stockholders of Northfield in connection with the acquisition of Northfield can be counted to reach the minimum number of shares sold in the offering. Completion of the conversion and offering is also subject to the approvals of the stockholders of Columbia Financial and the members of the MHC, and the satisfaction of other customary closing conditions.

        Keefe Bruyette & Woods, Inc., A Stifel Company, is acting as marketing agent for the subscription and community offerings and the lead left book-running manager for any firm commitment underwritten offering conducted by Columbia Financial, Inc. in connection with the second-step conversion.

Kilpatrick Townsend & Stockton LLP is serving as legal counsel to Columbia Financial, Inc., Columbia Financial, the MHC and the Bank. Nutter McClennen & Fish LLP is serving as legal counsel to Keefe Bruyette & Woods, Inc.

About Columbia Financial, Inc.

Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank’s mid-tier stock holding company. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 70 full-service banking offices and offers traditional financial services to consumers and businesses in its market area. For more information about Columbia Bank, please visit www.columbiabankonline.com.

Disclaimer and Caution About Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which statements involve inherent risks and uncertainties. Such statements are often characterized by the use of qualified words (and their derivatives) such as “may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “project” and “intend,” as well as words of similar meaning or other statements concerning opinions or judgment of Columbia Financial, Inc. and Columbia Financial and their respective management about future events. These statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on Columbia Financial’s business activities; changes in interest rates, higher inflation and their impact on national and local economic conditions; changes in monetary and fiscal policies of the U.S. Treasury, the Board of Governors of the Federal Reserve System and other governmental entities; the impact of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the impact of changing political conditions or federal government shutdowns; the impact of legal, judicial and regulatory proceedings or investigations, competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which Columbia Financial operates, including changes that adversely affect a borrowers’ ability to service and repay loans; the effect of acts of terrorism, war or pandemics, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; changes in the value of securities in Columbia Financial’s portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of credit loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and securities; legislative changes and changes in government regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in Columbia Financial’s consolidated financial statements will become impaired; cyber-attacks, computer viruses and other technological risks that may breach the security of our systems and allow unauthorized access to confidential information; the inability of third party service providers to perform; demand for loans in Columbia Financial’s market area; Columbia Financial’s ability to attract and maintain deposits and effectively manage liquidity; risks related to the implementation of acquisitions, dispositions, and restructurings; and the risk that Columbia Financial may not be successful in the implementation of its business strategy, or its integration of acquired financial institutions and businesses.

In addition, with respect to the previously announced second-step conversion and proposed merger with Northfield, such risks, uncertainties and assumptions, include, among others, the following: (i) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; (ii) the possibility that the proposed transaction does not close when expected or at all because the approval by Columbia Financial’s and/or Northfield’s stockholders, or other approvals and the other conditions to closing, are not received or satisfied on a timely basis or at all; (iii) the outcome of any legal proceedings that may be instituted against the parties; (iv) the possibility that the anticipated benefits of the proposed transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Columbia Financial and Northfield operate; (v) the possibility that the integration of the two companies may be more difficult, time-consuming or costly than expected; (vi) our ability to successfully complete the second-step conversion; (vi) the possibility that the final independent appraisal of Columbia Financial, Inc. will differ from the preliminary independent appraisal of Columbia Financial, Inc.; (viii) the impact of purchase accounting with respect to the proposed transaction, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; (ix) the possibility that the proposed transaction may be more expensive or take longer to complete than anticipated, including as a result of unexpected factors or events; (x) the diversion of management’s attention from ongoing business operations and opportunities; (xi) potential adverse reactions of the customers of the Bank or Northfield Bank or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; (xii) a material adverse change in the financial condition of Columbia Financial or Northfield; (xiii) changes in Columbia Financial’s or Northfield’s share price before closing; (xiv) risks relating to the potential dilutive effect of shares of Columbia Financial, Inc.’s common stock to be issued in the proposed transaction.

Forward-looking statements are based on assumptions as of the time they are made and are subject to risks, uncertainties and other factors that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Columbia Financial, Inc. and Columbia Financial disclaim any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

Important Additional Information About the Transaction and Where to Find It

Columbia Financial, Inc. has filed with the Securities and Exchange Commission (the “SEC”) a prospectus of Columbia Financial, Inc., and other relevant documents concerning the proposed second-step conversion. In addition, Columbia Financial, Inc. has filed with the SEC a Registration Statement on Form S-4 that includes a joint proxy statement/prospectus concerning the proposed second-step conversion and the merger.

BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND STOCKHOLDERS OF COLUMBIA FINANCIAL ARE URGED TO READ THE FORM S-1 REGISTRATION STATEMENT AND THE FORM S-4 REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY L CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval with respect to the proposed second-step conversion or the proposed merger between Columbia Financial, Inc. and Northfield Bancorp, Inc. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

A copy of the Form S-1 Registration Statement and the Form S-4 Registration Statement, Joint Proxy Statement/Prospectus, as well as other filings containing information about Columbia Financial and Northfield Bancorp, Inc. may be obtained, free of charge, at the SEC’s website (http://www.sec.gov). You may also obtain these documents, free of charge, from Columbia Financial by accessing Columbia Financial’s website at https://ir.columbiabankonline.com/financials/sec-filings/default.aspx. Copies of the Form S-1 Registrations Statement and the Form S-4 Registration Statement, the Joint Proxy Statement/Prospectus and the filings with the SEC that will be incorporated by reference therein can also be obtained, without charge, by directing a request to Columbia Investor Relations, 19-01 Route 208 North, Fair Lawn, New Jersey 07410, or by calling (833) 550-0717. The information on Columbia Financial’s website is not, and shall not be deemed to be, a part of this communication or incorporated into other filings either company makes with the SEC.

Participants in the Solicitation

Columbia Financial, Inc. and Columbia Financial and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from the stockholders of Columbia Financial in connection with the proposed transaction. Information about the interests of the directors and executive officers of Columbia Financial, Inc. and Columbia Financial and other persons who may be deemed to be participants in the solicitation of stockholders of Columbia Financial in connection with the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, is included in the Joint Proxy Statement/Prospectus related to the proposed transaction.

FAIR LAWN, N.J. and WOODBRIDGE, N.J., June 11, 2026 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (“Columbia”) (NASDAQ: CLBK), a Delaware corporation and the mid-tier holding company for Columbia Bank (the “Bank”), and Northfield Bancorp, Inc. (“Northfield”) (NASDAQ: NFBK), the holding company for Northfield Bank, jointly announced today that Columbia has provided an election form and letter of transmittal (together with the related instructions, the “Election Materials”) to the holders of Northfield common stock so that Northfield stockholders may elect to receive, upon the completion of the previously announced merger of the Holding Company and Northfield, either (i) shares of common stock of Columbia Financial, Inc., a newly formed Maryland corporation (the “Holding Company”) that will become the holding company for the Bank following the completion of Columbia’s pending second-step conversion transaction, (ii) cash, or (iii) a combination of both. The deadline for holders of Northfield common stock to elect their preferred form of merger consideration and to return their completed Election Materials is 5:00 p.m., Eastern time, on July 10, 2026.

On January 31, 2026, Columbia, the Holding Company, Columbia Bank MHC and Northfield entered into an Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which the Holding Company will acquire Northfield, subject to the satisfaction of various closing conditions, including the completion of the second-step conversion and the approval of the merger by the stockholders of both Columbia and Northfield. The completion of the second-step conversion is also subject to the satisfaction of various closing conditions, including the approval of the conversion by the depositors and certain borrowers of the Bank and the approval of the conversion by the stockholders of Columbia.

Under the terms of the Merger Agreement, at the effective time of the merger, each share of Northfield common stock, par value $0.01 per share, issued and outstanding immediately prior to the effective time will be converted, at the election of the holder, into the right to receive either shares of Holding Company common stock or cash, as follows: (i) if the appraised full conversion value of the Holding Company immediately prior to the completion of the pending second-step conversion (the “Appraised Full Conversion Value”) is less than $2.3 billion, 1.425 shares of Holding Company common stock (the “Merger Exchange Ratio”) or $14.25 in cash (the “Per Share Cash Consideration”); (ii) if the Appraised Full Conversion Value is equal to or greater than $2.3 billion and less than $2.6 billion, the Merger Exchange Ratio will be increased to 1.450 shares of Holding Company common stock and the Per Share Cash Consideration will be increased to $14.50; or (iii) if the Appraised Full Conversion Value is equal to or greater than $2.6 billion, the Merger Exchange Ratio will be increased to 1.465 shares of Holding Company common stock and the Per Share Cash Consideration will be increased to $14.65. As of the date hereof, the current Appraised Full Conversion Value of the Holding Company is $2.291 billion at the midpoint of the offering range for the second-step conversion offering.

Under the Merger Agreement, no more than 30% of the shares of Northfield common stock issued and outstanding as of the effective time of the merger will be converted into the aggregate cash consideration. The Election Materials set forth the proration and allocation procedures that will be undertaken by the Holding Company if the holders of more than 30% of the shares of Northfield common stock elect to receive cash consideration in the merger.

The calculation of the merger consideration and the procedures for electing stock or cash consideration are further described in the joint proxy statement/prospectus of Northfield and Columbia previously mailed to Northfield stockholders in connection with the special meeting of Northfield’s stockholders to approve the merger. The Holding Company will not issue fractional shares in connection with the merger. Any fractional share into which shares of Northfield common stock would otherwise be converted will entitle the holder to receive a cash payment determined by multiplying the Per Share Cash Consideration by the fraction of the share of Northfield common stock that such holder would otherwise be entitled to receive under the Merger Agreement.

The Election Materials are separate from, and do not replace, the proxy materials mailed to Northfield stockholders on or about May 21, 2026 in connection with the special meeting of Northfield stockholders to be held on June 26, 2026.

About Columbia Financial, Inc.

Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank’s mid-tier stock holding company. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 70 full-service banking offices and offers traditional financial services to consumers and businesses in its market area. For more information about Columbia Bank, please visit www.columbiabankonline.com.

About Northfield Bancorp, Inc.

Northfield Bancorp, Inc. is the parent holding company for Northfield Bank. Northfield Bank, founded in 1887, operates 37 full-service banking offices in Staten Island and Brooklyn, New York, and Hunterdon, Middlesex, Mercer, and Union counties, New Jersey. For more information about Northfield Bank, please visit www.eNorthfield.com.

Disclaimer and Caution About Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, statements regarding the outlook and expectations of Columbia and Northfield, respectively, with respect to the proposed transaction, the strategic benefits and financial benefits of the proposed transaction, including the expected impact of the proposed transaction on the combined company’s future financial performance (including anticipated accretion to earnings per share, the tangible book value earn-back period and other operating and return metrics), the timing of the closing of the proposed transaction, and the ability to successfully integrate the combined businesses. Such statements are often characterized by the use of qualified words (and their derivatives) such as “may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “project” and “intend,” as well as words of similar meaning or other statements concerning opinions or judgment of Columbia or Northfield or their respective management about future events.

Forward-looking statements are based on assumptions as of the time they are made and are subject to risks, uncertainties and other factors that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results expressed or implied by such forward-looking statements. Such risks, uncertainties and assumptions, include, among others, the following: (i) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; (ii) the possibility that the proposed transaction does not close when expected or at all because the required approval by Columbia’s and/or Northfield’s stockholders, or other approvals and the other conditions to closing, are not received or satisfied on a timely basis or at all; (iii) the outcome of any legal proceedings that may be instituted against Columbia or Northfield; (iv) the possibility that the anticipated benefits of the proposed transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Columbia and Northfield operate; (v) the possibility that the integration of the two companies may be more difficult, time-consuming or costly than expected; (vi) Columbia’s ability to successfully complete its second-step conversion; (vi) the possibility that the final independent appraisal of Columbia will differ from the preliminary independent appraisal of Columbia; (viii) the impact of purchase accounting with respect to the proposed transaction, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; (ix) the possibility that the proposed transaction may be more expensive or take longer to complete than anticipated, including as a result of unexpected factors or events; (x) the diversion of management’s attention from ongoing business operations and opportunities; (xi) potential adverse reactions of Columbia’s or Northfield’s customers or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; (xii) a material adverse change in the financial condition of Columbia or Northfield; (xiii) changes in Columbia’s or Northfield’s share price before closing; (xiv) risks relating to the potential dilutive effect of shares of Columbia’s common stock to be issued in the proposed transaction; (xv) general competitive, economic, political and market conditions, including the impact of any potential government shutdown; (xvi) major catastrophes such as earthquakes, floods or other natural or human disasters, including infectious disease outbreaks; and (xvii) other factors that may affect future results of Columbia or Northfield, including, among others, changes in asset quality and credit risk; the imposition of tariffs and any retaliatory responses; the inability to sustain revenue and earnings growth; changes in interest rates; deposit flows; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.

These factors are not necessarily all of the factors that could cause Columbia’s, Northfield’s or the combined company’s actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm Columbia’s, Northfield’s or the combined company’s results.

Although each of Columbia and Northfield believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions based on its existing knowledge of its business and operations, there can be no assurance that actual results of Columbia or Northfield will not differ materially from any projected future results expressed or implied by such forward-looking statements. Additional factors that could cause results to differ materially from those described above can be found in Columbia’s most recent annual report on Form 10-K for the fiscal year ended December 31, 2025, quarterly reports on Form 10-Q, and other documents subsequently filed by Columbia with the Securities Exchange Commission (the “SEC”), and in Northfield’s most recent annual report on Form 10-K for the fiscal year ended December 31, 2025, and its other filings with the SEC and quarterly reports on Form 10-Q, and other documents subsequently filed by Northfield with the SEC. The actual results anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on Columbia, Northfield or each of their respective businesses or operations. Investors are cautioned not to rely too heavily on any such forward-looking statements. Columbia and Northfield urge you to consider all of these risks, uncertainties and other factors carefully in evaluating all such forward-looking statements made by Columbia and Northfield. Forward-looking statements speak only as of the date they are made and Columbia and/or Northfield undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

Important Additional Information About the Transaction and Where to Find It

The Holding Company has filed with the Securities and Exchange Commission (the “SEC”) a prospectus of the Holding Company, and other relevant documents concerning the proposed second-step conversion. In addition, the Holding Company has filed with the SEC a Registration Statement on Form S-4 that includes a joint proxy statement/prospectus concerning the proposed second-step conversion and the merger.

BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND STOCKHOLDERS OF COLUMBIA AND NORTHFIELD ARE URGED TO READ THE FORM S-1 REGISTRATION STATEMENT AND THE FORM S-4 REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval with respect to the proposed second-step conversion or the proposed merger between the Holding Company and Northfield. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

A copy of the Form S-1 Registration Statement and the Form S-4 Registration Statement, Joint Proxy Statement/Prospectus, as well as other filings containing information about Columbia and Northfield may be obtained, free of charge, at the SEC’s website (http://www.sec.gov). You may also obtain these documents, free of charge, from Columbia by accessing Columbia’s website at https://ir.columbiabankonline.com/financials/sec-filings/default.aspx or from Northfield by accessing Northfield’s website at https://ir.enorthfield.com/financials/sec-filings/default.aspx. Copies of the Form S-4 Registration Statement, the Joint Proxy Statement/Prospectus and the filings with the SEC that will be incorporated by reference therein can also be obtained, without charge, by directing a request to Columbia Investor Relations, 19-01 Route 208 North, Fair Lawn, New Jersey 07410, or by calling (833) 550-0717, or to Northfield by directing a request to Northfield Investor Relations, 581 Main Street, Suite 810, Woodbridge, New Jersey 07095 or by calling (732) 499-7200 x2519. The information on Columbia’s or Northfield’s respective websites is not, and shall not be deemed to be, a part of this communication or incorporated into other filings either company makes with the SEC.

Participants in the Solicitation

Columbia, Northfield and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from the stockholders of Columbia and Northfield in connection with the proposed transaction. Information about the interests of the directors and executive officers of Columbia and Northfield and other persons who may be deemed to be participants in the solicitation of stockholders of Columbia and Northfield in connection with the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, is included in the Joint Proxy Statement/Prospectus related to the proposed transaction.