Columbia Financial, Inc. has reported a significant increase in net income for the second quarter ended June 30, 2024, with a figure of $4.5 million compared to $1.7 million for the same period in 2023. This represents a substantial rise of 172.8%.
The company's net interest income for the quarter ended June 30, 2024, decreased by $7.1 million, or 13.8%, from the prior year period. This was primarily due to a $24.2 million increase in interest expenses on deposits and borrowings, partially offset by a $17.1 million increase in interest income. Additionally, the provision for credit losses for the quarter ended June 30, 2024, was $2.2 million, an increase of $1.1 million from the same period in 2023.
Non-interest income for the quarter ended June 30, 2024, showed a remarkable increase of $9.7 million, reaching $9.2 million, compared to a loss of $(546,000) for the same period in 2023, largely due to a decrease in the loss on securities transactions of $9.6 million.
For the six months ended June 30, 2024, the company reported a net income of $3.4 million, representing a substantial decrease of $17.0 million, or 83.4%, compared to $20.4 million for the same period in 2023. This decrease was primarily attributable to a $25.7 million decrease in net interest income, a $6.2 million increase in provision for credit losses, and a $397,000 increase in non-interest expense, partially offset by a $9.1 million increase in non-interest income and a $6.2 million decrease in income tax expense.
The company's balance sheet showed that total assets increased by $118.0 million, or 1.1%, to $10.8 billion at June 30, 2024, compared to December 31, 2023. This increase in total assets was primarily attributable to an increase in debt securities available for sale of $169.9 million and an increase in debt securities held to maturity of $10.1 million.
Today the company's shares have moved 2.4% to a price of $18.16. For the full picture, make sure to review Columbia Financial's 8-K report.
