ADDED
Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 7A.
Columbia Financial is the holding company of Columbia Bank, which is a federal savings bank.
We offer title insurance through our wholly-owned subsidiary, First Jersey Title Services, Inc., In addition, Columbia Insurance Services, Inc., a wholly-owned subsidiary of Columbia Bank, is a full-service insurance agency that offers a broad range of insurance products, including personal and business lines of insurance, to our customers and primarily New Jersey residents.
Recent Developments On January 31, 2026, the Company entered into an Agreement and Plan of Merger (the Merger Agreement ) with Columbia Financial, Inc., a newly-formed Maryland corporation (the Holding Company ), the MHC and Northfield Bancorp, Inc., a Delaware corporation ( Northfield ).
The Merger Agreement was unanimously approved by the Board of Directors of each of the parties.
Concurrently with the adoption of the Merger Agreement, the Boards of Directors of the Company, the Holding Company, the MHC and Columbia Bank adopted a Plan of Conversion and Reorganization (the Plan of Conversion ), pursuant to which Columbia Bank will convert from the mutual holding company form of organization to the fully-public stock holding company form of organization (the Conversion ).
Upon the completion of the Conversion, the Holding Company will succeed to the rights and obligations of the MHC and the Company, both of which will be merged out of existence in connection with the Conversion, and become the parent holding company for Columbia Bank.
The Plan of Conversion establishes December 31, 2024 as the eligibility record date for determining the eligible account holders of Columbia Bank entitled to receive first priority non-transferable subscription rights to subscribe for shares of Holding Company Common Stock in a subscription offering to be undertaken in connection with the Conversion.
The Plan of Conversion is subject to regulatory approval as well as approval by the members of the MHC (i.e., the depositors of Columbia Bank) and by the stockholders of the Company (including approval by the holders of a majority of the outstanding shares of the Company common stock owned by persons other than the MHC).
The MHC currently owns approximately 73.1% of the outstanding shares of Company Common Stock.
REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.
Columbia Financial is the holding company of Columbia Bank, which is a federally chartered stock savings bank.
Columbia Bank is a federally chartered savings bank founded in 1927.
We offer title insurance through our wholly-owned subsidiary, First Jersey Title Services, Inc., In addition, Columbia Insurance Services, Inc.
(formerly known as "RSI Insurance Agency, Inc."), a wholly-owned subsidiary of Columbia Bank, is a full-service insurance agency that offers a broad range of insurance products and investment solutions, including personal and business lines of insurance, to our customers and primarily New Jersey residents.
As of December 31, 2024, Columbia Bank operated 68 full-service banking offices in twelve of New Jersey s 21 counties.
The population in our twelve county market area has increased by 0.39% from 2010 to 2025.
According to S P Global, the weighted average projected median household income for 2025 for the twelve New Jersey counties that we operate in was $108,090.
By contrast, the national projected median household income for 2025 is $78,770 and the State of New Jersey projected median income is $99,357.
The unemployment rate, not seasonally adjusted, for the State of New Jersey was 3.4% in December 2022, 4.8% in December 2023, and 4.6% in December 2024, compared to the national unemployment rate of 3.5% in December 2022, 3.7% in December 2023, and 4.1% in December 2024.