Columbia Financial Inc

Columbia Financial, Inc. has completed its second-step conversion from a mutual holding company structure, a related $1.7 billion stock offering, and its merger with Northfield Bancorp, Inc. The company sold 167,236,353 shares at $10.00 per share, and each share of the former holding company was exchanged for 2.2000 shares of the new company. The Northfield deal, valued at $580 million, gives Northfield stockholders the right to receive either $14.25 in cash or 1.425 shares of Columbia common stock per share, with final consideration set at 70% stock and 30% cash. On a pro forma basis as of March 31, 2026, the combined entity has $18.0 billion in total assets, $12.5 billion in deposits, $11.9 billion in loans, and more than 100 branches across New Jersey and parts of New York. Columbia's common stock will begin trading on the Nasdaq Global Select Market on July 21, 2026, under the symbol CLBK.

Financial stocks ended the week higher even as Wall Street's major averages declined amid a technology-led selloff. The State Street Financial Select Sector SPDR ETF rose 0.99% to $56.26, with the S&P 500 Financials sector extending its rally to six consecutive sessions in extreme overbought territory. Among megacap gainers, Mastercard advanced 3.20% to $543.60 and Visa added 2.75% to $358.56 after Visa introduced a new enterprise platform for stablecoin capabilities. Bank of America gained 2.68% to $61.27 following better-than-expected second-quarter earnings, while Citigroup fell 8.12% to $129.36 despite topping estimates after comments on additional investments and severance expenses. PayPal surged 22.11% to $56.56 on reports of a $53 billion joint takeover bid from Stripe and Advent International, and Travelers Companies rose 8.87% to $368.98 after its second-quarter earnings blew past consensus. Crypto-related stocks were largely lower, with IREN down 18.28%, Robinhood Markets off 10.73%, and Hut 8 declining 10.54%, while Virtu Financial retreated 15.33% after announcing preliminary results and seeking $400 million in additional term loans. Western Union gained 13.27% to $8.88 amid a surge in call options trading, and Columbia Financial added 10.21% as regional banks rallied on prospects of a lending rebound.

Columbia Financial, Inc. 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. The subscription offering, which concluded on June 30, 2026, received approximately $1.1 billion in orders, excluding shares to be issued to Columbia Bank's employee stock ownership plan. The company expects to sell between approximately $281 million and $769 million of its common stock in the 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. Completion of the second-step conversion remains subject to receipt of all required final regulatory approvals, including the final independent appraisal, and 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.

The thrifts and mortgage finance industry reported mixed first-quarter results, with aggregate revenues beating analyst estimates by 4.2% but next-quarter guidance coming in 6.6% below expectations. PennyMac Financial Services posted revenues of $583.1 million, up 10.8% year-on-year and 5.7% above estimates, though it missed on net interest income and tangible book value per share. Rocket Companies was the standout performer with revenues of $2.82 billion, a 108% increase that exceeded estimates by 2% and drove the fastest growth among peers. Franklin BSP Realty Trust was the weakest, with revenues of $60.39 million missing estimates by 17.4% alongside misses on net interest income and EPS. Other notable results included Columbia Financial, which beat revenue estimates by 9.1% with $66.18 million, and Arbor Realty Trust, which surpassed revenue expectations by 3.5% but saw the slowest revenue growth in the group.

Columbia Financial, Inc. announced preliminary results showing its subscription offering received over 5,000 orders representing approximately $925 million in connection with the second-step conversion of Columbia Bank MHC from mutual to stock form. The company also increased the maximum individual purchase limit from 300,000 shares, or $3.0 million, to 800,000 shares, or $8.0 million, and the maximum group purchase limit from 1,000,000 shares, or $10.0 million, to 5,000,000 shares, or $50.0 million. Only subscribers who ordered the maximum number of shares will be resolicited to increase their orders up to the new limits, with supplemental stock order forms due by 2:00 p.m. Eastern time on June 30, 2026. All other eligible subscribers will have their orders filled in full, and shares not subscribed for will be offered at $10.00 per share in a firm commitment underwritten offering led by Keefe, Bruyette & Woods, Inc., A Stifel Company, with Piper Sandler & Co. as co-book running manager and Brean Capital, LLC as co-manager. Completion of the offering remains subject to stockholder and member approvals, final regulatory approvals including an updated independent appraisal, and the sale of at least 142,375,000 shares of common stock at the adjusted minimum of the offering range.