One July closing changes two parts of the business
On July 20, 2026, Columbia Financial, Inc. completed its mutual-to-stock conversion and acquisition of Northfield Bancorp, Inc. Northfield Bank merged into Columbia Bank (New Jersey). The surviving bank became wholly owned by a fully publicly owned holding company. The associated stock offering raised approximately $1.7 billion. These were completed transactions, not an October proposal awaiting permission. [6]
Bank ownership, customer access and recurring deposit growth describe different things. A capital transaction should not be read as ordinary growth in customer savings or lending.
A Fair Lawn institution with two historical dates
Columbia Bank (New Jersey) describes its first branch and community roots as dating to 1927 in Fair Lawn. Its current account of the franchise extends across New Jersey, Staten Island and Brooklyn. That history belongs to the New Jersey bank; the similarly named western U.S. institution is a separate business. [4]
FDIC certificate 28834 identifies the insured bank in Fair Lawn. Its record gives an establishment date of January 1, 1926 and classifies it as a federally chartered savings bank under OCC supervision. The FDIC establishment field and the bank’s 1927 founding narrative are reported separately rather than silently forcing them into a single date. [1]
Permission came before consummation
The Federal Reserve announced approval on May 8, 2026 for the mutual-to-stock conversion, formation of the new savings-and-loan holding company and acquisition of Northfield Bancorp and its bank. Approval permitted the transaction to proceed; it was not the closing itself. [5]
The closing release’s $18.0 billion of pro forma assets uses March 31 inputs; it is neither the actual June bank total nor a July closing balance. [6]
The bank in two dated snapshots
Bank-only FDIC figures: June 30 balances, January–June income and annualized first-half net interest margin. Dollars are in millions. The June 2026 accounts precede the July 20 Northfield merger. [2]
Scroll horizontally to see all columns.
| Bank-only measure; $ millions | June 2025 | June 2026 |
|---|---|---|
| Assets | $10,734.7 | $12,166.3 |
| Deposits | $8,197.5 | $9,579.0 |
| Gross loans and leases | $8,179.1 | $8,493.6 |
| Net loans and leases | $8,114.7 | $8,422.5 |
| Equity | $1,083.3 | $1,139.5 |
| First-half net income | $21.4 | $29.7 |
| First-half net interest margin | 2.20% | 2.39% |
| / gross loans | 0.50% | 0.51% |
Why the deposit surge was not simply new checking customers
Cash and balances due from depository institutions rose from $248.1 million in June 2025 to $1.09 billion in June 2026. [2]
The parent’s July 30 release supplies an important explanation: stock subscriptions held before the conversion were included in deposits. It said June results excluded the Northfield acquisition and that subscription proceeds contributed to deposit and cash growth. The temporary presence of money intended to buy shares is economically different from a newly established recurring customer balance. [7]
A real-estate lender within a broader local-bank offering
Real-estate-secured loans totaled $7.65 billion in June 2026, about 90.1% of gross loans. Within that total were $2.46 billion secured by nonfarm nonresidential property and $1.77 billion of multifamily loans. Commercial-and-industrial loans were $677.6 million. [2]
A property loan is ultimately repaid with cash: rent, business revenue, a sale or refinancing. Collateral supplies a second route to recovery, not an automatic substitute for those cash flows. Residential, apartment and business-property loans also respond differently to changes in employment, rents and financing costs.
Savings deposits and wholesale borrowing sit side by side
At June 2026, noninterest-bearing deposits were $1.63 billion, or 17.0% of deposits. Other borrowed money was $1.24 billion, including $1.21 billion of Federal Home Loan Bank advances. Estimated uninsured deposits were $4.37 billion. That estimate is not a prediction of withdrawals and should be read alongside the unusual conversion-related balances. [3]
A bank can hold both substantial cash and substantial borrowings while money is being gathered for a transaction. The June snapshot cannot show how much subscription funding became equity, was returned, or remained in ordinary accounts after closing.
Profitability improved, but the perimeter was about to change
First-half bank net income rose to $29.7 million from $21.4 million, and the net interest margin increased to 2.39% from 2.20%. [2]
The annualized first-half rate fell to 0.03% from 0.10%. June bank common-equity Tier 1 capital was 13.19% of , against 13.53% a year earlier. These are pre-closing observations; the capital raise, merger accounting and enlarged loan book make a later comparison materially different. [3]
The next financial chapter needs a new baseline
Integration benefits and future returns are not established merely by closing. A subsequent combined report is needed to see the funding mix, costs, acquired-credit marks and profitability of the enlarged bank. The June comparisons remain useful because their dates and scope are fixed.
No loan-level loss forecast or deposit-retention estimate is inferred from the available data. This profile is a dated business account, not a comprehensive review of supervisory findings or litigation. Its most important qualification is practical: money arriving ahead of a stock offering is not interchangeable with durable franchise growth.
Sources
- FDIC institution identity, certificate 28834; October 2, 2026 index checked October 6Official sourceBack to text: ↑
- FDIC bank financials, certificate 28834: June 30, 2025 and June 30, 2026; dollar amounts reported in thousandsOfficial sourceBack to text: ↑1↑2↑3↑4
- FDIC funding, credit-loss and capital data, certificate 28834: June 30, 2025 and 2026Official sourceBack to text: ↑1↑2
- Columbia Bank: history and regional franchise; checked October 6, 2026SourceBack to text: ↑
- Federal Reserve H.2: conversion and acquisition approvals announced May 8, 2026Official releaseBack to text: ↑
- Columbia Financial: conversion, offering and Northfield closing, July 20, 2026SourceBack to text: ↑1↑2
- Columbia Financial: June results and subscription-deposit explanation, July 30, 2026SourceBack to text: ↑