Columbia Financial, Inc. Announces Completion of Second Step Conversion and $1.7 Billion Stock Offering and Acquisition of Northfield Bancorp, Inc.

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.

“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% Compa...