Is CLBK a Buy? What to Consider in 2026

Last updated July 2026

Short answer

The bull case for Columbia Financial (CLBK) rests on Second-step conversion recapitalization: The conversion of Columbia Bank MHC to full stock form raised roughly $1.67 billion at $10.00 per share, leaving the newly fully-public company with a large capital cushion. Total revenue (FY2025) is ~$471M. If you believe that thesis holds, the real questions become position sizing and overlap, not timing. The main risk to that view: CLBK is a real-estate-concentrated regional lender, so commercial real estate and multifamily credit stress, rising vacancies, or refinancing pressure could drive loan losses. Whether CLBK is a buy comes down to whether you believe the thesis. This is informational, not a recommendation, and Walnut is not an investment adviser.

Columbia Financial, Inc. (Nasdaq: CLBK) is the Fair Lawn, New Jersey holding company for Columbia Bank, a community and commercial bank offering retail and business deposits, residential and commercial lending, and wealth management across northern and central New Jersey. Before the 2026 transactions it carried roughly $11 billion in total assets, making it a mid-size regional thrift-style franchise concentrated in real-estate-heavy lending. Earnings had been pressured through 2024 by a compressed net interest margin, then recovered through 2025 as funding costs stabilized and the margin widened back toward the low 2 percent range. The investment picture in mid-2026 is defined by two linked corporate actions. Columbia Bank MHC is completing a second-step conversion from mutual-holding-company form to full stock form, selling about 167 million shares at $10.00 each for roughly $1.67 billion in gross proceeds, and simultaneously acquiring Woodbridge-based Northfield Bancorp for about $580 million. The combined bank is expected to hold roughly $18 billion in pro forma assets and rank as the third-largest regional bank headquartered in New Jersey, with a first-time expansion into the New York City boroughs Northfield serves. That makes CLBK a capital-heavy, integration-driven story rather than a simple bet on organic banking growth.

What's the case for buying CLBK?

1. Second-step conversion recapitalization

The conversion of Columbia Bank MHC to full stock form raised roughly $1.67 billion at $10.00 per share, leaving the newly fully-public company with a large capital cushion. That excess capital can fund the Northfield deal, absorb loan growth, and potentially support buybacks or dividends over time, though newly converted thrifts often carry a low return on equity until the capital is deployed.

2. Northfield Bancorp acquisition and scale

The roughly $580 million Northfield merger lifts pro forma assets to about $18 billion and extends the franchise into Brooklyn and Staten Island for the first time. Scale can spread fixed costs across a larger base and add commercial real estate and multifamily lending, but the benefit depends on cost synergies being realized and deposits being retained through the transition.

3. Net interest margin recovery

Columbia's net interest margin widened from roughly 1.84 percent in late 2024 toward the low-2 percent range through 2025 as deposit costs stabilized. Continued margin repair is the main organic earnings lever, since a thrift-heavy balance sheet is highly sensitive to the spread between funding costs and loan yields.

4. New Jersey and New York regional footprint

The combined bank concentrates in some of the wealthiest and most competitive banking markets in the country. A dense, affluent footprint supports deposit gathering and real estate lending, but also exposes CLBK to regional housing, commercial real estate, and local economic cycles.

What are the risks to CLBK?

CLBK is a real-estate-concentrated regional lender, so commercial real estate and multifamily credit stress, rising vacancies, or refinancing pressure could drive loan losses. The Northfield integration carries execution risk around systems, staff, deposit retention, and realizing projected cost savings, and merger and conversion charges can weigh on near-term reported earnings. Newly converted thrifts frequently post low returns on equity until excess capital is deployed, which can make the stock screen expensive on book value. Net interest margin remains sensitive to interest rates and deposit competition, and as a New Jersey and New York bank the franchise is tied to regional economic and housing conditions.

How is CLBK valued? (as of July 2026)

Price

$24.50

Market cap

$2.55B

P/E (TTM)

44.55

Forward P/E

31.41

Price / book

2.17

Beta

0.25

52-week range

$13.66 to $25.82

Snapshot for CLBK as of July 2026, sourced from Yahoo Finance and may be delayed. Valuation figures move with price and earnings; verify the current numbers with your broker before deciding.

Total revenue (FY2025): ~$471M
Net income (FY2025): ~$52M
Diluted EPS (FY2025): ~$0.51
Total assets (pre-merger): ~$11B
Pro forma assets (post-Northfield): ~$18B
Second-step conversion raise: ~$1.67B at $10.00/share

FY2025 net income of roughly $52 million marked a turnaround from a trailing net loss in 2024, driven by a recovering net interest margin. The dominant valuation input in mid-2026 is the recapitalization: the second-step conversion raised roughly $1.67 billion and the Northfield merger adds about $580 million of consideration, so per-share book value and share count shift materially versus historical figures. Newly converted thrifts typically trade at a discount to book and show a depressed return on equity until the new capital is put to work.

How do you decide if CLBK is a buy?

Rather than asking whether CLBK is a buy in the abstract, it tends to help to answer four questions:

Thesis: do you believe the case above, and is it still true today?
Time horizon: a single stock can be volatile, so a longer horizon absorbs more of the swings.
Position sizing: a thesis can be right and the sizing still wrong; decide how much of your portfolio one name should be.
Overlap: check whether you already hold CLBK indirectly through an index or sector ETF before adding more.

For the full picture, see the CLBK stock guide (what the company does, the ETFs that hold it, similar stocks, and the themes it fits). In Walnut you can ask its AI about CLBK against your real portfolio and see your actual exposure before deciding.

The bottom line on CLBK

The bottom line: Columbia Financial's story right now is Second-step conversion recapitalization, with total revenue (fy2025) at ~$471M. If you believe that narrative continues, the call is about sizing CLBK sensibly and checking overlap with what you own; if you doubt it (the risk: cLBK is a real-estate-concentrated regional lender, so commercial real estate and multifamily credit stress, rising vacancies, or refinancing pressure could drive loan losses.), it is not for you. Decide from the thesis, not the ticker. Walnut is not an investment adviser.

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FAQ

Is CLBK a good stock to buy right now?

The case for Columbia Financial right now is Second-step conversion recapitalization, with total revenue (fy2025) at ~$471M. If you believe that thesis holds, CLBK is a way to own it and the real questions are sizing and overlap, not timing; the main risk to that view is cLBK is a real-estate-concentrated regional lender, so commercial real estate and multifamily credit stress, rising vacancies, or refinancing pressure could drive loan losses. So it comes down to whether you believe the thesis. Walnut is not an investment adviser and this is not a recommendation.

What does Columbia Financial do?

Columbia Financial, Inc.

What are the main risks of CLBK?

What does Columbia Financial (CLBK) do?

It is the holding company for Columbia Bank, a New Jersey community and commercial bank offering deposits, residential and commercial real estate lending, business banking, and wealth management, primarily across northern and central New Jersey.

What is the second-step conversion?

Columbia Bank MHC is converting from mutual-holding-company form to full stock form, selling roughly 167 million shares at $10.00 each for about $1.67 billion, after which the company becomes fully public rather than majority-owned by the mutual holding company.

What is the Northfield Bancorp merger?

Columbia agreed to acquire Woodbridge-based Northfield Bancorp for roughly $580 million. Northfield stockholders can elect $14.25 in cash or 1.425 CLBK shares per share, and the deal was set to close on July 20, 2026, expanding Columbia into the New York City boroughs.

How big is the combined bank?

The combined company is expected to hold roughly $18 billion in pro forma total assets, positioning it as the third-largest regional bank headquartered in New Jersey.

Walnut is informational and is not an investment adviser. This page is educational and not a recommendation to buy or sell CLBK; figures are approximate and dated, and your own situation, time horizon, and risk tolerance should drive any decision. Verify current data before investing.