Columbia Financial (CLBK) opened 2026 with Q1 revenue of US$66.2 million and basic EPS of US$0.13, anchored by net income of US$13.1 million. This puts fresh numbers behind the company’s recent return to profitability. The business has seen revenue move from US$55.9 million and EPS of US$0.09 in Q1 2025 to US$66.2 million and EPS of US$0.13 in Q1 2026, with trailing twelve month EPS at US$0.55 as the earnings base rebuilds. With a Q1 net interest margin of 2.42% and a cost to income ratio of 68.02%, this set of results gives investors a clear view of how the bank’s margins are currently balancing growth and efficiency.

See our full analysis for Columbia Financial.

With the latest numbers on the table, the next step is to see how this margin profile and earnings trajectory compare with the widely followed narratives around Columbia Financial’s growth potential and risks.

Net interest margin holds at 2.42%

• Columbia Financial reported a Q1 2026 net interest margin of 2.42%, compared with 2.29% in Q3 2025 and 2.19% in Q2 2025, while the cost to income ratio stood at 68.02% in Q1 2026.
• What is interesting for the bullish view that expects strong earnings growth of about 74.35% per year is that this recent margin level comes alongside trailing twelve month net income of US$55.97 million and basic EPS of US$0.55, which:
  • Follows a period where trailing twelve month net income was a loss of US$11.65 million in Q4 2024, so the profitability base the growth narrative leans on is very recent.
  • Sits against five year earnings that declined at about 32.7% per year, so the bullish focus on future growth contrasts with a weaker multi year history.

Loan book around US$8.2b with higher non performing loans

• Total loans were US$8.22b at Q1 2026, broadly similar to US$8.25b at Q4 2025, while non performing loans were US$41.38 million versus US$38.00 million at Q4 2025 and US$32.53 million at Q3 2025.
• Bears who worry about asset quality in a regional bank context may point to this rise in non performing loans, yet the trailing twelve month net income of US$55.97 million and the bank’s return to profitability suggest:
  • Reported earnings quality has been described as high, which means the profit is not only the result of one off items in the provided data.
  • The loan book size has stayed around the US$8.2b mark while the bank moved from a trailing loss to a profit, so critics need to weigh credit concerns against that earnings shift.

Rich 33.5x P/E against banking peers

• On a trailing basis, Columbia Financial trades on a P/E of 33.5x, compared with 11.9x for the US Banks industry and 16.7x for peers, with the share price at about US$18.01 and trailing twelve month basic EPS at US$0.55.
• Supporters of the bullish view who see room for strong forecast growth in earnings and revenue need to balance that against this premium multiple, because:
  • The shift from a trailing twelve month loss of US$11.65 million at Q4 2024 to a profit of US$55.97 million at Q1 2026 helps explain part of the rich P/E, yet it also reflects a short earnings history at the current level.
  • Five year earnings that declined at about 32.7% per year show that the recent profitability and high P/E are built on a turnaround from weaker multi year performance rather than a long record of steady growth.

If you want to see how other investors are interpreting this mix of fresh profitability, loan book quality, and a premium P/E, it is worth checking the wider community views on the stock Curious how numbers become stories that shape markets? Explore Community Narratives

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Columbia Financial's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

Given the mixed signals around profitability, loan quality, and valuation, it makes sense to check the numbers directly and decide where you stand. To see what is driving the optimism around the company’s potential rewards, take a closer look at the 2 key rewards

See What Else Is Out There

Columbia Financial pairs a rich 33.5x P/E and a recent return to profitability with rising non performing loans and a weaker multi year earnings history.

If that mix of premium pricing and asset quality questions feels uncomfortable, use the 72 resilient stocks with low risk scores to quickly focus on companies with more resilient profiles and fewer red flags.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.