Exhibit 99.3

 

June 30, 2026

Boards of Directors

Columbia Bank MHC

Columbia Financial, Inc.

Columbia Bank 19-01 Route 208 North

Fair Lawn, New Jersey 07410

Members of the Boards of Directors:

We have completed and hereby provide an updated appraisal of the estimated pro forma market value of the common stock which is to be issued in connection with the two-part transaction described below.

This Appraisal is furnished pursuant to the requirements stipulated in the Code of Federal Regulations and has been prepared in accordance with the 1994 “Guidelines for Appraisal Reports for the Valuation of Savings and Loan Associations Converting from Mutual to Stock Form of Organization” (“Valuation Guidelines”) and applicable regulatory interpretations thereof. These Valuation Guidelines were issued by the Office of Thrift Supervision (“OTS”) and are accepted by the Federal Reserve Board (“FRB”), the Office of the Comptroller of the Currency (“OCC”), and the Federal Deposit Insurance Corporation (“FDIC”). Our original appraisal report, dated February 2, 2026 (the “Original Appraisal”) and previous appraisal update report, dated June 18, 2026 (the “First Update”), are incorporated herein by reference. As in the preparation of our Original Appraisal and First Update, we believe the data and information used herein is reliable; however, we cannot guarantee the accuracy and completeness of such information.

On January 31, 2026, the respective Boards of Directors of Columbia Bank MHC (the ”MHC”) and Columbia Financial, Inc. (“CLBK”) adopted the Plan of Conversion whereby the MHC will convert to stock form. As a result of the conversion, CLBK, which currently owns all of the issued and outstanding common stock of Columbia Bank, Fair Lawn, New Jersey (the “Bank”), will be succeeded by a new Maryland corporation with the name of Columbia Financial, Inc. (“Columbia Financial” or the “Company”). Following the conversion, the MHC will no longer exist. For purposes of this document, the existing consolidated entity will hereinafter also be referred to as Columbia Financial or the Company, unless otherwise identified as CLBK. As of December 31, 2025, the MHC had a majority ownership interest in, and its principal asset consisted of, approximately 73.10% of the common stock (the “MHC Shares”) of CLBK. The remaining 26.90% of CLBK’s common stock was owned by public shareholders.

Pursuant to the Plan of Conversion, Columbia Financial has offered its stock representing the majority ownership interest held by the MHC in a subscription offering to Eligible Account Holders, Tax-Qualified Employee Plans including the Bank’s employee stock ownership plan (the “ESOP”), Supplemental Eligible Account Holders and Other Members, as such terms are defined for purposes of applicable federal regulatory requirements governing mutual-to-stock conversions. To the extent that shares remain available for purchase after satisfaction of all subscriptions received in the subscription offering, the shares will be offered

 

 

Washington Headquarters
1311-A Dolley Madison Blvd., Suite 2A		Main: (703) 528-1700
McLean, VA 22101		Fax: (703) 528-1788
www.pfinancial.com		E-Mail: mail@rpfinancial.com

Boards of Directors

June 30, 2026

Page 2

 

for sale to the general public in a firm commitment underwritten offering. Upon completing the mutual-to-stock conversion and stock offering (the “second-step conversion”), the Company will be 100% owned by public shareholders, the publicly-held shares of CLBK will be exchanged for shares in the Company at a ratio that retains their ownership interest at the time the conversion is completed.

In connection with the second-step conversion, the Boards of Directors of CLBK, Columbia Financial and the MHC entered into an Agreement and Plan of Merger (the “Agreement”) with Northfield Bancorp, Inc., Woodbridge, New Jersey (“Northfield Bancorp”). Pursuant to the Agreement, Northfield Bancorp will merge with and into Columbia Financial, with Columbia Financial as the surviving entity (the “Merger”). Immediately following the Merger, Northfield Bank, a federal savings bank and a wholly owned subsidiary of Northfield Bancorp, will merge with and into Columbia Bank with Columbia Bank as the surviving entity.

As set forth in Agreement, if the Final Independent Valuation (full conversion value) is less than $2.3 billion, Northfield Bancorp shareholders may elect to receive 1.425 shares of Columbia Financial common stock, based on a $10.00 per share offering price, or $14.25 in cash for each share of Northfield Bancorp common stock. If the Final Independent Valuation is equal to or greater than $2.3 billion and less than $2.6 billion, Northfield Bancorp shareholders may elect to receive 1.450 shares of Columbia Financial common stock, based on a $10.00 per share offering price, or $14.50 in cash for each share of Northfield Bancorp common stock. If the Final Independent Valuation is equal to or greater than $2.6 billion, Northfield Bancorp shareholders may elect to receive 1.465 shares of Columbia Financial common stock, based on a $10.00 per share offering price, or $14.65 in cash for each share of Northfield Bancorp common stock. The proration procedures set forth in the Agreement require that the cash consideration shall not be greater than 30% of the total merger consideration.

This updated appraisal reflects the following noteworthy items: (1) a review of stock market conditions since the date of the First Update; and (2) the results of Columbia Financial’s subscription offering, inclusive of the resolicitation offering results in which the maximum purchase limits were raised and concluded on June 30, 2026.

The estimated pro forma market value is defined as the price at which Columbia Financial’s common stock, immediately upon completion of the second-step offering and merger, would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.

Our valuation is not intended, and must not be construed, as a recommendation of any kind as to the advisability of purchasing shares of the common stock. Moreover, because such valuation is necessarily based upon estimates and projections of a number of matters, all of which are subject to change from time to time, no assurance can be given that persons who purchase shares of common stock in the conversion will thereafter be able to buy or sell such shares at prices related to the foregoing valuation of the pro forma market value thereof. RP Financial is not a seller of securities within the meaning of any federal and state securities laws and any report prepared by RP Financial shall not be used as an offer or solicitation with respect to the purchase or sale of any securities. RP Financial maintains a policy which prohibits the company, its principals or employees from purchasing stock of its client institutions.

Boards of Directors

June 30, 2026

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Discussion of Relevant Considerations

1. Stock Market Conditions

Since the date of the First Update, the performance of the broader stock market has been mixed. Concerns about higher interest rates and stretched valuations triggered a late-June selloff in technology stocks, while the broader stock market traded in a narrow range. Technology shares rebounded at the end of June, while the Dow Jone Industrial Average (“DJIA”) closed above 52000 for the first time as investors continued to gravitate towards blue chip stocks. On June 30, 2026, the DJIA closed at 52319.20 or 1.46% higher since the date of the First Update and the NASDAQ closed at 26213.72 or 1.15% lower since the date of the First Update. The S&P 500 closed at 7499.36 on June 30, 2026, a decrease of 0.02% since the date of the First Update.

The market for financial shares generally outperformed the broader stock market since the date of the First Update. Bank shares traded higher in connection with the late-June selloff in technology stocks, as investors rotated into less volatile investment alternatives amid concerns around inflation and AI-related volatility. On June 30, 2026, the S&P BMI Banks Index closed at 269.5, an increase of 1.89% since June 18, 2026.

Since the date of the First Update, the updated pricing measures for the Peer Group and all publicly-traded banks and thrifts generally showed more significant increases relative to the increase in the S&P BMI Banks Index. Since the date of the First Update, the stock prices of all twelve Peer Group companies were higher as of June 30, 2026. A comparative pricing analysis of the Peer Group and all publicly-traded banks and thrifts is shown in the following table, based on closing stock market prices as of June 18, 2026 and June 30, 2026.

Average Pricing Characteristics

 

		At June 18,				At June 30,				%
		2026				2026				Change
Peer Group
Price/Earnings (x)			13.34x				14.07x				5.47	%
Price/Core Earnings (x)			13.17				13.98				6.15
Price/Book (%)			118.03	%			123.94	%			5.01
Price/Tangible Book(%)			148.82				156.16				4.93
Price/Assets (%)			13.21				13.86				4.92
Avg. Mkt. Capitalization ($Mil)		$	1,746.85			$	1,827.30				4.61
All Publicly-Traded Banks and Thrifts
Price/Earnings (x)			13.32x				13.90x				4.35	%
Price/Core Earnings (x)			12.49				13.06				4.56
Price/Book (%)			127.33	%			132.71	%			4.23
Price/Tangible Book(%)			152.90				159.48				4.30
Price/Assets (%)			14.13				14.72				4.18
Avg. Mkt. Capitalization ($Mil)		$	10,437.81			$	10,621.88				1.76

Boards of Directors

June 30, 2026

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As set forth in the Original Appraisal, the “new issue” market is separate and distinct from the market for seasoned issues like the Peer Group companies in that the pricing ratios for converting issues are computed on a pro forma basis, specifically: (1) the numerator and denominator are both impacted by the conversion offering amount, unlike existing stock issues in which price change affects only the numerator; and (2) the pro forma pricing ratio incorporates assumptions regarding source and use of proceeds, effective tax rates, stock plan purchases, etc. which impact pro forma financials, whereas pricing for existing issues are based on reported financials. The distinction between the pricing of converting and existing issues is perhaps most evident in the case of the price/book (“P/B”), and the price/tangible book (“P/TB”) ratio, in that the book value based ratios of a converting thrift will typically result in a discount to book value, whereas in the current market for existing thrifts the P/B ratio, and P/TB ratiom, may reflect a premium to book value. Therefore, it is appropriate to also consider the market for new issues, both at the time of the conversion and in the aftermarket.

As shown in Table 1, five standard conversions and two second-step conversions have been completed during the past twelve months. The second-step conversion offerings are considered to be more relevant for Columbia Financial’s pro forma pricing. The average closing pro forma price/tangible book ratio of the two recent second-step conversion offerings equaled 58.9%. On average, the two recent second-step conversion offerings had price appreciation of 11.1% after their first week of trading. As of June 30, 2026, the two recent second-step conversion offerings showed an average price increase of 49.4% from their respective second-step offering prices.

The comparability of the recent second-step conversion offerings to Columbia Financial’s second-step offering is somewhat limited by the significantly larger size of the Company’s offering, which is expected to attract large and institutional investor interest relative to the two smaller second-step offerings referenced.

As set forth in the Original Appraisal and First Update, RP Financial’s analysis of stock market conditions also considered recent trading activity in CLBK’s stock. Since the date of the First Update, the trading price of CLBK’s stock ranged from a low closing price of $19.78 on June 22, 2026 to a high closing price of $21.22 on June 30 2026. As of June 30, 2026, the Company’s closing stock price of $21.22 per share equaled a 5.94% increase from CLBK’s closing stock price of $20.03 per share as of the June 18, 2026 date of the First Update.

4. Results of the Offering

Columbia Financial’s subscription offering concluded on June 16, 2026. The total takedown of the offering amounted to $924,883,670, based on orders received for 92,488,367 shares at $10.00 per share. There were 5,212 orders received for the Company’s stock. The total orders received in the subscription offering were below the minimum of the offering range. Based on information provided by Keefe, Bruyette & Woods, Inc. (“KBW”) there were 100 orders for the individual maximum order amount of $3.0 million and one order for the group maximum purchase amount of $10.0 million, which totaled $310.0 million or 33.52% of the total takedown. Out-of-state orders accounted for 61.96% of the total takedown and 70.30% of the maximum orders received. The prospectus indicated that intended purchases by the Board, executive officers and their associates totaled $4.2 million.

Boards of Directors

June 30, 2026

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Table 1

Pricing Characteristics and After-Market Trends

Conversions Completed Twelve Months Ended June 30, 2026

 

Institutional Information								Pre-Conversion Data																Offering Information																Contribution to								Insider Purchases																				Pro Forma Data																												Post-IPO Pricing Trends
								Financial Info.								Asset Quality																								Char. Found.								% Off Incl. Fdn.+Merger Shares																				Pricing Ratios(2)(5)												Financial Charac.																Closing Price:
																								Excluding Foundation																				% of				Benefit Plans																Initial																																First								After								After
Institution		Conversion Date				Ticker		Assets				Equity/ Assets				NPAs/ Assets				Res. Cov.				Gross Proc.				% Offer				% of Mid.				Exp./ Proc.				Form				Public Off. Inc. Fdn.				ESOP				Recog. Plans				Stk Option				Mgmt.& Dirs.				Div. Yield				P/TB				Core P/E				P/A				Core ROA				TE/A				Core ROE				IPO Price				Trading Day				% Chg				First Week(3)				% Chg				First Month(4)				% Chg				Thru 6/18/2026				% Chg
								($Mil)				(%)				(%)				(%)				($Mil.)				(%)				(%)				(%)								(%)				(%)				(%)				(%)				(%)(1)				(%)				(%)				(x)				(%)				(%)				(%)				(%)				($)				($)				(%)				($)				(%)				($)				(%)				($)				(%)
Standard Conversions
PSB Financial, Inc. - MT			5/22/26			PNSB-OTCQB		$	120				15.39	%			0.71	%			134	%		$	17.2				100	%			132	%			9.3	%			N.A.				N.A.				8.0	%			4.0	%			10.0	%			6.1	%			0.00	%			53.7	%			55.6x				12.9	%			0.1	%			24.0	%			0.4	%		$	10.00			$	10.50				5.0	%		$	11.55				15.5	%		$	11.21				12.1	%		$	11.35				13.5	%
URSB Bancorp, Inc. - NJ*			3/27/26			URSB-OTCQB		$	353				5.42	%			0.28	%			200	%		$	23.1				100	%			132	%			7.4	%			C/S			$	250/0.86	%			8.0	%			4.0	%			10.0	%			3.0	%			0.00	%			62.0	%			36.8x				6.3	%			0.2	%			10.1	%			1.7	%		$	10.00			$	10.70				7.0	%		$	11.48				14.8	%		$	11.35				13.5	%		$	12.10				21.0	%
Hoyne Bancorp, Inc. - IL*			12/4/25			HYNE-NASDAQ		$	453				19.60	%			0.20	%			269	%		$	79.4				100	%			132	%			3.4	%			C/S			$	250/2.00	%			8.0	%			4.0	%			10.0	%			3.0	%			0.00	%			52.0	%			NM				15.6	%			0.0	%			30.0	%			-0.1	%		$	10.00			$	14.00				40.0	%		$	13.75				37.5	%		$	14.19				41.9	%		$	16.74				67.4	%
Security Midwest Bancorp, Inc., IL			8/1/25			SBMW-OTCQB		$	218				6.41	%			0.40	%			129	%		$	8.9				100	%			89	%			15.2	%			N.A.				N.A.				7.0	%			3.0	%			10.0	%			13.5	%			0.00	%			45.4	%			9.0x				4.0	%			0.4	%			8.8	%			5.1	%		$	10.00			$	11.40				14.0	%		$	11.12				11.2	%		$	12.30				23.0	%		$	16.99				69.9	%
Avidia Bancorp, Inc., MA*			8/1/25			AVBC-NYSE		$	2,707				6.87	%			0.44	%			184	%		$	191.8				100	%			132	%			3.0	%			C/S			$	1,000/4.48	%			8.0	%			4.0	%			10.0	%			3.4	%			0.00	%			59.5	%			14.2x				7.0	%			0.5	%			11.8	%			4.1	%		$	10.00			$	14.64				46.4	%		$	14.58				45.8	%		$	15.47				54.7	%		$	20.99				109.9	%
						Averages - Standard Conversions:		$	770				10.74	%			0.41	%			183	%		$	64.1				100	%			123	%			7.7	%			N.A.				N.A.				7.8	%			3.8	%			10.0	%			5.8	%			0.00	%			54.5	%			28.9x				9.2	%			0.2	%			16.9	%			2.2	%		$	10.00			$	12.25				22.5	%		$	12.50				25.0	%		$	12.90				29.0	%		$	15.63				56.3	%
						Medians - Standard Conversions:		$	353				6.87	%			0.40	%			184	%		$	23.1				100	%			132	%			7.4	%			N.A.				N.A.				8.0	%			4.0	%			10.0	%			3.4	%			0.00	%			53.7	%			25.5x				7.0	%			0.2	%			11.8	%			1.7	%		$	10.00			$	11.40				14.0	%		$	11.55				15.5	%		$	12.30				23.0	%		$	16.74				67.4	%
Second Step Conversions
Seneca Bancorp, Inc., NY*			10/16/25			SNNF-OTCQX		$	299				7.94	%			0.31	%			186	%		$	10.4				58	%			100	%			15.1	%			N.A.				N.A.				8.0	%			4.0	%			10.0	%			9.6	%			0.00	%			58.6	%			20.8x				5.8	%			0.3	%			16.9	%			2.8	%		$	10.00			$	10.22				2.2	%		$	10.10				1.0	%		$	9.75				-2.5	%		$	12.06				20.6	%
Lake Shore Bancorp, Inc., NY*			7/21/25			LSBK-NASDAQ		$	689				13.16	%			0.66	%			114	%		$	49.5				63	%			99	%			4.4	%			N.A.				N.A.				8.0	%			4.0	%			10.0	%			5.3	%			0.00	%			59.2	%			14.4x				10.7	%			0.7	%			18.1	%			4.1	%		$	10.00			$	11.95				19.5	%		$	12.11				21.1	%		$	12.33				23.3	%		$	17.81				78.1	%
						Averages - Second Step Conversions:		$	494				10.55	%			0.49	%			150	%		$	30.0				61	%			100	%			9.8	%			N.A.				N.A.				8.0	%			4.0	%			10.0	%			7.5	%			0.00	%			58.9	%			17.6x				8.3	%			0.5	%			17.5	%			3.5	%		$	10.00			$	11.09				10.9	%		$	11.11				11.1	%		$	11.04				10.4	%		$	14.94				49.4	%
						Medians - Second Step Conversions:		$	494				10.55	%			0.49	%			150	%		$	30.0				61	%			100	%			9.8	%			N.A.				N.A.				8.0	%			4.0	%			10.0	%			7.5	%			0.00	%			58.9	%			17.6x				8.3	%			0.5	%			17.5	%			3.5	%		$	10.00			$	11.09				10.9	%		$	11.11				11.1	%		$	11.04				10.4	%		$	14.94				49.4	%
Mutual Holding Companies
						Averages - MHC Conversions:
						Medians - MHC Conversions:
						Averages - All Conversions:		$	691				10.68	%			0.43	%			174	%		$	54.3				89	%			117	%			8.3	%			N.A.				N.A.				7.9	%			3.9	%			10.0	%			6.3	%			0.00	%			55.8	%			25.1x				8.9	%			0.3	%			17.1	%			2.6	%		$	10.00			$	11.92				19.2	%		$	12.10				21.0	%		$	12.37				23.7	%		$	15.43				54.3	%
						Medians - All Conversions:		$	353				7.94	%			0.40	%			184	%		$	23.1				100	%			132	%			7.4	%			N.A.				N.A.				8.0	%			4.0	%			10.0	%			5.3	%			0.00	%			58.6	%			17.6x				7.0	%			0.3	%			16.9	%			2.8	%		$	10.00			$	11.40				14.0	%		$	11.55				15.5	%		$	12.30				23.0	%		$	16.74				67.4	%

Note: * - Appraisal performed by RP Financial; BOLD = RP Financial assisted in the business plan preparation, “NT” - Not Traded; “NA” - Not Applicable, Not Available; C/S-Cash/Stock.

 

(1)   As a percent of MHC offering for MHC transactions.		(5)   Mutual holding company pro forma data on full conversion basis.
(2)   Does not take into account the adoption of SOP 93-6.		(6)   Simultaneously completed acquisition of another financial  institution.
(3)   Latest price if offering is less than one week old.		(7)   Simultaneously converted to a commercial bank charter.
(4)   Latest price if offering is more than one week but less than one month old.		(8)   Former credit union.

 

Boards of Directors

June 30, 2026

Page 6

 

On June 23, 2026, the Company announced an increase in the maximum purchase limitation from $3.0 million to $8.0 million for individual purchasers and from $10.0 million to $50.0 million for group purchasers. Only those persons who subscribed for the maximum number of shares in the subscription offering were resolicited and given the opportunity to purchase additional shares up to the new purchase limits. An additional 17,438,114 shares were subscribed for in the resolicitation, which included 23 orders for the $8.0 million maximum individual order amount. There were no orders received for the $50.0 million maximum group order amount. The resolicitation offering reflected participation by 75 of the maximum purchasers with an average order increase of 232,508 shares.

The final subscription results, including the additional orders received from maximum purchasers in the resolicitation, totaled $1,099,264,810, based on orders received for 109,926,481 shares at $10.00 per share. Out-of-state orders totaled $698,824,040, equal to 63.57% of the total subscription offering. A distribution summary of the orders received, as provided by KBW, is shown in the table below.

 

Category		Shares Ordered				Number of Orders				Average Shares Ordered				Percent of Total Orders
Eligible Account Holders			101,375,878				5,045				20,094				92.22	%
ESOP(1)			—				—				—				—
401(k)			736,994				1				736,994				0.67
Supplemental Elg. Acct. Holders			7,536,336				193				39,048				6.86
Other Members			277,273				48				5,777				0.25
Total			109,926,481				5,287				20,792				100.00	%

 

(1)	ESOP will purchase 3.0% of the second-step offering shares at the proposed closing value.

Summary of Adjustments

In the First Update, we made the following adjustments to Columbia Financial’s pro forma value based upon our comparative analysis to the Peer Group:

 

Key Valuation Parameters:		Previous Valuation Adjustment
Financial Condition		Slight Upward
Profitability, Growth and Viability of Earnings		Slight Downward
Asset Growth		Slight Upward
Primary Market Area		No Adjustment
Dividends		No Adjustment
Liquidity of the Shares		No Adjustment
Marketing of the Issue		No Adjustment
Management		No Adjustment
Effect of Govt. Regulations and Regulatory Reform		No Adjustment

Except for marketing of the issue, the factors for the valuation parameters did not change since the First Update. Accordingly, those parameters were not discussed further in this update.

Boards of Directors

June 30, 2026

Page 7

 

In reaching the conclusion that “no adjustment” continued to be appropriate for marketing of the issue, we considered the following factors: the changes in the market for thrift and bank stocks, including the Peer Group and the new issue market for thrift stocks; the trading activity in CLBK’s stock and the results of the Company’s subscription offering.

The broader market for bank and thrift stocks was up slightly since the date of the First Update, with the market-cap weighted S&P U.S. BMI Banks Index increasing 1.89% since the date of the First Update. Comparatively, the Peer Group’s updated pricing measures, as well as CLBK’s stock price showed relatively larger increases since the date of the First Update. In terms of performance of the broader stock market since the date of the First Update, the DJIA was up 1.46%, the NASDAQ was down 1.15% and the S&P 500 was down 0.02%. Two second-step conversion offerings have been completed during the past twelve and are currently trading above their IPO prices. Both of the second-step offerings were significantly smaller offerings compared to the size of Columbia Financial’s offering. The resolicitation of qualifying subscribers concluded on June 30, 2026, with total orders received in the subscription offering remaining less than the minimum of the offering range. Columbia Financial intends to issue sufficient shares of its common stock to stockholders of Northfield Bancorp to achieve the minimum of the offering range and plans to commence a firm commitment underwritten offering for its common stock.

Valuation Approaches

In applying the accepted valuation methodology promulgated by the regulatory agencies, i.e., the pro forma market value approach, we considered the three key pricing ratios in valuing Columbia Financial’s to-be-issued stock — price/earnings (“P/E”), price/book (“P/B”), and price/assets (“P/A”) approaches — all performed on a pro forma basis including the effects of the conversion proceeds and the merger with Northfield Bancorp.

In computing the pro forma impact of the offering and the related pricing ratios, the valuation parameters utilized in the First Update did not change.

Consistent with the Original Appraisal and First Update, this updated appraisal continues to be based primarily on fundamental analysis techniques applied to the Peer Group, including the P/E approach, the P/B approach and the P/A approach. Also consistent with the Original Appraisal and First Update, this updated appraisal incorporates a “technical” analysis of recently completed offerings, including principally the P/B approach which (as discussed in the Original Appraisal and First Update) is the most meaningful pricing ratio as the pro forma P/E ratios reflect an assumed reinvestment rate and do not yet reflect the actual use of proceeds.

RP Financial also considered the trading price of CLBK’s stock, which had a closing price of $21.22 as of June 30, 2026, an increase of 5.94% from its closing price as of June 18, 2026. The $21.22 closing trading price implied a pro forma market capitalization of approximately $2.208 billion, which is between the minimum and midpoint of the full conversion valuation range as set forth in the First Update.

The Company has adopted “Employers’ Accounting for Employee Stock Ownership Plans” (“ASC 718-40”), which causes earnings per share computations to be based on shares issued and outstanding excluding unreleased ESOP shares. For purposes of preparing the pro

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forma pricing analyses, we have reflected all shares issued in the offering, including all ESOP shares, to capture the full dilutive impact, particularly since the ESOP shares are economically dilutive, receive dividends and can be voted. However, we did consider the impact of ASC 718-40 in the valuation.

In preparing the pro forma pricing analysis, we took into account the FRB’s policy potentially leading to minority shareholder dilution with the consolidation of the MHC’s net assets with the issuer’s equity at closing. In the Company’s case, however, the MHC has net liabilities of $48,000, leading to a nominal reduction of equity. Accordingly, no adjustment to the minority shareholder exchange ratio per the FRB policy is applicable in the Company’s second-step conversion.

Overall, taking into account the foregoing factors, RP Financial concluded that as of June 30, 2026, the aggregate pro forma value of Columbia Financial’s conversion stock equaled $2,291,268,770, equal to 229,126,877 shares at $10.00 per share. The midpoint, which was unchanged from the midpoint value set forth in the First Update, is based on the sale of a 73.10% ownership interest to the public. The public offering at the midpoint value is $1,675,000,000, equal to 167,500,000 shares at $10.00 per share. The aggregate pro forma market value of Columbia Financial’s conversion stock, including the 41,800,140 shares of stock to-be-issued for the acquisition of Northfield Bancorp, was $2,709,270,170 at the midpoint, equal to 270,927,017 shares at $10.00 per share. The 73.10% ownership interest was based on the Company’s shares outstanding as of December 31, 2025, which is consistent with the date of the pro forma data in the Company’s prospectus. As of March 31, 2026, the MHC’s ownership interest equaled 72.99%.

1. Price-to-Earnings (“P/E”). The application of the P/E valuation method requires calculating the Company’s pro forma market value by applying a valuation P/E multiple to the pro forma earnings base. In applying this technique, we considered both reported earnings and a recurring earnings base, that is, earnings adjusted to exclude any one-time non-operating items, plus the estimated after-tax earnings benefit of the reinvestment of the net proceeds. The Company’s reported earnings, including the estimated pro forma impact of the Northfield Bancorp acquisition, equaled $76.788 million for the twelve months ended March 31, 2026. In deriving Columbia Financial’s core earnings, the adjustments made to reported earnings were to eliminate gain on securities of $288,000, change in fair value of equity securities of $1.140 million, goodwill impairment of $41.012 million and merger related expense of $3.746 million. As shown below, assuming an effective marginal tax rate of 27.0% for the earnings adjustments, the Company’s core earnings were estimated at $108.420 million for the twelve months ended March 31, 2026.

 

		Amount
		($000)
Net income (loss)		$	76,788
Deduct; Gain on equity securities (1)			(210	)
Deduct: Change in fair value of equity securities (1)			(832	)
Add: Goodwill impairment (1)			29,939
Add: Merger related expenses (1)			2,735
Core earnings estimate		$	108,420

 

(1)	Tax effected at 27.0%.

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Based on Columbia Financial’s reported and estimated core earnings and incorporating the impact of the pro forma assumptions discussed previously, the Company’s reported and core P/E multiples at the $2.709 billion midpoint value equaled 25.84 times and 19.85 times, respectively. The Company’s updated reported and core P/E multiples indicate premiums of 83.65% and 41.99% relative to the Peer Group’s average reported and core P/E multiples of 14.07 times and 13.98 times, respectively (versus premiums of 93.70% and 50.72% relative to the Peer Group’s average reported and core P/E multiples as indicated in the First Update). The Company’s updated reported and core P/E multiples at the updated midpoint value indicated premiums of 88.61% and 47.58% relative to the Peer Group’s median reported and core P/E multiples, which equaled 13.70 times and 13.45 times, respectively (versus premiums of 96.35% and 54.84% relative to the Peer Group’s median reported and core P/E multiples as indicated in the First Update). The Company’s pro forma P/E ratios based on reported earnings at the adjusted minimum and the maximum equaled 22.23x and 27.90x, respectively, and based on core earnings at the adjusted minimum and the maximum equaled 16.33x and 21.66x, respectively. The Company’s implied conversion pricing ratios relative to the Peer Group’s pricing ratios are indicated in Table 2, and the pro forma calculations are detailed in Exhibits 2 and 3.

2. P/B Approach. In applying the P/B approach, we considered both reported book value and tangible book value, taking into account the pro forma impact of the Northfield Bancorp acquisition. Based on the $2.709 billion midpoint value, the Company’s P/B and P/TB ratios equaled 86.66% and 92.34%, respectively. In comparison to the average P/B and P/TB ratios indicated for the Peer Group of 123.94% and 156.16%, respectively, Columbia Financial’s updated ratios reflected a discount of 30.08% on a P/B basis and a discount of 40.87% on a P/TB basis (versus discounts of 26.58% and 37.95% from the Peer Group’s average P/B and P/TB ratios as indicated in the First Update). In comparison to the median P/B and P/TB ratios indicated for the Peer Group of 126.85% and 151.51%, respectively, Columbia Financial’s updated ratios at the $2.709 billion midpoint value reflected discounts of 31.68% and 39.05% (versus discounts of 28.07% and 36.03% from the Peer Group’s median P/B and P/TB ratios as indicated in the First Update). At the maximum of the range, the Company’s P/B and P/TB ratios equaled 91.32% and 96.99%, respectively. In comparison to the Peer Group’s average P/B and P/TB ratios, the Company’s P/B and P/TB ratios at the maximum of the range reflected discounts of 26.32% and 37.89%, respectively. In comparison to the Peer Group’s median P/B and P/TB ratios, the Company’s P/B and P/TB ratios at the maximum of the range reflected discounts of 28.01% and 35.98%, respectively.

3. P/A Approach. P/A ratios are generally not as a reliable indicator of market value, as investors do not place significant weight on total assets as a determinant of market value. Investors place significantly greater weight on book value and earnings – and which have received greater weight in our valuation analysis. At the $2.709 billion midpoint value Columbia Financial’s pro forma P/A ratio equaled 15.05%. In comparison to the Peer Group’s average P/A ratio of 13.86%, Columbia Financial’s P/A ratio indicated a premium of 8.59% (versus a premium of 13.93% at the midpoint valuation in the First Update). In comparison to the Peer Group’s median P/A ratio of 13.62%, Columbia Financial’s P/A ratio at the $2.709 billion updated midpoint value indicated a premium of 10.50% (versus a premium of 15.59% at the midpoint valuation in the First Update).

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Table 2

Fully-Converted Market Pricing Versus Peer Group

Columbia Financial, Inc.

As of June 30, 2026

 

								Market Capitalization								Per Share Data
																Core 12 Month EPS(1)				Book Value/ Share																								Dividends(3)												Financial Characteristics(5)
								Price/ Share				Market Value												Pricing Ratios(2)																				Amount/ Share				Yield				Payout Ratio(4)				Total Assets				Equity/ Assets				Tang. Eq./ T. Assets				NPAs/ Assets				Reported								Core								Offering Range				Exchange Ratio
																								P/E				P/B				P/A				P/TB				P/Core																																ROAA				ROAE				ROAA				ROAE
								($)				($Mil)				($)				($)				(x)				(%)				(%)				(%)				(x)				($)				(%)				(%)				($Mil)				(%)				(%)				(%)				(%)				(%)				(%)				(%)				($Mil)				(xl)
Columbia Financial, Inc.					NJ
Maximum								$	10.00			$	3,064.69			$	0.46			$	10.95				27.90x				91.32	%			16.80	%			96.99	%			21.66x			$	0.20				2.00	%			55.79	%		$	18,241				18.39	%			17.52	%			0.38	%			0.60	%			3.28	%			0.78	%			4.22	%		$	1,926.25				2.5340x
Midpoint								$	10.00			$	2,709.27			$	0.50			$	11.54				25.84x				86.66	%			15.05	%			92.34	%			19.85x			$	0.20				2.00	%			51.67	%		$	17,999				17.37	%			16.47	%			0.38	%			0.58	%			3.35	%			0.76	%			4.37	%		$	1,675.00				2.2035x
Minimum								$	10.00			$	2,365.58			$	0.56			$	12.22				23.74x				81.83	%			13.32	%			87.72	%			18.02x			$	0.20				2.00	%			47.47	%		$	17,764				16.28	%			15.35	%			0.39	%			0.56	%			3.45	%			0.74	%			4.54	%		$	1,423.75				1.8729x
Adjusted Minimum								$	10.00			$	1,947.58			$	0.61			$	12.68				22.23x				78.86	%			11.23	%			85.54	%			16.33x			$	0.20				2.00	%			44.47	%		$	17,342				14.24	%			13.27	%			0.40	%			0.51	%			3.55	%			0.69	%			4.83	%		$	1,005.75				1.8729x
All Public Banks and Non-MHC Thrifts(6)
Averages								$	56.90			$	10,621.88			$	4.41			$	41.69				13.90x				132.71	%			14.72	%			159.48	%			13.06x			$	1.19				2.49	%			37.11	%		$	76,602				11.49	%			9.98	%			0.60	%			1.06	%			9.54	%			1.16	%			10.42	%
Median								$	36.63			$	895.90			$	3.09			$	28.72				12.88x				124.60	%			13.84	%			154.25	%			12.27x			$	1.00				2.45	%			30.25	%		$	6,508				11.03	%			9.35	%			0.48	%			1.11	%			10.34	%			1.19	%			11.03	%
All Public Banks and Non-MHC Thrifts State of NJ(6)
Averages								$	26.42			$	1,409.31			$	2.05			$	24.92				15.11x				101.56	%			11.81	%			116.48	%			14.39x			$	0.57				2.41	%			35.60	%		$	11,591				11.76	%			10.49	%			0.64	%			0.94	%			7.86	%			0.96	%			8.11	%
Medians								$	19.68			$	589.30			$	1.78			$	22.63				13.23x				98.88	%			11.44	%			111.51	%			12.91x			$	0.44				2.33	%			37.62	%		$	3,971				11.47	%			9.43	%			0.66	%			0.86	%			7.29	%			0.96	%			8.45	%
Comparable Group
Averages								$	43.50			$	1,827.30			$	3.13			$	33.67				14.07x				123.94	%			13.86	%			156.16	%			13.98x			$	1.01				2.58	%			34.28	%		$	12,966				11.32	%			9.27	%			0.53	%			1.11	%			9.96	%			1.09	%			9.61	%
Medians								$	42.20			$	1,721.76			$	2.88			$	32.70				13.70x				126.85	%			13.62	%			151.51	%			13.45x			$	0.86				2.61	%			36.84	%		$	11,103				11.28	%			9.08	%			0.56	%			1.16	%			10.15	%			1.16	%			10.03	%
Comparable Group
CCNE		CNB Financial Corporation			PA			$	33.71			$	988.33			$	3.08			$	28.06				12.00x				120.15	%			11.81	%			140.66	%			10.94x			$	0.76				2.25	%			26.33	%		$	8,515				10.44	%			9.15	%			0.58	%			1.07	%			10.36	%			1.17	%			11.35	%
CNOB		ConnectOne Bancorp, Inc.			NJ			$	33.44			$	1,677.77			$	2.41			$	29.44				19.33x				113.58	%			11.93	%			139.75	%			13.90x			$	0.78				2.33	%			42.49	%		$	14,210				11.20	%			9.43	%			0.29	%			0.74	%			6.52	%			0.96	%			8.45	%
DCOM		Dime Commercial Bancshares, Inc.			NY			$	40.65			$	1,793.21			$	2.68			$	31.33				15.28x				129.74	%			12.03	%			146.57	%			15.17x			$	1.00				2.46	%			37.59	%		$	15,000				9.98	%			9.02	%			0.64	%			0.85	%			8.43	%			0.85	%			8.50	%
FCF		First Commonwealth Financial Corporation			PA			$	20.33			$	2,059.27			$	1.58			$	15.27				13.46x				133.13	%			16.86	%			179.11	%			12.89x			$	0.56				2.75	%			36.09	%		$	12,263				12.66	%			9.73	%			0.54	%			1.29	%			10.25	%			1.35	%			10.70	%
KRNY		Kearny Financial Corp.			NJ			$	9.46			$	595.34			$	0.56			$	11.79				16.60x				80.26	%			8.05	%			94.46	%			16.95x			$	0.44				4.65	%			77.19	%		$	7,608				10.03	%			8.65	%			0.69	%			0.47	%			4.78	%			0.46	%			4.67	%
NBTB		NBT Bancorp Inc.			NY			$	49.37			$	2,567.75			$	3.98			$	36.81				14.07x				134.13	%			15.85	%			182.52	%			12.40x			$	1.48				3.00	%			42.17	%		$	16,204				11.81	%			8.96	%			0.36	%			1.16	%			10.06	%			1.31	%			11.39	%
PGC		Peapack- Gladstone Financial Corporation			NJ			$	47.33			$	828.50			$	2.47			$	37.79				19.08x				125.24	%			10.93	%			134.24	%			19.15x			$	0.20				0.42	%			6.05	%		$	7,699				9.08	%			8.55	%			0.77	%			0.60	%			6.85	%			0.59	%			6.82	%
PFS		Provident Financial Services, Inc.			NJ			$	23.64			$	3,080.62			$	2.56			$	21.97				10.06x				107.60	%			12.22	%			147.37	%			9.22x			$	0.96				4.06	%			40.85	%		$	25,202				11.36	%			8.56	%			0.58	%			1.24	%			11.04	%			1.36	%			12.04	%
STBA		S&T Bancorp, Inc.			PA			$	49.08			$	1,765.75			$	3.58			$	39.46				13.75x				124.39	%			17.90	%			168.65	%			13.71x			$	1.48				3.02	%			40.06	%		$	9,944				14.39	%			11.03	%			0.50	%			1.39	%			9.32	%			1.39	%			9.35	%
TMP		Tompkins Financial Corporation			NY			$	94.52			$	1,359.48			$	5.45			$	65.78				8.41x				143.69	%			15.63	%			155.65	%			17.33x			$	2.68				2.84	%			23.22	%		$	8,696				10.89	%			10.14	%			0.59	%			1.94	%			20.27	%			0.94	%			9.84	%
UVSP		Univest Financial Corporation			PA			$	43.75			$	1,218.25			$	3.31			$	34.06				13.14x				128.45	%			15.02	%			157.88	%			13.20x			$	0.92				2.10	%			26.73	%		$	8,142				11.69	%			9.72	%			0.46	%			1.16	%			10.27	%			1.15	%			10.22	%
WSFS		WSFS Financial Corporation			DE			$	76.73			$	3,993.34			$	5.95			$	52.24				13.65x				146.87	%			18.09	%			227.00	%			12.90x			$	0.80				1.04	%			12.63	%		$	22,107				12.28	%			8.29	%			0.40	%			1.44	%			11.40	%			1.53	%			12.02	%

 

(1)	Core income, on a diluted per-share basis. Core income is net income after taxes and before extraordinary items, less net income attributable to noncontrolling interest, gain on the sale of securities, amortization of intangibles, goodwill and nonrecurring items. Assumed tax rate is 35%.

(2)	P/E = Price to earnings; P/B = Price to book; P/A = Price to assets; P/TB = Price to tangible book value; and P/Core = Price to core earnings. P/E and P/Core =NM if the ratio is negative or above 35x.

(3)	Indicated 12 month dividend, based on last quarterly dividend declared.

(4)	Indicated 12 month dividend as a percent of trailing 12 month earnings.

(5)	Equity and tangible equity equal common equity and tangible common equity, respectively. ROAA (return on average assets) and ROAE (return on average equity) are indicated ratios based on trailing 12 month earnings and average equity and assets balances.

(6)	Excludes from averages and medians those companies the subject of actual or rumored acquisition activities or unusual operating characteristics.

Source: S&P Global Market Intelligence and RP Financial, LC. calculations. The information provided in this report has been obtained from sources we believe are reliable, but we cannot guarantee the accuracy or completeness of such information.

Copyright (c) 2026 by RP^® Financial, LC.

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June 30, 2026

Page 12

 

Comparison to Recent Offerings

As discussed previously, the average closing pro forma P/TB ratio of the two second-step offerings completed during the past twelve months equaled 58.90%. In comparison, the Company’s pro forma price/tangible book ratio of 92.34% at the midpoint value reflects an implied premium of 56.77% and at the maximum P/TB ratio of 96.99% reflects an implied premium of 64.67%.

Valuation Conclusion

Our analysis indicates that the Company’s estimated pro forma market value did not change from the midpoint value as set forth in the First Update. Accordingly, based on the foregoing, it is our opinion that, as of June 30, 2026, the estimated aggregate pro forma value of the shares of common stock of the Company to be issued and outstanding upon completing the conversion offering – including (1) newly-issued shares representing the MHC’s current ownership interest in the Company and (2) exchange shares issued to existing public shareholders of Columbia Financial – was $2,291,268,770 at the midpoint, equal to 229,126,877 shares at $10.00 per share. The resulting range of value and pro forma shares, all based on $10.00 per share, are as follows: $1,947,578,450 or 194,757,845 shares at the minimum/adjusted minimum and $2,634,959,080 or 263,495,908 shares at the maximum.

Based on this valuation and taking into account the MHC’s ownership interest, the midpoint of the offering range is $1,675,000,000 equal to 167,500,000 shares at $10.00 per share. The resulting offering range and offering shares, all based on $10.00 per share, are as follows: $1,423,750,000 or 142,375,000 shares at the minimum and $1,926,250,000 or 192,625,000 shares at the maximum. At the adjusted minimum of the offering range, the public offering is $1,005,748,600 equal to 100,574,860 shares at $10.00 per share and the merger shares applied to the offering range is $418,001,400 equal to 41,800,140 shares at $10.00 per share.

Taking into account the Company’s use of proceeds, as of June 18, 2026, the estimated aggregate pro forma market value of the shares to be issued immediately following the conversion, including the 41,800,140 merger shares issued to Northfield Bancorp’s shareholders as part of the $597.1 million cash and stock merger with Northfield Bancorp was $2,709,270,170 at the midpoint, equal to 270,927,017 shares at a per share value of $10.00. Based on the foregoing valuation, the corresponding range of shares and market values based on a $10.00 per share price are as follows:

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June 30, 2026

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Shares

 

Conclusion		2nd Step Offering Shares				2nd Step Exchange Shares				Full Conversion Shares				Merger Shares Issued To Target				Merger Shares Applied to Offering				Total Market Capitalization Shares				Exchange Ratio				Merger Shares Pct. Of Total
Maximum			192,625,000				70,870,908				263,495,908				42,973,477				0				306,469,385				2.5340				14.02	%
Midpoint			167,500,000				61,626,877				229,126,877				41,800,140				0				270,927,017				2.2035				15.43	%
Minimum			142,375,000				52,382,845				194,757,845				41,800,140				0				236,557,985				1.8729				17.67	%
Adusted Minimum(4)			100,574,860				52,382,845				194,757,845				0				41,800,140				194,757,845				1.8729				21.46	%
Market Value
Conclusion		2nd Step Offering Value				2nd Step Exchange Shares Value				Full Conversion Value				Merger Shares Value				Merger Shares Applied to Offering				Total Market Capitalization Value
Maximum		$	1,926,250,000			$	708,709,080			$	2,634,959,080			$	429,734,770				0			$	3,064,693,850
Midpoint		$	1,675,000,000			$	616,268,770			$	2,291,268,770			$	418,001,400				0			$	2,709,270,170
Minimum		$	1,423,750,000			$	523,828,450			$	1,947,578,450			$	418,001,400				0			$	2,365,579,850
Adjusted Minimum(4)		$	1,005,748,600			$	523,828,450			$	1,947,578,450			$	0				418,001,400			$	1,947,578,450

The pro forma valuation calculations relative to the Peer Group are shown in Table 7 and are detailed in Exhibit 2 and Exhibit 3.

Establishment of the Exchange Ratio

Conversion regulations provide that in a conversion of a mutual holding company, the minority shareholders are entitled to exchange the public shares for newly issued shares in the fully converted company. The Boards of Directors of the MHC and CLBK have independently determined the exchange ratio, which has been designed to preserve the current aggregate minority shareholder ownership percentage in the Company. The exchange ratio to be received by the existing minority shareholders of the Company will be determined at the end of the offering, based on the total number of shares sold in the second-step conversion offering and the final appraisal. Based on the valuation conclusion herein, the resulting offering value and the $10.00 per share offering price, the indicated exchange ratio at the midpoint is 2.2035 shares of the Company’s stock for every one public share held by public shareholders. Furthermore, based on the offering range of value, the indicated exchange ratio is 1.8729 at the minimum/adjusted minimum and 2.5340 at the maximum. RP Financial expresses no opinion on the proposed exchange of newly issued Company shares for the shares held by the public shareholders or on the proposed exchange ratio.

Boards of Directors

June 30, 2026

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Firm Commitment Underwritten Offering

The Company plans to commence a firm commitment underwritten offering to sell shares to the general public, including institutional investors, to complete the second-step offering. KBW is serving as the lead-left book running manager, Piper Sandler & Co. is acting as co-book running manager and Brean Capital, LLC. is acting as co-manager for the firm commitment underwritten offering.

 

 

 

EXHIBITS

LIST OF EXHIBITS

 

Exhibit Number		Description
1		Stock Prices: As of June 30, 2026
2		Pro Forma Analysis Sheet
3		Pro Forma Effect of Conversion Proceeds
4		Firm Qualifications Statement

 

 

EXHIBIT 1

Stock Prices

As of June 30, 2026

Exhibit 1A

Weekly Bank and Thrift Market Line - Part One

Prices As of June 30, 2026

 

 

						Market Capitalization												Price Change Data																								Current Per Share Financials
						Price/ Share(1)				Shares Outstanding				Market Capitalization				52 Week (1)								Last Wk				% Change From												LTM EPS (3)				LTM Core EPS (3)				BV/ Share				TBV/ Share (4)				Assets/ Share				Assets
																		High				Low								Last Wk				52 Wks (2)				MRY (2)
						($)				(000)				($Mil)				($)				($)				($)				(%)				(%)				(%)				($)				($)				($)				($)				($)
Companies
SRCE		1st Source Corporation		MW			81.58				24,069				1,963.5				86.64				56.89				78.94				3.34				31.43				30.55				6.52				6.81				53.10				49.61				378.64				9,113,429
ACNB		ACNB Corporation		MA			59.38				10,212				606.4				60.88				40.80				58.29				1.87				38.61				22.81				4.89				5.67				41.16				32.85				320.20				3,269,864
ALRS		Alerus Financial Corporation		MW			31.10				25,129				781.5				31.13				20.26				30.38				2.37				43.72				38.10				1.05				3.47				22.79				18.15				210.44				5,287,971
AMAL		Amalgamated Financial Corp.		MA			45.90				29,867				1,370.9				47.17				25.13				45.35				1.21				47.12				43.30				3.44				3.52				27.05				26.59				307.05				9,170,892
AMTB		Amerant Bancorp Inc.		SE			25.52				39,802				1,015.7				26.11				15.62				24.28				5.11				39.99				30.80				1.41				1.87				22.96				22.42				248.82				9,903,514
ABCB		Ameris Bancorp		SE			90.26				67,066				6,053.3				91.41				64.30				88.35				2.16				39.51				21.53				6.36				6.49				60.64				44.76				419.14				28,109,935
ASRV		AmeriServ Financial, Inc.		MA			3.88				16,964				65.8				4.04				2.64				3.82				1.57				27.63				21.63				0.33				0.33				7.12				6.31				86.81				1,472,654
ATLO		Ames National Corporation		MW			29.61				8,857				262.3				32.16				17.66				30.85				-4.02				66.25				28.96				2.42				2.45				23.44				21.95				241.90				2,142,539
AROW		Arrow Financial Corporation		MA			40.99				16,529				677.5				41.42				25.84				39.95				2.60				55.15				30.54				3.09				3.20				26.63				25.12				273.58				4,522,019
ASB		Associated Banc-Corp		MW			30.77				163,363				5,026.7				31.34				23.63				29.88				2.98				26.16				19.45				2.88				2.93				29.04				22.23				279.10				45,593,740
AUB		Atlantic Union Bankshares Corporation		SE			42.31				143,116				6,055.2				42.53				30.39				40.36				4.83				35.26				19.86				2.36				3.50				34.39				19.93				260.73				37,315,011
AUBN		Auburn National Bancorporation, Inc.		SE			27.04				3,493				94.5				29.00				21.01				25.45				6.25				8.16				0.33				2.27				2.27				26.62				26.62				293.98				1,026,946
AVBH		Avidbank Holdings, Inc.		WE			33.03				10,955				361.8				33.52				20.24				32.70				1.01				61.67				24.36				-1.88				3.50				26.33				26.33				235.46				2,579,554
AVBC		Avidia Bancorp, Inc.		NE			20.99				18,571				389.8				21.43				14.00				20.36				3.09				43.37				24.87				NA				NA				19.10				18.51				151.18				2,807,417
AX		Axos Financial, Inc.		WE			97.39				56,885				5,540.0				101.92				74.89				91.40				6.55				28.08				13.03				8.23				8.18				53.89				50.18				514.18				29,248,986
BANC		Banc of California, Inc.		WE			20.43				154,202				3,150.3				21.61				13.96				20.51				-0.39				45.41				5.91				1.31				1.45				19.80				17.77				225.19				34,724,241
BANF		BancFirst Corporation		SW			111.13				33,586				3,732.5				138.77				101.48				111.99				-0.77				-10.10				4.82				7.30				7.24				56.65				50.58				450.08				15,116,541
BFC		Bank First Corporation		MW			148.35				11,163				1,656.1				153.00				115.29				144.66				2.55				26.09				21.78				7.19				8.39				73.05				47.04				543.66				6,069,013
BAC		Bank of America Corporation		SE			56.98				7,096,591				404,363.7				59.20				44.75				57.91				-1.61				20.41				3.60				4.03				4.04				38.66				28.73				492.66				3,496,186,000
BOH		Bank of Hawaii Corporation		WE			81.49				39,621				3,228.7				83.18				59.36				81.10				0.48				20.67				19.19				4.95				5.07				38.33				37.53				603.47				23,909,933
BMRC		Bank of Marin Bancorp		WE			27.70				15,989				442.9				28.48				21.77				26.41				4.88				21.28				6.50				-2.02				2.40				24.37				19.77				244.80				3,914,117
BOTJ		Bank of the James Financial Group, Inc.		SE			25.52				4,543				115.9				29.79				13.26				24.55				3.95				81.51				37.35				2.42				2.51				17.89				16.11				233.57				1,061,189
OZK		Bank OZK		SE			52.09				109,166				5,686.5				53.66				42.37				50.62				2.90				10.69				13.19				6.14				6.14				53.19				47.15				381.66				41,663,976
BSVN		Bank7 Corp.		SW			48.95				9,519				466.0				50.10				38.29				46.69				4.84				17.02				19.45				4.66				4.67				27.29				26.04				204.33				1,945,080
BKU		BankUnited, Inc.		SE			48.45				72,682				3,521.4				52.11				34.79				49.12				-1.36				36.13				8.71				3.59				3.56				41.11				40.05				486.49				35,358,613
BWFG		Bankwell Financial Group, Inc.		NE			58.75				7,771				456.5				59.89				35.83				57.52				2.14				63.06				28.22				4.98				4.98				39.11				38.63				434.17				3,373,859
BANR		Banner Corporation		WE			66.44				33,968				2,256.8				69.83				57.05				66.96				-0.78				3.57				6.03				5.94				6.04				58.06				46.97				481.17				16,344,272
BHB		Bar Harbor Bankshares		NE			37.76				16,742				632.2				39.67				28.06				37.33				1.15				26.03				21.61				2.45				3.37				32.13				22.71				279.31				4,676,228
BCML		BayCom Corp		WE			32.90				10,836				356.5				33.20				26.31				32.34				1.73				18.73				11.90				2.42				2.47				31.53				27.82				244.43				2,648,536
BAFN		BayFirst Financial Corp.		SE			5.00				4,107				20.5				15.45				4.26				4.65				7.53				-64.29				-36.31				-7.22				-5.83				16.10				NA				291.19				1,195,910
BCBP		BCB Bancorp, Inc.		MA			10.72				17,363				186.1				11.71				7.31				10.66				0.56				27.32				32.84				-0.07				-0.06				16.25				15.95				188.28				3,269,097
BBT		Beacon Financial Corporation		NE			30.45				84,028				2,558.6				32.83				22.81				30.23				0.73				21.61				15.47				1.74				2.66				29.81				23.42				264.53				22,227,616
BRBS		Blue Ridge Bankshares, Inc.		SE			3.53				88,500				312.4				4.79				3.23				3.50				0.86				-1.67				-17.33				0.12				NA				3.08				3.06				27.28				2,414,046
BOKF		BOK Financial Corporation		SW			138.88				60,760				8,438.3				139.73				96.89				135.22				2.71				42.25				17.24				9.88				9.56				98.31				80.58				884.80				53,760,405
BWB		Bridgewater Bancshares, Inc.		MW			21.04				27,883				586.7				21.23				14.90				20.44				2.94				32.24				20.02				1.77				1.64				16.60				15.92				191.35				5,335,396
BYFC		Broadway Financial Corporation		WE			9.66				8,872				85.7				10.46				5.51				9.58				0.84				33.24				30.54				-2.77				-0.55				12.10				11.95				160.73				1,426,065
BHRB		Burke & Herbert Financial Services Corp.		SE			71.86				20,150				1,448.0				72.35				56.11				66.93				7.37				20.31				15.33				7.71				8.28				56.77				51.83				393.44				7,927,711
BFST		Business First Bancshares, Inc.		SW			30.73				32,678				1,004.2				31.04				22.56				29.55				3.99				24.67				17.56				2.82				2.95				28.18				23.18				272.56				8,906,808
BVFL		BV Financial, Inc.		MA			21.18				8,084				171.2				22.17				14.60				21.11				0.33				39.07				16.76				1.39				1.62				20.99				19.27				112.67				910,857
BY		Byline Bancorp, Inc.		MW			37.66				45,409				1,710.1				37.75				25.38				35.98				4.67				40.89				29.19				3.07				3.28				28.17				23.57				218.23				9,909,680
CFFI		C&F Financial Corporation		SE			80.00				3,254				260.3				86.18				60.76				79.12				1.11				29.60				10.21				8.70				8.47				81.73				73.70				864.61				2,813,748
BCAL		California BanCorp		WE			20.84				32,165				670.3				20.99				14.56				20.31				2.61				32.23				11.62				1.83				1.96				17.97				13.97				125.87				4,048,734
CAC		Camden National Corporation		NE			54.22				16,915				917.1				54.79				35.00				52.78				2.73				33.61				24.99				4.70				5.01				41.98				30.58				411.57				6,961,581
CBNK		Capital Bancorp, Inc.		MA			35.12				16,288				572.0				36.40				26.40				34.20				2.69				4.59				24.67				3.31				3.46				25.10				22.53				233.82				3,808,467
CCBG		Capital City Bank Group, Inc.		SE			49.42				17,101				845.2				51.04				38.00				48.07				2.81				25.59				16.09				3.53				3.43				32.75				27.54				260.43				4,453,734
COF		Capital One Financial Corporation		SE			200.62				616,019				123,585.8				259.64				174.24				197.81				1.42				-5.71				-17.22				2.29				6.06				173.50				101.10				1108.58				682,905,000
CFFN		Capitol Federal Financial, Inc.		MW			8.51				124,060				1,055.7				8.58				5.71				8.29				2.65				39.51				24.96				0.60				0.60				8.03				7.96				79.23				9,829,080
CARE		Carter Bankshares, Inc.		SE			34.01				22,222				755.8				34.04				16.78				32.33				5.20				96.14				72.99				4.87				2.55				22.78				22.69				215.97				4,799,270
CLST		Catalyst Bancorp, Inc.		SW			16.51				4,052				66.9				18.16				12.10				16.47				0.24				33.25				4.83				0.55				0.57				20.26				20.26				71.20				288,508
CATY		Cathay General Bancorp		WE			61.99				67,035				4,155.5				62.46				43.66				60.89				1.81				36.15				28.10				4.85				4.68				44.60				38.95				358.74				24,048,630
CBFV		CB Financial Services, Inc.		MA			37.90				5,073				192.3				38.39				27.49				36.98				2.49				32.98				8.72				1.29				2.93				31.30				29.38				312.13				1,583,292
CBC		Central Bancompany, Inc.		MW			30.38				239,768				7,284.2				30.64				9.80				28.98				4.83				60.06				25.95				1.79				1.87				15.84				14.38				85.32				20,456,371
CPF		Central Pacific Financial Corp.		WE			38.20				26,101				997.1				38.29				25.62				36.97				3.33				36.28				22.59				2.99				2.99				22.74				22.74				287.17				7,495,363
CPBI		Central Plains Bancshares, Inc.		MW			19.03				3,895				74.1				19.11				14.85				18.72				1.66				25.84				12.47				1.05				1.05				21.21				NA				143.42				558,647
CFBK		CF Bankshares Inc.		MW			32.77				6,498				212.9				34.34				22.10				30.70				6.74				36.71				31.34				2.78				2.78				28.67				28.67				330.22				2,145,776
CBNA		Chain Bridge Bancorp, Inc.		SE			42.05				6,562				275.9				42.05				25.39				37.88				11.01				63.17				21.39				3.31				3.31				26.65				26.65				292.40				1,918,674
CHMG		Chemung Financial Corporation		MA			74.58				4,820				359.5				75.75				48.37				73.60				1.33				53.87				33.66				3.79				6.59				54.56				50.03				570.30				2,748,722
COFS		ChoiceOne Financial Services, Inc.		MW			34.00				14,975				509.2				35.40				26.10				32.68				4.04				18.47				15.18				3.70				4.03				31.42				20.77				293.46				4,394,565
C		Citigroup Inc.		MA			139.96				1,705,577				238,712.6				147.96				84.61				144.97				-3.46				64.43				19.94				8.07				8.74				112.23				99.01				1628.59				2,777,687,000
CZNC		Citizens & Northern Corporation		MA			23.31				17,917				417.6				24.12				18.16				22.09				5.52				23.07				15.57				1.09				1.57				18.74				14.60				176.62				3,164,340
CZWI		Citizens Community Bancorp, Inc.		MW			23.39				9,644				225.6				24.05				13.63				22.90				2.14				69.49				31.26				1.53				1.56				19.82				16.52				189.02				1,822,974
CFG		Citizens Financial Group, Inc.		NE			70.07				422,882				29,631.3				71.21				44.58				68.99				1.57				56.58				19.96				4.23				4.14				56.48				36.92				538.96				227,918,000
CZFS		Citizens Financial Services, Inc.		MA			72.44				4,805				348.1				74.47				49.99				69.51				4.22				23.37				27.04				8.19				8.25				71.51				53.34				629.87				3,026,478
CHCO		City Holding Company		SE			132.64				14,111				1,871.7				134.92				113.21				129.62				2.33				8.35				11.28				9.08				9.22				56.29				45.14				479.07				6,760,269
CIVB		Civista Bancshares, Inc.		MW			28.22				20,783				586.5				28.86				18.95				27.42				2.92				21.64				27.00				2.72				2.99				26.57				19.83				206.82				4,298,322
CCNE		CNB Financial Corporation		MA			33.71				29,319				988.3				34.29				21.63				33.06				1.97				47.46				28.81				2.81				3.08				28.06				23.97				290.43				8,514,896
CCB		Coastal Financial Corporation		WE			77.51				15,249				1,181.9				120.05				66.50				73.61				5.30				-19.99				-32.36				3.19				3.37				33.05				32.76				371.43				5,663,829
COSO		CoastalSouth Bancshares, Inc.		SE			26.85				12,036				323.2				27.64				19.24				27.15				-1.10				26.12				15.48				2.20				2.21				21.94				21.52				195.13				2,348,547
CBAN		Colony Bankcorp, Inc.		SE			20.09				21,160				425.1				21.61				15.80				21.08				-4.70				21.98				12.74				1.60				1.91				17.98				14.46				175.84				3,720,613
COLB		Columbia Banking System, Inc.		WE			32.05				289,490				9,278.2				32.70				22.77				31.27				2.49				37.08				14.67				2.51				3.39				26.47				19.03				228.08				66,027,000
CBSH		Commerce Bancshares, Inc.		MW			57.75				145,777				8,418.6				63.19				46.99				55.96				3.20				-2.47				10.34				4.07				4.00				29.47				26.80				245.01				35,717,256
CBK		Commercial Bancgroup, Inc.		SE			32.29				13,701				442.4				33.27				23.24				31.72				1.80				34.54				31.47				2.93				3.13				21.43				20.52				169.97				2,328,789
CMTV		Community Bancorp		NE			39.10				5,591				218.6				42.92				19.99				40.62				-3.74				95.50				57.09				3.17				2.92				20.88				18.81				220.93				1,235,285
CBU		Community Financial System, Inc.		MA			67.12				52,555				3,527.5				68.58				51.12				64.58				3.93				18.02				16.85				4.12				4.43				38.52				20.57				337.64				17,744,859
CTBI		Community Trust Bancorp, Inc.		MW			72.36				18,164				1,314.3				73.22				50.25				70.08				3.25				36.73				28.07				5.71				5.73				47.99				44.38				371.13				6,741,168
CWBC		Community West Bancshares		WE			26.86				27,134				728.8				27.41				18.51				25.74				4.35				37.67				19.38				2.16				2.23				21.85				16.39				136.47				3,702,983
CNOB		ConnectOne Bancorp, Inc.		MA			33.44				50,173				1,677.8				33.66				22.07				33.08				1.09				44.39				27.54				1.73				2.41				29.44				23.93				283.21				14,209,561
CFR		Cullen/Frost Bankers, Inc.		SW			154.52				62,797				9,703.4				156.21				119.00				149.98				3.03				20.21				22.02				10.27				10.32				69.83				58.80				839.60				52,724,557
CUBI		Customers Bancorp, Inc.		MA			79.10				33,825				2,675.6				82.56				58.52				77.79				1.68				34.66				8.18				7.88				7.95				63.64				63.54				765.14				25,880,767
CVBF		CVB Financial Corp.		WE			22.55				176,455				3,979.1				22.57				17.95				21.55				4.64				13.95				21.24				1.53				1.60				17.09				11.42				87.88				15,507,580
DCOM		Dime Commercial Bancshares, Inc.		MA			40.65				44,113				1,793.2				40.99				25.63				39.77				2.21				50.89				35.09				2.66				NA				31.33				27.73				340.02				14,999,503
EBMT		Eagle Bancorp Montana, Inc.		WE			23.93				7,827				187.3				24.24				15.50				23.75				0.76				43.55				20.25				1.98				2.03				24.22				19.48				267.24				2,091,851
EGBN		Eagle Bancorp, Inc.		MA			28.39				30,496				865.8				29.29				15.03				28.25				0.50				45.74				32.54				-4.12				-3.38				37.56				37.56				326.42				9,954,281
EFSI		Eagle Financial Services, Inc.		SE			41.46				5,325				220.8				44.00				30.55				42.80				-3.13				35.40				4.18				3.52				3.45				35.16				35.16				345.25				1,838,360