Columbia Financial: Nasdaq: Clbk June 17, 2021 2 SAFE HARBOR STATEMENT THIS PRESENTATION CONTAINS FORWARD - LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 199

The following excerpt is from the company's SEC filing.
3 CLBK shares issued to CLBK’s MHC Within 2 years TRANSACTION OVERVIEW Assumed Valuation / Shares Issued Transaction Mechanics $49.5 mm To be based on independent appraisal ÷ $16.96 CLBK Stock (prior to close)* 2.92 mm Shares issued to Columbia Bank MHC Freehold MHC Freehold Bancorp Freehold Bank 100% Ownership Columbia Bank MHC Columbia Financial, Inc. Columbia Bank 100% Ownership * STOCK PRICE AS OF 6/16/2021 • Merger of Mutuals • Columbia Financial, Inc. will issue shares to Columbia Bank MHC, its mutual holding company, as consideration • Freehold MHC will merge into Columbia Bank MHC and Freehold Bancorp wil l merge into Columbia Financial, Inc. (collectively, the “Holding Company Merger”) • Freehold Bank will become a subsidiary of Columbia Financial, Inc. at the effective time of the Holding Company Merger • Within 2 years of the Holding Company Merger, Freehold Bank will merge into Columbia Bank • Freehold Bank depositors will obtain the same rights in Columbia Bank MHC (subscription and liquidation) as Columbia Bank depositors and will maintain their account opening date
4 SOURCE: S&P GLOBAL MARKET INTELLIGENCE AS OF 3/31/21, UNLESS OTH ERWISE NOTED OVERVIEW OF FREEHOLD BANK Company Overview Headquarters: Freehold, NJ Assets: $299.8 million Gross Loans: $155.9 million Total Deposits: $197.2 million Tang. Common Equity: $39.5 million TCE / TA: 13.18% LTM Net Income: $645,000 LTM ROAA: 0.21% LTM ROAE: 1.65% LTM Efficiency Ratio: 85.65% NPA’s / Assets (Excl. TDRs): 0.00% Branch Overview City Address Deposits Freehold 68 W Main St, Freehold, New Jersey 07728 $153.8 million Freehold 3649 Rt 9 N, Freehold, New Jersey 07728 $30.3 million Loan Mix Deposit Mix $ in millions, financial data as of June 30, 2020 Transaction Accounts 11.8% MMDA + Savings 47.1% Retail Time (<$100K) 16.5% Jumbo Time (>$100K) 24.6% 1 - 4 Family 45.4% MultiFamily & CRE 44.8% Consumer 0.0% Commercial 6.1% Construction 3.7% $155.9 million $197.2 million
5 2020 Rank Institution Branches Deposits in Market ($000) Market Share (%) 1 The Toronto-Dominion Bank 17 4,572,486 15.59 2 Wells Fargo & Company 28 4,093,240 13.96 3 Bank of America Corporation 17 3,701,967 12.62 4 Banco Santander, S.A. 24 3,105,857 10.59 5 JPMorgan Chase & Co. 20 2,369,283 8.08 6 Investors Bancorp, Inc. 12 1,960,334 6.68 7 The PNC Financial Services Group, Inc. 22 1,944,412 6.63 8 OceanFirst Financial Corp. 17 1,687,132 5.75 9 MB Mutual Holding Company 9 1,032,778 3.52 10 Valley National Bancorp 11 853,178 2.91 11 Kearny Financial Corp. 10 767,719 2.62 12 Provident Financial Services, Inc. 8 590,882 2.01 Pro Forma 5 466,933 1.59 13 M&T Bank Corporation 5 432,596 1.48 14 Amboy Bancorporation 11 346,100 1.18 15 New York Community Bancorp, Inc. 6 324,811 1.11 16 Columbia Financial, Inc. 3 282,810 0.96 17 1st Constitution Bancorp 8 258,127 0.88 18 Capital One Financial Corporation 1 219,727 0.75 19 First Commerce Bank 2 204,664 0.70 20 Fulton Financial Corporation 3 200,925 0.69 21 Freehold MHC 2 184,123 0.63 22 Brunswick Bancorp 1 70,269 0.24 23 BCB Bancorp, Inc. 1 61,798 0.21 24 ConnectOne Bancorp, Inc. 1 60,050 0.20 Total for Institutions in Market 239 29,325,268 100% SOURCE: S&P GLOBAL MARKET INTELLIGENCE; DEPOSIT DATA AS OF 6/30/ 20 EXPANDS FRANCHISE IN ATTRACTIVE MARKETS Columbia Financial Inc. (CLBK) Freehold Bank Pro Forma Map Deposit Market Share – Monmouth County Current Projected % Change Demographic Metric 2021 2026 2021 - 2026 Total Population 616,422 611,882 (0.74) Median Age 43.8 44.6 1.83 Total Households 231,486 230,565 (0.40) Average Household Income ($) 150,264 164,872 9.72 Median Household Income ($) 107,218 117,901 9.96 Per Capita Income ($) 57,044 62,773 10.04
6 * BASED ON VALUATION EQUAL TO FCTBV OF 100% ASSUMING 14% IN CONV ERSION RELATED EXPENSES TRANSACTION ASSUMPTIONS & PROJECTIONS • Closing Q4 of 2021 • 2.92 million shares issued to Columbia Bank, MHC • $4.4 million in pre - tax deal expenses paid in 2020, $0.9 million in 2023, and $1.0 million in 2024 when the bank subsidiaries are expected to merge • $1.0 million pre - tax PCD credit mark • $1.3 million pre - tax Non - PCD credit mark • $1.6 million pre - tax Non - PCD CECL reserve • $1.6 million pre - tax loan interest rate mark • Remaining balance sheet items marked to fair value estimates • 0.50% core deposit intangible (CDI) • Meaningful cost saves beginning in 2024 (40%) TRANSACTION RATIONALE • 3% accretive to Fully Converted Tangible Book Value* (“FCTBV”) • 2% dilutive to 2022 EPS and 3% dilutive to 2023 EPS due to shares issued to MHC, excluding restructuring expenses • Modestly accretive to 2022 net income Financial Assumptions Projected Results We believe the transaction will: • Provide a unique opportunity to use MHC structure • No consideration paid to a third party • All shares are issued to Columbia’s MHC • Accretive to FCTBV • Adds attractive markets, customers, and talent • Result in meaningful and achievable cost savings upon consolidation and the potential for revenue synergies
7 APPENDIX: MARK TO MARKET ADJUSTMENTS
8 Pro Forma Equity In $000s unless otherwise noted Freehold Preliminary Valuation $49,500 Freehold Total Equity $39,524 Freehold Transaction Expenses, Net of Tax (1,376) Mark-to-Market Adjustments, Net of Tax 1,427 Freehold Adjusted Total Equity $39,575 Goodwill $9,925 Value of Shares Issued $49,500 Columbia Transaction Expenses, Net of Tax (2,074) Non-PCD CECL Reserve, Net of Tax (1,166) Additional Deal Expenses (2023 - 2024), Net of Tax* (1,463) Impact on Columbia's Total Equity $44,797 Goodwill (9,925) Core Deposit Intangible (581) Impact on Columbia's Tangible Common Equity $34,291 Mark-to-Market Adjustments Pre-Tax Fair Value Deferred Tax Year 1 Mark to Market Adjustments Adjustment Asset / (Liab.) Goodwill Amortization Securities Mark $201 ($50) ($151) ($562) Loan Rate Mark 1,622 (406) (1,217) (270) Non-PCD Credit Mark (1,259) 315 944 235 PCD Credit Mark (1,049) 262 787 0 Elimination of Target's ALLL 1,171 (293) (878) 0 Fixed Asset Revaluation 3,007 (752) (2,255) (76) Core Deposit Intangible 581 (145) (436) (106) Time Deposit Mark (811) 203 608 405 Borrowings Mark (1,560) 390 1,170 780 Total $1,903 ($476) ($1,427) $406 MARK TO MARKET & GOODWILL ANALYSIS NOTE: ASSUMES A CLOSING BALANCE SHEET AT 3/31/21 * ESTIMATED DEAL EXPENSES TO BE PAID WHEN THE BANK SUBSIDIARIES ARE EXPECTED TO MERGE

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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