Exhibit 99.1

February 2, 2018

Board of Directors

Columbia Bank MHC

Columbia Financial, Inc.

Columbia Bank
19-01 Route 208 North

Fair Lawn, New Jersey 07410

Members of the Board 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 stock issuance 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 “Guidelines for Appraisal Reports for the Valuation of Savings and Loan Associations Converting from Mutual to Stock Form of Organization” of the Office of Thrift Supervision (“OTS”) and accepted by the Federal Reserve Board (“FRB”), the Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”), and applicable regulatory interpretations thereof. Our original appraisal report, dated November 8, 2017 (the "Original Appraisal"), and previous appraisal update report, dated January 12, 2018 (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 September 27, 2017, the Board of Directors of Columbia Bank MHC (the “MHC”), Columbia Financial, Inc. (“Columbia Financial” or the “Company”) and Columbia Bank adopted the plan of stock issuance (the “Plan”). Pursuant to the Plan, Columbia Financial will issue a majority of its common stock to the MHC and sell a minority of its common stock to the public. Concurrent with the completion of the public stock offering, Columbia Bank will receive at least 50% of the net stock proceeds and the balance will be retained by Columbia Financial. The MHC will own a controlling interest in the Company of at least 51% and the Company will be the sole subsidiary of the MHC.

Columbia Financial will offer its common stock in a subscription offering to Eligible Account Holders, Tax-Qualified Employee Benefit Plans including Columbia Bank’s employee stock ownership plan (the “ESOP”), Supplemental Eligible Account Holders, and Other Depositors and Eligible Borrowers as such terms are defined for purposes of applicable regulatory guidelines governing stock offerings by mutual institutions. To the extent that shares remain available for purchase after satisfaction of all subscriptions received in the subscription offering, the shares may be offered for sale to members of the general public in a community offering and a syndicated or firm commitment offering. At least 50% of the net proceeds from the stock offering will be invested in Columbia Bank and the balance of the net proceeds will be retained by the Company.

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At this time, no other activities are contemplated for the Company other than the ownership of Columbia Bank, a loan to the newly-formed ESOP and reinvestment of the proceeds that are retained by the Company. In the future, Columbia Financial may acquire or organize other operating subsidiaries, diversify into other banking-related activities, pay dividends or repurchase its stock, although there are no specific plans to undertake such activities at the present time.

The Plan provides for a contribution to the Columbia Bank Foundation, an existing charitable foundation previously established by Columbia Bank (the “Foundation”). The Foundation contribution will be funded with 3.0% of the number of shares of common stock issued in the stock issuance. The purpose of the Foundation is to provide financial support to charitable organizations in the communities in which Columbia Bank operates and to enable those communities to share in Columbia Bank’s long-term growth. The Foundation is dedicated completely to community activities and the promotion of charitable causes.

This updated appraisal reflects the following noteworthy items: (1) a review of stock market conditions since the date of the First Update.

The estimated pro forma market value is defined as the price at which Columbia Financial’s common stock, immediately upon completion of the minority stock offering, 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 stock offering 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.

Discussion of Relevant Considerations

Since the date of the First Update, the performance of the broader stock market has been mixed. The Dow Jones Industrial Average (“DJIA”) closed above 26000 for the first time heading into the second half of January 2018, in which the new 1,000 point milestone was achieved in just eight trading days after topping 25000. The upward surge in the U.S. stock indexes continued into late-January, as equities were lifted to fresh record highs by some strong fourth quarter earnings reports, data showing strong economic growth and a deal by Congress to end the federal government shutdown. Stocks reversed course at end of January and the first two trading days of February, amid worries about rising bond yields, new competition in the healthcare sector and rising oil production. On February 2, 2018, the DJIA closed at 25520.96 or

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1.09% lower since the date of the First Update and the NASDAQ closed at 7240.95 or 0.28% lower since the date of the First Update.

The market for thrift stocks traded unevenly as well, since the date of the First Update. Thrift shares participated in the broader stock market rally going in the second half of January 2018, as the banking sector was viewed to be one of the sectors to benefit most from the cut in the federal corporate income tax rate. Concerns of higher interest rates and inflation picking up contributed to thrift shares pulling back at the close of January. The sell-off in the broader stock market following the release of the January employment report impacted thrift shares as well, as the January employment report showing a tightening labor market and rising wages further stoked fears that interest rates would continue to rise. On February 2, 2018, the SNL Index for all publicly-traded thrifts closed at 956.7, a decrease of 1.36% since January 12, 2018.

Since the date of the First Update, the updated pricing measures for the Peer Group generally reflected more significant decreases compared to the decrease in the SNL Index for all publicly-traded thrifts. Comparatively, the decreases in the updated pricing measures for all publicly-traded thrifts were generally similar to the decrease in the SNL Index for all publicly-traded thrifts. It should be noted that the increases reflected in the update P/E multiples for the Peer Group and all publicly-traded thrifts are believed to be largely related to a decline in fourth quarter earnings that have been experienced by financial institutions in general, as the result of the one-time charge recorded to income tax expense stemming from the change in the federal corporate income rate. Based on closing stock prices as of February 2, 2018, nine out of the Peer Group companies were trading at lower prices compared to their closing stock prices as of the date of the First Update. A comparative pricing analysis of the Peer Group and all publicly-traded thrifts is shown in the following table, based on closing stock market prices as of January 12, 2018 and February 2, 2018.

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

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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") ratio in that the P/B ratio 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 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, the most recent first-step MHC offerings were completed in October 2017. Two of the first-step MHC offerings were closed at the top of their respective offering ranges and Seneca Financial’s first-step MHC offering closed slightly below the top of its offering range. The average closing fully-converted pro forma price/tangible book ratio of the three recent first-step offerings equaled 73.0%. On average, the three recent first-step MHC offerings reflected price appreciation of 20.5% after the first week of trading. As of February 2, 2018, the three recent first-step MHC offerings reflected a 17.9% increase in price on average.

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:

The factors concerning all of the valuation parameters with the exception of marketing of the issue did not change since the First Update. Accordingly, those parameters were not discussed further in this update.

The general market for thrift stocks was down slightly since the date of the First Update, with the SNL Index for all publicly-traded thrifts decreasing 1.36% compared to a decrease of 1.09% in the DJIA. The updated pricing measures for all publicly-traded thrifts generally showed decreases that were similar to the decrease in the SNL Index, while the updated pricing measures for the Peer Group companies generally showed more significant decreases compared to the decrease in the SNL Index.

Overall, taking into account the foregoing factors, we believe that a decrease in the Company’s estimated pro market value as set forth in the First Update is appropriate.

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Table 1

Pricing Characteristics and After-Market Trends

Conversions Completed in the Last Three Months

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Valuation Approaches: Fully-Converted and MHC Reported Basis

In applying the accepted valuation methodology promulgated by the FRB, OCC and the FDIC, 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 stock proceeds. In computing the pro forma impact of the conversion and the related pricing ratios, we have incorporated the valuation parameters disclosed in Columbia Financial’s prospectus for effective tax rate, stock benefit plan assumptions, the Foundation and offering expenses (summarized in Exhibits 4 and 5). The assumptions utilized in the pro forma analysis in calculating the Company’s full conversion value were consistent with the assumptions utilized for the minority stock offering, except expenses were assumed to equal 2.0% of gross proceeds (summarized in Exhibits 2 and 3).

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

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 and publicly-traded MHCs on a fully-converted basis.

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 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.

Based on the foregoing, we have concluded that a decrease in Columbia Financial’s value is appropriate. Therefore, as of February 2, 2018, RP Financial concluded the pro forma market value of Columbia Financial’s full conversion offering equaled $876,288,660 at the midpoint, equal to 87,628,866 shares at $10.00 per share. The updated midpoint value represents a decrease of 5.56% from the pro forma value set forth in the First Update.

1.  P/E Approach. 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 equaled $24.757 million for the twelve months ended December 31, 2017. In deriving Columbia Financial’s core earnings, the adjustments made to reported earnings were to eliminate the net loss on securities transactions equal to $2.160 million, the one-time cash contribution to fund the Foundation equal to $3.0 million and the charge to income tax expense resulting from the change in the federal corporate tax rate equal to $4.703 million. As shown below, on a tax

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effected basis, the Company’s core earnings were determined to equal $32.762 million for the twelve months ended December 31, 2017.

(1) Tax effected at 36.0%.

Based on Columbia Financial’s reported and core earnings, and incorporating the impact of the pro forma assumptions discussed previously, the Company’s reported and core P/E multiples (fully-converted basis) at the $876.3 million updated midpoint value equaled 33.32 times and 25.55 times, respectively (see Table 2). The Company’s updated reported and core P/E multiples provided for premiums of 37.97% and 15.35% relative to the Peer Group’s average reported and core P/E multiples of 24.15 times and 22.15 times, respectively (versus premiums of 58.52% and 23.20% 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 (fully-converted basis) indicated premiums of 61.36% and 21.78% relative to the Peer Group’s median reported and core P/E multiples, which equaled 20.65 times and 20.98 times, respectively (versus premiums of 58.95% and 24.62% relative to the Peer Group’s median reported and core P/E multiples as indicated in the First Update). The Company’s updated pro forma fully-converted P/E ratios based on reported earnings at the minimum and the super maximum equaled 28.57x and 43.25x, respectively, and based on core earnings at the minimum and the super maximum equaled 21.86x and 33.30x, respectively.

On an MHC reported basis, the Company’s reported and core P/E multiples at the $876.3 million updated midpoint value equaled 35.55 times and 26.71 times, respectively (see Table 3). The Company’s updated reported and core P/E multiples provided for premiums of 47.21% and 20.59% relative to the Peer Group’s average reported and core P/E multiples of 24.15 times and 22.15 times, respectively (versus premiums of 68.62% and 29.09% 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 (MHC basis) indicated premiums of 72.16% and 27.31% relative to the Peer Group’s median reported and core P/E multiples, which equaled 20.65 times and 20.98 times, respectively (versus premiums of 69.08% and 30.58% relative to the Peer Group’s median reported and core P/E multiples as indicated in the First Update). The Company’s updated pro forma MHC P/E ratios based on reported earnings at the minimum and the super maximum equaled 30.05x and 46.66x, respectively, and based on core earnings at the minimum and the super maximum equaled 22.71x and 35.29x, respectively.

2.       P/B Approach. P/B ratios have generally served as a useful benchmark in the valuation of thrift stocks, with the greater determinant of long term value being earnings. In

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Table 2

Fully-Converted Market Pricing Versus Peer Group

Columbia Financial, Inc.

As of February 2, 2018

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.

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Table 3

MHC Market Pricing Versus Peer Group

Columbia Financial, Inc.

As of February 2, 2018

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.

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applying the P/B approach, we considered both reported book value and tangible book value. Based on the $876.3 million updated midpoint value, the Company’s P/B and P/TB ratios (fully-converted basis) equaled 72.46% and 72.83%, respectively. In comparison to the average P/B and P/TB ratios indicated for the Peer Group of 137.58% and 151.61%, respectively, Columbia Financial’s updated ratios reflected a discount of 47.33% on a P/B basis and a discount of 51.96% on a P/TB basis (versus discounts of 49.33% and 53.81% 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 133.16% and 143.53%, respectively, Columbia Financial’s updated ratios (fully-converted basis) reflected discounts of 45.58% and 49.26% at the $876.3 million updated midpoint value (versus discounts of 46.09% and 52.38% from the Peer Group’s median P/B and P/TB ratios as indicated in the First Update). At the top of the super range, the Company’s updated P/B and P/TB ratios (fully-converted basis) equaled 80.13% and 80.45%, 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 top of the super range reflected discounts of 41.76% and 46.94%, 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 top of the super range reflected discounts of 39.82% and 43.95%, respectively. RP Financial considered the discounts under the P/B approach to be reasonable, given the nature of the calculation of the P/B ratio which mathematically results in a ratio discounted to book value. The discounts reflected under the P/B approach were also supported by the premiums reflected in the Company’s P/E multiples.

On an MHC reported basis, the Company’s P/B and P/TB ratios at the $876.3 million updated midpoint value equaled 109.41% and 110.13%, respectively. In comparison to the average P/B and P/TB ratios indicated for the Peer Group of 137.58% and 151.61%, respectively, Columbia Financial’s updated ratios reflected discounts of 20.48% on a P/B basis and 27.36% on a P/TB basis (versus discounts of 22.70% and 29.36% 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 133.16% and 143.53%, respectively, Columbia Financial’s updated ratios (MHC basis) reflected discounts of 17.84% and 23.27% at the $876.3 million updated midpoint value (versus discounts of 17.60% and 27.18% from the Peer Group’s median P/B and P/TB ratios as indicated in the First Update). At the top of the super range, the Company’s P/B and P/TB ratios (MHC basis) equaled 127.55% and 128.37%, 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 top of the super range reflected discounts of 7.29% and 15.33%, 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 top of the super range reflected discounts of 4.21% and 10.56%, 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, which have received greater weight in our valuation analysis. At the $876.3 million updated midpoint value Columbia Financial’s pro forma P/A ratio (fully-converted basis) equaled 13.47%. In comparison to the Peer Group's average P/A ratio of 16.62%, Columbia Financial’s P/A ratio indicated a discount of 18.95% (versus a discount of 22.99% at the midpoint valuation in the First Update). In comparison to the Peer Group’s median P/A ratio of 16.44%, Columbia Financial’s P/A ratio (fully-converted basis) at the $876.3 million updated midpoint value indicated a discount of 18.07% (versus a discount of 22.57% at the midpoint valuation in the First Update).

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On an MHC reported basis, Columbia Financial’s pro forma P/A ratio at the $876.3 million updated midpoint value equaled 14.38%. In comparison to the Peer Group's average P/A ratio of 16.62%, Columbia Financial’s P/A ratio indicated a discount of 13.48% (versus a discount of 17.55% at the midpoint valuation in the First Update). In comparison to the Peer Group’s median P/A ratio of 16.44%, Columbia Financial’s P/A ratio (MHC basis) at the $876.3 million updated midpoint value indicated a discount of 12.53% (versus a discount of 17.10% at the midpoint valuation in the First Update).

Comparison to Publicly-Traded MHCs

As indicated in Original Appraisal and First Update, we believe there are a number of characteristics of MHC shares that make them different from the shares of fully-converted companies. These factors include: (1) lower aftermarket liquidity in the MHC shares since less than 50% of the shares are available for trading; (2) no opportunity for public shareholders to exercise voting control; (3) the potential pro forma impact of second-step conversions on the pricing of MHC institutions; and (4) the regulatory policies regarding the accounting for net assets held by the MHC in a second-step conversion and, thereby, lessening the attractiveness of paying cash dividends. The above characteristics of MHC shares have provided MHC stocks with different trading characteristics versus fully-converted companies. To account for the unique trading characteristics of MHC shares, RP Financial has placed the financial data and pricing ratios of the publicly-traded MHCs on a fully-converted basis to make them comparable for valuation purposes. Using the per share and pricing information of the publicly-traded MHCs on a fully-converted basis accomplishes a number of objectives. First, such figures eliminate distortions that result when trying to compare institutions that have different public ownership interests outstanding. Secondly, such an analysis provides ratios that are comparable to the pricing information of fully-converted public companies and are directly applicable to determining the pro forma market value range of the 100% ownership interest in Columbia Financial as an MHC. This technique is validated by the investment community's evaluation of MHC pricing, which also incorporates the pro forma impact of a second-step conversion based on the current market price.

To calculate the fully-converted pricing information for MHCs, the reported financial information for the public MHCs incorporate the following assumptions: (1) all shares owned by the MHC are assumed to be sold at the current trading price in a second step-conversion; (2) the gross proceeds from such a sale are adjusted to reflect reasonable offering expenses and standard stock based benefit plan parameters that would be factored into a second-step conversion of an MHC institution; and (3) net proceeds are assumed to be reinvested at market rates on a tax effected basis. Book value per share and earnings per share figures for the public MHCs were adjusted by the impact of the assumed second step-conversion, resulting in an estimation of book value per share and earnings per share figures on a fully-converted basis. Table 4 on the following page shows the calculation of per share financial data (fully-converted basis) for each of the ten publicly-traded MHC institutions.

The table below shows an updated comparative pricing analysis of the publicly-traded MHCs on a fully-converted basis versus the Company’s Peer Group, based on closing stock prices as of February 2, 2018. In comparison to the Peer Group’s P/TB ratio, the P/TB ratio of the publicly-traded MHCs reflected a discount of 37.91%. In comparison to the Peer Group’s P/E

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Source: S&P Global Market Intelligence and RP Financial, LC. calculations.

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multiple, the P/E multiple of the publicly-traded MHCs reflected a premium of 72.01%. Detailed pricing characteristics of the fully-converted MHCs is shown in Table 5.

(1) Based on stock market prices as of February 2, 2018.

In comparison to the publicly-traded MHCs, the Company’s pro forma P/TB ratio (fully-converted basis) of 72.83% at the $876.3 million updated midpoint value reflected a discount of 22.64%. At the top of the super range, the Company’s P/TB ratio (fully-converted basis) of 80.45% reflected a discount of 14.54%. In comparison to the publicly-traded MHCs, the Company’s pro forma P/E multiple (fully-converted basis) of 33.32 times at the $876.3 million updated midpoint value reflected a discount of 19.79%. At the top of the super range, the Company’s P/E multiple (fully-converted basis) of 43.25 times reflected a premium of 4.12%.

It should be noted that in a comparison of the publicly-traded MHCs to Columbia Financial, the publicly-traded MHCs maintain certain inherit characteristics in support of increasing the attractiveness of their stocks relative to Columbia Financial’s stock as an MHC that will just be completing an IPO: (1) the seasoned publicly-traded MHCs are viewed as potential candidates to complete a second-step offering; and (2) some of the publicly-traded MHCs have been grandfathered to waive dividend payments to the MHC pursuant to receiving an annual majority vote by the depositors to approve the waiver of dividends.

Comparison to Recent MHC Offerings

In addition to the fundamental analysis applied to the Peer Group, RP Financial utilized a technical analysis of recent conversion offerings. As indicated in the Original Appraisal and First Update, the pricing characteristics of recent conversion offerings are not the primary determinate of value. Consistent with the Original Appraisal and First Update, particular focus was placed on the P/TB approach in this analysis since the P/E multiples do not reflect the actual impact of reinvestment and the source of the conversion funds (i.e., external funds versus deposit withdrawals).

As discussed previously, the most recent first-step offerings were completed in October 2017. In comparison to the 73.00% average closing forma P/TB ratio of the three recent first step MHC offerings (see Table 5), the Company’s P/TB ratio of 72.83% at the midpoint value reflects an implied discount of 0.23%. At the top of the super range, the Company’s P/TB ratio of 80.45% reflects an implied premium of 10.21% relative to the average P/TB ratio of the recent first step MHC offerings at closing.

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Table 5

MHC Institutions, Implied Pricing Ratios, Full Conversion Basis

Financial Data as of the Most Recent Quarter or Twelve Month Period Available

Prices as of February 2, 2018