US Index Update

Research evidence excerpt

US Index Update

Global Quantitative and Derivatives Strategy Team Min Moon

Week of Jul 13, 2026 As of Jul 17, 2026 (Close) g +1 (212) 272 ,8456 min.k.moon@jpmorgan.comg

Tuesday, July 21, 2026

• R2000 Columbia Financial Inc (CLBK; R2, R25, RS, V, G, DF): Columbia Financial is undergoing a re-organization and conversion from mutual to public limited company. As part of the re-organization, Columbia Financial will

convert each of its ordinary shares for 2.2 shares of New Columbia Financial by way of a stock conversion and an equity offering. In order to affect the conversion, FTSE Russell will affect a 2.2 for 1 stock split, effective 21 July

2027. Upon completion of the conversion, Columbia Financial has undertaken an equity offering to exchange the shares held by Columbia MHC, upon completion of the equity offering, Columbia MHC will not own any shares of

Columbia Financial. FTSE Russell has deemed this offering breaches intra-quarter threshold. In the offering, Columbia Financial will offer 167,236,353 shares of its common stock (on a post conversion basis). In conjunction with

the re-organization and the conversion, Columbia Financial will acquire Northfield Bancorp for stock or cash. In the transaction, each share of Northfield Bancorp will be exchanged for either 1.425 shares of Columbia Financial

or $14.25 in cash, subject to proration of 70% stock and 30% cash. The merger was approved at both companies' shareholder meetings on June 25, 2026. Northfield Bancorp will be removed from the FTSE Russell Indexes upon

completion of the merger. The style probabilities are expected to change to 6.8% growth and 93.2% value and the stability probabilities are expected to remain constant at 0% dynamic and 100% defensive.

Shares Out (M) Indexer Flows S&P Index