As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q4. Today, we are looking at thrifts & mortgage finance stocks, starting with Columbia Financial (NASDAQ: CLBK).

Thrifts & Mortgage Finance institutions operate by accepting deposits and extending loans primarily for residential mortgages, earning revenue through interest rate spreads (difference between lending rates and borrowing costs) and origination fees. The industry benefits from demographic tailwinds as millennials enter prime homebuying age, technological advancements streamlining the loan approval process, and potential interest rate stabilization improving affordability. However, significant headwinds include net interest margin compression during rate volatility, increased competition from fintech disruptors offering digital-first experiences, mounting regulatory compliance costs, and potential housing market corrections that could impact loan portfolios and default rates.

The 13 thrifts & mortgage finance stocks we track reported a slower Q4. As a group, revenues beat analysts’ consensus estimates by 1.8% while next quarter’s revenue guidance was 1.8% below.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 6.1% since the latest earnings results.

Columbia Financial (NASDAQ: CLBK)

Founded during the Roaring Twenties in 1926 and headquartered in Fair Lawn, New Jersey, Columbia Financial (NASDAQ: CLBK) operates federally chartered savings banks in New Jersey that offer traditional banking services including loans, deposits, and insurance products.

Columbia Financial reported revenues of $66.7 million, up 236% year on year. This print exceeded analysts’ expectations by 12.7%. Overall, it was a strong quarter for the company with an impressive beat of analysts’ revenue estimates and a decent beat of analysts’ net interest income estimates.

Thomas J. Kemly, President and Chief Executive Officer commented: "We are pleased with the results we achieved in 2025, which reflect our strategies of focusing on margin expansion, improving our asset mix by continuing to expand commercial lending, efficiency improvement through technology and investing in the infrastructure required for sustainable growth. The Company maintained a strong balance sheet and capital position, which will allow us to continue to benefit from an improving economic environment."

Columbia Financial achieved the fastest revenue growth of the whole group. Unsurprisingly, the stock is up 12.4% since reporting and currently trades at $18.29.

Is now the time to buy Columbia Financial? Access our full analysis of the earnings results here, it’s free.

Best Q4: Arbor Realty Trust (NYSE: ABR)

With roots dating back to 2003 and a focus on the stability of multifamily housing, Arbor Realty Trust (NYSE: ABR) is a specialized lender that provides financing solutions for multifamily and commercial real estate while also originating and servicing government-backed mortgage loans.

Arbor Realty Trust reported revenues of $133.4 million, down 12.1% year on year, outperforming analysts’ expectations by 10.3%. The business had a stunning quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.

The market seems happy with the results as the stock is up 17.4% since reporting. It currently trades at $8.52.

Is now the time to buy Arbor Realty Trust? Access our full analysis of the earnings results here, it’s free.

Weakest Q4: Ladder Capital (NYSE: LADR)

Founded during the 2008 financial crisis when traditional lenders retreated from commercial real estate, Ladder Capital (NYSE: LADR) is a real estate investment trust that originates commercial real estate loans, owns commercial properties, and invests in real estate securities.

Ladder Capital reported revenues of $50.47 million, down 26.4% year on year, falling short of analysts’ expectations by 9.2%. It was a disappointing quarter as it posted a significant miss of analysts’ tangible book value per share estimates and a significant miss of analysts’ revenue estimates.

Ladder Capital delivered the slowest revenue growth in the group. As expected, the stock is down 5.4% since the results and currently trades at $10.47.

Read our full analysis of Ladder Capital’s results here.

WaFd Bank (NASDAQ: WAFD)

Founded in 1917 and rebranded from Washington Federal in 2023, WaFd (NASDAQ: WAFD) is a bank holding company that provides lending, deposit services, and insurance through its Washington Federal Bank subsidiary across eight western states.

WaFd Bank reported revenues of $188.3 million, up 7.6% year on year. This number missed analysts’ expectations by 2.6%. It was a softer quarter as it also recorded a significant miss of analysts’ revenue estimates and a miss of analysts’ net interest income estimates.

The stock is down 6.1% since reporting and currently trades at $31.68.

Read our full, actionable report on WaFd Bank here, it’s free.

PennyMac Financial Services (NYSE: PFSI)

Founded during the 2008 financial crisis to help address the mortgage market meltdown, PennyMac Financial Services (NYSE: PFSI) is a specialty financial services company that originates, services, and manages investments related to residential mortgage loans in the United States.

PennyMac Financial Services reported revenues of $537.1 million, flat year on year. This result came in 15.4% below analysts' expectations. Overall, it was a softer quarter as it also produced a significant miss of analysts’ revenue estimates and a significant miss of analysts’ EPS estimates.

PennyMac Financial Services had the weakest performance against analyst estimates among its peers. The stock is down 39.6% since reporting and currently trades at $90.38.

Read our full, actionable report on PennyMac Financial Services here, it’s free.

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