FAIR LAWN, N.J., May 25, 2023 (GLOBE NEWSWIRE) — Columbia Financial, Inc. (Nasdaq: CLBK), the holding company for Columbia Bank and Freehold Bank, today announced that the Company’s Board of Directors has authorized a new stock repurchase program to acquire up to 2,000,000 shares, or approximately 1.9% of the Company’s currently issued and outstanding common stock and 6.8% of the Company’s currently issued and outstanding common stock excluding shares held by Columbia Bank, MHC.
On December 14, 2022, the Company announced its fifth stock repurchase program which authorized the purchase of up to 3,000,000 shares. The Company completed the 3,000,000 share repurchase under this plan at a cost of $57.7 million, or $19.24 per share.
The repurchase program permits shares to be repurchased in open market transactions or through privately negotiated transactions, and pursuant to a trading plan that the Company intends to adopt in accordance with Rule 10b5-1 of the Securities and Exchange Commission.
Thomas J. Kemly, President and Chief Executive Officer of the Company, stated: “I am happy to announce a new stock repurchase program. Our continuation of our share repurchase program underscores our continued commitment to financial discipline and enhancing shareholder value.”
The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The repurchase program does not obligate the Company to purchase any particular number of shares and it may be extended, modified or discontinued at any time.
About Columbia Financial, Inc.
Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank’s mid-tier stock holding company. Columbia Financial, Inc., is a majority-owned subsidiary of Columbia Bank MHC. Columbia Bank and Freehold Bank, the wholly-owned subsidiaries of Columbia Financial, Inc. are federally chartered savings banks headquartered in Fair Lawn, New Jersey and Freehold, New Jersey, respectively. Both banks offer traditional financial services to consumers and businesses in their market areas. As of March 31, 2023, the Company had total assets of $10.6 billion, loans receivable of $7.8 billion, and operates 67 branches with $7.7 billion in deposits.