Columbia Financial (CLBK) Announces New 5M Share Stock Repurchase Program

Columbia Financial, Inc. (Nasdaq: CLBK) (the “Company”), the holding company for Columbia Bank, today announced that the Company’s Board of Directors has authorized a new stock repurchase program to acquire up to 5,000,000 shares, or approximately 4.3%, of the Company's currently issued and outstanding common stock commencing on September 15, 2020. The stock repurchase program was adopted following the receipt of a notice of non-objection from the Federal Reserve Bank of Philadelphia.

On April 23, 2020, the Company completed its first stock repurchase program which was announced in June 2019, and expanded in December 2019, with purchases of 7,000,000 shares. The repurchase program permits shares to be repurchased in open market or private transactions, privately negotiated transaction, and pursuant to any trading plan that may be adopted 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 our new repurchase program. The Company completed its last repurchase program during the height of the pandemic in our market area and elected to pause its capital management initiatives to evaluate the pandemic’s impact on the Company’s financial position, while focusing on how best to support our customers, employees and the community.”

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 may be extended, modified or discontinued at any time.

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