FAIR LAWN, N.J., Feb. 01, 2021 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (Nasdaq: CLBK), 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 4.5%, of the Company's currently issued and outstanding common stock, commencing upon the completion of the Company’s existing stock repurchase program. The new stock repurchase program was adopted following the receipt of a notice of non-objection from the Federal Reserve Bank of Philadelphia.

On September 10, 2020, the Company announced its second stock repurchase program which authorized the purchase of up to 5,000,000 shares. Under this previously announced program, 4,836,872 shares of common stock have been repurchased at a cost of $66.0 million, or $13.65 per share. As of January 31, 2021, there are 163,128 shares remaining to be repurchased under this existing program.

The repurchase program permits shares to be repurchased in open market transactions or 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 our new repurchase program. We have been successful in our commitment to repurchase shares of our common stock at attractive prices as a prudent way to deploy capital.”

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 is a federally chartered savings bank headquartered in Fair Lawn, New Jersey. The Bank offers traditional financial services to consumers and businesses in our market areas. As of December 31, 2020 Columbia had total assets of $8.8 billion, loans receivable of $6.2 billion, and operated 61 branches with deposits of $6.8 billion.