Columbia Financial (CLBK) DEF 14A 28 Apr 23 Definitive proxy Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2022
Document Information [Line Items]
Document Type	DEF 14A
Amendment Flag	false
Entity Information [Line Items]
Entity Registrant Name	COLUMBIA FINANCIAL, INC.
Entity Central Index Key	0001723596

Pay vs Performance Disclosure

Pay vs Performance Disclosure	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Pay vs Performance Disclosure [Table]
Pay vs Performance [Table Text Block]	Pay Versus Performance The following table sets forth information on the compensation paid to our chief executive officer and the other named executive offices along with the cumulative total shareholder return of the Company and a peer group index, the Company’s net income and the Company’s Bank level core return on average assets (“ROAA”), which is the most important financial measure (that is not otherwise disclosed in the table) used by the Company to link compensation actually paid to the Company’s NEOs in 2022 to the Company’s performance. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Value of Initial Fixed $100 ​ ​ ​ Year ​ ​ Summary (1) ​ ​ Compensation (2) ​ ​ Average (3) ​ ​ Average (3) ​ ​ Columbia ​ ​ Peer Group (4) ​ ​ Net Income (5) ​ ​ Bank Level (6) ​ 2022 ​ ​ ​ ​ 1,662,649 ​ ​ ​ ​ ​ 2,257,930 ​ ​ ​ ​ ​ 860,245 ​ ​ ​ ​ ​ 956,372 ​ ​ ​ ​ ​ 128 ​ ​ ​ ​ ​ 92 ​ ​ ​ ​ ​ 86,173 ​ ​ ​ ​ ​ 0.96 % ​ ​ 2021 ​ ​ ​ ​ 2,131,936 ​ ​ ​ ​ ​ 5,339,883 ​ ​ ​ ​ ​ 1,034,874 ​ ​ ​ ​ ​ 1,913,716 ​ ​ ​ ​ ​ 123 ​ ​ ​ ​ ​ 110 ​ ​ ​ ​ ​ 92,049 ​ ​ ​ ​ ​ 1.04 % ​ ​ 2020 ​ ​ ​ ​ 3,617,871 ​ ​ ​ ​ ​ 250,813 ​ ​ ​ ​ ​ 1,243,038 ​ ​ ​ ​ ​ 291,576 ​ ​ ​ ​ ​ 92 ​ ​ ​ ​ ​ 79 ​ ​ ​ ​ ​ 57,603 ​ ​ ​ ​ ​ 0.73 % ​ ​ ​ (1) As reported in the Summary Compensation Table on page 38 ​ (2) Compensation actually paid to Mr. Kemly for each of the years presented in the table, as calculated in accordance with SEC regulations, was as follows: ​ ​ ​ ​ 2022 ​ ​ 2021 ​ ​ 2020 ​ Total Annual Compensation in Summary Compensation Table ​ ​ ​ ​ 1,662,649 ​ ​ ​ ​ ​ 2,131,936 ​ ​ ​ ​ ​ 3,617,871 ​ ​ Plus/Minus: Aggregate Change in Pension Value ​ ​ ​ ​ — ​ ​ ​ ​ ​ (366,796 ) ​ ​ ​ ​ ​ (1,751,023 ) ​ ​ Increase/Decrease for “Service Cost” for Pension Plans ​ ​ ​ ​ (16,229 ) ​ ​ ​ ​ ​ 31,875 ​ ​ ​ ​ ​ 36,431 ​ ​ Plus/Minus: Change in Fair Value from prior year-end to current ​ ​ ​ ​ 240,345 ​ ​ ​ ​ ​ 3,225,045 ​ ​ ​ ​ ​ (1,057,935 ) ​ ​ Plus/Minus: Change in Fair Value from prior year-end to Vesting ​ ​ ​ ​ 371,165 ​ ​ ​ ​ ​ 317,823 ​ ​ ​ ​ ​ (594,531 ) ​ ​ Compensation Actually Paid ​ ​ ​ ​ 2,257,930 ​ ​ ​ ​ ​ 5,339,883 ​ ​ ​ ​ ​ 250,813 ​ ​ ​ (3) The named executive officers for each of the years presented were as follows: for 2022, Dennis E. Gibney, E. Thomas Allen, Jr., John Klimowich, Allyson Schlesinger and W. Justin Jennings; for 2021, Dennis E. Gibney, E. Thomas Allen, Jr., John Klimowich, Allyson Schlesinger and Oliver E. Lewis, Jr.; and for 2020, Dennis E. Gibney, E. Thomas Allen, Jr., John Klimowich, and Allyson Schlesinger. The average compensation actually paid to the executive officers other than the chief executive officer for each of the years presented in the table, as calculated in accordance with SEC regulations, was as follows: ​ ​ ​ ​ 2022 ​ ​ 2021 ​ ​ 2020 ​ Total Average Compensation in Summary Compensation Table ​ ​ ​ ​ 860,245 ​ ​ ​ ​ ​ 1,034,874 ​ ​ ​ ​ ​ 1,243,038 ​ ​ Plus/Minus: Aggregate Change in Pension Value ​ ​ ​ ​ — ​ ​ ​ ​ ​ (108,626 ) ​ ​ ​ ​ ​ (430,153 ) ​ ​ Increase/Decrease for “Service Cost” for Pension Plans ​ ​ ​ ​ (9,147 ) ​ ​ ​ ​ ​ 26,558 ​ ​ ​ ​ ​ 23,589 ​ ​ Minus: Amounts Reported for Stock Awards in Summary Compensation Table ​ ​ ​ ​ (81,002 ) ​ ​ ​ ​ ​ (83,999 ) ​ ​ ​ ​ ​ — ​ ​ Minus: Amounts Reported for Option Awards in Summary Compensation Table ​ ​ ​ ​ (54,000 ) ​ ​ ​ ​ ​ (56,000 ) ​ ​ ​ ​ ​ — ​ ​ Plus: Fair Value of Awards Granted during the covered Fiscal Year ​ ​ ​ ​ 78,960 ​ ​ ​ ​ ​ 147,310 ​ ​ ​ ​ ​ — ​ ​ Plus/Minus: Change in Fair Value from prior year-end to current ​ ​ ​ ​ 63,403 ​ ​ ​ ​ ​ 868,051 ​ ​ ​ ​ ​ (348,854 ) ​ ​ Plus/Minus: Change in Fair Value from prior year-end to Vesting ​ ​ ​ ​ 97,913 ​ ​ ​ ​ ​ 85,548 ​ ​ ​ ​ ​ (196,045 ) ​ ​ Compensation Actually Paid ​ ​ ​ ​ 956,372 ​ ​ ​ ​ ​ 1,913,716 ​ ​ ​ ​ ​ 291,576 ​ ​ ​ (4) The peer group members disclosed in the proxy statement changed in each of the three years in the covered period as two peers were sold and were replaced with a replacement peer company. The total shareholder returns for the peers that were sold includes the return for all full years but excludes partial periods. The replacement peer total shareholder return represents the return for the years the peer was included in the proxy statement for each of the covered periods, but not years prior to inclusion. See “ Peer Group and Benchmarking ” at page 30 ​ (5) Net Income as reported on page 80 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. ​ (6) See Annex A — Non-GAAP Financial Measures for reconciliation to Bank Level Core ROAA.
Company Selected Measure Name	Bank Level Core ROAA
Named Executive Officers, Footnote [Text Block]	(1) As reported in the Summary Compensation Table on page 38 (3)
Peer Group Issuers, Footnote [Text Block]	(4) The peer group members disclosed in the proxy statement changed in each of the three years in the covered period as two peers were sold and were replaced with a replacement peer company. The total shareholder returns for the peers that were sold includes the return for all full years but excludes partial periods. The replacement peer total shareholder return represents the return for the years the peer was included in the proxy statement for each of the covered periods, but not years prior to inclusion. See “ Peer Group and Benchmarking ” at page 30
PEO Total Compensation Amount	$ 1,662,649	$ 2,131,936	$ 3,617,871
PEO Actually Paid Compensation Amount	$ 2,257,930	5,339,883	250,813
Adjustment To PEO Compensation, Footnote [Text Block]	(2) Compensation actually paid to Mr. Kemly for each of the years presented in the table, as calculated in accordance with SEC regulations, was as follows: ​ ​ ​ ​ 2022 ​ ​ 2021 ​ ​ 2020 ​ Total Annual Compensation in Summary Compensation Table ​ ​ ​ ​ 1,662,649 ​ ​ ​ ​ ​ 2,131,936 ​ ​ ​ ​ ​ 3,617,871 ​ ​ Plus/Minus: Aggregate Change in Pension Value ​ ​ ​ ​ — ​ ​ ​ ​ ​ (366,796 ) ​ ​ ​ ​ ​ (1,751,023 ) ​ ​ Increase/Decrease for “Service Cost” for Pension Plans ​ ​ ​ ​ (16,229 ) ​ ​ ​ ​ ​ 31,875 ​ ​ ​ ​ ​ 36,431 ​ ​ Plus/Minus: Change in Fair Value from prior year-end to current ​ ​ ​ ​ 240,345 ​ ​ ​ ​ ​ 3,225,045 ​ ​ ​ ​ ​ (1,057,935 ) ​ ​ Plus/Minus: Change in Fair Value from prior year-end to Vesting ​ ​ ​ ​ 371,165 ​ ​ ​ ​ ​ 317,823 ​ ​ ​ ​ ​ (594,531 ) ​ ​ Compensation Actually Paid ​ ​ ​ ​ 2,257,930 ​ ​ ​ ​ ​ 5,339,883 ​ ​ ​ ​ ​ 250,813 ​ ​
Non-PEO NEO Average Total Compensation Amount	$ 860,245	1,034,874	1,243,038
Non-PEO NEO Average Compensation Actually Paid Amount	$ 956,372	1,913,716	291,576
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]	The average compensation actually paid to the executive officers other than the chief executive officer for each of the years presented in the table, as calculated in accordance with SEC regulations, was as follows: ​ ​ ​ ​ 2022 ​ ​ 2021 ​ ​ 2020 ​ Total Average Compensation in Summary Compensation Table ​ ​ ​ ​ 860,245 ​ ​ ​ ​ ​ 1,034,874 ​ ​ ​ ​ ​ 1,243,038 ​ ​ Plus/Minus: Aggregate Change in Pension Value ​ ​ ​ ​ — ​ ​ ​ ​ ​ (108,626 ) ​ ​ ​ ​ ​ (430,153 ) ​ ​ Increase/Decrease for “Service Cost” for Pension Plans ​ ​ ​ ​ (9,147 ) ​ ​ ​ ​ ​ 26,558 ​ ​ ​ ​ ​ 23,589 ​ ​ Minus: Amounts Reported for Stock Awards in Summary Compensation Table ​ ​ ​ ​ (81,002 ) ​ ​ ​ ​ ​ (83,999 ) ​ ​ ​ ​ ​ — ​ ​ Minus: Amounts Reported for Option Awards in Summary Compensation Table ​ ​ ​ ​ (54,000 ) ​ ​ ​ ​ ​ (56,000 ) ​ ​ ​ ​ ​ — ​ ​ Plus: Fair Value of Awards Granted during the covered Fiscal Year ​ ​ ​ ​ 78,960 ​ ​ ​ ​ ​ 147,310 ​ ​ ​ ​ ​ — ​ ​ Plus/Minus: Change in Fair Value from prior year-end to current ​ ​ ​ ​ 63,403 ​ ​ ​ ​ ​ 868,051 ​ ​ ​ ​ ​ (348,854 ) ​ ​ Plus/Minus: Change in Fair Value from prior year-end to Vesting ​ ​ ​ ​ 97,913 ​ ​ ​ ​ ​ 85,548 ​ ​ ​ ​ ​ (196,045 ) ​ ​ Compensation Actually Paid ​ ​ ​ ​ 956,372 ​ ​ ​ ​ ​ 1,913,716 ​ ​ ​ ​ ​ 291,576 ​ ​
Compensation Actually Paid vs. Total Shareholder Return [Text Block]
Compensation Actually Paid vs. Net Income [Text Block]
Compensation Actually Paid vs. Company Selected Measure [Text Block]
Tabular List [Table Text Block]	Financial Performance Measures The following table lists the most important financial performance measures used by us to link compensation actually paid to our named executive officers for 2022 to Company performance. Bank Level Non-GAAP Core ROAA For explanations of these financial performance measures and reconciliation to the applicable amount measured in accordance with GAAP, see Annex A . For explanations of how these financial performance measures were used to determine 2022 pay for our chief executive officer and other named executive officers, see “ Compensation Discussion and Analysis — 2022 Executive Compensation Components ” on page 27
Total Shareholder Return Amount	$ 128	123	92
Peer Group Total Shareholder Return Amount	92	110	79
Net Income (Loss)	$ 86,173,000	$ 92,049,000	$ 57,603,000
Company Selected Measure Amount	0.96	1.04	0.73
PEO Name	Thomas J. Kemly
Measure [Axis]: 1
Pay vs Performance Disclosure [Table]
Measure Name	Bank Level Non-GAAP Core ROAA
Non-GAAP Measure Description [Text Block]	(6) See Annex A — Non-GAAP Financial Measures for reconciliation to Bank Level Core ROAA.
Measure [Axis]: 2
Pay vs Performance Disclosure [Table]
Measure Name	Bank Level Net Interest Margin
Measure [Axis]: 3
Pay vs Performance Disclosure [Table]
Measure Name	Bank Level Non-GAAP Efficiency Ratio
Measure [Axis]: 4
Pay vs Performance Disclosure [Table]
Measure Name	NPAs to Assets
Thomas J Kemly [Member] | Plus/Minus: Aggregate Change in Pension Value [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount		$ (366,796)	$ (1,751,023)
Thomas J Kemly [Member] | Increase/Decrease for “Service Cost” for Pension Plans [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	$ (16,229)	31,875	36,431
Thomas J Kemly [Member] | Plus/Minus: Change in Fair Value from prior year-end to current year-end of Awards granted prior to year that were Outstanding and Unvested as of year-end [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	240,345	3,225,045	(1,057,935)
Thomas J Kemly [Member] | Plus/Minus: Change in Fair Value from prior year-end to Vesting Date of Awards granted prior to current year that Vested during current year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	371,165	317,823	(594,531)
Non-PEO NEO [Member] | Plus/Minus: Aggregate Change in Pension Value [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount		(108,626)	(430,153)
Non-PEO NEO [Member] | Increase/Decrease for “Service Cost” for Pension Plans [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	(9,147)	26,558	23,589
Non-PEO NEO [Member] | Plus/Minus: Change in Fair Value from prior year-end to current year-end of Awards granted prior to year that were Outstanding and Unvested as of year-end [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	63,403	868,051	(348,854)
Non-PEO NEO [Member] | Plus/Minus: Change in Fair Value from prior year-end to Vesting Date of Awards granted prior to current year that Vested during current year [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	97,913	85,548	$ (196,045)
Non-PEO NEO [Member] | Minus: Amounts Reported for Stock Awards in Summary Compensation Table [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	(81,002)	(83,999)
Non-PEO NEO [Member] | Minus: Amounts Reported for Option Awards in Summary Compensation Table [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	(54,000)	(56,000)
Non-PEO NEO [Member] | Plus: Fair Value of Awards Granted during the covered Fiscal Year that Remain Unvested as of that year end [Member]
Pay vs Performance Disclosure [Table]
Adjustment to Compensation Amount	$ 78,960	$ 147,310