Columbia Financial (NASDAQ: CLBK) EVP reports award forfeiture and tax share disposition
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Columbia Financial, Inc. EVP & CIO Prabhu Manesh Balachandran reported compensation-related equity changes, mainly tied to performance awards and benefit plans, rather than open-market trading. The company determined that out of a performance-based restricted stock grant from May 1, 2023, 1,454 shares would vest and 7,267 shares would be forfeited based on results over the performance period.
The filing also shows a tax-withholding disposition of 830 shares of common stock at $19.25 per share, leaving 7,097 common shares held directly. Balachandran continues to hold additional common stock indirectly through stock awards, ESOP, 401(k), SERP and a stock-based deferral plan, and has phantom stock units economically equivalent to 7,669 shares that will be settled in cash. He also retains several blocks of vested and unvested stock options with exercise prices between the mid-teens and low twenties per share and expirations from 2032 to 2036, indicating a continuing equity-based stake aligned with the company’s long-term performance.
Positive
- None.
Negative
- None.
Insider Trade Summary
14 transactions reported
Mixed
14 txns
Insider
Prabhu Manesh Balachandran
Role
EVP & CIO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Common Stock | 7,267 | $0.00 | -- |
| Tax Withholding | Common Stock | 830 | $19.25 | $16K |
| holding | Stock Options (right to buy) | -- | -- | -- |
| holding | Stock Options (right to buy) | -- | -- | -- |
| holding | Stock Options (right to buy) | -- | -- | -- |
| holding | Stock Options (right to buy) | -- | -- | -- |
| holding | Stock Options (right to buy) | -- | -- | -- |
| holding | Phantom Stock Unit | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 7,927 shares (Direct, null);
Stock Options (right to buy) — 12,985 shares (Direct, null);
Phantom Stock Unit — 7,669 shares (Indirect, Deferred Stock Unit Plan);
Common Stock — 1,022.317 shares (Indirect, By Stock-Based Deferral Plan)
Footnotes (1)
- Represents the forfeiture of performance-based restricted stock granted to the reporting person on May 1, 2023 that were eligible to vest based on certain performance objectives. On May 1, 2026 the Company determined that, based on the Company's performance over the applicable performance period, 1,454 shares would vest and 7,267 shares would be forfeited. The number of shares held directly includes certain shares that were previously held by Stock Award and that have subsequently vested. This form reflects increases in beneficial ownership resulting from exempt acquisitions pursuant to rule 16b-3(c). Stock Awards granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive plan, 25% of which vest in three approximately equal annual installments commencing on March 6, 2025; and the remaining 75% of which vest upon achievement of certain specified performance-based vesting criteria, which if achieved, such Awards would vest three years after the date of the Award. Stock Awards granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive plan, which vest upon achievement of certain specified performance-based vesting criteria, which if achieved, such Awards would vest three years after the date of the Award on March 3, 2028. Stock Options granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive Plan are fully vested and exercisable. Stock Options granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive Plan vest in three approximately equal annual installments commencing on March 6, 2025. Stock Options granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive Plan vest in three approximately equal annual installments commencing on March 3, 2026. Stock Options granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive Plan vest in three approximately equal annual installments commencing on March 2, 2027. One phantom stock unit is the economic equivalent of one share of CLBK Common Stock. Phantom stock units were granted under the Columbia Financial, Inc. 2026 Phantom Stock Plan and will be settled in cash upon distribution. On the settlement date, phantom stock units will be payable in cash. The cash value will be calculated, in accordance with the Columbia Financial, Inc. 2026 Phantom Stock Plan, based on the closing stock price of the Company's Common Stock on the determination date.
Key Figures
Performance shares vested: 1,454 shares
Performance shares forfeited: 7,267 shares
Tax-withholding disposition: 830 shares at $19.25
+5 more
8 metrics
Performance shares vested
1,454 shares
Performance-based restricted stock from May 1, 2023 grant
Performance shares forfeited
7,267 shares
Performance-based restricted stock from May 1, 2023 grant
Tax-withholding disposition
830 shares at $19.25
Common stock used to satisfy tax liability
Direct common shares after transactions
7,097 shares
Total shares held directly following reported dispositions
Phantom stock units
7,669 units
Economic equivalent of common shares, cash-settled under 2026 Phantom Stock Plan
Stock options @ $18.28
19,545 underlying shares
Options on common stock, expiring March 2, 2036
Stock options @ $16.23
19,086 underlying shares
Options on common stock, expiring March 3, 2035
Stock options @ $16.49
8,296 underlying shares
Options on common stock, expiring March 6, 2034
Key Terms
performance-based restricted stock, phantom stock unit, rule 16b-3(c), Equity Incentive Plan, +2 more
6 terms
performance-based restricted stock financial
"Represents the forfeiture of performance-based restricted stock granted to the reporting person"
Shares granted to employees or executives that are held back and only become actual, tradable stock if the company meets predefined performance targets; until those goals are met the shares cannot be sold. Think of it like a bonus held in escrow that’s released only when specific results are achieved — investors watch these awards because they tie management pay to company outcomes, can dilute existing shareholders when released, and signal how confident or incentivized insiders are to meet growth or profitability goals.
phantom stock unit financial
"One phantom stock unit is the economic equivalent of one share of CLBK Common Stock"
rule 16b-3(c) regulatory
"This form reflects increases in beneficial ownership resulting from exempt acquisitions pursuant to rule 16b-3(c)"
An SEC rule that lets corporate insiders avoid automatic "short‑swing" profit recovery when they buy or sell their company’s stock under a pre‑approved, written plan that meets specific conditions. For investors, it matters because it clarifies when insider trades are treated as routine, reducing legal uncertainty and helping distinguish trades made for ordinary compensation or pre‑planned reasons from those that might signal opportunistic or timely insider advantage.
Equity Incentive Plan financial
"Stock Options granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive Plan"
An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.
Deferred Stock Unit Plan financial
"nature_of_ownership: Deferred Stock Unit Plan"
tax-withholding disposition financial
"transaction_action: tax-withholding disposition"
A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.
FAQ
What did CLBK executive Prabhu Balachandran report in this Form 4?
He reported compensation-related equity changes, including vesting and forfeiture of performance-based restricted stock, a tax-withholding share disposition, and updated holdings in stock options, phantom stock units, and various benefit and deferral plans tied to Columbia Financial common stock.
What phantom stock units linked to CLBK are reported in the filing?
The Form 4 reports phantom stock units economically equivalent to 7,669 common shares, granted under Columbia Financial’s 2026 Phantom Stock Plan. These units will be settled in cash based on the company’s closing stock price on a plan-defined determination date at settlement.