Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has evaluated events subsequent to December 31, 2021 and through the financial statement issuance date of March 1, 2022, and concluded that no material events occurred that would require disclosure except as noted as noted below.

On December 10, 2021 a Stipulation and Agreement of Compromise, Settlement and Release (the “Settlement Agreement”) was filed in relation to a lawsuit involving Columbia Financial, Inc. (the “Company”) and certain of its current and former directors pending in the Court of Chancery of the State of Delaware entitled Pascal v. Czerwinski, et. al., C.A. No. 2020-0320-SG (the “Settlement”). The Settlement resolves a lawsuit (the “Litigation”) challenging the equity compensation granted on or about July 23, 2019 to persons who were then-directors of the Company (the “Defendants”) (collectively, “2019 Equity Grants”).

Notice of the proposed settlement of the Litigation was provided to all shareholders of the Company and, after a hearing, the Delaware Court of Chancery approved the proposed settlement of the Litigation on February 7, 2022. Pursuant to the Settlement, the Delaware Court of Chancery issued a Final Order and Judgment dismissing all claims that were or could have been asserted in the Litigation and directing that a special meeting of the Company’s stockholders be held in order for shareholders to vote on the ratification of the 2019 Equity Awards. The Company intends to hold the special meeting of stockholders on April 4, 2022. The Delaware Court of Chancery also approved an award of attorney’s fees to the plaintiffs’ counsel in the amount of $1.3 million. Neither the settlement, nor the award of attorney’s fees to the plaintiffs’ counsel, will have a material impact on the Company's financial condition or results of operations.

The COVID-19 pandemic has disrupted and adversely affected the Company's business and results of operations, and the ultimate impacts of the pandemic on the Bank's business, financial condition and results of operations will depend on future developments and other factors that are highly uncertain and will be impacted by the scope and duration of the pandemic and actions taken by governmental authorities in response to the pandemic.