Oliver E. Lewis, Jr.
Columbia FinancialAbout Oliver E. Lewis, Jr.
Senior Executive Vice President and Head of Commercial Banking at Columbia Financial, Inc. (CLBK) and Columbia Bank; appointed EVP/Head of Commercial Banking in January 2021 and designated Senior EVP in June 2024. He leads Columbia’s commercial banking division (C&I, SBA, middle market, CRE, construction lending, treasury management sales, business development). Education: B.S. in Aviation Administration (Embry‑Riddle Aeronautical University) and MBA (Rutgers University). Age 60 (as of Dec 31, 2024). Company performance metrics tied to executive pay include Core ROAA, Core Efficiency Ratio, and NPAs/Total Assets in annual and long‑term incentive plans, aligning compensation with operational outcomes . In 2024 Columbia grew commercial business loans $90.0 million (+16.7%), maintained NPAs at 0.22% of assets, and improved core efficiency ratio on an adjusted basis, metrics used across incentive frameworks .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Columbia Financial, Inc. / Columbia Bank | Senior EVP, Head of Commercial Banking | Jun 2024–present | Leads commercial banking across C&I, SBA, middle market, CRE, construction, treasury management, and BD; enterprise growth focus |
| Columbia Financial, Inc. / Columbia Bank | EVP, Head of Commercial Banking | Jan 2021–Jun 2024 | Built and scaled commercial franchise; accountable for credit and growth in commercial portfolios |
| Columbia Bank | SVP, Commercial Banking Market Manager | May 2019–Jan 2021 | Managed commercial markets; groundwork for expanded commercial lending platform |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| JPMorgan Chase | Market Executive, Middle Market Banking | Not disclosed | Ran market P&L and client growth |
| JPMorgan Chase | Treasury Services, Regional Sales Executive | Not disclosed | Led treasury sales; deep transaction banking expertise |
Fixed Compensation
| Metric | 2021 |
|---|---|
| Base Salary ($) | $350,000 |
| Target Bonus ($) | $201,250 |
| Actual Bonus Paid ($) | $262,719 |
| All Other Compensation ($) | $23,725 |
Performance Compensation
Annual Incentive (PAIP) — 2021
| Metric | Weighting | Target | Actual | Payout (% of Target) | Cash Payout ($) |
|---|---|---|---|---|---|
| Net Income of Columbia Bank | 25.0% | Not disclosed | Not disclosed | 130.5% | $262,719 |
| Efficiency Ratio of Columbia Bank | 25.0% | Not disclosed | Not disclosed | 130.5% | $262,719 |
| Non-Performing Assets to Total Assets | 20.0% | Not disclosed | Not disclosed | 130.5% | $262,719 |
| Other (department/individual goals) | 30.0% | Not disclosed | Not disclosed | 130.5% | $262,719 |
Notes:
- Program design and corporate metrics for 2024 PAIP were Core Bank Net Income, Core Efficiency Ratio, and NPAs/Assets with Compensation Committee discretion on unusual items; these corporate goals continued from 2023, underscoring ongoing alignment to bank fundamentals .
Equity Awards and Vesting
2021 Grants (2019 Equity Plan):
| Award Type | Grant Date | Quantity | Strike ($) | Expiration | Vesting | Grant-Date Fair Value ($) |
|---|---|---|---|---|---|---|
| Restricted Stock (RSA) | 03/22/2021 | 23,516 shares | — | — | 3 tranches annually starting 03/22/2022 | $419,996 |
| Stock Options (NQSO) | 03/22/2021 | 57,026 options | 17.86 | 03/22/2031 | 3 tranches annually starting 03/22/2022 | $279,998 |
Pre‑2021 Outstanding (as of 12/31/2021):
| Award Type | Grant Date | Exercisable | Unexercisable | Strike ($) | Expiration | Unvested RSAs (#) |
|---|---|---|---|---|---|---|
| Stock Options | 12/16/2019 | 7,058 | 10,589 | 17.00 | 07/23/2029 | — |
| Restricted Stock (RSA) | 12/16/2019 | — | — | — | — | 5,718 |
Vesting Mechanics:
- 2021 RSAs/Options vest 1/3 annually over three years beginning 03/22/2022 .
- 2019 options vest in five approximately equal annual installments commencing 07/23/2020 .
Long-Term Incentive Plan (LTIP) Framework (Company-wide for NEOs in 2024):
- PRSAs 50%, RSAs 25%, Options 25%; PRSAs three-year performance period (2024–2026) with metrics of Absolute Core ROAA (60%) and Relative Core Efficiency Ratio (40%), cliff vest post-measurement; RSAs/Options vest 1/3 annually . Note: 2024 LTIP tables list NEOs and do not include Mr. Lewis.
Equity Ownership & Alignment
| Ownership Component | Amount | As-of |
|---|---|---|
| ESOP shares | 3,411 | 2021 year-end |
| SERP shares | 626 | 2021 year-end |
| Stock-Based Deferral Plan shares | 1,071 | 2021 year-end |
| 2019 Equity Incentive Plan (unvested RSAs) | 21,396 | 2021 year-end |
| Options Exercisable/Unexercisable | 7,058 / 10,589 (2019 grant) | 12/31/2021 |
Policies and Alignment:
- Stock ownership guidelines: Senior Executive Vice Presidents must hold 3x base salary in CLBK stock; compliance reviewed annually. As of 12/31/2024 all current NEOs were in compliance; executives must reach 25%/50% thresholds in years 2/3 and full compliance in 5 years .
- Anti‑hedging and anti‑pledging: Hedging and pledging CLBK stock are prohibited for officers, directors, and employees, reducing misalignment risks and margin-driven selling pressure .
- No dividends on unvested/unearned equity; no option repricing; no single‑trigger change-in-control severance under employment agreements .
Employment Terms
- Appointment & Tenure: EVP and Head of Commercial Banking appointed Jan 2021; Senior EVP designation June 2024 .
- Employment Agreement: Columbia Financial’s 10-K references an Employment Agreement with Oliver E. Lewis, Jr. incorporated by reference (Exhibit 10.10, 2020 10-K filed Mar 1, 2021) .
- Severance (Framework for NEO agreements): Two-year terms with auto‑renewal; termination without cause/good reason yields multiples of base salary+target bonus (CEO 3x; select NEOs 2x/1x) paid via salary continuation; COBRA reimbursement for set periods; specific multiples for Mr. Lewis not detailed in the proxy narrative; see his Employment Agreement for exact terms .
- Change‑of‑Control (Double trigger): If terminated without cause or resigns for good reason within 24 months post‑CIC, NEOs receive CIC multiples and prior-year cash bonus; equity awards unassumed by the acquirer accelerate on CIC with involuntary separation within 12 months .
- Good Reason definition: Material pay reduction, adverse position change, relocation >30 miles, material breach by Company .
- Clawback: SEC/Nasdaq‑aligned recoupment policy for excess incentive compensation over a 3‑year recovery period upon financial restatement; supplemental misconduct clawback for officers SVP+ including time-based equity .
Performance & Track Record (Company context during his tenure)
| Metric | 2021 | 2022 | 2023 | 2024 | YTD 2025 |
|---|---|---|---|---|---|
| Core ROAA (%) | 1.03 | 0.93 | 0.49 | 0.22 | 0.35 (annualized) |
| Core Efficiency Ratio (%) | 56.13 | 56.64 | 72.00 | 81.45 | 74.20 (annualized) |
| Net Interest Margin (%) | 2.76 | 2.98 | 2.16 | 1.82 | 2.11 |
| NPAs / Total Assets (%) | 0.04 | 0.06 | 0.12 | 0.22 | 0.25 |
Additional 2024 operational highlights:
- Commercial business loans grew $90.0 million (+16.7%); deposit growth 3.2%; tangible book value/share increased to $9.17; 2024 balance sheet repositioning executed to improve margin; core net income $23.2 million (non‑GAAP) .
Say‑on‑Pay & Shareholder Feedback
- Say‑on‑Pay approval: 98.9% in 2023, 98.2% in 2024, reflecting strong shareholder support for executive compensation practices .
- Peer Group and Benchmarking: Peer group unchanged 2022–2023; modified for 2024; Lakeland Bancorp excluded from 2024 peer TSR due to merger completion .
Investment Implications
- Pay‑for‑performance alignment: Lewis’s 2021 incentive payout (130.5% of target) was tied to core bank profitability, efficiency, and asset quality, with his equity grants vesting over three years, creating retention and performance alignment. Company‑wide incentives continue to emphasize Core ROAA/Efficiency, reducing short‑term earnings manipulation risk .
- Vesting and selling pressure: Time‑based RSAs and options vesting schedules (2019 five‑year options; 2021 three‑year RSAs/options) can create periodic liquidity windows, but hedging and pledging prohibitions mitigate forced selling and misalignment risks .
- Retention risk: Employment agreement in place and double‑trigger CIC protections lower near‑term retention risk; however, lack of recent inclusion in NEO tables suggests limited disclosure on his current bonus target/multiples—investors should review his individual employment agreement (Exhibit 10.10) for specific severance economics .
- Execution focus: As the commercial banking lead, Lewis’s impact will be most visible in commercial loan growth, credit performance, and treasury services penetration—areas embedded in corporate metrics used for incentives. 2024 step‑up in commercial loan growth (+16.7%) and stable NPAs support constructive execution signals .
