Trent, in the case of the image that you uploaded, the raster has the NoData Value set as 0,0,0,0 for all 4 bands. You can go into the Raster Properties via the Catalog Pane, and recompute the NoData Value for the raster.
Once you have the raster properties open, click the pencil to edit the NoData Value > Click Compute > Then OK in the NoData Editor that opens.
This resolved the display in the Filing 4 image for me.