[Form 4] Columbia Financial, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Columbia Financial EVP & CHRO Jenifer White reported insider transactions dated 08/08/2025 involving common stock, deferred units and several equity awards. The filing records an acquisition of phantom stock units under the Columbia Bank Stock Based Deferral Plan at $14.33 per unit to be settled in shares, and a reported disposition of 3,352 common shares.

The filing also discloses multiple indirect holdings through an ESOP, SERP, SIM and several stock awards that vest over time or upon performance, plus four separate option grants exercisable into common stock with strikes of $20.54, $15.94, $16.49 and $16.23 and expirations in 2032–2035. These entries reflect compensation-related awards and long-term incentives rather than an extraordinary market action.

Positive

• Acquisition under stock deferral plan: Phantom stock units were acquired under the Columbia Bank Stock Based Deferral Plan at $14.33, to be settled in shares.
• Clear long-term incentives: Multiple stock awards and long-dated options with scheduled vesting or performance conditions align executive pay with multi-year performance.
• Transparency of holdings: The filing discloses indirect holdings by plan (ESOP, SERP, SIM) and option series with exercise prices and expirations.

Negative

• Reported disposal of shares: The filing shows a disposition of 3,352 common shares, which reduces the reporting person's direct holdings.
• Performance-based vesting: Several stock awards are subject to specified performance criteria and may not convert to shares unless those targets are met, creating uncertainty about future dilution.

Insights

Financial Analyst

TL;DR: Insider activity appears driven by compensation and deferral mechanics; routine equity awards and option holdings, limited immediate market impact.

The transaction mix — a phantom unit acquisition through the bank's stock-based deferral plan at $14.33, a recorded sale of 3,352 shares, multiple indirect plan holdings (ESOP, SERP, SIM) and four option series — is consistent with standard executive compensation and vesting schedules. The presence of performance-based vesting on several awards means future dilution to common shares depends on achievement of specified targets. Overall, the items disclosed are material to the reporting person's ownership profile but do not, on their face, indicate an unusual corporate development that would immediately affect valuation.

Corporate Governance Expert

TL;DR: Filing signals routine governance of executive pay: deferred compensation, performance-vested awards and long-dated options; governance implications are neutral.

The Form 4 documents a non-discretionary purchase of phantom stock held in a rabbi trust and numerous indirect holdings subject to vesting and performance conditions. Several awards reference explicit performance-based vesting and multi-year vest schedules, indicating alignment with long-term incentives. The filing was submitted under a Power of Attorney, which is standard practice for administrative filings. These elements point to established compensation governance rather than irregular insider behavior.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Walden Jenifer White

(Last) (First) (Middle)

19-01 ROUTE 208 NORTH

(Street)

FAIR LAWN NJ 07410

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Columbia Financial, Inc. [ CLBK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & CHRO

3. Date of Earliest Transaction (Month/Day/Year)
08/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/08/2025		A		37.1731(1)	A	$14.33	2,705.2417	I	By Stock-Based Deferral Plan
Common Stock								3,352	D
Common Stock								2,073	I	By ESOP
Common Stock								45	I	By SERP
Common Stock								14	I	By SIM
Common Stock								649	I	By Stock Award(2)
Common Stock								7,106	I	By Stock Award II(3)
Common Stock								6,964	I	By Stock Award III(4)
Common Stock								6,521	I	By Stock Award IV(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (right to buy)	$20.54							10/31/2023(6)	10/31/2032	Common Stock	5,540		5,540	D
Stock Options (right to buy)	$15.94							05/01/2024(7)	05/01/2033	Common Stock	6,203		6,203	D
Stock Options (right to buy)	$16.49							03/06/2025(8)	03/06/2034	Common Stock	5,107		5,107	D
Stock Options (right to buy)	$16.23							03/03/2026(9)	03/03/2035	Common Stock	11,297		11,297	D

Explanation of Responses:

1. Represents phantom stock purchased, on a non-discretionary basis, by the trustee of the Bank's rabbi trust maintained in connection with the Columbia Bank Stock Based Deferral Plan, a non-qualified stock-based deferral plan. Stock unit interests under the Columbia Bank Stock Based Deferral Plan will be settled in shares of stock upon distribution to the reporting person.

2. Stock Awards granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive Plan, which vest in three equal annual installments commencing on October 31, 2023.

3. 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 May 1, 2024; 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.

4. 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.

5. 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.

6. Stock Options granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive Plan vest in three equal annual installments commencing on October 31, 2023.

7. Stock Options granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive Plan vest in three approximately equal annual installments commencing on May 1, 2024.

8. 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.

9. 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.

Remarks:

	/s/ Dennis E. Gibney, Power of Attorney	08/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transactions did Columbia Financial (CLBK) report for Jenifer White?

The filing reports an acquisition of phantom stock units under the Columbia Bank Stock Based Deferral Plan at $14.33 per unit (to be settled in shares) and a reported disposition of 3,352 common shares, with the transaction dated 08/08/2025.

What stock options does the Form 4 show for Jenifer White at CLBK?

Four option grants are disclosed: 5,540 options at $20.54 (exp. 10/31/2032); 6,203 at $15.94 (exp. 05/01/2033); 5,107 at $16.49 (exp. 03/06/2034); and 11,297 at $16.23 (exp. 03/03/2035).

Are any awards subject to performance vesting?

Yes. The filing explicitly states several stock awards vest upon achievement of specified performance-based criteria and include multi-year vesting schedules.

Are the reported holdings direct or indirect?

The filing includes both: certain stock options are listed as Direct (D), while many holdings are Indirect (I) through the ESOP, SERP, SIM, stock awards and a stock-based deferral plan.

Who filed the Form 4 on behalf of the reporting person?

The report lists Jenifer White as the reporting person (EVP & CHRO) and shows a signature executed by Dennis E. Gibney as Power of Attorney on the filing.