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

Rhea-AI Filing Summary

John Klimowich, listed as SEVP & Chief Risk Officer, reported transactions on 08/22/2025 for Columbia Financial, Inc. (CLBK). The filing shows a purchase of 41.5935 phantom stock units at $15.35 under the Columbia Bank Stock Based Deferral Plan, which are to be settled in shares upon distribution. The report also discloses the reporting person’s beneficial holdings across multiple accounts and awards, including 60,769 shares held directly, and various indirect holdings and stock awards and options such as 188,235 underlying shares from vested options and additional option grants totaling 41,190 underlying shares across later grants. The Form 4 is signed by a power of attorney.

Positive

• Acquisition under deferral plan: Reporting person purchased 41.5935 phantom stock units at $15.35 that will be settled in shares upon distribution.
• Significant equity alignment: Reporting person holds 60,769 direct shares plus substantial indirect holdings and vested options, indicating alignment with shareholder interests.
• Clear vesting disclosure: Vesting schedules and performance-based vesting conditions for multiple stock awards are explicitly disclosed.

Negative

• None.

Insights

Financial Analyst

TL;DR Insider acquired deferred/phantom stock units and retains substantial option and share holdings, showing continued equity exposure.

The Form 4 documents a non-discretionary purchase of 41.5935 phantom stock units at $15.35 under a deferral plan, which will convert to shares on distribution. The reporting person holds a material position through direct shares, multiple indirect vehicles and sizeable outstanding options (188,235 underlying shares from fully vested options plus additional option grants). From an ownership perspective, this indicates continued alignment with shareholder outcomes rather than a disposition of shares.

Corporate Governance Expert

TL;DR Transaction is routine compensation deferral; disclosure is consistent with equity-based pay practices.

The filing reflects a standard equity deferral purchase made by the trustee of the Bank's rabbi trust and multiple equity awards and options governed by the company’s 2019 Equity Incentive Plan. Vesting schedules and the distinction between direct and indirect holdings are disclosed, and the form is executed via power of attorney. There are no disclosures of sales or unusual transfers in this filing.

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
Estimated average burden
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^*

Klimowich John

(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)
	SEVP & Chief Risk Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

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	08/22/2025		A		41.5935(1)	A	$15.35	7,764.9975	I	By Stock-Based Deferral Plan
Common Stock								60,769	D
Common Stock								17,130	I	By 401(k)
Common Stock								7,620	I	By ESOP
Common Stock								7,051	I	By SERP
Common Stock								4,214	I	By SIM
Common Stock								13,781	I	By Stock Award II(2)
Common Stock								12,068	I	By Stock Award III(3)
Common Stock								11,723	I	By Stock Award IV(4)

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)	$15.6							07/23/2020(5)	07/23/2029	Common Stock	188,235		188,235	D
Stock Options (right to buy)	$15.94							05/01/2024(6)	05/01/2033	Common Stock	12,030		12,030	D
Stock Options (right to buy)	$16.49							03/06/2025(7)	03/06/2034	Common Stock	8,850		8,850	D
Stock Options (right to buy)	$16.23							03/03/2026(8)	03/03/2035	Common Stock	20,310		20,310	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, 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.

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 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.

4. 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.

5. Stock Options granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive Plan are fully vested and exercisable.

6. 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.

7. 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.

8. 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	08/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did John Klimowich acquire on 08/22/2025 for CLBK?

He purchased 41.5935 phantom stock units at $15.35 under the Columbia Bank Stock Based Deferral Plan; units will be settled in shares upon distribution.

How many CLBK shares does the reporting person hold directly?

The filing lists 60,769 shares held directly by the reporting person.

What option holdings does John Klimowich have according to the Form 4?

The Form 4 discloses 188,235 underlying shares from vested options plus additional option grants totaling 41,190 underlying shares across later grants (12,030; 8,850; 20,310).

Are any of the stock awards subject to performance-based vesting?

Yes. Several stock awards include performance-based vesting conditions, with restricted portions vesting upon achievement of specified criteria.

Was this Form 4 signed directly by the reporting person?

The filing shows a signature executed by Dennis E. Gibney, Power of Attorney dated 08/26/2025.