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

Rhea-AI Filing Summary

John Klimowich, SEVP & Chief Risk Officer of Columbia Financial, Inc. (CLBK), reported a purchase on 09/19/2025 of 41.1644 phantom stock units at $15.51 under the Columbia Bank Stock Based Deferral Plan, which will be settled in shares upon distribution. The filing shows indirect beneficial ownership categories including 7,848.6975 shares held indirectly and several plan-based holdings: 60,769 shares (disposed), 17,130 via 401(k), 7,620 via ESOP, 7,051 via SERP, 4,214 via SIM, and multiple stock awards totaling 39,672 shares across award tranches. Klimowich also holds exercisable stock options totaling 229,425 options across four grants with exercise prices from $15.60 to $16.49.

Positive

• Acquisition of 41.1644 phantom units at $15.51 under the Stock Based Deferral Plan, reinforcing executive equity ownership
• Significant exercisable stock option position (188,235 options exercisable from 07/23/2020) aligning management incentives with shareholder value
• Multiple plan-based holdings disclosed (401(k), ESOP, SERP, SIM and stock awards) showing diversified long-term compensation structure

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider acquired a small number of deferred units and maintains large option holdings, indicating ongoing equity alignment with shareholders.

The 09/19/2025 acquisition of 41.1644 phantom units at $15.51 is a routine, non-discretionary purchase under a deferral plan and modest in absolute size. More material are the outstanding stock options—188,235 exercisable options from 2020 and additional option grants totaling 41,190—representing a significant long-term equity exposure for the officer. These option positions could be dilutive if exercised and align compensation with share performance. No open-market dispositions of common stock are reported in this filing.

Corporate Governance Expert

TL;DR: Filing reflects standard executive compensation mechanics rather than an unusual corporate governance event.

The report documents plan-based holdings (deferral plan, 401(k), ESOP, SERP, SIM) and multi-year equity awards with time- and performance-based vesting. Vesting schedules and performance contingencies are disclosed in the explanations, which is consistent with governance best practices for retention and performance alignment. The power-of-attorney signature indicates administrative filing by counsel, not an unusual governance occurrence. No compensatory departures, accelerated vesting, or related-party transactions are disclosed here.

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)
09/19/2025

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	09/19/2025		A		41.1644(1)	A	$15.51	7,848.6975	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	09/23/2025
	** 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 transaction did CLBK insider John Klimowich report on 09/19/2025?

He purchased 41.1644 phantom stock units at a price of $15.51 under the Columbia Bank Stock Based Deferral Plan, per the Form 4.

How many stock options does John Klimowich hold according to the Form 4 for CLBK?

He holds 188,235 exercisable options229,425 total options reported.

Are the stock awards in Klimowich's Form 4 subject to vesting conditions?

Yes. Some awards vest 25% in annual installments with the remainder tied to specified performance-based criteria; certain awards vest only if performance targets are met.

Was any sale or disposition of CLBK common stock reported by Klimowich on this Form 4?

No sale or open-market disposition is reported on this Form 4; the filing shows an acquisition and existing plan-based holdings.

What is the significance of the phantom stock units reported?

Phantom units are stock unit interests held in a rabbi trust under the deferral plan and will be settled in shares upon distribution, not immediate shares.