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

Rhea-AI Filing Summary

Allyson Katz Schlesinger, SEVP & Head of Consumer Banking of Columbia Financial, Inc. (CLBK), filed a Form 4 reporting changes in her beneficial ownership with an earliest transaction date of 08/08/2025. The filing shows an acquisition of stock-based deferral units purchased through a rabbi trust under the Columbia Bank Stock Based Deferral Plan that will be settled in shares upon distribution. The Form also reports a disposition of 64,281 common shares and lists multiple indirect holdings: 6,683 (ESOP), 6,459 (SERP), 4,683 (SIM), and stock award balances of 14,470, 12,672, and 12,288 for Stock Award II, III and IV respectively. Reported direct option holdings include 155,294, 12,632, 9,292, and 21,289 stock options with stated exercise prices and vesting schedules noted in the filing. The Form is signed by a power of attorney on 08/12/2025.

Positive

• Acquisition of stock-based deferral units under the Columbia Bank Stock Based Deferral Plan, which will be settled in shares upon distribution
• Detailed disclosure of option positions (155,294; 12,632; 9,292; 21,289) and vesting terms, improving transparency about executive equity exposure

Negative

• Disposition of 64,281 common shares reported on the Form, a sizable sale disclosed without contextual explanation
• Potential future dilution from deferred stock units that will be settled in shares when distributed

Insights

Corporate Governance Expert

TL;DR: Routine insider filing showing compensation-related acquisitions, option holdings and a sizable share disposition; no explicit governance issue disclosed.

The Form 4 documents standard executive equity compensation activity rather than a corporate action. The acquisition via a rabbi trust under the Stock Based Deferral Plan and multiple indirect holdings reflect deferred compensation and retirement-related vehicles, not open-market purchases. The reported disposition of 64,281 shares is sizable in absolute terms but the filing does not provide context such as sales proceeds or purpose. For governance review, monitor whether disposals align with planned sales or 10b5-1 plans; none is explicitly stated here. Impact to shareholders is informational and appears routine.

Compensation & Equity Specialist

TL;DR: Filing details vested and unvested equity awards and option positions consistent with the 2019 Equity Incentive Plan and deferral plan mechanics.

The filing lists direct option positions of 155,294, 12,632, 9,292, and 21,289 options with stated exercise prices. Explanations show one option tranche is fully vested and others vest over three approximately equal annual installments beginning on specified dates. The acquisition through the rabbi trust creates phantom stock units that will convert to shares on distribution, which affects future dilution timing but is part of normal executive compensation. Overall, this is a compensation-driven disclosure with neutral immediate market impact.

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^*

Schlesinger Allyson Katz

(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&Head of Consumer Banking

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		23.351(1)	A	$14.33	13,324.5077	I	By Stock-Based Deferral Plan
Common Stock								64,281	D
Common Stock								6,683	I	By ESOP
Common Stock								6,459	I	By SERP
Common Stock								4,683	I	By SIM
Common Stock								14,470	I	By Stock Award II(2)
Common Stock								12,672	I	By Stock Award III(3)
Common Stock								12,288	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	155,294		155,294	D
Stock Options (right to buy)	$15.94							05/01/2024(6)	05/01/2033	Common Stock	12,632		12,632	D
Stock Options (right to buy)	$16.49							03/06/2025(7)	03/06/2034	Common Stock	9,292		9,292	D
Stock Options (right to buy)	$16.23							03/03/2026(8)	03/03/2035	Common Stock	21,289		21,289	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	08/12/2025
	** 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 CLBK insider Allyson Katz Schlesinger report on the Form 4?

The filing reports an acquisition of stock-based deferral units, a disposition of 64,281 common shares, multiple indirect holdings and direct option positions.

When were the transactions reported on the CLBK Form 4 dated?

The earliest transaction date shown is 08/08/2025, and the Form is signed by power of attorney on 08/12/2025.

How many stock options does the reporting person hold according to the filing?

The filing lists direct option holdings of 155,294, 12,632, 9,292, and 21,289 options with stated exercise prices and vesting schedules.

What is the Stock Based Deferral Plan disclosure in the Form 4?

The filing states phantom stock units were purchased by the trustee of a rabbi trust under the Columbia Bank Stock Based Deferral Plan and will be settled in shares upon distribution.

Are the reported stock awards vested?

Explanations indicate varying vesting: some awards vest in approximately equal annual installments beginning on listed dates; one option tranche is described as fully vested and exercisable.