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

Rhea-AI Filing Summary

Insider purchase and holdings summary: An officer of Columbia Financial, Inc. (CLBK), Allyson Katz Schlesinger, reported an open-market purchase on 10/03/2025 of 22.4728 shares at $14.89. Following the transaction, she beneficially owns 13,412.6474 shares indirectly through a stock-based deferral plan and additional indirect holdings across an ESOP, SERP, SIM and multiple stock awards and options. The filing also discloses 198,785 underlying common shares available via stock options and vested awards exercisable through 2035.

The report clarifies vesting schedules for several equity awards and notes settlement mechanics for phantom stock in a rabbi trust. This is a routine Section 16 report documenting compensation-related holdings and a small purchase by an executive.

Insights

Corporate Governance Expert

Officer executed a small purchase and holds sizable indirect equity via plans.

The purchase of 22.4728 shares at $14.89 is recorded as an acquisition for an officer who primarily holds equity indirectly through plan vehicles such as a stock-based deferral plan, ESOP, SERP and multiple award tranches. The filing lists detailed vesting schedules and settlement mechanics, indicating standard corporate governance disclosure of insider activity.

Key dependencies include the timing of performance-based vesting and distributions from the rabbi trust; monitor vesting dates into 2028 and option expirations through 2035 for potential future insider sales or exercises within a 1–10 year horizon.

Executive Compensation Analyst

Compensation mix skews to long-dated options and performance awards.

Reported holdings combine phantom stock intended for settlement in shares, multiple performance-based stock awards, and stock options with exercise prices between $15.60 and $16.49. Several awards vest in multi-year tranches, with performance conditions delaying full vesting for up to three years after grant dates.

The structure suggests incentive alignment with multi-year performance goals; watch near-term vesting commencements in 2024–2026 and option expirations through 2035 for timing of potential exercises that could affect insider liquidity over the next 1–10 years.

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

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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)
10/03/2025

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	10/03/2025		A		22.4728(1)	A	$14.89	13,412.6474	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	10/07/2025
	** 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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