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

Rhea-AI Filing Summary

Noel R. Holland, a director of Columbia Financial, Inc. (CLBK), reported changes in beneficial ownership dated 10/03/2025. The filing shows an acquisition of 11.1873 stock units purchased through a rabbi trust under the stock-based deferral plan at a price of $14.89. The report also shows a disposition of 33,519 common shares and continued indirect holdings of 46,280 shares in a SEP-IRA plus 3,207 shares held via a stock award that vests on 03/11/2026. The reporting person holds 83,294 exercisable stock options with an exercise price of $15.60 expiring on 07/23/2029.

The filing includes explanations that the acquired units are phantom stock under the Columbia Bank Stock Based Deferral Plan and will be settled in shares on distribution; the stock awards vest in one year and the noted options are fully vested and exercisable.

Positive

• Acquired 11.1873 phantom stock units via the Stock Based Deferral Plan at $14.89
• 83,294 stock options are fully vested and exercisable, providing potential alignment with shareholder value

Negative

• Disposition of 33,519 common shares was reported on 10/03/2025, reducing direct/indirect holdings
• Significant option exposure (83,294 options) concentrates potential voting/ownership shifts if exercised

Insights

Corporate Governance Analyst

Director adjusted holdings via plan-driven purchase and a notable disposition.

The report records a small plan-driven acquisition of 11.1873 phantom stock units at $14.89 alongside a reported sale of 33,519 shares. The acquisition is described as non-discretionary through a trustee-held rabbi trust, indicating it resulted from a deferral plan rather than an open-market purchase.

Because the acquisition is plan-based and the options are fully vested (07/23/2029 expiration), the change primarily reflects routine compensation and portfolio rebalancing. Monitor vesting on 03/11/2026 and any future open-market trading disclosures for additional governance signal within the next 6–12 months.

Compensation & Equity Plan Analyst

Equity awards and exercises show standard use of long-term incentives and deferred compensation.

Stock units were acquired under the Stock Based Deferral Plan and stock awards are scheduled to vest on 03/11/2026. The filing discloses 83,294 vested/options exercisable at $15.60, with an expiration of 07/23/2029, indicating significant in-the-money optionality depending on market price.

These holdings tie executive/board pay to equity performance; the critical near-term items are the 03/11/2026 vesting and any exercise or sale activity tied to the 83,294 options over the option life through 07/23/2029.

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^*

Holland Noel R.

(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)

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

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		11.1873(1)	A	$14.89	9,979.6318	I	By Stock-Based Deferral Plan
Common Stock								33,519	D
Common Stock								46,280	I	By SEP-IRA
Common Stock								3,207	I	By Stock Award IV(2)

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(3)	07/23/2029	Common Stock	83,294		83,294	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 one year on March 11, 2026.

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

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.
* 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 transactions did CLBK director Noel R. Holland report on Form 4?

The report shows an acquisition of 11.1873 phantom stock units at $14.89, a disposition of 33,519 common shares, and existing indirect holdings including 46,280 SEP-IRA shares and 3,207 stock-award shares.

Are the reported stock options exercisable and when do they expire for CLBK?

Yes. The filing shows 83,294 stock options are fully vested and exercisable with an exercise price of $15.60 and an expiration date of 07/23/2029.

When do the disclosed stock awards vest?

Stock awards granted under the 2019 Equity Incentive Plan vest in one year on 03/11/2026.

What is the nature of the 11.1873 units acquired?

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

Who signed the Form 4 filing for the reporting person?

The filing is signed by Dennis E. Gibney, as Power of Attorney, on 10/07/2025.