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

Rhea-AI Filing Summary

Jenifer Walden White, EVP & CHRO of Columbia Financial, Inc. (CLBK), reported several insider transactions dated 10/03/2025. She acquired 35.775 phantom stock units under the bank's non‑qualified Stock Based Deferral Plan at a deemed price of $14.89, bringing her total indirect beneficial ownership to 2,845.5536 shares. The filing also shows multiple dispositions of stock awards and award tranches that reduced the reported amounts for those specific award lines to 0 shares.

Table II discloses three fully vested and exercisable stock options: 3,693 options at $20.54, 4,135 at $15.94, and 1,702 at $16.49, each exercisable and expiring on 01/01/2026. The form was signed via power of attorney on 10/07/2025.

Insights

Corporate Governance Analyst

Insider remains invested via deferred units while exercising standard equity compensation controls.

The acquisition of 35.775 phantom units under the non‑qualified Stock Based Deferral Plan indicates a continued alignment of the executive with shareholder value through deferred equity rather than cash compensation. The filing lists the units as held indirectly in a rabbi trust and slated to settle in shares on distribution.

This pattern reduces immediate selling pressure because the acquisition is non‑discretionary under the plan, but investors should note the multiple dispositions of award tranches on the same date which reduced certain award balances to 0; monitor any periodic Form 4s for future sales or distributions within the next 12 months.

Compensation & Equity Analyst

Several fully vested options remain exercisable through 01/01/2026, representing near‑term exercisable upside.

The report shows three stock option grants totaling 9,530 options across exercise prices of $20.54, $15.94, and $16.49, all exercisable and expiring on 01/01/2026. These are disclosed as direct holdings and therefore could convert into common shares if exercised.

Because the options are fully vested, the primary variables are share price and timing; if exercised and sold, they could impact share supply in the near term, so watch option exercise activity and any following sales within the next quarter.

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
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X

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^*

Walden Jenifer White

(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)
	EVP & CHRO

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		35.775(1)	A	$14.89	2,845.5536	I	By Stock-Based Deferral Plan
Common Stock	10/03/2025		D		649	D	$0	0	I	By Stock Award
Common Stock	10/03/2025		D		7,106	D	$0	0	I	By Stock Award II
Common Stock	10/03/2025		D		6,964	D	$0	0	I	By Stock Award III
Common Stock	10/03/2025		D		6,521	D	$0	0	I	By Stock Award IV
Common Stock								3,352	D
Common Stock								2,073	I	By ESOP
Common Stock								45	I	By SERP
Common Stock								53(2)	I	By SIM

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)	$20.54							10/31/2023(3)	01/01/2026	Common Stock	3,693		3,693	D
Stock Options (right to buy)	$15.94							05/01/2024(3)	01/01/2026	Common Stock	4,135		4,135	D
Stock Options (right to buy)	$16.49							03/06/2025(3)	01/01/2026	Common Stock	1,702		1,702	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. This form reflects increases in beneficial ownership resulting from exempt acquisitions pursuant to rule 16b-3(c).

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 Jenifer Walden White report on Form 4 for CLBK?

She reported an acquisition of 35.775 phantom stock units at $14.89 and multiple dispositions of stock awards, plus holdings of exercisable options totaling 9,530 options.

How many shares does the reported acquisition add to Ms. White's ownership?

The filing reports total indirect beneficial ownership of 2,845.5536 shares following the reported acquisition.

Are any options exercisable and when do they expire?

Yes. Options of 3,693, 4,135, and 1,702 shares at exercise prices $20.54, $15.94, and $16.49 are fully vested and exercisable and expire on 01/01/2026.

Was the acquisition part of a specific compensation plan?

Yes. The acquisition represents phantom stock purchased by the trustee of the rabbi trust under the Columbia Bank Stock Based Deferral Plan, to be settled in shares upon distribution.

Who signed the Form 4 and when was it filed?

The form was signed by Dennis E. Gibney as Power of Attorney on 10/07/2025 for the reporting person.