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

Rhea-AI Filing Summary

Randall Elizabeth E., a director of Columbia Financial, Inc. (CLBK) reported transactions dated 08/08/2025. She acquired 172.1333 phantom common stock units under the Columbia Bank Stock Based Deferral Plan at $14.33 per unit; those units will be settled in shares upon distribution. The filing also shows a disposition of 39,934 common shares and indirect holdings of 44,447 shares in an IRA, 6,704 in a Roth IRA, and 3,207 via Stock Award IV. She holds 62,474 exercisable stock options (exercise price $15.60) granted 07/23/2020 that expire 07/23/2029. Stock Awards vest on March 11, 2026. Form signed by Dennis E. Gibney, POA, on 08/12/2025.

Positive

• Acquisition of 172.1333 phantom units under the Columbia Bank Stock Based Deferral Plan indicates continued equity-based alignment with shareholders

Negative

• Disposition of 39,934 common shares is recorded and may attract investor attention; the filing does not state a trading plan or reason for the sale

Insights

Corporate Governance Expert

TL;DR: Routine insider activity showing a small acquisition via a deferral plan, an unrelated large disposition, and long-dated exercisable options.

The filing documents multiple holdings and transactions by a director rather than executive compensation changes or firm-level events. The acquisition of 172.1333 phantom units under a stock-based deferral plan reflects alignment through deferred equity that will convert to shares upon distribution. The reported disposition of 39,934 shares is material in absolute terms but the form does not state the reason for the sale or its relation to a trading plan. The director also holds 62,474 vested options exercisable through 07/23/2029 and time-vested awards that vest on 03/11/2026. Overall, disclosures are consistent with routine Section 16 reporting and compensation mechanics rather than corporate governance changes.

Securities Analyst

TL;DR: Insider holdings mix includes vested options and deferred units; the large sale is notable but the filing provides no explanation of intent.

The report quantifies direct and indirect holdings: vested stock options (62,474 at $15.60 strike) and various IRA- and award-held shares (44,447; 6,704; 3,207). The phantom units purchased at $14.33 will be settled in shares later, preserving long-term alignment. A disposition of 39,934 shares is recorded alongside these holdings; without market context or a stated trading plan, its investor impact is ambiguous. This filing supplies precise quantities and dates but contains no forward guidance or company-level financial data.

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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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^*

Randall Elizabeth E.

(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)
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		172.1333(1)	A	$14.33	9,346.216	I	By Stock-Based Deferral Plan
Common Stock								39,934	D
Common Stock								44,447	I	By IRA
Common Stock								6,704	I	By Roth 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	62,474		62,474	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	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 transactions did the CLBK director report on the Form 4?

The director reported acquiring 172.1333 phantom common stock units under a deferral plan at $14.33 and a disposition of 39,934 common shares (transaction date shown as 08/08/2025).

How many stock options does Randall Elizabeth E. hold and what are the terms?

She holds 62,474 exercisable stock options with an exercise price of $15.60, granted on 07/23/2020, expiring on 07/23/2029.

Are any stock awards time-vested?

Yes. The filing shows Stock Awards granted under the 2019 Equity Incentive Plan that vest in one year on March 11, 2026.

What indirect holdings are disclosed in the Form 4 for CLBK?

The report lists indirect holdings of 44,447 shares in an IRA, 6,704 in a Roth IRA, and 3,207 via Stock Award IV.

Who signed the Form 4 and when was it filed?

The Form 4 is signed by Dennis E. Gibney, Power of Attorney on 08/12/2025; the transactions are dated 08/08/2025.