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

Rhea-AI Filing Summary

Lucy Sorrentini, a director of Columbia Financial, Inc. (CLBK), reported changes in her beneficial ownership tied to company compensation plans. On 08/08/2025 she received 166.7537 phantom stock units purchased by the trustee of a rabbi trust under the Columbia Bank Stock Based Deferral Plan at a reported unit price of $14.33; those units are indirect holdings and will be settled in shares upon distribution. The filing also discloses a disposition of 11,664 common shares and indirect beneficial ownership of 3,207 shares from a stock award that vests on March 11, 2026. The Form 4 was filed by one reporting person and identifies Sorrentini as a director.

Positive

• Participation in compensation plan: Acquisition of 166.7537 phantom stock units under the Columbia Bank Stock Based Deferral Plan, aligning director compensation with company equity.
• Time-vested awards disclosed: 3,207 shares reported as a stock award that vests on March 11, 2026, clarifying future potential issuance.

Negative

• Insider sale reported: Disposition of 11,664 common shares by the reporting person, which may be perceived negatively by some investors.

Insights

Financial Analyst

TL;DR: Routine insider activity: small plan-based acquisition, a notable sale, and time-vested awards; overall informational but not transformational.

The filing shows a mix of compensation-related acquisitions and a sale. The 166.7537 phantom units acquired via the rabbi trust reflect non-cash, deferred compensation that will convert to shares on distribution, preserving alignment with shareholder value without immediate dilution. The reported 11,664 share disposition is a material-sized insider sale in absolute terms but the filing gives no context on percentage ownership or proceeds, so its economic impact on valuation cannot be determined from this Form 4 alone. The 3,207 stock award vests on March 11, 2026, indicating near-term potential share issuance to the reporting person.

Corporate Governance Expert

TL;DR: The transactions appear procedural—compensation deferral and scheduled award vesting—paired with an insider sale; governance implications are routine.

Transactions are consistent with standard director compensation practices: participation in a stock-based deferral plan held in a rabbi trust and time-vested equity awards. The indirect nature of the phantom units and the stated settlement mechanics limit immediate voting dilution. The sale of 11,664 shares warrants disclosure but the filing lacks details on reason (e.g., diversification, tax) so it does not by itself indicate governance or control changes. Overall, disclosures align with required Section 16 reporting and raise no procedural governance red flags based on the information provided.

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^*

Sorrentini Lucy

(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		166.7537(1)	A	$14.33	7,053.7745	I	By Stock-Based Deferral Plan
Common Stock								11,664	D
Common Stock								3,207	I	By Stock Award V(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

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.

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

Who filed the Form 4 for Columbia Financial (CLBK)?

The Form 4 was filed by Lucy Sorrentini, who is identified in the filing as a director of Columbia Financial, Inc.

What transactions are reported on the CLBK Form 4?

The filing reports the acquisition of 166.7537 phantom stock units under the stock-based deferral plan, a disposition of 11,664 common shares, and indirect ownership of 3,207 shares from a stock award.

What is the nature of the 166.7537 units reported?

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

When do the disclosed stock awards vest?

The stock awards reported in the filing vest on March 11, 2026.

How many shares does the reporting person beneficially own after the transactions?

The filing lists 7,053.7745 shares as the amount of securities beneficially owned following the reported transaction(s).