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

Rhea-AI Filing Summary

Columbia Financial director Noel R. Holland reported transactions on 08/08/2025. The filing shows an acquisition through the company's stock-based deferral plan (phantom stock purchased by a rabbi trust) and a separate disposal of 33,519 common shares. The table lists indirect holdings of 46,280 shares in a SEP-IRA and 3,207 shares attributed to a Stock Award IV.

The report also discloses 83,294 stock options outstanding that are exercisable through 07/23/2029 with an exercise price of $15.60. Stock Awards noted in the filing vest on 03/11/2026. The acquisition via the deferral plan is described as phantom stock units that will be settled in shares upon distribution. The form was signed by a power of attorney on 08/12/2025.

Insights

Corporate Governance Expert

TL;DR: Routine insider activity: participation in a deferral plan, a sizable disposition, and continued option holdings; no explicit governance red flags.

The filing documents a non-discretionary purchase of phantom stock units under the Columbia Bank Stock Based Deferral Plan and a separate disposal of 33,519 common shares by Director Noel R. Holland. The presence of indirect holdings (SEP-IRA and Stock Award IV) and a large stock option position suggests compensation-driven movements rather than an unusual corporate governance event. All material mechanics (vesting date and settlement mechanism) are disclosed in the explanations.

Securities/Compensation Analyst

TL;DR: Material derivative exposure: 83,294 vested options at $15.60 strike through 07/23/2029; awards vesting in 2026.

The report confirms 83,294 options fully vested and exercisable with a $15.60 exercise price expiring 07/23/2029, which represents potential share issuance upon exercise. Stock awards referenced will vest on 03/11/2026 and phantom units in a rabbi trust will be settled in shares on distribution. These are standard compensation instruments disclosed consistently with Section 16 requirements and should be considered when modeling insider-driven share supply, but the filing does not quantify aggregate percent ownership or market impact.

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^*

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)
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		11.6246(1)	A	$14.33	9,957.345	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	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 did Noel R. Holland report on the Form 4 for Columbia Financial (CLBK)?

He reported an acquisition via the company's stock-based deferral plan and a disposal of 33,519 common shares, plus existing indirect holdings and options.

When were the reported transactions dated on the CLBK Form 4?

The earliest transaction date listed is 08/08/2025; the form was signed by power of attorney on 08/12/2025.

How many stock options does the reporting person hold and what are the terms?

83,294 stock options are reported as fully vested and exercisable, with a $15.60 exercise price and expiration on 07/23/2029.

Are there any upcoming vesting events disclosed on the CLBK Form 4?

Yes. Stock Awards noted in the filing vest on 03/11/2026.

What indirect holdings are disclosed for Noel R. Holland?

The filing lists 46,280 shares held indirectly via a SEP-IRA and 3,207 shares attributed to Stock Award IV.