Columbia Financial Insider Report: Sale and Large Vested Option Position

Rhea-AI Filing Summary

John Klimowich, SEVP & Chief Risk Officer of Columbia Financial, Inc. (CLBK), reported changes in his beneficial ownership related to both stock awards and option holdings. On 08/08/2025 the Form 4 shows a disposition of 60,769 shares and an acquisition of phantom stock units purchased into the company's rabbi trust under the Columbia Bank Stock Based Deferral Plan that will be settled in shares on distribution.

The filing also details indirect holdings of common stock through retirement and benefit vehicles—17,130 shares via 401(k), 7,620 via ESOP, 7,051 via SERP, 4,214 via SIM—and multiple stock awards (13,781, 12,068, 11,723). Derivative holdings include 188,235 fully vested options (exercise $15.60, exp. 07/23/2029) and additional outstanding options totaling 41,190 with stated vesting schedules and later expirations.

Positive

• Acquisition of phantom stock units under the Columbia Bank Stock Based Deferral Plan that will be settled in shares on distribution
• Large vested option position: 188,235 fully vested stock options exercisable at $15.60 (expiring 07/23/2029), indicating continued alignment with shareholder value

Negative

• Disposition of 60,769 shares reported on the Form 4 (08/08/2025), representing an insider sale or transfer
• Significant portion of equity held indirectly through multiple benefit plans, which can delay transparent change-of-control visibility until distributions occur

Insights

Securities Analyst

Insider sold shares but remains heavily vested in options and deferred stock; overall neutral to ownership structure.

The Form 4 shows a 60,769-share disposition alongside acquisition of phantom units under the Stock Based Deferral Plan. Klimowich retains a large position in vested options (notably 188,235 options exercisable at $15.60) and multiple indirect holdings through benefit plans. The mix of a meaningful sale with substantial remaining equity and long-dated options suggests liquidity action rather than full exit; materiality to investors is limited absent company-wide context.

Corporate Governance Expert

Transaction mix indicates routine compensation and diversification actions, with governance disclosures intact.

The filing documents both compensation-related awards and an open-market or plan-based disposition of 60,769 shares, while describing deferred and performance-based awards with multi-year vesting. Explanations identify plan-based settlements (rabbi trust) and standard vesting schedules for options and awards, reflecting expected executive compensation mechanics rather than governance red flags in the disclosure itself.

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^*

Klimowich John

(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)
	SEVP & Chief Risk Officer

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		44.5541(1)	A	$14.33	7,723.404	I	By Stock-Based Deferral Plan
Common Stock								60,769	D
Common Stock								17,130	I	By 401(k)
Common Stock								7,620	I	By ESOP
Common Stock								7,051	I	By SERP
Common Stock								4,214	I	By SIM
Common Stock								13,781	I	By Stock Award II(2)
Common Stock								12,068	I	By Stock Award III(3)
Common Stock								11,723	I	By Stock Award IV(4)

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(5)	07/23/2029	Common Stock	188,235		188,235	D
Stock Options (right to buy)	$15.94							05/01/2024(6)	05/01/2033	Common Stock	12,030		12,030	D
Stock Options (right to buy)	$16.49							03/06/2025(7)	03/06/2034	Common Stock	8,850		8,850	D
Stock Options (right to buy)	$16.23							03/03/2026(8)	03/03/2035	Common Stock	20,310		20,310	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, 25% of which vest in three approximately equal annual installments commencing on May 1, 2024; and the remaining 75% of which vest upon achievement of certain specified performance-based vesting criteria, which if achieved, such Awards would vest three years after the date of the Award.

3. Stock Awards granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive plan, 25% of which vest in three approximately equal annual installments commencing on March 6, 2025; and the remaining 75% of which vest upon achievement of certain specified performance-based vesting criteria, which if achieved, such Awards would vest three years after the date of the Award.

4. Stock Awards granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive plan, which vest upon achievement of certain specified performance-based vesting criteria, which if achieved, such Awards would vest three years after the date of the Award on March 3, 2028.

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

6. Stock Options granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive Plan vest in three approximately equal annual installments commencing on May 1, 2024.

7. Stock Options granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive Plan vest in three approximately equal annual installments commencing on March 6, 2025.

8. Stock Options granted pursuant to the Columbia Financial, Inc. 2019 Equity Incentive Plan vest in three approximately equal annual installments commencing on March 3, 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

What did Columbia Financial (CLBK) insider John Klimowich report on Form 4?

The Form 4 reports a 60,769-share disposition and the purchase of phantom stock units under the Columbia Bank Stock Based Deferral Plan, plus detailed option and indirect holdings.

How many vested stock options does Klimowich hold and at what exercise price?

He holds 188,235 fully vested options with an exercise price of $15.60, expiring on 07/23/2029.

Are there performance-based awards disclosed for Klimowich in the filing?

Yes. The filing lists multiple stock awards with performance-based vesting criteria (e.g., Stock Award II/III/IV totaling 13,781, 12,068, and 11,723 shares respectively) and staggered vesting schedules.

Does the Form 4 indicate indirect holdings through benefit plans?

Yes. The filing shows indirect holdings of 17,130 shares via 401(k), 7,620 via ESOP, 7,051 via SERP, and 4,214 via SIM.

When did the reported transactions occur?

The Form 4 lists the earliest transaction date as 08/08/2025.