Columbia Financial (CLBK) Director Reports Deferral-Plan Purchase and Large Vested Options

Rhea-AI Filing Summary

Randall Elizabeth E., a director of Columbia Financial, Inc. (CLBK), reported transactions on 09/05/2025. The filing shows the non-discretionary purchase of 164.3351 phantom stock units at $15.01 under the Columbia Bank Stock Based Deferral Plan, which are to be settled in shares on distribution. The report lists aggregate beneficial holdings across accounts: 39,934 direct shares, 44,447 indirect via IRA, 6,704 indirect via Roth IRA, 3,207 indirect via a stock award, and 9,510.5511 indirect from the deferral plan following the transaction. The filing also discloses 62,474 fully vested and exercisable stock options with a $15.60 exercise price expiring 07/23/2029.

Positive

• Acquisition under formal plan: 164.3351 phantom stock units purchased through the Columbia Bank Stock Based Deferral Plan, indicating use of structured compensation.
• Substantial vested options: 62,474 fully vested and exercisable options at a $15.60 strike, providing potential alignment with shareholder value.
• Transparent reporting: Filing discloses holdings across direct, IRA, Roth IRA, stock award, and deferral plan accounts.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine insider acquisition and sizable vested options; modest alignment with shareholders, not material to valuation.

The Form 4 documents a small acquisition of phantom stock units via a non-qualified deferral plan and discloses a substantial holding of 62,474 vested options exercisable at $15.60. The newly acquired 164.3351 units at $15.01 are minor relative to total reported holdings but increase the reporting person’s deferred equity exposure. No sales or other dispositions were reported. For investors, this is a routine insider filing showing compensation plan activity and option leverage, not an unusual liquidity event.

Corporate Governance Expert

TL;DR: Filing reflects standard director compensation and plan-driven purchases; governance signals are routine and transparent.

The disclosure indicates the purchase was executed by the trustee of a rabbi trust under the company’s Stock Based Deferral Plan, consistent with non-discretionary plan mechanics. The presence of vested options and multiple account types (direct, IRA, Roth IRA, deferred units) shows typical director equity mix and retention incentives. The filing includes a power-of-attorney signature, which is an accepted administrative practice. There are no governance red flags or unusual related-party transactions disclosed.

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)
09/05/2025

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	09/05/2025		A		164.3351(1)	A	$15.01	9,510.5511	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	09/09/2025
	** 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 transaction did Randall Elizabeth E. report on Form 4 for CLBK?

The filing reports the non-discretionary purchase of 164.3351 phantom stock units on 09/05/2025 at a price of $15.01 under the Columbia Bank Stock Based Deferral Plan.

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

The report shows 62,474 stock options that are fully vested and exercisable, with an exercise price of $15.60 and an expiration date of 07/23/2029.

What total equity holdings did the Form 4 disclose for the reporting person?

The filing lists 39,934 direct shares; 44,447 indirect via IRA; 6,704 indirect via Roth IRA; 3,207 indirect via a stock award; and 9,510.5511 indirect following the deferral-plan transaction.

Was the Form 4 transaction part of a stock-based compensation plan?

Yes. The 164.3351 units were purchased by the trustee of a rabbi trust maintained for the Columbia Bank Stock Based Deferral Plan, and stock awards were granted under the 2019 Equity Incentive Plan.

Who signed the Form 4 and when was it filed?

The filing bears a power-of-attorney signature by /s/ Dennis E. Gibney dated 09/09/2025.