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

Rhea-AI Filing Summary

Columbia Financial, Inc. (CLBK) director Randall Elizabeth E. reported a non‑derivative acquisition on 10/03/2025. The filing shows 165.6595 phantom stock units purchased at $14.89 under a rabbi trust linked to the Columbia Bank Stock Based Deferral Plan; those units will be settled in shares when distributed. After the transactions the reporting person holds equity across accounts: 9,676.2106 shares indirectly via the deferral plan, 44,447 shares indirectly in an IRA, 6,704 shares in an IRA, and 3,207 shares in a Roth IRA. The filing also discloses 62,474 vested stock options (strike $15.60, exercisable through 07/23/2029) and a stock award that vests on 03/11/2026.

Positive

• Director acquisition of 165.6595 phantom units at $14.89 showing continued equity alignment
• Large vested option position: 62,474 options exercisable through 07/23/2029
• Stock award in place that vests on 03/11/2026, supporting future ownership

Negative

• None.

Insights

Corporate Governance Analyst

Insider purchase signals continued equity alignment by a board director.

The director acquired 165.6595 phantom stock units under the non‑qualified deferral plan, which are set to convert to shares on distribution; that maintains indirect beneficial ownership of 9,676.2106 shares via the plan. Holdings also include IRAs and a vested option position of 62,474 shares exercisable through 07/23/2029.

Risks to monitor include dilution from future settlements of deferred units and the vesting of the stock award on 03/11/2026

Compensation & Equity Analyst

Transaction reflects compensation deferral rather than open‑market purchase.

The acquired units are phantom stock purchased by the rabbi trust for the Stock Based Deferral Plan and will be settled in shares on distribution; price recorded is $14.89. Separately, a large vested option position carries a $15.60 exercise price and an expiration of 07/23/2029, and a stock award vests on 03/11/2026.

Watch the timing of distributions and any option exercises, as they could change share count when settlement or exercises occur within the next 3–48 months.

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^*

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)
10/03/2025

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	10/03/2025		A		165.6595(1)	A	$14.89	9,676.2106	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	10/07/2025
	** 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 the CLBK director purchase on 10/03/2025?

The director acquired 165.6595 phantom stock units purchased at $14.89 under the Columbia Bank Stock Based Deferral Plan.

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

Reported indirect holdings include 9,676.2106 shares via the deferral plan, plus other indirect holdings of 44,447, 6,704, and 3,207 across IRA and Roth IRA accounts.

What derivative securities does the director hold for CLBK?

The director holds 62,474 vested stock options with an exercise price of $15.60, exercisable through 07/23/2029.

When will the disclosed stock award vest?

The stock award granted under the 2019 Equity Incentive Plan vests in one year on 03/11/2026.

Are the newly purchased units immediately convertible to shares?

No; the 165.6595 units are phantom stock held in a rabbi trust and will be settled in shares upon distribution to the reporting person.