Components of Net Periodic Benefit Costs

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Components of Periodic Benefit Costs

Components of Net Periodic Benefit Cost

    Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") Post-retirement Plan, and Split-Dollar Life Insurance Plans

    The Company maintains a single employer, tax-qualified defined benefit pension plan (the "Pension Plan") which covers full-time employees that satisfy the Pension Plan's eligibility requirements. The benefits are based on years of service and the employee's average compensation for the highest five consecutive years of employment. Effective October 1, 2018, employees hired are not eligible to participate in the Columbia Bank's Pension Plan as the plan has been closed to new employees as of that date.

    The Company also has a Retirement Income Maintenance Plan (the "RIM "Plan) which is a non-qualified defined benefit plan which provides benefits to all employees of the Company if their benefits under the Pension Plan are limited by Internal Revenue Code 415 and 401(a)(17).    

    In addition, the Company provides certain health care and life insurance benefits to eligible retired employees under a Post-retirement Plan. The Company accrues the cost of retiree health care and other benefits during the employees’ period of active service. Effective January 1, 2019, the Post-retirement Plan has been closed to new hires. The Company also provides life insurance benefits to eligible employees under an endorsement split-dollar life insurance program.

13.    Components of Net Periodic Benefit Cost (continued)

    Net periodic benefit (income) cost for Pension Plan, RIM Plan, Post-retirement Plan and Split-Dollar Life Insurance plan benefits for the three months ended March 31, 2022 and 2021, includes the following components:

	For the Three Months Ended March 31,
	Pension Plan				RIM Plan				Post-retirement Plan				Split-Dollar Life Insurance
	2022		2021		2022		2021		2022		2021		2022		2021		Affected Line Item in the Consolidated Statements of Income
	(In thousands)
Service cost	$	1,966	$	2,150	$	93	$	100	$	87	$	130	$	125	$	141	Compensation and employee benefits
Interest cost	2,031		1,756		97		86		150		141		142		125		Other non-interest expense
Expected return on plan assets	(7,559)		(6,318)		—		—		—		—		—		—		Other non-interest expense
Amortization:
Prior service cost	—		—		—		—		—		—		14		14		Other non-interest expense
Net loss	—		1,000		111		166		78		153		151		191		Other non-interest expense
Net periodic (income) benefit cost	$	(3,562)	$	(1,412)	$	301	$	352	$	315	$	424	$	432	$	471

For the three months ended March 31, 2022, no contribution was made to the Pension Plan. The net periodic (income) cost for pension benefits, other post-retirement and split dollar life insurance benefits for the three months ended March 31, 2022 were calculated using the most recent available benefit valuations.

Through the acquisition of the Roselle entities, the Company acquired a non-contributory defined benefit supplemental executive retirement plan with the only participant being a former president of Roselle Bank. For the three months ended March 31, 2022 and 2021, the Company recorded a net periodic benefit cost of $3,000 and $2,000, respectively, in connection with this plan.

Freehold Bank has a non-contributory defined benefit supplemental executive plan with the only participant being the former

president of Freehold Bank. For the three months ended March 31, 2022, the Company recorded a net periodic benefit cost of $2,000 in connection with this plan.