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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following table sets forth information regarding the Pension Plan, RIM, Post-retirement Plan and Split-Dollar Life Insurance Plans at December 31, 2023 and 2022:


	At December 31,
	2023		2022		2023		2022		2023		2022		2023		2022
	Pension Plan				RIM Plan				Post-retirement Plan				Split-Dollar Life Insurance
	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	222,132	$	310,416	$	12,610	$	15,650	$	19,783	$	26,335	$	15,977	$	20,140
Acquired	—		—		—		—		—		—		—		1,503
Service cost	4,679		6,466		277		372		215		346		277		511
Interest cost	11,637		9,510		632		389		970		600		818		612
Actuarial loss (gain)	22,535		(88,943)		377		(3,505)		947		(6,849)		81		(6,534)
Benefits paid	(10,866)		(15,317)		(346)		(296)		(767)		(649)		(196)		(255)
Impact of plan merger 1	5,751		—		—		—		—		—		—		—
Benefit obligation at end of year	255,868		222,132		13,550		12,610		21,148		19,783		16,957		15,977

Change in plan assets:
Fair value of plan assets at beginning of year	403,752		492,132		—		—		—		—		—		—

Actuarial return (loss) on plan assets	53,391		(83,063)		—		—		—		—		—		—
Employer contributions	—		10,000		346		296		767		649		196		255
Benefits paid	(10,866)		(15,317)		(346)		(296)		(767)		(649)		(196)		(255)
Impact of plan merger 1	7,282		—		—		—		—		—		—		—
Fair value of plan assets at end of year	453,559		403,752		—		—		—		—		—		—
Funded status at end of year	$	197,691	$	181,620	$	(13,550)	$	(12,610)	$	(21,148)	$	(19,783)	$	(16,957)	$	(15,977)

1 During 2023, the RSI Pension Plan assumed as part of the 2022 RSI acquisition, was merged into the Columbia Bank Pension Plan.

The following table sets forth information regarding the Pension Plan and Post-retirement Plan at December 31, 2023 and 2022:


	At December 31,
	2023		2023		2022		2022
	Pension Plan		Post-retirement Plan		Pension Plan		Post-retirement Plan
	(In thousands)				(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	6,057	$	2,047	$	—	$	—
Acquired	—		—		7,202		3,163
Service cost	—		67		—		93
Interest cost	305		107		198		93
Actuarial (gain) loss	(416)		313		(1,009)		(1,298)
Benefits paid	(195)		(31)		(129)		(4)
Settlements	—		—		(205)		—
Impact of plan merger 1	(5,751)		—		—		—
Benefit obligation at end of year	—		2,503		6,057		2,047

Change in plan assets:
Fair value of plan assets at beginning of year	7,061		—		—		—
Acquired	—		—		7,819		—
Actuarial return on plan assets	416		—		(424)		—
Employer contributions	—		31		—		4
Benefits paid	(195)		(31)		(129)		(4)
Settlements	—		—		(205)		—
Impact of plan merger 1	(7,282)		—		—		—
Fair value of plan assets at end of year	—		—		7,061		—
Funded status at end of year	$	—	$	(2,503)	$	1,004	$	(2,047)

1 During 2023, the RSI Pension Plan assumed as part of the 2022 RSI acquisition, was merged into the Columbia Bank Pension Plan.

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income related to the Pension Plan, RIM Plan, and Post-retirement Plan and Split-Dollar Life Insurance Plan on a pre-tax basis, at December 31, 2023, 2022, and 2021, are summarized in the following table:


	At December 31,
	2023								2022
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance		Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance
	(In thousands)

Unrecognized prior service costs	$	—	$	—	$	—	$	238	$	—	$	—	$	—	$	294
Unrecognized net actuarial loss (income)	59,463		2,102		787		16		60,970		1,781		(161)		(65)
Total accumulated other comprehensive loss (income)	$	59,463	$	2,102	$	787	$	254	$	60,970	$	1,781	$	(161)	$	229


	At December 31, 2021
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance
	(In thousands)

Unrecognized prior service costs	$	—	$	—	$	—	$	350
Unrecognized net actuarial loss	38,909		5,730		6,999		7,071
Total accumulated other comprehensive loss	$	38,909	$	5,730	$	6,999	$	7,421

The weighted average actuarial assumptions used in the plan determinations at and for the years ended December 31, 2023, 2022, and 2021 were as follows:


	At and For the Year Ended December 31, 2023
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance
Weighted average assumptions used to determine benefit obligation:
Discount rate	5.07	%	5.01	%	4.96	%	5.11	%
Rate of compensation increase	4.50		4.50		N/A		4.50
Weighted average assumptions used to determine net periodic benefit cost:
Discount Rates:
Benefit obligation	5.26	%	5.21	%	5.18	%	5.31	%
Remeasurement rate	5.19		N/A		N/A		N/A
Service cost	5.36		5.28		5.30		5.41
Remeasurement rate	5.26		N/A		N/A		N/A
Interest cost	5.14		5.10		5.07		5.19
Remeasurement rate	5.16		N/A		N/A		N/A
Expected rate of return on plan assets	7.50		N/A		N/A		N/A
Remeasurement rate	7.50		N/A		N/A		N/A
Rate of compensation increase	4.50		3.75		N/A		3.75


	At and For the Year Ended December 31, 2022
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance
Weighted average assumptions used to determine benefit obligation:
Discount rate	5.26	%	5.21	%	5.18	%	5.31	%
Rate of compensation increase	3.75		3.75		N/A		3.75
Weighted average assumptions used to determine net periodic benefit cost:
Discount Rates:
Benefit obligation	3.14	%	2.97	%	2.90	%	3.30	%
Remeasurement rate	4.86		N/A		N/A		N/A
Service cost	3.32		3.16		3.19		3.49
Remeasurement rate	4.95		N/A		N/A		N/A
Interest cost	2.66		2.52		2.34		2.95
Remeasurement rate	4.58		N/A		N/A		N/A
Expected rate of return on plan assets	6.20		N/A		N/A		N/A
Remeasurement rate	7.00		N/A		N/A		N/A
Rate of compensation increase	3.75		3.75		N/A		3.75

(14) Employee Benefit Plans (continued)

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


	At and For the Year Ended December 31, 2021
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance
Weighted average assumptions used to determine benefit obligation:
Discount rate	3.14	%	2.97	%	2.90	%	3.22	%
Rate of compensation increase	3.75		3.75		N/A		3.75
Weighted average assumptions used to determine net periodic benefit cost:
Discount Rates:
Benefit obligation	2.92	%	2.67	%	2.59	%	3.01	%
Remeasurement rate	3.20		N/A		N/A		N/A
Service cost	3.21		2.93		2.96		3.26
Remeasurement rate	3.46		N/A		N/A		N/A
Interest cost	2.28		2.10		1.88		2.53
Remeasurement rate	2.55		N/A		N/A		N/A
Expected rate of return on plan assets	6.20		N/A		N/A		N/A
Rate of compensation increase	3.75		3.75		N/A		3.75

The components of accumulated other comprehensive income related to the Pension Plan and Post-retirement Plan on a pre-tax basis, at December 31, 2023 and 2022 are summarized in the following table:


	At December 31,
	2023		2023		2022		2022
	Pension Plan		Post-retirement Plan		Pension Plan		Post-retirement Plan
	(In thousands)				(In thousands)

Unrecognized prior service costs	$	—	$	—	$	—	$	—
Unrecognized net actuarial (income)	—		(493)		(281)		(868)
Total accumulated other comprehensive (income)	$	—	$	(493)	$	(281)	$	(868)

The weighted average actuarial assumptions used in the assumed determinations at and for the year ended December 31, 2023 and 2022 were as follows:


	At or For the Years Ended December 31,
	2023		2023		2022		2022
	Pension Plan		Post-retirement Plan		Pension Plan		Post-retirement Plan
Weighted average assumptions used to determine benefit obligation:
Discount rate	N/A		5.16	%	5.24	%	5.36	%
Rate of compensation increase	N/A		N/A		N/A		N/A
Weighted average assumptions used to determine net periodic benefit cost:
Discount Rates:
Benefit obligation	5.24	%	5.16	%	4.21	%	4.58	%





Expected rate of return on plan assets	7.00	%	N/A		5.75	%	N/A

Schedule of Net Benefit Costs

Net periodic (income) benefit cost for the Pension Plan, RIM Plan, Post-retirement Plan and Split-Dollar Life Insurance plan benefits for the years ended December 31, 2023 and 2022, and 2021, includes the following components:


	For the Year Ended December 31, 2023
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance		Affected Line Item in the Consolidated Statements of Income
	(In thousands)

Service cost	$	4,679	$	277	$	215	$	277	Compensation and employee benefits
Interest cost	11,637		632		970		818		Other non-interest expense
Expected return on plan assets	(30,771)		—		—		—		Other non-interest expense
Amortization:
Prior service cost	—		—		—		56		Other non-interest expense
Net loss	796		57		—		—		Other non-interest expense
Net periodic (income) benefit cost	$	(13,659)	$	966	$	1,185	$	1,151

(14) Employee Benefit Plans (continued)

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


	For the Year Ended December 31, 2022
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance		Affected Line Item in the Consolidated Statements of Income
	(In thousands)

Service cost	$	6,466	$	372	$	346	$	511	Compensation and employee benefits
Interest cost	9,510		389		600		612		Other non-interest expense
Expected return on plan assets	(29,262)		—		—		—		Other non-interest expense
Amortization:
Prior service cost	—		—		—		56		Other non-interest expense
Net loss	1,320		444		311		602		Other non-interest expense
Net periodic (income) benefit cost	$	(11,966)	$	1,205	$	1,257	$	1,781


	For the Year Ended December 31, 2021
	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance		Affected Line Item in the Consolidated Statements of Income
	(In thousands)

Service cost	$	8,044	$	398	$	520	$	562	Compensation and employee benefits
Interest cost	7,317		343		562		500		Other non-interest expense
Expected return on plan assets	(26,833)		—		—		—		Other non-interest expense
Amortization:
Prior service cost	—		—		—		56		Other non-interest expense
Net loss	2,001		664		613		765		Other non-interest expense
Net periodic (income) benefit cost	$	(9,471)	$	1,405	$	1,695	$	1,883

Net periodic (income) benefit cost for the Pension Plan and Post-retirement Plan for the years ended December 31, 2023 and 2022 includes the following components:


	For the Year Ended
	December 31, 2023
	Pension Plan		Post-retirement Plan		Affected Line Item in the Consolidated Statements of Income
	(In thousands)

Service cost	$	—	$	67	Compensation and employee benefits
Interest cost	305		107		Other non-interest expense
Expected return on plan assets	(487)		—		Other non-interest expense
Amortization:

Net loss	—		(61)		Other non-interest expense

Net periodic (income) benefit cost	$	(182)	$	113


	For the Year Ended
	December 31, 2022
	Pension Plan		Post-retirement Plan		Affected Line Item in the Consolidated Statements of Income
	(In thousands)

Service cost	$	—	$	93	Compensation and employee benefits
Interest cost	198		93		Other non-interest expense
Expected return on plan assets	(295)		—		Other non-interest expense



Settlements/curtailments	(10)		(430)		Other non-interest expense
Net periodic (income) benefit cost	$	(107)	$	(244)

Schedule of Expected Benefit Payments

Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years and thereafter are as follows:


For the Year Ended December 31,	Pension Plan		RIM Plan		Post-retirement Plan		Split-Dollar Life Insurance
	(In thousands)

2024	$	11,392	$	595	$	1,489	$	475
2025	12,463		878		1,628		535
2026	13,481		924		1,760		597
2027	14,473		952		1,828		656
2028	15,390		974		1,833		719
2029 - 2033	85,990		5,018		8,240		4,544

Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years and thereafter are as follows:


For the Year Ended December 31,	Post-retirement Plan


2024	$	45
2025	52
2026	66
2027	81
2028	92
2029 - 2033	576

Schedule of Allocation of Plan Assets

The weighted average asset allocation of pension assets at December 31, 2023 and 2022 were as follows:


	December 31,
	2023		2022

Domestic equities	31.2	%	38.4	%
Foreign equities	10.9		11.1
Fixed income	55.5		49.0

Cash	2.4		1.5
Total	100.0	%	100.0	%

The 2023 target allocation of assets and acceptable ranges around the targets are as follows:


			Allowable Range
Equities			30-60%
Fixed income			40-70%
Real estate			0-10%
Cash			0-10%

The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the Statements of Net Assets Available for Plan Benefits at December 31, 2023 and 2022, respectively. A financial instrument's level within the fair value hierarchy's is based on the lowest level of input that is significant to the fair value measurement.


	December 31, 2023
			Fair Value Measurements
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)

Money market mutual funds	$	10,711	$	10,711	$	—	$	—
Mutual funds - value stock fund	18,132		18,132		—		—
Mutual funds - fixed income	251,889		251,889		—		—
Mutual funds - international stock	49,260		49,260		—		—
Mutual funds - institutional stock index	123,567		123,567		—		—

	$	453,559	$	453,559	$	—	$	—


	December 31, 2022
			Fair Value Measurements
	Fair value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)

Money market mutual funds	$	6,247	$	6,247	$	—	$	—
Mutual funds - value stock fund	32,764		32,764		—		—
Mutual funds - fixed income	197,680		197,680		—		—
Mutual funds - international stock	44,833		44,833		—		—
Mutual funds - institutional stock index	122,228		122,228		—		—

	$	403,752	$	403,752	$	—	$	—

The weighted average asset allocation of pension assets at December 31, 2022 were as follows:


	December 31,
	2022

Equities	66.8	%

Fixed income	32.2

Cash	1.0
Total	100.0	%

The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the Statements of Net Assets Available for Plan Benefits at December 31, 2022. A financial instrument's level within the fair value hierarchy's is based on the lowest level of input that is significant to the fair value measurement.


	December 31, 2022
			Fair Value Measurements
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)

Money market mutual fund	$	70	$	70	$	—	$	—
Equities - long term growth	4,720		—		4,720		—
Fixed income - long duration	2,271		—		2,271		—



	$	7,061	$	70	$	6,991	$	—

Employee Stock Ownership Plan (ESOP) Disclosures

The ESOP shares were as follows:


	At December 31,
	2023		2022
	(In thousands)

Allocated shares	1,190		1,005
Unearned shares	3,248		3,475
Total ESOP shares	4,438		4,480
Fair value of unearned ESOP shares	$	62,618	$	75,129

Nonvested Restricted Stock Shares Activity

The following is a summary of the Company's restricted stock activity during the years ended December 31, 2023 and 2022:


	Number of Restricted Shares	Weighted Average Grant Date Fair Value

Non-vested at January 1, 2022	1,054,335	$	15.78
Grants	123,182	21.29
Vested	(677,886)	15.73
Forfeited	(68,677)	16.54
Non-vested at December 31, 2022	430,954	$	17.31
Grants	247,646	16.43
Vested	(213,253)	17.29
Forfeited	(29,806)	17.96
Non-vested at December 31, 2023	435,541	$	16.77

Share-based Payment Arrangement, Option, Activity

The following is a summary of the Company's option activity during the years ended December 31, 2023 and 2022:


	Number of Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value

Outstanding, January 1, 2022	3,637,542	$	15.78	7.6	$	18,654,905
Granted	363,629	21.08		—	—
Exercised	(315,703)	15.76		—	—
Expired	(10,116)	15.60		—	—
Forfeited	(238,483)	16.20		—	—
Outstanding, December 31, 2022	3,436,869	$	16.26	6.9	$	18,435,239
Granted	286,016	15.94		—	—
Exercised	(44,117)	15.60		—	—
Expired	(8,281)	17.12		—	—
Forfeited	(86,418)	18.04		—	—
Outstanding, December 31, 2023	3,584,069	$	16.20	6.1	$	—
Options exercisable at December 31, 2023	2,527,265	$	16.01	5.7	$	8,527,928