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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans 401(k) Plan The Company maintains defined contribution and profit sharing plans in conformity with the provisions of section 401(k) of the Internal Revenue Code. The Columbia Bank 401(k) Plan, permits Columbia Bank employees who are at least 18 years of age to contribute up to 75% of their eligible compensation to the 401(k) Plan starting on the first day of the month following their hire date. On a per pay period basis the Company is required to match 50% of employee contributions up to 3% of each employee’s eligible compensation. The Company contributed $3.8 million during 2020, $3.5 million during 2019, and $3.3 million during 2018, in matching funds to the 401(k) Plan. Additionally, as determined annually by the board of directors of the Company, the 401(k) Plan provides for a non-matching discretionary profit sharing contribution. The Company’s discretionary profit sharing contributions were $8.1 million during 2020, $7.3 million during 2019 and $7.0 million during 2018. Employee Stock Purchase Plan The Company maintains an ESP Plan in which substantially all employees of the Company are eligible to participate. The ESP Plan provides participants the opportunity to purchase common stock of the Company at a discounted price. Under the ESP Plan, participants can purchase common stock of the Company for 90% of the lowest price on either the first or last day in each of two look-back periods of six months from January 1st through June 30th and July 1st through December 31st of each calendar year. The 10% discount is recognized by the Company as compensation expense and does not have a material impact on net income or earnings per common share. Participants of the ESP Plan purchased 79,297 shares for $2.2 million in 2020, 57,201 shares for $2.1 million in 2019 and 50,750 shares for $2.0 million in 2018. At December 31, 2020 there were 223,859 shares available for purchase under the ESP Plan. Supplemental Compensation Plan The Company maintains Unit Plans to provide benefits for certain employees. The Unit Plans generally vest over a 10 year period and provide a fixed annual benefit over the subsequent 10 year period. At December 31, 2020 and 2019, the liability associated with these plans was $4.0 million for both periods. Expense associated with these plans for the years ended December 31, 2020, 2019 and 2018 was $488 thousand, $415 thousand and $337 thousand, respectively. Supplemental Executive Retirement Plan The Company maintains a SERP, a nonqualified deferred compensation plan that provides retirement benefits to certain highly compensated executives. The SERP is unsecured and unfunded and there are no program assets. The SERP projected benefit obligation, which represents the vested net present value of future payments to individuals under the plan is accrued over the estimated remaining term of employment of the participants and has been determined by actuarial valuation using a discount rate of 2.51% for 2020 and 3.34% for 2019. Additional assumptions and features of the plan are a normal retirement age of 65 and a 2% annual cost of living benefit adjustment. The projected benefit obligation is included in “Other liabilities” on the Consolidated Balance Sheets. The following table reconciles the accumulated liability for the projected benefit obligation:
|  | December 31,
2020 |  | 2019
|  | (in thousands)
Balance, beginning of year |  | $ | 24,914 |  |  | $ | 21,287 |
Actuarial loss |  | 2,836 |  |  | 2,663 |
Benefit expense |  | 1,887 |  |  | 1,930 |
Benefit payments |  | (2,235) |  |  | (966) |
Balance, end of year |  | $ | 27,402 |  |  | $ | 24,914 |
The benefits expected to be paid in conjunction with the SERP are presented in the following table:
|  | Years Ending December 31,
|  | (in thousands)
2021 |  | $ | 1,111 |
2022 |  | 1,117 |
2023 |  | 1,203 |
2024 |  | 1,520 |
2025 |  | 1,717 |
2026 through 2030 |  | 7,784 |
Total |  | $ | 14,452 |

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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