EMPLOYEE BENEFIT PLANS

3 Months Ended

Mar. 31, 2018

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

First Financial sponsors a non-contributory defined benefit pension plan covering substantially all employees and uses a December 31 measurement date for the plan. Plan assets were primarily invested in fixed income and publicly traded equity mutual funds. The pension plan does not directly own any shares of First Financial common stock or any other First Financial security or product.

First Financial made no cash contributions to fund the pension plan during the three months ended March 31, 2018, or the year ended December 31, 2017, and does not expect to make cash contributions to the plan through the remainder of 2018. As a result of the plan’s actuarial projections, First Financial recorded income of 0.2 million and 0.3 million for the three months ended March 31, 2018 and 2017, respectively.

The following table sets forth information concerning amounts recognized in First Financial’s Consolidated Statements of Income related to the Company's pension plan:

	Three months ended
	March 31,
(Dollars in thousands)	2018			2017
Service cost	$	1,295		$	1,238
Interest cost	590			589
Expected return on assets	(2,460		)	(2,481		)
Amortization of prior service cost	(103		)	(103		)
Net actuarial loss	522			438
Net periodic benefit (income) cost	$	(156	)	$	(319	)