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EMPLOYEE BENEFIT PLANS
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 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, which included consideration of the impact of the merger with MSFG, First Financial recorded expense of $0.3 million for the three months ended September 30, 2018 and $0.5 million for the nine months ended September 30, 2018. Conversely, First Financial recorded income of $0.3 million for the three months ended September 30, 2017 and $1.0 million for the nine months ended September 30, 2017.

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
 
Nine months ended
 
 
September 30,
 
September 30,
(Dollars in thousands)
 
2018
 
2017
 
2018
 
2017
Service cost
 
$
1,736

 
$
1,238

 
$
4,766

 
$
3,715

Interest cost
 
601

 
589

 
1,792

 
1,767

Expected return on assets
 
(2,450
)
 
(2,481
)
 
(7,360
)
 
(7,443
)
Amortization of prior service cost
 
(104
)
 
(103
)
 
(310
)
 
(310
)
Net actuarial loss
 
556

 
438

 
1,633

 
1,315

     Net periodic benefit cost (income)
 
$
339

 
$
(319
)
 
$
521

 
$
(956
)