EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

First Financial sponsors a non-contributory defined benefit pension plan which covers substantially all employees and uses a December 31 measurement date for the plan. Plan assets are 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, 2021 or the year ended December 31, 2020, and does not expect to make cash contributions to the plan through the remainder of 2021.

As a result of the plan’s actuarial projections, First Financial recorded expense as set forth in the following table. The amounts are 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)	2021		2020		2021		2020
Service cost	$	2,234	$	2,079	$	6,895	$	5,855
Interest cost	549		624		1,607		1,831
Expected return on assets	(2,515)		(2,443)		(7,603)		(7,382)
Amortization of prior service cost	(105)		(106)		(307)		(308)
Net actuarial loss	672		625		1,938		1,709
Net periodic benefit cost (income)	$	835	$	779	$	2,530	$	1,705