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Components of Net Periodic Benefit Cost
6 Months Ended
Jun. 30, 2017
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
(000's)
 
(000's)
 
 
Pension Benefits
 
Post-Retirement
Health Benefits
 
Pension Benefits
 
Post-Retirement
Health Benefits
 
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Service cost
 
$
358

 
$
470

 
$
13

 
$
14

 
$
716

 
$
941

 
$
26

 
$
27

Interest cost
 
905

 
932

 
43

 
46

 
1,810

 
1,865

 
86

 
93

Expected return on plan assets
 
(985
)
 
(857
)
 

 

 
(1,970
)
 
(1,715
)
 

 

Net amortization of net (gain) loss
 
301

 
484

 

 

 
602

 
967

 

 

Net Periodic Benefit Cost
 
$
579

 
$
1,029

 
$
56

 
$
60

 
$
1,158

 
$
2,058

 
$
112

 
$
120


 
Employer Contributions
 
First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2016 that it expected to contribute $2.5 million and $858 thousand respectively to its Pension Plan and ESOP and $260 thousand to the Post Retirement Health Benefits Plan in 2017. Contributions of $977 thousand have been made to the Pension Plan thus far in 2017. Contributions of $111 thousand have been made through the first six months of 2017 for the Post Retirement Health Benefits plan. No contributions have been made in 2017 for the ESOP. The Pension plan was frozen for most employees at the end of 2012 and for those employees there will be discretionary contributions to the ESOP plan and a 401K plan in place of the former Pension benefit. In the first six months of 2017 and 2016 there has been $867 thousand and $826 thousand of expense accrued for potential contributions to these alternative retirement benefit options.