EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2024

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. 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.

Given the plan's over-funded status, First Financial made no cash contributions to fund the pension plan during the nine months ended September 30, 2024 or the year ended December 31, 2023, and it does not expect to make cash contributions to the plan through the remainder of 2024.

As a result of the plan’s actuarial projections, First Financial recorded expense in the Company's Consolidated Statements of Income, as set forth in the following table.

	Three months ended				Nine months ended
	September 30,				September 30,
(Dollars in thousands)	2024		2023		2024		2023
Service cost	$	2,624	$	2,304	$	7,474	$	6,988
Interest cost	1,080		1,066		3,680		3,213
Expected return on assets	(2,647)		(2,701)		(7,897)		(8,101)
Amortization of prior service cost	4		5		4		6
Net actuarial loss	485		208		1,235		528
Net periodic benefit cost (income)	$	1,546	$	882	$	4,496	$	2,634