Components of Net Periodic Benefit Cost

6 Months Ended

Jun. 30, 2015

Compensation and Retirement Disclosure [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
	2015			2014			2015		2014		2015			2014			2015		2014
Service cost	$	538		$	510		$	16	$	13	$	1,076		$	1,020		$	32	$	26
Interest cost	879			939			43		44		1,758			1,878			87		88
Expected return on plan assets	(863		)	(948		)	—		—		(1,726		)	(1,896		)	—		—
Amortization of transition obligation	—			—			—		—		—			—			—		—
Net amortization of prior service cost	—			(2		)	—		—		—			(4		)	—		—
Net amortization of net (gain) loss	1,185			190			—		—		2,370			380			—		—
Net Periodic Benefit Cost	$	1,739		$	689		$	59	$	57	$	3,478		$	1,378		$	119	$	114

Employer Contributions

First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2014 that it expected to contribute $1.8 million and $1.1 million respectively to its Pension Plan and ESOP and $247 thousand to the Post Retirement Health Benefits Plan in 2015. Contributions of $554 thousand have been made to the Pension Plan thus far in 2015. Contributions of $110 thousand have been made through the first six months of 2015 for the Post Retirement Health Benefits plan. No contributions have been made in 2015 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 2015 and 2014 there has been $719 thousand and $719 thousand of expense accrued for potential contributions to these alternative retirement benefit options.