Components of Net Periodic Benefit Cost

6 Months Ended

Jun. 30, 2016

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
	2016			2015			2016		2015		2016			2015			2016		2015
Service cost	$	470		$	538		$	14	$	16	$	941		$	1,076		$	27	$	32
Interest cost	932			879			46		43		1,865			1,758			93		87
Expected return on plan assets	(857		)	(863		)	—		—		(1,715		)	(1,726		)	—		—
Amortization of transition obligation	—			—			—		—		—			—			—		—
Net amortization of prior service cost	—			—			—		—		—			—			—		—
Net amortization of net (gain) loss	484			1,185			—		—		967			2,370			—		—
Net Periodic Benefit Cost	$	1,029		$	1,739		$	60	$	59	$	2,058		$	3,478		$	120	$	119

Employer Contributions

First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2015 that it expected to contribute $2.7 million and $1.1 million respectively to its Pension Plan and ESOP and $262 thousand to the Post Retirement Health Benefits Plan in 2016. Contributions of $1.2 million have been made to the Pension Plan thus far in 2016. Contributions of $99 thousand have been made through the first six months of 2016 for the Post Retirement Health Benefits plan. No contributions have been made in 2016 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 2016 and 2015 there has been $826 thousand and $359 thousand of expense accrued for potential contributions to these alternative retirement benefit options.