Components of Net Periodic Benefit Cost

6 Months Ended

Jun. 30, 2021

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,
(Dollar amounts in thousands)	Pension Benefits				Post-Retirement Health Benefits				Pension Benefits				Post-Retirement Health Benefits
	2021		2020		2021		2020		2021		2020		2021		2020
Service cost	$	338	$	325	$	11	$	9	$	677	$	650	$	22	$	19
Interest cost	658		779		25		31		1,316		1,558		51		62
Expected return on plan assets	(1,179)		(1,049)		—		—		(2,357)		(2,099)		—		—
Net amortization of prior service cost	—		—		—		—		—		—		—		—
Net amortization of net (gain) loss	518		492		—		—		1,036		984		—		—
Net Periodic Benefit Cost	$	335	$	547	$	36	$	40	$	672	$	1,093	$	73	$	81

Employer Contributions

First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2020 that it expected to contribute $2.3 million and $715 thousand respectively to its Pension Plan and ESOP and $240 thousand to the Post Retirement Health Benefits Plan in 2021. Contributions of $574 thousand have been made to the Pension Plan thus far in 2021. Contributions of $111 thousand have been made through the first six months of 2021 for the Post Retirement Health Benefits plan. No contributions have been made in 2021 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 2021 and 2020 there has been $1.4 million and $870 thousand of expense accrued for potential contributions to these alternative retirement benefit options.