Components of Net Periodic Benefit Cost

6 Months Ended

Jun. 30, 2022

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
	2022		2021		2022		2021		2022		2021		2022		2021
Service cost	$	298	$	338	$	9	$	11	$	595	$	677	$	17	$	22
Interest cost	707		658		27		25		1,413		1,316		55		51
Expected return on plan assets	(1,228)		(1,179)		—		—		(2,455)		(2,357)		—		—
Net amortization of prior service cost	—		—		—		—		—		—		—		—
Net amortization of net (gain) loss	314		518		—		—		629		1,036		—		—
Net Periodic Benefit Cost	$	91	$	335	$	36	$	36	$	182	$	672	$	72	$	73

Employer Contributions

First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2021 that it expected to contribute $250 thousand and $703 thousand respectively to its Pension Plan and ESOP and $248 thousand to the Post Retirement Health Benefits Plan in 2022. Contributions of $63 thousand have been made to the Pension Plan thus far in 2022. Contributions of $116 thousand have been made through the first six months of 2022 for the Post Retirement Health Benefits plan. No contributions have been made in 2022 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 2022 and 2021 there has been $1.3 million and $1.4 million of expense accrued for potential contributions to these alternative retirement benefit options.