Components of Net Periodic Benefit Cost

9 Months Ended

Sep. 30, 2023

Components of Net Periodic Benefit Cost

Components of Net Periodic Benefit Cost

7.    Components of Net Periodic Benefit Cost

	Three Months Ended September 30,								Nine Months Ended September 30,
					Post-Retirement								Post-Retirement
	Pension Benefits				Health Benefits				Pension Benefits				Health Benefits
(Dollar amounts in thousands)	2023		2022		2023		2022		2023		2022		2023		2022
Service cost	$	157	$	297	$	5	$	8	$	471	$	892	$	15	$	25
Interest cost		956		707		38		28		2,868		2,120		115		83
Expected return on plan assets		(970)		(1,227)		—		—		(2,909)		(3,682)		—		—
Net amortization of prior service cost		—		—		—		—		—		—		—		—
Net amortization of net (gain) loss		188		315		(13)		—		564		944		(40)		—
Net Periodic Benefit Cost	$	331	$	92	$	30	$	36	$	994	$	274	$	90	$	108

Employer Contributions

First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2022 that it expected to contribute zero and $642 thousand respectively to its Pension Plan and ESOP and $245 thousand to the Post Retirement Health Benefits Plan in 2023. No contributions have been made to the Pension Plan thus far in 2023. Contributions of $163 thousand have been made through the first nine months of 2023 for the Post Retirement Health Benefits plan. No contributions have been made in 2023 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 nine months of 2023 and 2022 there has been $1.9 million and $1.7 million of expense accrued for potential contributions to these alternative retirement benefit options.