Components of Net Periodic Benefit Cost

3 Months Ended

Mar. 31, 2024

Components of Net Periodic Benefit Cost

Components of Net Periodic Benefit Cost

8.    Components of Net Periodic Benefit Cost

	Three Months Ended March 31,
					Post-Retirement
	Pension Benefits				Health Benefits
(Dollar amounts in thousands)	2024		2023		2024		2023
Service cost	$	141	$	157	$	4	$	5
Interest cost		947		956		34		38
Expected return on plan assets		(1,051)		(970)		—		—
Net amortization of prior service cost		—		—		—		—
Net amortization of net (gain) loss		109		188		(20)		(13)
Net Periodic Benefit Cost	$	146	$	331	$	18	$	30

Employer Contributions

First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2023 that it expected to contribute $3.9 million and $604 thousand respectively to its Pension Plan and ESOP and $249 thousand to the Post Retirement Health Benefits Plan in 2024. No contributions have been made to the Pension Plan thus far in 2024. Contributions of $80 thousand have been made through the first three months of 2024 for the Post Retirement Health Benefits plan. No contributions have been made in 2024 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 three months of 2024 and 2023 there has been $744 thousand and $608 thousand of expense accrued for potential contributions to these alternative retirement benefit options.