EMPLOYEE BENEFIT PLANS
 9 Months Ended
Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract]  
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS

First Financial sponsors a non-contributory defined benefit pension plan covering substantially all employees and uses a December 31 measurement date for the plan. Plan assets were primarily invested in fixed income and publicly traded equity mutual funds. The pension plan does not directly own any shares of First Financial common stock or any other First Financial security or product.

First Financial made no cash contributions to fund the pension plan during the nine months ended September 30, 2016, or the year ended December 31, 2015, and does not expect to make cash contributions to the plan through the remainder of the year. As a result of the plan’s actuarial projections, First Financial recorded income of $0.2 million and $0.3 million for the quarters ended September 30, 2016 and 2015, respectively. First Financial recorded income of $0.7 million and $0.9 million for the nine months ended September 30, 2016 and 2015, respectively.

The following table sets forth information concerning amounts recognized in First Financial’s Consolidated Statements of Income related to the Company's pension plan:
 
 
Three months ended
 
Nine months ended
 
 
September 30,
 
September 30,
(Dollars in thousands)
 
2016
 
2015
 
2016
 
2015
Service cost
 
$
1,308

 
$
1,175

 
$
3,925

 
$
3,525

Interest cost
 
581

 
550

 
1,743

 
1,650

Expected return on assets
 
(2,431
)
 
(2,375
)
 
(7,294
)
 
(7,125
)
Amortization of prior service cost
 
(103
)
 
(100
)
 
(310
)
 
(300
)
Net actuarial loss
 
420

 
450

 
1,261

 
1,350

     Net periodic benefit (income) cost
 
$
(225
)
 
$
(300
)
 
$
(675
)
 
$
(900
)