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EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2020 | Dec. 31, 2020
Retirement Benefits [Abstract] |  |
Schedule of Amounts Recognized in Balance Sheet and Income Statement [Table Text Block] |  | The following tables set forth information concerning amounts recognized in First Financial's Consolidated Balance Sheets and Consolidated Statements of Income related to the Company's pension plan:
|  | December 31,
(Dollars in thousands) |  | 2020 |  | 2019
Change in benefit obligation |  |  |  |
Benefit obligation at beginning of year |  | $ | 75,044 |  |  | $ | 68,286 |
Service cost |  | 7,932 |  |  | 6,591 |
Interest cost |  | 2,455 |  |  | 2,778 |
Actuarial (gain) loss |  | 9,171 |  |  | 6,848 |
Benefits paid, excluding settlement |  | (7,108) |  |  | (9,459) |
Benefit obligation at end of year |  | 87,494 |  |  | 75,044 |
Change in plan assets |  |  |  |
Fair value of plan assets at beginning of year |  | 141,816 |  |  | 130,078 |
Actual return on plan assets |  | 20,996 |  |  | 21,197 |
Benefits paid, excluding settlement |  | (7,108) |  |  | (9,459) |
Fair value of plan assets at end of year |  | 155,704 |  |  | 141,816 |
Amounts recognized in the Consolidated Balance Sheets |  |  |  |
Assets |  | 68,210 |  |  | 66,772 |
Liabilities |  | 0 |  | 0
Net amount recognized |  | $ | 68,210 |  |  | $ | 66,772 |
Amounts recognized in accumulated other comprehensive income (loss) |  |  |  |
Net actuarial loss |  | $ | 32,943 |  |  | $ | 37,278 |
Net prior service cost |  | (682) |  |  | (1,095) |
Deferred tax assets |  | (7,349) |  |  | (8,242) |
Net amount recognized |  | $ | 24,912 |  |  | $ | 27,941 |
Change in accumulated other comprehensive income (loss) |  | $ | (3,029) |  |  | $ | (4,649) |
Accumulated benefit obligation |  | $ | 86,327 |  |  | $ | 74,424 |
Schedule of Components of Net Periodic Benefit Cost [Table Text Block] |  | The components of net periodic benefit cost are shown in the table that follows:
|  | December 31,
(Dollars in thousands) |  | 2020 |  | 2019 |  | 2018
Service cost |  | $ | 7,932 |  |  | $ | 6,591 |  |  | $ | 6,501 |
Interest cost |  | 2,455 |  |  | 2,778 |  |  | 2,394 |
Expected return on assets |  | (9,824) |  |  | (9,718) |  |  | (9,811) |
Amortization of prior service cost |  | (413) |  |  | (413) |  |  | (413) |
Recognized net actuarial loss |  | 2,334 |  |  | 1,803 |  |  | 2,188 |
Net periodic benefit (income) cost |  | 2,484 |  |  | 1,041 |  |  | 859 |
Other changes recognized in accumulated other comprehensive income (loss) |  |  |  |
Net actuarial (gain) loss |  | (2,001) |  |  | (4,630) |  |  | 12,319 |
Prior service cost |  | 0 |  |  | 0 |  |  | 0 |
Amortization of prior service cost |  | 413 |  |  | 413 |  |  | 413 |
Amortization of gain |  | (2,334) |  |  | (1,803) |  |  | (2,188) |
Total recognized in accumulated other comprehensive income (loss) |  | (3,922) |  |  | (6,020) |  |  | 10,544 |
Total recognized in net periodic benefit cost and accumulated other comprehensive income (loss) |  | $ | (1,438) |  |  | $ | (4,979) |  |  | $ | 11,403 |
Defined Benefit Plan, Assumptions [Table Text Block] |  | The pension plan assumptions are shown in the table that follows:
|  | December 31,
|  | 2020 |  | 2019 |  | 2018
Benefit obligations |  |  |  |  |  |
Discount rate |  | 2.55 | % |  | 3.33 | % |  | 4.31 | %
Rate of compensation increase |  | 3.50 | % |  | 3.50 | % |  | 3.50 | %
Weighted average interest crediting rate |  | 2.14 | % |  | 2.82 | % |  | 3.61 | %
Net periodic benefit cost |  |  |  |  |  |
Discount rate |  | 3.33 | % |  | 4.31 | % |  | 3.43 | %
Expected return on plan assets |  | 7.25 | % |  | 7.25 | % |  | 7.25 | %
Rate of compensation increase |  | 3.50 | % |  | 3.50 | % |  | 3.50 | %
Weighted average interest crediting rate |  | 2.82 | % |  | 3.61 | % |  | 2.63 | %
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] |  | The fair value of the plan assets as of December 31, 2020 by asset category is shown in the table that follows:
|  | Fair Value Measurements
(Dollars in thousands) |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Asset Category |  |  |  |  |  |  |  |
Cash |  | $ | 129 |  |  | $ | 129 |  |  | $ | 0 |  |  | $ | 0 |
U. S. Government agencies |  | 4,193 |  |  | 0 |  |  | 4,193 |  |  | 0 |
Fixed income mutual funds |  | 65,443 |  |  | 65,443 |  |  | 0 |  |  | 0 |
Equity mutual funds |  | 85,939 |  |  | 85,939 |  |  | 0 |  |  | 0 |
Total |  | $ | 155,704 |  |  | $ | 151,511 |  |  | $ | 4,193 |  |  | $ | 0 |
The fair value of the plan assets as of December 31, 2019 by asset category is shown in the table that follows:
|  | Fair Value Measurements
(Dollars in thousands) |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Asset Category |  |  |  |  |  |  |  |
Cash |  | $ | 195 |  |  | $ | 195 |  |  | $ | 0 |  |  | $ | 0 |
U. S. Government agencies |  | 5,357 |  |  | 0 |  |  | 5,357 |  |  | 0 |
Fixed income mutual funds |  | 75,720 |  |  | 75,720 |  |  | 0 |  |  | 0 |
Equity mutual funds |  | 60,544 |  |  | 60,544 |  |  | 0 |  |  | 0 |
Total |  | $ | 141,816 |  |  | $ | 136,459 |  |  | $ | 5,357 |  |  | $ | 0 |
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments, which reflect expected future service, are expected to be paid:
(Dollars in thousands) |  | Expected benefit payments
2021 |  | $ | 5,780 |
2022 |  | 5,432 |
2023 |  | 5,474 |
2024 |  | 6,605 |
2025 |  | 6,565 |
Thereafter |  | 38,095 |

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