FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Estimated Fair Values of Financial Instruments

The estimated fair values of First Financial’s financial instruments not measured at fair value on a recurring or nonrecurring basis in the consolidated financial statements were as follows:

	Carrying		Estimated fair value
(Dollars in thousands)	value		Total		Level 1		Level 2		Level 3
March 31, 2020
Financial assets
Cash and short-term investments	$	332,963	$	332,963	$	332,963	$	0	$	0
Investment securities held-to-maturity	136,744		140,065		0		140,065		0
Other investments	143,581		N/A		N/A		N/A		N/A
Loans held for sale	27,334		27,334		0		27,334		0
Loans and leases	9,163,934		8,877,637		0		0		8,877,637
Accrued interest receivable	40,386		40,386		0		12,937		27,449
Financial liabilities
Deposits	10,635,558		10,644,873		0		10,644,873		0
Short-term borrowings	1,397,724		1,397,724		1,397,724		0		0
Long-term debt	325,566		338,778		0		338,778		0
Accrued interest payable	11,474		11,474		2,347		9,127		0

	Carrying		Estimated fair value
(Dollars in thousands)	value		Total		Level 1		Level 2		Level 3
December 31, 2019
Financial assets
Cash and short-term investments	$	257,639	$	257,639	$	257,639	$	0	$	0
Investment securities held-to-maturity	142,862		142,821		0		142,821		0
Other investments	125,020		N/A		N/A		N/A		N/A
Loans held for sale	13,680		13,680		0		13,680		0
Loans and leases	9,144,015		9,134,215		0		0		9,134,215
Accrued interest receivable	39,591		39,591		0		12,743		26,848
Financial liabilities
Deposits	10,210,229		10,209,790		0		10,209,790		0
Short-term borrowings	1,316,181		1,316,181		1,316,181		0		0
Long-term debt	414,376		414,937		0		414,937		0
Accrued interest payable	13,671		13,671		1,899		11,772		0

Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The financial assets and liabilities measured at fair value on a recurring basis in the consolidated financial statements were as follows:

	Fair value measurements using
(Dollars in thousands)	Level 1		Level 2		Level 3		Assets/liabilities at fair value
March 31, 2020
Assets
Investment securities available-for-sale	$	104	$	2,864,334	$	44,250	$	2,908,688
Interest rate derivative contracts	0		204,351		0		204,351
Foreign exchange derivative contracts	0		104,627		0		104,627
Total	$	104	$	3,173,312	$	44,250	$	3,217,666
Liabilities
Interest rate derivative contracts	$	0	$	205,505	$	0	$	205,505
Foreign exchange derivative contracts	0		104,627		0		104,627
Total	$	0	$	310,132	$	0	$	310,132

	Fair value measurements using
(Dollars in thousands)	Level 1		Level 2		Level 3		Assets/liabilities at fair value
December 31, 2019
Assets
Investment securities available-for-sale	$	100	$	2,842,794	$	9,190	$	2,852,084
Interest rate derivative contracts	0		73,558		0		73,558
Foreign exchange derivative contracts	0		39,172		0		39,172
Total	$	100	$	2,955,524	$	9,190	$	2,964,814
Liabilities
Interest rate derivative contracts	$	0	$	73,750	$	0	$	73,750
Foreign exchange derivative contracts	$	0	$	39,172	$	0	$	39,172
Total	$	0	$	112,922	$	0	$	112,922

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents a reconciliation for certain AFS securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2020 and March 31, 2019.

	Three months ended
(dollars in thousands)	March 31, 2020			March 31, 2019
Beginning balance	$	9,190		$	14,715
Accretion (amortization)	16			7
Increase (decrease) in fair value	(30		)	21
Settlements	35,074			(1,388		)
Ending balance	$	44,250		$	13,355

Summary of Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The following table summarizes financial assets and liabilities measured at fair value on a nonrecurring basis.

	Fair value measurements using
(Dollars in thousands)	Level 1		Level 2		Level 3
March 31, 2020
Assets
Impaired loans	$	0	$	0	$	13,180
OREO	0		0		554

	Fair value measurements using
(Dollars in thousands)	Level 1		Level 2		Level 3
December 31, 2019
Assets
Impaired loans	$	0	$	0	$	9,268
OREO	0		0		1,088