FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 30, 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
September 30, 2020
Financial assets
Cash and short-term investments	$	245,934	$	245,934	$	245,934	$	0	$	0
Investment securities held-to-maturity	118,072		123,441		0		123,441		0
Other investments	118,292		N/A		N/A		N/A		N/A
Loans held for sale	69,008		69,008		0		69,008		0
Loans and leases	10,032,265		9,953,876		0		0		9,953,876
Accrued interest receivable	53,127		53,127		0		11,902		41,225
Financial liabilities
Deposits	11,567,430		11,576,499		0		11,576,499		0
Short-term borrowings	247,658		247,658		247,658		0		0
Long-term debt	1,341,164		1,337,424		0		1,337,424		0
Accrued interest payable	9,112		9,112		104		9,008		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
September 30, 2020
Assets
Investment securities available-for-sale	$	103	$	2,964,105	$	40,755	$	3,004,963
Interest rate derivative contracts	0		208,443		0		208,443
Foreign exchange derivative contracts	0		72,433		0		72,433
Total	$	103	$	3,244,981	$	40,755	$	3,285,839
Liabilities
Interest rate derivative contracts	$	0	$	209,401	$	0	$	209,401
Foreign exchange derivative contracts	0		72,433		0		72,433
Total	$	0	$	281,834	$	0	$	281,834

	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 and nine month periods ended September 30, 2020 and September 30, 2019.

	Three months ended				Nine months ended
	September 30,				September 30,
(dollars in thousands)	2020		2019		2020		2019
Beginning balance	$	41,577	$	12,798	$	9,190	$	14,715
Accretion (amortization)	(9)		5		10		(557)
Increase (decrease) in fair value	12		0		(26)		33
Settlements	(825)		(2,940)		31,581		(4,328)
Ending balance	$	40,755	$	9,863	$	40,755	$	9,863

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
September 30, 2020
Assets
Impaired loans	$	0	$	0	$	16,030
OREO	0		0		484

	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