FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022
Financial assets
Cash and short-term investments	$	457,575	$	457,575	$	457,575	$	0	$	0
Investment securities held-to-maturity	92,597		90,001		0		90,001		0
Other investments	114,563		114,563		1,133		103,815		9,615
Loans and leases	9,117,487		9,074,978		0		0		9,074,978
Accrued interest receivable	42,623		42,623		0		14,410		28,213
Financial liabilities
Deposits	12,818,908		12,807,327		0		12,807,327		0
Short-term borrowings	185,000		185,000		185,000		0		0
Long-term debt	379,840		381,097		0		381,097		0
Accrued interest payable	4,662		4,662		25		4,637		0

	Carrying		Estimated fair value
(Dollars in thousands)	value		Total		Level 1		Level 2		Level 3
December 31, 2021
Financial assets
Cash and short-term investments	$	434,842	$	434,842	$	434,842	$	0	$	0
Investment securities held-to-maturity	98,420		99,898		0		99,898		0
Other investments	102,971		102,971		1,331		92,025		9,615
Loans and leases	9,156,307		9,172,111		0		0		9,172,111
Accrued interest receivable	44,627		44,627		0		15,170		29,457
Financial liabilities
Deposits	12,871,954		12,869,567		0		12,869,567		0
Short-term borrowings	296,203		296,203		296,203		0		0
Long-term debt	409,832		411,569		0		411,569		0
Accrued interest payable	4,498		4,498		0		4,498		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, 2022
Assets
Investment securities available-for-sale	$	32,724	$	3,887,697	$	37,461	$	3,957,882
Loans held for sale	0		12,670		0		12,670
Interest rate derivative contracts	0		74,438		0		74,438
Foreign exchange derivative contracts	0		145,376		0		145,376
Total	$	32,724	$	4,120,181	$	37,461	$	4,190,366
Liabilities
Interest rate derivative contracts	$	0	$	74,475	$	0	$	74,475
Foreign exchange derivative contracts	0		145,376		0		145,376
Total	$	0	$	219,851	$	0	$	219,851

	Fair value measurements using
(Dollars in thousands)	Level 1		Level 2		Level 3		Assets/liabilities at fair value
December 31, 2021
Assets
Investment securities available-for-sale	$	34,776	$	4,134,889	$	38,181	$	4,207,846
Loans held for sale	0		29,482		0		29,482
Interest rate derivative contracts	0		92,328		0		92,328
Foreign exchange derivative contracts	0		120,768		0		120,768
Total	$	34,776	$	4,377,467	$	38,181	$	4,450,424
Liabilities
Interest rate derivative contracts	$	0	$	92,444	$	0	$	92,444
Foreign exchange derivative contracts	$	0	$	120,768	$	0	$	120,768
Total	$	0	$	213,212	$	0	$	213,212

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, 2022 and March 31, 2021.

	Three months ended
	March 31,
(dollars in thousands)	2022		2021
Beginning balance	$	38,181	$	40,575
Accretion (amortization)	(13)		(9)
Increase (decrease) in fair value	13		12
Settlements	(720)		(900)
Ending balance	$	37,461	$	39,678

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, 2022
Assets
Collateral dependent loans
Commercial	$	0	$	0	$	4,448
Commercial real estate	0		0		3,803
OREO	0		0		0
Operating leases	0		0		0

	Fair value measurements using
(Dollars in thousands)	Level 1		Level 2		Level 3
December 31, 2021
Assets
Collateral dependent loans
Commercial	$	0	$	0	$	4,449
Commercial real estate	0		0		14,618
OREO	0		0		0