FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2022
Financial assets
Cash and short-term investments	$	487,523	$	487,523	$	487,523	$	0	$	0
Investment securities held-to-maturity	88,057		83,990		0		83,990		0
Other investments	132,151		132,151		976		122,457		8,718
Loans and leases	9,302,532		8,940,344		0		0		8,940,344
Accrued interest receivable	46,648		46,648		0		15,297		31,351
Financial liabilities
Deposits	12,277,111		12,257,856		0		12,257,856		0
Short-term borrowings	896,000		896,000		896,000		0		0
Long-term debt	358,578		358,738		0		358,738		0
Accrued interest payable	4,730		4,730		477		4,253		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
June 30, 2022
Assets
Investment securities available-for-sale	$	33,380	$	3,773,404	$	36,796	$	3,843,580
Loans held for sale	0		22,044		0		22,044
Interest rate derivative contracts	0		101,572		0		101,572
Foreign exchange derivative contracts	0		163,011		0		163,011
Total	$	33,380	$	4,060,031	$	36,796	$	4,130,207
Liabilities
Interest rate derivative contracts	$	0	$	101,619	$	0	$	101,619
Foreign exchange derivative contracts	0		163,011		0		163,011
Total	$	0	$	264,630	$	0	$	264,630

	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 and six months ended June 30, 2022 and June 30, 2021.

	Three months ended				Six months ended
	June 30,				June 30,
(dollars in thousands)	2022		2021		2022		2021
Beginning balance	$	37,461	$	39,678	$	38,181	$	40,575
Accretion (amortization)	(10)		(8)		(23)		(17)
Increase (decrease) in fair value	12		10		25		22
Settlements	(667)		(650)		(1,387)		(1,550)
Ending balance	$	36,796	$	39,030	$	36,796	$	39,030

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
June 30, 2022
Assets
Collateral dependent loans
Commercial	$	0	$	0	$	2,208
Commercial real estate	0		0		0
OREO	0		0		22
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