DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Financial Instruments and Balances

The following table details the classification and amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets:

		September 30, 2022						December 31, 2021
				Estimated fair value						Estimated fair value
(Dollars in thousands)	Balance sheet classification	Notional amount		Gain		Loss		Notional amount		Gain		Loss
Client derivatives - instruments associated with loans
Matched interest rate swaps with borrower	Accrued interest and other assets	$	2,259,389	$	1,404	$	(162,069)	$	2,430,587	$	84,694	$	(7,508)
Matched interest rate swaps with counterparty	Accrued interest and other liabilities	2,259,389		162,069		(1,404)		2,430,587		7,508		(84,701)
Foreign exchange contracts
Matched foreign exchange contracts with customers	Accrued interest and other assets	6,424,594		171,167		(138,044)		6,423,085		67,988		(52,780)
Match foreign exchange contracts with counterparty	Accrued interest and other liabilities	6,398,076		138,044		(171,167)		6,399,432		52,780		(67,988)
Total		$	17,341,448	$	472,684	$	(472,684)	$	17,683,691	$	212,970	$	(212,977)

Disclosure by Type of Financial Instrument

The following table discloses the gross and net amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets:

	September 30, 2022						December 31, 2021
(Dollars in thousands)	Gross amounts of recognized liabilities		Gross amounts offset in the Consolidated Balance Sheets		Net amounts of (assets)/liabilities presented in the Consolidated Balance Sheets		Gross amounts of recognized liabilities		Gross amounts offset in the Consolidated Balance Sheets		Net amounts of (assets)/liabilities presented in the Consolidated Balance Sheets
Client derivatives (1)
Matched interest rate swaps with counterparty	$	163,473	$	(375,307)	$	(211,834)	$	92,209	$	(149,647)	$	(57,438)
Foreign exchange contracts with counterparty	309,211		(142,841)		166,370		120,768		(56,443)		64,325
Total	$	472,684	$	(518,148)	$	(45,464)	$	212,977	$	(206,090)	$	6,887
(1) Includes accrued interest receivable and collateral.

Derivative Financial Instruments, Average Remaining Maturity and the Weighted-Average Interest Rates being Paid and Received

The following table details the derivative financial instruments, the average remaining maturities and the weighted-average interest rates being paid and received by First Financial at September 30, 2022:

(Dollars in thousands)	Notional amount		Average maturity (years)	Fair value
Client derivatives-interest rate contracts
Receive fixed, matched interest rate swaps with borrower	$	2,259,389	5.4	$	(160,665)
Pay fixed, matched interest rate swaps with counterparty	2,259,389		5.4	160,665
Client derivatives-foreign exchange contracts
Foreign exchange contracts-pay USD	6,424,594		0.6	33,123
Foreign exchange contracts-receive USD	6,398,076		0.6	(33,123)
Total client derivatives	$	17,341,448	1.8	$	0