FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 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
September 30, 2022
Financial assets
Cash and short-term investments	$	534,531	$	534,531	$	534,531	$	0	$	0
Investment securities held-to-maturity	85,823		78,924		0		78,924		0
Other investments	138,767		138,767		1,077		129,774		7,916
Loans and leases	9,673,340		9,290,399		0		0		9,290,399
Accrued interest receivable	50,926		50,926		0		15,042		35,884
Financial liabilities
Deposits	12,339,935		12,309,592		0		12,309,592		0
Short-term borrowings	1,161,047		1,161,047		1,161,047		0		0
Long-term debt	355,116		356,370		0		356,370		0
Accrued interest payable	6,567		6,567		1,614		4,953		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
September 30, 2022
Assets
Investment securities available-for-sale	$	34,402	$	3,460,898	$	36,053	$	3,531,353
Loans held for sale	0		10,684		0		10,684
Interest rate derivative contracts	0		163,503		0		163,503
Foreign exchange derivative contracts	0		309,211		0		309,211
Total	$	34,402	$	3,944,296	$	36,053	$	4,014,751
Liabilities
Interest rate derivative contracts	$	0	$	163,507	$	0	$	163,507
Foreign exchange derivative contracts	0		309,211		0		309,211
Total	$	0	$	472,718	$	0	$	472,718

	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 nine months ended September 30, 2022 and September 30, 2021.

	Three months ended				Nine months ended
	September 30,				September 30,
(dollars in thousands)	2022		2021		2022		2021
Beginning balance	$	36,796	$	39,030	$	38,181	$	40,575
Accretion (amortization)	(22)		(11)		(45)		(28)
Increase (decrease) in fair value	9		12		34		34
Settlements	(730)		(665)		(2,117)		(2,215)
Ending balance	$	36,053	$	38,366	$	36,053	$	38,366

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, 2022
Assets
Collateral dependent loans
Commercial	$	0	$	0	$	2,106
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