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FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025
Financial assets
Cash and interest-bearing deposits with other banks	$	823,959	$	823,959	$	823,959	$	0	$	0
Investment securities held-to-maturity	76,469		69,358		0		69,358		0
Other investments (1)	12,534		12,534		1,494		40		11,000

Loans and leases	11,568,648		11,378,316		0		0		11,378,316
Accrued interest receivable	67,983		67,983		0		14,616		53,367

Financial liabilities





Deposits	14,196,956		14,188,908		0		14,188,908		0
Short-term borrowings	799,792		799,792		799,792		0		0
Long-term debt	345,878		347,338		0		347,338		0
Accrued interest payable	44,921		44,921		7,403		37,518		0


	Carrying		Estimated fair value
(Dollars in thousands)	value		Total		Level 1		Level 2		Level 3
December 31, 2024
Financial assets
Cash and interest-bearing deposits with other banks	$	904,486	$	904,486	$	904,486	$	0	$	0
Investment securities held-to-maturity	76,960		68,989		0		68,989		0
Other investments (1)	11,570		11,570		1,530		40		10,000

Loans and leases	11,604,987		11,417,941		0		0		11,417,941
Accrued interest receivable	67,420		67,420		0		14,263		53,157

Financial liabilities





Deposits	14,329,138		14,322,815		0		14,322,815		0
Short-term borrowings	755,452		755,452		755,452		0		0
Long-term debt	347,509		346,613		0		346,613		0
Accrued interest payable	43,411		43,411		4,663		38,748		0

(1) FHLB stock and FRB stock of $108.3 million and $103.0 million as of March 31, 2025 and December 31, 2024, respectively, are excluded from the numbers above.

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, 2025
Assets
Investment securities available-for-sale	$	93	$	3,217,550	$	43,338	$	3,260,981
Loans held for sale	0		17,927		0		17,927
Interest rate derivative contracts	0		83,805		0		83,805
Foreign exchange derivative contracts	0		216,113		0		216,113
Interest rate collars and floors	0		1,613		0		1,613
Commodities contracts	0		56		0		56
Total	$	93	$	3,537,064	$	43,338	$	3,580,495

Liabilities
Interest rate derivative contracts	$	0	$	84,147	$	0	$	84,147
Foreign exchange derivative contracts	0		216,113		0		216,113

Commodities contracts	0		56		0		56
Total	$	0	$	300,316	$	0	$	300,316


	Fair value measurements using
(Dollars in thousands)	Level 1		Level 2		Level 3		Assets/liabilities at fair value
December 31, 2024
Assets
Investment securities available-for-sale	$	91	$	3,139,503	$	44,182	$	3,183,776
Loans held for sale	0		13,181		0		13,181
Interest rate derivative contracts	0		102,152		0		102,152
Foreign exchange derivative contracts	0		294,418		0		294,418
Interest rate collars and floors	0		387		0		387
Commodities contracts	0		158		0		158
Total	$	91	$	3,549,799	$	44,182	$	3,594,072

Liabilities
Interest rate derivative contracts	$	0	$	102,265	$	0	$	102,265
Foreign exchange derivative contracts	0		294,418		0		294,418
Interest rate collars and floors	0		619		0		619
Commodities contracts	0		158		0		158
Total	$	0	$	397,460	$	0	$	397,460

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, 2025 and March 31, 2024.


	Three months ended
	March 31,
(dollars in thousands)		2025		2024
Beginning balance		$	44,182	$	32,945
Accretion (amortization)		(22)		(8)
Increase (decrease) in fair value		8		2
Settlements		(830)		(810)
Transfers into level 3		0		0
Ending balance		$	43,338	$	32,129

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, 2025
Assets
Collateral dependent loans
Commercial & industrial	$	0	$	0	$	2,039
Commercial real estate	0		0		2,359
Lease financing	0		0		2,341


	Fair value measurements using
(Dollars in thousands)	Level 1		Level 2		Level 3
December 31, 2024
Assets
Collateral dependent loans
Commercial & industrial	$	0	$	0	$	793
Commercial real estate	0		0		0
Lease financing	0		0		1,012

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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