FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021
Financial assets
Cash and short-term investments	$	239,547	$	239,547	$	239,547	$	0	$	0
Investment securities held-to-maturity	103,886		105,679		0		105,679		0
Other investments	97,831		97,831		1,218		87,205		9,408
Loans and leases	9,212,028		9,288,399		0		0		9,288,399
Accrued interest receivable	45,983		45,983		0		14,222		31,761
Financial liabilities
Deposits	12,677,381		12,678,535		0		12,678,535		0
Short-term borrowings	188,850		188,850		188,850		0		0
Long-term debt	313,230		310,911		0		310,911		0
Accrued interest payable	4,808		4,808		0		4,808		0

	Carrying		Estimated fair value
(Dollars in thousands)	value		Total		Level 1		Level 2		Level 3
December 31, 2020
Financial assets
Cash and short-term investments	$	251,359	$	251,359	$	251,359	$	0	$	0
Investment securities held-to-maturity	131,687		136,698		0		136,698		0
Other investments	133,198		133,198		837		122,953		9,408
Loans and leases	9,725,291		9,743,497		0		0		9,743,497
Accrued interest receivable	50,903		50,903		0		13,221		37,682
Financial liabilities
Deposits	12,232,003		12,238,058		0		12,238,058		0
Short-term borrowings	166,594		166,594		166,594		0		0
Long-term debt	776,202		774,674		0		774,674		0
Accrued interest payable	6,240		6,240		14		6,226		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, 2021
Assets
Investment securities available-for-sale	$	20,330	$	4,055,398	$	38,366	$	4,114,094
Loans held for sale	0		33,835		0		33,835
Interest rate derivative contracts	0		113,601		0		113,601
Foreign exchange derivative contracts	0		126,497		0		126,497
Total	$	20,330	$	4,329,331	$	38,366	$	4,388,027
Liabilities
Interest rate derivative contracts	$	0	$	113,794	$	0	$	113,794
Foreign exchange derivative contracts	0		126,497		0		126,497
Total	$	0	$	240,291	$	0	$	240,291

	Fair value measurements using
(Dollars in thousands)	Level 1		Level 2		Level 3		Assets/liabilities at fair value
December 31, 2020
Assets
Investment securities available-for-sale	$	103	$	3,383,902	$	40,575	$	3,424,580
Loans held for sale	0		41,103		0		41,103
Interest rate derivative contracts	0		185,032		0		185,032
Foreign exchange derivative contracts	0		87,615		0		87,615
Total	$	103	$	3,697,652	$	40,575	$	3,738,330
Liabilities
Interest rate derivative contracts	$	0	$	186,124	$	0	$	186,124
Foreign exchange derivative contracts	$	0	$	87,615	$	0	$	87,615
Total	$	0	$	273,739	$	0	$	273,739

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, 2021 and September 30, 2020.

	Three months ended				Nine months ended
	September 30,				September 30,
(dollars in thousands)	2021		2020		2021		2020
Beginning balance	$	39,030	$	41,577	$	40,575	$	9,190
Accretion (amortization)	(11)		(9)		(28)		10
Increase (decrease) in fair value	12		12		34		(26)
Settlements	(665)		(825)		(2,215)		31,581
Ending balance	$	38,366	$	40,755	$	38,366	$	40,755

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, 2021
Assets
Collateral dependent loans
Commercial	$	0	$	0	$	5,597
Commercial real estate	0		0		17,299
OREO	0		0		179

	Fair value measurements using
(Dollars in thousands)	Level 1		Level 2		Level 3
December 31, 2020
Assets
Collateral dependent loans
Commercial	$	0	$	0	$	25,367
Commercial real estate	0		0		6,432
OREO	0		0		54