DERIVATIVES (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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Summary of Derivative Financial Instruments and Balances |
The following table details the location and amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | December 31, 2020 | | | | | | | 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 and other liabilities | | $ | 2,430,587 | | | $ | 84,694 | | | $ | (7,508) | | | $ | 2,300,336 | | | $ | 184,777 | | | $ | (107) | | Matched interest rate swaps with counterparty | | Accrued interest and other liabilities | | 2,430,587 | | | 7,508 | | | (84,701) | | | 2,300,336 | | | 107 | | | (184,884) | | Foreign exchange contracts | | | | | | | | | | | | | | | Matched foreign exchange contracts with customers | | Accrued interest and other assets | | 6,423,085 | | | 67,988 | | | (52,780) | | | 3,637,509 | | | 60,366 | | | (27,249) | | Match foreign exchange contracts with counterparty | | Accrued interest and other liabilities | | 6,399,432 | | | 52,780 | | | (67,988) | | | 3,637,509 | | | 27,249 | | | (60,366) | | Total | | | | $ | 17,683,691 | | | $ | 212,970 | | | $ | (212,977) | | | $ | 11,875,690 | | | $ | 272,499 | | | $ | (272,606) | |
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Disclosure by Type of Financial Instrument [Table Text Block] |
The following table discloses the gross and net amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | December 31, 2020 | (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 | | | | | | | | | | | | | | | | | | | | | | | | | | Matched interest rate swaps | | $ | 92,209 | | | $ | (149,647) | | | $ | (57,438) | | | $ | 184,991 | | | $ | (385,088) | | | $ | (200,097) | | Foreign exchange contracts with counterparty | | 120,768 | | | (56,443) | | | 64,325 | | | 87,615 | | | (17,392) | | | 70,223 | | Total | | $ | 212,977 | | | $ | (206,090) | | | $ | 6,887 | | | $ | 272,606 | | | $ | (402,480) | | | $ | (129,874) | |
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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 December 31, 2021: | | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | Notional amount | | Average maturity (years) | | Fair value | | | | | Client derivatives-interest rate contracts | | | | | | | | | | | Receive fixed, matched interest rate swaps with borrower | | $ | 2,430,587 | | | 5.7 | | $ | 77,186 | | | | | | Pay fixed, matched interest rate swaps with counterparty | | 2,430,587 | | | 5.7 | | (77,193) | | | | | | Client derivatives-foreign exchange contracts | | | | | | | | | | | Foreign exchange contracts - pay USD | | 6,423,085 | | | 0.6 | | 15,208 | | | | | | Foreign exchange contracts - receive USD | | 6,399,432 | | | 0.6 | | (15,208) | | | | | | Total client derivatives | | $ | 17,683,691 | | | 2.0 | | $ | (7) | | | | | |
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