FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2023

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
June 30, 2023
Financial assets
Cash and short-term investments	$	702,626	$	702,626	$	702,626	$	0	$	0
Investment securities held-to-maturity	82,372		72,399		0		72,399		0
Other investments	141,892		141,892		994		131,527		9,371
Loans and leases	10,401,563		10,044,684		0		0		10,044,684
Accrued interest receivable	66,601		66,601		0		16,578		50,023
Financial liabilities
Deposits	12,794,878		12,765,390		0		12,765,390		0
Short-term borrowings	1,216,283		1,216,283		1,216,283		0		0
Long-term debt	339,963		341,400		0		341,400		0
Accrued interest payable	42,088		42,088		12,049		30,039		0

	Carrying		Estimated fair value
(Dollars in thousands)	value		Total		Level 1		Level 2		Level 3
December 31, 2022
Financial assets
Cash and short-term investments	$	595,683	$	595,683	$	595,683	$	0	$	0
Investment securities held-to-maturity	84,021		76,485		0		76,485		0
Other investments	143,160		143,160		1,171		132,853		9,136
Loans and leases	10,165,994		9,916,353		0		0		9,916,353
Accrued interest receivable	63,721		63,721		0		16,233		47,488
Financial liabilities
Deposits	12,701,177		12,670,747		0		12,670,747		0
Short-term borrowings	1,287,156		1,287,156		1,287,156		0		0
Long-term debt	346,672		348,041		0		348,041		0
Accrued interest payable	11,150		11,150		3,835		7,315		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
June 30, 2023
Assets
Investment securities available-for-sale	$	32,847	$	3,182,425	$	34,132	$	3,249,404
Loans held for sale	0		15,267		0		15,267
Interest rate derivative contracts	0		152,126		0		152,126
Foreign exchange derivative contracts	0		151,844		0		151,844
Interest rate floor	0		466		0		466
Total	$	32,847	$	3,502,128	$	34,132	$	3,569,107
Liabilities
Interest rate derivative contracts	$	0	$	152,154	$	0	$	152,154
Foreign exchange derivative contracts	0		151,844		0		151,844
Interest rate collars	0		352		0		352
Total	$	0	$	304,350	$	0	$	304,350

	Fair value measurements using
(Dollars in thousands)	Level 1		Level 2		Level 3		Assets/liabilities at fair value
December 31, 2022
Assets
Investment securities available-for-sale	$	32,696	$	3,341,095	$	35,857	$	3,409,648
Loans held for sale	0		7,918		0		7,918
Interest rate derivative contracts	0		152,846		0		152,846
Foreign exchange derivative contracts	0		204,882		0		204,882
Total	$	32,696	$	3,706,741	$	35,857	$	3,775,294
Liabilities
Interest rate derivative contracts	$	0	$	153,119	$	0	$	153,119
Foreign exchange derivative contracts	$	0	$	204,882	$	0	$	204,882
Total	$	0	$	358,001	$	0	$	358,001

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 six months ended June 30, 2023 and June 30, 2022.

	Three months ended				Six months ended
	June 30,				June 30,
(dollars in thousands)	2023		2022		2023		2022
Beginning balance	$	34,815	$	37,461	$	35,857	$	38,181
Accretion (amortization)	(29)		(10)		(54)		(23)
Increase (decrease) in fair value	31		12		43		25
Settlements	(685)		(667)		(1,714)		(1,387)
Ending balance	$	34,132	$	36,796	$	34,132	$	36,796

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
June 30, 2023
Assets
Collateral dependent loans
Commercial	$	0	$	0	$	6,430
Commercial real estate	0		0		0
OREO	0		0		69
Operating leases	0		0		0

	Fair value measurements using
(Dollars in thousands)	Level 1		Level 2		Level 3
December 31, 2022
Assets
Collateral dependent loans
Commercial	$	0	$	0	$	4,240
Commercial real estate	0		0		4,015
OREO	0		0		0
Operating leases	0		0		0