FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 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
December 31, 2023
Financial assets
Cash and short-term investments	$	1,006,019	$	1,006,019	$	1,006,019	$	0	$	0
Investment securities held-to-maturity	80,321		71,688		0		71,688		0
Other investments (1)	20,554		20,554		1,194		10,040		9,320
Loans and leases	10,791,743		10,468,144		0		0		10,468,144
Accrued interest receivable	72,620		72,620		0		15,697		56,923
Financial liabilities
Deposits	13,360,797		13,347,319		0		13,347,319		0
Short-term borrowings	937,814		937,814		937,814		0		0
Long-term debt	344,115		350,426		0		350,426		0
Accrued interest payable	51,454		51,454		15,494		35,960		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 (1)	20,347		20,347		1,171		10,040		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

(1) FHLB stock and FRB stock of $109.4 million and $122.8 million as of December 31, 2023 and 2022, 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						Assets/Liabilities
(Dollars in thousands)	Level 1		Level 2		Level 3		at Fair Value
December 31, 2023
Assets
Investment securities available-for-sale	$	31,243	$	2,956,938	$	32,945	$	3,021,126
Loans held for sale	0		9,213		0		9,213
Interest rate derivative contracts	0		117,344		0		117,344
Foreign exchange derivative contracts	0		145,556		0		145,556
Interest rate floors	0		6,896		0		6,896
Total	$	31,243	$	3,235,947	$	32,945	$	3,300,135
Liabilities
Interest rate derivative contracts	$	0	$	118,105	$	0	$	118,105
Foreign exchange derivative contracts	0		145,556		0		145,556
Total	$	0	$	263,661	$	0	$	263,661

	Fair Value Measurements Using						Assets/Liabilities
(Dollars in thousands)	Level 1		Level 2		Level 3		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 years ended December 31, 2023, 2022 and 2021.

(dollars in thousands)	December 31, 2023		December 31, 2022		December 31, 2021
Beginning balance	$	35,857	$	38,181	$	40,575
Accretion (amortization)	(104)		(56)		(38)
Increase (decrease) in fair value	(99)		45		44
Purchases (settlements)	(2,709)		(2,313)		(2,400)
Ending balance	$	32,945	$	35,857	$	38,181

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
December 31, 2023
Assets
Collateral dependent loans
Commercial	$	0	$	0	$	1,795
Commercial real estate	0		0		13,538
OREO	0		0		106
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