FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Mar. 31, 2024

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
March 31, 2024
Financial assets
Cash and short-term investments	$	950,697	$	950,697	$	950,697	$	0	$	0
Investment securities held-to-maturity	79,542		70,850		0		70,850		0
Other investments	11,324		11,324		1,284		10,040		0
Loans and leases	11,060,846		10,759,097		0		0		10,759,097
Accrued interest receivable	74,377		74,377		0		14,247		60,130
Financial liabilities
Deposits	13,457,148		13,440,989		0		13,440,989		0
Short-term borrowings	862,145		862,145		862,145		0		0
Long-term debt	343,236		296,116		0		296,116		0
Accrued interest payable	48,171		48,171		4,283		43,888		0

	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	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

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, 2024
Assets
Investment securities available-for-sale	$	30,912	$	2,787,626	$	32,129	$	2,850,667
Loans held for sale	0		11,534		0		11,534
Interest rate derivative contracts	0		131,076		0		131,076
Foreign exchange derivative contracts	0		162,496		0		162,496
Interest rate floor	0		1,565		0		1,565
Total	$	30,912	$	3,094,297	$	32,129	$	3,157,338
Liabilities
Interest rate derivative contracts	$	0	$	131,323	$	0	$	131,323
Foreign exchange derivative contracts	0		162,496		0		162,496
Interest rate collars	0		170		0		170
Total	$	0	$	293,989	$	0	$	293,989

	Fair value measurements using
(Dollars in thousands)	Level 1		Level 2		Level 3		Assets/liabilities 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 floor	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
Interest rate collars	0		0		0		0
Total	$	0	$	263,661	$	0	$	263,661

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, 2024 and March 31, 2023.

	Three months ended
	March 31,
(dollars in thousands)	2024		2023
Beginning balance	$	32,945	$	35,857
Accretion (amortization)	(8)		(25)
Increase (decrease) in fair value	2		12
Settlements	(810)		(1,029)
Ending balance	$	32,129	$	34,815

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, 2024
Assets
Collateral dependent loans
Commercial	$	0	$	0	$	4,568
Commercial real estate	0		0		0
OREO	0		0		106
Operating leases	0		0		0

	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