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v3.20.1

FAIR VALUE DISCLOSURES (Tables) | 3 Months Ended
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Mar. 31, 2020
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, 2020 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 332,963 |  |  | $ | 332,963 |  |  | $ | 332,963 |  |  | $ | 0 |  |  | $ | 0 |
Investment securities held-to-maturity |  | 136,744 |  |  | 140,065 |  |  | 0 |  |  | 140,065 |  |  | 0 |
Other investments |  | 143,581 |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |
Loans held for sale |  | 27,334 |  |  | 27,334 |  |  | 0 |  |  | 27,334 |  |  | 0 |
Loans and leases |  | 9,163,934 |  |  | 8,877,637 |  |  | 0 |  |  | 0 |  |  | 8,877,637 |
Accrued interest receivable |  | 40,386 |  |  | 40,386 |  |  | 0 |  |  | 12,937 |  |  | 27,449 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Deposits |  | 10,635,558 |  |  | 10,644,873 |  |  | 0 |  |  | 10,644,873 |  |  | 0 |
Short-term borrowings |  | 1,397,724 |  |  | 1,397,724 |  |  | 1,397,724 |  |  | 0 |  |  | 0 |
Long-term debt |  | 325,566 |  |  | 338,778 |  |  | 0 |  |  | 338,778 |  |  | 0 |
Accrued interest payable |  | 11,474 |  |  | 11,474 |  |  | 2,347 |  |  | 9,127 |  |  | 0 |
|  | Carrying |  | Estimated fair value
(Dollars in thousands) |  | value |  | Total |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2019 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 257,639 |  |  | $ | 257,639 |  |  | $ | 257,639 |  |  | $ | 0 |  |  | $ | 0 |
Investment securities held-to-maturity |  | 142,862 |  |  | 142,821 |  |  | 0 |  |  | 142,821 |  |  | 0 |
Other investments |  | 125,020 |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |
Loans held for sale |  | 13,680 |  |  | 13,680 |  |  | 0 |  |  | 13,680 |  |  | 0 |
Loans and leases |  | 9,144,015 |  |  | 9,134,215 |  |  | 0 |  |  | 0 |  |  | 9,134,215 |
Accrued interest receivable |  | 39,591 |  |  | 39,591 |  |  | 0 |  |  | 12,743 |  |  | 26,848 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Deposits |  | 10,210,229 |  |  | 10,209,790 |  |  | 0 |  |  | 10,209,790 |  |  | 0 |
Short-term borrowings |  | 1,316,181 |  |  | 1,316,181 |  |  | 1,316,181 |  |  | 0 |  |  | 0 |
Long-term debt |  | 414,376 |  |  | 414,937 |  |  | 0 |  |  | 414,937 |  |  | 0 |
Accrued interest payable |  | 13,671 |  |  | 13,671 |  |  | 1,899 |  |  | 11,772 |  |  | 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, 2020 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Investment securities available-for-sale |  | $ | 104 |  |  | $ | 2,864,334 |  |  | $ | 44,250 |  |  | $ | 2,908,688 |
Interest rate derivative contracts |  | 0 |  |  | 204,351 |  |  | 0 |  |  | 204,351 |
Foreign exchange derivative contracts |  | 0 |  |  | 104,627 |  |  | 0 |  |  | 104,627 |
Total |  | $ | 104 |  |  | $ | 3,173,312 |  |  | $ | 44,250 |  |  | $ | 3,217,666 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 0 |  |  | $ | 205,505 |  |  | $ | 0 |  |  | $ | 205,505 |
Foreign exchange derivative contracts |  | 0 |  |  | 104,627 |  |  | 0 |  |  | 104,627 |
Total |  | $ | 0 |  |  | $ | 310,132 |  |  | $ | 0 |  |  | $ | 310,132 |
|  | Fair value measurements using |  |
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Assets/liabilities at fair value
December 31, 2019 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Investment securities available-for-sale |  | $ | 100 |  |  | $ | 2,842,794 |  |  | $ | 9,190 |  |  | $ | 2,852,084 |
Interest rate derivative contracts |  | 0 |  |  | 73,558 |  |  | 0 |  |  | 73,558 |
Foreign exchange derivative contracts |  | 0 |  |  | 39,172 |  |  | 0 |  |  | 39,172 |
Total |  | $ | 100 |  |  | $ | 2,955,524 |  |  | $ | 9,190 |  |  | $ | 2,964,814 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 0 |  |  | $ | 73,750 |  |  | $ | 0 |  |  | $ | 73,750 |
Foreign exchange derivative contracts |  | $ | 0 |  |  | $ | 39,172 |  |  | $ | 0 |  |  | $ | 39,172 |
Total |  | $ | 0 |  |  | $ | 112,922 |  |  | $ | 0 |  |  | $ | 112,922 |
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, 2020 and March 31, 2019.
|  | Three months ended
(dollars in thousands) |  | March 31, 2020 |  | March 31, 2019
Beginning balance |  | $ | 9,190 |  |  | $ | 14,715 |
Accretion (amortization) |  | 16 |  |  | 7 |
Increase (decrease) in fair value |  | (30 | ) |  | 21 |
Settlements |  | 35,074 |  |  | (1,388 | )
Ending balance |  | $ | 44,250 |  |  | $ | 13,355 |
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, 2020 |  |  |  |  |  |
Assets |  |  |  |  |  |
Impaired loans |  | $ | 0 |  |  | $ | 0 |  |  | $ | 13,180 |
OREO |  | 0 |  |  | 0 |  |  | 554 |
|  | Fair value measurements using
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2019 |  |  |  |  |  |
Assets |  |  |  |  |  |
Impaired loans |  | $ | 0 |  |  | $ | 0 |  |  | $ | 9,268 |
OREO |  | 0 |  |  | 0 |  |  | 1,088 |

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