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FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 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
December 31, 2020
Financial assets
Cash and short-term investments						$	251,359					$	251,359					$	251,359					$	0					$	0
Investment securities held-to-maturity						131,687						136,698						0						136,698						0
Other investments						133,198						133,198						837						122,953						9,408
Loans and leases						9,725,291						9,743,497						0						0						9,743,497
Accrued interest receivable						50,903						50,903						0						13,221						37,682
Financial liabilities
Deposits						12,232,003						12,238,058						0						12,238,058						0
Short-term borrowings						166,594						166,594						166,594						0						0
Long-term debt						776,202						774,674						0						774,674						0
Accrued interest payable						6,240						6,240						14						6,226						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						125,020						699						123,821						500
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, including those for which we elected the fair value option, were as follows:

						Fair Value Measurements Using																		Assets/Liabilities
(Dollars in thousands)						Level 1						Level 2						Level 3						at Fair Value
December 31, 2020
Assets
Investment securities available-for-sale						$	103					$	3,383,902					$	40,575					$	3,424,580
Loans held for sale						0						41,103						0						41,103
Interest rate derivative contracts						0						185,032						0						185,032
Foreign exchange derivative contracts						0						87,615						0						87,615
Total						$	103					$	3,697,652					$	40,575					$	3,738,330
Liabilities
Interest rate derivative contracts						$	0					$	186,124					$	0					$	186,124
Foreign exchange derivative contracts						0						87,615						0						87,615
Total						$	0					$	273,739					$	0					$	273,739

						Fair Value Measurements Using																		Assets/Liabilities
(Dollars in thousands)						Level 1						Level 2						Level 3						at Fair Value
December 31, 2019
Assets
Investment securities available-for-sale						$	100					$	2,842,794					$	9,190					$	2,852,084
Loans held for sale						0						13,680						0						13,680
Interest rate derivative contracts						0						73,558						0						73,558
Foreign exchange derivative contracts						0						39,172						0						39,172
Total						$	100					$	2,969,204					$	9,190					$	2,978,494
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 year ended December 31, 2020.

(dollars in thousands)						December 31, 2020						December 31, 2019
Beginning balance						$	9,190					$	14,715
Accretion (amortization)						1						(552)
Increase (decrease) in fair value						(17)						30
Purchases (settlements)						31,401						(5,003)
Ending balance						$	40,575					$	9,190

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, 2020
Assets
Collateral dependent loans
Commercial						$	0					$	0					$	25,367
Commercial real estate						0						0						6,432
OREO						0						0						54

						Fair Value Measurements Using
(Dollars in thousands)						Level 1						Level 2						Level 3
December 31, 2019
Assets
Collateral dependent loans
Commercial						$	0					$	0					$	8,710
Commercial real estate						0						0						558
OREO						0						0						1,088

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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