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FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2021

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, 2021
Financial assets
Cash and short-term investments						$	245,528					$	245,528					$	245,528					$	0					$	0
Investment securities held-to-maturity						112,456						115,171						0						115,171						0
Other investments						129,432						129,432						1,110						118,914						9,408
Loans and leases						9,351,920						9,409,846						0						0						9,409,846
Accrued interest receivable						48,832						48,832						0						13,912						34,920
Financial liabilities
Deposits
Deposits						12,506,180						12,508,971						0						12,508,971						0
Short-term borrowings						472,791						472,791						472,791						0						0
Long-term debt						313,039						310,720						0						310,720						0
Accrued interest payable						4,521						4,521						3						4,518						0

						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

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, 2021
Assets
Investment securities available-for-sale						$	20,438					$	3,896,371					$	39,030					$	3,955,839
Loans held for sale						0						31,546						0						31,546
Interest rate derivative contracts						0						125,505						0						125,505
Foreign exchange derivative contracts						0						112,537						0						112,537
Total						$	20,438					$	4,165,959					$	39,030					$	4,225,427
Liabilities
Interest rate derivative contracts						$	0					$	125,825					$	0					$	125,825
Foreign exchange derivative contracts						0						112,537						0						112,537
Total						$	0					$	238,362					$	0					$	238,362

						Fair value measurements using
(Dollars in thousands)						Level 1						Level 2						Level 3						Assets/liabilities 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, 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, 2021 and June 30, 2020.

						Three months ended												Six months ended
						June 30,												June 30,
(dollars in thousands)						2021						2020						2021						2020
Beginning balance						$	39,678					$	44,250					$	40,575					$	9,190
Accretion (amortization)						(8)						3						(17)						19
Increase (decrease) in fair value						10						(8)						22						(38)
Settlements						(650)						(2,668)						(1,550)						32,406
Ending balance						$	39,030					$	41,577					$	39,030					$	41,577

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, 2021
Assets
Collateral dependent loans
Commercial						$	0					$	0					$	9,609
Commercial real estate						0						0						7,502
OREO						0						0						179

						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

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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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