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DERIVATIVES (Tables) | 3 Months Ended
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Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Derivative Financial Instruments and Balances | The following table details the classification and amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets:
|  |  |  | March 31, 2022 |  | December 31, 2021
|  |  |  |  |  | Estimated fair value |  |  |  | Estimated fair value
(Dollars in thousands) |  | Balance sheet classification |  | Notional amount |  | Gain |  | Loss |  | Notional amount |  | Gain |  | Loss
Client derivatives - instruments associated with loans |  |  |  |  |  |  |  |  |  |  |  |
Matched interest rate swaps with borrower |  | Accrued interest and other assets |  | $ | 2,348,703 |  |  | $ | 18,399 |  |  | $ | (55,970) |  |  | $ | 2,430,587 |  |  | $ | 84,694 |  |  | $ | (7,508) |
Matched interest rate swaps with counterparty |  | Accrued interest and other liabilities |  | 2,348,703 |  |  | 55,970 |  |  | (18,399) |  |  | 2,430,587 |  |  | 7,508 |  |  | (84,701) |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Matched foreign exchange contracts with customers |  | Accrued interest and other assets |  | 6,406,294 |  |  | 85,265 |  |  | (60,111) |  |  | 6,423,085 |  |  | 67,988 |  |  | (52,780) |
Match foreign exchange contracts with counterparty |  | Accrued interest and other liabilities |  | 6,376,299 |  |  | 60,111 |  |  | (85,265) |  |  | 6,399,432 |  |  | 52,780 |  |  | (67,988) |
Total |  |  |  | $ | 17,479,999 |  |  | $ | 219,745 |  |  | $ | (219,745) |  |  | $ | 17,683,691 |  |  | $ | 212,970 |  |  | $ | (212,977) |
Disclosure by Type of Financial Instrument | The following table discloses the gross and net amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets:
|  | March 31, 2022 |  | December 31, 2021
(Dollars in thousands) |  | Gross amounts of recognized liabilities |  | Gross amounts offset in the Consolidated Balance Sheets |  | Net amounts of (assets)/liabilities presented in the Consolidated Balance Sheets |  | Gross amounts of recognized liabilities |  | Gross amounts offset in the Consolidated Balance Sheets |  | Net amounts of (assets)/liabilities presented in the Consolidated Balance Sheets
Client derivatives (1) |  |  |  |  |  |  |  |  |  |  |  |
Matched interest rate swaps with counterparty |  | $ | 74,369 |  |  | $ | (127,096) |  |  | $ | (52,727) |  |  | $ | 92,209 |  |  | $ | (149,647) |  |  | $ | (57,438) |
Foreign exchange contracts with counterparty |  | 145,376 |  |  | (71,386) |  |  | 73,990 |  |  | 120,768 |  |  | (56,443) |  |  | 64,325 |
Total |  | $ | 219,745 |  |  | $ | (198,482) |  |  | $ | 21,263 |  |  | $ | 212,977 |  |  | $ | (206,090) |  |  | $ | 6,887 |
(1) Includes accrued interest receivable and collateral. |  |  |  |  |  |  |  |  |  |  |  |
Derivative Financial Instruments, Average Remaining Maturity and the Weighted-Average Interest Rates being Paid and Received | The following table details the derivative financial instruments, the average remaining maturities and the weighted-average interest rates being paid and received by First Financial at March 31, 2022:
(Dollars in thousands) |  | Notional amount |  | Average maturity (years) |  | Fair value |  |  |  |
Client derivatives-interest rate contracts |  |  |  |  |  |  |  |  |  |
Receive fixed, matched interest rate swaps with borrower |  | $ | 2,348,703 |  |  | 5.6 |  | $ | (37,571) |  |  |  |  |
Pay fixed, matched interest rate swaps with counterparty |  | 2,348,703 |  |  | 5.6 |  | 37,571 |  |  |  |  |
Client derivatives-foreign exchange contracts |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts-pay USD |  | $ | 6,406,294 |  |  | 0.6 |  | 25,154 |  |  |  |  |
Foreign exchange contracts-receive USD |  | $ | 6,376,299 |  |  | 0.6 |  | (25,154) |  |  |  |  |
Total client derivatives |  | $ | 17,479,999 |  |  | 1.9 |  | $ | 0 |  |  |  |  |

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