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v3.22.1

FAIR VALUE DISCLOSURES (Tables) | 3 Months Ended
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Mar. 31, 2022
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, 2022 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 457,575 |  |  | $ | 457,575 |  |  | $ | 457,575 |  |  | $ | 0 |  |  | $ | 0 |
Investment securities held-to-maturity |  | 92,597 |  |  | 90,001 |  |  | 0 |  |  | 90,001 |  |  | 0 |
Other investments |  | 114,563 |  |  | 114,563 |  |  | 1,133 |  |  | 103,815 |  |  | 9,615 |
Loans and leases |  | 9,117,487 |  |  | 9,074,978 |  |  | 0 |  |  | 0 |  |  | 9,074,978 |
Accrued interest receivable |  | 42,623 |  |  | 42,623 |  |  | 0 |  |  | 14,410 |  |  | 28,213 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Deposits |  | 12,818,908 |  |  | 12,807,327 |  |  | 0 |  |  | 12,807,327 |  |  | 0 |
Short-term borrowings |  | 185,000 |  |  | 185,000 |  |  | 185,000 |  |  | 0 |  |  | 0 |
Long-term debt |  | 379,840 |  |  | 381,097 |  |  | 0 |  |  | 381,097 |  |  | 0 |
Accrued interest payable |  | 4,662 |  |  | 4,662 |  |  | 25 |  |  | 4,637 |  |  | 0 |
|  | Carrying |  | Estimated fair value
(Dollars in thousands) |  | value |  | Total |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2021 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 434,842 |  |  | $ | 434,842 |  |  | $ | 434,842 |  |  | $ | 0 |  |  | $ | 0 |
Investment securities held-to-maturity |  | 98,420 |  |  | 99,898 |  |  | 0 |  |  | 99,898 |  |  | 0 |
Other investments |  | 102,971 |  |  | 102,971 |  |  | 1,331 |  |  | 92,025 |  |  | 9,615 |
Loans and leases |  | 9,156,307 |  |  | 9,172,111 |  |  | 0 |  |  | 0 |  |  | 9,172,111 |
Accrued interest receivable |  | 44,627 |  |  | 44,627 |  |  | 0 |  |  | 15,170 |  |  | 29,457 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Deposits |  | 12,871,954 |  |  | 12,869,567 |  |  | 0 |  |  | 12,869,567 |  |  | 0 |
Short-term borrowings |  | 296,203 |  |  | 296,203 |  |  | 296,203 |  |  | 0 |  |  | 0 |
Long-term debt |  | 409,832 |  |  | 411,569 |  |  | 0 |  |  | 411,569 |  |  | 0 |
Accrued interest payable |  | 4,498 |  |  | 4,498 |  |  | 0 |  |  | 4,498 |  |  | 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, 2022 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Investment securities available-for-sale |  | $ | 32,724 |  |  | $ | 3,887,697 |  |  | $ | 37,461 |  |  | $ | 3,957,882 |
Loans held for sale |  | 0 |  |  | 12,670 |  |  | 0 |  |  | 12,670 |
Interest rate derivative contracts |  | 0 |  |  | 74,438 |  |  | 0 |  |  | 74,438 |
Foreign exchange derivative contracts |  | 0 |  |  | 145,376 |  |  | 0 |  |  | 145,376 |
Total |  | $ | 32,724 |  |  | $ | 4,120,181 |  |  | $ | 37,461 |  |  | $ | 4,190,366 |
Liabilities |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 0 |  |  | $ | 74,475 |  |  | $ | 0 |  |  | $ | 74,475 |
Foreign exchange derivative contracts |  | 0 |  |  | 145,376 |  |  | 0 |  |  | 145,376 |
Total |  | $ | 0 |  |  | $ | 219,851 |  |  | $ | 0 |  |  | $ | 219,851 |
|  | Fair value measurements using |  |
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Assets/liabilities at fair value
December 31, 2021 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Investment securities available-for-sale |  | $ | 34,776 |  |  | $ | 4,134,889 |  |  | $ | 38,181 |  |  | $ | 4,207,846 |
Loans held for sale |  | 0 |  |  | 29,482 |  |  | 0 |  |  | 29,482 |
Interest rate derivative contracts |  | 0 |  |  | 92,328 |  |  | 0 |  |  | 92,328 |
Foreign exchange derivative contracts |  | 0 |  |  | 120,768 |  |  | 0 |  |  | 120,768 |
Total |  | $ | 34,776 |  |  | $ | 4,377,467 |  |  | $ | 38,181 |  |  | $ | 4,450,424 |
Liabilities |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 0 |  |  | $ | 92,444 |  |  | $ | 0 |  |  | $ | 92,444 |
Foreign exchange derivative contracts |  | $ | 0 |  |  | $ | 120,768 |  |  | $ | 0 |  |  | $ | 120,768 |
Total |  | $ | 0 |  |  | $ | 213,212 |  |  | $ | 0 |  |  | $ | 213,212 |
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, 2022 and March 31, 2021.
|  |  |  | Three months ended
|  |  |  | March 31,
(dollars in thousands) |  |  |  |  |  | 2022 |  | 2021
Beginning balance |  |  |  |  |  | $ | 38,181 |  |  | $ | 40,575 |
Accretion (amortization) |  |  |  |  |  | (13) |  |  | (9) |
Increase (decrease) in fair value |  |  |  |  |  | 13 |  |  | 12 |
Settlements |  |  |  |  |  | (720) |  |  | (900) |
Ending balance |  |  |  |  |  | $ | 37,461 |  |  | $ | 39,678 |
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, 2022 |  |  |  |  |  |
Assets |  |  |  |  |  |
Collateral dependent loans |  |  |  |  |  |
Commercial |  | $ | 0 |  |  | $ | 0 |  |  | $ | 4,448 |
Commercial real estate |  | 0 |  |  | 0 |  |  | 3,803 |
OREO |  | 0 |  |  | 0 |  |  | 0 |
Operating leases |  | 0 |  |  | 0 |  |  | 0 |
|  | Fair value measurements using
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2021 |  |  |  |  |  |
Assets |  |  |  |  |  |
Collateral dependent loans |  |  |  |  |  |
Commercial |  | $ | 0 |  |  | $ | 0 |  |  | $ | 4,449 |
Commercial real estate |  | 0 |  |  | 0 |  |  | 14,618 |
OREO |  | 0 |  |  | 0 |  |  | 0 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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