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FAIR VALUE DISCLOSURES (Tables) | 9 Months Ended
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Sep. 30, 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
September 30, 2022 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 534,531 |  |  | $ | 534,531 |  |  | $ | 534,531 |  |  | $ | 0 |  |  | $ | 0 |
Investment securities held-to-maturity |  | 85,823 |  |  | 78,924 |  |  | 0 |  |  | 78,924 |  |  | 0 |
Other investments |  | 138,767 |  |  | 138,767 |  |  | 1,077 |  |  | 129,774 |  |  | 7,916 |
Loans and leases |  | 9,673,340 |  |  | 9,290,399 |  |  | 0 |  |  | 0 |  |  | 9,290,399 |
Accrued interest receivable |  | 50,926 |  |  | 50,926 |  |  | 0 |  |  | 15,042 |  |  | 35,884 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Deposits |  | 12,339,935 |  |  | 12,309,592 |  |  | 0 |  |  | 12,309,592 |  |  | 0 |
Short-term borrowings |  | 1,161,047 |  |  | 1,161,047 |  |  | 1,161,047 |  |  | 0 |  |  | 0 |
Long-term debt |  | 355,116 |  |  | 356,370 |  |  | 0 |  |  | 356,370 |  |  | 0 |
Accrued interest payable |  | 6,567 |  |  | 6,567 |  |  | 1,614 |  |  | 4,953 |  |  | 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
September 30, 2022 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Investment securities available-for-sale |  | $ | 34,402 |  |  | $ | 3,460,898 |  |  | $ | 36,053 |  |  | $ | 3,531,353 |
Loans held for sale |  | 0 |  |  | 10,684 |  |  | 0 |  |  | 10,684 |
Interest rate derivative contracts |  | 0 |  |  | 163,503 |  |  | 0 |  |  | 163,503 |
Foreign exchange derivative contracts |  | 0 |  |  | 309,211 |  |  | 0 |  |  | 309,211 |
Total |  | $ | 34,402 |  |  | $ | 3,944,296 |  |  | $ | 36,053 |  |  | $ | 4,014,751 |
Liabilities |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 0 |  |  | $ | 163,507 |  |  | $ | 0 |  |  | $ | 163,507 |
Foreign exchange derivative contracts |  | 0 |  |  | 309,211 |  |  | 0 |  |  | 309,211 |
Total |  | $ | 0 |  |  | $ | 472,718 |  |  | $ | 0 |  |  | $ | 472,718 |
|  | 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 and nine months ended September 30, 2022 and September 30, 2021.
|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
(dollars in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Beginning balance |  | $ | 36,796 |  |  | $ | 39,030 |  |  | $ | 38,181 |  |  | $ | 40,575 |
Accretion (amortization) |  | (22) |  |  | (11) |  |  | (45) |  |  | (28) |
Increase (decrease) in fair value |  | 9 |  |  | 12 |  |  | 34 |  |  | 34 |
Settlements |  | (730) |  |  | (665) |  |  | (2,117) |  |  | (2,215) |
Ending balance |  | $ | 36,053 |  |  | $ | 38,366 |  |  | $ | 36,053 |  |  | $ | 38,366 |
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
September 30, 2022 |  |  |  |  |  |
Assets |  |  |  |  |  |
Collateral dependent loans |  |  |  |  |  |
Commercial |  | $ | 0 |  |  | $ | 0 |  |  | $ | 2,106 |
Commercial real estate |  | 0 |  |  | 0 |  |  | 0 |
OREO |  | 0 |  |  | 0 |  |  | 22 |
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 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). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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