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FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 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
December 31, 2022
Financial assets
Cash and short-term investments						$	595,683					$	595,683					$	595,683					$	0					$	0
Investment securities held-to-maturity						84,021						76,485						0						76,485						0
Other investments						143,160						143,160						1,171						132,853						9,136
Loans and leases						10,165,994						9,916,353						0						0						9,916,353
Accrued interest receivable						63,721						63,721						0						16,233						47,488
Financial liabilities
Deposits						12,701,177						12,670,747						0						12,670,747						0
Short-term borrowings						1,287,156						1,287,156						1,287,156						0						0
Long-term debt						346,672						348,041						0						348,041						0
Accrued interest payable						11,150						11,150						3,835						7,315						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																		Assets/Liabilities
(Dollars in thousands)						Level 1						Level 2						Level 3						at Fair Value
December 31, 2022
Assets
Investment securities available-for-sale						$	32,696					$	3,341,096					$	35,856					$	3,409,648
Loans held for sale						0						7,918						0						7,918
Interest rate derivative contracts						0						152,846						0						152,846
Foreign exchange derivative contracts						0						204,882						0						204,882
Total						$	32,696					$	3,706,742					$	35,856					$	3,775,294
Liabilities
Interest rate derivative contracts						$	0					$	153,119					$	0					$	153,119
Foreign exchange derivative contracts						0						204,882						0						204,882
Total						$	0					$	358,001					$	0					$	358,001

						Fair Value Measurements Using																		Assets/Liabilities
(Dollars in thousands)						Level 1						Level 2						Level 3						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 years ended December 31, 2022, 2021 and 2020.

(dollars in thousands)						December 31, 2022						December 31, 2021						December 31, 2020
Beginning balance						$	38,181					$	40,575					$	9,190
Accretion (amortization)						(56)						(38)						1
Increase (decrease) in fair value						45						44						(17)
Purchases (settlements)						(2,313)						(2,400)						31,401
Ending balance						$	35,857					$	38,181					$	40,575

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, 2022
Assets
Collateral dependent loans
Commercial						$	0					$	0					$	4,240
Commercial real estate						0						0						4,015
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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