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DERIVATIVES (Tables) | 6 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Summary of Derivative Financial Instruments and Balances | The following table details the classification and amounts of interest rate derivatives, foreign exchange contracts and cash flow hedges recognized in the Consolidated Balance Sheets:
|  |  |  | June 30, 2023 |  | December 31, 2022
|  |  |  |  |  | Estimated fair value |  |  |  | Estimated fair value
(Dollars in thousands) |  |  |  | Notional amount |  | Gain |  | Loss |  | Notional amount |  | Gain |  | Loss
Derivatives not designated as qualifying hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives - instruments associated with loans |  |  |  |  |  |  |  |  |  |  |  |
Matched interest rate contracts with borrowers |  |  |  | $ | 2,261,185 |  |  | $ | 6,988 |  |  | $ | (145,118) |  |  | $ | 2,206,351 |  |  | $ | 5,057 |  |  | $ | (147,759) |
Matched interest rate contracts with counterparty |  |  |  | 2,261,185 |  |  | 145,118 |  |  | (6,988) |  |  | 2,206,351 |  |  | 147,759 |  |  | (5,057) |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Matched foreign exchange contracts with customers |  |  |  | 7,179,984 |  |  | 90,652 |  |  | (61,192) |  |  | 7,734,395 |  |  | 111,078 |  |  | (93,804) |
Match foreign exchange contracts with counterparty |  |  |  | 7,135,015 |  |  | 61,192 |  |  | (90,652) |  |  | 7,681,006 |  |  | 93,804 |  |  | (111,078) |
Total derivatives not designated as qualifying hedging instruments |  |  |  | 18,837,369 |  |  | 303,950 |  |  | (303,950) |  |  | 19,828,103 |  |  | 357,698 |  |  | (357,698) |
Derivatives designated as qualifying hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate collars and floors on loan pools |  |  |  | 300,000 |  |  | 466 |  |  | (352) |  |  | 0 |  |  | 0 |  |  | 0 |
Total derivatives designated as qualifying hedging instruments |  |  |  | 300,000 |  |  | 466 |  |  | (352) |  |  | 0 |  |  | 0 |  |  | 0 |
Total |  |  |  | $ | 19,137,369 |  |  | $ | 304,416 |  |  | $ | (304,302) |  |  | $ | 19,828,103 |  |  | $ | 357,698 |  |  | $ | (357,698) |
Disclosure by Type of Financial Instrument | The following table discloses the gross and net amounts of interest rate derivatives, foreign exchange contracts and cash flow hedges recognized in the Consolidated Balance Sheets:
|  | June 30, 2023 |  | December 31, 2022
(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
Interest rate contracts (1) |  | $ | 152,106 |  |  | $ | (339,500) |  |  | $ | (187,394) |  |  | $ | 152,816 |  |  | $ | (314,048) |  |  | $ | (161,232) |
Foreign exchange contracts |  | 151,844 |  |  | (62,253) |  |  | 89,591 |  |  | 204,882 |  |  | (101,945) |  |  | 102,937 |
Cash flow hedges |  | 352 |  |  | (466) |  |  | (114) |  |  | 0 |  |  | 0 |  |  | 0 |
Total |  | $ | 304,302 |  |  | $ | (402,219) |  |  | $ | (97,917) |  |  | $ | 357,698 |  |  | $ | (415,993) |  |  | $ | (58,295) |
(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 June 30, 2023:
(Dollars in thousands) |  | Notional amount |  | Average maturity (years) |  | Fair value |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |  |  |
Receive fixed, matched interest rate contracts with borrower |  | $ | 2,261,185 |  |  | 5.1 |  | $ | (138,130) |  |  |  |  |
Pay fixed, matched interest rate contracts with counterparty |  | 2,261,185 |  |  | 5.1 |  | 138,130 |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts-pay USD |  | 7,179,984 |  |  | 0.6 |  | 29,460 |  |  |  |  |
Foreign exchange contracts-receive USD |  | 7,135,015 |  |  | 0.6 |  | (29,460) |  |  |  |  |
Total client derivatives |  | 18,837,369 |  |  | 1.6 |  | 0 |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |  |  |
Interest rate collars and floors on loan pools |  | 300,000 |  |  | 4.0 |  | 114 |  |  |  |  |
Total cash flow hedges |  | 300,000 |  |  | 4.0 |  | 114 |  |  |  |  |
Total |  | $ | 19,137,369 |  |  | 1.7 |  | $ | 114 |  |  |  |  |

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