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OPERATING LEASES | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Operating Leases - Lessor | OPERATING LEASES - LESSOR First Financial provides financing for various types of equipment through a variety of leasing arrangements. Operating leases are carried at cost less accumulated depreciation in the Consolidated Balance Sheets. Operating leases were $161.5 million and $153.2 million at March 31, 2024 and December 31, 2023, respectively, net of accumulated depreciation of $66.7 million and $62.1 million, respectively. The Company recorded lease income of $12.1 million and $10.2 million related to lease payments for operating leases in leasing business revenue in the Consolidated Statement of Income for the three months ended March 31, 2024 and 2023, respectively. Depreciation expense related to operating lease equipment was $9.8 million and $7.9 million for the three months ended March 31, 2024 and 2023, respectively. First Financial performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate that their carrying values may not be recoverable. First Financial recognized no impairment losses associated with operating lease assets for the three months ended March 31, 2024 or 2023. Recognized impairment losses, if any, would be recorded in Leasing business income in the Consolidated Statements of Income. The future lease payments receivable from operating leases as of March 31, 2024 are as follows:
(Dollars in thousands) |  | Undiscounted cash flows
2024 (remaining nine months) |  | $ | 35,686 |
2025 |  | 39,484 |
2026 |  | 29,190 |
2027 |  | 15,875 |
2028 |  | 8,582 |
Thereafter |  | 3,629 |
Total operating lease payments |  | $ | 132,446 |

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-30/tableOfContent + Details
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