XML 54 R43.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

FAIR VALUE DISCLOSURES (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
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, 2024 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 950,697 |  |  | $ | 950,697 |  |  | $ | 950,697 |  |  | $ | 0 |  |  | $ | 0 |
Investment securities held-to-maturity |  | 79,542 |  |  | 70,850 |  |  | 0 |  |  | 70,850 |  |  | 0 |
Other investments |  | 11,324 |  |  | 11,324 |  |  | 1,284 |  |  | 10,040 |  |  | 0 |
Loans and leases |  | 11,060,846 |  |  | 10,759,097 |  |  | 0 |  |  | 0 |  |  | 10,759,097 |
Accrued interest receivable |  | 74,377 |  |  | 74,377 |  |  | 0 |  |  | 14,247 |  |  | 60,130 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Deposits |  | 13,457,148 |  |  | 13,440,989 |  |  | 0 |  |  | 13,440,989 |  |  | 0 |
Short-term borrowings |  | 862,145 |  |  | 862,145 |  |  | 862,145 |  |  | 0 |  |  | 0 |
Long-term debt |  | 343,236 |  |  | 296,116 |  |  | 0 |  |  | 296,116 |  |  | 0 |
Accrued interest payable |  | 48,171 |  |  | 48,171 |  |  | 4,283 |  |  | 43,888 |  |  | 0 |
|  | Carrying |  | Estimated fair value
(Dollars in thousands) |  | value |  | Total |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2023 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 1,006,019 |  |  | $ | 1,006,019 |  |  | $ | 1,006,019 |  |  | $ | 0 |  |  | $ | 0 |
Investment securities held-to-maturity |  | 80,321 |  |  | 71,688 |  |  | 0 |  |  | 71,688 |  |  | 0 |
Other investments |  | 20,554 |  |  | 20,554 |  |  | 1,194 |  |  | 10,040 |  |  | 9,320 |
Loans and leases |  | 10,791,743 |  |  | 10,468,144 |  |  | 0 |  |  | 0 |  |  | 10,468,144 |
Accrued interest receivable |  | 72,620 |  |  | 72,620 |  |  | 0 |  |  | 15,697 |  |  | 56,923 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Deposits |  | 13,360,797 |  |  | 13,347,319 |  |  | 0 |  |  | 13,347,319 |  |  | 0 |
Short-term borrowings |  | 937,814 |  |  | 937,814 |  |  | 937,814 |  |  | 0 |  |  | 0 |
Long-term debt |  | 344,115 |  |  | 350,426 |  |  | 0 |  |  | 350,426 |  |  | 0 |
Accrued interest payable |  | 51,454 |  |  | 51,454 |  |  | 15,494 |  |  | 35,960 |  |  | 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, 2024 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Investment securities available-for-sale |  | $ | 30,912 |  |  | $ | 2,787,626 |  |  | $ | 32,129 |  |  | $ | 2,850,667 |
Loans held for sale |  | 0 |  |  | 11,534 |  |  | 0 |  |  | 11,534 |
Interest rate derivative contracts |  | 0 |  |  | 131,076 |  |  | 0 |  |  | 131,076 |
Foreign exchange derivative contracts |  | 0 |  |  | 162,496 |  |  | 0 |  |  | 162,496 |
Interest rate floor |  | 0 |  |  | 1,565 |  |  | 0 |  |  | 1,565 |
Total |  | $ | 30,912 |  |  | $ | 3,094,297 |  |  | $ | 32,129 |  |  | $ | 3,157,338 |
Liabilities |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 0 |  |  | $ | 131,323 |  |  | $ | 0 |  |  | $ | 131,323 |
Foreign exchange derivative contracts |  | 0 |  |  | 162,496 |  |  | 0 |  |  | 162,496 |
Interest rate collars |  | 0 |  |  | 170 |  |  | 0 |  |  | 170 |
Total |  | $ | 0 |  |  | $ | 293,989 |  |  | $ | 0 |  |  | $ | 293,989 |
|  | Fair value measurements using |  |
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Assets/liabilities at fair value
December 31, 2023 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Investment securities available-for-sale |  | $ | 31,243 |  |  | $ | 2,956,938 |  |  | $ | 32,945 |  |  | $ | 3,021,126 |
Loans held for sale |  | 0 |  |  | 9,213 |  |  | 0 |  |  | 9,213 |
Interest rate derivative contracts |  | 0 |  |  | 117,344 |  |  | 0 |  |  | 117,344 |
Foreign exchange derivative contracts |  | 0 |  |  | 145,556 |  |  | 0 |  |  | 145,556 |
Interest rate floor |  | 0 |  |  | 6,896 |  |  | 0 |  |  | 6,896 |
Total |  | $ | 31,243 |  |  | $ | 3,235,947 |  |  | $ | 32,945 |  |  | $ | 3,300,135 |
Liabilities |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 0 |  |  | $ | 118,105 |  |  | $ | 0 |  |  | $ | 118,105 |
Foreign exchange derivative contracts |  | 0 |  |  | 145,556 |  |  | 0 |  |  | 145,556 |
Interest rate collars |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Total |  | $ | 0 |  |  | $ | 263,661 |  |  | $ | 0 |  |  | $ | 263,661 |
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, 2024 and March 31, 2023.
|  |  |  | Three months ended
|  |  |  | March 31,
(dollars in thousands) |  |  |  |  |  | 2024 |  | 2023
Beginning balance |  |  |  |  |  | $ | 32,945 |  |  | $ | 35,857 |
Accretion (amortization) |  |  |  |  |  | (8) |  |  | (25) |
Increase (decrease) in fair value |  |  |  |  |  | 2 |  |  | 12 |
Settlements |  |  |  |  |  | (810) |  |  | (1,029) |
Ending balance |  |  |  |  |  | $ | 32,129 |  |  | $ | 34,815 |
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, 2024 |  |  |  |  |  |
Assets |  |  |  |  |  |
Collateral dependent loans |  |  |  |  |  |
Commercial |  | $ | 0 |  |  | $ | 0 |  |  | $ | 4,568 |
Commercial real estate |  | 0 |  |  | 0 |  |  | 0 |
OREO |  | 0 |  |  | 0 |  |  | 106 |
Operating leases |  | 0 |  |  | 0 |  |  | 0 |
|  | Fair value measurements using
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2023 |  |  |  |  |  |
Assets |  |  |  |  |  |
Collateral dependent loans |  |  |  |  |  |
Commercial |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1,795 |
Commercial real estate |  | 0 |  |  | 0 |  |  | 13,538 |
OREO |  | 0 |  |  | 0 |  |  | 106 |
Operating leases |  | 0 |  |  | 0 |  |  | 0 |

X
- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration