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FAIR VALUE DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 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
June 30, 2024
Financial assets
Cash and short-term investments						$	932,349					$	932,349					$	932,349					$	0					$	0
Investment securities held-to-maturity						78,921						70,066						0						70,066						0
Other investments (1)						11,260						11,260						1,220						10,040						0
Loans and leases						11,365,018						11,157,495						0						0						11,157,495
Accrued interest receivable						74,997						74,997						0						15,630						59,367
Financial liabilities
Deposits						13,661,922						13,646,754						0						13,646,754						0
Short-term borrowings						1,179,172						1,179,172						1,179,172						0						0
Long-term debt						338,556						333,161						0						333,161						0
Accrued interest payable						52,695						52,695						5,704						46,991						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 (1)						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

(1) FHLB stock and FRB stock of $121.2 million and $109.4 million as of June 30, 2024 and December 31, 2023, respectively, are excluded from the numbers above.

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
June 30, 2024
Assets
Investment securities available-for-sale						$	30,972					$	2,974,358					$	31,428					$	3,036,758
Loans held for sale						0						16,911						0						16,911
Interest rate derivative contracts						0						128,506						0						128,506
Foreign exchange derivative contracts						0						232,724						0						232,724
Interest rate floor						0						973						0						973
Total						$	30,972					$	3,353,472					$	31,428					$	3,415,872
Liabilities
Interest rate derivative contracts						$	0					$	128,910					$	0					$	128,910
Foreign exchange derivative contracts						0						232,724						0						232,724
Interest rate collars						0						352						0						352
Total						$	0					$	361,986					$	0					$	361,986

						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 and six months ended June 30, 2024 and June 30, 2023.

						Three months ended												Six months ended
						June 30,												June 30,
(dollars in thousands)						2024						2023						2024						2023
Beginning balance						$	32,129					$	34,815					$	32,945					$	35,857
Accretion (amortization)						(18)						(29)						(26)						(54)
Increase (decrease) in fair value						20						31						22						43
Settlements						(703)						(685)						(1,513)						(1,714)
Ending balance						$	31,428					$	34,132					$	31,428					$	34,132

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
June 30, 2024
Assets
Collateral dependent loans
Commercial & industrial						$	0					$	0					$	4,670
Commercial real estate						0						0						12,039
Lease financing						0						0						1,998
OREO						0						0						30

						Fair value measurements using
(Dollars in thousands)						Level 1						Level 2						Level 3
December 31, 2023
Assets
Collateral dependent loans
Commercial & industrial						$	0					$	0					$	1,795
Commercial real estate						0						0						13,538
OREO						0						0						106

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