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FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 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
December 31, 2024
Financial assets
Cash and interest-bearing deposits with other banks						$	904,486					$	904,486					$	904,486					$	0					$	0
Investment securities held-to-maturity						76,960						68,989						0						68,989						0
Other investments (1)						11,570						11,570						1,530						40						10,000
Loans and leases						11,604,987						11,417,941						0						0						11,417,941
Accrued interest receivable						67,420						67,420						0						14,263						53,157
Financial liabilities
Deposits						14,329,138						14,322,815						0						14,322,815						0
Short-term borrowings						755,452						755,452						755,452						0						0
Long-term debt						347,509						346,613						0						346,613						0
Accrued interest payable						43,411						43,411						4,663						38,748						0

						Carrying						Estimated Fair Value
(Dollars in thousands)						Value						Total						Level 1						Level 2						Level 3
December 31, 2023
Financial assets
Cash and interest-bearing deposits with other banks						$	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 $103.0 million and $109.4 million as of December 31, 2024 and 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																		Assets/Liabilities
(Dollars in thousands)						Level 1						Level 2						Level 3						at Fair Value
December 31, 2024
Assets
Investment securities available-for-sale						$	91					$	3,139,503					$	44,182					$	3,183,776
Loans held for sale						0						13,181						0						13,181
Interest rate derivative contracts						0						102,152						0						102,152
Foreign exchange derivative contracts						0						294,418						0						294,418
Interest rate floors						0						387						0						387
Commodities contracts						0						158						0						158
Total						$	91					$	3,549,799					$	44,182					$	3,594,072
Liabilities
Interest rate derivative contracts						$	0					$	102,265					$	0					$	102,265
Foreign exchange derivative contracts						0						294,418						0						294,418
Interest rate collars						0						619						0						619
Commodities contracts						0						158						0						158
Total						$	0					$	397,460					$	0					$	397,460

						Fair Value Measurements Using																		Assets/Liabilities
(Dollars in thousands)						Level 1						Level 2						Level 3						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 floors						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
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 years ended December 31, 2024, 2023 and 2022.

(dollars in thousands)						December 31, 2024						December 31, 2023						December 31, 2022
Beginning balance						$	32,945					$	35,857					$	38,181
Accretion (amortization)						(93)						(104)						(56)
Increase (decrease) in fair value						(865)						(99)						45
Purchases (settlements)						(4,977)						(2,709)						(2,313)
Transfers into level 3						17,172						0						0
Ending balance						$	44,182					$	32,945					$	35,857

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, 2024
Assets
Collateral dependent loans
Commercial & industrial						$	0					$	0					$	793
Lease financing						0						0						1,012

						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

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