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v3.26.1

FAIR VALUE DISCLOSURES (Tables) | 3 Months Ended
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Mar. 31, 2026
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, 2026 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
Cash and interest-bearing deposits with other banks |  | $ | 1,202,900 |  |  | $ | 1,202,900 |  |  | $ | 1,202,900 |  |  | $ | 0 |  |  | $ | 0 |
Investment securities held-to-maturity |  | 49,631 |  |  | 45,373 |  |  | 0 |  |  | 45,373 |  |  | 0 |
Other investments (1) |  | 12,661 |  |  | 12,661 |  |  | 1,613 |  |  | 40 |  |  | 11,008 |
Loans and leases |  | 13,311,125 |  |  | 13,183,121 |  |  | 0 |  |  | 0 |  |  | 13,183,121 |
Accrued interest receivable |  | 79,692 |  |  | 79,692 |  |  | 0 |  |  | 22,102 |  |  | 57,590 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Deposits |  | 17,918,722 |  |  | 17,909,049 |  |  | 0 |  |  | 17,909,049 |  |  | 0 |
Short-term borrowings |  | 620,457 |  |  | 620,457 |  |  | 620,457 |  |  | 0 |  |  | 0 |
Long-term debt |  | 380,176 |  |  | 330,944 |  |  | 0 |  |  | 330,944 |  |  | 0 |
Accrued interest payable |  | 39,216 |  |  | 39,216 |  |  | 2,646 |  |  | 36,570 |  |  | 0 |
|  | Carrying |  | Estimated fair value
(Dollars in thousands) |  | value |  | Total |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2025 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
Cash and interest-bearing deposits with other banks |  | $ | 775,891 |  |  | $ | 775,891 |  |  | $ | 775,891 |  |  | $ | 0 |  |  | $ | 0 |
Investment securities held-to-maturity |  | 58,545 |  |  | 54,334 |  |  | 0 |  |  | 54,334 |  |  | 0 |
Other investments (1) |  | 12,898 |  |  | 12,898 |  |  | 1,850 |  |  | 40 |  |  | 11,008 |
Loans and leases |  | 13,237,583 |  |  | 13,061,341 |  |  | 0 |  |  | 0 |  |  | 13,061,341 |
Accrued interest receivable |  | 71,940 |  |  | 71,940 |  |  | 0 |  |  | 17,833 |  |  | 54,107 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
Deposits |  | 16,421,842 |  |  | 16,415,852 |  |  | 0 |  |  | 16,415,852 |  |  | 0 |
Short-term borrowings |  | 675,332 |  |  | 675,332 |  |  | 675,332 |  |  | 0 |  |  | 0 |
Long-term debt |  | 514,052 |  |  | 473,291 |  |  | 0 |  |  | 473,291 |  |  | 0 |
Accrued interest payable |  | 38,304 |  |  | 38,304 |  |  | 2,918 |  |  | 35,386 |  |  | 0 |
(1) FHLB stock and FRB stock of $124.4 million and $116.7 million as of March 31, 2026 and December 31, 2025, 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
March 31, 2026 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Investment securities available-for-sale |  | $ | 95 |  |  | $ | 4,916,487 |  |  | $ | 36,441 |  |  | $ | 4,953,023 |
Loans held for sale |  | 0 |  |  | 18,280 |  |  | 0 |  |  | 18,280 |
Interest rate derivative contracts |  | 0 |  |  | 66,116 |  |  | 0 |  |  | 66,116 |
Foreign exchange derivative contracts |  | 0 |  |  | 391,874 |  |  | 0 |  |  | 391,874 |
Interest rate collars and floors |  | 0 |  |  | 465 |  |  | 0 |  |  | 465 |
Commodities contracts |  | 0 |  |  | 5,726 |  |  | 0 |  |  | 5,726 |
Total |  | $ | 95 |  |  | $ | 5,398,948 |  |  | $ | 36,441 |  |  | $ | 5,435,484 |
Liabilities |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 0 |  |  | $ | 65,868 |  |  | $ | 0 |  |  | $ | 65,868 |
Foreign exchange derivative contracts |  | 0 |  |  | 391,874 |  |  | 0 |  |  | 391,874 |
Commodities contracts |  | 0 |  |  | 5,209 |  |  | 0 |  |  | 5,209 |
Total |  | $ | 0 |  |  | $ | 462,951 |  |  | $ | 0 |  |  | $ | 462,951 |
|  | Fair value measurements using |  |
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Assets/liabilities at fair value
December 31, 2025 |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Investment securities available-for-sale |  | $ | 95 |  |  | $ | 3,926,021 |  |  | $ | 45,816 |  |  | $ | 3,971,932 |
Loans held for sale |  | 0 |  |  | 16,953 |  |  | 0 |  |  | 16,953 |
Interest rate derivative contracts |  | 0 |  |  | 69,481 |  |  | 0 |  |  | 69,481 |
Foreign exchange derivative contracts |  | 0 |  |  | 322,172 |  |  | 0 |  |  | 322,172 |
Interest rate collars and floors |  | 0 |  |  | 708 |  |  | 0 |  |  | 708 |
Commodities contracts |  | 0 |  |  | 1,578 |  |  | 0 |  |  | 1,578 |
Total |  | $ | 95 |  |  | $ | 4,336,913 |  |  | $ | 45,816 |  |  | $ | 4,382,824 |
Liabilities |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 0 |  |  | $ | 69,570 |  |  | $ | 0 |  |  | $ | 69,570 |
Foreign exchange derivative contracts |  | 0 |  |  | 322,172 |  |  | 0 |  |  | 322,172 |
Interest rate collars and floors |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Commodities contracts |  | 0 |  |  | 2,078 |  |  | 0 |  |  | 2,078 |
Total |  | $ | 0 |  |  | $ | 393,820 |  |  | $ | 0 |  |  | $ | 393,820 |
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).
|  |  |  | Three months ended
|  |  |  | March 31,
(dollars in thousands) |  |  |  |  |  | 2026 |  | 2025
Beginning balance |  |  |  |  |  | $ | 45,816 |  |  | $ | 44,182 |
Accretion (amortization) |  |  |  |  |  | (5,000) |  |  | (22) |
Increase (decrease) in fair value |  |  |  |  |  | 4,235 |  |  | 8 |
Settlements |  |  |  |  |  | (8,610) |  |  | (830) |
Ending balance |  |  |  |  |  | $ | 36,441 |  |  | $ | 43,338 |
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, 2026 |  |  |  |  |  |
Assets |  |  |  |  |  |
Collateral dependent loans |  |  |  |  |  |
Commercial & industrial |  | 0 |  |  | $ | 0 |  |  | $ | 5,401 |
Lease financing |  | 0 |  |  | 0 |  |  | 2,138 |
Commercial real estate |  | 0 |  |  | 0 |  |  | 13,698 |
|  | Fair value measurements using
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2025 |  |  |  |  |  |
Assets |  |  |  |  |  |
Collateral dependent loans |  |  |  |  |  |
Commercial & industrial |  | $ | 0 |  |  | $ | 0 |  |  | $ | 8,517 |
Lease financing |  | 0 |  |  | 0 |  |  | 2,499 |
Commercial real estate |  | 0 |  |  | 0 |  |  | 11,020 |

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- 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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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