Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Mar. 01, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	0-16759
Entity Registrant Name	FIRST FINANCIAL CORPORATION
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-1546989
Entity Address, Address Line One	One First Financial Plaza
Entity Address, City or Town	Terre Haute
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	47807
City Area Code	812
Local Phone Number	238-6000
Title of 12(b) Security	Common Stock, par value $0.125 per share
Trading Symbol	THFF
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 358,012,860
Entity Common Stock, Shares Outstanding		11,814,093
Documents Incorporated by Reference	Portions of the Definitive Proxy Statement for the First Financial Corporation Annual Meeting of Shareholders to be held April 17, 2024 are incorporated by reference into Part III.
Auditor Name	Crowe LLP
Auditor Location	Indianapolis, Indiana
Auditor Firm ID	173
Entity Central Index Key	0000714562
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and due from banks	$ 76,759	$ 222,517
Federal funds sold	282	9,374
Securities available-for-sale	1,259,137	1,330,481
Loans	3,160,072	3,060,263
(Less) plus: Net deferred loan (fees)/costs	7,749	7,175
Allowance for credit losses	(39,767)	(39,779)
Loans, net	3,128,054	3,027,659
Restricted stock	15,364	15,378
Accrued interest receivable	24,877	21,288
Premises and equipment, net	67,286	66,147
Bank-owned life insurance	114,122	115,704
Goodwill	86,985	86,985
Other intangible assets	5,586	6,714
Other real estate owned	107	337
Other assets	72,587	86,697
TOTAL ASSETS	4,851,146	4,989,281
Deposits:
Non-interest-bearing	750,335	857,920
Interest-bearing:
Certificates of deposit exceeding the FDIC insurance limits	92,921	50,608
Other interest-bearing deposits	3,246,812	3,460,343
Total Deposits	4,090,068	4,368,871
Short-term borrowings	67,221	70,875
Other borrowings	108,577	9,589
Other liabilities	57,304	64,653
TOTAL LIABILITIES	4,323,170	4,513,988
Shareholders' equity
Common stock, $0.125 stated value per share; Authorized shares - 40,000,000; Issued shares-16,137,220 in 2023 and 16,114,992 in 2022; Outstanding shares - 11,795,024 in 2023 and 12,051,964 in 2022	2,014	2,012
Additional paid-in capital	144,152	143,185
Retained earnings	663,726	614,829
Accumulated other comprehensive loss	(127,087)	(139,974)
Less: Treasury shares at cost - 4,342,196 in 2023 and 4,063,028 in 2022	(154,829)	(144,759)
TOTAL SHAREHOLDERS' EQUITY	527,976	475,293
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	4,851,146	4,989,281
Commercial
ASSETS
Loans	1,817,526	1,798,260
Residential
ASSETS
Loans	695,788	673,464
Consumer
ASSETS
Loans	$ 646,758	$ 588,539

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Common stock, stated value per share	$ 0.125	$ 0.125
Common stock, Authorized shares	40,000,000	40,000,000
Common stock, Issued shares	16,137,220	16,114,992
Common stock, Outstanding shares	11,795,024	12,051,964
Treasury, shares	4,342,196	4,063,028

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME/(LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INTEREST INCOME:
Loans, including related fees	$ 189,641	$ 146,295	$ 128,000
Securities:
Taxable	24,643	21,014	13,110
Tax-exempt	10,573	9,974	8,762
Other	3,540	6,018	2,326
TOTAL INTEREST INCOME	228,397	183,301	152,198
INTEREST EXPENSE:
Deposits	51,694	16,743	8,158
Short-term borrowings	5,370	1,243	387
Other borrowings	4,071	273	252
TOTAL INTEREST EXPENSE	61,135	18,259	8,797
NET INTEREST INCOME	167,262	165,042	143,401
Provision for credit losses	7,295	(2,025)	2,466
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	159,967	167,067	140,935
NON-INTEREST INCOME:
Trust and financial services	5,155	5,155	5,255
Service charges and fees on deposit accounts	28,079	27,540	24,700
Other service charges and fees	801	665	1,163
Securities gains/(losses), net	(1)	3	114
Interchange income	676	559	438
Loan servicing fees	1,176	1,554	1,849
Gain on sales of mortgage loans	966	1,994	5,003
Other	5,850	9,246	3,562
TOTAL NON-INTEREST INCOME	42,702	46,716	42,084
NON-INTEREST EXPENSE:
Salaries and employee benefits	68,525	65,555	64,474
Occupancy expense	9,351	9,764	8,774
Equipment expense	14,020	12,391	10,174
FDIC Expense	2,907	2,327	1,294
Other	35,373	35,986	32,690
TOTAL NON-INTEREST EXPENSE	130,176	126,023	117,406
INCOME BEFORE INCOME TAXES	72,493	87,760	65,613
Provision for income taxes	11,821	16,651	12,626
NET INCOME	60,672	71,109	52,987
OTHER COMPREHENSIVE INCOME (LOSS)
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes	10,896	(144,570)	(18,488)
Change in funded status of post retirement benefits, net of taxes	1,991	7,022	6,298
COMPREHENSIVE INCOME (LOSS)	$ 73,559	$ (66,439)	$ 40,797
PER SHARE DATA
Basic Earnings per Share (in dollars per share)	$ 5.08	$ 5.82	$ 4.02
Diluted Earnings per Share (in dollars per share)	$ 5.08	$ 5.82	$ 4.02
Weighted average number of shares outstanding, basic (in shares)	11,937	12,211	13,190
Weighted average number of shares outstanding, diluted (in shares)	11,937	12,211	13,190

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Capital	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)	Treasury Stock	Total
Balance at Dec. 31, 2020	$ 2,007	$ 140,820	$ 521,103	$ 9,764	$ (76,702)	$ 596,992
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Net Income	0	0	52,987	0	0	52,987
Other comprehensive income (loss)	0	0	0	(12,190)	0	(12,190)
Omnibus Equity Incentive Plan, net	2	805	0	0	0	807
Treasury stock purchases					(42,471)	(42,471)
Contribution of shares to ESOP	0	354	0	0	1,048	1,402
Cash Dividends	0	0	(14,951)	0	0	(14,951)
Balance at Dec. 31, 2021	2,009	141,979	559,139	(2,426)	(118,125)	582,576
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Net Income	0	0	71,109	0	0	71,109
Other comprehensive income (loss)	0	0	0	(137,548)	0	(137,548)
Omnibus Equity Incentive Plan, net	3	822	0	0	0	825
Treasury stock purchases	0	0	0	0	(27,701)	(27,701)
Contribution of shares to ESOP	0	384	0	0	1,067	1,451
Cash Dividends	0	0	(15,419)	0	0	(15,419)
Balance at Dec. 31, 2022	2,012	143,185	614,829	(139,974)	(144,759)	475,293
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Net Income	0	0	60,672	0	0	60,672
Other comprehensive income (loss)	0	0	0	12,887	0	12,887
Omnibus Equity Incentive Plan, net	2	893	0	0	0	895
Treasury stock purchases	0	0	0	0	(11,514)	(11,514)
Contribution of shares to ESOP	0	74	0	0	1,444	1,518
Cash Dividends	0	0	(11,775)	0	0	(11,775)
Balance at Dec. 31, 2023	$ 2,014	$ 144,152	$ 663,726	$ (127,087)	$ (154,829)	$ 527,976

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Treasury stock purchases (in shares)	319,664	626,574	981,132
Contribution of shares to ESOP (shares)	40,496	29,966	31,355
Cash Dividends (in dollars per share)	$ 0.99	$ 1.28	$ 1.16

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 60,672	$ 71,109	$ 52,987
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization (accretion) of premiums and discounts on investments	5,057	6,551	8,433
Provision for credit losses	7,295	(2,025)	2,466
Securities (gains)/losses	1	(3)	(114)
Depreciation and amortization	6,530	6,111	6,154
Provision for deferred income taxes	(472)	(3,150)	(1,568)
Net change in accrued interest receivable	(3,589)	(4,342)	982
Contribution of shares to ESOP	1,518	1,451	1,402
Restricted stock compensation	895	825	807
Gain on sale of mortgage loans	(966)	(1,994)	(5,003)
(Gain) Loss on sale of other real estate	31	55	18
Origination of loans held for sale	(31,498)	(65,412)	(115,144)
Proceeds from loans held for sale	31,611	69,946	123,079
Other, net	9,005	(335)	(19,432)
NET CASH FROM OPERATING ACTIVITIES	86,090	78,787	55,067
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of securities available-for-sale			9,369
Calls, maturities and principal reductions on securities available-for-sale	111,541	179,597	262,209
Purchases of securities available-for-sale	(30,460)	(345,201)	(589,802)
Proceeds from loans sold previously classified as portfolio loans		12,802
Loans made to customers, net of repayment	(106,031)	(271,503)	31,628
Net change in federal funds sold	9,092	(9,066)	10,463
Purchase of bank owned life insurance			(10,000)
Redemption of restricted stock	40	1,871
Purchase of restricted stock	(26)	(1,049)	(25)
Cash received (disbursed) from acquisitions			(23,092)
Proceeds from sales of other real estate owned	287	286	929
Additions to premises and equipment	(6,541)	(1,426)	(3,835)
NET CASH FROM INVESTING ACTIVITIES	(22,098)	(433,689)	(312,156)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in deposits	(278,199)	(39,547)	367,985
Net change in short-term borrowings	(3,654)	(22,499)	(22,687)
Dividends paid	(15,383)	(14,459)	(14,181)
Purchase of treasury stock	(11,514)	(27,701)	(42,471)
Proceeds from other borrowings	2,080,000
Maturities of other borrowings	(1,981,000)	(6,402)	(1,000)
NET CASH FROM FINANCING ACTIVITIES	(209,750)	(110,608)	287,646
NET CHANGE IN CASH AND CASH EQUIVALENTS	(145,758)	(465,510)	30,557
CASH AND DUE FROM BANKS, BEGINNING OF PERIOD	222,517	688,027	657,470
CASH AND DUE FROM BANKS, END OF PERIOD	76,759	222,517	688,027
SUPPLEMENTAL DISCLOSURES OF CASH FLOW AND NONCASH INFORMATION:
Interest	59,031	18,463	9,144
Income Taxes	$ 11,350	$ 13,525	$ 15,025

BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

1.BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES:

BUSINESS

Organization: The consolidated financial statements of First Financial Corporation and its subsidiaries (the Corporation) include the parent company and its wholly-owned subsidiary, First Financial Bank, N.A., headquartered in Vigo County, Indiana. Inter-company transactions and balances have been eliminated.

First Financial Bank also has two investment subsidiaries, Portfolio Management Specialists A (Specialists A) and Portfolio Management Specialists B (Specialists B), which were established to hold and manage certain assets as part of a strategy to better manage various income streams and provide opportunities for capital creation as needed. Specialists A and Specialists B subsequently entered into a limited partnership agreement, Global Portfolio Limited Partners. Portfolio Management Specialists B also owns First Financial Real Estate, LLC. At December 31, 2023, $1.0 billion of securities and loans were owned by these subsidiaries. Specialists A, Specialists B, Global Portfolio Limited Partners and First Financial Real Estate LLC are included in the consolidated financial statements. First Financial Bank also has wholly-owned subsidiaries JBMM, LLC and Fort Webb LP, LLC.

The Corporation, which is headquartered in Terre Haute, Indiana, offers a wide variety of financial services including commercial, mortgage and consumer lending, lease financing, trust account services and depositor services through its subsidiary. The Corporation’s primary source of revenue is derived from loans to customers and investment activities.

The Corporation operates 70 branches in west-central Indiana, east-central Illinois, western Kentucky, and central Tennessee. First Financial Bank is the largest bank in Vigo County. It operates seven full-service banking branches within the county; one in Daviess County, Indiana.; three in Clay County, Indiana; one in Greene County, Indiana; one in Knox County, Indiana; two in Parke County, Indiana; one in Putnam County, Indiana; two in Sullivan County, Indiana; one in Vanderburgh County, Indiana,; three in Vermillion County, Indiana; four in Champaign County, Illinois; one in Clark County, Illinois; one in Coles County, Illinois; two in Crawford County, Illinois; one in Franklin County, Illinois; one in Jasper County, Illinois; two in Jefferson County, Illinois; one in Lawrence County, Illinois; two in Livingston County, Illinois; two in Marion County, Illinois; two in McLean County, Illinois; one in Richland County, Illinois; five in Vermilion County, Illinois; one in Wayne County, Illinois; one in Breckinridge County, Kentucky; one in Calloway County, Kentucky; three in Christian County, Kentucky; two in Fulton County, Kentucky; two in Hancock County, Kentucky; two in Hopkins County, Kentucky; two in Marshall County, Kentucky; one in Todd County, Kentucky; one in Trigg County, Kentucky; one in Warren County, Kentucky; three in Cheatham County, Tennessee; and three in Montgomery County, Tennessee. There are six loan production offices, one in Allen County, Indiana; one in Hamilton County, Indiana; one in Monroe County, Indiana; one in Vanderburgh County, Indiana; one in Rutherford County, Tennessee; and one in Williamson County, Tennessee. The bank also has a main office in downtown Terre Haute and an operations center/office building in southern Terre Haute.

Regulatory Agencies: First Financial Corporation is a bank holding company and as such is regulated by various banking agencies. The holding company is regulated by the Seventh District of the Federal Reserve System. The national bank subsidiary is regulated by the Office of the Comptroller of the Currency.

SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates: To prepare financial statements in conformity with U.S. generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and disclosures provided, and actual results could differ.

Cash Flows: Cash and cash equivalents include cash and demand deposits with other financial institutions. Cash flows are reported for customer loan and deposit transactions and short-term borrowings. Non-cash transactions include loans transferred to other real estate of $88 thousand, $570 thousand and $43 thousand for the years ended December 31, 2023, 2022 and 2021 respectively.

Securities: The Corporation classifies all securities as “available for sale.” Securities are classified as available for sale when they might be sold before maturity. Securities available for sale are carried at fair value with unrealized holdings gains and losses, net of taxes, reported in other comprehensive income within shareholders’ equity.

Interest income includes amortization of purchase premium or discount. Premiums and discounts are amortized on the level yield method without anticipating prepayments. Mortgage-backed securities are amortized over the expected life. Realized gains and losses on sales are based on the amortized cost of the security sold. Management evaluates securities for impairment related to credit losses at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation.

Loans: Loans that management has the intent and ability to hold for the foreseeable future until maturity or pay-off are reported at the principal balance outstanding, net of unearned interest, purchase premiums and discounts, deferred loan fees and costs, and allowance for credit losses. Loans held for sale are reported at the lower of cost or fair value, on an aggregate basis. Interest income is accrued on the unpaid principal balance and includes amortization of net deferred loan fees and costs over the loan term without anticipating prepayments. The recorded investment in loans includes accrued interest receivable and net deferred loan fees and costs. Interest income is not reported when full loan repayment is in doubt, typically when the loan is collateral dependent or payments are significantly past due. Past-due status is based on the contractual terms of the loan.

All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. In all cases, loans are placed on non-accrual or charged-off if collection of principal or interest is considered doubtful. The above policies are consistent for all segments of loans.

Purchased Credit Deteriorated (PCD) Loans: The Corporation purchases individual loans and groups of loans, some of which have experienced more than insignificant credit deterioration since origination. PCD loans are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans held for investment. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and initial allowance for credit losses becomes its amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is accreted or amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision for credit losses.

Concentration of Credit Risk: Most of the Corporation’s business activity is with customers located within west-central Indiana, east-central Illinois, western Kentucky, and middle and western Tennessee. Therefore, the Corporation’s exposure to credit risk is significantly affected by changes in the economy of this area. A major economic downturn in this area would have a negative effect on the Corporation’s loan portfolio.

The risk characteristics of each loan portfolio segment are as follows:

Commercial

Commercial loans are predominately loans to expand a business or finance asset purchases. The underlying risk in the Commercial loan segment is primarily a function of the reliability and sustainability of the cash flows of the borrower and secondarily on the underlying collateral securing the transaction. From time to time, the cash flows of borrowers may be less than historical or as planned. In addition, the underlying collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets financed or other business assets and most commercial loans are further supported by a personal guarantee. However, in some instances, short term loans are made on an unsecured basis. Agriculture production loans are typically secured by growing crops and generally secured by other assets such as farm equipment. Production loans are subject to weather and market pricing risks. The Corporation has established underwriting standards and guidelines for all commercial loan types.

The Corporation strives to maintain a geographically diverse commercial real estate portfolio. Commercial real estate loans are primarily underwritten based upon the cash flows of the underlying real estate or from the cash flows of the business conducted at the real estate. Generally, these types of loans will be fully guaranteed by the principal owners of the real estate and loan amounts must be supported by adequate collateral value. Commercial real estate loans may be adversely affected by factors in the local market, the regional economy, or industry specific factors. In addition, Commercial Construction loans are a specific type of commercial real estate loan which inherently carry more risk than loans for completed projects. Since these types of loans are underwritten utilizing estimated costs, feasibility studies, and estimated absorption rates, the underlying value of the project may change based upon the inaccuracy of these projections. Commercial construction loans are closely monitored, subject to industry standards, and disbursements are controlled during the construction process.

Residential

Real estate mortgages that are secured by 1-4 family residences are generally owner occupied and include residential real estate and residential real estate construction loans. The Corporation typically establishes a maximum loan-to-value ratio and generally requires private mortgage insurance if the ratio is exceeded. The Corporation sells substantially all of its long-term fixed mortgages to secondary market purchasers. Mortgages sold to secondary market purchasers are underwritten to specific guidelines. The Corporation originates some mortgages that are maintained in the bank’s loan portfolio. Portfolio loans are generally adjustable rate mortgages and are underwritten to conform to Qualified Mortgage standards. Several factors are considered in underwriting all Mortgages including the value of the underlying real estate, debt-to-income ratio and credit history of the borrower. Repayment is primarily dependent upon the personal income of the borrower and can be impacted by changes in borrower’s circumstances such as changes in employment status and changes in real estate property values. Risk is mitigated by the sale of substantially all long-term fixed rate mortgages, the underwriting of portfolio loans to Qualified Mortgage standards and the fact that mortgages are generally smaller individual amounts spread over a large number of borrowers.

Consumer

The consumer portfolio primarily consists of home equity loans and lines (typically secured by a subordinate lien on a 1-4 family residence), secured loans (typically secured by automobiles, boats, recreational vehicles, or motorcycles), cash/CD secured, and unsecured loans. Pricing, loan terms, and loan to value guidelines vary by product line. The underlying value of collateral dependent loans may vary based on a number of economic conditions, including fluctuations in home prices and unemployment levels. Underwriting of consumer loans is based on the individual credit profile and analysis of the debt repayment capacity for each borrower. Payments for consumer loans is typically set-up on equal monthly installments, however, future repayment may be impacted by a change in economic conditions or a change in the personal income levels of individual customers. Overall risks within the consumer portfolio are mitigated by the mix of various loan products, lending in various markets and the overall make-up of the portfolio (small loan sizes and a large number of individual borrowers).

Allowance for Credit Losses: Credit quality of loans is continuously monitored by management and is reflected within the allowance for credit losses for loans. The allowance for credit losses is an estimate of expected losses inherent within the Company’s loan portfolio. Credit quality is assessed and monitored by evaluating various attributes and the results of those evaluations are utilized in underwriting new loans and in our process for estimating expected credit losses. The allowance for credit losses is adjusted by a credit loss expense, which is reported in earnings, and reduced by the charge-off of loan amounts, net of recoveries. We have made a policy election to report accrued interest receivable as a separate line item on the balance sheet.

The allowance for credit loss estimation process involves procedures to appropriately consider the unique characteristics of the loan portfolio segments. These segments are further disaggregated into loan classes based on the level at which credit risk is monitored. When computing the level of expected credit losses, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status, and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense in those future periods.

We utilize a cohort methodology to determine the allowance for credit losses. This method identifies and captures the balance of a pool of loans with similar risk characteristics at a particular point in time to form a cohort. Then it tracks the respective losses generated by that cohort of loans over their remaining life. When past performance may not be representative of future losses, loss rates are adjusted for qualitative and economic forecast factors.

The allowance level is influenced by loan volumes, loan quality rating migration or delinquency status, changes in historical loss experience, and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. The methodology for estimating the amount of expected credit losses reported in the allowance for credit losses consists of specific and pooled components. The specific component relates to loans that are individually evaluated. A loan is individually evaluated when the loan no longer shares similar risk characteristics with other loans in its respective loan pool. If a loan is individually evaluated, a portion of the allowance is allocated so that the loan is reported at the fair value of collateral, adjusted for selling costs, if repayment is expected solely from the collateral. The pooled component covers pools of loans that share similar risk characteristics, and is based on historical

loss experienced since 2008. This historical loss experience is supplemented with other current factors based on the risks present for each portfolio segment. These current factors include items such as changes in lending policies or procedures, asset specific risks, and economic uncertainty in forward-looking forecasts. Economic indicators utilized in forecasting include unemployment rate, gross domestic product, housing starts, and interest rates.

We maintain an allowance for credit losses on unfunded lending commitments to provide for the risk of loss inherent in these arrangements. Unfunded commitments include funds available for disbursement on commercial and agriculture operating lines, commercial real estate and residential construction loans, and home equity lines of credit. The allowance is computed using a methodology similar to that used to determine the allowance for credit losses for loans, modified to take into account the probability of a drawdown on the commitment. The allowance for credit losses on unfunded commitments was $2.0 million at December 31, 2023, and $2.1 million at December 31, 2022.

Foreclosed Assets: Assets acquired through or instead of loan foreclosures are initially recorded at fair value less estimated selling costs when acquired, establishing a new cost basis. Physical possession of residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or similar legal agreement. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines, a valuation allowance is recorded through expense. Costs after acquisition are expensed.

Premises and Equipment: Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed over the useful lives of the assets, which range from 3 to 5 years for furniture and equipment and 33 to 39 years for buildings and leasehold improvements.

Restricted Stock: Restricted stock includes Federal Home Loan Bank (FHLB) of Indianapolis and Federal Reserve stock. This restricted stock is carried at cost and periodically evaluated for impairment. Because this stock is viewed as a long-term investment, impairment is based on ultimate recovery of par value. Both cash and stock dividends are reported as income.

Servicing Rights: Servicing rights are recognized separately when they are acquired through sales of loans. When mortgage loans are sold, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on third-party valuations that incorporate assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, ancillary income, prepayment speeds and default rates and losses. All classes of servicing assets are subsequently measured using the amortization method, which requires servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans.

Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Corporation later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in valuation allowances are reported with Other Service Charges and Fees on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses.

Servicing fee income, which is included in Other Service Charges and Fees on the income statement, is for fees earned for servicing loans.

The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. Servicing fees totaled $1.3 million, $1.4 million and $1.3 million for the years ended December 31, 2023, 2022 and 2021. Late fees and ancillary fees related to loan servicing are not material.

Stock based compensation: Compensation cost is recognized for restricted stock awards and units issued to employees based on the fair value of these awards at the date of grant. Market price of the Corporation’s common stock at the date of grant is used for restricted stock awards. Compensation expense is recognized over the requisite service period.

Transfers of Financial Assets: Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Corporation, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Corporation does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

Bank-Owned Life Insurance: The Corporation has purchased life insurance policies on certain key executives. Bank-owned life insurance is recorded at its cash surrender value, or the amount that can be realized. Income on the investments in life insurance is included in other interest income.

Goodwill and Other Intangible Assets: Goodwill resulting from business combinations prior to January 1, 2009 represents the excess of the purchase price over the fair value of the net assets of businesses acquired. Goodwill resulting from business combinations after January 1, 2009 represents the future economic benefits arising from other assets acquired that are not individually identified and separately recognized. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually. The Corporation has selected October 31 as the date to perform the annual impairment test. The final results determined that there was no impairment of goodwill. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our balance sheet.

Other intangible assets consist of core deposit assets arising from the whole bank and branch acquisitions. They are initially measured at fair value and then are amortized on an accelerated basis over their estimated useful lives, which are 10 and 12 years, respectively.

Long-Term Assets: Premises and equipment and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value.

Benefit Plans: Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. The amount contributed is determined by a formula as decided by the Board of Directors. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service.

Employee Stock Ownership Plan: Shares of treasury stock are issued to the ESOP and compensation expense is recognized based upon the total market price of shares when contributed.

Deferred Compensation Plan: Prior to 2011, a deferred compensation plan covered all directors. Under the plan, the Corporation pays each director, or their beneficiary, the amount of fees deferred plus interest over 10 years, beginning when the director achieves age 65. A liability is accrued for the obligation under these plans. The expense incurred for the deferred compensation for each of the last three years was $49 thousand, $78 thousand, and $117 thousand, resulting in a deferred compensation liability of $1.1 million at December 31, 2023 and $1.2 million at December 31, 2022. There are no deferred compensation plans now in effect for directors.

Incentive Plans: A long-term incentive plan established in 2000 provides for the payment of incentive rewards as a 15-year annuity to all directors and certain key officers. That plan was in place through December 31, 2009, and compensation expense is recognized over the service period. Payments under the plan generally did not begin until the earlier of January 1, 2015, or the January 1 immediately following the year in which the participant reaches age 65. There was no compensation expense related to this plan for 2023, 2022 and 2021. There is a liability of $3.8 million and $4.8 million as of year-end 2023 and 2022. In 2011 the Corporation adopted the 2011 Short-term Incentive Plan and the 2011 Omnibus Equity Incentive Plan designed to reward key officers based on certain performance measures. The short-term portion of the plan is paid out within 75 days of year end and the long-term plan vests over a three year period and is paid out within 75 days of the end of each vesting period. The compensation expense related to the plans in 2023, 2022 and 2021 was $2.9 million, $2.0 million and $2.3 million, respectively, and resulted in a liability of $1.8 million at December 31, 2023 and $1.6 million at December 31, 2022.

The Omnibus Equity Incentive Plan is a long term incentive plan that was designed to align the interests of participants with the interest of shareholders. Under the plan, awards may be made based on certain performance measures. The grants are made in restricted stock units that are subject to a vesting schedule.

Income Taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized.

A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded.

The Corporation recognizes interest and/or penalties related to income tax matters in income tax expense.

Loan Commitments and Related Financial Instruments: Financial instruments include credit instruments, such as commitments to make loans and standby letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.

Earnings Per Share: Earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. The Corporation does not have any potentially dilutive securities as the restricted stock awards are included in outstanding shares. Earnings and dividends per share are restated for stock splits and dividends through the date of issue of the financial statements.

Comprehensive Income (Loss): Comprehensive income (loss) consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale and changes in the funded status of the retirement plans, net of taxes, which are also recognized as separate components of equity.

Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount of range of loss can be reasonably estimated. Management does not believe there are currently such matters that will have a material effect on the financial statements.

Dividend Restriction: Banking regulations require maintaining certain capital levels and may limit the dividends paid by the bank to the holding company or by the holding company to shareholders.

Fair Value of Financial Instruments: Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or market conditions could significantly affect the estimates.

Operating Segment: While the Corporation’s chief decision-makers monitor the revenue streams of the various products and services, the operating results of significant segments are similar and operations are managed and financial performance is evaluated on a corporate-wide basis. Accordingly, all of the Corporation’s financial service operations are considered by management to be aggregated in one reportable operating segment, which is banking.

Accounting Pronouncements Adopted:

In March 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-02, “Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures” (ASU 2022-02). ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings (TDRs) in ASC 310-40, “Receivables - Troubled Debt Restructurings by Creditors” for entities that have adopted the current expected credit loss (CECL) model introduced by ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (ASU 2016-13). ASU 2022-02 also requires that public business entities disclose current-period gross charge-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, “Financial Instruments—Credit Losses—Measured at Amortized Cost”. ASU 2022-02 is effective for the Corporation for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Corporation adopted ASU 2022-02 on January 1, 2023, and has applied the disclosure changes in this document. See Note 7. Allowance for Credit Losses for the additional disclosures.

Recently Issued Not Yet Effective Accounting Pronouncements:

In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-03 “Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” These amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. ASU 2022-03 is effective for the Corporation for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption is permitted. The Corporation is evaluating the effect that ASU 2022-03 will have on its consolidated financial statements and related disclosures.

In March 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-02 “Investments Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” These amendments allow reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. This guidance is effective for public business entities for fiscal years including interim periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted in any interim period. The Corporation is evaluating ASU 2023-02 and its effect on its consolidated financial statements and related disclosures.

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” These amendments require, among other things, that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 208. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments retrospectively to all periods presented in the financial statements. The Corporation is assessing ASU 2023-07 and its effect on its consolidated financial statements and related disclosures.

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” Among other things, these amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate.) The amendments also require that all entities disclose on an annual basis the following information about income taxes paid: (1) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and (2) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received.) This guidance is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis although retrospective application is permitted. The Corporation is assessing ASU 2023-09 and its effect on its consolidated financial statements and related disclosures.

FAIR VALUES OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2023

FAIR VALUES OF FINANCIAL INSTRUMENTS

FAIR VALUES OF FINANCIAL INSTRUMENTS

2.FAIR VALUES OF FINANCIAL INSTRUMENTS:

Accounting guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices (unadjusted) of identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices such as such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The fair value of securities available-for-sale is determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs).

For those securities that cannot be priced using quoted market prices or observable inputs, a Level 3 valuation is determined. These securities are primarily trust preferred securities, which are priced using Level 3 due to current market illiquidity, and state and municipal securities. The fair value of the trust preferred securities is obtained from a third party provider without adjustment. Management obtains values from other pricing sources to validate the Standard & Poors pricing that they currently utilizes. The fair value of state and municipal obligations are derived by comparing the securities to current market rates plus an appropriate credit spread to determine an estimated value. Illiquidity spreads are then considered. Credit reviews are performed on each of the issuers. The significant unobservable inputs used in the fair value measurement of the Corporation’s state and municipal obligations are credit spreads related to specific issuers. Significantly higher credit spread assumptions would result in significantly lower fair value measurement. Conversely, significantly lower credit spreads would result in a significantly higher fair value measurement.

The fair value of derivatives is based on valuation models using observable market data as of the measurement date (Level 2 inputs).


	December 31, 2023
	Fair Value Measurements Using
	Significant Unobservable Inputs (Level 3)
(Dollar amounts in thousands)	Level 1		Level 2		Level 3		Total
U.S. Government agencies	$	—	$	91,440	$	—	$	91,440
Mortgage Backed Securities-residential		—		569,885		—		569,885
Mortgage Backed Securities-commercial		—		7,483		—		7,483
Collateralized mortgage obligations		—		180,829		—		180,829
State and municipal		—		369,631		1,180		370,811
Municipal taxable		—		34,285		—		34,285
U.S. Treasury		—		1,402		—		1,402
Collateralized debt obligations		—		—		3,002		3,002
TOTAL	$	—	$	1,254,955	$	4,182	$	1,259,137
Derivative Assets				2,878
Derivative Liabilities				(2,878)


	December 31, 2022
	Fair Value Measurements Using
	Significant Unobservable Inputs (Level 3)
(Dollar amounts in thousands)	Level 1		Level 2		Level 3		Total
U.S. Government agencies	$	—	$	98,473	$	—	$	98,473
Mortgage Backed Securities-residential		—		620,248		—		620,248
Mortgage Backed Securities-commercial		—		9,677		—		9,677
Collateralized mortgage obligations		—		203,485		—		203,485
State and municipal		—		358,608		1,545		360,153
Municipal taxable		—		32,515		—		32,515
U.S. Treasury		—		2,944		—		2,944
Collateralized debt obligations		—		—		2,986		2,986
TOTAL	$	—	$	1,325,950	$	4,531	$	1,330,481
Derivative Assets				2,838
Derivative Liabilities				(2,838)

There were no transfers between Level 1 and Level 2 during 2023 and 2022.

The table below presents a reconciliation and income statement classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the twelve months ended December 31, 2023 and 2022.


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Year Ended
	December 31, 2023
	State and
	municipal		Collateralized
(Dollar amounts in thousands)	obligations		debt obligations		Total
Beginning balance, January 1	$	1,545	$	2,986	$	4,531
Total realized/unrealized gains or losses
Included in earnings		—		—		—
Included in other comprehensive income		—		16		16
Transfers		—		—		—
Settlements		(365)		—		(365)
Ending balance, December 31	$	1,180	$	3,002	$	4,182


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Year Ended
	December 31, 2022
	State and
	municipal		Collateralized
(Dollar amounts in thousands)	obligations		debt obligations		Total
Beginning balance, January 1	$	1,895	$	3,359	$	5,254
Total realized/unrealized gains or losses
Included in earnings		—		—		—
Included in other comprehensive income		—		(373)		(373)
Purchases		—		—		—
Settlements		(350)		—		(350)
Ending balance, December 31	$	1,545	$	2,986	$	4,531

There were no unrealized gains and losses recorded in earnings for the years ended December 31, 2023, 2022 or 2021.

Other real estate owned is valued at Level 3. Other real estate owned at December 31, 2023 with a value of $107 thousand was reduced by $57 thousand for fair value adjustment. At December 31, 2023 other real estate owned was comprised of $26 thousand from commercial loans and $81 thousand from residential loans. Other real estate owned at December 31, 2022 with a value of $337 thousand was reduced by $25 thousand for fair value adjustment. At December 31, 2022 other real estate owned was comprised of $39 thousand from commercial loans and $298 thousand from residential loans.

Fair value for collateral dependent loans is measured based on the value of the collateral securing those loans, and is determined using several methods. Generally the fair value of real estate is determined based on appraisals by qualified licensed appraisers. Appraisals for real estate generally use three methods to derive value: cost, sales or market comparison and income approach. The cost method bases value on the cost to replace current property. The market comparison evaluates the sales price of similar properties in the same market area. The income approach considers net operating income generated by the property and the investor’s required return. The final fair value is based on a reconciliation of these three approaches. If an appraisal is not available, the fair value may be determined by using a cash flow analysis, a broker’s opinion of value, the net present value of future cash flows, or an observable market price from an active market. Fair value of other real estate is based upon the current appraised values of the properties as determined by qualified licensed appraisers and the Company’s judgment of other relevant market conditions. Appraisals are obtained annually and reductions in value are recorded as a valuation through a charge to expense. The primary unobservable input used by management in estimating fair value are additional discounts to the appraised value to consider market conditions and the age of the appraisal, which are based on management’s past experience in resolving these types of properties. These discounts range from 0% to 100% with an average discount of 36%. Values for non-real estate collateral, such as business equipment, are based on appraisals performed by qualified licensed appraisers or the customers financial statements. Values for non real estate collateral use much higher discounts than real estate collateral. Other real estate and collateral dependent loans carried at fair value are primarily comprised of smaller balance properties.

The following tables present quantitative information about recurring and non-recurring Level 3 fair value measurements at December 31, 2023 and 2022.


(Dollar amounts in thousands)	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range
State and municipal obligations	$	1,180	Discounted cash flow	Discount rate	4.04%-4.44	%
Collateralized debt obligations	$	3,002	Discounted cash flow	Discount rate	7.36	%
Collateral dependent loans	$	11,306	Discounted cash flow	Discount rate for age of appraisal and market conditions	0.00%-100.00	%


(Dollar amounts in thousands)	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range
State and municipal obligations	$	1,545	Discounted cash flow	Discount rate	3.73%-4.44	%
Collateralized debt obligations	$	2,986	Discounted cash flow	Discount rate	5.34	%
Collateral dependent loans		4,477	Discounted cash flow	Discount rate for age of appraisal and market conditions	0.00%-50.00	%

The carrying amounts and estimated fair values of financial instruments are shown below. Carrying amount is the estimated fair value for cash and due from banks, federal funds sold, accrued interest receivable and payable, demand deposits, short-term and certain other borrowings, and variable-rate loans or deposits that reprice frequently and fully. Security fair values are determined as previously described. It is not practicable to determine the fair value of restricted stock due to restrictions placed on their transferability. For fixed-rate loans or deposits, variable rate loans or deposits with infrequent repricing or repricing limits, and for longer-term borrowings, fair value is based on discounted cash flows using current market rates applied to the estimated life and credit risk. Loan fair value estimates represent an exit price for 2023 and 2022. Fair values for collateral dependent loans are estimated using discounted cash flow analysis or underlying collateral values. Fair value of debt is based on current rates for similar financing. The fair value of off-balance sheet items is not considered material.

The carrying amount and estimated fair value of financial assets and liabilities are presented in the tables below and were determined based on the above assumptions:


	December 31, 2023
	Carrying		Fair Value
(Dollar amounts in thousands)	Value		Level 1		Level 2		Level 3		Total
Cash and due from banks	$	76,759	$	25,467	$	51,292	$	—	$	76,759
Federal funds sold		282		—		282		—		282
Securities available-for-sale		1,259,137		—		1,254,955		4,182		1,259,137
Restricted stock		15,364		n/a		n/a		n/a		n/a
Loans, net		3,128,054		—		—		3,025,621		3,025,621
Accrued interest receivable		24,877		—		6,755		18,122		24,877
Deposits		(4,090,068)		—		(4,094,552)		—		(4,094,552)
Short-term borrowings		(67,221)		—		(67,221)		—		(67,221)
Other borrowings		(108,577)		—		(108,496)		—		(108,496)
Accrued interest payable		(2,588)		—		(2,588)		—		(2,588)


	December 31, 2022
	Carrying		Fair Value
(Dollar amounts in thousands)	Value		Level 1		Level 2		Level 3		Total
Cash and due from banks	$	222,517	$	29,400	$	193,117	$	—	$	222,517
Federal funds sold		9,374		—		9,374		—		9,374
Securities available-for-sale		1,330,481		—		1,325,950		4,531		1,330,481
Restricted stock		15,378		n/a		n/a		n/a		n/a
Loans, net		3,027,659		—		—		2,930,680		2,930,680
Accrued interest receivable		21,288		—		5,529		15,759		21,288
Deposits		(4,368,871)		—		(4,369,402)		—		(4,369,402)
Short-term borrowings		(70,875)		—		(70,875)		—		(70,875)
Other borrowings		(9,589)		—		(8,788)		—		(8,788)
Accrued interest payable		(483)		—		(483)		—		(483)

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

RESTRICTIONS ON CASH AND DUE FROM BANKS

12 Months Ended

Dec. 31, 2023

RESTRICTIONS ON CASH AND DUE FROM BANKS

RESTRICTIONS ON CASH AND DUE FROM BANKS

3.RESTRICTIONS ON CASH AND DUE FROM BANKS:

Certain affiliate banks are required to maintain average reserve balances with the Federal Reserve Bank. The amount of those reserve balances was zero at December 31, 2023 and 2022.

SECURITIES

12 Months Ended

Dec. 31, 2023

SECURITIES

SECURITIES

4.SECURITIES:

The fair value of securities available-for-sale and related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:


	December 31, 2023
	Amortized		Unrealized		Unrealized
(Dollar amounts in thousands)	Cost		Gains		Losses		Fair Value
U.S. Government agencies	$	102,978	$	4	$	(11,542)	$	91,440
Mortgage Backed Securities - residential		653,507		53		(83,675)		569,885
Mortgage Backed Securities - commercial		7,919		—		(436)		7,483
Collateralized mortgage obligations		209,398		6		(28,575)		180,829
State and municipal obligations		397,413		1,407		(28,009)		370,811
Municipal taxable		39,872		12		(5,599)		34,285
U.S. Treasury		1,411		—		(9)		1,402
Collateralized debt obligations		—		3,002		—		3,002
TOTAL	$	1,412,498	$	4,484	$	(157,845)	$	1,259,137


	December 31, 2022
	Amortized		Unrealized		Unrealized
(Dollar amounts in thousands)	Cost		Gains		Losses		Fair Value
U.S. Government agencies	$	110,226	$	24	$	(11,777)	$	98,473
Mortgage Backed Securities-residential		711,131		133		(91,016)		620,248
Mortgage Backed Securities-commercial		10,103		—		(426)		9,677
Collateralized mortgage obligations		228,344		60		(24,919)		203,485
State and municipal obligations		396,522		745		(37,114)		360,153
Municipal taxable		39,321		41		(6,847)		32,515
U.S. Treasury		2,979		—		(35)		2,944
Collateralized debt obligations		—		2,986		—		2,986
TOTAL	$	1,498,626	$	3,989	$	(172,134)	$	1,330,481

As of December 31, 2023, the Corporation does not have any securities from any issuer, other than the U.S. Government, with an aggregate book or fair value that exceeds ten percent of shareholders’ equity.

Securities with a carrying value of approximately $992.1 million and $946.3 million at December 31, 2023 and 2022, respectively, were pledged as collateral for short-term borrowings and for other purposes.

Below is a summary of the gross gains and losses realized by the Corporation on investment sales and calls during the years ended December 31, 2023, 2022 and 2021, respectively.


(Dollar amounts in thousands)		2023		2022		2021
Proceeds	$	330	$	1,565	$	12,886
Gross gains		1		6		274
Gross losses		(2)		(3)		(160)

Gains of $1 thousand and losses of $2 thousand in 2023 and gains of $6 thousand and losses of $3 thousand in 2022 and gains of $274 thousand and losses of $160 thousand in 2021 resulted from redemption premiums on called and sold securities.

Contractual maturities of debt securities at year-end 2023 were as follows. Securities not due at a single maturity or with no maturity date, primarily mortgage-backed and collateralized mortgage obligations, are shown separately.


	Available-for-Sale
	Amortized		Fair
(Dollar amounts in thousands)	Cost		Value
Due in one year or less	$	10,464	$	10,346
Due after one but within five years		41,818		40,271
Due after five but within ten years		107,538		104,878
Due after ten years		381,854		345,445
		541,674		500,940
Mortgage-backed securities and collateralized mortgage obligations		870,824		758,197
TOTAL	$	1,412,498	$	1,259,137

The following tables show the securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position, at December 31, 2023 and 2022.


	December 31, 2023
	Less Than 12 Months				More Than 12 Months				Total
			Unrealized				Unrealized				Unrealized
(Dollar amounts in thousands)	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Government agencies	$	3,757	$	(73)	$	87,291	$	(11,469)	$	91,048	$	(11,542)
Mortgage Backed Securities - Residential		3,810		(41)		556,414		(83,634)		560,224		(83,675)
Mortgage Backed Securities - Commercial		—		—		7,483		(436)		7,483		(436)
Collateralized mortgage obligations		12,981		(303)		164,871		(28,272)		177,852		(28,575)
State and municipal obligations		45,154		(319)		212,022		(27,690)		257,176		(28,009)
Municipal taxable		—		—		31,958		(5,599)		31,958		(5,599)
U.S. Treasury		1,402		(9)		—		—		1,402		(9)
Total temporarily impaired securities	$	67,104	$	(745)	$	1,060,039	$	(157,100)	$	1,127,143	$	(157,845)


	December 31, 2022
	Less Than 12 Months				More Than 12 Months				Total
			Unrealized				Unrealized				Unrealized
(Dollar amounts in thousands)	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Government agencies	$	58,462	$	(4,034)	$	38,959	$	(7,743)	$	97,421	$	(11,777)
Mortgage Backed Securities - Residential		234,488		(19,757)		379,520		(71,259)		614,008		(91,016)
Mortgage Backed Securities - Commercial		9,677		(426)		—		—		9,677		(426)
Collateralized mortgage obligations		135,135		(11,331)		63,792		(13,588)		198,927		(24,919)
State and municipal obligations		233,439		(24,291)		41,510		(12,823)		274,949		(37,114)
Municipal taxable		18,637		(3,706)		12,837		(3,141)		31,474		(6,847)
U.S. Treasury		2,944		(35)		—		—		2,944		(35)
Total temporarily impaired securities	$	692,782	$	(63,580)	$	536,618	$	(108,554)	$	1,229,400	$	(172,134)

The Corporation held 844 investment securities with an amortized cost greater than fair value as of December 31, 2023. The unrealized losses on collateralized mortgage obligations, all mortgage-backed securities and state and municipal obligations represent negative adjustments to fair value relative to the rate of interest paid on the securities and not losses related to the creditworthiness of the issuer. Gross unrealized losses on investment securities were $157.8 million as of December 31, 2023 and $172.1 million as of December 31, 2022. Management does not intend to sell and it is not more likely than not that management would be required to sell the securities prior to their anticipated recovery. Management believes the value will recover as the securities approach maturity or market rates change.

Management evaluates securities for impairment related to credit losses at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The investment securities portfolio is evaluated for impairment related to credit losses by segregating the portfolio into two general segments.

In evaluating for impairment, management considers the reason for the decline, the extent of the decline, and whether the Corporation intends to sell a security or is more likely than not to be required to sell a security before recovery of its amortized cost. If an entity intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, the security’s amortized cost is written down to fair value through income. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes.

In prior years, a significant portion of the total unrealized losses relates to collateralized debt obligations that were separately evaluated under FASB ASC 325-40, Beneficial Interests in Securitized Financial Assets. Based upon qualitative considerations, such as a downgrade in credit rating or further defaults of underlying issuers during the year, and an analysis of expected cash flows, we determined that three CDOs included in collateralized debt obligations were other-than-temporarily impaired. One of the CDO’s was called in first quarter 2017. A second was called in second quarter 2018. The remaining CDO has a contractual balance of $3.7 million at December 31, 2023 which has been reduced to $3.0 million by $750 thousand of interest payments received, $3.0 million of cumulative credit loss charges recorded through earnings to date and increased by $3.0 million recorded in other comprehensive income. These securities are collateralized by trust preferred securities issued primarily by bank holding companies, but certain pools do include a limited number of insurance companies.

The table below presents a rollforward of the credit losses recognized in earnings for the years presented:



(Dollar amounts in thousands)	2023		2022			2021
Beginning balance	$	2,974	$	2,974	$	2,974
Reductions for securities called during the period		—		—		—
Ending balance	$	2,974	$	2,974	$	2,974

LOANS

12 Months Ended

Dec. 31, 2023

LOANS

LOANS

5. LOANS:

Loans are summarized as follows:


	December 31,
(Dollar amounts in thousands)	2023		2022
Commercial	$	1,817,526	$	1,798,260
Residential		695,788		673,464
Consumer		646,758		588,539
Total gross loans		3,160,072		3,060,263
Deferred costs, net		7,749		7,175
Allowance for credit losses		(39,767)		(39,779)
TOTAL	$	3,128,054	$	3,027,659

The Corporation periodically sells residential mortgage loans it originates based on the overall loan demand of the Corporation and the outstanding balances in the residential mortgage portfolio. At December 31, 2023 and 2022, loans held for sale were $2.5 million and $1.7 million, respectively, and are included in the totals above.

In the normal course of business, the Corporation’s subsidiary bank makes loans to directors and executive officers and to their associates. In 2023, the aggregate dollar amount of these loans to directors and executive officers who held office amounted to $46.1 million at the beginning of the year. During 2023, advances of $46.7 million, and repayments of $48.1 million were made with respect to related party loans for an aggregate dollar amount outstanding of $44.7 million at December 31, 2023.

Loans serviced for others, which are not reported as assets, total $462.6 million and $518.1 million at year-end 2023 and 2022. Custodial escrow balances maintained in connection with serviced loans were $2.1 million and $2.7 million at year-end 2023 and 2022.

Activity for capitalized mortgage servicing rights (included in other assets) was as follows:


	December 31,
(Dollar amounts in thousands)	2023		2022		2021
Servicing rights:
Beginning of year	$	1,767	$	1,959	$	1,601
Additions		—		489		1,094
Amortized to expense		(556)		(681)		(736)
End of year	$	1,211	$	1,767	$	1,959

Third party valuations are conducted periodically for mortgage servicing rights. Based on these valuations, fair values were approximately $2.9 million and $3.3 million at year end 2023 and 2022. There was no valuation allowance in 2023 or 2022.

Fair value for 2023 was determined using a discount rate of 12.5%, prepayment speeds ranging from 100% to 197%, depending on the stratification of the specific right. Fair value at year end 2022 was determined using a discount rate of 12.5%, prepayment speeds ranging from 113% to 238%, depending on the stratification of the specific right. Mortgage servicing rights are amortized over 8 years, the expected life of the sold loans.

ACQUISITIONS

12 Months Ended

Dec. 31, 2023

ACQUISITIONS

ACQUISITIONS

6.ACQUISITIONS:

On November 5, 2021, the Corporation completed its acquisition of Hancock Bancorp, Inc. and its banking subsidiary, Hancock Bank and Trust Company. Therefore, the results of Hancock Bancorp have been included in the results of operations beginning on November 5, 2021. Pursuant to the terms of the merger agreement, each issued and outstanding share of Hancock Bancorp, Inc. common stock, issued and outstanding, was converted into the right to receive $18.38 per share in cash. The aggregate value of the transaction was $31.36 million. Acquisition-related costs of $1.2 million are included in the Corporation’s income statement for the year ended December 31, 2021.

Goodwill of $8.4 million arising from the acquisition consisted largely of synergies and the cost savings resulting from the combining of the operations of the companies. The goodwill is not deductible for income tax purposes as the transaction was accounted for as a tax-free exchange. The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date.


			Measurement
	As Initially		Period
(Dollar amounts in thousands)	Reported		Adjustments		As Adjusted
Consideration
Cash consideration	$	31,358	$	—	$	31,358

Fair value of total consideration transferred	$	31,358	$	—	$	31,358

Assets acquired
Cash	$	3,046	$	5,220	$	8,266
Investment securities available-for-sale		57,054		(5,220)		51,834
Federal funds sold		10,470		—		10,470
Bank owned life insurance		9,753		—		9,753
Federal Home Loan Bank stock		1,362		—		1,362
Loans		227,827		—		227,827
Premises and equipment		8,180		—		8,180
Core deposit intangibles		652		—		652
Other assets		4,567		(850)		3,717
Total assets acquired		322,911		(850)		322,061

Liabilities assumed
Deposits		286,098		—		286,098
FHLB advances		11,042		—		11,042
Other liabilities		1,956		—		1,956
Total liabilities assumed		299,096		—		299,096

Net identifiable assets		23,815		(850)		22,965
Goodwill	$	7,543	$	850	$	8,393

The fair value of net assets acquired includes fair value adjustments to certain receivables that were not considered impaired as of the acquisition date. The fair value adjustments were determined using discounted contractual cash flows. However, the Corporation believes that all contractual cash flows related to these financial instruments will be collected. As such, these receivables were not considered impaired at the acquisition date and were not subject to guidance relating to purchase credit impaired loans, which have shown evidence of credit deterioration since origination.

The following table presents supplemental pro forma information as if the acquisition had occurred at the beginning of 2020. The unaudited pro forma information includes adjustments for interest income on loans and securities acquired, interest expense on deposits acquired, and the related income tax effects. The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been effected on the assumed dates.


	Year ended December 31,
(Dollar amounts in thousands, except per share data)	2021		2020
Net interest income	$	150,806	$	156,051
Net income	$	53,714	$	55,958
Basic and diluted earnings per share	$	4.07	$	4.08

The fair value of purchased financial assets with credit deterioration was $12.9 million on the date of acquisition. The gross contractual amounts receivable relating to the purchased financial assets with credit deterioration was $18.3 million. The Corporation estimates, on

the date of acquisition, that $4.4 million of the contractual cash flows specific to the purchased financial assets with credit deterioration will not be collected.

ALLOWANCE FOR CREDIT LOSSES

12 Months Ended

Dec. 31, 2023

ALLOWANCE FOR CREDIT LOSSES

ALLOWANCE FOR CREDIT LOSSES

7. ALLOWANCE FOR CREDIT LOSSES:

The following table presents the activity of the allowance for credit losses by portfolio segment for the years ended December 31, 2023, 2022 and 2021.


Allowance for Credit Losses:			December 31, 2023
(Dollar amounts in thousands)	Commercial		Residential		Consumer		Unallocated		Total
Beginning balance	$	12,949	$	14,568	$	12,104	$	158	$	39,779
Provision for credit losses		198		(317)		7,193		221		7,295
Loans charged -off		(966)		(216)		(14,314)		—		(15,496)
Recoveries		1,083		292		6,814		—		8,189
Ending Balance	$	13,264	$	14,327	$	11,797	$	379	$	39,767


Allowance for Credit Losses:			December 31, 2022
(Dollar amounts in thousands)	Commercial		Residential		Consumer		Unallocated		Total
Beginning balance	$	18,883	$	18,316	$	10,721	$	385	$	48,305
Provision for credit losses		(4,079)		(3,850)		6,131		(227)		(2,025)
Loans charged -off		(3,917)		(657)		(11,132)		—		(15,706)
Recoveries		2,062		759		6,384		—		9,205
Ending Balance	$	12,949	$	14,568	$	12,104	$	158	$	39,779


Allowance for Credit Losses:			December 31, 2021
(Dollar amounts in thousands)	Commercial		Residential		Consumer		Unallocated		Total
Beginning balance	$	13,925	$	19,142	$	11,009	$	—	$	44,076
PCD ACL on acquired loans		4,410		—		—		—		4,410
Provision for credit losses		1,637		(630)		1,074		385		2,466
Loans charged off		(2,158)		(812)		(5,246)		—		(8,216)
Recoveries		1,069		616		3,884		—		5,569
Ending Balance	$	18,883	$	18,316	$	10,721	$	385	$	48,305

The following tables present the recorded investment in nonperforming loans by class of loans.


	December 31, 2023
	Loans Past				Nonaccrual
	Due Over				With No
	90 Days Still				Allowance
(Dollar amounts in thousands)	Accruing		Nonaccrual		For Credit Loss
Commercial
Commercial & Industrial	$	5	$	13,971	$	860
Farmland		—		1,221		1,201
Non Farm, Non Residential		—		995		1,011
Agriculture		—		1,147		1,103
All Other Commercial		—		1,046		1,027
Residential
First Liens		620		960		—
Home Equity		32		68		—
Junior Liens		239		67		—
Multifamily		47		543		373
All Other Residential		—		427		—
Consumer
Motor Vehicle		45		2,933		—
All Other Consumer		—		218		—
TOTAL	$	988	$	23,596	$	5,575


	December 31, 2022
	Loans Past				Nonaccrual
	Due Over				With No
	90 Days Still				Allowance
(Dollar amounts in thousands)	Accruing		Nonaccrual		For Credit Loss
Commercial
Commercial & Industrial	$	114	$	2,137	$	254
Farmland		—		461		—
Non Farm, Non Residential		—		2,064		2,052
Agriculture		—		186		155
All Other Commercial		—		26		—
Residential
First Liens		666		1,380		—
Home Equity		180		133		—
Junior Liens		197		256		—
Multifamily		—		1,468		—
All Other Residential		—		478		—
Consumer
Motor Vehicle		—		2,549		—
All Other Consumer		—		416		—
TOTAL	$	1,157	$	11,554	$	2,461

Loan Modifications Made to Borrowers Experiencing Financial Difficulty:

Modification of the terms of such loans typically include one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan.

The following table presents the amortized cost of loans and leases at December 31, 2023 that were both experiencing financial difficulty and modified during the twelve months ended December 31, 2023, by class and by type of modification. The percentage of the amortized cost of loans and leases that were modified to borrowers in financial distress as compared to the amortized cost of each class of financial receivable is also presented below.



										Combination		Combination
										Term		Term		Total
										Extension and		Extension		Class of
	Principal		Payment		Term		Interest Rate			Principal		Interest Rate		Financing
(Dollar amounts in thousands)	Forgiveness		Delay		Extension		Reduction		Forgiveness		Reduction		Receivable
Residential
First Liens	$	—	$	—	$	—	$	138	$	—	$	25		0.05	%
Junior Liens		—		—		29		—		—		—		0.05	%
Consumer
Motor Vehicle		5		—		205		—		129		107		0.07	%
TOTAL	$	5	$	—	$	234	$	138	$	129	$	132		0.00	%

The Company closely monitors the performance of loans and leases that have been modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. All loans and leases that have been modified during the twelve months ended December 31, 2023 are in a current status of repayment.

The following table presents the financial effect of loan and lease modifications presented above to borrowers experiencing financial difficulty for the twelve months ended Decemer 31, 2023.


			Weighted-			Weighted-
			Average			Average
	Principal		Interest Rate			Term
(Dollar amounts in thousands)	Forgiveness		Reduction			Extension
Residential
First Liens	$	—		2.12	%		24
Junior Liens		—		—			36
Consumer
Motor Vehicle		45		2.20	%		24
TOTAL	$	45		2.15	%		24

There were no modified loans that had a payment default during the twelve months ended December 31, 2023 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty. A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms.

Upon the Corporation’s determination that a modified loan has subsequently been deemed uncollectible, the loan is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

The following table presents the amortized cost basis of collateral dependent loans by class of loans:


	December 31, 2023
	Collateral Type
(Dollar amounts in thousands)	Real Estate		Other
Commercial
Commercial & Industrial	$	1,454	$	12,056
Farmland		1,633		—
Non Farm, Non Residential		3,919		—
Agriculture		49		1,054
All Other Commercial		1,027		—
Residential
First Liens		32		—
Home Equity		—		—
Junior Liens		—		—
Multifamily		373		—
All Other Residential		349		—
Consumer
Motor Vehicle		—		—
All Other Consumer		—		—
Total	$	8,836	$	13,110


	December 31, 2022
	Collateral Type
(Dollar amounts in thousands)	Real Estate		Other
Commercial
Commercial & Industrial	$	4,613	$	1
Farmland		3,289		—
Non Farm, Non Residential		5,123		—
Agriculture		—		155
All Other Commercial		—		—
Residential
First Liens		—		—
Home Equity		—		—
Junior Liens		—		—
Multifamily		895		—
All Other Residential		—		—
Consumer
Motor Vehicle		—		—
All Other Consumer		—		—
Total	$	13,920	$	156

The following tables present the aging of the recorded investment in loans by past due category and class of loans.


	December 31, 2023
					90 Days
	30-59 Days		60-89 Days		and Greater		Total
(Dollar amounts in thousands)	Past Due		Past Due		Past Due		Past Due		Current		Total
Commercial
Commercial & Industrial	$	668	$	488	$	1,136	$	2,292	$	649,801	$	652,093
Farmland		58		—		1,201		1,259		132,147		133,406
Non Farm, Non Residential		—		—		—		—		439,009		439,009
Agriculture		—		—		1,141		1,141		139,900		141,041
All Other Commercial		—		—		—		—		464,776		464,776
Residential
First Liens		2,841		816		924		4,581		354,711		359,292
Home Equity		360		188		71		619		65,191		65,810
Junior Liens		462		124		262		848		57,985		58,833
Multifamily		117		140		373		630		191,104		191,734
All Other Residential		554		—		47		601		21,961		22,562
Consumer
Motor Vehicle		12,491		1,754		761		15,006		602,442		617,448
All Other Consumer		397		102		13		512		31,857		32,369
TOTAL	$	17,948	$	3,612	$	5,929	$	27,489	$	3,150,884	$	3,178,373


	December 31, 2022
					90 Days
	30-59 Days		60-89 Days		and Greater		Total
(Dollar amounts in thousands)	Past Due		Past Due		Past Due		Past Due		Current		Total
Commercial
Commercial & Industrial	$	1,698	$	529	$	726	$	2,953	$	674,569	$	677,522
Farmland		112		—		—		112		127,498		127,610
Non Farm, Non Residential		274		34		—		308		387,108		387,416
Agriculture		—		1,231		—		1,231		136,451		137,682
All Other Commercial		333		—		14		347		478,095		478,442
Residential
First Liens		4,528		1,203		1,054		6,785		341,131		347,916
Home Equity		305		144		276		725		63,615		64,340
Junior Liens		213		69		327		609		56,367		56,976
Multifamily		317		83		—		400		180,305		180,705
All Other Residential		1,115		350		—		1,465		24,058		25,523
Consumer
Motor Vehicle		15,151		1,930		985		18,066		539,651		557,717
All Other Consumer		341		56		15		412		32,967		33,379
TOTAL	$	24,387	$	5,629	$	3,397	$	33,413	$	3,041,815	$	3,075,228

Credit Quality Indicators:

The Corporation categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Corporation analyzes loans individually by classifying the loans as to credit risk. This analysis includes non-homogeneous loans, such as commercial loans, with an outstanding balance greater than $100 thousand. Any consumer loans outstanding to a borrower who had commercial loans analyzed will be similarly risk rated. This analysis is performed on a quarterly basis. The Corporation uses the following definitions for risk ratings:

Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.

Substandard: Loans classified as substandard are inadequately protected by the current net worth and debt service capacity of the borrower or of any pledged collateral. These loans have a well-defined weakness or weaknesses which have clearly jeopardized repayment of principal and interest as originally intended. They are characterized by the distinct possibility that the institution will sustain some future loss if the deficiencies are not corrected.

Doubtful: Loans classified as doubtful have all the weaknesses inherent in those graded substandard, with the added characteristic that the severity of the weaknesses makes collection or liquidation in full highly questionable or improbable based upon currently existing facts, conditions, and values.

Furthermore, non-homogeneous loans which were not individually analyzed, but are 90+ days past due or on non-accrual are classified as substandard. Loans included in homogeneous pools, such as residential or consumer, may be classified as substandard due to 90+ days delinquency, non-accrual status, bankruptcy, or loan restructuring.

Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Loans listed as not rated are either less than $100 thousand or are included in groups of homogeneous loans.

The following tables present the commercial loan portfolio by risk category. These balances do not include accrued interest:


		December 31, 2023
		Term Loans at Amortized Cost Basis by Origination Year												Revolving
		2023		2022		2021		2020		2019		Prior		Loans		Total
Commercial
Commercial and Industrial	Pass	$	80,873	$	131,522	$	112,811	$	47,445	$	44,257	$	100,872	$	81,551	$	599,331
	Special Mention		6		221		10,025		3,442		323		866		2,715	$	17,598
	Substandard		3,620		4,734		1,842		981		1,789		5,354		7,932	$	26,252
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		3,476		1,352		847		431		144		93		—	$	6,343
	Subtotal	$	87,975	$	137,829	$	125,525	$	52,299	$	46,513	$	107,185	$	92,198	$	649,524

	Current period gross charge-offs	$	8	$	72	$	40	$	78	$	24	$	49	$	-	$	271

Farmland	Pass	$	21,232	$	16,025	$	20,794	$	8,310	$	8,790	$	52,357	$	287	$	127,795
	Special Mention		—		—		4		—		363		710		—	$	1,077
	Substandard		—		—		—		41		309		1,370		—	$	1,720
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		—		—		—		14		—	$	14
	Subtotal	$	21,232	$	16,025	$	20,798	$	8,351	$	9,462	$	54,451	$	287	$	130,606

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	—

Non Farm, Non Residential	Pass	$	73,740	$	123,319	$	69,477	$	23,965	$	22,550	$	106,752	$	7,606	$	427,409
	Special Mention		—		732		995		—		845		—		—	$	2,572
	Substandard		102		—		—		—		479		6,356		—	$	6,937
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		—		678		—		65		—	$	743
	Subtotal	$	73,842	$	124,051	$	70,472	$	24,643	$	23,874	$	113,173	$	7,606	$	437,661

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	—

Agriculture	Pass	$	10,764	$	11,299	$	6,614	$	6,118	$	7,443	$	25,678	$	64,476	$	132,392
	Special Mention		—		86		—		8		—		605		3,618	$	4,317
	Substandard		—		55		—		—		50		1,067		—	$	1,172
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		51		31		35		24		—		—	$	141
	Subtotal	$	10,764	$	11,491	$	6,645	$	6,161	$	7,517	$	27,350	$	68,094	$	138,022

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	—

Other Commercial	Pass	$	27,401	$	105,046	$	104,307	$	94,029	$	4,774	$	112,159	$	9,177	$	456,893
	Special Mention		—		—		—		2,478		—		830		—	$	3,308
	Substandard		—		1,027		16		—		—		—		—	$	1,043
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		12		—		—		—		457		—	$	469
	Subtotal	$	27,401	$	106,085	$	104,323	$	96,507	$	4,774	$	113,446	$	9,177	$	461,713

	Current period gross charge-offs	$	675	$	-	$	-	$	-	$	20	$	-	$	-	$	695

Residential
Multifamily >5 Residential	Pass	$	34,551	$	62,845	$	32,273	$	22,590	$	6,397	$	23,215	$	382	$	182,253
	Special Mention		—		—		—		357		—		6,571		—	$	6,928
	Substandard		—		—		—		—		—		373		—	$	373
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		1,102		—		—		251		—	$	1,353
	Subtotal	$	34,551	$	62,845	$	33,375	$	22,947	$	6,397	$	30,410	$	382	$	190,907

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	—

Total	Pass	$	248,561	$	450,056	$	346,276	$	202,457	$	94,211	$	421,033	$	163,479	$	1,926,073
	Special Mention		6		1,039		11,024		6,285		1,531		9,582		6,333	$	35,800
	Substandard		3,722		5,816		1,858		1,022		2,627		14,520		7,932	$	37,497
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		3,476		1,415		1,980		1,144		168		880		—	$	9,063
		$	255,765	$	458,326	$	361,138	$	210,908	$	98,537	$	446,015	$	177,744	$	2,008,433


		December 31, 2022
		Term Loans at Amortized Cost Basis by Origination Year												Revolving
		2022		2021		2020		2019		2018		Prior		Loans		Total
Commercial
Commercial and Industrial	Pass	$	163,479	$	128,012	$	56,830	$	54,208	$	26,514	$	99,522	$	92,110	$	620,675
	Special Mention		2,071		9,738		3,434		2,572		2,061		1,848		453	$	22,177
	Substandard		423		723		1,861		954		3,169		6,264		9,103	$	22,497
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		7,041		1,408		822		469		149		85		—	$	9,974
	Subtotal	$	173,014	$	139,881	$	62,947	$	58,203	$	31,893	$	107,719	$	101,666	$	675,323

Farmland	Pass	$	16,261	$	22,530	$	9,244	$	9,438	$	10,352	$	48,847	$	340	$	117,012
	Special Mention		—		—		1,164		882		—		2,930		—	$	4,976
	Substandard		—		—		456		608		337		1,969		—	$	3,370
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		—		—		—		17		—	$	17
	Subtotal	$	16,261	$	22,530	$	10,864	$	10,928	$	10,689	$	53,763	$	340	$	125,375

Non Farm, Non Residential	Pass	$	102,629	$	75,011	$	33,214	$	19,596	$	31,438	$	111,586	$	2,975	$	376,449
	Special Mention		99		1,035		—		921		—		279		—	$	2,334
	Substandard		—		—		—		513		—		6,281		—	$	6,794
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		696		—		—		269		—	$	965
	Subtotal	$	102,728	$	76,046	$	33,910	$	21,030	$	31,438	$	118,415	$	2,975	$	386,542

Agriculture	Pass	$	13,085	$	9,028	$	8,015	$	8,422	$	1,987	$	26,729	$	62,397	$	129,663
	Special Mention		89		—		10		3		—		709		2,519	$	3,330
	Substandard		—		—		—		224		1,201		56		762	$	2,243
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		71		39		68		61		25		—		—	$	264
	Subtotal	$	13,245	$	9,067	$	8,093	$	8,710	$	3,213	$	27,494	$	65,678	$	135,500

Other Commercial	Pass	$	143,941	$	91,615	$	90,845	$	19,259	$	29,143	$	82,535	$	5,602	$	462,940
	Special Mention		23		—		—		10		—		11,911		—	$	11,944
	Substandard		—		23		—		—		—		6		—	$	29
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		16		82		—		—		29		480		—	$	607
	Subtotal	$	143,980	$	91,720	$	90,845	$	19,269	$	29,172	$	94,932	$	5,602	$	475,520

Residential
Multifamily >5 Residential	Pass	$	50,424	$	33,415	$	46,740	$	6,734	$	4,969	$	27,353	$	96	$	169,731
	Special Mention		—		533		372		—		—		6,795		—	$	7,700
	Substandard		—		—		—		—		—		1,280		—	$	1,280
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		1,124		—		—		—		263		—	$	1,387
	Subtotal	$	50,424	$	35,072	$	47,112	$	6,734	$	4,969	$	35,691	$	96	$	180,098

Total	Pass	$	489,819	$	359,611	$	244,888	$	117,657	$	104,403	$	396,572	$	163,520	$	1,876,470
	Special Mention		2,282		11,306		4,980		4,388		2,061		24,472		2,972	$	52,461
	Substandard		423		746		2,317		2,299		4,707		15,856		9,865	$	36,213
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		7,128		2,653		1,586		530		203		1,114		—	$	13,214
		$	499,652	$	374,316	$	253,771	$	124,874	$	111,374	$	438,014	$	176,357	$	1,978,358

The Corporation evaluates the credit quality of its other loan portfolios, which includes residential real estate, consumer and lease financing loans, based primarily on the aging status of the loan and payment activity. Accordingly, loans on non-accrual status, loans past due 90 days or more and still accruing interest, and loans modified under troubled debt restructurings are considered to be nonperforming for purposes of credit quality evaluation. The following table presents the other loan portfolio based on the credit risk profile of loans that are performing and loans that are nonperforming. These balances do not include accrued interest:


		December 31, 2023
		Term Loans at Amortized Cost Basis by Origination Year												Revolving
		2023		2022		2021		2020		2019		Prior		Loans		Total
Residential
First Liens	Performing	$	49,146	$	70,952	$	65,232	$	36,751	$	15,185	$	118,087	$	1,066	$	356,419
	Non-performing		—		121		—		65		57		1,504		—	$	1,747
	Subtotal	$	49,146	$	71,073	$	65,232	$	36,816	$	15,242	$	119,591	$	1,066	$	358,166

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	167	$	-	$	167

Home Equity	Performing	$	61	$	68	$	—	$	7	$	378	$	866	$	64,102	$	65,482
	Non-performing		—		22		—		17		—		60		—	$	99
	Subtotal	$	61	$	90	$	—	$	24	$	378	$	926	$	64,102	$	65,581

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	—

Junior Liens	Performing	$	15,050	$	15,431	$	8,248	$	5,557	$	4,280	$	8,094	$	1,698	$	58,358
	Non-performing		—		53		45		104		—		103		—	$	305
	Subtotal	$	15,050	$	15,484	$	8,293	$	5,661	$	4,280	$	8,197	$	1,698	$	58,663

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	24	$	24	$	-	$	48

Other Residential	Performing	$	6,432	$	9,477	$	3,100	$	421	$	641	$	1,511	$	415	$	21,997
	Non-performing		—		—		46		—		390		38		—	$	474
	Subtotal	$	6,432	$	9,477	$	3,146	$	421	$	1,031	$	1,549	$	415	$	22,471

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	1	$	-	$	1

Consumer
Motor Vehicle	Performing	$	264,933	$	215,125	$	70,926	$	46,939	$	12,038	$	2,177	$	—	$	612,138
	Non-performing		232		973		520		532		134		30		—	$	2,421
	Subtotal	$	265,165	$	216,098	$	71,446	$	47,471	$	12,172	$	2,207	$	—	$	614,559

	Current period gross charge-offs	$	841	$	7,722	$	3,101	$	1,448	$	499	$	174	$	-	$	13,785

Other Consumer	Performing	$	12,561	$	6,895	$	3,778	$	2,189	$	659	$	692	$	5,203	$	31,977
	Non-performing		—		20		145		39		17		—		1	$	222
	Subtotal	$	12,561	$	6,915	$	3,923	$	2,228	$	676	$	692	$	5,204	$	32,199

	Current period gross charge-offs	$	61	$	213	$	61	$	37	$	3	$	5	$	149	$	529

Total	Performing	$	348,183	$	317,948	$	151,284	$	91,864	$	33,181	$	131,427	$	72,484	$	1,146,371
	Non-performing		232		1,189		756		757		598		1,735		1	$	5,268
Total other loans		$	348,415	$	319,137	$	152,040	$	92,621	$	33,779	$	133,162	$	72,485	$	1,151,639


		December 31, 2022
		Term Loans at Amortized Cost Basis by Origination Year												Revolving
		2022		2021		2020		2019		2018		Prior		Loans		Total
Residential
First Liens	Performing	$	71,607	$	70,197	$	45,080	$	16,968	$	20,258	$	117,488	$	3,245	$	344,843
	Non-performing		106		—		—		141		100		1,782		—	$	2,129
	Subtotal	$	71,713	$	70,197	$	45,080	$	17,109	$	20,358	$	119,270	$	3,245	$	346,972

Home Equity	Performing	$	1,995	$	943	$	8	$	115	$	55	$	820	$	59,875	$	63,811
	Non-performing		—		—		78		—		14		40		176	$	308
	Subtotal	$	1,995	$	943	$	86	$	115	$	69	$	860	$	60,051	$	64,119

Junior Liens	Performing	$	19,074	$	10,485	$	7,507	$	5,830	$	5,366	$	6,195	$	1,928	$	56,385
	Non-performing		—		4		77		90		139		141		—	$	451
	Subtotal	$	19,074	$	10,489	$	7,584	$	5,920	$	5,505	$	6,336	$	1,928	$	56,836

Other Residential	Performing	$	11,542	$	9,923	$	501	$	915	$	498	$	1,582	$	—	$	24,961
	Non-performing		—		—		—		425		35		18		—	$	478
	Subtotal	$	11,542	$	9,923	$	501	$	1,340	$	533	$	1,600	$	—	$	25,439

Consumer
Motor Vehicle	Performing	$	306,565	$	118,362	$	88,144	$	29,004	$	8,652	$	2,230	$	6	$	552,963
	Non-performing		813		739		437		237		66		47		—	$	2,339
	Subtotal	$	307,378	$	119,101	$	88,581	$	29,241	$	8,718	$	2,277	$	6	$	555,302

Other Consumer	Performing	$	13,426	$	7,914	$	4,109	$	1,302	$	429	$	819	$	4,819	$	32,818
	Non-performing		18		247		89		39		12		12		2	$	419
	Subtotal	$	13,444	$	8,161	$	4,198	$	1,341	$	441	$	831	$	4,821	$	33,237

Total	Performing	$	424,209	$	217,824	$	145,349	$	54,134	$	35,258	$	129,134	$	69,873	$	1,075,781
	Non-performing		937		990		681		932		366		2,040		178	$	6,124
Total other loans		$	425,146	$	218,814	$	146,030	$	55,066	$	35,624	$	131,174	$	70,051	$	1,081,905

PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT

8.PREMISES AND EQUIPMENT:

Premises and equipment are summarized as follows:


	December 31,
(Dollar amounts in thousands)	2023		2022
Land	$	17,379	$	17,888
Building and leasehold improvements		68,166		70,310
Furniture and equipment		52,201		46,669
		137,746		134,867
Less accumulated depreciation		(70,460)		(68,720)
TOTAL	$	67,286	$	66,147

Aggregate depreciation expense was $5.4 million, $4.8 million and $4.6 million for 2023, 2022 and 2021, respectively.

On October 31, 2022, First Financial Corporation issued a press release announcing plans to optimize its banking center network as part of a plan to improve operating efficiencies and accommodate changing customer preferences. On January 31, 2023, the Corporation closed and consolidated seven of its seventy-two branches. These consolidations are projected to save the Corporation approximately $1.5 million per year in operating expenses, commencing in the first quarter of 2023. The Corporation recognized an impairment of $1.3 million on the value of the land and buildings on the owned buildings at these branches. One branch was leased, and no loss was recognized on the terminated lease.

The Company leases certain branch properties and equipment under operating leases. Rent expense was $1.2 million, $1.2 million, and $1.4 million for 2023, 2022, and 2021. Rent commitments, before considering renewal options that generally are present, were as follows:


2024	$	890
2025		865
2026		798
2027		773
2028		663
Thereafter		2,205
	$	6,194

See Note 19 for additional discussion on leases.

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

9.GOODWILL AND INTANGIBLE ASSETS:

The Corporation completed its annual impairment testing of goodwill during the fourth quarter of 2023 and 2022. Management does not believe any amount of goodwill is impaired.

Goodwill was as follows at year-end:


	2023		2022		2021
Beginning of year	$	86,985	$	86,135	$	78,592
Acquired goodwill		—		850		7,543
Impairment		—		—		—
End of year	$	86,985	$	86,985	$	86,135

Goodwill related to the acquisition of Hancock Bancorp, Inc. was increased by $850 thousand in 2022 due to adjustments to deferred tax assets related to the filing of the final Hancock Bancorp, Inc. tax return.

Intangible assets subject to amortization at December 31, 2023 and 2022 are as follows:


	2023				2022
	Gross		Accumulated		Gross		Accumulated
(Dollar amounts in thousands)	Amount		Amortization		Amount		Amortization
Core deposit intangible	$	21,857	$	16,271	$	21,857	$	15,143
	$	21,857	$	16,271	$	21,857	$	15,143

Aggregate amortization expense was $1.1 million, $1.3 million and $1.6 million for 2023, 2022 and 2021, respectively.

Estimated amortization expense for the next five years is as follows:


	In thousands
2024	$	888
2025		786
2026		679
2027		590
2028		1,139

DEPOSITS

12 Months Ended

Dec. 31, 2023

DEPOSITS

DEPOSITS

10.DEPOSITS:

Time deposits that meet or exceed the FDIC Insurance limit of $250,000 at year-end 2023 and 2022 were $92.9 million and $50.6 million.

Scheduled maturities of time deposits for the next five years are as follows:


	(dollar amounts in thousands)
2024	$	452,606
2025		28,776
2026		17,226
2027		11,196
2028		6,070

SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2023

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS

11.SHORT-TERM BORROWINGS:

A summary of the carrying value of the Corporation’s short-term borrowings at December 31, 2023 and 2022 is presented below:


(Dollar amounts in thousands)	2023		2022
Federal Funds Purchased	$	27,300	$	3,000
Repurchase Agreements		39,921		67,875
	$	67,221	$	70,875


(Dollar amounts in thousands)	2023			2022
Average amount outstanding	$	116,993		$	84,004
Maximum amount outstanding at a month end		169,816			96,728
Average interest rate during year		4.59	%		1.48	%
Interest rate at year-end		2.76	%		0.27	%

Federal funds purchased are generally due in one day and bear interest at market rates. The Corporation enters into sales of securities under agreements to repurchase. The amounts received under these agreements represent short-term borrowings and are reflected as a liability in the consolidated balance sheets. The securities underlying these agreements are included in investment securities in the consolidated balance sheets. The Corporation has no control over the market value of the securities, which fluctuates due to market conditions. However, the Corporation is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. The Corporation manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase.

Securities are pledged to cover these liabilities, which are not covered by federal deposit insurance. The Corporation maintains possession of and control over these securities.

December 31, 2023

Repurchase Agreements

Remaining Contractual Maturity of the Agreements

Overnight

Greater

and

Up to 30

30 - 90

than 90

(Dollar amounts in thousands)

continuous

days

Total

Mortgage Backed Securities - Residential and Collateralized
Mortgage Obligations

$

32,319

$

300

$

3,637

$

3,665

$

39,921

December 31, 2022

Repurchase Agreements

Remaining Contractual Maturity of the Agreements

Overnight

Greater

and

Up to 30

30 - 90

than 90

(Dollar amounts in thousands)

continuous

days

Total

Mortgage Backed Securities - Residential and Collateralized
Mortgage Obligations

$

63,335

$

—

$

4,175

$

365

$

67,875

OTHER BORROWINGS

12 Months Ended

Dec. 31, 2023

OTHER BORROWINGS

OTHER BORROWINGS

12.OTHER BORROWINGS:

Other borrowings at December 31, 2023 and 2022 are summarized as follows:


(Dollar amounts in thousands)	2023		2022
FHLB advances	$	108,577	$	9,589
TOTAL	$	108,577	$	9,589

The aggregate minimum annual retirements of other borrowings are as follows:


2024	$	102,613
2025		5,964
2026		—
2027		—
2028		—
Thereafter		—
	$	108,577

At December 31, 2023 and 2022, other borrowings are summarized as follows: The Corporation’s subsidiary bank is a member of the Federal Home Loan Bank (FHLB) and accordingly is permitted to obtain advances. There are $108.6 million of advances from the FHLB at December 31, 2023, and $9.6 million of advances at December 31, 2022, which accrue interest, payable monthly, at annual rates, primarily fixed, varying from 0.68% to 5.56% in 2023 and 0.68% to 1.70% during the year in 2022. FHLB advances are, generally, due in full at maturity. They are secured by eligible securities totaling $64.1 million at December 31, 2023, and $40.3 million at December 31, 2022, and a blanket pledge on real estate loan collateral. Based on this collateral and the Corporation’s holdings of FHLB stock, the Corporation is eligible to borrow up to $297.7 million at year end 2023. Certain advances may be prepaid, without penalty, prior to maturity. The FHLB can adjust the interest rate from fixed to variable on certain advances, but those advances may then be prepaid, without penalty.

REVENUE FROM CONTRACTS WITH CUSTOMERS

12 Months Ended

Dec. 31, 2023

REVENUE FROM CONTRACTS WITH CUSTOMERS

REVENUE FROM CONTRACTS WITH CUSTOMERS

13.REVENUE FROM CONTRACTS WITH CUSTOMERS:

All of the Corporation’s revenue from contracts with customers in the scope of ASC 606 is recognized within Non-Interest Income. The following table presents the Corporation’s sources of Non-Interest Income for the years ended December 31, 2023 and 2022. Items outside the scope of ASC 606 are noted as such.


		Years Ended December 31,
(Dollar amounts in thousands)		2023		2022
Non-interest income
Service charges on deposits and debit card fee income		$	28,079	$	27,540
Asset management fees			5,155		5,155
Interchange income			676		559
Net gains on sales of loans ^(a)			966		1,994
Loan servicing fees^(a)			1,176		1,554
Net gains/(losses) on sales of securities ^(a)			(1)		3
Other service charges and fees ^(a)			801		665
Other ^(b)	(c)		5,850		9,246
Total non-interest income		$	42,702	$	46,716

(a)	Not within the scope of ASC 606.

(b)	The Other category includes gains/(losses) on the sale of OREO for the years ended December 31, 2023 and December 31, 2022, totaling $(63) thousand and $60 thousand, respectively, which is within the scope of ASC 606; the remaining balance is outside the scope of ASC 606.

(c)	Legal settlement totaling $4 million received in first quarter 2022.

Service charges on deposits and debit card fee income: The Corporation earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Corporation fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Corporation satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance.

Asset management fees: The Corporation earns asset management fees from its contracts with trust customers to manage assets for investment, and/or to transact on their accounts. These fees are primarily earned over time as the Corporation provides the contracted monthly or quarterly services and are generally assessed based on a tiered scale of the market value of assets under management at month-end. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed, i.e. the trade date. Other related services provided and the fees the Corporation earns, which are based on a fixed fee schedule, are recognized when the services are rendered.

Interchange income: The Corporation earns interchange fees from debit and credit cardholder transactions conducted through the payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder.

Gains/Losses on sales of OREO: The Corporation records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Corporation finances the sale of OREO to the buyer, the Corporation assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Corporation adjusts the transaction price and related gain (loss) on sale if a significant financing component is present.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2023

INCOME TAXES

INCOME TAXES

14.INCOME TAXES:

Income tax expense is summarized as follows:


(Dollar amounts in thousands)	2023		2022		2021
Federal:
Currently payable	$	9,047	$	11,016	$	7,978
Deferred		263		2,277		1,488
		9,310		13,293		9,466
State:
Currently payable		2,302		2,485		3,080
Deferred		209		873		80
		2,511		3,358		3,160
TOTAL	$	11,821	$	16,651	$	12,626

The reconciliation of income tax expense with the amount computed by applying the statutory federal income tax rate of 21% to income before income taxes is summarized as follows:


(Dollar amounts in thousands)	2023		2022		2021
Federal income taxes computed at the statutory rate	$	15,223	$	18,430	$	13,779
Add (deduct) tax effect of:
Tax exempt income		(3,548)		(3,439)		(2,745)
ESOP dividend deduction		(107)		(103)		(101)
State tax, net of federal benefit		1,984		2,653		2,496
General business tax credits		(1,720)		(674)		(716)
Other, net		(11)		(216)		(87)
TOTAL	$	11,821	$	16,651	$	12,626

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2023 and 2022, are as follows:


(Dollar amounts in thousands)	2023		2022
Deferred tax assets:
Other than temporary impairment	$	739	$	752
Net unrealized losses on retirement plans		3,497		5,614
Net unrealized loss on available for sale securities		35,358		39,242
Loan loss provisions		9,772		10,054
Unfunded commitments		528		537
Deferred compensation		1,711		1,957
Compensated absences		783		709
Post-retirement benefits		1,218		1,051
Lease liability		1,463		1,572
Purchase accounting		—		114
Other		3,808		3,018
GROSS DEFERRED ASSETS		58,877		64,620
Deferred tax liabilities:
Depreciation		(350)		(660)
Mortgage servicing rights		(310)		(458)
Pensions		(1,458)		(1,120)
Right-of-use asset		(1,452)		(1,566)
Intangibles		(6,318)		(6,093)
FHLB stock dividends		—		(32)
Purchase accounting		(157)		—
Other		(4,732)		(4,118)
GROSS DEFERRED LIABILITIES		(14,777)		(14,047)
NET DEFERRED TAX ASSETS	$	44,100	$	50,573

Unrecognized Tax Benefits — A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(Dollar amounts in thousands)	2023		2022		2021
Balance at January 1	$	858	$	808	$	867
Additions based on tax positions related to the current year		74		59		9
Additions based on tax positions related to prior years		—		—		—
Reductions due to the statute of limitations		(106)		(9)		(68)
Balance at December 31	$	826	$	858	$	808

Of this total, $826 thousand represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. The Corporation does not expect the total amount of unrecognized tax benefits to significantly increase or decrease in the next 12 months.

The total amount of interest and penalties recorded in the income statement for the years ended December 31, 2023, 2022 and 2021 was an expense increase of $18 thousand, an increase of $18 thousand, and an increase of $21 thousand, respectively. The amount accrued for interest and penalties at December 31, 2023, 2022 and 2021 was $121 thousand, $103 thousand and $85 thousand, respectively.

The Corporation and its subsidiaries are subject to U.S. federal income tax as well as income tax of the states of Indiana, Illinois, Kentucky, Tennessee, and other states. The Corporation is no longer subject to examination by taxing authorities for years before 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK

12 Months Ended

Dec. 31, 2023

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK

15.FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK:

The Corporation is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include conditional commitments and commercial letters of credit. The financial instruments involve to varying degrees, elements of credit and interest rate risk in excess of amounts recognized in the financial

statements. The Corporation’s maximum exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to make loans is limited generally by the contractual amount of those instruments. The Corporation follows the same credit policy to make such commitments as is followed for those loans recorded in the consolidated financial statements.

Commitment and contingent liabilities are summarized as follows at December 31:


(Dollar amounts in thousands)	2023		2022
Home Equity	$	88,198	$	91,218
Commercial Operating Lines		538,945		616,399
Other Commitments		102,352		112,410
TOTAL	$	729,495	$	820,027
Commercial letters of credit	$	7,456	$	7,834

The majority of commercial operating lines and home equity lines are variable rate, while the majority of other commitments to fund loans are fixed rate. Fixed rate commitments had a range of interest rates from 6.50% to 9.75% in 2023. In 2022 this range of rates was from 5.45% to 9.00%. Since many commitments to make loans expire without being used, these amounts do not necessarily represent future cash commitments. Collateral obtained upon exercise of the commitment is determined using management’s credit evaluation of the borrower, and may include accounts receivable, inventory, property, land and other items. The approximate duration of these commitments is generally one year or less.

Derivatives: The Corporation enters into derivative instruments for the benefit of its customers. At the inception of a derivative contract, the Corporation designates the derivative as an instrument with no hedging designation (“standalone derivative”). Changes in the fair value of derivatives are reported currently in earnings as non-interest income. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income.

First Financial Bank offers clients the ability on certain transactions to enter into interest rate swaps. Typically, these are pay fixed, receive floating swaps used in conjunction with commercial loans. These derivative contracts do not qualify for hedge accounting. The Bank hedges the exposure to these contracts by entering into offsetting contracts with substantially matching terms. The notional amount of these interest rate swaps was $60.1 million and $39.9 million at December 31, 2023 and 2022. The fair value of these contracts combined was zero, as gains offset losses. The gross losses associated with these interest rate swaps was $2.9 million and $2.8 million at December 31, 2023 and 2022. These balances are included in other assets and other liabilities.

RETIREMENT PLANS

12 Months Ended

Dec. 31, 2023

RETIREMENT PLANS

RETIREMENT PLANS

16.RETIREMENT PLANS:

Employees of the Corporation are covered by a retirement program that consists of a defined benefit plan and an employee stock ownership plan (ESOP). Plan assets consist primarily of the Corporation’s stock and obligations of U.S. Government agencies. Benefits under the defined benefit plan are actuarially determined based on an employee’s service and compensation, as defined, and funded as necessary. This plan was frozen for the majority of employees as of December 31, 2012.Those employees will be eligible to participate in a 401K plan that the Corporation can contribute a discretionary match of the pay contributed by the employee. In addition the ESOP plan will continue in place for all employees.

Assets in the ESOP are considered in calculating the funding to the defined benefit plan required to provide such benefits. Any shortfall of benefits under the ESOP are to be provided by the defined benefit plan. The ESOP may provide benefits beyond those determined under the defined benefit plan. Contributions to the ESOP are determined by the Corporation’s Board of Directors. The Corporation made contributions to the defined benefit plan of zero, $126 thousand and $2.05 million in 2023, 2022 and 2021. The Corporation contributed $1.52 million, $1.45 million and $1.40 million to the ESOP in 2023, 2022 and 2021. There were contributions of $1.3 million, $1.1 million and $1.1 million to the ESOP for employees no longer participating in the defined benefit plan in 2023, 2022 and 2021 respectively.

The Corporation uses a measurement date of December 31.

Net periodic benefit cost and other amounts recognized in other comprehensive income included the following components:


(Dollar amounts in thousands)	2023		2022		2021
Service cost - benefits earned	$	628	$	1,190	$	1,355
Interest cost on projected benefit obligation		3,824		2,826		2,632
Expected return on plan assets		(3,879)		(4,910)		(4,713)
Net amortization and deferral		752		1,259		2,072
Net periodic pension cost		1,325		365		1,346
Net loss (gain) during the period		(1,761)		(5,323)		(5,883)
Amortization of prior service cost		—		—		(1)
Amortization of unrecognized (gain) loss		(752)		(1,259)		(2,072)
Total recognized in other comprehensive (income) loss		(2,513)		(6,582)		(7,956)
Total recognized net periodic pension cost and other comprehensive income	$	(1,188)	$	(6,217)	$	(6,610)

The information below sets forth the change in projected benefit obligation, reconciliation of plan assets, and the funded status of the Corporation’s retirement program. Actuarial present value of benefits is based on service to date and present pay levels.


(Dollar amounts in thousands)	2023		2022
Change in benefit obligation:
Benefit obligation at January 1	$	83,578	$	106,496
Service cost		628		1,190
Interest cost		3,824		2,826
Actuarial (gain) loss		788		(21,350)
Benefits paid		(4,295)		(5,584)
Benefit obligation at December 31		84,523		83,578
Reconciliation of fair value of plan assets:
Fair value of plan assets at January 1		71,734		87,979
Actual return on plan assets		6,429		(11,117)
Employer contributions		249		456
Benefits paid		(4,295)		(5,584)
Fair value of plan assets at December 31		74,117		71,734
Funded status at December 31 (plan assets less benefit obligation)	$	(10,406)	$	(11,844)

Amounts recognized in accumulated other comprehensive income at December 31, 2023 and 2022 consist of:


(Dollar amounts in thousands)	2023		2022
Net loss (gain)	$	11,956	$	14,469
Prior service cost (credit)		—		—
	$	11,956	$	14,469

The accumulated benefit obligation for the defined benefit pension plan was $81.8 million and $81.5 million at year-end 2023 and 2022.


Principal assumptions used to determine pension benefit obligation at year end:	2023		2022
Discount rate	4.83	%	5.02	%
Rate of increase in compensation levels	3.00		3.00


Principal assumptions used to determine net periodic pension cost:	2023		2022
Discount rate	5.02	%	2.83	%
Rate of increase in compensation levels	3.00		3.00
Expected long-term rate of return on plan assets	6.00		6.00

The expected long-term rate of return was estimated using market benchmarks for equities and bonds applied to the plan’s target asset allocation. Management estimated the rate by which plan assets would perform based on historical experience as adjusted for changes in asset allocations and expectations for future return on equities as compared to past periods.

Plan Assets — The Corporation’s pension plan weighted-average asset allocation for the years 2023 and 2022 by asset category are as follows:


	Pension Plan		ESOP		Pension				ESOP
	Target		Target		Percentage of Plan				Percentage of Plan
	Allocation		Allocation		Assets at December 31,				Assets at December 31,
ASSET CATEGORY	2023		2023		2023		2022		2023		2022
Equity securities	25-75	%	95-99	%	64	%	63	%	99	%	99	%
Debt securities	0-50	%	0-0	%	34	%	34	%	—	%	—	%
Other	0-20	%	0-5	%	2	%	3	%	1	%	1	%
TOTAL					100	%	100	%	100	%	100	%

Fair Value of Plan Assets — Fair value is the exchange price that would be received for an asset in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The Corporation used the following methods and significant assumptions to estimate the fair value of each type of financial instrument:

Equity, Debt, Investment Funds and Other Securities — The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3).

The fair value of the plan assets at December 31, 2023 and 2022, by asset category, is as follows:


			Fair Value Measurements at
			December 31, 2023 Using:
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Observable
			Identical Assets		Inputs		Inputs
(Dollar amounts in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Plan assets
Equity securities	$	52,088	$	52,088	$	—	$	—
Debt securities		11,192		—		11,192		—
Investment Funds		10,837		10,837		—		—
Total plan assets	$	74,117	$	62,925	$	11,192	$	—


			Fair Value Measurements at
			December 31, 2022 Using:
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Observable
			Identical Assets		Inputs		Inputs
(Dollar amounts in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Plan assets
Equity securities	$	52,319	$	52,319	$	—	$	—
Debt securities		10,409		—		10,409		—
Investment Funds		9,006		9,006		—		—
Total plan assets	$	71,734	$	61,325	$	10,409	$	—

The investment objective for the retirement program is to maximize total return without exposure to undue risk. Asset allocation favors equities. This target includes the Corporation’s ESOP, which is fully invested in corporate stock. Other investment allocations include fixed income securities and cash.

The plan is prohibited from investing in the following: private placement equity and debt transactions; letter stock and uncovered options; short-sale margin transactions and other specialized investment activity; and fixed income or interest rate futures. All other investments not prohibited by the plan are permitted.

Equity securities in the defined benefit plan include First Financial Corporation common stock in the amount of $16.3 million (22 percent of total plan assets) and $17.2 million (24 percent of total plan assets) at December 31, 2023 and 2022, respectively. In addition the ESOP for non plan participants holds an estimated $8.3 million and $7.8 million of First Financial Corporation stock at December 31, 2023 and December 31, 2022 respectively. Other equity securities are predominantly stocks in large cap U.S. companies.

Contributions — The Corporation expects to contribute $3.9 million to its pension plan and $604 thousand to its ESOP in 2024.

Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected:


PENSION BENEFITS
(Dollar amounts in thousands)
2024	$	4,766
2025		4,917
2026		5,077
2027		5,201
2028		5,308
2029-2033		27,124

Supplemental Executive Retirement Plan — The Corporation has established a Supplemental Executive Retirement Plan (SERP) for certain executive officers. The provisions of the SERP allow the Plan’s participants who are also participants in the Corporation’s defined benefit pension plan to receive supplemental retirement benefits to help recompense for benefits lost due to the imposition of IRS limitations on benefits under the Corporation’s tax qualified defined benefit pension plan. Expenses related to the plan were $517 thousand in 2023 and $751 thousand in 2022 and $748 thousand in 2021.The plan is unfunded and has a measurement date of December 31. The amounts recognized in other comprehensive income in the current year are as follows:


(Dollar amounts in thousands)	2023		2022		2021
Net loss (gain) during the period	$	(144)	$	(1,604)	$	54
Amortization of prior service cost		—		—		—
Amortization of unrecognized (gain) loss		(84)		(418)		(441)
Total recognized in other comprehensive (income) loss	$	(228)	$	(2,022)	$	(387)

The Corporation has $7.8 million and $7.5 million recognized in the balance sheet as a liability at December 31, 2023 and 2022. Amounts n accumulated other comprehensive income consist of $926 thousand net loss at December 31, 2023 and $1.2 million net loss at December 31, 2022.

Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected:


(Dollar amounts on thousands)
2024	$	—
2025		731
2026		763
2027		777
2028		750
2029-2033		3,426

Post-retirement medical benefits — The Corporation also provides medical benefits to certain employees subsequent to their retirement. The Corporation uses a measurement date of December 31. Accrued post-retirement benefits as of December 31, 2023 and 2022 are as follows:


	December 31,
(Dollar amounts in thousands)	2023		2022
Change in benefit obligation:
Benefit obligation at January 1	$	3,175	$	4,015
Service cost		21		34
Interest cost		153		111
Plan participants' contributions		84		74
Actuarial (gain)		34		(758)
Benefits paid		(277)		(301)
Benefit obligation at December 31	$	3,190	$	3,175
Funded status at December 31	$	3,190	$	3,175

Amounts recognized in accumulated other comprehensive income consist of a net gain of $459 thousand at December 31, 2023 and $546 thousand net gain at December 31, 2022. The post-retirement benefits paid in 2023 and 2022 of $277 thousand and $300 thousand, respectively, were fully funded by company and participant contributions.

There is no estimated transition obligation for the post-retirement benefit plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year.

Weighted average assumptions at December 31:


	December 31,
	2023		2022
Discount rate	4.83	%	5.02	%
Initial weighted health care cost trend rate	5.00	%	5.00	%
Ultimate health care cost trend rate	5.00		5.00
Year that the rate is assumed to stabilize and remain unchanged	2024		2023

Post-retirement health benefit expense included the following components:


	Years Ended December 31,
(Dollar amounts in thousands)	2023		2022		2021
Service cost	$	21	$	34	$	43
Interest cost		153		111		103
Amortization of net actuarial loss (gain)		(53)		—		—
Net periodic benefit cost		121		145		146
Net loss (gain) during the period		34		(758)		(53)
Amortization of prior service cost		53		—		—
Total recognized in other comprehensive income (loss)		87		(758)		(53)
Total recognized net periodic benefit cost and other comprehensive income	$	208	$	(613)	$	93

Contributions — The Corporation expects to contribute $249 thousand to its other post-retirement benefit plan in 2024.

Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected:


(Dollar amounts in thousands)
2024	$	249
2025		250
2026		247
2027		249
2028		250
2029-2033		1,205

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Section 55
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
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-Topic 715
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCK BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION

17.STOCK BASED COMPENSATION:

On February 5, 2011, the Corporation’s Board of Directors adopted and approved the First Financial Corporation 2011 Omnibus Equity Incentive Plan (the “2011 Stock Incentive Plan”) effective upon the approval of the Plan by the Corporation’s shareholders, which occurred on April 20, 2011 at the Corporation’s annual meeting of shareholders. The 2011 Stock Incentive Plan provides for the grant of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units and incentive awards. An aggregate of 700,000 shares of common stock were reserved for issuance under the 2011 Stock Incentive Plan. A total of 267,826 shares of restricted common stock of the Corporation were granted under the 2011 Stock Incentive Plan. On April 21, 2021 at the Corporation’s annual meeting of shareholders, the shareholders approved the First Financial Corporation Amended and Restated 2011 Omnibus Equity Incentive Plan (“2011 Amended Plan”). An aggregate of 400,000 shares of common stock are reserved for issuance under the 2011 Amended Plan. Shares issuable under the 2011 Amended Plan may be authorized and unissued shares of common stock or treasury shares.

During the first quarter of 2023 and 2022, the Compensation Committee of the Board of Directors of the Company granted restricted stock awards to certain executive officers pursuant to the Corporation’s annual performance-based stock incentive bonus plan. Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at the grant date. The value of the awards was determined by dividing the award amount by the median price of a share of Company common stock on the grant dates. The restricted stock awards vest as follows — 33% on the first anniversary, 33% on the second anniversary and the remaining 34% on the third anniversary of the earned date. The Corporation has the right to retain shares to satisfy any withholding tax obligation. A total of 22,228 shares and 18,679 shares of restricted common stock of the Corporation were granted under the 2011 Amended Plan in 2023 and 2022, respectively. A total of 337,934 remain to be granted under this plan.

Restricted Stock

Restricted stock awards require certain service-based or performance requirements and have a vesting period of 3 years. Compensation expense is recognized over the vesting period of the award based on the fair value of the stock at the date of issue. Compensation related to the plan was $895 thousand, $825 thousand, and $807 thousand in 2023, 2022 and 2021, respectively.


		2023		2022
		Weighted Average		Weighted Average
	Number	Grant Date	Number	Grant Date
(shares in thousands)	Outstanding	Fair Value	Outstanding	Fair Value
Nonvested balance at January 1,	19,127	44.11	19,546	42.03
Granted during the year	22,228	45.07	18,679	45.35
Vested during the year	(20,308)	44.08	(19,098)	43.19
Forfeited during the year	—	—	—	—
Nonvested balance at December 31,	21,047	45.15	19,127	44.11

As of December 31, 2023 and 2022, there was $950 thousand and $844 thousand, respectively of total unrecognized compensation cost related to non-vested shares granted under the Plan. The cost is expected to be recognized over a weighted-average period of 1.5 years. The total fair value of the shares vested during the years ended December 31, 2023 and 2022 was $874 thousand and $880 thousand, respectively.

OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2023

OTHER COMPREHENSIVE INCOME (LOSS)

OTHER COMPREHENSIVE INCOME (LOSS)

18. OTHER COMPREHENSIVE INCOME (LOSS):

The following table summarizes the changes, net of tax within each classification of accumulated other comprehensive income for the years ended December 31, 2023 and 2022.


	Unrealized
	gains and
	(Losses) on available-		2023
	for-sale		Retirement
(Dollar amounts in thousands)	Securities		plans		Total
Beginning balance, January 1,	$	(128,896)	$	(11,078)	$	(139,974)
Change in other comprehensive income (loss) before reclassification		10,895		1,427		12,322
Amounts reclassified from accumulated other comprehensive income		1		564		565
Net current period other comprehensive income (loss)		10,896		1,991		12,887
Ending balance, December 31,	$	(118,000)	$	(9,087)	$	(127,087)


	Unrealized
	gains and
	(Losses) on available-		2022
	for-sale		Retirement
(Dollar amounts in thousands)	Securities		plans		Total
Beginning balance, January 1,	$	15,674	$	(18,100)	$	(2,426)
Change in other comprehensive income (loss) before reclassification		(144,568)		6,078		(138,490)
Amounts reclassified from accumulated other comprehensive income		(2)		944		942
Net current period other comprehensive income (loss)		(144,570)		7,022		(137,548)
Ending balance, December 31,	$	(128,896)	$	(11,078)	$	(139,974)


	Balance at		Current Period		Balance at
(Dollar amounts in thousands)	1/1/2023		Change		12/31/2023
Unrealized gains (losses) on securities available-for-sale without other than temporary impairment	$	(131,135)	$	10,883	$	(120,252)
Unrealized gains (losses) on securities available-for-sale with other than temporary impairment		2,239		13		2,252
Total unrealized gain (loss) on securities available-for-sale	$	(128,896)	$	10,896	$	(118,000)
Unrealized gain (loss) on retirement plans		(11,078)		1,991		(9,087)
TOTAL	$	(139,974)	$	12,887	$	(127,087)


	Balance at		Current Period		Balance at
(Dollar amounts in thousands)	1/1/2022		Change		12/31/2022
Unrealized gains (losses) on securities available-for-sale without other than temporary impairment	$	13,155	$	(144,290)	$	(131,135)
Unrealized gains (losses) on securities available-for-sale with other than temporary impairment		2,519		(280)		2,239
Total unrealized income (loss) on securities available-for-sale	$	15,674	$	(144,570)	$	(128,896)
Unrealized gain (loss) on retirement plans		(18,100)		7,022		(11,078)
TOTAL	$	(2,426)	$	(137,548)	$	(139,974)


	Balance at December 31, 2023
Details about accumulated	Amount reclassified from			Affected line item in
other comprehensive	accumulated other			the statement where
income components	comprehensive income			net income is presented
	(in thousands)
Unrealized gains and losses	$	(1)		Net securities gains (losses)
on available-for-sale		—		Income tax expense
securities	$	(1)		Net of tax

Amortization of	$	(752)	(a)	Salary and benefits
retirement plan items		188		Income tax expense
	$	(564)		Net of tax
Total reclassifications for the period	$	(565)		Net of tax

(a)	Included in the computation of net periodic benefit cost which is included in salaries and benefits. (see Footnote 16 for additional details).


	Balance at December 31, 2022
Details about accumulated	Amount reclassified from			Affected line item in
other comprehensive	accumulated other			the statement where
income components	comprehensive income			net income is presented
	(in thousands)
Unrealized gains and losses	$	3		Net securities gains (losses)
on available-for-sale		(1)		Income tax expense
securities	$	2		Net of tax

Amortization of	$	(1,259)	(a)	Salary and benefits
retirement plan items		315		Income tax expense
	$	(944)		Net of tax
Total reclassifications for the period	$	(942)		Net of tax

(a)	Included in the computation of net periodic benefit cost which is included in salaries and benefits. (see Footnote 16 for additional details).


	Balance at December 31, 2021
Details about accumulated	Amount reclassified from			Affected line item in
other comprehensive	accumulated other			the statement where
income components	comprehensive income			net income is presented
	(in thousands)
Unrealized gains and losses	$	114		Net securities gains (losses)
on available-for-sale		(29)		Income tax expense
securities	$	85		Net of tax

Amortization of	$	(2,072)	(a)
retirement plan items		518		Income tax expense
	$	(1,554)		Net of tax
Total reclassifications for the period	$	(1,469)		Net of tax

(a)	Included in the computation of net periodic benefit cost which is included in salaries and benefits. (see Footnote 16 for additional details).

LEASES

12 Months Ended

Dec. 31, 2023

LEASES

LEASES

19.LEASES:

The Corporation leases certain branches under operating leases. At December 31, 2023, the Corporation had lease liabilities totaling $5,456,000 and right-of-use assets totaling $5,392,000 related to these leases. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. For the year ended December 31, 2023, the weighted average remaining lease term for operating leases was 9.1 years and the weighted average discount rate used in the measurement of operating lease liabilities was 2.15%.

The calculated amount of the lease liabilities and right-of-use assets are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Corporation’s lease agreements often include one or more options to renew at the Corporation’s discretion. If at lease inception, the Corporation considers the exercising of a renewal option to be reasonably certain, the Corporation will include the extended term in the calculation of the lease liability and right-of-use asset. Regarding the discount rate, the new standard requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Corporation utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was used.

The following table represents lease costs and other lease information. As the Corporation elected, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities.

Lease costs were as follows:


	Year Ended
(Dollar amounts in thousands)	December 31, 2023
Operating lease cost	$	1,006
Short-term lease cost		137
Variable lease cost		12
Total lease cost	$	1,155

Other information:
Cash paid for amounts included in the measurement of operating lease liabilities		967
Right-of-use assets obtained in exchange for new operating lease liabilities		854

Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2023 were as follows:


(Dollar amounts in thousands)	December 31, 2023
Twelve Months Ended December 31,
2024	$	890
2025		865
2026		798
2027		773
2028		663
Thereafter		2,205
Total Future Minimum Lease Payments		6,194
Amounts Representing Interest		(738)
Present Value of Net Future Minimum Lease Payments	$	5,456

REGULATORY MATTERS

12 Months Ended

Dec. 31, 2023

REGULATORY MATTERS

REGULATORY MATTERS

20.REGULATORY MATTERS:

The Corporation and its bank affiliate are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory—and possibly additional discretionary—actions by regulators that, if undertaken, could have a direct material effect on the Corporation’s financial statements.

Further, the Corporation’s primary source of funds to pay dividends to shareholders is dividends from its subsidiary bank and compliance with these capital requirements can affect the ability of the Corporation and its banking affiliate to pay dividends. At December 31, 2023, $38.9 million of undistributed earnings of the subsidiary bank, included in consolidated retained earnings, were available for distribution to the Corporation with regulatory approval. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Corporation and Bank must meet specific capital guidelines that involve quantitative measures of the Corporation’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Corporation’s and Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Corporation and Bank to maintain minimum amounts and ratios of Total, Common equity tier I capital and Tier I Capital to risk-weighted assets, and of Tier I Capital to average assets. Under the Basel III rules, the Corporation must hold a capital conservation buffer above the adequately capitalized risk-based capital ratios. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital.

Management believes, as of December 31, 2023 and 2022, that the Corporation meets all capital adequacy requirements to which it is subject.

As of December 31, 2023, the most recent notification from the respective regulatory agencies categorized the subsidiary bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the bank must maintain minimum total risk-based, Common equity tier I capital, Tier I risk-based and Tier I leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the bank’s category.

The following table presents the actual and required capital amounts and related ratios for the Corporation and First Financial Bank, N.A., at year-end 2023 and 2022.


									To Be Well Capitalized
						For Capital			Under Prompt Corrective
	Actual				Adequacy Purposes				Action Provisions
(Dollar amounts in thousands)	Amount		Ratio		Amount		Ratio		Amount	Ratio
Total risk-based capital
Corporation – 2023	$	602,258	15.80	%	$	400,201	10.500	%	N/A	N/A
Corporation – 2022		561,347	14.61	%		403,400	10.500	%	N/A	N/A
First Financial Bank – 2023		560,975	14.89	%		395,567	10.500	%	376,731	10.00	%
First Financial Bank – 2022		498,246	13.14	%		398,179	10.500	%	379,219	10.00	%
Common equity tier I capital
Corporation – 2023	$	562,492	14.76	%	$	266,800	7.000	%	N/A	N/A
Corporation – 2022		521,568	13.58	%		268,933	7.000	%	N/A	N/A
First Financial Bank – 2023		521,209	13.84	%		263,712	7.000	%	244,875	6.50	%
First Financial Bank – 2022		458,467	12.09	%		265,453	7.000	%	246,492	6.50	%
Tier I risk-based capital
Corporation – 2023	$	562,492	14.76	%	$	323,972	8.500	%	N/A	N/A
Corporation – 2022		521,568	13.58	%		326,562	8.500	%	N/A	N/A
First Financial Bank – 2023		521,209	13.84	%		320,221	8.500	%	301,385	8.00	%
First Financial Bank – 2022		458,467	12.09	%		322,336	8.500	%	303,375	8.00	%
Tier I leverage capital
Corporation – 2023	$	562,492	12.14	%	$	185,309	4.00	%	N/A	N/A
Corporation – 2022		521,568	10.78	%		193,476	4.00	%	N/A	N/A
First Financial Bank – 2023		521,209	10.73	%		194,384	4.00	%	242,981	5.00	%
First Financial Bank – 2022		458,467	9.50	%		193,073	4.00	%	241,341	5.00	%

In December 2018, the OCC, the Board of Governors of the Federal Reserve System, and the FDIC approved a final rule to address changes to credit loss accounting under GAAP, including banking organizations’ implementation of CECL. The final rule provides banking organizations the option to phase in over a three-year period the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. In March 2020, the OCC, the Board of Governors of the Federal Reserve System, and the FDIC published an interim final rule to delay the estimated impact on regulatory capital stemming from the implementation of CECL. The interim final rule maintains the three-year transition option in the previous rule and provides banks the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period (five-year transition option). The Corporation did not adopt the capital transition relief.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

PARENT COMPANY CONDENSED FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2023

PARENT COMPANY CONDENSED FINANCIAL STATEMENTS

PARENT COMPANY CONDENSED FINANCIAL STATEMENTS

21.PARENT COMPANY CONDENSED FINANCIAL STATEMENTS:

The parent company’s condensed balance sheets as of December 31, 2023 and 2022, and the related condensed statements of income and comprehensive income and cash flows for each of the three years in the period ended December 31, 2023, are as follows:

CONDENSED BALANCE SHEETS


	December 31,
(Dollar amounts in thousands)	2023		2022
ASSETS
Cash deposits in affiliated banks	$	37,907	$	60,692
Investments in subsidiaries		484,868		412,570
Securities available-for-sale		1,401		—
Land and headquarters building, net		8,822		9,116
Other		36,985		42,120
Total Assets	$	569,983	$	524,498
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Dividends payable		5,304		8,912
Other liabilities		36,703		40,293
TOTAL LIABILITIES		42,007		49,205
Shareholders' Equity		527,976		475,293
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	569,983	$	524,498

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)


	Years Ended December 31,
(Dollar amounts in thousands)	2023		2022		2021
Dividends from subsidiaries	$	2,818	$	94,048	$	99,231
Securities interest income		7		—		—
Other income		1,476		1,254		746
Other operating expenses		(3,719)		(3,435)		(2,611)
Income before income taxes and equity in undistributed earnings of subsidiaries		582		91,867		97,366
Income tax benefit		684		1,110		681
Income before equity in undistributed earnings of subsidiaries		1,266		92,977		98,047
Equity in undistributed earnings of subsidiaries		59,406		(21,868)		(45,060)
Net income	$	60,672	$	71,109	$	52,987

Comprehensive income (loss)	$	73,559	$	(66,439)	$	40,797

CONDENSED STATEMENTS OF CASH FLOWS


	Years Ended December 31,
(Dollar amounts in thousands)	2023		2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	60,672	$	71,109	$	52,987
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		307		297		191
Equity in undistributed earnings		(59,406)		21,868		45,060
Contribution of shares to ESOP		1,518		1,451		1,402
Restricted stock compensation		895		825		807
Increase (decrease) in other liabilities		(3,590)		33,050		435
(Increase) decrease in other assets		5,136		(34,602)		(1,518)
NET CASH FROM OPERATING ACTIVITIES		5,532		93,998		99,364
CASH FLOWS FROM INVESTING ACTIVITIES:
Securities available-for-sale acquired from dissolution of FFBRM		(1,407)		—		—
(Increase) decrease in premises and equipment		(13)		(4,990)		—
Cash received (disbursed) from acquisitions		—		—		(31,348)
NET CASH FROM INVESTING ACTIVITIES		(1,420)		(4,990)		(31,348)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on borrowings		—		—		—
Purchase of treasury stock		(11,514)		(27,701)		(42,471)
Dividends paid		(15,383)		(14,459)		(14,181)
NET CASH FROM FINANCING ACTIVITES		(26,897)		(42,160)		(56,652)
NET (DECREASE) INCREASE IN CASH		(22,785)		46,848		11,364
CASH, BEGINNING OF YEAR		60,692		13,844		2,480
CASH, END OF YEAR	$	37,907	$	60,692	$	13,844
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest	$	—	$	—	$	—
Income taxes	$	11,350	$	13,525	$	15,025

BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2023
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates	Use of Estimates: To prepare financial statements in conformity with U.S. generally accepted accounting principles, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and disclosures provided, and actual results could differ.
Cash Flows	Cash Flows: Cash and cash equivalents include cash and demand deposits with other financial institutions. Cash flows are reported for customer loan and deposit transactions and short-term borrowings. Non-cash transactions include loans transferred to other real estate of $88 thousand, $570 thousand and $43 thousand for the years ended December 31, 2023, 2022 and 2021 respectively.
Securities	Securities: The Corporation classifies all securities as “available for sale.” Securities are classified as available for sale when they might be sold before maturity. Securities available for sale are carried at fair value with unrealized holdings gains and losses, net of taxes, reported in other comprehensive income within shareholders’ equity. Interest income includes amortization of purchase premium or discount. Premiums and discounts are amortized on the level yield method without anticipating prepayments. Mortgage-backed securities are amortized over the expected life. Realized gains and losses on sales are based on the amortized cost of the security sold. Management evaluates securities for impairment related to credit losses at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation.
Loans	Loans: Loans that management has the intent and ability to hold for the foreseeable future until maturity or pay-off are reported at the principal balance outstanding, net of unearned interest, purchase premiums and discounts, deferred loan fees and costs, and allowance for credit losses. Loans held for sale are reported at the lower of cost or fair value, on an aggregate basis. Interest income is accrued on the unpaid principal balance and includes amortization of net deferred loan fees and costs over the loan term without anticipating prepayments. The recorded investment in loans includes accrued interest receivable and net deferred loan fees and costs. Interest income is not reported when full loan repayment is in doubt, typically when the loan is collateral dependent or payments are significantly past due. Past-due status is based on the contractual terms of the loan. All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. In all cases, loans are placed on non-accrual or charged-off if collection of principal or interest is considered doubtful. The above policies are consistent for all segments of loans.
Purchased Credit Deteriorated (PCD) Loans	Purchased Credit Deteriorated (PCD) Loans: The Corporation purchases individual loans and groups of loans, some of which have experienced more than insignificant credit deterioration since origination. PCD loans are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans held for investment. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and initial allowance for credit losses becomes its amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is accreted or amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision for credit losses.
Concentration of Credit Risk	Concentration of Credit Risk: Most of the Corporation’s business activity is with customers located within west-central Indiana, east-central Illinois, western Kentucky, and middle and western Tennessee. Therefore, the Corporation’s exposure to credit risk is significantly affected by changes in the economy of this area. A major economic downturn in this area would have a negative effect on the Corporation’s loan portfolio. The risk characteristics of each loan portfolio segment are as follows: Commercial Commercial loans are predominately loans to expand a business or finance asset purchases. The underlying risk in the Commercial loan segment is primarily a function of the reliability and sustainability of the cash flows of the borrower and secondarily on the underlying collateral securing the transaction. From time to time, the cash flows of borrowers may be less than historical or as planned. In addition, the underlying collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets financed or other business assets and most commercial loans are further supported by a personal guarantee. However, in some instances, short term loans are made on an unsecured basis. Agriculture production loans are typically secured by growing crops and generally secured by other assets such as farm equipment. Production loans are subject to weather and market pricing risks. The Corporation has established underwriting standards and guidelines for all commercial loan types. The Corporation strives to maintain a geographically diverse commercial real estate portfolio. Commercial real estate loans are primarily underwritten based upon the cash flows of the underlying real estate or from the cash flows of the business conducted at the real estate. Generally, these types of loans will be fully guaranteed by the principal owners of the real estate and loan amounts must be supported by adequate collateral value. Commercial real estate loans may be adversely affected by factors in the local market, the regional economy, or industry specific factors. In addition, Commercial Construction loans are a specific type of commercial real estate loan which inherently carry more risk than loans for completed projects. Since these types of loans are underwritten utilizing estimated costs, feasibility studies, and estimated absorption rates, the underlying value of the project may change based upon the inaccuracy of these projections. Commercial construction loans are closely monitored, subject to industry standards, and disbursements are controlled during the construction process. Residential Real estate mortgages that are secured by 1-4 family residences are generally owner occupied and include residential real estate and residential real estate construction loans. The Corporation typically establishes a maximum loan-to-value ratio and generally requires private mortgage insurance if the ratio is exceeded. The Corporation sells substantially all of its long-term fixed mortgages to secondary market purchasers. Mortgages sold to secondary market purchasers are underwritten to specific guidelines. The Corporation originates some mortgages that are maintained in the bank’s loan portfolio. Portfolio loans are generally adjustable rate mortgages and are underwritten to conform to Qualified Mortgage standards. Several factors are considered in underwriting all Mortgages including the value of the underlying real estate, debt-to-income ratio and credit history of the borrower. Repayment is primarily dependent upon the personal income of the borrower and can be impacted by changes in borrower’s circumstances such as changes in employment status and changes in real estate property values. Risk is mitigated by the sale of substantially all long-term fixed rate mortgages, the underwriting of portfolio loans to Qualified Mortgage standards and the fact that mortgages are generally smaller individual amounts spread over a large number of borrowers. Consumer The consumer portfolio primarily consists of home equity loans and lines (typically secured by a subordinate lien on a 1-4 family residence), secured loans (typically secured by automobiles, boats, recreational vehicles, or motorcycles), cash/CD secured, and unsecured loans. Pricing, loan terms, and loan to value guidelines vary by product line. The underlying value of collateral dependent loans may vary based on a number of economic conditions, including fluctuations in home prices and unemployment levels. Underwriting of consumer loans is based on the individual credit profile and analysis of the debt repayment capacity for each borrower. Payments for consumer loans is typically set-up on equal monthly installments, however, future repayment may be impacted by a change in economic conditions or a change in the personal income levels of individual customers. Overall risks within the consumer portfolio are mitigated by the mix of various loan products, lending in various markets and the overall make-up of the portfolio (small loan sizes and a large number of individual borrowers).
Allowance for Credit Losses	Allowance for Credit Losses: Credit quality of loans is continuously monitored by management and is reflected within the allowance for credit losses for loans. The allowance for credit losses is an estimate of expected losses inherent within the Company’s loan portfolio. Credit quality is assessed and monitored by evaluating various attributes and the results of those evaluations are utilized in underwriting new loans and in our process for estimating expected credit losses. The allowance for credit losses is adjusted by a credit loss expense, which is reported in earnings, and reduced by the charge-off of loan amounts, net of recoveries. We have made a policy election to report accrued interest receivable as a separate line item on the balance sheet. The allowance for credit loss estimation process involves procedures to appropriately consider the unique characteristics of the loan portfolio segments. These segments are further disaggregated into loan classes based on the level at which credit risk is monitored. When computing the level of expected credit losses, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status, and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense in those future periods. We utilize a cohort methodology to determine the allowance for credit losses. This method identifies and captures the balance of a pool of loans with similar risk characteristics at a particular point in time to form a cohort. Then it tracks the respective losses generated by that cohort of loans over their remaining life. When past performance may not be representative of future losses, loss rates are adjusted for qualitative and economic forecast factors. The allowance level is influenced by loan volumes, loan quality rating migration or delinquency status, changes in historical loss experience, and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. The methodology for estimating the amount of expected credit losses reported in the allowance for credit losses consists of specific and pooled components. The specific component relates to loans that are individually evaluated. A loan is individually evaluated when the loan no longer shares similar risk characteristics with other loans in its respective loan pool. If a loan is individually evaluated, a portion of the allowance is allocated so that the loan is reported at the fair value of collateral, adjusted for selling costs, if repayment is expected solely from the collateral. The pooled component covers pools of loans that share similar risk characteristics, and is based on historical loss experienced since 2008. This historical loss experience is supplemented with other current factors based on the risks present for each portfolio segment. These current factors include items such as changes in lending policies or procedures, asset specific risks, and economic uncertainty in forward-looking forecasts. Economic indicators utilized in forecasting include unemployment rate, gross domestic product, housing starts, and interest rates. We maintain an allowance for credit losses on unfunded lending commitments to provide for the risk of loss inherent in these arrangements. Unfunded commitments include funds available for disbursement on commercial and agriculture operating lines, commercial real estate and residential construction loans, and home equity lines of credit. The allowance is computed using a methodology similar to that used to determine the allowance for credit losses for loans, modified to take into account the probability of a drawdown on the commitment. The allowance for credit losses on unfunded commitments was $2.0 million at December 31, 2023, and $2.1 million at December 31, 2022.
Foreclosed Assets	Foreclosed Assets: Assets acquired through or instead of loan foreclosures are initially recorded at fair value less estimated selling costs when acquired, establishing a new cost basis. Physical possession of residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or similar legal agreement. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines, a valuation allowance is recorded through expense. Costs after acquisition are expensed.
Premises and Equipment	Premises and Equipment: Land is carried at cost. Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed over the useful lives of the assets, which range from 3 to 5 years for furniture and equipment and 33 to 39 years for buildings and leasehold improvements.
Restricted Stock	Restricted Stock: Restricted stock includes Federal Home Loan Bank (FHLB) of Indianapolis and Federal Reserve stock. This restricted stock is carried at cost and periodically evaluated for impairment. Because this stock is viewed as a long-term investment, impairment is based on ultimate recovery of par value. Both cash and stock dividends are reported as income.
Servicing Rights	Servicing Rights: Servicing rights are recognized separately when they are acquired through sales of loans. When mortgage loans are sold, servicing rights are initially recorded at fair value with the income statement effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on third-party valuations that incorporate assumptions that market participants would use in estimating future net servicing income, such as the cost to service, the discount rate, ancillary income, prepayment speeds and default rates and losses. All classes of servicing assets are subsequently measured using the amortization method, which requires servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Servicing assets are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Corporation later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in valuation allowances are reported with Other Service Charges and Fees on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. Servicing fee income, which is included in Other Service Charges and Fees on the income statement, is for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. Servicing fees totaled $1.3 million, $1.4 million and $1.3 million for the years ended December 31, 2023, 2022 and 2021. Late fees and ancillary fees related to loan servicing are not material.
Stock based compensation	Stock based compensation: Compensation cost is recognized for restricted stock awards and units issued to employees based on the fair value of these awards at the date of grant. Market price of the Corporation’s common stock at the date of grant is used for restricted stock awards. Compensation expense is recognized over the requisite service period.
Transfers of Financial Assets	Transfers of Financial Assets: Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Corporation, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Corporation does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
Bank-Owned Life Insurance	Bank-Owned Life Insurance: The Corporation has purchased life insurance policies on certain key executives. Bank-owned life insurance is recorded at its cash surrender value, or the amount that can be realized. Income on the investments in life insurance is included in other interest income.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets: Goodwill resulting from business combinations prior to January 1, 2009 represents the excess of the purchase price over the fair value of the net assets of businesses acquired. Goodwill resulting from business combinations after January 1, 2009 represents the future economic benefits arising from other assets acquired that are not individually identified and separately recognized. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually. The Corporation has selected October 31 as the date to perform the annual impairment test. The final results determined that there was no impairment of goodwill. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our balance sheet. Other intangible assets consist of core deposit assets arising from the whole bank and branch acquisitions. They are initially measured at fair value and then are amortized on an accelerated basis over their estimated useful lives, which are 10 and 12 years, respectively.
Long-Term Assets	Long-Term Assets: Premises and equipment and other long-term assets are reviewed for impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. If impaired, the assets are recorded at fair value.
Benefit Plans	Benefit Plans: Pension expense is the net of service and interest cost, return on plan assets and amortization of gains and losses not immediately recognized. The amount contributed is determined by a formula as decided by the Board of Directors. Deferred compensation and supplemental retirement plan expense allocates the benefits over years of service.
Employee Stock Ownership Plan	Employee Stock Ownership Plan: Shares of treasury stock are issued to the ESOP and compensation expense is recognized based upon the total market price of shares when contributed.
Deferred Compensation Plan	Deferred Compensation Plan: Prior to 2011, a deferred compensation plan covered all directors. Under the plan, the Corporation pays each director, or their beneficiary, the amount of fees deferred plus interest over 10 years, beginning when the director achieves age 65. A liability is accrued for the obligation under these plans. The expense incurred for the deferred compensation for each of the last three years was $49 thousand, $78 thousand, and $117 thousand, resulting in a deferred compensation liability of $1.1 million at December 31, 2023 and $1.2 million at December 31, 2022. There are no deferred compensation plans now in effect for directors.
Incentive Plans	Incentive Plans: A long-term incentive plan established in 2000 provides for the payment of incentive rewards as a 15-year annuity to all directors and certain key officers. That plan was in place through December 31, 2009, and compensation expense is recognized over the service period. Payments under the plan generally did not begin until the earlier of January 1, 2015, or the January 1 immediately following the year in which the participant reaches age 65. There was no compensation expense related to this plan for 2023, 2022 and 2021. There is a liability of $3.8 million and $4.8 million as of year-end 2023 and 2022. In 2011 the Corporation adopted the 2011 Short-term Incentive Plan and the 2011 Omnibus Equity Incentive Plan designed to reward key officers based on certain performance measures. The short-term portion of the plan is paid out within 75 days of year end and the long-term plan vests over a three year period and is paid out within 75 days of the end of each vesting period. The compensation expense related to the plans in 2023, 2022 and 2021 was $2.9 million, $2.0 million and $2.3 million, respectively, and resulted in a liability of $1.8 million at December 31, 2023 and $1.6 million at December 31, 2022. The Omnibus Equity Incentive Plan is a long term incentive plan that was designed to align the interests of participants with the interest of shareholders. Under the plan, awards may be made based on certain performance measures. The grants are made in restricted stock units that are subject to a vesting schedule.
Income Taxes	Income Taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Corporation recognizes interest and/or penalties related to income tax matters in income tax expense.
Loan Commitments and Related Financial Instruments	Loan Commitments and Related Financial Instruments: Financial instruments include credit instruments, such as commitments to make loans and standby letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded.
Earnings Per Share	Earnings Per Share: Earnings per common share is net income divided by the weighted average number of common shares outstanding during the period. The Corporation does not have any potentially dilutive securities as the restricted stock awards are included in outstanding shares. Earnings and dividends per share are restated for stock splits and dividends through the date of issue of the financial statements.
Comprehensive Income (Loss)	Comprehensive Income (Loss): Comprehensive income (loss) consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale and changes in the funded status of the retirement plans, net of taxes, which are also recognized as separate components of equity.
Loss Contingencies	Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount of range of loss can be reasonably estimated. Management does not believe there are currently such matters that will have a material effect on the financial statements.
Dividend Restriction	Dividend Restriction: Banking regulations require maintaining certain capital levels and may limit the dividends paid by the bank to the holding company or by the holding company to shareholders.
Fair Value of Financial Instruments	Fair Value of Financial Instruments: Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or market conditions could significantly affect the estimates.
Operating Segment	Operating Segment: While the Corporation’s chief decision-makers monitor the revenue streams of the various products and services, the operating results of significant segments are similar and operations are managed and financial performance is evaluated on a corporate-wide basis. Accordingly, all of the Corporation’s financial service operations are considered by management to be aggregated in one reportable operating segment, which is banking.
Accounting Pronouncements Adopted:	Accounting Pronouncements Adopted: In March 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-02, “Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures” (ASU 2022-02). ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings (TDRs) in ASC 310-40, “Receivables - Troubled Debt Restructurings by Creditors” for entities that have adopted the current expected credit loss (CECL) model introduced by ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (ASU 2016-13). ASU 2022-02 also requires that public business entities disclose current-period gross charge-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, “Financial Instruments—Credit Losses—Measured at Amortized Cost”. ASU 2022-02 is effective for the Corporation for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Corporation adopted ASU 2022-02 on January 1, 2023, and has applied the disclosure changes in this document. See Note 7. Allowance for Credit Losses for the additional disclosures.
Recently Issued Not Yet Effective Accounting Pronouncements:	Recently Issued Not Yet Effective Accounting Pronouncements: In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-03 “Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” These amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. ASU 2022-03 is effective for the Corporation for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption is permitted. The Corporation is evaluating the effect that ASU 2022-03 will have on its consolidated financial statements and related disclosures. In March 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-02 “Investments Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” These amendments allow reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. This guidance is effective for public business entities for fiscal years including interim periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted in any interim period. The Corporation is evaluating ASU 2023-02 and its effect on its consolidated financial statements and related disclosures. In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” These amendments require, among other things, that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 208. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments retrospectively to all periods presented in the financial statements. The Corporation is assessing ASU 2023-07 and its effect on its consolidated financial statements and related disclosures. In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” Among other things, these amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate.) The amendments also require that all entities disclose on an annual basis the following information about income taxes paid: (1) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and (2) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received.) This guidance is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis although retrospective application is permitted. The Corporation is assessing ASU 2023-09 and its effect on its consolidated financial statements and related disclosures.

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

FAIR VALUES OF FINANCIAL INSTRUMENTS

Schedule of assets and liabilities measured at fair value

The fair value of derivatives is based on valuation models using observable market data as of the measurement date (Level 2 inputs).


	December 31, 2023
	Fair Value Measurements Using
	Significant Unobservable Inputs (Level 3)
(Dollar amounts in thousands)	Level 1		Level 2		Level 3		Total
U.S. Government agencies	$	—	$	91,440	$	—	$	91,440
Mortgage Backed Securities-residential		—		569,885		—		569,885
Mortgage Backed Securities-commercial		—		7,483		—		7,483
Collateralized mortgage obligations		—		180,829		—		180,829
State and municipal		—		369,631		1,180		370,811
Municipal taxable		—		34,285		—		34,285
U.S. Treasury		—		1,402		—		1,402
Collateralized debt obligations		—		—		3,002		3,002
TOTAL	$	—	$	1,254,955	$	4,182	$	1,259,137
Derivative Assets				2,878
Derivative Liabilities				(2,878)


	December 31, 2022
	Fair Value Measurements Using
	Significant Unobservable Inputs (Level 3)
(Dollar amounts in thousands)	Level 1		Level 2		Level 3		Total
U.S. Government agencies	$	—	$	98,473	$	—	$	98,473
Mortgage Backed Securities-residential		—		620,248		—		620,248
Mortgage Backed Securities-commercial		—		9,677		—		9,677
Collateralized mortgage obligations		—		203,485		—		203,485
State and municipal		—		358,608		1,545		360,153
Municipal taxable		—		32,515		—		32,515
U.S. Treasury		—		2,944		—		2,944
Collateralized debt obligations		—		—		2,986		2,986
TOTAL	$	—	$	1,325,950	$	4,531	$	1,330,481
Derivative Assets				2,838
Derivative Liabilities				(2,838)

Schedule of financial instruments having fair value measurements using significant unobservable inputs (Level 3)

The table below presents a reconciliation and income statement classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the twelve months ended December 31, 2023 and 2022.


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Year Ended
	December 31, 2023
	State and
	municipal		Collateralized
(Dollar amounts in thousands)	obligations		debt obligations		Total
Beginning balance, January 1	$	1,545	$	2,986	$	4,531
Total realized/unrealized gains or losses
Included in earnings		—		—		—
Included in other comprehensive income		—		16		16
Transfers		—		—		—
Settlements		(365)		—		(365)
Ending balance, December 31	$	1,180	$	3,002	$	4,182


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Year Ended
	December 31, 2022
	State and
	municipal		Collateralized
(Dollar amounts in thousands)	obligations		debt obligations		Total
Beginning balance, January 1	$	1,895	$	3,359	$	5,254
Total realized/unrealized gains or losses
Included in earnings		—		—		—
Included in other comprehensive income		—		(373)		(373)
Purchases		—		—		—
Settlements		(350)		—		(350)
Ending balance, December 31	$	1,545	$	2,986	$	4,531

Schedule of quantitative information about recurring and non-recurring Level 3

The following tables present quantitative information about recurring and non-recurring Level 3 fair value measurements at December 31, 2023 and 2022.


(Dollar amounts in thousands)	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range
State and municipal obligations	$	1,180	Discounted cash flow	Discount rate	4.04%-4.44	%
Collateralized debt obligations	$	3,002	Discounted cash flow	Discount rate	7.36	%
Collateral dependent loans	$	11,306	Discounted cash flow	Discount rate for age of appraisal and market conditions	0.00%-100.00	%


(Dollar amounts in thousands)	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range
State and municipal obligations	$	1,545	Discounted cash flow	Discount rate	3.73%-4.44	%
Collateralized debt obligations	$	2,986	Discounted cash flow	Discount rate	5.34	%
Collateral dependent loans		4,477	Discounted cash flow	Discount rate for age of appraisal and market conditions	0.00%-50.00	%

Schedule of carrying amount and estimated fair value of financial instruments

The carrying amount and estimated fair value of financial assets and liabilities are presented in the tables below and were determined based on the above assumptions:


	December 31, 2023
	Carrying		Fair Value
(Dollar amounts in thousands)	Value		Level 1		Level 2		Level 3		Total
Cash and due from banks	$	76,759	$	25,467	$	51,292	$	—	$	76,759
Federal funds sold		282		—		282		—		282
Securities available-for-sale		1,259,137		—		1,254,955		4,182		1,259,137
Restricted stock		15,364		n/a		n/a		n/a		n/a
Loans, net		3,128,054		—		—		3,025,621		3,025,621
Accrued interest receivable		24,877		—		6,755		18,122		24,877
Deposits		(4,090,068)		—		(4,094,552)		—		(4,094,552)
Short-term borrowings		(67,221)		—		(67,221)		—		(67,221)
Other borrowings		(108,577)		—		(108,496)		—		(108,496)
Accrued interest payable		(2,588)		—		(2,588)		—		(2,588)


	December 31, 2022
	Carrying		Fair Value
(Dollar amounts in thousands)	Value		Level 1		Level 2		Level 3		Total
Cash and due from banks	$	222,517	$	29,400	$	193,117	$	—	$	222,517
Federal funds sold		9,374		—		9,374		—		9,374
Securities available-for-sale		1,330,481		—		1,325,950		4,531		1,330,481
Restricted stock		15,378		n/a		n/a		n/a		n/a
Loans, net		3,027,659		—		—		2,930,680		2,930,680
Accrued interest receivable		21,288		—		5,529		15,759		21,288
Deposits		(4,368,871)		—		(4,369,402)		—		(4,369,402)
Short-term borrowings		(70,875)		—		(70,875)		—		(70,875)
Other borrowings		(9,589)		—		(8,788)		—		(8,788)
Accrued interest payable		(483)		—		(483)		—		(483)

SECURITIES (Tables)

12 Months Ended

Dec. 31, 2023

SECURITIES

Schedule of amortized cost and fair value of investments classified as available-for-sale

The fair value of securities available-for-sale and related gross unrealized gains and losses recognized in accumulated other comprehensive income were as follows:


	December 31, 2023
	Amortized		Unrealized		Unrealized
(Dollar amounts in thousands)	Cost		Gains		Losses		Fair Value
U.S. Government agencies	$	102,978	$	4	$	(11,542)	$	91,440
Mortgage Backed Securities - residential		653,507		53		(83,675)		569,885
Mortgage Backed Securities - commercial		7,919		—		(436)		7,483
Collateralized mortgage obligations		209,398		6		(28,575)		180,829
State and municipal obligations		397,413		1,407		(28,009)		370,811
Municipal taxable		39,872		12		(5,599)		34,285
U.S. Treasury		1,411		—		(9)		1,402
Collateralized debt obligations		—		3,002		—		3,002
TOTAL	$	1,412,498	$	4,484	$	(157,845)	$	1,259,137


	December 31, 2022
	Amortized		Unrealized		Unrealized
(Dollar amounts in thousands)	Cost		Gains		Losses		Fair Value
U.S. Government agencies	$	110,226	$	24	$	(11,777)	$	98,473
Mortgage Backed Securities-residential		711,131		133		(91,016)		620,248
Mortgage Backed Securities-commercial		10,103		—		(426)		9,677
Collateralized mortgage obligations		228,344		60		(24,919)		203,485
State and municipal obligations		396,522		745		(37,114)		360,153
Municipal taxable		39,321		41		(6,847)		32,515
U.S. Treasury		2,979		—		(35)		2,944
Collateralized debt obligations		—		2,986		—		2,986
TOTAL	$	1,498,626	$	3,989	$	(172,134)	$	1,330,481

Schedule of gross gain and loss realized

Below is a summary of the gross gains and losses realized by the Corporation on investment sales and calls during the years ended December 31, 2023, 2022 and 2021, respectively.


(Dollar amounts in thousands)		2023		2022		2021
Proceeds	$	330	$	1,565	$	12,886
Gross gains		1		6		274
Gross losses		(2)		(3)		(160)

Schedule of contractual maturities of debt securities

Contractual maturities of debt securities at year-end 2023 were as follows. Securities not due at a single maturity or with no maturity date, primarily mortgage-backed and collateralized mortgage obligations, are shown separately.


	Available-for-Sale
	Amortized		Fair
(Dollar amounts in thousands)	Cost		Value
Due in one year or less	$	10,464	$	10,346
Due after one but within five years		41,818		40,271
Due after five but within ten years		107,538		104,878
Due after ten years		381,854		345,445
		541,674		500,940
Mortgage-backed securities and collateralized mortgage obligations		870,824		758,197
TOTAL	$	1,412,498	$	1,259,137

Schedule of gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position

The following tables show the securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position, at December 31, 2023 and 2022.


	December 31, 2023
	Less Than 12 Months				More Than 12 Months				Total
			Unrealized				Unrealized				Unrealized
(Dollar amounts in thousands)	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Government agencies	$	3,757	$	(73)	$	87,291	$	(11,469)	$	91,048	$	(11,542)
Mortgage Backed Securities - Residential		3,810		(41)		556,414		(83,634)		560,224		(83,675)
Mortgage Backed Securities - Commercial		—		—		7,483		(436)		7,483		(436)
Collateralized mortgage obligations		12,981		(303)		164,871		(28,272)		177,852		(28,575)
State and municipal obligations		45,154		(319)		212,022		(27,690)		257,176		(28,009)
Municipal taxable		—		—		31,958		(5,599)		31,958		(5,599)
U.S. Treasury		1,402		(9)		—		—		1,402		(9)
Total temporarily impaired securities	$	67,104	$	(745)	$	1,060,039	$	(157,100)	$	1,127,143	$	(157,845)


	December 31, 2022
	Less Than 12 Months				More Than 12 Months				Total
			Unrealized				Unrealized				Unrealized
(Dollar amounts in thousands)	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Government agencies	$	58,462	$	(4,034)	$	38,959	$	(7,743)	$	97,421	$	(11,777)
Mortgage Backed Securities - Residential		234,488		(19,757)		379,520		(71,259)		614,008		(91,016)
Mortgage Backed Securities - Commercial		9,677		(426)		—		—		9,677		(426)
Collateralized mortgage obligations		135,135		(11,331)		63,792		(13,588)		198,927		(24,919)
State and municipal obligations		233,439		(24,291)		41,510		(12,823)		274,949		(37,114)
Municipal taxable		18,637		(3,706)		12,837		(3,141)		31,474		(6,847)
U.S. Treasury		2,944		(35)		—		—		2,944		(35)
Total temporarily impaired securities	$	692,782	$	(63,580)	$	536,618	$	(108,554)	$	1,229,400	$	(172,134)

Schedule of credit losses recognized in earnings

The table below presents a rollforward of the credit losses recognized in earnings for the years presented:



(Dollar amounts in thousands)	2023		2022			2021
Beginning balance	$	2,974	$	2,974	$	2,974
Reductions for securities called during the period		—		—		—
Ending balance	$	2,974	$	2,974	$	2,974

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

LOANS (Tables)

12 Months Ended

Dec. 31, 2023

LOANS

Summary of loans

Loans are summarized as follows:


	December 31,
(Dollar amounts in thousands)	2023		2022
Commercial	$	1,817,526	$	1,798,260
Residential		695,788		673,464
Consumer		646,758		588,539
Total gross loans		3,160,072		3,060,263
Deferred costs, net		7,749		7,175
Allowance for credit losses		(39,767)		(39,779)
TOTAL	$	3,128,054	$	3,027,659

Schedule of capitalized mortgage servicing rights

Activity for capitalized mortgage servicing rights (included in other assets) was as follows:


	December 31,
(Dollar amounts in thousands)	2023		2022		2021
Servicing rights:
Beginning of year	$	1,767	$	1,959	$	1,601
Additions		—		489		1,094
Amortized to expense		(556)		(681)		(736)
End of year	$	1,211	$	1,767	$	1,959

ACQUISITIONS: (Tables)

12 Months Ended

Dec. 31, 2023

ACQUISITIONS

Schedule of consideration paid and the amounts of the assets acquired and liabilities assumed


			Measurement
	As Initially		Period
(Dollar amounts in thousands)	Reported		Adjustments		As Adjusted
Consideration
Cash consideration	$	31,358	$	—	$	31,358

Fair value of total consideration transferred	$	31,358	$	—	$	31,358

Assets acquired
Cash	$	3,046	$	5,220	$	8,266
Investment securities available-for-sale		57,054		(5,220)		51,834
Federal funds sold		10,470		—		10,470
Bank owned life insurance		9,753		—		9,753
Federal Home Loan Bank stock		1,362		—		1,362
Loans		227,827		—		227,827
Premises and equipment		8,180		—		8,180
Core deposit intangibles		652		—		652
Other assets		4,567		(850)		3,717
Total assets acquired		322,911		(850)		322,061

Liabilities assumed
Deposits		286,098		—		286,098
FHLB advances		11,042		—		11,042
Other liabilities		1,956		—		1,956
Total liabilities assumed		299,096		—		299,096

Net identifiable assets		23,815		(850)		22,965
Goodwill	$	7,543	$	850	$	8,393

Schedule of pro forma financial information


	Year ended December 31,
(Dollar amounts in thousands, except per share data)	2021		2020
Net interest income	$	150,806	$	156,051
Net income	$	53,714	$	55,958
Basic and diluted earnings per share	$	4.07	$	4.08

ALLOWANCE FOR CREDIT LOSSES (Tables)

12 Months Ended

Dec. 31, 2023

ALLOWANCE FOR CREDIT LOSSES

Schedule of allowances for loan losses by portfolio segment

The following table presents the activity of the allowance for credit losses by portfolio segment for the years ended December 31, 2023, 2022 and 2021.


Allowance for Credit Losses:			December 31, 2023
(Dollar amounts in thousands)	Commercial		Residential		Consumer		Unallocated		Total
Beginning balance	$	12,949	$	14,568	$	12,104	$	158	$	39,779
Provision for credit losses		198		(317)		7,193		221		7,295
Loans charged -off		(966)		(216)		(14,314)		—		(15,496)
Recoveries		1,083		292		6,814		—		8,189
Ending Balance	$	13,264	$	14,327	$	11,797	$	379	$	39,767


Allowance for Credit Losses:			December 31, 2022
(Dollar amounts in thousands)	Commercial		Residential		Consumer		Unallocated		Total
Beginning balance	$	18,883	$	18,316	$	10,721	$	385	$	48,305
Provision for credit losses		(4,079)		(3,850)		6,131		(227)		(2,025)
Loans charged -off		(3,917)		(657)		(11,132)		—		(15,706)
Recoveries		2,062		759		6,384		—		9,205
Ending Balance	$	12,949	$	14,568	$	12,104	$	158	$	39,779


Allowance for Credit Losses:			December 31, 2021
(Dollar amounts in thousands)	Commercial		Residential		Consumer		Unallocated		Total
Beginning balance	$	13,925	$	19,142	$	11,009	$	—	$	44,076
PCD ACL on acquired loans		4,410		—		—		—		4,410
Provision for credit losses		1,637		(630)		1,074		385		2,466
Loans charged off		(2,158)		(812)		(5,246)		—		(8,216)
Recoveries		1,069		616		3,884		—		5,569
Ending Balance	$	18,883	$	18,316	$	10,721	$	385	$	48,305

Schedule of recorded investment in non-performing loans by class of loans


	December 31, 2023
	Loans Past				Nonaccrual
	Due Over				With No
	90 Days Still				Allowance
(Dollar amounts in thousands)	Accruing		Nonaccrual		For Credit Loss
Commercial
Commercial & Industrial	$	5	$	13,971	$	860
Farmland		—		1,221		1,201
Non Farm, Non Residential		—		995		1,011
Agriculture		—		1,147		1,103
All Other Commercial		—		1,046		1,027
Residential
First Liens		620		960		—
Home Equity		32		68		—
Junior Liens		239		67		—
Multifamily		47		543		373
All Other Residential		—		427		—
Consumer
Motor Vehicle		45		2,933		—
All Other Consumer		—		218		—
TOTAL	$	988	$	23,596	$	5,575


	December 31, 2022
	Loans Past				Nonaccrual
	Due Over				With No
	90 Days Still				Allowance
(Dollar amounts in thousands)	Accruing		Nonaccrual		For Credit Loss
Commercial
Commercial & Industrial	$	114	$	2,137	$	254
Farmland		—		461		—
Non Farm, Non Residential		—		2,064		2,052
Agriculture		—		186		155
All Other Commercial		—		26		—
Residential
First Liens		666		1,380		—
Home Equity		180		133		—
Junior Liens		197		256		—
Multifamily		—		1,468		—
All Other Residential		—		478		—
Consumer
Motor Vehicle		—		2,549		—
All Other Consumer		—		416		—
TOTAL	$	1,157	$	11,554	$	2,461

Schedule of loans and leases that were modified and the financial effect of loan and lease modifications



										Combination		Combination
										Term		Term		Total
										Extension and		Extension		Class of
	Principal		Payment		Term		Interest Rate			Principal		Interest Rate		Financing
(Dollar amounts in thousands)	Forgiveness		Delay		Extension		Reduction		Forgiveness		Reduction		Receivable
Residential
First Liens	$	—	$	—	$	—	$	138	$	—	$	25		0.05	%
Junior Liens		—		—		29		—		—		—		0.05	%
Consumer
Motor Vehicle		5		—		205		—		129		107		0.07	%
TOTAL	$	5	$	—	$	234	$	138	$	129	$	132		0.00	%


			Weighted-			Weighted-
			Average			Average
	Principal		Interest Rate			Term
(Dollar amounts in thousands)	Forgiveness		Reduction			Extension
Residential
First Liens	$	—		2.12	%		24
Junior Liens		—		—			36
Consumer
Motor Vehicle		45		2.20	%		24
TOTAL	$	45		2.15	%		24

Schedule of amortized cost basis of collateral dependent loans


	December 31, 2023
	Collateral Type
(Dollar amounts in thousands)	Real Estate		Other
Commercial
Commercial & Industrial	$	1,454	$	12,056
Farmland		1,633		—
Non Farm, Non Residential		3,919		—
Agriculture		49		1,054
All Other Commercial		1,027		—
Residential
First Liens		32		—
Home Equity		—		—
Junior Liens		—		—
Multifamily		373		—
All Other Residential		349		—
Consumer
Motor Vehicle		—		—
All Other Consumer		—		—
Total	$	8,836	$	13,110


	December 31, 2022
	Collateral Type
(Dollar amounts in thousands)	Real Estate		Other
Commercial
Commercial & Industrial	$	4,613	$	1
Farmland		3,289		—
Non Farm, Non Residential		5,123		—
Agriculture		—		155
All Other Commercial		—		—
Residential
First Liens		—		—
Home Equity		—		—
Junior Liens		—		—
Multifamily		895		—
All Other Residential		—		—
Consumer
Motor Vehicle		—		—
All Other Consumer		—		—
Total	$	13,920	$	156

Schedule of aging of the recorded investment in loans by past due category and class of loans

The following tables present the aging of the recorded investment in loans by past due category and class of loans.


	December 31, 2023
					90 Days
	30-59 Days		60-89 Days		and Greater		Total
(Dollar amounts in thousands)	Past Due		Past Due		Past Due		Past Due		Current		Total
Commercial
Commercial & Industrial	$	668	$	488	$	1,136	$	2,292	$	649,801	$	652,093
Farmland		58		—		1,201		1,259		132,147		133,406
Non Farm, Non Residential		—		—		—		—		439,009		439,009
Agriculture		—		—		1,141		1,141		139,900		141,041
All Other Commercial		—		—		—		—		464,776		464,776
Residential
First Liens		2,841		816		924		4,581		354,711		359,292
Home Equity		360		188		71		619		65,191		65,810
Junior Liens		462		124		262		848		57,985		58,833
Multifamily		117		140		373		630		191,104		191,734
All Other Residential		554		—		47		601		21,961		22,562
Consumer
Motor Vehicle		12,491		1,754		761		15,006		602,442		617,448
All Other Consumer		397		102		13		512		31,857		32,369
TOTAL	$	17,948	$	3,612	$	5,929	$	27,489	$	3,150,884	$	3,178,373


	December 31, 2022
					90 Days
	30-59 Days		60-89 Days		and Greater		Total
(Dollar amounts in thousands)	Past Due		Past Due		Past Due		Past Due		Current		Total
Commercial
Commercial & Industrial	$	1,698	$	529	$	726	$	2,953	$	674,569	$	677,522
Farmland		112		—		—		112		127,498		127,610
Non Farm, Non Residential		274		34		—		308		387,108		387,416
Agriculture		—		1,231		—		1,231		136,451		137,682
All Other Commercial		333		—		14		347		478,095		478,442
Residential
First Liens		4,528		1,203		1,054		6,785		341,131		347,916
Home Equity		305		144		276		725		63,615		64,340
Junior Liens		213		69		327		609		56,367		56,976
Multifamily		317		83		—		400		180,305		180,705
All Other Residential		1,115		350		—		1,465		24,058		25,523
Consumer
Motor Vehicle		15,151		1,930		985		18,066		539,651		557,717
All Other Consumer		341		56		15		412		32,967		33,379
TOTAL	$	24,387	$	5,629	$	3,397	$	33,413	$	3,041,815	$	3,075,228

Schedule of commercial loan portfolio by risk category

The following tables present the commercial loan portfolio by risk category. These balances do not include accrued interest:


		December 31, 2023
		Term Loans at Amortized Cost Basis by Origination Year												Revolving
		2023		2022		2021		2020		2019		Prior		Loans		Total
Commercial
Commercial and Industrial	Pass	$	80,873	$	131,522	$	112,811	$	47,445	$	44,257	$	100,872	$	81,551	$	599,331
	Special Mention		6		221		10,025		3,442		323		866		2,715	$	17,598
	Substandard		3,620		4,734		1,842		981		1,789		5,354		7,932	$	26,252
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		3,476		1,352		847		431		144		93		—	$	6,343
	Subtotal	$	87,975	$	137,829	$	125,525	$	52,299	$	46,513	$	107,185	$	92,198	$	649,524

	Current period gross charge-offs	$	8	$	72	$	40	$	78	$	24	$	49	$	-	$	271

Farmland	Pass	$	21,232	$	16,025	$	20,794	$	8,310	$	8,790	$	52,357	$	287	$	127,795
	Special Mention		—		—		4		—		363		710		—	$	1,077
	Substandard		—		—		—		41		309		1,370		—	$	1,720
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		—		—		—		14		—	$	14
	Subtotal	$	21,232	$	16,025	$	20,798	$	8,351	$	9,462	$	54,451	$	287	$	130,606

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	—

Non Farm, Non Residential	Pass	$	73,740	$	123,319	$	69,477	$	23,965	$	22,550	$	106,752	$	7,606	$	427,409
	Special Mention		—		732		995		—		845		—		—	$	2,572
	Substandard		102		—		—		—		479		6,356		—	$	6,937
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		—		678		—		65		—	$	743
	Subtotal	$	73,842	$	124,051	$	70,472	$	24,643	$	23,874	$	113,173	$	7,606	$	437,661

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	—

Agriculture	Pass	$	10,764	$	11,299	$	6,614	$	6,118	$	7,443	$	25,678	$	64,476	$	132,392
	Special Mention		—		86		—		8		—		605		3,618	$	4,317
	Substandard		—		55		—		—		50		1,067		—	$	1,172
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		51		31		35		24		—		—	$	141
	Subtotal	$	10,764	$	11,491	$	6,645	$	6,161	$	7,517	$	27,350	$	68,094	$	138,022

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	—

Other Commercial	Pass	$	27,401	$	105,046	$	104,307	$	94,029	$	4,774	$	112,159	$	9,177	$	456,893
	Special Mention		—		—		—		2,478		—		830		—	$	3,308
	Substandard		—		1,027		16		—		—		—		—	$	1,043
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		12		—		—		—		457		—	$	469
	Subtotal	$	27,401	$	106,085	$	104,323	$	96,507	$	4,774	$	113,446	$	9,177	$	461,713

	Current period gross charge-offs	$	675	$	-	$	-	$	-	$	20	$	-	$	-	$	695

Residential
Multifamily >5 Residential	Pass	$	34,551	$	62,845	$	32,273	$	22,590	$	6,397	$	23,215	$	382	$	182,253
	Special Mention		—		—		—		357		—		6,571		—	$	6,928
	Substandard		—		—		—		—		—		373		—	$	373
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		1,102		—		—		251		—	$	1,353
	Subtotal	$	34,551	$	62,845	$	33,375	$	22,947	$	6,397	$	30,410	$	382	$	190,907

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	—

Total	Pass	$	248,561	$	450,056	$	346,276	$	202,457	$	94,211	$	421,033	$	163,479	$	1,926,073
	Special Mention		6		1,039		11,024		6,285		1,531		9,582		6,333	$	35,800
	Substandard		3,722		5,816		1,858		1,022		2,627		14,520		7,932	$	37,497
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		3,476		1,415		1,980		1,144		168		880		—	$	9,063
		$	255,765	$	458,326	$	361,138	$	210,908	$	98,537	$	446,015	$	177,744	$	2,008,433


		December 31, 2022
		Term Loans at Amortized Cost Basis by Origination Year												Revolving
		2022		2021		2020		2019		2018		Prior		Loans		Total
Commercial
Commercial and Industrial	Pass	$	163,479	$	128,012	$	56,830	$	54,208	$	26,514	$	99,522	$	92,110	$	620,675
	Special Mention		2,071		9,738		3,434		2,572		2,061		1,848		453	$	22,177
	Substandard		423		723		1,861		954		3,169		6,264		9,103	$	22,497
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		7,041		1,408		822		469		149		85		—	$	9,974
	Subtotal	$	173,014	$	139,881	$	62,947	$	58,203	$	31,893	$	107,719	$	101,666	$	675,323

Farmland	Pass	$	16,261	$	22,530	$	9,244	$	9,438	$	10,352	$	48,847	$	340	$	117,012
	Special Mention		—		—		1,164		882		—		2,930		—	$	4,976
	Substandard		—		—		456		608		337		1,969		—	$	3,370
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		—		—		—		17		—	$	17
	Subtotal	$	16,261	$	22,530	$	10,864	$	10,928	$	10,689	$	53,763	$	340	$	125,375

Non Farm, Non Residential	Pass	$	102,629	$	75,011	$	33,214	$	19,596	$	31,438	$	111,586	$	2,975	$	376,449
	Special Mention		99		1,035		—		921		—		279		—	$	2,334
	Substandard		—		—		—		513		—		6,281		—	$	6,794
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		696		—		—		269		—	$	965
	Subtotal	$	102,728	$	76,046	$	33,910	$	21,030	$	31,438	$	118,415	$	2,975	$	386,542

Agriculture	Pass	$	13,085	$	9,028	$	8,015	$	8,422	$	1,987	$	26,729	$	62,397	$	129,663
	Special Mention		89		—		10		3		—		709		2,519	$	3,330
	Substandard		—		—		—		224		1,201		56		762	$	2,243
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		71		39		68		61		25		—		—	$	264
	Subtotal	$	13,245	$	9,067	$	8,093	$	8,710	$	3,213	$	27,494	$	65,678	$	135,500

Other Commercial	Pass	$	143,941	$	91,615	$	90,845	$	19,259	$	29,143	$	82,535	$	5,602	$	462,940
	Special Mention		23		—		—		10		—		11,911		—	$	11,944
	Substandard		—		23		—		—		—		6		—	$	29
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		16		82		—		—		29		480		—	$	607
	Subtotal	$	143,980	$	91,720	$	90,845	$	19,269	$	29,172	$	94,932	$	5,602	$	475,520

Residential
Multifamily >5 Residential	Pass	$	50,424	$	33,415	$	46,740	$	6,734	$	4,969	$	27,353	$	96	$	169,731
	Special Mention		—		533		372		—		—		6,795		—	$	7,700
	Substandard		—		—		—		—		—		1,280		—	$	1,280
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		1,124		—		—		—		263		—	$	1,387
	Subtotal	$	50,424	$	35,072	$	47,112	$	6,734	$	4,969	$	35,691	$	96	$	180,098

Total	Pass	$	489,819	$	359,611	$	244,888	$	117,657	$	104,403	$	396,572	$	163,520	$	1,876,470
	Special Mention		2,282		11,306		4,980		4,388		2,061		24,472		2,972	$	52,461
	Substandard		423		746		2,317		2,299		4,707		15,856		9,865	$	36,213
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		7,128		2,653		1,586		530		203		1,114		—	$	13,214
		$	499,652	$	374,316	$	253,771	$	124,874	$	111,374	$	438,014	$	176,357	$	1,978,358


		December 31, 2023
		Term Loans at Amortized Cost Basis by Origination Year												Revolving
		2023		2022		2021		2020		2019		Prior		Loans		Total
Residential
First Liens	Performing	$	49,146	$	70,952	$	65,232	$	36,751	$	15,185	$	118,087	$	1,066	$	356,419
	Non-performing		—		121		—		65		57		1,504		—	$	1,747
	Subtotal	$	49,146	$	71,073	$	65,232	$	36,816	$	15,242	$	119,591	$	1,066	$	358,166

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	167	$	-	$	167

Home Equity	Performing	$	61	$	68	$	—	$	7	$	378	$	866	$	64,102	$	65,482
	Non-performing		—		22		—		17		—		60		—	$	99
	Subtotal	$	61	$	90	$	—	$	24	$	378	$	926	$	64,102	$	65,581

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	—

Junior Liens	Performing	$	15,050	$	15,431	$	8,248	$	5,557	$	4,280	$	8,094	$	1,698	$	58,358
	Non-performing		—		53		45		104		—		103		—	$	305
	Subtotal	$	15,050	$	15,484	$	8,293	$	5,661	$	4,280	$	8,197	$	1,698	$	58,663

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	24	$	24	$	-	$	48

Other Residential	Performing	$	6,432	$	9,477	$	3,100	$	421	$	641	$	1,511	$	415	$	21,997
	Non-performing		—		—		46		—		390		38		—	$	474
	Subtotal	$	6,432	$	9,477	$	3,146	$	421	$	1,031	$	1,549	$	415	$	22,471

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	1	$	-	$	1

Consumer
Motor Vehicle	Performing	$	264,933	$	215,125	$	70,926	$	46,939	$	12,038	$	2,177	$	—	$	612,138
	Non-performing		232		973		520		532		134		30		—	$	2,421
	Subtotal	$	265,165	$	216,098	$	71,446	$	47,471	$	12,172	$	2,207	$	—	$	614,559

	Current period gross charge-offs	$	841	$	7,722	$	3,101	$	1,448	$	499	$	174	$	-	$	13,785

Other Consumer	Performing	$	12,561	$	6,895	$	3,778	$	2,189	$	659	$	692	$	5,203	$	31,977
	Non-performing		—		20		145		39		17		—		1	$	222
	Subtotal	$	12,561	$	6,915	$	3,923	$	2,228	$	676	$	692	$	5,204	$	32,199

	Current period gross charge-offs	$	61	$	213	$	61	$	37	$	3	$	5	$	149	$	529

Total	Performing	$	348,183	$	317,948	$	151,284	$	91,864	$	33,181	$	131,427	$	72,484	$	1,146,371
	Non-performing		232		1,189		756		757		598		1,735		1	$	5,268
Total other loans		$	348,415	$	319,137	$	152,040	$	92,621	$	33,779	$	133,162	$	72,485	$	1,151,639


		December 31, 2022
		Term Loans at Amortized Cost Basis by Origination Year												Revolving
		2022		2021		2020		2019		2018		Prior		Loans		Total
Residential
First Liens	Performing	$	71,607	$	70,197	$	45,080	$	16,968	$	20,258	$	117,488	$	3,245	$	344,843
	Non-performing		106		—		—		141		100		1,782		—	$	2,129
	Subtotal	$	71,713	$	70,197	$	45,080	$	17,109	$	20,358	$	119,270	$	3,245	$	346,972

Home Equity	Performing	$	1,995	$	943	$	8	$	115	$	55	$	820	$	59,875	$	63,811
	Non-performing		—		—		78		—		14		40		176	$	308
	Subtotal	$	1,995	$	943	$	86	$	115	$	69	$	860	$	60,051	$	64,119

Junior Liens	Performing	$	19,074	$	10,485	$	7,507	$	5,830	$	5,366	$	6,195	$	1,928	$	56,385
	Non-performing		—		4		77		90		139		141		—	$	451
	Subtotal	$	19,074	$	10,489	$	7,584	$	5,920	$	5,505	$	6,336	$	1,928	$	56,836

Other Residential	Performing	$	11,542	$	9,923	$	501	$	915	$	498	$	1,582	$	—	$	24,961
	Non-performing		—		—		—		425		35		18		—	$	478
	Subtotal	$	11,542	$	9,923	$	501	$	1,340	$	533	$	1,600	$	—	$	25,439

Consumer
Motor Vehicle	Performing	$	306,565	$	118,362	$	88,144	$	29,004	$	8,652	$	2,230	$	6	$	552,963
	Non-performing		813		739		437		237		66		47		—	$	2,339
	Subtotal	$	307,378	$	119,101	$	88,581	$	29,241	$	8,718	$	2,277	$	6	$	555,302

Other Consumer	Performing	$	13,426	$	7,914	$	4,109	$	1,302	$	429	$	819	$	4,819	$	32,818
	Non-performing		18		247		89		39		12		12		2	$	419
	Subtotal	$	13,444	$	8,161	$	4,198	$	1,341	$	441	$	831	$	4,821	$	33,237

Total	Performing	$	424,209	$	217,824	$	145,349	$	54,134	$	35,258	$	129,134	$	69,873	$	1,075,781
	Non-performing		937		990		681		932		366		2,040		178	$	6,124
Total other loans		$	425,146	$	218,814	$	146,030	$	55,066	$	35,624	$	131,174	$	70,051	$	1,081,905

PREMISES AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Line Items]

Schedule of premises and equipment

Premises and equipment are summarized as follows:


	December 31,
(Dollar amounts in thousands)	2023		2022
Land	$	17,379	$	17,888
Building and leasehold improvements		68,166		70,310
Furniture and equipment		52,201		46,669
		137,746		134,867
Less accumulated depreciation		(70,460)		(68,720)
TOTAL	$	67,286	$	66,147

Schedule of rent commitments


(Dollar amounts in thousands)	December 31, 2023
Twelve Months Ended December 31,
2024	$	890
2025		865
2026		798
2027		773
2028		663
Thereafter		2,205
Total Future Minimum Lease Payments		6,194
Amounts Representing Interest		(738)
Present Value of Net Future Minimum Lease Payments	$	5,456

Properties And Equipment

Property, Plant and Equipment [Line Items]

Schedule of rent commitments


2024	$	890
2025		865
2026		798
2027		773
2028		663
Thereafter		2,205
	$	6,194

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

GOODWILL AND INTANGIBLE ASSETS

Schedule of goodwill

Goodwill was as follows at year-end:


	2023		2022		2021
Beginning of year	$	86,985	$	86,135	$	78,592
Acquired goodwill		—		850		7,543
Impairment		—		—		—
End of year	$	86,985	$	86,985	$	86,135

Schedule of intangible assets subject to amortization

Intangible assets subject to amortization at December 31, 2023 and 2022 are as follows:


	2023				2022
	Gross		Accumulated		Gross		Accumulated
(Dollar amounts in thousands)	Amount		Amortization		Amount		Amortization
Core deposit intangible	$	21,857	$	16,271	$	21,857	$	15,143
	$	21,857	$	16,271	$	21,857	$	15,143

Schedule of estimated amortization expense

Estimated amortization expense for the next five years is as follows:


	In thousands
2024	$	888
2025		786
2026		679
2027		590
2028		1,139

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

DEPOSITS (Tables)

12 Months Ended

Dec. 31, 2023

DEPOSITS

Scheduled of maturities of time deposits

Scheduled maturities of time deposits for the next five years are as follows:


	(dollar amounts in thousands)
2024	$	452,606
2025		28,776
2026		17,226
2027		11,196
2028		6,070

SHORT-TERM BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2023

SHORT-TERM BORROWINGS

Schedule of short-term borrowings

A summary of the carrying value of the Corporation’s short-term borrowings at December 31, 2023 and 2022 is presented below:


(Dollar amounts in thousands)	2023		2022
Federal Funds Purchased	$	27,300	$	3,000
Repurchase Agreements		39,921		67,875
	$	67,221	$	70,875


(Dollar amounts in thousands)	2023			2022
Average amount outstanding	$	116,993		$	84,004
Maximum amount outstanding at a month end		169,816			96,728
Average interest rate during year		4.59	%		1.48	%
Interest rate at year-end		2.76	%		0.27	%

Schedule of collateral pledged to repurchase agreements by remaining maturity

December 31, 2023

Repurchase Agreements

Remaining Contractual Maturity of the Agreements

Overnight

Greater

and

Up to 30

30 - 90

than 90

(Dollar amounts in thousands)

continuous

days

Total

Mortgage Backed Securities - Residential and Collateralized
Mortgage Obligations

$

32,319

$

300

$

3,637

$

3,665

$

39,921

December 31, 2022

Repurchase Agreements

Remaining Contractual Maturity of the Agreements

Overnight

Greater

and

Up to 30

30 - 90

than 90

(Dollar amounts in thousands)

continuous

days

Total

Mortgage Backed Securities - Residential and Collateralized
Mortgage Obligations

$

63,335

$

—

$

4,175

$

365

$

67,875

OTHER BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2023

OTHER BORROWINGS

Schedule of other borrowings


(Dollar amounts in thousands)	2023		2022
FHLB advances	$	108,577	$	9,589
TOTAL	$	108,577	$	9,589

Schedule of aggregate minimum annual retirements


2024	$	102,613
2025		5,964
2026		—
2027		—
2028		—
Thereafter		—
	$	108,577

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

12 Months Ended

Dec. 31, 2023

REVENUE FROM CONTRACTS WITH CUSTOMERS

Schedule of non-interest income


		Years Ended December 31,
(Dollar amounts in thousands)		2023		2022
Non-interest income
Service charges on deposits and debit card fee income		$	28,079	$	27,540
Asset management fees			5,155		5,155
Interchange income			676		559
Net gains on sales of loans ^(a)			966		1,994
Loan servicing fees^(a)			1,176		1,554
Net gains/(losses) on sales of securities ^(a)			(1)		3
Other service charges and fees ^(a)			801		665
Other ^(b)	(c)		5,850		9,246
Total non-interest income		$	42,702	$	46,716

(a)	Not within the scope of ASC 606.

(b)	The Other category includes gains/(losses) on the sale of OREO for the years ended December 31, 2023 and December 31, 2022, totaling $(63) thousand and $60 thousand, respectively, which is within the scope of ASC 606; the remaining balance is outside the scope of ASC 606.

(c)	Legal settlement totaling $4 million received in first quarter 2022.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Schedule of income tax expense

Income tax expense is summarized as follows:


(Dollar amounts in thousands)	2023		2022		2021
Federal:
Currently payable	$	9,047	$	11,016	$	7,978
Deferred		263		2,277		1,488
		9,310		13,293		9,466
State:
Currently payable		2,302		2,485		3,080
Deferred		209		873		80
		2,511		3,358		3,160
TOTAL	$	11,821	$	16,651	$	12,626

Schedule of reconciliation of income tax expense

The reconciliation of income tax expense with the amount computed by applying the statutory federal income tax rate of 21% to income before income taxes is summarized as follows:


(Dollar amounts in thousands)	2023		2022		2021
Federal income taxes computed at the statutory rate	$	15,223	$	18,430	$	13,779
Add (deduct) tax effect of:
Tax exempt income		(3,548)		(3,439)		(2,745)
ESOP dividend deduction		(107)		(103)		(101)
State tax, net of federal benefit		1,984		2,653		2,496
General business tax credits		(1,720)		(674)		(716)
Other, net		(11)		(216)		(87)
TOTAL	$	11,821	$	16,651	$	12,626

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2023 and 2022, are as follows:


(Dollar amounts in thousands)	2023		2022
Deferred tax assets:
Other than temporary impairment	$	739	$	752
Net unrealized losses on retirement plans		3,497		5,614
Net unrealized loss on available for sale securities		35,358		39,242
Loan loss provisions		9,772		10,054
Unfunded commitments		528		537
Deferred compensation		1,711		1,957
Compensated absences		783		709
Post-retirement benefits		1,218		1,051
Lease liability		1,463		1,572
Purchase accounting		—		114
Other		3,808		3,018
GROSS DEFERRED ASSETS		58,877		64,620
Deferred tax liabilities:
Depreciation		(350)		(660)
Mortgage servicing rights		(310)		(458)
Pensions		(1,458)		(1,120)
Right-of-use asset		(1,452)		(1,566)
Intangibles		(6,318)		(6,093)
FHLB stock dividends		—		(32)
Purchase accounting		(157)		—
Other		(4,732)		(4,118)
GROSS DEFERRED LIABILITIES		(14,777)		(14,047)
NET DEFERRED TAX ASSETS	$	44,100	$	50,573

Schedule of reconciliation of unrecognized tax benefits

Unrecognized Tax Benefits — A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(Dollar amounts in thousands)	2023		2022		2021
Balance at January 1	$	858	$	808	$	867
Additions based on tax positions related to the current year		74		59		9
Additions based on tax positions related to prior years		—		—		—
Reductions due to the statute of limitations		(106)		(9)		(68)
Balance at December 31	$	826	$	858	$	808

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Tables)

12 Months Ended

Dec. 31, 2023

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK

Summary of commitment and contingent liabilities

Commitment and contingent liabilities are summarized as follows at December 31:


(Dollar amounts in thousands)	2023		2022
Home Equity	$	88,198	$	91,218
Commercial Operating Lines		538,945		616,399
Other Commitments		102,352		112,410
TOTAL	$	729,495	$	820,027
Commercial letters of credit	$	7,456	$	7,834

RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Defined Benefit Plan Disclosure

Schedule of Net Benefit Costs

Net periodic benefit cost and other amounts recognized in other comprehensive income included the following components:


(Dollar amounts in thousands)	2023		2022		2021
Service cost - benefits earned	$	628	$	1,190	$	1,355
Interest cost on projected benefit obligation		3,824		2,826		2,632
Expected return on plan assets		(3,879)		(4,910)		(4,713)
Net amortization and deferral		752		1,259		2,072
Net periodic pension cost		1,325		365		1,346
Net loss (gain) during the period		(1,761)		(5,323)		(5,883)
Amortization of prior service cost		—		—		(1)
Amortization of unrecognized (gain) loss		(752)		(1,259)		(2,072)
Total recognized in other comprehensive (income) loss		(2,513)		(6,582)		(7,956)
Total recognized net periodic pension cost and other comprehensive income	$	(1,188)	$	(6,217)	$	(6,610)

Schedule of Defined Benefit Plans Disclosures

The information below sets forth the change in projected benefit obligation, reconciliation of plan assets, and the funded status of the Corporation’s retirement program. Actuarial present value of benefits is based on service to date and present pay levels.


(Dollar amounts in thousands)	2023		2022
Change in benefit obligation:
Benefit obligation at January 1	$	83,578	$	106,496
Service cost		628		1,190
Interest cost		3,824		2,826
Actuarial (gain) loss		788		(21,350)
Benefits paid		(4,295)		(5,584)
Benefit obligation at December 31		84,523		83,578
Reconciliation of fair value of plan assets:
Fair value of plan assets at January 1		71,734		87,979
Actual return on plan assets		6,429		(11,117)
Employer contributions		249		456
Benefits paid		(4,295)		(5,584)
Fair value of plan assets at December 31		74,117		71,734
Funded status at December 31 (plan assets less benefit obligation)	$	(10,406)	$	(11,844)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)


	Balance at		Current Period		Balance at
(Dollar amounts in thousands)	1/1/2023		Change		12/31/2023
Unrealized gains (losses) on securities available-for-sale without other than temporary impairment	$	(131,135)	$	10,883	$	(120,252)
Unrealized gains (losses) on securities available-for-sale with other than temporary impairment		2,239		13		2,252
Total unrealized gain (loss) on securities available-for-sale	$	(128,896)	$	10,896	$	(118,000)
Unrealized gain (loss) on retirement plans		(11,078)		1,991		(9,087)
TOTAL	$	(139,974)	$	12,887	$	(127,087)


	Balance at		Current Period		Balance at
(Dollar amounts in thousands)	1/1/2022		Change		12/31/2022
Unrealized gains (losses) on securities available-for-sale without other than temporary impairment	$	13,155	$	(144,290)	$	(131,135)
Unrealized gains (losses) on securities available-for-sale with other than temporary impairment		2,519		(280)		2,239
Total unrealized income (loss) on securities available-for-sale	$	15,674	$	(144,570)	$	(128,896)
Unrealized gain (loss) on retirement plans		(18,100)		7,022		(11,078)
TOTAL	$	(2,426)	$	(137,548)	$	(139,974)

Schedule of Assumptions Used

The accumulated benefit obligation for the defined benefit pension plan was $81.8 million and $81.5 million at year-end 2023 and 2022.


Principal assumptions used to determine pension benefit obligation at year end:	2023		2022
Discount rate	4.83	%	5.02	%
Rate of increase in compensation levels	3.00		3.00


Principal assumptions used to determine net periodic pension cost:	2023		2022
Discount rate	5.02	%	2.83	%
Rate of increase in compensation levels	3.00		3.00
Expected long-term rate of return on plan assets	6.00		6.00

Schedule of Allocation of Plan Assets


	Pension Plan		ESOP		Pension				ESOP
	Target		Target		Percentage of Plan				Percentage of Plan
	Allocation		Allocation		Assets at December 31,				Assets at December 31,
ASSET CATEGORY	2023		2023		2023		2022		2023		2022
Equity securities	25-75	%	95-99	%	64	%	63	%	99	%	99	%
Debt securities	0-50	%	0-0	%	34	%	34	%	—	%	—	%
Other	0-20	%	0-5	%	2	%	3	%	1	%	1	%
TOTAL					100	%	100	%	100	%	100	%

Schedule Of Fair Value Of Plan Assets

The fair value of the plan assets at December 31, 2023 and 2022, by asset category, is as follows:


			Fair Value Measurements at
			December 31, 2023 Using:
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Observable
			Identical Assets		Inputs		Inputs
(Dollar amounts in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Plan assets
Equity securities	$	52,088	$	52,088	$	—	$	—
Debt securities		11,192		—		11,192		—
Investment Funds		10,837		10,837		—		—
Total plan assets	$	74,117	$	62,925	$	11,192	$	—


			Fair Value Measurements at
			December 31, 2022 Using:
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Observable
			Identical Assets		Inputs		Inputs
(Dollar amounts in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Plan assets
Equity securities	$	52,319	$	52,319	$	—	$	—
Debt securities		10,409		—		10,409		—
Investment Funds		9,006		9,006		—		—
Total plan assets	$	71,734	$	61,325	$	10,409	$	—

Schedule of Expected Benefit Payments

Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected:


PENSION BENEFITS
(Dollar amounts in thousands)
2024	$	4,766
2025		4,917
2026		5,077
2027		5,201
2028		5,308
2029-2033		27,124

Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected:


(Dollar amounts on thousands)
2024	$	—
2025		731
2026		763
2027		777
2028		750
2029-2033		3,426

Schedule Of Weighted Average Assumptions

Weighted average assumptions at December 31:


	December 31,
	2023		2022
Discount rate	4.83	%	5.02	%
Initial weighted health care cost trend rate	5.00	%	5.00	%
Ultimate health care cost trend rate	5.00		5.00
Year that the rate is assumed to stabilize and remain unchanged	2024		2023

Pension Plan [Member]

Defined Benefit Plan Disclosure

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in accumulated other comprehensive income at December 31, 2023 and 2022 consist of:


(Dollar amounts in thousands)	2023		2022
Net loss (gain)	$	11,956	$	14,469
Prior service cost (credit)		—		—
	$	11,956	$	14,469

Postretirement Health Coverage

Defined Benefit Plan Disclosure

Schedule of Net Benefit Costs


	December 31,
(Dollar amounts in thousands)	2023		2022
Change in benefit obligation:
Benefit obligation at January 1	$	3,175	$	4,015
Service cost		21		34
Interest cost		153		111
Plan participants' contributions		84		74
Actuarial (gain)		34		(758)
Benefits paid		(277)		(301)
Benefit obligation at December 31	$	3,190	$	3,175
Funded status at December 31	$	3,190	$	3,175

Schedule of Defined Benefit Plans Disclosures

Post-retirement health benefit expense included the following components:


	Years Ended December 31,
(Dollar amounts in thousands)	2023		2022		2021
Service cost	$	21	$	34	$	43
Interest cost		153		111		103
Amortization of net actuarial loss (gain)		(53)		—		—
Net periodic benefit cost		121		145		146
Net loss (gain) during the period		34		(758)		(53)
Amortization of prior service cost		53		—		—
Total recognized in other comprehensive income (loss)		87		(758)		(53)
Total recognized net periodic benefit cost and other comprehensive income	$	208	$	(613)	$	93

Supplemental Employee Retirement Plans, Defined Benefit

Defined Benefit Plan Disclosure

Schedule of Net Benefit Costs


(Dollar amounts in thousands)	2023		2022		2021
Net loss (gain) during the period	$	(144)	$	(1,604)	$	54
Amortization of prior service cost		—		—		—
Amortization of unrecognized (gain) loss		(84)		(418)		(441)
Total recognized in other comprehensive (income) loss	$	(228)	$	(2,022)	$	(387)

Schedule of Expected Benefit Payments

Estimated Future Payments — The following benefit payments, which reflect expected future service, are expected:


(Dollar amounts in thousands)
2024	$	249
2025		250
2026		247
2027		249
2028		250
2029-2033		1,205

STOCK BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

STOCK BASED COMPENSATION

Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest


		2023		2022
		Weighted Average		Weighted Average
	Number	Grant Date	Number	Grant Date
(shares in thousands)	Outstanding	Fair Value	Outstanding	Fair Value
Nonvested balance at January 1,	19,127	44.11	19,546	42.03
Granted during the year	22,228	45.07	18,679	45.35
Vested during the year	(20,308)	44.08	(19,098)	43.19
Forfeited during the year	—	—	—	—
Nonvested balance at December 31,	21,047	45.15	19,127	44.11

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Dec. 31, 2023

OTHER COMPREHENSIVE INCOME (LOSS)

Schedule of Accumulated Other Comprehensive Income


	Unrealized
	gains and
	(Losses) on available-		2023
	for-sale		Retirement
(Dollar amounts in thousands)	Securities		plans		Total
Beginning balance, January 1,	$	(128,896)	$	(11,078)	$	(139,974)
Change in other comprehensive income (loss) before reclassification		10,895		1,427		12,322
Amounts reclassified from accumulated other comprehensive income		1		564		565
Net current period other comprehensive income (loss)		10,896		1,991		12,887
Ending balance, December 31,	$	(118,000)	$	(9,087)	$	(127,087)


	Unrealized
	gains and
	(Losses) on available-		2022
	for-sale		Retirement
(Dollar amounts in thousands)	Securities		plans		Total
Beginning balance, January 1,	$	15,674	$	(18,100)	$	(2,426)
Change in other comprehensive income (loss) before reclassification		(144,568)		6,078		(138,490)
Amounts reclassified from accumulated other comprehensive income		(2)		944		942
Net current period other comprehensive income (loss)		(144,570)		7,022		(137,548)
Ending balance, December 31,	$	(128,896)	$	(11,078)	$	(139,974)

Schedule Of Accumulated Other Comprehensive Income Loss Other Than Temporary Impairment


	Balance at		Current Period		Balance at
(Dollar amounts in thousands)	1/1/2023		Change		12/31/2023
Unrealized gains (losses) on securities available-for-sale without other than temporary impairment	$	(131,135)	$	10,883	$	(120,252)
Unrealized gains (losses) on securities available-for-sale with other than temporary impairment		2,239		13		2,252
Total unrealized gain (loss) on securities available-for-sale	$	(128,896)	$	10,896	$	(118,000)
Unrealized gain (loss) on retirement plans		(11,078)		1,991		(9,087)
TOTAL	$	(139,974)	$	12,887	$	(127,087)


	Balance at		Current Period		Balance at
(Dollar amounts in thousands)	1/1/2022		Change		12/31/2022
Unrealized gains (losses) on securities available-for-sale without other than temporary impairment	$	13,155	$	(144,290)	$	(131,135)
Unrealized gains (losses) on securities available-for-sale with other than temporary impairment		2,519		(280)		2,239
Total unrealized income (loss) on securities available-for-sale	$	15,674	$	(144,570)	$	(128,896)
Unrealized gain (loss) on retirement plans		(18,100)		7,022		(11,078)
TOTAL	$	(2,426)	$	(137,548)	$	(139,974)

Reclassification out of Accumulated Other Comprehensive Income


	Balance at December 31, 2023
Details about accumulated	Amount reclassified from			Affected line item in
other comprehensive	accumulated other			the statement where
income components	comprehensive income			net income is presented
	(in thousands)
Unrealized gains and losses	$	(1)		Net securities gains (losses)
on available-for-sale		—		Income tax expense
securities	$	(1)		Net of tax

Amortization of	$	(752)	(a)	Salary and benefits
retirement plan items		188		Income tax expense
	$	(564)		Net of tax
Total reclassifications for the period	$	(565)		Net of tax

(a)	Included in the computation of net periodic benefit cost which is included in salaries and benefits. (see Footnote 16 for additional details).


	Balance at December 31, 2022
Details about accumulated	Amount reclassified from			Affected line item in
other comprehensive	accumulated other			the statement where
income components	comprehensive income			net income is presented
	(in thousands)
Unrealized gains and losses	$	3		Net securities gains (losses)
on available-for-sale		(1)		Income tax expense
securities	$	2		Net of tax

Amortization of	$	(1,259)	(a)	Salary and benefits
retirement plan items		315		Income tax expense
	$	(944)		Net of tax
Total reclassifications for the period	$	(942)		Net of tax

(a)	Included in the computation of net periodic benefit cost which is included in salaries and benefits. (see Footnote 16 for additional details).


	Balance at December 31, 2021
Details about accumulated	Amount reclassified from			Affected line item in
other comprehensive	accumulated other			the statement where
income components	comprehensive income			net income is presented
	(in thousands)
Unrealized gains and losses	$	114		Net securities gains (losses)
on available-for-sale		(29)		Income tax expense
securities	$	85		Net of tax

Amortization of	$	(2,072)	(a)
retirement plan items		518		Income tax expense
	$	(1,554)		Net of tax
Total reclassifications for the period	$	(1,469)		Net of tax

(a)	Included in the computation of net periodic benefit cost which is included in salaries and benefits. (see Footnote 16 for additional details).

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

LEASES

Schedule of lease cost


	Year Ended
(Dollar amounts in thousands)	December 31, 2023
Operating lease cost	$	1,006
Short-term lease cost		137
Variable lease cost		12
Total lease cost	$	1,155

Other information:
Cash paid for amounts included in the measurement of operating lease liabilities		967
Right-of-use assets obtained in exchange for new operating lease liabilities		854

Schedule of Future minimum payments for operating leases


(Dollar amounts in thousands)	December 31, 2023
Twelve Months Ended December 31,
2024	$	890
2025		865
2026		798
2027		773
2028		663
Thereafter		2,205
Total Future Minimum Lease Payments		6,194
Amounts Representing Interest		(738)
Present Value of Net Future Minimum Lease Payments	$	5,456

REGULATORY MATTERS (Tables)

12 Months Ended

Dec. 31, 2023

REGULATORY MATTERS

Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations

The following table presents the actual and required capital amounts and related ratios for the Corporation and First Financial Bank, N.A., at year-end 2023 and 2022.


									To Be Well Capitalized
						For Capital			Under Prompt Corrective
	Actual				Adequacy Purposes				Action Provisions
(Dollar amounts in thousands)	Amount		Ratio		Amount		Ratio		Amount	Ratio
Total risk-based capital
Corporation – 2023	$	602,258	15.80	%	$	400,201	10.500	%	N/A	N/A
Corporation – 2022		561,347	14.61	%		403,400	10.500	%	N/A	N/A
First Financial Bank – 2023		560,975	14.89	%		395,567	10.500	%	376,731	10.00	%
First Financial Bank – 2022		498,246	13.14	%		398,179	10.500	%	379,219	10.00	%
Common equity tier I capital
Corporation – 2023	$	562,492	14.76	%	$	266,800	7.000	%	N/A	N/A
Corporation – 2022		521,568	13.58	%		268,933	7.000	%	N/A	N/A
First Financial Bank – 2023		521,209	13.84	%		263,712	7.000	%	244,875	6.50	%
First Financial Bank – 2022		458,467	12.09	%		265,453	7.000	%	246,492	6.50	%
Tier I risk-based capital
Corporation – 2023	$	562,492	14.76	%	$	323,972	8.500	%	N/A	N/A
Corporation – 2022		521,568	13.58	%		326,562	8.500	%	N/A	N/A
First Financial Bank – 2023		521,209	13.84	%		320,221	8.500	%	301,385	8.00	%
First Financial Bank – 2022		458,467	12.09	%		322,336	8.500	%	303,375	8.00	%
Tier I leverage capital
Corporation – 2023	$	562,492	12.14	%	$	185,309	4.00	%	N/A	N/A
Corporation – 2022		521,568	10.78	%		193,476	4.00	%	N/A	N/A
First Financial Bank – 2023		521,209	10.73	%		194,384	4.00	%	242,981	5.00	%
First Financial Bank – 2022		458,467	9.50	%		193,073	4.00	%	241,341	5.00	%

PARENT COMPANY CONDENSED FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2023

PARENT COMPANY CONDENSED FINANCIAL STATEMENTS

Schedule of Condensed Balance Sheet

CONDENSED BALANCE SHEETS


	December 31,
(Dollar amounts in thousands)	2023		2022
ASSETS
Cash deposits in affiliated banks	$	37,907	$	60,692
Investments in subsidiaries		484,868		412,570
Securities available-for-sale		1,401		—
Land and headquarters building, net		8,822		9,116
Other		36,985		42,120
Total Assets	$	569,983	$	524,498
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Dividends payable		5,304		8,912
Other liabilities		36,703		40,293
TOTAL LIABILITIES		42,007		49,205
Shareholders' Equity		527,976		475,293
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	569,983	$	524,498

Schedule of Condensed Income Statement

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)


	Years Ended December 31,
(Dollar amounts in thousands)	2023		2022		2021
Dividends from subsidiaries	$	2,818	$	94,048	$	99,231
Securities interest income		7		—		—
Other income		1,476		1,254		746
Other operating expenses		(3,719)		(3,435)		(2,611)
Income before income taxes and equity in undistributed earnings of subsidiaries		582		91,867		97,366
Income tax benefit		684		1,110		681
Income before equity in undistributed earnings of subsidiaries		1,266		92,977		98,047
Equity in undistributed earnings of subsidiaries		59,406		(21,868)		(45,060)
Net income	$	60,672	$	71,109	$	52,987

Comprehensive income (loss)	$	73,559	$	(66,439)	$	40,797

Schedule of Condensed Cash Flow Statement

CONDENSED STATEMENTS OF CASH FLOWS


	Years Ended December 31,
(Dollar amounts in thousands)	2023		2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	60,672	$	71,109	$	52,987
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		307		297		191
Equity in undistributed earnings		(59,406)		21,868		45,060
Contribution of shares to ESOP		1,518		1,451		1,402
Restricted stock compensation		895		825		807
Increase (decrease) in other liabilities		(3,590)		33,050		435
(Increase) decrease in other assets		5,136		(34,602)		(1,518)
NET CASH FROM OPERATING ACTIVITIES		5,532		93,998		99,364
CASH FLOWS FROM INVESTING ACTIVITIES:
Securities available-for-sale acquired from dissolution of FFBRM		(1,407)		—		—
(Increase) decrease in premises and equipment		(13)		(4,990)		—
Cash received (disbursed) from acquisitions		—		—		(31,348)
NET CASH FROM INVESTING ACTIVITIES		(1,420)		(4,990)		(31,348)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on borrowings		—		—		—
Purchase of treasury stock		(11,514)		(27,701)		(42,471)
Dividends paid		(15,383)		(14,459)		(14,181)
NET CASH FROM FINANCING ACTIVITES		(26,897)		(42,160)		(56,652)
NET (DECREASE) INCREASE IN CASH		(22,785)		46,848		11,364
CASH, BEGINNING OF YEAR		60,692		13,844		2,480
CASH, END OF YEAR	$	37,907	$	60,692	$	13,844
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest	$	—	$	—	$	—
Income taxes	$	11,350	$	13,525	$	15,025

BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Details)	1 Months Ended	12 Months Ended
BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Details)	Oct. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) item segment subsidiary	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Property, Plant and Equipment
Number of investment subsidiaries (subsidiary) \| subsidiary		2
Number of branches entity operates (branches)		70
Number of loan production offices		6
Transfer to other real estate \| $		$ 88,000	$ 570,000	$ 43,000
Impairment of goodwill \| $	$ 0
Repayment of deferred fees and interest in years		10 years
Expenses for deferred compensation \| $		$ 49,000	78,000	117,000
Allowance for credit losses on unfunded commitments \| $		2,000,000.0	2,100,000
Compensation expense \| $		0	0	0
Deferred compensation liability, current \| $		$ 1,100,000	1,200,000
Incentive award, payment period		15 years
Compensation liability \| $		$ 3,800,000	4,800,000
Short term portion, payment period		75 days
Vesting period		3 years
Long term portion, payment period		75 days
Officers' compensation expense \| $		$ 2,900,000	2,000,000.0	2,300,000
Deferred compensation liability incentive plan \| $		$ 1,800,000	1,600,000
Likelihood of unfavorable settlement (percent)		50.00%
Number of reportable segments \| segment		1
Minimum
Property, Plant and Equipment
Finite-lived intangible asset, useful life		10 years
Maximum
Property, Plant and Equipment
Finite-lived intangible asset, useful life		12 years
Furniture and Fixtures \| Minimum
Property, Plant and Equipment
Property, plant and equipment, estimated useful lives		3 years
Furniture and Fixtures \| Maximum
Property, Plant and Equipment
Property, plant and equipment, estimated useful lives		5 years
Buildings And Leasehold Improvements \| Minimum
Property, Plant and Equipment
Property, plant and equipment, estimated useful lives		33 years
Buildings And Leasehold Improvements \| Maximum
Property, Plant and Equipment
Property, plant and equipment, estimated useful lives		39 years
Vigo County
Property, Plant and Equipment
Number of branches entity operates (branches)		7
Daviess County, Indiana
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Clay County, Indiana
Property, Plant and Equipment
Number of branches entity operates (branches)		3
Greene County, Indiana
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Knox County, Indiana
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Parke County, Indiana
Property, Plant and Equipment
Number of branches entity operates (branches)		2
Putnam County, Indiana
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Sullivan County, Indiana
Property, Plant and Equipment
Number of branches entity operates (branches)		2
Vanderburgh County, Indiana
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Allen County, Indiana
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Monroe County, Indiana
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Vermillion County, Indiana
Property, Plant and Equipment
Number of branches entity operates (branches)		3
Champaign County, Illinois
Property, Plant and Equipment
Number of loan production offices		4
Clark County, Illinois
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Coles County, Illinois
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Crawford County, Illinois
Property, Plant and Equipment
Number of branches entity operates (branches)		2
Franklin County, Illinois
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Jasper County, Illinois
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Lawrence County, Illinois
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Livingston County, Illinois
Property, Plant and Equipment
Number of branches entity operates (branches)		2
Marion County, Illinois
Property, Plant and Equipment
Number of branches entity operates (branches)		2
McLean County, Illinois
Property, Plant and Equipment
Number of branches entity operates (branches)		2
Richland County, Illinois
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Vermilion County, Illinois
Property, Plant and Equipment
Number of branches entity operates (branches)		5
Wayne County, Illinois
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Calloway County, Kentucky
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Breckinridge County, Kentucky
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Christian County, Kentucky
Property, Plant and Equipment
Number of branches entity operates (branches)		3
Fulton County, Kentucky
Property, Plant and Equipment
Number of branches entity operates (branches)		2
Hancock County, Kentucky
Property, Plant and Equipment
Number of branches entity operates (branches)		2
Hopkins County, Kentucky
Property, Plant and Equipment
Number of branches entity operates (branches)		2
Marshall County, Kentucky
Property, Plant and Equipment
Number of branches entity operates (branches)		2
Todd County, Kentucky
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Trigg County, Kentucky
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Warren County, Kentucky
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Cheatham County, Tennessee
Property, Plant and Equipment
Number of branches entity operates (branches)		3
Montgomery County, Tennessee
Property, Plant and Equipment
Number of branches entity operates (branches)		3
Hamilton County, Indiana
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Rutherford County, Tennessee
Property, Plant and Equipment
Number of branches entity operates (branches)		1
Williamson County, Tennessee
Property, Plant and Equipment
Number of branches entity operates (branches)		1
First Financial Bank
Property, Plant and Equipment
Investments in subsidiaries \| $		$ 1,000,000,000.0
Service fees
Property, Plant and Equipment
Revenue within scope of ASC 606 \| $		$ 1,300,000	$ 1,400,000	$ 1,300,000

FAIR VALUES OF FINANCIAL INSTRUMENTS - Fair Value of Derivatives as of Measurement Date (Level 2 Inputs) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair value measurement
Fair Value	$ 1,259,137	$ 1,330,481
U.S. Government agencies
Fair value measurement
Fair Value	91,440	98,473
Mortgage Backed Securities - residential
Fair value measurement
Fair Value	569,885	620,248
Mortgage Backed Securities - commercial
Fair value measurement
Fair Value	7,483	9,677
Collateralized mortgage obligations
Fair value measurement
Fair Value	180,829	203,485
State and municipal
Fair value measurement
Fair Value	370,811	360,153
Municipal taxable
Fair value measurement
Fair Value	34,285	32,515
U.S. Treasury
Fair value measurement
Fair Value	1,402	2,944
Collateralized debt obligations
Fair value measurement
Fair Value	3,002	2,986
Level 1
Fair value measurement
Fair Value	0	0
Level 2
Fair value measurement
Fair Value	1,254,955	1,325,950
Derivative Assets	2,878	2,838
Derivative Liabilities	(2,878)	(2,838)
Level 2 \| U.S. Government agencies
Fair value measurement
Fair Value	91,440	98,473
Level 2 \| Mortgage Backed Securities - residential
Fair value measurement
Fair Value	569,885	620,248
Level 2 \| Mortgage Backed Securities - commercial
Fair value measurement
Fair Value	7,483	9,677
Level 2 \| Collateralized mortgage obligations
Fair value measurement
Fair Value	180,829	203,485
Level 2 \| State and municipal
Fair value measurement
Fair Value	369,631	358,608
Level 2 \| Municipal taxable
Fair value measurement
Fair Value	34,285	32,515
Level 2 \| U.S. Treasury
Fair value measurement
Fair Value	1,402	2,944
Level 3
Fair value measurement
Fair Value	4,182	4,531
Level 3 \| State and municipal
Fair value measurement
Fair Value	1,180	1,545
Level 3 \| Collateralized debt obligations
Fair value measurement
Fair Value	$ 3,002	$ 2,986

FAIR VALUES OF FINANCIAL INSTRUMENTS - Reconciliation and Income Statement Unobservable Inputs (Level 3) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Total realized/unrealized gains or losses
Beginning balance	$ 4,531	$ 5,254
Total realized/unrealized gains or losses - Included in earnings	0	0
Total realized/unrealized gains or losses - Included in other comprehensive income	$ 16	$ (373)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, Portion Attributable to Parent	Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, Portion Attributable to Parent
Transfers	$ 0	$ 0
Settlements	(365)	(350)
Ending balance	4,182	4,531
State and municipal obligations
Total realized/unrealized gains or losses
Beginning balance	1,545	1,895
Total realized/unrealized gains or losses - Included in earnings	0	0
Total realized/unrealized gains or losses - Included in other comprehensive income	0
Transfers	0	0
Settlements	(365)	(350)
Ending balance	1,180	1,545
Collateralized debt obligations
Total realized/unrealized gains or losses
Beginning balance	2,986	3,359
Total realized/unrealized gains or losses - Included in earnings	0	0
Total realized/unrealized gains or losses - Included in other comprehensive income	16	(373)
Settlements	0	0
Ending balance	$ 3,002	$ 2,986

FAIR VALUES OF FINANCIAL INSTRUMENTS - Quantitative Information About Recurring and Non-Recurring Level 3 (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques
Range of Inputs (percent)	0
Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques
Range of Inputs (percent)	100
State and municipal obligations \| Level 3
Fair Value Measurement Inputs and Valuation Techniques
Fair Value	$ 1,180	$ 1,545
State and municipal obligations \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques
Range of Inputs (percent)		0.0534
State and municipal obligations \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques
Range of Inputs (percent)	0.0404	0.0373
State and municipal obligations \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques
Range of Inputs (percent)	0.0444	0.0444
Collateralized debt obligations \| Level 3
Fair Value Measurement Inputs and Valuation Techniques
Fair Value	$ 3,002	$ 2,986
Collateralized debt obligations \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques
Range of Inputs (percent)	0.0736
Collateral dependent loans \| Level 3
Fair Value Measurement Inputs and Valuation Techniques
Fair Value	$ 11,306	$ 4,477
Collateral dependent loans \| Discount rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques
Range of Inputs (percent)	0.0000	0.0000
Collateral dependent loans \| Discount rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques
Range of Inputs (percent)	1.0000	0.5000

FAIR VALUES OF FINANCIAL INSTRUMENTS - Carrying Amount and Estimated Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Carrying amount and estimated fair value of financial instruments
Securities available-for-sale	$ 1,259,137	$ 1,330,481
Restricted stock	15,364	15,378
Accrued interest receivable	24,877	21,288
Deposits	(4,090,068)	(4,368,871)
Level 1
Carrying amount and estimated fair value of financial instruments
Cash and due from banks	25,467	29,400
Securities available-for-sale	0	0
Level 2
Carrying amount and estimated fair value of financial instruments
Cash and due from banks	51,292	193,117
Federal funds sold	282	9,374
Securities available-for-sale	1,254,955	1,325,950
Accrued interest receivable	6,755	5,529
Deposits	(4,094,552)	(4,369,402)
Short-term borrowings	(67,221)	(70,875)
Other borrowings	(108,496)	(8,788)
Accrued interest payable	(2,588)	(483)
Level 3
Carrying amount and estimated fair value of financial instruments
Securities available-for-sale	4,182	4,531
Loans, net	3,025,621	2,930,680
Accrued interest receivable	18,122	15,759
Reported Value Measurement
Carrying amount and estimated fair value of financial instruments
Cash and due from banks	76,759	222,517
Federal funds sold	282	9,374
Securities available-for-sale	1,259,137	1,330,481
Restricted stock	15,364	15,378
Loans, net	3,128,054	3,027,659
Accrued interest receivable	24,877	21,288
Deposits	(4,090,068)	(4,368,871)
Short-term borrowings	(67,221)	(70,875)
Other borrowings	(108,577)	(9,589)
Accrued interest payable	(2,588)	(483)
Estimate of Fair Value Measurement
Carrying amount and estimated fair value of financial instruments
Cash and due from banks	76,759	222,517
Federal funds sold	282	9,374
Securities available-for-sale	1,259,137	1,330,481
Loans, net	3,025,621	2,930,680
Accrued interest receivable	24,877	21,288
Deposits	(4,094,552)	(4,369,402)
Short-term borrowings	(67,221)	(70,875)
Other borrowings	(108,496)	(8,788)
Accrued interest payable	$ (2,588)	$ (483)

FAIR VALUES OF FINANCIAL INSTRUMENTS - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Carrying amount and estimated fair value of financial instruments
Fair value, assets, level 1 to level 2 transfers, amount	$ 0	$ 0
Fair value, assets, level 2 to level 1 transfers, amount	0	0
Fair value, liabilities, level 1 to level 2 transfers, amount	0	0
Fair value, liabilities, level 2 to level 1 transfers, amount	0	0
Unrealized gains and losses	0	0	$ 0
Other Real Estate Commercial loan \| Level 3
Carrying amount and estimated fair value of financial instruments
Fair Value	26	39
Other Real Estate Residential Loan \| Level 3
Carrying amount and estimated fair value of financial instruments
Fair Value	81	298
Other Real Estate \| Level 3
Carrying amount and estimated fair value of financial instruments
Fair Value	107	337
Assets fair value adjustment increase (decrease)	$ 57	$ 25
Discount rate \| Minimum
Carrying amount and estimated fair value of financial instruments
Range of Inputs (percent)	0
Discount rate \| Maximum
Carrying amount and estimated fair value of financial instruments
Range of Inputs (percent)	100
Discount rate \| Average
Carrying amount and estimated fair value of financial instruments
Range of Inputs (percent)	36

RESTRICTIONS ON CASH AND DUE FROM BANKS (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
RESTRICTIONS ON CASH AND DUE FROM BANKS
Cash reserve balance	$ 0	$ 0

SECURITIES - Fair value of securities available for sale and related unrealized gain and loss (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortized cost and fair value of investments classified as available for sale
Amortized Cost	$ 1,412,498	$ 1,498,626
Unrealized Gains	4,484	3,989
Unrealized Losses	(157,845)	(172,134)
Fair Value	1,259,137	1,330,481
Amortized Cost	1,259,137
U.S. Government agencies
Amortized cost and fair value of investments classified as available for sale
Amortized Cost	102,978	110,226
Unrealized Gains	4	24
Unrealized Losses	(11,542)	(11,777)
Fair Value	91,440	98,473
Mortgage Backed Securities - residential
Amortized cost and fair value of investments classified as available for sale
Amortized Cost	653,507	711,131
Unrealized Gains	53	133
Unrealized Losses	(83,675)	(91,016)
Fair Value	569,885	620,248
Mortgage Backed Securities - commercial
Amortized cost and fair value of investments classified as available for sale
Amortized Cost	7,919	10,103
Unrealized Gains	0	0
Unrealized Losses	(436)	(426)
Fair Value	7,483	9,677
Collateralized mortgage obligations
Amortized cost and fair value of investments classified as available for sale
Amortized Cost	209,398	228,344
Unrealized Gains	6	60
Unrealized Losses	(28,575)	(24,919)
Fair Value	180,829	203,485
State and municipal obligations
Amortized cost and fair value of investments classified as available for sale
Amortized Cost	397,413	396,522
Unrealized Gains	1,407	745
Unrealized Losses	(28,009)	(37,114)
Fair Value	370,811	360,153
Municipal taxable
Amortized cost and fair value of investments classified as available for sale
Amortized Cost	39,872	39,321
Unrealized Gains	12	41
Unrealized Losses	(5,599)	(6,847)
Fair Value	34,285	32,515
U.S. Treasury
Amortized cost and fair value of investments classified as available for sale
Amortized Cost	1,411	2,979
Unrealized Gains	0	0
Unrealized Losses	(9)	(35)
Fair Value	1,402	2,944
Collateralized debt obligations
Amortized cost and fair value of investments classified as available for sale
Amortized Cost	0	0
Unrealized Gains	3,002	2,986
Unrealized Losses	0	0
Fair Value	$ 3,002	$ 2,986

SECURITIES - Gross gains and losses realized by the corporation on investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SECURITIES
Proceeds	$ 330	$ 1,565	$ 12,886
Gross gains	1	6	274
Gross losses	$ (2)	$ (3)	$ (160)

SECURITIES - Contractual maturities of debt securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less	$ 10,464
Due after one but within five years	41,818
Due after five but within ten years	107,538
Due after ten years	381,854
Total of securities having specified maturity period	541,674
Mortgage-backed securities and collateralized mortgage obligations	870,824
Amortized Cost	1,412,498	$ 1,498,626
Fair Value
Due in one year or less	10,346
Due after one but within five years	40,271
Due after five but within ten years	104,878
Due after ten years	345,445
Total of securities having specified maturities period	500,940
Mortgage-backed securities and collateralized mortgage obligations	758,197
TOTAL	$ 1,259,137	$ 1,330,481

SECURITIES - Securities Gross (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Less Than 12 Months
Fair Value	$ 67,104	$ 692,782
Unrealized Losses	(745)	(63,580)
More Than 12 Months
Fair Value	1,060,039	536,618
Unrealized Losses	(157,100)	(108,554)
Total
Fair Value	1,127,143	1,229,400
Unrealized Losses	(157,845)	(172,134)
U.S. Government agencies
Less Than 12 Months
Fair Value	3,757	58,462
Unrealized Losses	(73)	(4,034)
More Than 12 Months
Fair Value	87,291	38,959
Unrealized Losses	(11,469)	(7,743)
Total
Fair Value	91,048	97,421
Unrealized Losses	(11,542)	(11,777)
Mortgage Backed Securities - residential
Less Than 12 Months
Fair Value	3,810	234,488
Unrealized Losses	(41)	(19,757)
More Than 12 Months
Fair Value	556,414	379,520
Unrealized Losses	(83,634)	(71,259)
Total
Fair Value	560,224	614,008
Unrealized Losses	(83,675)	(91,016)
Mortgage Backed Securities - commercial
Less Than 12 Months
Fair Value		9,677
Unrealized Losses		(426)
More Than 12 Months
Fair Value	7,483	0
Unrealized Losses	(436)	0
Total
Fair Value	7,483	9,677
Unrealized Losses	(436)	(426)
Collateralized Mortgage Obligations
Less Than 12 Months
Fair Value	12,981	135,135
Unrealized Losses	(303)	(11,331)
More Than 12 Months
Fair Value	164,871	63,792
Unrealized Losses	(28,272)	(13,588)
Total
Fair Value	177,852	198,927
Unrealized Losses	(28,575)	(24,919)
State and municipal obligations
Less Than 12 Months
Fair Value	45,154	233,439
Unrealized Losses	(319)	(24,291)
More Than 12 Months
Fair Value	212,022	41,510
Unrealized Losses	(27,690)	(12,823)
Total
Fair Value	257,176	274,949
Unrealized Losses	(28,009)	(37,114)
Municipal taxable
Less Than 12 Months
Fair Value		18,637
Unrealized Losses		(3,706)
More Than 12 Months
Fair Value	31,958	12,837
Unrealized Losses	(5,599)	(3,141)
Total
Fair Value	31,958	31,474
Unrealized Losses	(5,599)	(6,847)
U.S. Treasury
Less Than 12 Months
Fair Value	1,402	2,944
Unrealized Losses	(9)	(35)
More Than 12 Months
Fair Value	0	0
Unrealized Losses	0	0
Total
Fair Value	1,402	2,944
Unrealized Losses	$ (9)	$ (35)

SECURITIES - Roll forward of the credit losses recognized in earnings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Credit Losses Recognized in Earnings [Roll Forward]
Beginning balance	$ 2,974	$ 2,974	$ 2,974
Reductions for securities called during the period	0	0	0
Ending balance	$ 2,974	$ 2,974	$ 2,974

SECURITIES - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017 security	Dec. 31, 2023 USD ($) segment security	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Securities, Available-for-sale [Line Items]
Securities pledged as collateral		$ 992,100	$ 946,300
Gain on sale of investments		1	6	$ 274
Loss on sale of investments		$ 2	3	160
Number of CDO other-than-temporary impaired \| security		3
Number of CDO called \| security	1
Number of investment securities segregation for impairment evaluation \| segment		2
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions \| segment		844
Cumulative credit loss charges recorded through earnings to date		$ 2,974	2,974	$ 2,974	$ 2,974
Unrealized losses		157,845	$ 172,134
Collateralized debt obligations
Debt Securities, Available-for-sale [Line Items]
Contractual balance		3,700
Reduced balance		3,000
Interest payment received		750
Other comprehensive income net		3,000
Cumulative credit loss charges recorded through earnings to date		$ 3,000

LOANS - Summary of loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 3,160,072	$ 3,060,263
Deferred costs, net	7,749	7,175
Allowance fore credit losses	(39,767)	(39,779)	$ (48,305)	$ (44,076)
Loans, Net	3,128,054	3,027,659
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	1,817,526	1,798,260
Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	695,788	673,464
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 646,758	$ 588,539

LOANS - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group	$ 2.5	$ 1.7
Loans serviced for others, not reported as assets	462.6	518.1
Escrow deposit	2.1	2.7
Fair value, based on valuations	$ 2.9	$ 3.3
Servicing Liability, Fair Value, Change in Fair Value, Valuation Input, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Sale of Mortgage Loans	Gain (Loss) on Sale of Mortgage Loans
Valuation allowance	$ 0.0	$ 0.0
Assumptions used to estimate fair value, discount rate (percent)	12.50%	12.50%
Assumptions used to estimate fair value, weighted average life	8 years
Director and Executive Officer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance	$ 46.1
Advances	46.7
Repayments	48.1
Ending Balance	$ 44.7	$ 46.1
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assumptions used to estimate fair value, prepayment speed (percent)	197.00%	238.00%
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assumptions used to estimate fair value, prepayment speed (percent)	100.00%	113.00%

LOANS - Capitalized mortgage servicing rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Servicing rights:
Beginning of year	$ 1,767	$ 1,959	$ 1,601
Additions		489	1,094
Amortized to expense	(556)	(681)	(736)
End of year	$ 1,211	$ 1,767	$ 1,959

ACQUISITIONS - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Nov. 05, 2021	Nov. 04, 2021	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Business Acquisition
Goodwill			$ 86,135	$ 86,985	$ 86,985	$ 78,592
Hancock Bancorp, Inc
Business Acquisition
Share price	$ 18.38
Aggregate value of the transaction	$ 31,358	$ 31,358
Acquisition-related costs			$ 1,200
Goodwill	8,393	$ 7,543
Financial assets purchased	12,900
Contractual Receivables Gross	18,300
Contractual Receivables uncollectible	$ 4,400

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

ACQUISITIONS - Assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	Nov. 05, 2021	Nov. 05, 2021	Nov. 04, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liabilities assumed
Goodwill				$ 86,985	$ 86,985	$ 86,135	$ 78,592
Hancock Bancorp, Inc
Consideration
Cash consideration	$ 31,358		$ 31,358
Fair value of total consideration transferred	31,358		31,358
Assets acquired
Cash	8,266	$ 8,266	3,046
Investment securities available-for-sale	51,834	51,834	57,054
Federal funds sold	10,470	10,470	10,470
Bank owned life insurance	9,753	9,753	9,753
Federal Home Loan Bank stock	1,362	1,362	1,362
Loans	227,827	227,827	227,827
Premises and equipment	8,180	8,180	8,180
Core deposit intangibles	652	652	652
Other assets	3,717	3,717	4,567
Total assets acquired	322,061	322,061	322,911
Liabilities assumed
Deposits	286,098	286,098	286,098
FHLB advances	11,042	11,042	11,042
Other liabilities	1,956	1,956	1,956
Total liabilities assumed	299,096	299,096	299,096
Net identifiable assets	22,965	22,965	23,815
Goodwill	$ 8,393	8,393	$ 7,543
Measurement Period Adjustments - Assets acquired
Cash		5,220
Investment securities available-for-sale		(5,220)
Other assets		(850)
Total assets acquired		(850)
Net identifiable assets		(850)
Goodwill		$ 850

ACQUISITIONS - Pro forma Financial Information (Details) - Hancock Bancorp, Inc - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition
Net interest income	$ 150,806	$ 156,051
Net income	$ 53,714	$ 55,958
Basic earnings per share	$ 4.07	$ 4.08
Diluted earnings per share	$ 4.07	$ 4.08

ALLOWANCE FOR CREDIT LOSSES - Activity in allowance for credit losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 39,779	$ 48,305	$ 44,076
PCD ACL on acquired loans			4,410
Provision for credit losses	7,295	(2,025)	2,466
Loans charged -off	(15,496)	(15,706)	(8,216)
Recoveries	8,189	9,205	5,569
Ending Balance	39,767	39,779	48,305
Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	12,949	18,883	13,925
PCD ACL on acquired loans			4,410
Provision for credit losses	198	(4,079)	1,637
Loans charged -off	(966)	(3,917)	(2,158)
Recoveries	1,083	2,062	1,069
Ending Balance	13,264	12,949	18,883
Residential
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	14,568	18,316	19,142
Provision for credit losses	(317)	(3,850)	(630)
Loans charged -off	(216)	(657)	(812)
Recoveries	292	759	616
Ending Balance	14,327	14,568	18,316
Consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	12,104	10,721	11,009
Provision for credit losses	7,193	6,131	1,074
Loans charged -off	(14,314)	(11,132)	(5,246)
Recoveries	6,814	6,384	3,884
Ending Balance	11,797	12,104	10,721
Unallocated
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	158	385	0
PCD ACL on acquired loans			0
Provision for credit losses	221	(227)	385
Loans charged -off		0	0
Recoveries		0	0
Ending Balance	$ 379	$ 158	$ 385

ALLOWANCE FOR CREDIT LOSSES - Recorded Investments in Nonperforming Loans (Details) - Nonperforming Loans - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Aging of recorded investment in loans by past due category and class of loans
Loans Past Due Over 90 Day Still Accruing	$ 988	$ 1,157
Non-accrual	23,596	11,554
Nonaccrual With No Allowance For Credit Loss	5,575	2,461
Commercial & Industrial \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Loans Past Due Over 90 Day Still Accruing	5	114
Non-accrual	13,971	2,137
Nonaccrual With No Allowance For Credit Loss	860	254
Farmland \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Loans Past Due Over 90 Day Still Accruing	0	0
Non-accrual	1,221	461
Nonaccrual With No Allowance For Credit Loss	1,201	0
Non Farm, Non Residential \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Loans Past Due Over 90 Day Still Accruing	0	0
Non-accrual	995	2,064
Nonaccrual With No Allowance For Credit Loss	1,011	2,052
Agriculture \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Loans Past Due Over 90 Day Still Accruing	0	0
Non-accrual	1,147	186
Nonaccrual With No Allowance For Credit Loss	1,103	155
All Other Commercial \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Loans Past Due Over 90 Day Still Accruing	0	0
Non-accrual	1,046	26
Nonaccrual With No Allowance For Credit Loss	1,027	0
First Liens \| Residential
Aging of recorded investment in loans by past due category and class of loans
Loans Past Due Over 90 Day Still Accruing	620	666
Non-accrual	960	1,380
Nonaccrual With No Allowance For Credit Loss	0	0
Home Equity \| Residential
Aging of recorded investment in loans by past due category and class of loans
Loans Past Due Over 90 Day Still Accruing	32	180
Non-accrual	68	133
Nonaccrual With No Allowance For Credit Loss	0	0
Junior Liens \| Residential
Aging of recorded investment in loans by past due category and class of loans
Loans Past Due Over 90 Day Still Accruing	239	197
Non-accrual	67	256
Nonaccrual With No Allowance For Credit Loss	0	0
Multifamily \| Residential
Aging of recorded investment in loans by past due category and class of loans
Loans Past Due Over 90 Day Still Accruing	47	0
Non-accrual	543	1,468
Nonaccrual With No Allowance For Credit Loss	373	0
All Other Residential \| Residential
Aging of recorded investment in loans by past due category and class of loans
Loans Past Due Over 90 Day Still Accruing	0	0
Non-accrual	427	478
Nonaccrual With No Allowance For Credit Loss	0	0
Motor Vehicle \| Consumer
Aging of recorded investment in loans by past due category and class of loans
Loans Past Due Over 90 Day Still Accruing	45	0
Non-accrual	2,933	2,549
Nonaccrual With No Allowance For Credit Loss	0	0
All Other Consumer \| Consumer
Aging of recorded investment in loans by past due category and class of loans
Loans Past Due Over 90 Day Still Accruing	0	0
Non-accrual	218	416
Nonaccrual With No Allowance For Credit Loss	$ 0	$ 0

ALLOWANCE FOR CREDIT LOSSES - Loans and Leases Modified (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Loans and leases that were modified
Total Class of Financing Receivable	0.00%
Principal Forgiveness [Member]
Loans and leases that were modified
$ Amount	$ 5
Extended Maturity [Member]
Loans and leases that were modified
$ Amount	234
Contractual Interest Rate Reduction [Member]
Loans and leases that were modified
$ Amount	138
Extended Maturity and Principal Forgiveness [Member]
Loans and leases that were modified
$ Amount	129
Extended Maturity and Interest Rate Reduction [Member]
Loans and leases that were modified
$ Amount	$ 132
Residential \| First Liens
Loans and leases that were modified
Total Class of Financing Receivable	0.05%
Residential \| First Liens \| Contractual Interest Rate Reduction [Member]
Loans and leases that were modified
$ Amount	$ 138
Residential \| First Liens \| Extended Maturity and Interest Rate Reduction [Member]
Loans and leases that were modified
$ Amount	$ 25
Residential \| Junior Liens
Loans and leases that were modified
Total Class of Financing Receivable	0.05%
Residential \| Junior Liens \| Extended Maturity [Member]
Loans and leases that were modified
$ Amount	$ 29
Consumer \| Motor Vehicle
Loans and leases that were modified
Total Class of Financing Receivable	0.07%
Consumer \| Motor Vehicle \| Principal Forgiveness [Member]
Loans and leases that were modified
$ Amount	$ 5
Consumer \| Motor Vehicle \| Extended Maturity [Member]
Loans and leases that were modified
$ Amount	205
Consumer \| Motor Vehicle \| Extended Maturity and Principal Forgiveness [Member]
Loans and leases that were modified
$ Amount	129
Consumer \| Motor Vehicle \| Extended Maturity and Interest Rate Reduction [Member]
Loans and leases that were modified
$ Amount	$ 107

ALLOWANCE FOR CREDIT LOSSES - Effect of loan and leases modifications (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Effect of loan and lease modifications
Principal Forgiveness	$ 45
Weighted-Average Interest Rate Reduction	2.15%
Weighted-Average Term Extension	24 months
Residential \| First Liens
Effect of loan and lease modifications
Weighted-Average Interest Rate Reduction	2.12%
Weighted-Average Term Extension	24 months
Residential \| Junior Liens
Effect of loan and lease modifications
Weighted-Average Term Extension	36 months
Consumer \| Motor Vehicle
Effect of loan and lease modifications
Principal Forgiveness	$ 45
Weighted-Average Interest Rate Reduction	2.20%
Weighted-Average Term Extension	24 months

ALLOWANCE FOR CREDIT LOSSES - Amortized cost basis of collateral dependent loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	$ 8,836	$ 13,920
Other
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	13,110	156
Commercial
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	2,008,433	1,978,358
Commercial \| Commercial & Industrial
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	649,524	675,323
Commercial \| Commercial & Industrial \| Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	1,454	4,613
Commercial \| Commercial & Industrial \| Other
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	12,056	1
Commercial \| Farmland
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	130,606	125,375
Commercial \| Farmland \| Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	1,633	3,289
Commercial \| Non Farm, Non Residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	437,661	386,542
Commercial \| Non Farm, Non Residential \| Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	3,919	5,123
Commercial \| Agriculture
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	138,022	135,500
Commercial \| Agriculture \| Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	49
Commercial \| Agriculture \| Other
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	1,054	155
Commercial \| All Other Commercial
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	461,713	475,520
Commercial \| All Other Commercial \| Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	1,027
Commercial \| Multifamily
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	190,907	180,098
Residential \| First Liens
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	358,166	346,972
Residential \| First Liens \| Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	32
Residential \| Home Equity
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	65,581	64,119
Residential \| Junior Liens
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	58,663	56,836
Residential \| Multifamily \| Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	373	895
Residential \| All Other Residential
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	22,471	25,439
Residential \| All Other Residential \| Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	349
Consumer \| Motor Vehicle
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	614,559	555,302
Consumer \| All Other Consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable	$ 32,199	$ 33,237

ALLOWANCE FOR CREDIT LOSSES - Aging of the Recorded Investment in Loans by Past Due Category and Class of Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	$ 3,178,373	$ 3,075,228
Commercial
Aging of recorded investment in loans by past due category and class of loans
Loans receivable	2,008,433	1,978,358
Commercial & Industrial \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Loans receivable	649,524	675,323
Financing Receivable Recorded Investment	652,093	677,522
Farmland \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Loans receivable	130,606	125,375
Financing Receivable Recorded Investment	133,406	127,610
Non Farm, Non Residential \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Loans receivable	437,661	386,542
Financing Receivable Recorded Investment	439,009	387,416
Agriculture \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Loans receivable	138,022	135,500
Financing Receivable Recorded Investment	141,041	137,682
All Other Commercial \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Loans receivable	461,713	475,520
Financing Receivable Recorded Investment	464,776	478,442
First Liens \| Residential
Aging of recorded investment in loans by past due category and class of loans
Loans receivable	358,166	346,972
Financing Receivable Recorded Investment	359,292	347,916
Home Equity \| Residential
Aging of recorded investment in loans by past due category and class of loans
Loans receivable	65,581	64,119
Financing Receivable Recorded Investment	65,810	64,340
Junior Liens \| Residential
Aging of recorded investment in loans by past due category and class of loans
Loans receivable	58,663	56,836
Financing Receivable Recorded Investment	58,833	56,976
Multifamily \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Loans receivable	190,907	180,098
Multifamily \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	191,734	180,705
All Other Residential \| Residential
Aging of recorded investment in loans by past due category and class of loans
Loans receivable	22,471	25,439
Financing Receivable Recorded Investment	22,562	25,523
Motor Vehicle \| Consumer
Aging of recorded investment in loans by past due category and class of loans
Loans receivable	614,559	555,302
Financing Receivable Recorded Investment	617,448	557,717
All Other Consumer \| Consumer
Aging of recorded investment in loans by past due category and class of loans
Loans receivable	32,199	33,237
Financing Receivable Recorded Investment	32,369	33,379
Financial Asset, 30 to 59 Days Past Due [Member]
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	17,948	24,387
Financial Asset, 30 to 59 Days Past Due [Member] \| Commercial & Industrial \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	668	1,698
Financial Asset, 30 to 59 Days Past Due [Member] \| Farmland \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	58	112
Financial Asset, 30 to 59 Days Past Due [Member] \| Non Farm, Non Residential \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment		274
Financial Asset, 30 to 59 Days Past Due [Member] \| Agriculture \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment		0
Financial Asset, 30 to 59 Days Past Due [Member] \| All Other Commercial \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment		333
Financial Asset, 30 to 59 Days Past Due [Member] \| First Liens \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	2,841	4,528
Financial Asset, 30 to 59 Days Past Due [Member] \| Home Equity \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	360	305
Financial Asset, 30 to 59 Days Past Due [Member] \| Junior Liens \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	462	213
Financial Asset, 30 to 59 Days Past Due [Member] \| Multifamily \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	117	317
Financial Asset, 30 to 59 Days Past Due [Member] \| All Other Residential \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	554	1,115
Financial Asset, 30 to 59 Days Past Due [Member] \| Motor Vehicle \| Consumer
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	12,491	15,151
Financial Asset, 30 to 59 Days Past Due [Member] \| All Other Consumer \| Consumer
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	397	341
Financial Asset, 60 to 89 Days Past Due [Member]
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	3,612	5,629
Financial Asset, 60 to 89 Days Past Due [Member] \| Commercial & Industrial \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	488	529
Financial Asset, 60 to 89 Days Past Due [Member] \| Farmland \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	0	0
Financial Asset, 60 to 89 Days Past Due [Member] \| Non Farm, Non Residential \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	0	34
Financial Asset, 60 to 89 Days Past Due [Member] \| Agriculture \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	0	1,231
Financial Asset, 60 to 89 Days Past Due [Member] \| All Other Commercial \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	0	0
Financial Asset, 60 to 89 Days Past Due [Member] \| First Liens \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	816	1,203
Financial Asset, 60 to 89 Days Past Due [Member] \| Home Equity \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	188	144
Financial Asset, 60 to 89 Days Past Due [Member] \| Junior Liens \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	124	69
Financial Asset, 60 to 89 Days Past Due [Member] \| Multifamily \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	140	83
Financial Asset, 60 to 89 Days Past Due [Member] \| All Other Residential \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	0	350
Financial Asset, 60 to 89 Days Past Due [Member] \| Motor Vehicle \| Consumer
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	1,754	1,930
Financial Asset, 60 to 89 Days Past Due [Member] \| All Other Consumer \| Consumer
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	102	56
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	5,929	3,397
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] \| Commercial & Industrial \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	1,136	726
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] \| Farmland \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	1,201	0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] \| Non Farm, Non Residential \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	0	0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] \| Agriculture \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	1,141	0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] \| All Other Commercial \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	0	14
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] \| First Liens \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	924	1,054
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] \| Home Equity \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	71	276
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] \| Junior Liens \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	262	327
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] \| Multifamily \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	373	0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] \| All Other Residential \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	47	0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] \| Motor Vehicle \| Consumer
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	761	985
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] \| All Other Consumer \| Consumer
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	13	15
Financial Asset, Past Due
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	27,489	33,413
Financial Asset, Past Due \| Commercial & Industrial \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	2,292	2,953
Financial Asset, Past Due \| Farmland \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	1,259	112
Financial Asset, Past Due \| Non Farm, Non Residential \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment		308
Financial Asset, Past Due \| Agriculture \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	1,141	1,231
Financial Asset, Past Due \| All Other Commercial \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment		347
Financial Asset, Past Due \| First Liens \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	4,581	6,785
Financial Asset, Past Due \| Home Equity \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	619	725
Financial Asset, Past Due \| Junior Liens \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	848	609
Financial Asset, Past Due \| Multifamily \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	630	400
Financial Asset, Past Due \| All Other Residential \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	601	1,465
Financial Asset, Past Due \| Motor Vehicle \| Consumer
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	15,006	18,066
Financial Asset, Past Due \| All Other Consumer \| Consumer
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	512	412
Financial Asset, Not Past Due
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	3,150,884	3,041,815
Financial Asset, Not Past Due \| Commercial & Industrial \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	649,801	674,569
Financial Asset, Not Past Due \| Farmland \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	132,147	127,498
Financial Asset, Not Past Due \| Non Farm, Non Residential \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	439,009	387,108
Financial Asset, Not Past Due \| Agriculture \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	139,900	136,451
Financial Asset, Not Past Due \| All Other Commercial \| Commercial
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	464,776	478,095
Financial Asset, Not Past Due \| First Liens \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	354,711	341,131
Financial Asset, Not Past Due \| Home Equity \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	65,191	63,615
Financial Asset, Not Past Due \| Junior Liens \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	57,985	56,367
Financial Asset, Not Past Due \| Multifamily \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	191,104	180,305
Financial Asset, Not Past Due \| All Other Residential \| Residential
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	21,961	24,058
Financial Asset, Not Past Due \| Motor Vehicle \| Consumer
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	602,442	539,651
Financial Asset, Not Past Due \| All Other Consumer \| Consumer
Aging of recorded investment in loans by past due category and class of loans
Financing Receivable Recorded Investment	$ 31,857	$ 32,967

ALLOWANCE FOR CREDIT LOSSES - Recorded Investment of Commercial Loan Portfolio by Risk Category (Details ) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of risk category of loans by class of loans
Current period gross charge offs, Total	$ 15,496	$ 15,706	$ 8,216
Commercial
Analysis of risk category of loans by class of loans
Current year	255,765	499,652
Prior year	458,326	374,316
Two years before current year	361,138	253,771
Three years before current year	210,908	124,874
Four years before current year	98,537	111,374
Prior	446,015	438,014
Revolving Loans	177,744	176,357
Total loans	2,008,433	1,978,358
Commercial & Industrial \| Commercial
Analysis of risk category of loans by class of loans
Current year	87,975	173,014
Prior year	137,829	139,881
Two years before current year	125,525	62,947
Three years before current year	52,299	58,203
Four years before current year	46,513	31,893
Prior	107,185	107,719
Revolving Loans	92,198	101,666
Total loans	649,524	675,323
Current period gross charge offs, 2023	8
Current period gross charge offs, 2022	72
Current period gross charge offs, 2021	40
Current period gross charge offs, 2020	78
Current period gross charge offs, 2019	24
Current period gross charge offs, Prior	49
Current period gross charge offs, Revolving Loans	0
Current period gross charge offs, Total	271
Farmland \| Commercial
Analysis of risk category of loans by class of loans
Current year	21,232	16,261
Prior year	16,025	22,530
Two years before current year	20,798	10,864
Three years before current year	8,351	10,928
Four years before current year	9,462	10,689
Prior	54,451	53,763
Revolving Loans	287	340
Total loans	130,606	125,375
Current period gross charge offs, 2023	0
Current period gross charge offs, 2022	0
Current period gross charge offs, 2021	0
Current period gross charge offs, 2020	0
Current period gross charge offs, 2019	0
Current period gross charge offs, Prior	0
Current period gross charge offs, Revolving Loans	0
Current period gross charge offs, Total	0
Non Farm, Non Residential \| Commercial
Analysis of risk category of loans by class of loans
Current year	73,842	102,728
Prior year	124,051	76,046
Two years before current year	70,472	33,910
Three years before current year	24,643	21,030
Four years before current year	23,874	31,438
Prior	113,173	118,415
Revolving Loans	7,606	2,975
Total loans	437,661	386,542
Current period gross charge offs, 2023	0
Current period gross charge offs, 2022	0
Current period gross charge offs, 2021	0
Current period gross charge offs, 2020	0
Current period gross charge offs, 2019	0
Current period gross charge offs, Prior	0
Current period gross charge offs, Revolving Loans	0
Current period gross charge offs, Total	0
Agriculture \| Commercial
Analysis of risk category of loans by class of loans
Current year	10,764	13,245
Prior year	11,491	9,067
Two years before current year	6,645	8,093
Three years before current year	6,161	8,710
Four years before current year	7,517	3,213
Prior	27,350	27,494
Revolving Loans	68,094	65,678
Total loans	138,022	135,500
Current period gross charge offs, 2023	0
Current period gross charge offs, 2022	0
Current period gross charge offs, 2021	0
Current period gross charge offs, 2020	0
Current period gross charge offs, 2019	0
Current period gross charge offs, Prior	0
Current period gross charge offs, Revolving Loans	0
Current period gross charge offs, Total	0
All Other Commercial \| Commercial
Analysis of risk category of loans by class of loans
Current year	27,401	143,980
Prior year	106,085	91,720
Two years before current year	104,323	90,845
Three years before current year	96,507	19,269
Four years before current year	4,774	29,172
Prior	113,446	94,932
Revolving Loans	9,177	5,602
Total loans	461,713	475,520
Current period gross charge offs, 2023	675
Current period gross charge offs, 2022	0
Current period gross charge offs, 2021	0
Current period gross charge offs, 2020	0
Current period gross charge offs, 2019	20
Current period gross charge offs, Prior	0
Current period gross charge offs, Revolving Loans	0
Current period gross charge offs, Total	695
Multifamily \| Commercial
Analysis of risk category of loans by class of loans
Current year	34,551	50,424
Prior year	62,845	35,072
Two years before current year	33,375	47,112
Three years before current year	22,947	6,734
Four years before current year	6,397	4,969
Prior	30,410	35,691
Revolving Loans	382	96
Total loans	190,907	180,098
Current period gross charge offs, 2023	0
Current period gross charge offs, 2022	0
Current period gross charge offs, 2021	0
Current period gross charge offs, 2020	0
Current period gross charge offs, 2019	0
Current period gross charge offs, Prior	0
Current period gross charge offs, Revolving Loans	0
Current period gross charge offs, Total	0
Pass \| Commercial
Analysis of risk category of loans by class of loans
Current year	248,561	489,819
Prior year	450,056	359,611
Two years before current year	346,276	244,888
Three years before current year	202,457	117,657
Four years before current year	94,211	104,403
Prior	421,033	396,572
Revolving Loans	163,479	163,520
Total loans	1,926,073	1,876,470
Pass \| Commercial & Industrial \| Commercial
Analysis of risk category of loans by class of loans
Current year	80,873	163,479
Prior year	131,522	128,012
Two years before current year	112,811	56,830
Three years before current year	47,445	54,208
Four years before current year	44,257	26,514
Prior	100,872	99,522
Revolving Loans	81,551	92,110
Total loans	599,331	620,675
Pass \| Farmland \| Commercial
Analysis of risk category of loans by class of loans
Current year	21,232	16,261
Prior year	16,025	22,530
Two years before current year	20,794	9,244
Three years before current year	8,310	9,438
Four years before current year	8,790	10,352
Prior	52,357	48,847
Revolving Loans	287	340
Total loans	127,795	117,012
Pass \| Non Farm, Non Residential \| Commercial
Analysis of risk category of loans by class of loans
Current year	73,740	102,629
Prior year	123,319	75,011
Two years before current year	69,477	33,214
Three years before current year	23,965	19,596
Four years before current year	22,550	31,438
Prior	106,752	111,586
Revolving Loans	7,606	2,975
Total loans	427,409	376,449
Pass \| Agriculture \| Commercial
Analysis of risk category of loans by class of loans
Current year	10,764	13,085
Prior year	11,299	9,028
Two years before current year	6,614	8,015
Three years before current year	6,118	8,422
Four years before current year	7,443	1,987
Prior	25,678	26,729
Revolving Loans	64,476	62,397
Total loans	132,392	129,663
Pass \| All Other Commercial \| Commercial
Analysis of risk category of loans by class of loans
Current year	27,401	143,941
Prior year	105,046	91,615
Two years before current year	104,307	90,845
Three years before current year	94,029	19,259
Four years before current year	4,774	29,143
Prior	112,159	82,535
Revolving Loans	9,177	5,602
Total loans	456,893	462,940
Pass \| Multifamily \| Commercial
Analysis of risk category of loans by class of loans
Current year	34,551	50,424
Prior year	62,845	33,415
Two years before current year	32,273	46,740
Three years before current year	22,590	6,734
Four years before current year	6,397	4,969
Prior	23,215	27,353
Revolving Loans	382	96
Total loans	182,253	169,731
Special Mention \| Commercial
Analysis of risk category of loans by class of loans
Current year	6	2,282
Prior year	1,039	11,306
Two years before current year	11,024	4,980
Three years before current year	6,285	4,388
Four years before current year	1,531	2,061
Prior	9,582	24,472
Revolving Loans	6,333	2,972
Total loans	35,800	52,461
Special Mention \| Commercial & Industrial \| Commercial
Analysis of risk category of loans by class of loans
Current year	6	2,071
Prior year	221	9,738
Two years before current year	10,025	3,434
Three years before current year	3,442	2,572
Four years before current year	323	2,061
Prior	866	1,848
Revolving Loans	2,715	453
Total loans	17,598	22,177
Special Mention \| Farmland \| Commercial
Analysis of risk category of loans by class of loans
Current year	0
Prior year	0
Two years before current year	4	1,164
Three years before current year	0	882
Four years before current year	363
Prior	710	2,930
Revolving Loans	0
Total loans	1,077	4,976
Special Mention \| Non Farm, Non Residential \| Commercial
Analysis of risk category of loans by class of loans
Current year	0	99
Prior year	732	1,035
Two years before current year	995
Three years before current year	0	921
Four years before current year	845
Prior	0	279
Revolving Loans	0
Total loans	2,572	2,334
Special Mention \| Agriculture \| Commercial
Analysis of risk category of loans by class of loans
Current year	0	89
Prior year	86
Two years before current year	0	10
Three years before current year	8	3
Four years before current year	0
Prior	605	709
Revolving Loans	3,618	2,519
Total loans	4,317	3,330
Special Mention \| All Other Commercial \| Commercial
Analysis of risk category of loans by class of loans
Current year	0	23
Prior year	0
Two years before current year	0
Three years before current year	2,478	10
Four years before current year	0
Prior	830	11,911
Revolving Loans	0
Total loans	3,308	11,944
Special Mention \| Multifamily \| Commercial
Analysis of risk category of loans by class of loans
Current year	0
Prior year	0	533
Two years before current year	0	372
Three years before current year	357
Four years before current year	0
Prior	6,571	6,795
Revolving Loans	0
Total loans	6,928	7,700
Substandard \| Commercial
Analysis of risk category of loans by class of loans
Current year	3,722	423
Prior year	5,816	746
Two years before current year	1,858	2,317
Three years before current year	1,022	2,299
Four years before current year	2,627	4,707
Prior	14,520	15,856
Revolving Loans	7,932	9,865
Total loans	37,497	36,213
Substandard \| Commercial & Industrial \| Commercial
Analysis of risk category of loans by class of loans
Current year	3,620	423
Prior year	4,734	723
Two years before current year	1,842	1,861
Three years before current year	981	954
Four years before current year	1,789	3,169
Prior	5,354	6,264
Revolving Loans	7,932	9,103
Total loans	26,252	22,497
Substandard \| Farmland \| Commercial
Analysis of risk category of loans by class of loans
Current year	0
Prior year	0
Two years before current year	0	456
Three years before current year	41	608
Four years before current year	309	337
Prior	1,370	1,969
Revolving Loans	0
Total loans	1,720	3,370
Substandard \| Non Farm, Non Residential \| Commercial
Analysis of risk category of loans by class of loans
Current year	102
Prior year	0
Two years before current year	0
Three years before current year	0	513
Four years before current year	479
Prior	6,356	6,281
Revolving Loans	0
Total loans	6,937	6,794
Substandard \| Agriculture \| Commercial
Analysis of risk category of loans by class of loans
Current year	0
Prior year	55
Two years before current year	0
Three years before current year	0	224
Four years before current year	50	1,201
Prior	1,067	56
Revolving Loans	0	762
Total loans	1,172	2,243
Substandard \| All Other Commercial \| Commercial
Analysis of risk category of loans by class of loans
Current year	0
Prior year	1,027	23
Two years before current year	16
Three years before current year	0
Four years before current year	0
Prior	0	6
Revolving Loans	0
Total loans	1,043	29
Substandard \| Multifamily \| Commercial
Analysis of risk category of loans by class of loans
Current year	0
Prior year	0
Two years before current year	0
Three years before current year	0
Four years before current year	0
Prior	373	1,280
Revolving Loans	0
Total loans	373	1,280
Doubtful \| Commercial
Analysis of risk category of loans by class of loans
Current year	0
Prior year	0
Two years before current year	0
Three years before current year	0
Four years before current year	0
Prior	0
Revolving Loans	0
Total loans	0
Doubtful \| Commercial & Industrial \| Commercial
Analysis of risk category of loans by class of loans
Current year	0
Prior year	0
Two years before current year	0
Three years before current year	0
Four years before current year	0
Prior	0
Revolving Loans	0
Total loans	0
Doubtful \| Farmland \| Commercial
Analysis of risk category of loans by class of loans
Current year	0
Prior year	0
Two years before current year	0
Three years before current year	0
Four years before current year	0
Prior	0
Revolving Loans	0
Total loans	0
Doubtful \| Non Farm, Non Residential \| Commercial
Analysis of risk category of loans by class of loans
Current year	0
Prior year	0
Two years before current year	0
Three years before current year	0
Four years before current year	0
Prior	0
Revolving Loans	0
Total loans	0
Doubtful \| Agriculture \| Commercial
Analysis of risk category of loans by class of loans
Current year	0
Prior year	0
Two years before current year	0
Three years before current year	0
Four years before current year	0
Prior	0
Revolving Loans	0
Total loans	0
Doubtful \| All Other Commercial \| Commercial
Analysis of risk category of loans by class of loans
Current year	0
Prior year	0
Two years before current year	0
Three years before current year	0
Four years before current year	0
Prior	0
Revolving Loans	0
Total loans	0
Doubtful \| Multifamily \| Commercial
Analysis of risk category of loans by class of loans
Current year	0
Prior year	0
Two years before current year	0
Three years before current year	0
Four years before current year	0
Prior	0
Revolving Loans	0
Total loans	0
Not Rated \| Commercial
Analysis of risk category of loans by class of loans
Current year	3,476	7,128
Prior year	1,415	2,653
Two years before current year	1,980	1,586
Three years before current year	1,144	530
Four years before current year	168	203
Prior	880	1,114
Revolving Loans	0
Total loans	9,063	13,214
Not Rated \| Commercial & Industrial \| Commercial
Analysis of risk category of loans by class of loans
Current year	3,476	7,041
Prior year	1,352	1,408
Two years before current year	847	822
Three years before current year	431	469
Four years before current year	144	149
Prior	93	85
Revolving Loans	0
Total loans	6,343	9,974
Not Rated \| Farmland \| Commercial
Analysis of risk category of loans by class of loans
Current year	0
Prior year	0
Two years before current year	0
Three years before current year	0
Four years before current year	0
Prior	14	17
Revolving Loans	0
Total loans	14	17
Not Rated \| Non Farm, Non Residential \| Commercial
Analysis of risk category of loans by class of loans
Current year	0
Prior year	0
Two years before current year	0	696
Three years before current year	678
Four years before current year	0
Prior	65	269
Revolving Loans	0
Total loans	743	965
Not Rated \| Agriculture \| Commercial
Analysis of risk category of loans by class of loans
Current year	0	71
Prior year	51	39
Two years before current year	31	68
Three years before current year	35	61
Four years before current year	24	25
Prior	0
Revolving Loans	0
Total loans	141	264
Not Rated \| All Other Commercial \| Commercial
Analysis of risk category of loans by class of loans
Current year	0	16
Prior year	12	82
Two years before current year	0
Three years before current year	0
Four years before current year	0	29
Prior	457	480
Revolving Loans	0
Total loans	469	607
Not Rated \| Multifamily \| Commercial
Analysis of risk category of loans by class of loans
Current year	0
Prior year	0	1,124
Two years before current year	1,102
Three years before current year	0
Four years before current year	0
Prior	251	263
Revolving Loans	0
Total loans	$ 1,353	$ 1,387

ALLOWANCE FOR CREDIT LOSSES - Credit risk profile of loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Current period gross charge offs, Total	$ 15,496	$ 15,706	$ 8,216
Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	348,183	424,209
Prior year	317,948	217,824
Two years before current year	151,284	145,349
Three years before current year	91,864	54,134
Four years before current year	33,181	35,258
Prior	131,427	129,134
Revolving Loans	72,484	69,873
Total loans	1,146,371	1,075,781
Nonperforming Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	232	937
Prior year	1,189	990
Two years before current year	756	681
Three years before current year	757	932
Four years before current year	598	366
Prior	1,735	2,040
Revolving Loans	1	178
Total loans	5,268	6,124
Total other loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	348,415	425,146
Prior year	319,137	218,814
Two years before current year	152,040	146,030
Three years before current year	92,621	55,066
Four years before current year	33,779	35,624
Prior	133,162	131,174
Revolving Loans	72,485	70,051
Total loans	1,151,639	1,081,905
Residential \| First Liens [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	49,146	71,713
Prior year	71,073	70,197
Two years before current year	65,232	45,080
Three years before current year	36,816	17,109
Four years before current year	15,242	20,358
Prior	119,591	119,270
Revolving Loans	1,066	3,245
Total loans	358,166	346,972
Current period gross charge offs, Prior	167
Current period gross charge offs, Total	167
Residential \| First Liens [Member] \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	49,146	71,607
Prior year	70,952	70,197
Two years before current year	65,232	45,080
Three years before current year	36,751	16,968
Four years before current year	15,185	20,258
Prior	118,087	117,488
Revolving Loans	1,066	3,245
Total loans	356,419	344,843
Residential \| First Liens [Member] \| Nonperforming Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current year		106
Prior year	121
Three years before current year	65	141
Four years before current year	57	100
Prior	1,504	1,782
Total loans	1,747	2,129
Residential \| Home Equity
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	61	1,995
Prior year	90	943
Two years before current year		86
Three years before current year	24	115
Four years before current year	378	69
Prior	926	860
Revolving Loans	64,102	60,051
Total loans	65,581	64,119
Residential \| Home Equity \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	61	1,995
Prior year	68	943
Two years before current year		8
Three years before current year	7	115
Four years before current year	378	55
Prior	866	820
Revolving Loans	64,102	59,875
Total loans	65,482	63,811
Residential \| Home Equity \| Nonperforming Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Prior year	22
Two years before current year		78
Three years before current year	17
Four years before current year		14
Prior	60	40
Revolving Loans		176
Total loans	99	308
Residential \| Junior Liens [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	15,050	19,074
Prior year	15,484	10,489
Two years before current year	8,293	7,584
Three years before current year	5,661	5,920
Four years before current year	4,280	5,505
Prior	8,197	6,336
Revolving Loans	1,698	1,928
Total loans	58,663	56,836
Current period gross charge offs, 2019	24
Current period gross charge offs, Prior	24
Current period gross charge offs, Total	48
Residential \| Junior Liens [Member] \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	15,050	19,074
Prior year	15,431	10,485
Two years before current year	8,248	7,507
Three years before current year	5,557	5,830
Four years before current year	4,280	5,366
Prior	8,094	6,195
Revolving Loans	1,698	1,928
Total loans	58,358	56,385
Residential \| Junior Liens [Member] \| Nonperforming Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Prior year	53	4
Two years before current year	45	77
Three years before current year	104	90
Four years before current year		139
Prior	103	141
Total loans	305	451
Residential \| All Other Residential
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	6,432	11,542
Prior year	9,477	9,923
Two years before current year	3,146	501
Three years before current year	421	1,340
Four years before current year	1,031	533
Prior	1,549	1,600
Revolving Loans	415
Total loans	22,471	25,439
Current period gross charge offs, Prior	1
Current period gross charge offs, Total	1
Residential \| All Other Residential \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	6,432	11,542
Prior year	9,477	9,923
Two years before current year	3,100	501
Three years before current year	421	915
Four years before current year	641	498
Prior	1,511	1,582
Revolving Loans	415
Total loans	21,997	24,961
Residential \| All Other Residential \| Nonperforming Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Two years before current year	46
Three years before current year		425
Four years before current year	390	35
Prior	38	18
Total loans	474	478
Residential \| Motor Vehicle
Financing Receivable, Credit Quality Indicator [Line Items]
Current period gross charge offs, 2023	841
Current period gross charge offs, 2022	7,722
Current period gross charge offs, 2021	3,101
Current period gross charge offs, 2020	1,448
Current period gross charge offs, 2019	499
Current period gross charge offs, Prior	174
Current period gross charge offs, Total	13,785
Residential \| All Other Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Current period gross charge offs, 2023	61
Current period gross charge offs, 2022	213
Current period gross charge offs, 2021	61
Current period gross charge offs, 2020	37
Current period gross charge offs, 2019	3
Current period gross charge offs, Prior	5
Current period gross charge offs, Revolving Loans	149
Current period gross charge offs, Total	529
Consumer \| Motor Vehicle
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	265,165	307,378
Prior year	216,098	119,101
Two years before current year	71,446	88,581
Three years before current year	47,471	29,241
Four years before current year	12,172	8,718
Prior	2,207	2,277
Revolving Loans		6
Total loans	614,559	555,302
Consumer \| Motor Vehicle \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	264,933	306,565
Prior year	215,125	118,362
Two years before current year	70,926	88,144
Three years before current year	46,939	29,004
Four years before current year	12,038	8,652
Prior	2,177	2,230
Revolving Loans		6
Total loans	612,138	552,963
Consumer \| Motor Vehicle \| Nonperforming Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	232	813
Prior year	973	739
Two years before current year	520	437
Three years before current year	532	237
Four years before current year	134	66
Prior	30	47
Total loans	2,421	2,339
Consumer \| All Other Consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	12,561	13,444
Prior year	6,915	8,161
Two years before current year	3,923	4,198
Three years before current year	2,228	1,341
Four years before current year	676	441
Prior	692	831
Revolving Loans	5,204	4,821
Total loans	32,199	33,237
Consumer \| All Other Consumer \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Current year	12,561	13,426
Prior year	6,895	7,914
Two years before current year	3,778	4,109
Three years before current year	2,189	1,302
Four years before current year	659	429
Prior	692	819
Revolving Loans	5,203	4,819
Total loans	31,977	32,818
Consumer \| All Other Consumer \| Nonperforming Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Current year		18
Prior year	20	247
Two years before current year	145	89
Three years before current year	39	39
Four years before current year	17	12
Prior		12
Revolving Loans	1	2
Total loans	$ 222	$ 419

ALLOWANCE FOR CREDIT LOSSES- Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan
ALLOWANCE FOR LOAN LOSSES
Number of loans modified that had a payment default \| loan	0
Minimum outstanding balance of non-homogeneous loans to be individually evaluated as to credit risk \| $	$ 100
Nonperforming loans past due	90 days

PREMISES AND EQUIPMENT - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
PREMISES AND EQUIPMENT
Land	$ 17,379	$ 17,888
Building and leasehold improvements	68,166	70,310
Furniture and equipment	52,201	46,669
Property Plant And Equipment Gross	137,746	134,867
Less accumulated depreciation	(70,460)	(68,720)
TOTAL	$ 67,286	$ 66,147

PREMISES AND EQUIPMENT - Additional Information (Details)		3 Months Ended	12 Months Ended
	Jan. 31, 2023 location	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
PREMISES AND EQUIPMENT
Depreciation			$ 5,400,000	$ 4,800,000	$ 4,600,000
Number of branches closed \| location	7
Number of branches \| location	72
Number of leased branches closed \| location	1
Operating expenses		$ 1,500,000
Impairment of Long-Lived Assets		1,300,000
Gain (Loss) on Termination of Lease		$ 0
Rent expense			$ 1,200,000	$ 1,200,000	$ 1,400,000

PREMISES AND EQUIPMENT - Schedule of Rent Commitments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Total Future Minimum Lease Payments	$ 6,194
Properties And Equipment
Property, Plant and Equipment [Line Items]
2024	890
2025	865
2026	798
2027	773
2028	663
Thereafter	2,205
Total Future Minimum Lease Payments	$ 6,194

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
GOODWILL AND INTANGIBLE ASSETS
Amortization of intangible assets	$ 1.1	$ 1.3	$ 1.6

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill
Beginning of year		$ 86,135	$ 78,592
Acquired goodwill		850	7,543
Impairment	$ 0
End of year		86,985	$ 86,135
Hancock Bancorp, Inc
Goodwill
Adjustments to deferred tax assets related to the filing of the final Hancock Bancorp, Inc. tax return		$ 850

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets
Gross Amount	$ 21,857	$ 21,857
Accumulated Amortization	16,271	15,143
Core deposit intangible
Finite-Lived Intangible Assets
Gross Amount	21,857	21,857
Accumulated Amortization	$ 16,271	$ 15,143

GOODWILL AND INTANGIBLE ASSETS - Estimated Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
GOODWILL AND INTANGIBLE ASSETS
2024	$ 888
2025	786
2026	679
2027	590
2028	$ 1,139

DEPOSITS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
DEPOSITS
Time deposits that meet or exceed the FDIC Insurance limit	$ 92,900	$ 50,600
2024	452,606
2025	28,776
2026	17,226
2027	11,196
2028	$ 6,070

SHORT-TERM BORROWINGS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
SHORT-TERM BORROWINGS
Federal Funds Purchased	$ 27,300	$ 3,000
Repurchase Agreements	39,921	67,875
Short-term borrowings	$ 67,221	$ 70,875

- Definition

Amount, after the effects of master netting arrangements, of funds outstanding borrowed in the form of a security repurchase agreement between the entity and another party for the sale and repurchase of identical or substantially the same securities at a date certain for a specified price. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
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-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

SHORT-TERM BORROWINGS - Repurchase Agreements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Repurchase Agreements
Repurchase Agreements	$ 39,921	$ 67,875
Average amount outstanding	116,993	84,004
Maximum amount outstanding at a month end	$ 169,816	$ 96,728
Average interest rate during year (percent)	4.59%	1.48%
Interest rate at year-end (percent)	2.76%	0.27%
Maturity Overnight and continuous
Repurchase Agreements
Repurchase Agreements	$ 32,319	$ 63,335
Maturity up to 30 days
Repurchase Agreements
Repurchase Agreements	300
Maturity 30 to 90 Days
Repurchase Agreements
Repurchase Agreements	3,637	4,175
Maturity over Greater than 90 days
Repurchase Agreements
Repurchase Agreements	$ 3,665	$ 365

OTHER BORROWINGS - Schedule of Other Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
OTHER BORROWINGS
FHLB advances	$ 108,577	$ 9,589
TOTAL	$ 108,577	$ 9,589

OTHER BORROWINGS - Aggregate Minimum Annual Retirements (Details) $ in Thousands	Dec. 31, 2023 USD ($)
OTHER BORROWINGS
2024	$ 102,613
2025	5,964
2026	0
2027	0
2028	0
Thereafter	0
Total other borrowings	$ 108,577

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

OTHER BORROWINGS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument
FHLB advances	$ 108,577	$ 9,589
General debt obligations, collateral pledged	64,100	$ 40,300
General debt obligations, maximum amount available	$ 297,700
Minimum
Debt Instrument
Branch of FHLB bank, interest rate (percent)	0.68%	0.68%
Maximum
Debt Instrument
Branch of FHLB bank, interest rate (percent)	5.56%	1.70%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contracts with Customers
Net gains on sales of loans		$ 966	$ 1,994
Loan servicing fees		1,176	1,554	$ 1,849
Net gains/(losses) on sales of securities		(1)	3
Other service charges and fees		801	665
Other		5,850	9,246
TOTAL NON-INTEREST INCOME		42,702	46,716	$ 42,084
Legal settlement received	$ 4,000
Service charges on deposits and debit card fee income
Revenue from Contracts with Customers
Revenue within scope of ASC 606		28,079	27,540
Asset management fees
Revenue from Contracts with Customers
Revenue within scope of ASC 606		5,155	5,155
Interchange income
Revenue from Contracts with Customers
Revenue within scope of ASC 606		676	559
Other
Revenue from Contracts with Customers
Revenue within scope of ASC 606		$ (63)	$ 60

INCOME TAXES - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal:
Currently payable	$ 9,047	$ 11,016	$ 7,978
Deferred	263	2,277	1,488
Federal income tax expense (benefit), continuing operations	9,310	13,293	9,466
State:
Currently payable	2,302	2,485	3,080
Deferred	209	873	80
State and local income tax expense (benefit), continuing operations	2,511	3,358	3,160
TOTAL	$ 11,821	$ 16,651	$ 12,626

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Reconciliation of income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Federal income taxes computed at the statutory rate	$ 15,223	$ 18,430	$ 13,779
Add (deduct) tax effect of:
Tax exempt income	(3,548)	(3,439)	(2,745)
ESOP dividend deduction	(107)	(103)	(101)
State tax, net of federal benefit	1,984	2,653	2,496
General business tax credits	(1,720)	(674)	(716)
Other, net	(11)	(216)	(87)
TOTAL	$ 11,821	$ 16,651	$ 12,626

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Other than temporary impairment	$ 739	$ 752
Net unrealized losses on retirement plans	3,497	5,614
Net unrealized loss on available for sale securities	35,358	39,242
Loan loss provisions	9,772	10,054
Unfunded commitments	528	537
Deferred compensation	1,711	1,957
Compensated absences	783	709
Post-retirement benefits	1,218	1,051
Lease liability	1,463	1,572
Purchase accounting		114
Other	3,808	3,018
GROSS DEFERRED ASSETS	58,877	64,620
Deferred tax liabilities:
Depreciation	(350)	(660)
Mortgage servicing rights	(310)	(458)
Pensions	(1,458)	(1,120)
Right-of-use asset	(1,452)	(1,566)
Intangibles	(6,318)	(6,093)
FHLB stock dividends		(32)
Purchase accounting	(157)
Other	(4,732)	(4,118)
GROSS DEFERRED LIABILITIES	(14,777)	(14,047)
NET DEFERRED TAX ASSETS	$ 44,100	$ 50,573

INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits
Balance at January 1	$ 858	$ 808	$ 867
Additions based on tax positions related to the current year	74	59	9
Additions based on tax positions related to prior years	0	0	0
Reductions due to the statute of limitations	(106)	(9)	(68)
Balance at December 31	$ 826	$ 858	$ 808

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
INCOME TAXES
Federal statutory income tax rate (percent)	21.00%
Part of unrecognized tax benefits	$ 826	$ 858	$ 808	$ 867
Increase (decrease) in interest and penalties	18	18	21
Income tax examination, penalties and interest accrued	$ 121	$ 103	$ 85

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK - Summary of Commitment and Contingent Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Other Commitments	$ 102,352	$ 112,410
TOTAL	729,495	820,027
Home Equity
Loss Contingencies [Line Items]
TOTAL	88,198	91,218
Commercial Operating Lines
Loss Contingencies [Line Items]
TOTAL	538,945	616,399
Commercial letters of credit
Loss Contingencies [Line Items]
TOTAL	$ 7,456	$ 7,834

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Notional amount of interest rate derivatives	$ 60.1	$ 39.9
Gain (loss) on interest rate derivative instruments not designated as hedging instruments	$ 2.9	$ 2.8
Minimum
Loss Contingencies [Line Items]
Loans and Leases Receivable, Commitments, Fixed Rates percentage	6.50%	5.45%
Maximum
Loss Contingencies [Line Items]
Loans and Leases Receivable, Commitments, Fixed Rates percentage	9.75%	9.00%

RETIREMENT PLANS (Details) - USD ($) $ in Thousands	12 Months Ended
RETIREMENT PLANS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure
Employer contributions	$ 249	$ 456
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP	1,520	1,450	$ 1,400
Cash contributions to ESOP for employees no longer participating in plan	1,300	1,100	1,100
Pension plans with accumulated benefit obligations in excess of plan assets, aggregate accumulated benefit obligation	81,800	81,500
Pension and other postretirement defined benefit plans, liabilities	7,800	7,500
Accumulated other comprehensive loss	(127,087)	(139,974)	(2,426)
First Financial Corporation Common Stock
Defined Benefit Plan Disclosure
Defined benefit plan assets equity securities	$ 16,300	$ 17,200
Percentage of plan assets (percent)	22.00%	24.00%
Pension Plan
Defined Benefit Plan Disclosure
Employer contributions	$ 126	$ 2,050	2,050
Expected contributions to pension plan in 2014	3,900
Employee Stock Ownership Plan
Defined Benefit Plan Disclosure
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP	604
Employee Stock Ownership Plan \| First Financial Corporation Common Stock
Defined Benefit Plan Disclosure
Defined benefit plan assets equity securities	8,300	7,800
Supplemental Employee Retirement Plans, Defined Benefit
Defined Benefit Plan Disclosure
Pension expense	517	751	$ 748
Accumulated other comprehensive income (loss), after tax	926	1,200
Accumulated other comprehensive loss	459	546
Postretirement Health Coverage
Defined Benefit Plan Disclosure
Expected contributions to pension plan in 2014	249
Pension expense	$ 277	$ 300

RETIREMENT PLANS - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RETIREMENT PLANS
Service cost - benefits earned	$ 628	$ 1,190	$ 1,355
Interest cost on projected benefit obligation	$ 3,824	$ 2,826	$ 2,632
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Labor and Related Expense	Labor and Related Expense	Labor and Related Expense
Expected return on plan assets	$ (3,879)	$ (4,910)	$ (4,713)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Labor and Related Expense	Labor and Related Expense	Labor and Related Expense
Net amortization and deferral	$ 752	$ 1,259	$ 2,072
Net periodic pension cost	1,325	365	1,346
Net loss (gain) during the period	(1,761)	(5,323)	(5,883)
Amortization of prior service cost			1
Amortization of unrecognized (gain) loss	(752)	(1,259)	(2,072)
Total recognized in other comprehensive (income) loss	2,513	6,582	7,956
Total recognized net periodic pension cost and other comprehensive income	$ (1,188)	$ (6,217)	$ (6,610)

RETIREMENT PLANS - Schedule of Defined Benefit Plans Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in benefit obligation:
Benefit obligation at January 1	$ 83,578	$ 106,496
Service cost	628	1,190	$ 1,355
Interest cost	3,824	2,826	2,632
Actuarial (gain) loss	788	(21,350)
Benefits paid	(4,295)	(5,584)
Benefit obligation at December 31	84,523	83,578	106,496
Reconciliation of fair value of plan assets:
Fair value of plan assets at January 1	71,734	87,979
Actual return on plan assets	6,429	(11,117)
Employer contributions	249	456
Fair value of plan assets at December 31	74,117	71,734	$ 87,979
Funded status at December 31 (plan assets less benefit obligation)	$ (10,406)	$ (11,844)

RETIREMENT PLANS - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
RETIREMENT PLANS
Net loss (gain)	$ 11,956	$ 14,469
Pension and other postretirement benefit plans, adjustment	$ 11,956	$ 14,469

RETIREMENT PLANS - Schedule of Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Principal assumptions used (benefit obligation):
Discount rate	4.83%	5.02%
Rate of increase in compensation levels	3.00%	3.00%
Principal assumptions used (net periodic benefit):
Discount rate	5.02%	2.83%
Rate of increase in compensation levels	3.00%	3.00%
Expected long-term rate of return on plan assets	6.00%	6.00%

RETIREMENT PLANS - Schedule of Allocation of Plan Assets (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	100.00%	100.00%
Employee Stock Ownership Plan
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	100.00%	100.00%
Other securities
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	2.00%	3.00%
Other securities \| Employee Stock Ownership Plan
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	1.00%	1.00%
Equity Securities
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	64.00%	63.00%
Equity Securities \| Minimum
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	25.00%
Equity Securities \| Maximum
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	75.00%
Equity Securities \| Employee Stock Ownership Plan
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	99.00%	99.00%
Equity Securities \| Employee Stock Ownership Plan \| Minimum
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	95.00%
Equity Securities \| Employee Stock Ownership Plan \| Maximum
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	99.00%
Debt securities
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	34.00%	34.00%
Debt securities \| Minimum
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	0.00%
Debt securities \| Maximum
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	50.00%
Debt securities \| Employee Stock Ownership Plan
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	0.00%	0.00%
Debt securities \| Employee Stock Ownership Plan \| Minimum
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	0.00%
Debt securities \| Employee Stock Ownership Plan \| Maximum
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	0.00%
Other Security Investments \| Minimum
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	0.00%
Other Security Investments \| Maximum
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	20.00%
Other Security Investments \| Employee Stock Ownership Plan \| Minimum
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	0.00%
Other Security Investments \| Employee Stock Ownership Plan \| Maximum
Defined Benefit Plan Disclosure
Percentage of plan assets (percent)	5.00%

RETIREMENT PLANS - Schedule Of Fair Value Of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure
Fair value of plan assets	$ 74,117	$ 71,734	$ 87,979
Quoted Prices in Active Markets for Identical Assets - Level 1
Defined Benefit Plan Disclosure
Fair value of plan assets	62,925	61,325
Significant Other Observable Inputs - Level 2
Defined Benefit Plan Disclosure
Fair value of plan assets	11,192	10,409
Significant Observable Inputs - Level 3
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Equity Securities
Defined Benefit Plan Disclosure
Fair value of plan assets	52,088	52,319
Equity Securities \| Quoted Prices in Active Markets for Identical Assets - Level 1
Defined Benefit Plan Disclosure
Fair value of plan assets	52,088	52,319
Equity Securities \| Significant Other Observable Inputs - Level 2
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Equity Securities \| Significant Observable Inputs - Level 3
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Debt securities
Defined Benefit Plan Disclosure
Fair value of plan assets	11,192	10,409
Debt securities \| Quoted Prices in Active Markets for Identical Assets - Level 1
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Debt securities \| Significant Other Observable Inputs - Level 2
Defined Benefit Plan Disclosure
Fair value of plan assets	11,192	10,409
Debt securities \| Significant Observable Inputs - Level 3
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Investment Funds
Defined Benefit Plan Disclosure
Fair value of plan assets	10,837	9,006
Investment Funds \| Quoted Prices in Active Markets for Identical Assets - Level 1
Defined Benefit Plan Disclosure
Fair value of plan assets	10,837	9,006
Investment Funds \| Significant Other Observable Inputs - Level 2
Defined Benefit Plan Disclosure
Fair value of plan assets	0	0
Investment Funds \| Significant Observable Inputs - Level 3
Defined Benefit Plan Disclosure
Fair value of plan assets	$ 0	$ 0

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

RETIREMENT PLANS - Schedule of Expected Benefit Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
RETIREMENT PLANS
2024	$ 4,766
2025	4,917
2026	5,077
2027	5,201
2028	5,308
2029-2033	$ 27,124

RETIREMENT PLANS - Supplemental employee retirement plan defined benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Net loss (gain) during the period	$ (1,761)	$ (5,323)	$ (5,883)
Amortization of prior service cost			(1)
Amortization of unrecognized (gain) loss	(752)	(1,259)	(2,072)
Total recognized in other comprehensive (income) loss	(2,513)	(6,582)	(7,956)
Supplemental Employee Retirement Plans, Defined Benefit
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
Net loss (gain) during the period	(144)	(1,604)	54
Amortization of prior service cost	0	0	0
Amortization of unrecognized (gain) loss	(84)	(418)	(441)
Total recognized in other comprehensive (income) loss	$ (228)	$ (2,022)	$ (387)

RETIREMENT PLANS - Schedule of Expected Benefit Payments Post Retirement (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
2024	$ 4,766
2025	4,917
2026	5,077
2027	5,201
2028	5,308
2029-2033	27,124
Supplemental Employee Retirement Plans, Defined Benefit
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
2024	0
2025	731
2026	763
2027	777
2028	750
2029-2033	$ 3,426

RETIREMENT PLANS - Schedule of post-retirement benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in benefit obligation:
Benefit obligation at January 1	$ 83,578	$ 106,496
Service cost	628	1,190	$ 1,355
Interest cost	3,824	2,826	2,632
Actuarial (gain) loss	788	(21,350)
Benefit obligation at December 31	84,523	83,578	106,496
Funded status at December 31	(10,406)	(11,844)
Supplemental Employee Retirement Plans, Defined Benefit
Change in benefit obligation:
Benefit obligation at January 1	3,175	4,015
Service cost	21	34
Interest cost	153	111
Plan participants' contributions	84	74
Actuarial (gain) loss	34	(758)
Defined Benefit Plan, Benefit Obligation, Benefits Paid	277	301
Benefit obligation at December 31	3,190	3,175	$ 4,015
Funded status at December 31	$ (3,190)	$ (3,175)

RETIREMENT PLANS - Schedule Of Weighted Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
RETIREMENT PLANS
Discount rate	4.83%	5.02%
Initial weighted health care cost trend rate	5.00	5.00
Ultimate health care cost trend rate	5.00%	5.00%
Year that the rate is assumed to stabilize and remain unchanged	2024	2023

RETIREMENT PLANS - Schedule of post-retirement health benefit expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure
Service cost	$ 628	$ 1,190	$ 1,355
Interest cost	3,824	2,826	2,632
Net periodic pension cost	1,325	365	1,346
Net loss (gain) during the period	(1,761)	(5,323)	(5,883)
Amortization of prior service cost			(1)
Total recognized in other comprehensive (income) loss	(2,513)	(6,582)	(7,956)
Total recognized net periodic pension cost and other comprehensive income	(1,188)	(6,217)	(6,610)
Postretirement Health Coverage
Defined Benefit Plan Disclosure
Service cost	21	34	43
Interest cost	153	111	103
Amortization of net actuarial loss (gain)	53	0	0
Net periodic pension cost	121	145	146
Net loss (gain) during the period	34	(758)	(53)
Amortization of prior service cost	53	0	0
Total recognized in other comprehensive (income) loss	87	(758)	(53)
Total recognized net periodic pension cost and other comprehensive income	$ 208	$ (613)	$ 93

RETIREMENT PLANS - Schedule of Other Postretirement Benefit Plans Disclosures (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
2024	$ 4,766
2025	4,917
2026	5,077
2027	5,201
2028	5,308
2029-2033	27,124
Postretirement Health Coverage
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block
2024	249
2025	250
2026	247
2027	249
2028	250
2029-2033	$ 1,205

STOCK BASED COMPENSATION - Share based compensation arrangement (Details) - Restricted Stock - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Shares Outstanding
Nonvested balance at January 1 (shares)	19,127	19,546
Granted during the year (shares)	22,228	18,679
Vested during the year (shares)	(20,308)	(19,098)
Forfeited during the year (shares)		0
Nonvested balance at December 31 (shares)	21,047	19,127
Weighted Average Exercise Price
Nonvested balance at January 1	$ 44.11	$ 42.03
Granted during the year (price per share)	45.07	45.35
Vested during the year (price per share)	44.08	43.19
Forfeited during the year (price per share)		0
Nonvested balance at December 31	$ 45.15	$ 44.11

STOCK BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 20, 2011	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 21, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Compensation expense		$ 895	$ 825	$ 807
Stock Incentive Plan 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance	700,000
Number of shares awarded	267,826
Amended Plan 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance					400,000
Number of shares awarded		22,228	18,679
Number of additional shares authorized (shares)		337,934
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares awarded		22,228,000	18,679,000
Vesting period		3 years
Total compensation cost not yet recognized, stock options		$ 950	$ 844
Total compensation cost not yet recognized, period for recognition		1 year 6 months
Options, vested in period, fair value		$ 874	$ 880
Restricted Stock \| First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of common stock (percent)		33.00%
Restricted Stock \| Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of common stock (percent)		33.00%
Restricted Stock \| Third Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of common stock (percent)		34.00%

OTHER COMPREHENSIVE INCOME (LOSS) - AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ (139,974)	$ (2,426)
Change in other comprehensive income (loss) before reclassification	12,322	(138,490)
Amounts reclassified from accumulated other comprehensive income	565	942
Net current period other comprehensive income (loss)	12,887	(137,548)
Ending balance	(127,087)	(139,974)
Unrealized gains and (Losses) on available- for-sale Securities
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(128,896)	15,674
Change in other comprehensive income (loss) before reclassification	10,895	(144,568)
Amounts reclassified from accumulated other comprehensive income	1	(2)
Net current period other comprehensive income (loss)	10,896	(144,570)
Ending balance	(118,000)	(128,896)
Retirement plans
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(11,078)	(18,100)
Change in other comprehensive income (loss) before reclassification	1,427	6,078
Amounts reclassified from accumulated other comprehensive income	564	944
Net current period other comprehensive income (loss)	1,991	7,022
Ending balance	$ (9,087)	$ (11,078)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ (139,974)	$ (2,426)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	12,887	(137,548)
Ending balance	(127,087)	(139,974)
Unrealized gains and (Losses) on available- for-sale Securities
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(128,896)	15,674
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	10,896	(144,570)
Ending balance	(118,000)	(128,896)
Unrealized gains (losses) on securities available-for-sale without other than temporary impairment
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(131,135)	13,155
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	10,883	(144,290)
Ending balance	(120,252)	(131,135)
Unrealized gains (losses) on securities available-for-sale with other than temporary impairment
Accumulated Other Comprehensive Income (Loss)
Beginning balance	2,239	2,519
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	13	(280)
Ending balance	2,252	2,239
Unrealized gain (loss) on retirement plans
Accumulated Other Comprehensive Income (Loss)
Beginning balance	(11,078)	(18,100)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	1,991	7,022
Ending balance	$ (9,087)	$ (11,078)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net securities gains (losses)	$ (1)	$ 3	$ 114
Income tax expense	(11,821)	(16,651)	(12,626)
NET INCOME	60,672	71,109	52,987
Amount reclassified from accumulated other comprehensive income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
NET INCOME	(565)	(942)	(1,469)
Unrealized gains and (Losses) on available- for-sale Securities \| Amount reclassified from accumulated other comprehensive income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net securities gains (losses)	(1)	3	114
Income tax expense		(1)	(29)
NET INCOME	(1)	2	85
Retirement plans \| Amount reclassified from accumulated other comprehensive income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Change in funded status of post retirement benefits	(752)	(1,259)	(2,072)
Income tax expense	188	315	518
NET INCOME	$ (564)	$ (944)	$ (1,554)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/exampleRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASES (Details)	Dec. 31, 2023 USD ($)
LEASES
Operating lease liabilities	$ 5,456,000
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities
Operating lease right-of-use assets	$ 5,392,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets
Weighted average remaining lease term for operating leases	9 years 1 month 6 days
Weighted average discount rate	2.15%

LEASES - Lease cost (Details) $ in Thousands	12 Months Ended
LEASES - Lease cost (Details) $ in Thousands	Dec. 31, 2023 USD ($)
LEASES
Operating lease cost	$ 1,006
Short-term lease cost	137
Variable lease cost	12
Total lease cost	1,155
Cash paid for amounts included in the measurement of operating lease liabilities	967
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 854

LEASES - Future minimum payments for operating leases (Details)	Dec. 31, 2023 USD ($)
Twelve Months Ended March 31,
2024	$ 890,000
2025	865,000
2026	798,000
2027	773,000
2028	663,000
Thereafter	2,205,000
Total Future Minimum Lease Payments	6,194,000
Amounts Representing Interest	(738,000)
Present Value of Net Future Minimum Lease Payments	$ 5,456,000

REGULATORY MATTERS - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
REGULATORY MATTERS
Undistributed earnings	$ 38.9

REGULATORY MATTERS - Regulatory Capital Requirements under Banking Regulations (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Corporation
Capital
Capital	$ 602,258	$ 561,347
Capital to Risk Weighted Assets (percent)	0.1580	0.1461
Capital Required for Capital Adequacy	$ 400,201	$ 403,400
Capital Required for Capital Adequacy to Risk Weighted Assets (percent)	0.10500	0.10500
Common equity capital	$ 562,492	$ 521,568
Common Equity Capital to Risk Weighted Assets	14.76%	13.58%
Common equity capital required for capital adequacy	$ 266,800	$ 268,933
Common Equity Capital required for Capital Adequacy to Risk Weighted Assets	7.00%	7.00%
Tier I risk-based capital
Tier One Risk Based Capital	$ 562,492	$ 521,568
Tier One Risk Based Capital to Risk Weighted Assets (percent)	0.1476	0.1358
Tier One Risk Based Capital Required for Capital Adequacy	$ 323,972	$ 326,562
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets (percent)	0.08500	0.08500
Tier I leverage capital
Tier One Leverage Capital	$ 562,492	$ 521,568
Tier One Leverage Capital to Average Assets (percent)	0.1214	0.1078
Tier One Leverage Capital Required for Capital Adequacy	$ 185,309	$ 193,476
Tier One Leverage Capital Required for Capital Adequacy to Average Assets (percent)	0.0400	0.0400
First Financial Bank
Capital
Capital	$ 560,975	$ 498,246
Capital to Risk Weighted Assets (percent)	0.1489	0.1314
Capital Required for Capital Adequacy	$ 395,567	$ 398,179
Capital Required for Capital Adequacy to Risk Weighted Assets (percent)	0.10500	0.10500
Capital Required to be Well Capitalized	$ 376,731	$ 379,219
Capital Required to be Well Capitalized to Risk Weighted Assets (percent)	0.1000	0.1000
Common equity capital	$ 521,209	$ 458,467
Common Equity Capital to Risk Weighted Assets	13.84%	12.09%
Common equity capital required for capital adequacy	$ 263,712	$ 265,453
Common Equity Capital required for Capital Adequacy to Risk Weighted Assets	7.00%	7.00%
Common equity capital required to be well capitalized	$ 244,875	$ 246,492
Common Equity Capital required to be Well Capitalized to Risk Weighted Assets	6.50%	6.50%
Tier I risk-based capital
Tier One Risk Based Capital	$ 521,209	$ 458,467
Tier One Risk Based Capital to Risk Weighted Assets (percent)	0.1384	0.1209
Tier One Risk Based Capital Required for Capital Adequacy with Buffer	$ 320,221	$ 322,336
Tier One Risk Based Capital Required for Capital Adequacy with Buffer to Risk Weighted Assets (percent)	0.08500	0.08500
Tier One Risk Based Capital Required to be Well Capitalized	$ 301,385	$ 303,375
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets (percent)	0.0800	0.0800
Tier I leverage capital
Tier One Leverage Capital	$ 521,209	$ 458,467
Tier One Leverage Capital to Average Assets (percent)	0.1073	0.0950
Tier One Leverage Capital Required for Capital Adequacy	$ 194,384	$ 193,073
Tier One Leverage Capital Required for Capital Adequacy to Average Assets (percent)	0.0400	0.0400
Tier One Leverage Capital Required to be Well Capitalized	$ 242,981	$ 241,341
Tier One Leverage Capital Required to be Well Capitalized to Average Assets (percent)	0.0500	0.0500

PARENT COMPANY CONDENSED FINANCIAL STATEMENTS - CONDENSE BALANCE SHEET (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and due from banks	$ 76,759	$ 222,517
Securities available-for-sale	1,259,137	1,330,481
Land and headquarters building, net	67,286	66,147
Other assets	72,587	86,697
TOTAL ASSETS	4,851,146	4,989,281
LIABILITIES AND SHAREHOLDERS' EQUITY
Other liabilities	57,304	64,653
TOTAL LIABILITIES	4,323,170	4,513,988
Shareholders' Equity	527,976	475,293	$ 582,576	$ 596,992
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	4,851,146	4,989,281
Parent
ASSETS
Cash and due from banks	37,907	60,692
Investments in subsidiaries	484,868	412,570
Securities available-for-sale	1,401
Land and headquarters building, net	8,822	9,116
Other assets	36,985	42,120
TOTAL ASSETS	569,983	524,498
LIABILITIES AND SHAREHOLDERS' EQUITY
Dividends payable	5,304	8,912
Other liabilities	36,703	40,293
TOTAL LIABILITIES	42,007	49,205
Shareholders' Equity	527,976	475,293
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 569,983	$ 524,498

PARENT COMPANY CONDENSED FINANCIAL STATEMENTS - CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Statements
Other income	$ 5,850	$ 9,246
Income tax benefit	(11,821)	(16,651)	$ (12,626)
NET INCOME	60,672	71,109	52,987
Comprehensive income (loss)	73,559	(66,439)	40,797
Parent
Condensed Financial Statements
Dividends from subsidiaries	2,818	94,048	99,231
Securities interest income	7
Other income	1,476	1,254	746
Other operating expenses	(3,719)	(3,435)	(2,611)
Income before income taxes and equity in undistributed earnings of subsidiaries	582	91,867	97,366
Income tax benefit	684	1,110	681
Income before equity in undistributed earnings of subsidiaries	1,266	92,977	98,047
Equity in undistributed earnings of subsidiaries	59,406	(21,868)	(45,060)
NET INCOME	60,672	71,109	52,987
Comprehensive income (loss)	$ 73,559	$ (66,439)	$ 40,797

PARENT COMPANY CONDENSED FINANCIAL STATEMENTS - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ 60,672	$ 71,109	$ 52,987
Adjustments to reconcile net income to net cash provided by operating activities:
Contribution of shares to ESOP	1,518	1,451	1,402
Restricted stock compensation	895	825	807
NET CASH FROM OPERATING ACTIVITIES	86,090	78,787	55,067
CASH FLOWS FROM INVESTING ACTIVITIES:
Securities available-for-sale acquired from dissolution of FFBRM	(30,460)	(345,201)	(589,802)
NET CASH FROM INVESTING ACTIVITIES	(22,098)	(433,689)	(312,156)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury stock	(11,514)	(27,701)	(42,471)
Dividends paid	(15,383)	(14,459)	(14,181)
NET CASH FROM FINANCING ACTIVITIES	(209,750)	(110,608)	287,646
NET (DECREASE) INCREASE IN CASH	(145,758)	(465,510)	30,557
Supplemental disclosures of cash flow information:
Income Taxes	11,350	13,525	15,025
Parent [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	60,672	71,109	52,987
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	307	297	191
Equity in undistributed earnings	(59,406)	21,868	45,060
Contribution of shares to ESOP	1,518	1,451	1,402
Restricted stock compensation	895	825	807
Increase (decrease) in other liabilities	(3,590)	33,050	435
(Increase) decrease in other assets	5,136	(34,602)	(1,518)
NET CASH FROM OPERATING ACTIVITIES	5,532	93,998	99,364
CASH FLOWS FROM INVESTING ACTIVITIES:
Securities available-for-sale acquired from dissolution of FFBRM	(1,407)
(Increase) decrease in premises and equipment	(13)	(4,990)	0
Cash received (disbursed) from acquisitions	0	0	(31,348)
NET CASH FROM INVESTING ACTIVITIES	(1,420)	(4,990)	(31,348)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury stock	(11,514)	(27,701)	(42,471)
Dividends paid	(15,383)	(14,459)	(14,181)
NET CASH FROM FINANCING ACTIVITIES	(26,897)	(42,160)	(56,652)
NET (DECREASE) INCREASE IN CASH	(22,785)	46,848	11,364
CASH, BEGINNING OF YEAR	60,692	13,844	2,480
CASH, END OF YEAR	37,907	60,692	13,844
Supplemental disclosures of cash flow information:
Interest	0	0	0
Income Taxes	$ 11,350	$ 13,525	$ 15,025

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 60,672	$ 71,109	$ 52,987

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false