INVESTMENTS

The following is a summary of held-to-maturity and available-for-sale investment securities as of June 30, 2013:



	Held-to-Maturity									Available-for-Sale
(Dollars in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss			Market Value		Amortized Cost		Unrealized Gain		Unrealized Loss			Market Value
U.S. Treasuries	$	0	$	0	$	0		$	0	$	97	$	0	$	(3	)	$	94
Securities of U.S. government agencies and corporations	19,854		0		(276		)	19,578		10,272		0		(125		)	10,147
Mortgage-backed securities	641,491		694		(5,835		)	636,350		681,529		6,777		(17,974		)	670,332
Obligations of state and other political subdivisions	8,901		166		(597		)	8,470		34,693		52		(1,608		)	33,137
Asset-backed securities	0		0		0			0		60,873		0		(388		)	60,485
Other securities	0		0		0			0		112,604		193		(2,298		)	110,499
Total	$	670,246	$	860	$	(6,708	)	$	664,398	$	900,068	$	7,022	$	(22,396	)	$	884,694

The following is a summary of held-to-maturity and available-for-sale investment securities as of December 31, 2012:



	Held-to-Maturity									Available-for-Sale
(Dollars in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss			Market Value		Amortized Cost		Unrealized Gain		Unrealized Loss			Market Value
Securities of U.S. government agencies and corporations	$	20,512	$	679	$	0		$	21,191	$	15,562	$	333	$	0		$	15,895
Mortgage-backed securities	740,891		8,077		(1,290		)	747,678		854,150		14,564		(1,485		)	867,229
Obligations of state and other political subdivisions	9,352		265		(12		)	9,605		35,913		169		(84		)	35,998
Asset-backed securities	0		0		0			0		57,000		90		(1		)	57,089
Other securities	0		0		0			0		54,479		1,569		(163		)	55,885
Total	$	770,755	$	9,021	$	(1,302	)	$	778,474	$	1,017,104	$	16,725	$	(1,733	)	$	1,032,096

The following is a summary of investment securities by estimated maturity as of June 30, 2013:



	Held-to-Maturity				Available-for-Sale
(Dollars in thousands)	Amortized Cost		Market Value		Amortized Cost		Market Value
Due in one year or less	$	215	$	218	$	14,244	$	14,779
Due after one year through five years	553,586		550,083		356,449		355,526
Due after five years through ten years	107,195		104,818		219,699		214,398
Due after ten years	9,250		9,279		309,676		299,991
Total	$	670,246	$	664,398	$	900,068	$	884,694

The following tables present the age of gross unrealized losses and associated fair value by investment category:



	June 30, 2013
	Less than 12 Months					12 Months or More					Total
(Dollars in thousands)	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Securities of U.S. government agencies and corporations	$	19,625	$	(225	)	$	0	$	0		$	19,625	$	(225	)
Mortgage-backed securities	865,450		(21,140		)	23,867		(231		)	889,317		(21,371		)
Obligations of state and other political subdivisions	68,190		(2,648		)	0		0			68,190		(2,648		)
Asset-backed securities	60,486		(388		)	0		0			60,486		(388		)
Other securities	66,453		(1,737		)	1,252		(119		)	67,705		(1,856		)
Total	$	1,080,204	$	(26,138	)	$	25,119	$	(350	)	$	1,105,323	$	(26,488	)



	December 31, 2012
	Less than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(Dollars in thousands)	Value		Loss			Value		Loss			Value		Loss
Mortgage-backed securities	$	240,641	$	(1,635	)	$	25,513	$	(405	)	$	266,154	$	(2,040	)
Obligations of state and other political subdivisions	21,341		(96		)	0		0			21,341		(96		)
Asset-backed securities	9,999		(1		)	0		0			9,999		(1		)
Other securities	8,454		(163		)	0		0			8,454		(163		)
Total	$	280,435	$	(1,895	)	$	25,513	$	(405	)	$	305,948	$	(2,300	)

Gains and losses on debt securities are generally due to higher current market yields relative to the yields of the debt securities at their amortized cost. All securities with unrealized losses are reviewed quarterly to determine if any impairment is considered other than temporary, requiring a write-down to fair market value. First Financial considers the percentage loss on a security, duration of the loss, average life or duration of the security, credit rating of the security and payment performance, as well as the Company's intent and ability to hold the security to maturity when determining whether any impairment is other than temporary. At this time First Financial does not intend to sell, and it is not more likely than not that the Company will be required to sell debt securities temporarily impaired prior to maturity or recovery of the recorded value. First Financial had no other than temporary impairment related to its investment securities portfolio as of June 30, 2013 or December 31, 2012.

For further detail on the fair value of investment securities, see Note 13 – Fair Value Disclosures.