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INVESTMENTS
 3 Months Ended
Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS
INVESTMENTS

The following is a summary of held-to-maturity and available-for-sale investment securities as of March 31, 2014:
  
 
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

 
$
(4
)
 
$
93

Securities of U.S. government agencies and corporations
 
18,603

 
0

 
(535
)
 
18,068

 
9,978

 
0

 
(249
)
 
9,729

Mortgage-backed securities
 
829,311

 
2,906

 
(7,924
)
 
824,293

 
696,800

 
4,862

 
(24,414
)
 
677,248

Obligations of state and other political subdivisions
 
25,512

 
195

 
(734
)
 
24,973

 
31,121

 
9

 
(2,606
)
 
28,524

Asset-backed securities
 
0

 
0

 
0

 
0

 
49,529

 
1

 
(100
)
 
49,430

Other securities
 
17,380

 
613

 
0

 
17,993

 
100,167

 
645

 
(3,310
)
 
97,502

Total
 
$
890,806

 
$
3,714

 
$
(9,193
)
 
$
885,327

 
$
887,692

 
$
5,517

 
$
(30,683
)
 
$
862,526


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

 
$
(7
)
 
$
90

Securities of U.S. government agencies and corporations
 
18,981

 
0

 
(791
)
 
18,190

 
9,980

 
0

 
(404
)
 
9,576

Mortgage-backed securities
 
775,025

 
1,337

 
(12,229
)
 
764,133

 
678,267

 
5,372

 
(28,593
)
 
655,046

Obligations of state and other political subdivisions
 
25,788

 
152

 
(1,039
)
 
24,901

 
33,410

 
10

 
(3,097
)
 
30,323

Asset-backed securities
 
0

 
0

 
0

 
0

 
114,209

 
1

 
(616
)
 
113,594

Other securities
 
17,478

 
283

 
0

 
17,761

 
109,089

 
262

 
(4,379
)
 
104,972

Total
 
$
837,272

 
$
1,772

 
$
(14,059
)
 
$
824,985

 
$
945,052

 
$
5,645

 
$
(37,096
)
 
$
913,601



The following table provides a summary of investment securities by estimated weighted average life as of March 31, 2014. Estimated lives on certain investment securities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
Held-to-Maturity
 
Available-for-Sale
(Dollars in thousands)
Amortized
Cost
 
Market
Value
 
Amortized
Cost
 
Market
Value
Due in one year or less
$
156

 
$
158

 
$
7,060

 
$
7,359

Due after one year through five years
365,819

 
364,424

 
290,533

 
289,018

Due after five years through ten years
399,321

 
394,238

 
256,653

 
247,950

Due after ten years
125,510

 
126,507

 
333,446

 
318,199

Total
$
890,806

 
$
885,327

 
$
887,692

 
$
862,526



The following tables provide the fair value and gross unrealized losses on investment securities in an unrealized loss position, aggregated by investment category and the length of time the individual securities have been in a continuous loss position:
 
 
March 31, 2014
 
 
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
 
$
27,887

 
$
(564
)
 
$
0

 
$
0

 
$
27,887

 
$
(564
)
Mortgage-backed securities
 
677,538

 
(15,392
)
 
281,627

 
(15,271
)
 
959,165

 
(30,663
)
Obligations of state and other political subdivisions
 
50,100

 
(2,440
)
 
17,248

 
(1,982
)
 
67,348

 
(4,422
)
Asset-backed securities
 
48,937

 
(100
)
 
0

 
0

 
48,937

 
(100
)
Other securities
 
39,102

 
(1,306
)
 
7,777

 
(509
)
 
46,879

 
(1,815
)
Total
 
$
843,564

 
$
(19,802
)
 
$
306,652

 
$
(17,762
)
 
$
1,150,216

 
$
(37,564
)

 
 
December 31, 2013
 
 
Less than 12 Months
 
12 Months or More
 
Total
 
 
Fair
 
Unrealized
 
Fair
 
Unrealized
 
Fair
 
Unrealized
(Dollars in thousands)
 
Value
 
Loss
 
Value
 
Loss
 
Value
 
Loss
Securities of U.S. government agencies and corporations
 
$
27,851

 
$
(970
)
 
$
0

 
$
0

 
$
27,851

 
$
(970
)
Mortgage-backed securities
 
966,718

 
(32,432
)
 
108,929

 
(6,101
)
 
1,075,647

 
(38,533
)
Obligations of state and other political subdivisions
 
66,502

 
(5,294
)
 
1,935

 
(46
)
 
68,437

 
(5,340
)
Asset-backed securities
 
93,355

 
(616
)
 
0

 
0

 
93,355

 
(616
)
Other securities
 
54,866

 
(2,142
)
 
7,798

 
(561
)
 
62,664

 
(2,703
)
Total
 
$
1,209,292

 
$
(41,454
)
 
$
118,662

 
$
(6,708
)
 
$
1,327,954

 
$
(48,162
)


Gains and losses on debt securities are generally due to fluctuations in 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 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 as well as payment performance and 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 March 31, 2014 or December 31, 2013.

For further detail on the fair value of investment securities, see Note 15 – Fair Value Disclosures.