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INVESTMENTS
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTSFor the three months ended June 30, 2020, there were sales of $11.4 million of AFS securities with gross realized gains of $0.1 million and gross realized losses of $0.1 million. For the six months ended June 30, 2020, there were sales of $41.3 million of AFS securities with $0.1 million gross realized gains and $0.1 million gross realized losses. For the three and six months ended June 30, 2019, there were $115.6 million sales of AFS securities with $0.7 million gross realized gains and $0.7 million gross realized losses. In conjunction with the adoption of ASU 2017-12 in the first quarter of 2019, First Financial reclassified $268.7 million of HTM securities to AFS resulting in a $0.2 million realized loss recorded in the Consolidated Statement of Income.
The following is a summary of HTM and AFS investment securities as of June 30, 2020:
  
Held-to-maturityAvailable-for-sale
(Dollars in thousands)Amortized
cost		Unrecognized gainUnrecognized lossFair
value		Amortized
cost		Unrealized
gain		Unrealized
loss		Fair
value
U.S. Treasuries$0  $0  $0  $0  $99  $4  $0  $103  
Securities of U.S. government agencies and corporations0  0  0  0  116  2  0  118  
Mortgage-backed securities - residential 18,560  364  0  18,924  413,981  17,630  (88) 431,523  
Mortgage-backed securities - commercial 90,005  4,000  0  94,005  489,962  11,016  (6,421) 494,557  
Collateralized mortgage obligations8,123  108  0  8,231  729,540  31,197  (139) 760,598  
Obligations of state and other political subdivisions10,659  1,137  0  11,796  711,854  36,206  (66) 747,994  
Asset-backed securities0  0  0  0  380,715  2,290  (6,947) 376,058  
Other securities0  0  0  0  88,932  173  (2,643) 86,462  
Total$127,347  $5,609  $0  $132,956  $2,815,199  $98,518  $(16,304) $2,897,413  

The following is a summary of HTM and AFS investment securities as of December 31, 2019:
  
Held-to-maturityAvailable-for-sale
(Dollars in thousands)Amortized
cost		Unrecognized gainUnrecognized
loss		Fair
value		Amortized
cost		Unrealized
gain		Unrealized
loss		Fair
value
U.S. Treasuries$0  $0  $0  $0  $99  $1  $0  $100  
Securities of U.S. government agencies and corporations0  0  0  0  156  2  0  158  
Mortgage-backed securities - residential 20,818  122  (174) 20,766  421,945  9,709  (99) 431,555  
Mortgage-backed securities - commercial 101,267  571  (1,225) 100,613  474,174  4,988  (2,644) 476,518  
Collateralized mortgage obligations9,763  0  (108) 9,655  769,076  16,753  (385) 785,444  
Obligations of state and other political subdivisions11,014  804  (31) 11,787  652,986  23,729  (462) 676,253  
Asset-backed securities0  0  0  0  400,081  1,414  (1,064) 400,431  
Other securities0  0  0  0  79,781  1,959  (115) 81,625  
Total$142,862  $1,497  $(1,538) $142,821  $2,798,298  $58,555  $(4,769) $2,852,084  

The following table provides a summary of investment securities by contractual maturity as of June 30, 2020, except for residential and commercial mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which are shown as single totals due to the unpredictability of the timing in principal repayments.
 Held-to-maturityAvailable-for-sale
(Dollars in thousands)Amortized
cost		Fair
value		Amortized
cost		Fair
value
By Contractual Maturity:
Due in one year or less$0  $0  $4,126  $4,162  
Due after one year through five years0  0  55,428  56,534  
Due after five years through ten years4,840  5,720  153,966  156,133  
Due after ten years5,819  6,076  587,481  617,848  
Mortgage-backed securities - residential 18,560  18,924  413,981  431,523  
Mortgage-backed securities - commercial 90,005  94,005  489,962  494,557  
Collateralized mortgage obligations8,123  8,231  729,540  760,598  
Asset-backed securities0  0  380,715  376,058  
Total$127,347  $132,956  $2,815,199  $2,897,413  
Unrealized 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. For securities in an unrealized loss position, the Company first assesses whether it intends to sell or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For debt securities available-for-sale that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security.

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, 2020 or December 31, 2019.

As of June 30, 2020, the Company's investment securities portfolio consisted of 1,290 securities, of which 133 were in an unrealized loss position. As of December 31, 2019, the Company's investment securities portfolio consisted of 1,273 securities, of which 140 were in an unrealized loss position.

Primarily all of First Financial’s HTM debt securities are issued by U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. The remainder of the Company's HTM securities are non-agency collateralized mortgage obligations and obligations of state and other political subdivisions which currently carry ratings no lower than A+. There were no HTM securities on nonaccrual status or past due as of June 30, 2020. Therefore, the Company did not record an allowance for credit losses for these securities as of June 30, 2020.
The following tables provide the fair value and gross unrealized losses on investment securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position:
 June 30, 2020
 Less than 12 months12 months or moreTotal
(Dollars in thousands)Fair
value		Unrealized
loss		Fair
value		Unrealized
loss		Fair
value		Unrealized
loss
U.S. Treasuries$0  $0  $0  $0  $0  $0  
Securities of U.S. Government agencies and corporations0  0  0  0  0  0  
Mortgage-backed securities - residential 16,202  (88) 0  0  16,202  (88) 
Mortgage-backed securities - commercial 131,442  (2,627) 32,987  (3,794) 164,429  (6,421) 
Collateralized mortgage obligations43,648  (139) 1  0  43,649  (139) 
Obligations of state and other political subdivisions37,979  (66) 0  0  37,979  (66) 
Asset-backed securities190,047  (4,702) 65,165  (2,245) 255,212  (6,947) 
Other securities58,500  (2,126) 4,303  (517) 62,803  (2,643) 
Total$477,818  $(9,748) $102,456  $(6,556) $580,274  $(16,304) 
 December 31, 2019
 Less than 12 months12 months or moreTotal
 FairUnrealizedFairUnrealizedFairUnrealized
(Dollars in thousands)valuelossvaluelossvalueloss
U.S. Treasuries$0  $0  $0  $0  $0  $0  
Securities of U.S. Government agencies and corporations0  0  0  0  0  0  
Mortgage-backed securities - residential40,190  (209) 11,063  (64) 51,253  (273) 
Mortgage-backed securities - commercial111,658  (298) 104,069  (3,571) 215,727  (3,869) 
Collateralized mortgage obligations85,248  (297) 30,628  (196) 115,876  (493) 
Obligations of state and other political subdivisions118,623  (457) 7,950  (36) 126,573  (493) 
Asset-backed securities125,889  (553) 54,963  (511) 180,852  (1,064) 
Other securities0  0  5,649  (115) 5,649  (115) 
Total$481,608  $(1,814) $214,322  $(4,493) $695,930  $(6,307) 

For further detail on the fair value of investment securities, see Note 16 – Fair Value Disclosures.