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INVESTMENTS
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTSFor the three months ended September 30, 2020, there were sales of $1.3 million of AFS securities with insignificant gross realized gains and gross realized losses. For the three months ended September 30, 2019, proceeds on the sale of $284.9 million of AFS securities resulted in $1.2 million in gross realized gains and $1.1 million in gross realized losses. For the nine months ended September 30, 2020, there were sales of $42.6 million of AFS securities with $0.1 million in gross realized gains and $0.2 million in gross realized losses. For the nine months ended September 30, 2019, there were $400.5 million sales of AFS securities with $1.9 million in gross realized gains and $1.8 million in 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 September 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 59 1 0 60 
Mortgage-backed securities - residential 16,069 250 0 16,319 393,395 16,084 (59)409,420 
Mortgage-backed securities - commercial 84,701 3,834 0 88,535 550,408 10,943 (4,791)556,560 
Collateralized mortgage obligations6,987 93 0 7,080 680,581 25,891 (339)706,133 
Obligations of state and other political subdivisions10,315 1,192 0 11,507 761,589 41,007 (599)801,997 
Asset-backed securities0 0 0 0 433,811 2,963 (2,978)433,796 
Other securities0 0 0 0 95,995 1,496 (597)96,894 
Total$118,072 $5,369 $0 $123,441 $2,915,937 $98,389 $(9,363)$3,004,963 

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 September 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 $4,098 $4,133 
Due after one year through five years0 0 53,902 55,486 
Due after five years through ten years5,784 6,864 183,872 190,863 
Due after ten years4,531 4,643 615,870 648,572 
Mortgage-backed securities - residential 16,069 16,319 393,395 409,420 
Mortgage-backed securities - commercial 84,701 88,535 550,408 556,560 
Collateralized mortgage obligations6,987 7,080 680,581 706,133 
Asset-backed securities0 0 433,811 433,796 
Total$118,072 $123,441 $2,915,937 $3,004,963 

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 September 30, 2020 or December 31, 2019.

As of September 30, 2020, the Company's investment securities portfolio consisted of 1,291 securities, of which 119 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, past due or in a loss position as of September 30, 2020. Therefore, the Company did not record an allowance for credit losses for these securities as of September 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:
 September 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 20,145 (59)0 0 20,145 (59)
Mortgage-backed securities - commercial 145,885 (1,568)44,164 (3,223)190,049 (4,791)
Collateralized mortgage obligations42,042 (339)1 0 42,043 (339)
Obligations of state and other political subdivisions81,678 (599)0 0 81,678 (599)
Asset-backed securities138,610 (1,307)97,031 (1,671)235,641 (2,978)
Other securities19,033 (349)4,577 (248)23,610 (597)
Total$447,393 $(4,221)$145,773 $(5,142)$593,166 $(9,363)
 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.