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INVESTMENTS
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS Investment SecuritiesDuring the year ended December 31, 2021, proceeds on the sale of $375.3 million of AFS securities resulted in gains of $6.8 million and losses of $7.6 million. During the year ended December 31, 2020, proceeds on the sale of $117.8 million of AFS securities resulted in gains of $0.9 million and losses of $0.8 million. During the year ended December 31, 2019, proceeds on the sale of $519.1 million of AFS securities resulted in gains of $2.1 million and losses of $2.1 million. The impact to income tax expense from these sales was insignificant in all three years.
In 2021 and 2020, there were no reclassifications of HTM securities to AFS securities. However, in the first quarter of 2019, in addition to the sale of certain securities, First Financial reclassified $268.7 million of HTM securities to AFS in conjunction with the adoption of ASU 2017-12, resulting in a $0.2 million realized loss recorded in the Consolidated Statement of Income.

The carrying value of investment securities pledged as collateral to secure public deposits, repurchase agreements and for other purposes as required by law totaled $1.5 billion at both December 31, 2021 and December 31, 2020.

The following is a summary of HTM and AFS investment securities as of December 31, 2021:
  
Held-to-maturityAvailable-for-sale
(Dollars in thousands)Amortized
cost		Unrecognized
gain		Unrecognized
loss		Fair
value		Amortized
cost		Unrealized
gain		Unrealized
loss		Fair
value
U.S. Treasuries$0 $0 $0 $0 $34,961 $4 $(189)$34,776 
Securities of U.S. government agencies and corporations0 0 0 0 78,998 248 (129)79,117 
Mortgage-backed securities - residential0 0 0 0 728,050 6,635 (10,548)724,137 
Mortgage-backed securities - commercial46,362 651 0 47,013 729,948 4,294 (2,352)731,890 
Collateralized mortgage obligations11,882 221 0 12,103 696,258 7,979 (6,497)697,740 
Obligations of state and other political subdivisions8,926 915 0 9,841 1,058,735 35,591 (8,594)1,085,732 
Asset-backed securities0 0 0 0 720,638 1,521 (2,578)719,581 
Other securities31,250 176 (485)30,941 133,001 2,114 (242)134,873 
Total$98,420 $1,963 $(485)$99,898 $4,180,589 $58,386 $(31,129)$4,207,846 

The following is a summary of HTM and AFS investment securities as of December 31, 2020:
  
Held-to-maturityAvailable-for-sale
(Dollars in thousands)Amortized
cost		Unrecognized
gain		Unrecognized
loss		Fair
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 60 0 0 60 
Mortgage-backed securities - residential13,990 197 0 14,187 704,482 15,938 (237)720,183 
Mortgage-backed securities - commercial71,737 3,485 0 75,222 584,125 10,395 (3,584)590,936 
Collateralized mortgage obligations5,799 79 0 5,878 634,418 21,148 (445)655,121 
Obligations of state and other political subdivisions9,911 1,239 0 11,150 856,054 46,755 (291)902,518 
Asset-backed securities0 0 0 0 478,539 4,158 (826)481,871 
Other securities30,250 11 0 30,261 72,252 1,544 (8)73,788 
Total$131,687 $5,011 $0 $136,698 $3,330,029 $99,942 $(5,391)$3,424,580 
The following table provides a summary of investment securities by contractual maturity as of December 31, 2021, 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
Due in one year or less$0 $0 $18,824 $18,910 
Due after one year through five years639 699 84,773 86,693 
Due after five years through ten years36,651 37,166 355,693 364,968 
Due after ten years2,886 2,917 846,405 863,927 
Mortgage-backed securities - residential 0 0 728,050 724,137 
Mortgage-backed securities - commercial 46,362 47,013 729,948 731,890 
Collateralized mortgage obligations11,882 12,103 696,258 697,740 
Asset-backed securities0 0 720,638 719,581 
Total$98,420 $99,898 $4,180,589 $4,207,846 

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 exists, requiring a write-down to fair value through income. 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. 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.

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. The Company recorded no reserves on investment securities for the twelve months ended December 31, 2021 or 2020.

As of December 31, 2021, the Company's investment securities portfolio consisted of 1,418 securities, of which 327 were in an unrealized loss position. As of December 31, 2020, the Company's investment securities portfolio consisted of 1,351 securities, of which 94 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 December 31, 2021, however, there were $0.5 million of other HTM securities in a loss position as of December 31, 2021. There were no HTM securities on nonaccrual status, past due or in a loss position as of December 31, 2020. The Company did not record an allowance for credit losses for these securities as of December 31, 2021 or 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 was not recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position:
 December 31, 2021
 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$24,755 $(190)$0 $0 $24,755 $(190)
Securities of U.S. government agencies and corporations17,382 (128)0 0 17,382 (128)
Mortgage-backed securities - residential459,098 (8,375)78,090 (2,173)537,188 (10,548)
Mortgage-backed securities - commercial205,520 (2,149)13,818 (203)219,338 (2,352)
Collateralized mortgage obligations369,318 (6,110)12,485 (387)381,803 (6,497)
Obligations of state and other political subdivisions380,735 (7,543)55,568 (1,051)436,303 (8,594)
Asset-backed securities482,118 (2,578)0 0 482,118 (2,578)
Other securities31,896 (354)11,877 (373)43,773 (727)
Total$1,970,822 $(27,427)$171,838 $(4,187)$2,142,660 $(31,614)

 December 31, 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 - residential57,872 (237)0 0 57,872 (237)
Mortgage-backed securities - commercial169,825 (986)48,158 (2,598)217,983 (3,584)
Collateralized mortgage obligations49,161 (445)1 0 49,162 (445)
Obligations of state and other political subdivisions60,008 (291)0 0 60,008 (291)
Asset-backed securities84,749 (435)68,967 (391)153,716 (826)
Other securities4,992 (8)0 0 4,992 (8)
Total$426,607 $(2,402)$117,126 $(2,989)$543,733 $(5,391)

For further detail on the fair value of investment securities, see Note 22 – Fair Value Disclosures.