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INVESTMENTS
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
For the three months ended June 30, 2022, there were no sales of AFS securities. For the six months ended June 30, 2022, there were sales of $5.0 million of AFS securities with insignificant gross realized gains and gross realized losses. For the three months ended June 30, 2021, there were sales of $219.7 million of AFS securities with gross realized gains of $2.5 million and gross realized losses of $2.8 million. For the six months ended June 30, 2021, there were $271.8 million sales of AFS securities with $3.1 million of gross realized gains and $3.5 million of gross realized losses.

The following is a summary of HTM and AFS investment securities as of June 30, 2022:
  
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 $36,723 $0 $(3,343)$33,380 
Securities of U.S. government agencies and corporations0 0 0 0 79,684 0 (9,576)70,108 
Mortgage-backed securities - residential 0 0 0 0 697,784 5 (70,037)627,752 
Mortgage-backed securities - commercial 38,327 0 (2,541)35,786 762,091 3 (31,727)730,367 
Collateralized mortgage obligations10,178 0 (460)9,718 556,531 384 (40,072)516,843 
Obligations of state and other political subdivisions8,302 133 (123)8,312 1,070,377 2,710 (88,243)984,844 
Asset-backed securities0 0 0 0 798,356 128 (42,052)756,432 
Other securities31,250 0 (1,076)30,174 127,000 168 (3,314)123,854 
Total$88,057 $133 $(4,200)$83,990 $4,128,546 $3,398 $(288,364)$3,843,580 

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 gainUnrecognized
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 - residential 0 0 0 0 728,050 6,635 (10,548)724,137 
Mortgage-backed securities - commercial 46,362 651 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 table provides a summary of investment securities by contractual maturity as of June 30, 2022, 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 $6,850 $6,839 
Due after one year through five years1,080 1,082 105,078 103,623 
Due after five years through ten years36,316 35,350 359,473 336,171 
Due after ten years2,156 2,054 842,383 765,553 
Mortgage-backed securities - residential 0 0 697,784 627,752 
Mortgage-backed securities - commercial 38,327 35,786 762,091 730,367 
Collateralized mortgage obligations10,178 9,718 556,531 516,843 
Asset-backed securities0 0 798,356 756,432 
Total$88,057 $83,990 $4,128,546 $3,843,580 

Unrealized gains and losses on debt securities available for sale are generally due to fluctuations in current market yields relative to the yields of the securities at their amortized cost. All AFS securities with unrealized losses are reviewed quarterly to determine if any impairment exists, requiring a write-down to fair value. For AFS 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 in an unrealized loss position 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 prior to maturity or recovery of the recorded value. The Company recorded no reserves on investment securities for the periods ended June 30, 2022 or December 31, 2021.

As of June 30, 2022, the Company's investment securities portfolio consisted of 1,449 securities, of which 939 were in an unrealized loss position. 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.

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, 2022 or December 31, 2021.

Management measures expected credit losses on held-to-maturity debt securities on a collective basis by security type. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Company did not record an ACL for these securities as of June 30, 2022 or December 31, 2021.

The following tables provide the fair value and gross unrealized losses on investment securities in an unrealized loss position for which an ACL 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, 2022
 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$33,380 $(3,343)$0 $0 $33,380 $(3,343)
Securities of U.S. Government agencies and corporations70,108 (9,576)0 0 70,108 (9,576)
Mortgage-backed securities - residential 400,570 (37,708)224,382 (32,329)624,952 (70,037)
Mortgage-backed securities - commercial 737,115 (30,907)27,765 (3,361)764,880 (34,268)
Collateralized mortgage obligations429,951 (29,304)73,602 (11,228)503,553 (40,532)
Obligations of state and other political subdivisions626,316 (67,853)126,912 (20,513)753,228 (88,366)
Asset-backed securities714,112 (39,664)25,917 (2,388)740,029 (42,052)
Other securities116,117 (3,883)11,744 (507)127,861 (4,390)
Total$3,127,669 $(222,238)$490,322 $(70,326)$3,617,991 $(292,564)
 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)

For further detail on the fair value of investment securities, see Note 17 – Fair Value Disclosures.