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INVESTMENTS
 9 Months Ended
Sep. 30, 2015
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 September 30, 2015:
  
 
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

 
$
98

 
$
1

 
$
0

 
$
99

Securities of U.S. government agencies and corporations
 
15,968

 
222

 
0

 
16,190

 
8,717

 
247

 
0

 
8,964

Mortgage-backed securities
 
707,124

 
15,048

 
(520
)
 
721,652

 
660,881

 
5,040

 
(6,879
)
 
659,042

Obligations of state and other political subdivisions
 
28,138

 
168

 
(317
)
 
27,989

 
75,845

 
2,311

 
(928
)
 
77,228

Asset-backed securities
 
0

 
0

 
0

 
0

 
215,036

 
221

 
(1,801
)
 
213,456

Other securities
 
4,805

 
0

 
(124
)
 
4,681

 
110,981

 
919

 
(1,022
)
 
110,878

Total
 
$
756,035

 
$
15,438

 
$
(961
)
 
$
770,512

 
$
1,071,558

 
$
8,739

 
$
(10,630
)
 
$
1,069,667


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

 
$
0

 
$
97

Securities of U.S. government agencies and corporations
 
17,570

 
24

 
(23
)
 
17,571

 
11,814

 
67

 
(1
)
 
11,880

Mortgage-backed securities
 
801,465

 
7,813

 
(2,064
)
 
807,214

 
611,497

 
4,462

 
(13,211
)
 
602,748

Obligations of state and other political subdivisions
 
44,164

 
1,275

 
(193
)
 
45,246

 
73,649

 
883

 
(947
)
 
73,585

Asset-backed securities
 
0

 
0

 
0

 
0

 
74,784

 
155

 
(103
)
 
74,836

Other securities
 
4,797

 
0

 
(79
)
 
4,718

 
77,663

 
1,193

 
(1,534
)
 
77,322

Total
 
$
867,996

 
$
9,112

 
$
(2,359
)
 
$
874,749

 
$
849,504

 
$
6,760

 
$
(15,796
)
 
$
840,468



The following table provides a summary of investment securities by estimated weighted average life as of September 30, 2015. 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
$
4,473

 
$
4,587

 
$
22,066

 
$
22,118

Due after one year through five years
534,431

 
543,735

 
667,783

 
666,906

Due after five years through ten years
217,131

 
222,190

 
334,447

 
332,881

Due after ten years
0

 
0

 
47,262

 
47,762

Total
$
756,035

 
$
770,512

 
$
1,071,558

 
$
1,069,667



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:
 
 
September 30, 2015
 
 
Less than 12 months
 
12 months or more
 
Total
(Dollars in thousands)
 
Fair
value
 
Unrealized
loss
 
Fair
value
 
Unrealized
loss
 
Fair
value
 
Unrealized
loss
Mortgage-backed securities
 
$
216,209

 
$
(856
)
 
$
257,294

 
$
(6,543
)
 
$
473,503

 
$
(7,399
)
Obligations of state and other political subdivisions
 
1,268

 
(3
)
 
36,309

 
(1,242
)
 
37,577

 
(1,245
)
Asset-backed securities
 
157,585

 
(1,781
)
 
5,780

 
(20
)
 
163,365

 
(1,801
)
Other securities
 
37,492

 
(540
)
 
25,483

 
(606
)
 
62,975

 
(1,146
)
Total
 
$
412,554

 
$
(3,180
)
 
$
324,866

 
$
(8,411
)
 
$
737,420

 
$
(11,591
)

 
 
December 31, 2014
 
 
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
 
$
493

 
$
(1
)
 
$
97

 
$
0

 
$
590

 
$
(1
)
Mortgage-backed securities
 
119,641

 
(420
)
 
428,486

 
(13,780
)
 
548,127

 
(14,200
)
Obligations of state and other political subdivisions
 
12,746

 
(126
)
 
37,516

 
(1,014
)
 
50,262

 
(1,140
)
Asset-backed securities
 
32,045

 
(103
)
 
0

 
0

 
32,045

 
(103
)
Other securities
 
12,831

 
(317
)
 
30,005

 
(1,296
)
 
42,836

 
(1,613
)
Total
 
$
177,756

 
$
(967
)
 
$
496,104

 
$
(16,090
)
 
$
673,860

 
$
(17,057
)


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 and payment performance as well as 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 September 30, 2015 or December 31, 2014.

For further detail on the fair value of investment securities, see Note 14 – Fair Value Disclosures.