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INVESTMENTS
 6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTSFor 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 sales of $271.8 million of AFS securities with $3.1 million of gross realized gains and $3.5 million of gross realized losses. For 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 $41.3 million sales of AFS securities with $0.1 million gross realized gains and $0.1 million gross realized losses.
The following is a summary of HTM and AFS investment securities as of June 30, 2021:
  
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 $20,218 $220 $0 $20,438 
Securities of U.S. government agencies and corporations0 0 0 0 78,311 798 (4)79,105 
Mortgage-backed securities - residential 0 0 0 0 686,994 11,127 (6,758)691,363 
Mortgage-backed securities - commercial 56,833 1,828 0 58,661 685,920 8,384 (567)693,737 
Collateralized mortgage obligations14,985 162 (85)15,062 740,172 14,785 (2,690)752,267 
Obligations of state and other political subdivisions9,388 1,003 0 10,391 978,919 43,085 (3,587)1,018,417 
Asset-backed securities0 0 0 0 599,326 4,061 (638)602,749 
Other securities31,250 108 (301)31,057 95,503 2,296 (36)97,763 
Total$112,456 $3,101 $(386)$115,171 $3,885,363 $84,756 $(14,280)$3,955,839 

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 gainUnrecognized
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 - residential 13,990 197 0 14,187 704,482 15,938 (237)720,183 
Mortgage-backed securities - commercial 71,737 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 June 30, 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
By Contractual Maturity:
Due in one year or less$0 $0 $26,647 $26,908 
Due after one year through five years0 0 50,859 52,674 
Due after five years through ten years37,186 37,931 298,659 309,239 
Due after ten years3,452 3,517 796,786 826,902 
Mortgage-backed securities - residential 0 0 686,994 691,363 
Mortgage-backed securities - commercial 56,833 58,661 685,920 693,737 
Collateralized mortgage obligations14,985 15,062 740,172 752,267 
Asset-backed securities0 0 599,326 602,749 
Total$112,456 $115,171 $3,885,363 $3,955,839 
Unrealized gains and losses on debt securities are generally due to fluctuations in current market yields relative to the yields of the 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. 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.

As of June 30, 2021, the Company's investment securities portfolio consisted of 1,416 securities, of which 200 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.

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. The Company recorded no reserves on investment securities for the six months ended June 30, 2021 or the twelve months ended December 31, 2020.

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, 2021 or December 31, 2020. Therefore, the Company did not record an ACL for these securities as of June 30, 2021 or December 31, 2020.

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, 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$0 $0 $0 $0 $0 $0 
Securities of U.S. Government agencies and corporations8,660 (4)0 0 8,660 (4)
Mortgage-backed securities - residential 456,487 (6,758)0 0 456,487 (6,758)
Mortgage-backed securities - commercial 69,725 (507)38,839 (60)108,564 (567)
Collateralized mortgage obligations273,715 (2,727)4,220 (48)277,935 (2,775)
Obligations of state and other political subdivisions265,630 (3,581)14,443 (6)280,073 (3,587)
Asset-backed securities175,728 (528)25,449 (110)201,177 (638)
Other securities31,913 (337)0 0 31,913 (337)
Total$1,281,858 $(14,442)$82,951 $(224)$1,364,809 $(14,666)
 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 16 – Fair Value Disclosures.