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INVESTMENTS
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
For the three months ended September 30, 2023, there were $0.1 million sales of AFS securities with no gross realized gains or gross realized losses. For the nine months ended September 30, 2023, there were $4.8 million of sales of AFS securities with no gross realized gains and gross realized losses of $0.4 million. For the three months ended September 30, 2022, there were $111.8 million sales of AFS securities with gross realized gains of $0.2 million and gross realized losses of $0.4 million. For the nine months ended September 30, 2022, there were $116.8 million of sales of AFS securities with gross realized gains of $0.3 million and gross realized losses of $0.4 million.

The following is a summary of HTM and AFS investment securities as of September 30, 2023:
  
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 $37,085 $0 $(4,943)$32,142 
Securities of U.S. government agencies and corporations0 0 0 0 81,434 0 (15,309)66,125 
Mortgage-backed securities - residential 0 0 0 0 705,681 0 (121,198)584,483 
Mortgage-backed securities - commercial 33,399 0 (5,958)27,441 599,969 0 (50,399)549,570 
Collateralized mortgage obligations8,410 0 (1,182)7,228 488,590 0 (75,659)412,931 
Obligations of state and other political subdivisions8,177 17 (530)7,664 814,669 472 (151,398)663,743 
Asset-backed securities0 0 0 0 661,779 0 (49,679)612,100 
Other securities31,250 0 (3,738)27,512 136,889 0 (13,622)123,267 
Total$81,236 $17 $(11,408)$69,845 $3,526,096 $472 $(482,207)$3,044,361 

The following is a summary of HTM and AFS investment securities as of December 31, 2022:
  
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 $37,312 $0 $(4,616)$32,696 
Securities of U.S. government agencies and corporations0 0 0 0 80,382 0 (13,914)66,468 
Mortgage-backed securities - residential 0 0 0 0 747,478 47 (97,462)650,063 
Mortgage-backed securities - commercial 35,363 0 (4,114)31,249 676,934 2 (47,374)629,562 
Collateralized mortgage obligations9,280 0 (827)8,453 538,970 181 (61,439)477,712 
Obligations of state and other political subdivisions8,128 105 (201)8,032 832,066 565 (124,168)708,463 
Asset-backed securities0 0 0 0 772,261 39 (60,975)711,325 
Other securities31,250 0 (2,499)28,751 142,015 0 (8,656)133,359 
Total$84,021 $105 $(7,641)$76,485 $3,827,418 $834 $(418,604)$3,409,648 
The following table provides a summary of investment securities by contractual maturity as of September 30, 2023, 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 $9,534 $9,435 
Due after one year through five years4,164 4,064 129,631 117,854 
Due after five years through ten years33,505 29,652 269,634 228,912 
Due after ten years1,758 1,460 661,278 529,076 
Mortgage-backed securities - residential 0 0 705,681 584,483 
Mortgage-backed securities - commercial 33,399 27,441 599,969 549,570 
Collateralized mortgage obligations8,410 7,228 488,590 412,931 
Asset-backed securities0 0 661,779 612,100 
Total$81,236 $69,845 $3,526,096 $3,044,361 

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. Additionally, based on the Company's credit assessment of AFS securities in an unrealized loss position, the Company recorded no reserves for the periods ended September 30, 2023 or December 31, 2022.

As of September 30, 2023, the Company's investment securities portfolio consisted of 1,041 securities, of which 919 were in an unrealized loss position. As of December 31, 2022, the Company's investment securities portfolio consisted of 1,251 securities, of which 891 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 at September 30, 2023 or December 31, 2022.

Management measures expected credit losses on HTM 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 September 30, 2023 or December 31, 2022.
The following tables provide the fair value and gross unrealized losses of AFS 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:

 September 30, 2023
 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$2,146 $(40)$29,996 $(4,903)$32,142 $(4,943)
Securities of U.S. Government agencies and corporations0 0 66,125 (15,309)66,125 (15,309)
Mortgage-backed securities - residential 77,097 (4,853)507,386 (116,345)584,483 (121,198)
Mortgage-backed securities - commercial 14,712 (650)533,334 (49,749)548,046 (50,399)
Collateralized mortgage obligations26,373 (1,091)386,540 (74,568)412,913 (75,659)
Obligations of state and other political subdivisions95,647 (6,574)530,379 (144,824)626,026 (151,398)
Asset-backed securities28,394 (448)578,706 (49,231)607,100 (49,679)
Other securities9,713 (287)113,554 (13,335)123,267 (13,622)
Total$254,082 $(13,943)$2,746,020 $(468,264)$3,000,102 $(482,207)

 December 31, 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$2,383 $(46)$30,313 $(4,570)$32,696 $(4,616)
Securities of U.S. Government agencies and corporations0 0 66,468 (13,914)66,468 (13,914)
Mortgage-backed securities - residential195,972 (10,413)443,415 (87,049)639,387 (97,462)
Mortgage-backed securities - commercial440,207 (18,823)175,530 (28,551)615,737 (47,374)
Collateralized mortgage obligations199,138 (12,453)269,242 (48,986)468,380 (61,439)
Obligations of state and other political subdivisions295,913 (31,196)368,673 (92,972)664,586 (124,168)
Asset-backed securities250,946 (9,410)422,090 (51,565)673,036 (60,975)
Other securities118,262 (6,865)9,959 (1,791)128,221 (8,656)
Total$1,502,821 $(89,206)$1,785,690 $(329,398)$3,288,511 $(418,604)
The following tables provide the fair value and gross unrealized losses of HTM 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:
September 30, 2023
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 - residential0 0 0 0 0 0 
Mortgage-backed securities - commercial0 0 27,441 (5,958)27,441 (5,958)
Collateralized mortgage obligations0 0 7,228 (1,182)7,228 (1,182)
Obligations of state and other political subdivisions4,656 (231)1,459 (299)6,115 (530)
Asset-backed securities0 0 0 0 0 0 
Other securities0 0 27,512 (3,738)27,512 (3,738)
Total$4,656 $(231)$63,640 $(11,177)$68,296 $(11,408)

December 31, 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$0 $0 $0 $0 $0 $0 
Securities of U.S. Government agencies and corporations0 0 0 0 0 0 
Mortgage-backed securities - residential0 0 0 0 0 0 
Mortgage-backed securities - commercial17,656 (2,197)13,593 (1,917)31,249 (4,114)
Collateralized mortgage obligations6,317 (606)2,136 (221)8,453 (827)
Obligations of state and other political subdivisions5,160 (201)0 0 5,160 (201)
Asset-backed securities0 0 0 0 0 0 
Other securities7,081 (418)21,670 (2,081)28,751 (2,499)
Total$36,214 $(3,422)$37,399 $(4,219)$73,613 $(7,641)

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