For the three months ended June 30, 2025, there were no sales of AFS securities. For the six months ended June 30, 2025 there were $164.5 million of sales of AFS securities with $0.1 million of gross realized gains and gross realized losses of $10.0 million. For the three months ended June 30, 2024, there were no sales of AFS securities. For the six months ended June 30, 2024, there were $212.0 million of sales of AFS securities with $0.4 million of gross realized gains and gross realized losses of $7.9 million. Additionally in the first six months ended June 30, 2024, First Financial sold its remaining Class B Visa shares, which resulted in proceeds of $11.6 million, with gross realized gains of $2.2 million, which is included in Net gain (loss) on investment securities on the Consolidated Statements of Income.

First Financial had two AFS securities totaling $11.1 million that were in unrealized loss positions at both June 30, 2025 and December 31, 2024 due to credit deterioration. The unrealized losses on these two securities for the same periods totaled $1.1 million. The Company continues to monitor these securities and believes that the Company will receive the full par value.


	Held-to-maturity								Available-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	$	100	$	0	$	(6)	$	94
Securities of U.S. government agencies and corporations	0		0		0		0		72,887		0		(7,384)		65,503
Mortgage-backed securities - residential	0		0		0		0		1,220,107		3,501		(83,293)		1,140,315
Mortgage-backed securities - commercial	29,345		0		(3,915)		25,430		339,721		731		(17,847)		322,605
Collateralized mortgage obligations	6,597		0		(580)		6,017		715,460		5,138		(42,499)		678,099
Obligations of state and other political subdivisions	8,302		47		(261)		8,088		609,001		557		(116,346)		493,212
Asset-backed securities	0		0		0		0		569,386		1,271		(14,009)		556,648
Other securities	28,750		0		(2,041)		26,709		137,762		302		(7,978)		130,086
Total	$	72,994	$	47	$	(6,797)	$	66,244	$	3,664,424	$	11,500	$	(289,362)	$	3,386,562


	Held-to-maturity								Available-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	$	0	$	(9)	$	90
Securities of U.S. government agencies and corporations	0		0		0		0		83,224		0		(11,546)		71,678
Mortgage-backed securities - residential	0		0		0		0		1,102,242		508		(104,208)		998,542
Mortgage-backed securities - commercial	30,444		0		(4,454)		25,990		382,727		26		(25,381)		357,372
Collateralized mortgage obligations	7,007		0		(788)		6,219		620,315		1,449		(52,599)		569,165
Obligations of state and other political subdivisions	8,259		42		(339)		7,962		630,813		357		(109,904)		521,266
Asset-backed securities	0		0		0		0		555,484		998		(22,379)		534,103
Other securities	31,250		0		(2,432)		28,818		137,748		120		(6,308)		131,560
Total	$	76,960	$	42	$	(8,013)	$	68,989	$	3,512,652	$	3,458	$	(332,334)	$	3,183,776

The following table provides a summary of investment securities by contractual maturity as of June 30, 2025, 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-maturity				Available-for-sale
(Dollars in thousands)	Amortized cost		Fair value		Amortized cost		Fair value
By Contractual Maturity:
Due in one year or less	$	0	$	0	$	4,340	$	3,261
Due after one year through five years	5,766		5,804		184,047		166,002
Due after five years through ten years	29,806		27,746		157,697		133,531
Due after ten years	1,480		1,247		473,666		386,101
Mortgage-backed securities - residential	0		0		1,220,107		1,140,315
Mortgage-backed securities - commercial	29,345		25,430		339,721		322,605
Collateralized mortgage obligations	6,597		6,017		715,460		678,099
Asset-backed securities	0		0		569,386		556,648
Total	$	72,994	$	66,244	$	3,664,424	$	3,386,562

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 AFS securities 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.

No impairment losses were recorded on investment securities in either the second quarter of 2025 or 2024. Other than two securities on which the Company recorded impairment losses of $9.7 million in the third quarter of 2024, 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 June 30, 2025 or December 31, 2024.

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 June 30, 2025 or December 31, 2024.

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 June 30, 2025 or December 31, 2024.


	June 30, 2025
	Less than 12 months				12 months or more				Total
(Dollars in thousands)	Fair value		Unrealized loss		Fair value		Unrealized loss		Fair value		Unrealized loss
U.S. Treasuries	$	0	$	0	$	94	$	(6)	$	94	$	(6)
Securities of U.S. Government agencies and corporations	0		0		65,503		(7,384)		65,503		(7,384)
Mortgage-backed securities - residential	274,048		(4,022)		476,547		(79,271)		750,595		(83,293)
Mortgage-backed securities - commercial	14,186		(45)		217,355		(17,802)		231,541		(17,847)
Collateralized mortgage obligations	42,687		(769)		280,115		(41,730)		322,802		(42,499)
Obligations of state and other political subdivisions	10,699		(342)		452,505		(116,004)		463,204		(116,346)
Asset-backed securities	133,327		(262)		65,917		(13,747)		199,244		(14,009)
Other securities	0		0		113,785		(7,978)		113,785		(7,978)
Total	$	474,947	$	(5,440)	$	1,671,821	$	(283,922)	$	2,146,768	$	(289,362)


	December 31, 2024
	Less than 12 months				12 months or more				Total
(Dollars in thousands)	Fair value		Unrealized loss		Fair value		Unrealized loss		Fair value		Unrealized loss
U.S. Treasuries	$	0	$	0	$	90	$	(9)	$	90	$	(9)
Securities of U.S. Government agencies and corporations	0		0		71,678		(11,546)		71,678		(11,546)
Mortgage-backed securities - residential	417,516		(9,130)		503,321		(95,078)		920,837		(104,208)
Mortgage-backed securities - commercial	26,516		(67)		286,589		(25,314)		313,105		(25,381)
Collateralized mortgage obligations	120,670		(1,776)		296,813		(50,823)		417,483		(52,599)
Obligations of state and other political subdivisions	19,636		(351)		478,083		(109,553)		497,719		(109,904)
Asset-backed securities	26,389		(189)		159,135		(22,190)		185,524		(22,379)
Other securities	9,988		(12)		115,452		(6,296)		125,440		(6,308)
Total	$	620,715	$	(11,525)	$	1,911,161	$	(320,809)	$	2,531,876	$	(332,334)


	June 30, 2025
	Less than 12 months				12 months or more				Total
(Dollars in thousands)	Fair value		Unrecognized loss		Fair value		Unrecognized loss		Fair value		Unrecognized loss
U.S. Treasuries	$	0	$	0	$	0	$	0	$	0	$	0
Securities of U.S. Government agencies and corporations	0		0		0		0		0		0
Mortgage-backed securities - residential	0		0		0		0		0		0
Mortgage-backed securities - commercial	0		0		25,430		(3,915)		25,430		(3,915)
Collateralized mortgage obligations	0		0		6,017		(580)		6,017		(580)
Obligations of state and other political subdivisions	2,273		(9)		2,284		(252)		4,557		(261)
Asset-backed securities	0		0		0		0		0		0
Other securities	0		0		26,709		(2,041)		26,709		(2,041)
Total	$	2,273	$	(9)	$	60,440	$	(6,788)	$	62,713	$	(6,797)


	December 31, 2024
	Less than 12 months				12 months or more				Total
(Dollars in thousands)	Fair value		Unrecognized loss		Fair value		Unrecognized loss		Fair value		Unrecognized loss
U.S. Treasuries	$	0	$	0	$	0	$	0	$	0	$	0
Securities of U.S. Government agencies and corporations	0		0		0		0		0		0
Mortgage-backed securities - residential	0		0		0		0		0		0
Mortgage-backed securities - commercial	0		0		25,990		(4,454)		25,990		(4,454)
Collateralized mortgage obligations	0		0		6,219		(788)		6,219		(788)
Obligations of state and other political subdivisions	3,111		(33)		2,288		(306)		5,399		(339)
Asset-backed securities	0		0		0		0		0		0
Other securities	0		0		28,818		(2,432)		28,818		(2,432)
Total	$	3,111	$	(33)	$	63,315	$	(7,980)	$	66,426	$	(8,013)