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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C.  20549

FORM 10-Q


QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended                                           March 31, 2024                                                   

OR

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________________ to ____________________

Commission file number 001-34762
FIRST FINANCIAL BANCORP /OH/
(Exact name of registrant as specified in its charter)
Ohio31-1042001
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
255 East Fifth Street, Suite 800Cincinnati,Ohio45202
(Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code:  (877) 322-9530

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol Name of each exchange on which registered
Common stock, No par valueFFBC The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes       No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes       No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of Exchange Act).
Yes   No   

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. The registrant has one class of common stock (no par value) with 95,459,807 shares outstanding at May 8, 2024.


FIRST FINANCIAL BANCORP.

INDEX

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Glossary of Abbreviations and Acronyms

First Financial has identified the following list of abbreviations and acronyms that are used in the Notes to Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations.

ABLAsset backed lendingFirst FinancialFirst Financial Bancorp.
ACLAllowance for credit lossesForm 10-KFirst Financial Bancorp. Annual Report on Form 10-K
AFSAvailable-for-saleFRBFederal Reserve Bank
AgileAgile Premium FinanceFTEFully tax equivalent
AllowanceCollectively or individually, Allowance for credit lossesGAAPU.S. Generally Accepted Accounting Principles
AOCIAccumulated other comprehensive incomeHTCHistoric tax credit
ASCAccounting standards codificationHTMHeld-to-maturity
ASUAccounting standards updateInsignificantLess than $0.1 million
BankFirst Financial BankIRLCInterest rate lock commitment
Basel IIIBasel Committee regulatory capital reforms, Third Basel AccordLGDLoss given default
BGF or BannockburnBannockburn Global Forex, LLCLIHTCLow income housing tax credit
Bp/bpsBasis point(s)MD&A
Management's Discussion and Analysis of Financial Condition and Results of Operations
BOLIBank owned life insuranceMSFGMainSource Financial Group, Inc.
CARES ActCoronavirus Aid, Relief, and Economic Security ActN/ANot applicable
CDsCertificates of depositNIINet interest income
C&ICommercial & industrialNMTCNew market tax credit
CRECommercial real estateOREOOther real estate owned
CompanyFirst Financial Bancorp.PAMProportional amortization method
CFTF
Contingency Funding Task Force
PCAPrompt corrective action
DDADemand deposit accountPCDPurchased credit deteriorated
Dodd-FrankDodd–Frank Wall Street Reform and Consumer Protection ActR&SReasonable and Supportable
ERMEnterprise risk managementROURight-of-use
EVEEconomic value of equitySECU.S. Securities and Exchange Commission
Fair Value TopicFASB ASC Topic 820, Fair Value MeasurementSFG or SummitSummit Funding Group, Inc.
FASBFinancial Accounting Standards BoardSOFRSecured Overnight Financing Rate
FDICFederal Deposit Insurance CorporationTopic 842FASB ASC Topic 842, Leasing
FDMFinancial difficulty modificationTDRTroubled debt restructuring
FHLBFederal Home Loan BankUSDUnited States dollars
FINRAFinancial Industry Regulatory Authority




PART I - FINANCIAL INFORMATION
ITEM I - FINANCIAL STATEMENTS
FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
March 31,
2024
December 31,
2023
 (Unaudited) 
Assets  
Cash and due from banks$199,407 $213,059 
Interest-bearing deposits with other banks751,290 792,960 
Investment securities available-for-sale, at fair value (amortized cost $3,221,380 at March 31, 2024 and $3,382,604 at December 31, 2023)
2,850,667 3,021,126 
Investment securities held-to-maturity (fair value $70,850 at March 31, 2024 and $71,688 at December 31, 2023)
79,542 80,321 
Other investments125,548 129,945 
Loans held for sale, at fair value11,534 9,213 
Loans and leases
Commercial & industrial3,591,428 3,501,221 
Lease financing492,862 474,817 
Construction real estate641,596 564,832 
Commercial real estate4,145,969 4,080,939 
Residential real estate1,344,677 1,333,674 
Home equity773,811 758,676 
Installment153,838 159,078 
Credit card60,939 59,939 
Total loans and leases11,205,120 10,933,176 
Less: Allowance for credit losses(144,274)(141,433)
Net loans and leases11,060,846 10,791,743 
Premises and equipment198,428 194,740 
Operating leases161,473 153,214 
Goodwill1,007,656 1,005,868 
Other intangibles85,603 83,949 
Accrued interest and other assets1,067,244 1,056,762 
Total assets$17,599,238 $17,532,900 
Liabilities  
Deposits  
Interest-bearing demand$2,916,518 $2,993,219 
Savings4,467,894 4,331,228 
Time2,896,860 2,718,390 
Total interest-bearing deposits10,281,272 10,042,837 
Noninterest-bearing3,175,876 3,317,960 
Total deposits13,457,148 13,360,797 
FHLB short-term borrowings700,000 800,000 
Other short-term borrowings162,145 137,814 
Total short-term borrowings862,145 937,814 
Long-term debt343,236 344,115 
Total borrowed funds1,205,381 1,281,929 
Accrued interest and other liabilities649,706 622,200 
Total liabilities15,312,235 15,264,926 
Shareholders' equity  
Common stock - no par value  
Authorized - 160,000,000 shares; Issued - 104,281,794 shares at both March 31, 2024 and December 31, 2023
1,632,971 1,638,972 
Retained earnings1,166,065 1,136,718 
Accumulated other comprehensive income (loss)(321,109)(309,819)
Treasury stock, at cost, 8,808,199 shares at March 31, 2024 and 9,140,550 shares at December 31, 2023
(190,924)(197,897)
Total shareholders' equity2,287,003 2,267,974 
Total liabilities and shareholders' equity$17,599,238 $17,532,900 
See Notes to Consolidated Financial Statements.
1

FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
Three months ended
March 31,
 20242023
Interest income
Loans and leases, including fees$201,840 $169,706 
Investment securities
Taxable28,296 31,867 
Tax-exempt3,092 3,464 
Total interest on investment securities31,388 35,331 
Other earning assets7,458 3,544 
Total interest income240,686 208,581 
Interest expense
Deposits76,075 31,456 
Short-term borrowings10,943 12,950 
Long-term borrowings4,928 4,857 
Total interest expense91,946 49,263 
Net interest income148,740 159,318 
Provision for credit losses - loans and leases 13,419 8,644 
Provision for (recapture of) credit losses - unfunded commitments (2,259)1,835 
Net interest income after provision for credit losses137,580 148,839 
Noninterest income
Service charges on deposit accounts6,912 6,514 
Wealth management fees6,676 6,334 
Bankcard income3,142 3,592 
Client derivative fees1,250 1,005 
Foreign exchange income10,435 16,898 
Leasing business income14,589 13,664 
Net gain from sales of loans3,784 2,335 
Net gain (loss) on sales of investment securities(5,277)(19)
Net gain (loss) on equity securities90 140 
Other4,911 5,080 
Total noninterest income46,512 55,543 
Noninterest expenses
Salaries and employee benefits74,037 72,254 
Net occupancy5,923 5,685 
Furniture and equipment3,688 3,317 
Data processing8,305 9,020 
Marketing1,962 2,160 
Communication795 634 
Professional services2,268 1,946 
State intangible tax877 985 
FDIC assessments2,780 2,826 
Intangible assets amortization2,301 2,600 
Leasing business expense9,754 7,938 
Other9,665 7,328 
Total noninterest expenses122,355 116,693 
Income before income taxes61,737 87,689 
Income tax expense (benefit)11,048 17,286 
Net income$50,689 $70,403 
Net earnings per common share - basic$0.54 $0.75 
Net earnings per common share - diluted$0.53 $0.74 
Average common shares outstanding - basic94,218,067 93,732,532 
Average common shares outstanding - diluted95,183,998 94,960,158 
See Notes to Consolidated Financial Statements.
2

FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in thousands)
(Unaudited)
Three months ended
March 31,
20242023
Net income$50,689 $70,403 
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on debt securities arising during the period(7,186)30,485 
Change in retirement obligation288 115 
Unrealized gain (loss) on derivatives(4,091)0 
Unrealized gain (loss) on foreign currency exchange(301)4 
Other comprehensive income (loss) (11,290)30,604 
Comprehensive income (loss)$39,399 $101,007 
                   See Notes to Consolidated Financial Statements.

3

FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Year-to-date
(Dollars in thousands except per share data)
(Unaudited)
 Common StockRetainedAccumulated other comprehensiveTreasury stock 
 SharesAmountEarningsincome (loss)SharesAmountTotal
Balance at January 1, 2023104,281,794 $1,634,605 $968,237 $(358,663)(9,390,695)$(202,806)$2,041,373 
Net income 70,403 70,403 
Other comprehensive income (loss)30,604 30,604 
Cash dividends declared:
Common stock at $0.23 per share
(21,747)(21,747)
Exercise of stock options, net of shares purchased(41)3,468 75 34 
Restricted stock awards, net of forfeitures(9,752)295,839 5,965 (3,787)
Share-based compensation expense4,616 4,616 
Balance at March 31, 2023104,281,794 $1,629,428 $1,016,893 $(328,059)(9,091,388)$(196,766)$2,121,496 
Balance at January 1, 2024104,281,794 $1,638,972 $1,136,718 $(309,819)(9,140,550)$(197,897)$2,267,974 
Impact of cumulative effect of adoption of new accounting principles599 599 
Net income50,689 50,689 
Other comprehensive income (loss)(11,290)(11,290)
Cash dividends declared:
Common stock at $0.23 per share
(21,941)(21,941)
Restricted stock awards, net of forfeitures(11,867)332,351 6,973 (4,894)
Share-based compensation expense5,866 5,866 
Balance at March 31, 2024104,281,794 $1,632,971 $1,166,065 $(321,109)(8,808,199)$(190,924)$2,287,003 

See Notes to Consolidated Financial Statements.
4

FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
Three months ended
March 31,
 20242023
Operating activities  
Net income$50,689 $70,403 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (recapture of) credit losses11,160 10,479 
Depreciation and amortization7,395 7,520 
Stock-based compensation expense5,866 4,616 
Pension expense (income)1,475 875 
Net amortization (accretion) on investment securities1,297 1,894 
Net (gain) loss on sales of investment securities5,277 19 
Net (gain) loss from equity securities(90)(140)
Originations of loans held for sale(80,504)(42,174)
Net gains from sales of loans held for sale(3,784)(2,335)
Proceeds from sales of loans held for sale81,967 41,926 
Deferred income taxes12,828 (8,844)
Amortization of operating leases2,044 1,914 
Payments for operating leases(2,121)(1,970)
Decrease (increase) cash surrender value of life insurance(1,055)(766)
Decrease (increase) in interest receivable(2,668)(1,866)
(Decrease) increase in interest payable(3,284)18,746 
Decrease (increase) in other assets(25,049)145,295 
(Decrease) increase in other liabilities(29,512)(73,386)
Net cash provided by (used in) operating activities31,931 172,206 
Investing activities  
Proceeds from sales of securities available-for-sale211,959 0 
Proceeds from calls, paydowns and maturities of securities available-for-sale123,893 89,066 
Purchases of securities available-for-sale(127,529)(27,240)
Proceeds from calls, paydowns and maturities of securities held-to-maturity849 1,009 
Proceeds from sales of other investment securities11,559 0 
Proceeds from calls, paydowns and maturities of other securities4,873 0 
Purchases of other investment securities(9,704)(306)
Net decrease (increase) in interest-bearing deposits with other banks41,670 82,717 
Net decrease (increase) in loans and leases(189,224)(133,223)
Purchases of premises and equipment(7,122)(4,493)
Net change in operating leases(8,259)(62,248)
Net cash (paid for) acquired from acquisitions(96,887)(3,400)
Life insurance death benefits592 627 
Net cash provided by (used in) investing activities(43,330)(57,491)
Financing activities  
Net (decrease) increase in total deposits96,351 (26,493)
Net (decrease) increase in short-term borrowings(75,669)(69,596)
Payments on long-term debt(1,067)(4,215)
Cash dividends paid on common stock(21,868)(22,111)
Proceeds from exercise of stock options0 34 
Net cash provided by (used in) financing activities(2,253)(122,381)
Cash and due from banks  
Change in cash and due from banks(13,652)(7,666)
Cash and due from banks at beginning of period213,059 207,501 
Cash and due from banks at end of period$199,407 $199,835 
(continued on next page)
See Notes to Consolidated Financial Statements.
5

FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Dollars in thousands)
(Unaudited)


Three months ended
March 31,
20242023
Supplemental disclosures
Interest paid$95,230 $30,518 
Income taxes paid, net of refunds$14 $324 
Investment securities purchased not settled$55,965 $0 
Supplemental schedule for investing activities
Business combinations
Assets acquired, net of purchase consideration$914 $(3,290)
Liabilities assumed2,702 941 
Goodwill$1,788 $4,231 

See Notes to Consolidated Financial Statements.
6

FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)

NOTE 1:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation. The Consolidated Financial Statements of First Financial Bancorp., a financial holding company principally serving Ohio, Indiana, Kentucky and Illinois, include the accounts and operations of First Financial and its wholly-owned subsidiary, First Financial Bank. All significant intercompany transactions and accounts have been eliminated in consolidation.  Certain reclassifications of prior periods' amounts have been made to conform to current year presentation. Such reclassifications had no effect on net earnings.

These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and accompanying notes necessary to constitute a complete set of financial statements required by GAAP and should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.  Management believes these unaudited consolidated financial statements reflect all adjustments of a normal recurring nature which are necessary for a fair presentation of the results for the interim periods presented.  The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.  The Consolidated Balance Sheet as of December 31, 2023 has been derived from the audited financial statements in the Company’s 2023 Form 10-K.

Use of estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes.  Actual realized amounts could differ materially from these estimates.
NOTE 2:  ACCOUNTING STANDARDS RECENTLY ADOPTED OR ISSUED

Standards Adopted in 2024

In March, 2023, the FASB issued ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, that is intended to improve the accounting and disclosures for investments in tax credit structures. The ASU is a ratification of the FASB’s EITF consensus that was issued in December, 2022. The ASU allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, if certain conditions are met, regardless of the program giving rise to the related income tax credits.

The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and early adoption is permitted. First Financial adopted this standard on a modified retrospective basis, resulting in amended disclosures in the Company's Consolidated Financial Statements, but not materially impacting the Company's results of operations. The Company recorded a net increase to retained earnings of $0.6 million as of January 1, 2024 for the cumulative effect of adopting this guidance.

Standards Adopted in 2023

In March, 2022, the FASB issued ASU 2022-02 - Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This standard eliminates the accounting guidance on TDRs for creditors in ASC 310-40 and amends the guidance on “vintage disclosures” to require disclosure of current period gross write-offs by year of origination. The ASU also updates the requirements related to accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, for any entities that have adopted ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The adoption of this standard resulted in amended disclosures in the Company's Consolidated Financial Statements, but did not materially impact the Company's results of operations.

7

Standards Issued But Not Yet Adopted

In November, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Additionally, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and define other disclosure requirements. A public entity must apply the amendments retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of this standard will likely result in additional disclosures in the Company's Consolidated Financial Statements, but it is not expected to materially impact the Company's results of operations.

In December, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. These amendments require public business entities on an annual basis to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a quantitative threshold. Additionally, the ASU requires information pertaining to taxes paid (net of refunds received) to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts are equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amendments in this ASU are effective for annual periods beginning after December 15, 2024. The adoption of this standard will likely result in additional disclosures in the Company's Consolidated Financial Statements, but it is not expected to materially impact the Company's results of operations.

NOTE 3:  INVESTMENTS

For the three months ended March 31, 2024, there were $212.0 million of sales of AFS securities with $0.4 million gross realized gains and gross realized losses of $7.9 million. Additionally, during the first quarter of 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 sales of investment securities on the Consolidated Statements of Income. For the three months ended March 31, 2023, there were no of sales of AFS securities.

The following is a summary of HTM and AFS investment securities as of March 31, 2024:
  
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 $34,910 $0 $(3,998)$30,912 
Securities of U.S. government agencies and corporations0 0 0 0 82,145 0 (12,761)69,384 
Mortgage-backed securities - residential 0 0 0 0 839,802 763 (98,339)742,226 
Mortgage-backed securities - commercial 32,286 0 (4,739)27,547 428,261 0 (35,560)392,701 
Collateralized mortgage obligations7,797 0 (662)7,135 429,785 88 (58,111)371,762 
Obligations of state and other political subdivisions8,209 71 (270)8,010 711,149 1,274 (119,217)593,206 
Asset-backed securities0 0 0 0 561,117 9 (32,470)528,656 
Other securities31,250 0 (3,092)28,158 134,211 0 (12,391)121,820 
Total$79,542 $71 $(8,763)$70,850 $3,221,380 $2,134 $(372,847)$2,850,667 

8

The following is a summary of HTM and AFS investment securities as of December 31, 2023:
  
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 $34,904 $0 $(3,661)$31,243 
Securities of U.S. government agencies and corporations0 0 0 0 81,790 0 (12,010)69,780 
Mortgage-backed securities - residential 0 0 0 0 744,546 2,034 (85,532)661,048 
Mortgage-backed securities - commercial 32,926 0 (4,628)28,298 543,134 7 (35,911)507,230 
Collateralized mortgage obligations7,970 0 (539)7,431 478,744 181 (60,277)418,648 
Obligations of state and other political subdivisions8,175 130 (215)8,090 765,223 1,614 (114,320)652,517 
Asset-backed securities0 0 0 0 600,055 6 (39,813)560,248 
Other securities31,250 0 (3,381)27,869 134,208 0 (13,796)120,412 
Total$80,321 $130 $(8,763)$71,688 $3,382,604 $3,842 $(365,320)$3,021,126 

The following table provides a summary of investment securities by contractual maturity as of March 31, 2024, 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 $10,537 $10,514 
Due after one year through five years5,048 5,077 159,964 146,109 
Due after five years through ten years32,733 29,637 225,990 193,606 
Due after ten years1,678 1,454 565,924 465,093 
Mortgage-backed securities - residential 0 0 839,802 742,226 
Mortgage-backed securities - commercial 32,286 27,547 428,261 392,701 
Collateralized mortgage obligations7,797 7,135 429,785 371,762 
Asset-backed securities0 0 561,117 528,656 
Total$79,542 $70,850 $3,221,380 $2,850,667 

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 March 31, 2024 or December 31, 2023.

9

As of March 31, 2024, the Company's investment securities portfolio consisted of 970 securities, of which 721 were in an unrealized loss position. As of December 31, 2023, the Company's investment securities portfolio consisted of 1,018 securities, of which 783 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 March 31, 2024 or December 31, 2023.

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 March 31, 2024 or December 31, 2023.

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:

 March 31, 2024
 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 $30,912 $(3,998)$30,912 $(3,998)
Securities of U.S. Government agencies and corporations0 0 69,384 (12,761)69,384 (12,761)
Mortgage-backed securities - residential 87,732 (787)566,393 (97,552)654,125 (98,339)
Mortgage-backed securities - commercial 0 0 373,651 (35,560)373,651 (35,560)
Collateralized mortgage obligations10,141 (18)325,367 (58,093)335,508 (58,111)
Obligations of state and other political subdivisions31,689 (209)510,000 (119,008)541,689 (119,217)
Asset-backed securities46,969 (204)417,895 (32,266)464,864 (32,470)
Other securities0 0 116,820 (12,391)116,820 (12,391)
Total$176,531 $(1,218)$2,410,422 $(371,629)$2,586,953 $(372,847)

 December 31, 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 $31,243 $(3,661)$31,243 $(3,661)
Securities of U.S. Government agencies and corporations0 0 69,780 (12,010)69,780 (12,010)
Mortgage-backed securities - residential31,892 (483)538,863 (85,049)570,755 (85,532)
Mortgage-backed securities - commercial1,772 (11)495,451 (35,900)497,223 (35,911)
Collateralized mortgage obligations10,699 (157)393,884 (60,120)404,583 (60,277)
Obligations of state and other political subdivisions15,155 (132)562,740 (114,188)577,895 (114,320)
Asset-backed securities6,853 (15)542,029 (39,798)548,882 (39,813)
Other securities14,605 (396)105,807 (13,400)120,412 (13,796)
Total$80,976 $(1,194)$2,739,797 $(364,126)$2,820,773 $(365,320)

10

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:
March 31, 2024
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 27,547 (4,739)27,547 (4,739)
Collateralized mortgage obligations0 0 7,135 (662)7,135 (662)
Obligations of state and other political subdivisions2,912 (33)2,580 (237)5,492 (270)
Asset-backed securities0 0 0 0 0 0 
Other securities0 0 28,158 (3,092)28,158 (3,092)
Total$2,912 $(33)$65,420 $(8,730)$68,332 $(8,763)

December 31, 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