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Retirement Plans | 12 Months Ended
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Dec. 31, 2011
Retirement Plans [Abstract] |
Retirement Plans | Note 23—Retirement Plans First Commonwealth has a savings plan pursuant to the provisions of section 401(k) of the Internal Revenue code. Under the terms of the plan, each participant receives an employer contribution in an amount equal to 3% of their compensation. In addition, each participating employee may contribute up to 80% of their compensation to the plan of which up to 4% is matched 50% by the employer's contribution. The 401(k) plan expense was $2.5 million in 2011, $2.6 million in 2010, and $3.6 million in 2009. First Commonwealth maintains a Supplemental Executive Retirement Plan ("SERP") to provide deferred compensation for those employees whose total annual or annualized Plan compensation for a calendar year exceeded the maximum limit of compensation that can be recognized for tax-qualified retirement plans. The purpose of this Plan is to restore some of the benefits lost by eligible employees compared to other employees due to limits and restrictions incorporated into First Commonwealth's 401(k) Plan and ESOP. Participants in the SERP are eligible to defer (on a pre-tax basis) from 1% to 25% of their Plan compensation (compensation in excess of the tax-qualified plan limit). In 2009, First Commonwealth made a matching contribution to the Plan for each payroll up to the first 4% of their Plan compensation and also made a contribution to the Plan for each payroll equal to 3% of their Plan compensation. In addition, First Commonwealth made a contribution to the Plan at the end of the Plan Year on Plan compensation equal to that percentage of compensation that will be contributed to the ESOP. In April 2009 First Commonwealth suspended all employer contributions. The SERP will continue to supplement First Commonwealth's 401(k) and ESOP plans and will therefore be modified at the same time and in the same respect as the basic plans are modified in future periods. The SERP plan expense was $86 thousand in 2011, $96 thousand in 2010 and $130 thousand in 2009. Employees from former acquisitions were covered by postretirement benefit plans which provide medical and life insurance coverage. The measurement date for these plans was December 31. Postretirement Benefits Other than Pensions from Prior Acquisitions Net periodic benefit cost of these plans for the years ended December 31, was as follows:
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (dollars in thousands) |
Service cost |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Interest cost on projected benefit obligation |  |  | 86 |  |  |  | 128 |  |  |  | 141 |
Amortization of transition obligation |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Gain amortization |  |  | (50 | ) |  |  | (10 | ) |  |  | (28 | )
Net periodic benefit cost |  | $ | 38 |  |  | $ | 120 |  |  | $ | 115 |
The following table sets forth the change in the benefit obligation and plan assets as of December 31:
|  | 2011 |  |  | 2010 |
|  | (dollars in thousands) |
Change in Benefit Obligation |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 1,897 |  |  | $ | 2,562 |
Service cost |  |  | 0 |  |  |  | 0 |
Interest cost |  |  | 86 |  |  |  | 128 |
Amendments |  |  | 0 |  |  |  | 0 |
Actuarial loss (gain) |  |  | 210 |  |  |  | (450 | )
Net benefits paid |  |  | (301 | ) |  |  | (343 | )
Benefit obligation at end of year |  |  | 1,892 |  |  |  | 1,897 |
Change in Plan Assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 0 |  |  |  | 0 |
Actual return on plan assets |  |  | 0 |  |  |  | 0 |
Employer contributions |  |  | 301 |  |  |  | 343 |
Net benefits paid |  |  | (301 | ) |  |  | (343 | )
Fair value of plan assets at end of year |  |  | 0 |  |  |  | 0 |
Funded Status at End of Year |  |  | 1,892 |  |  |  | 1,897 |
Unrecognized transition obligation |  |  | (2 | ) |  |  | (3 | )
Unrecognized net loss |  |  | 513 |  |  |  | 772 |
Amounts recognized in retained earnings |  | $ | 2,403 |  |  | $ | 2,666 |
As of December 31, the funded status of the plan is:
|  | 2011 |  |  | 2010 |
|  | (dollars in thousands) |
Amounts Recognized in the Statement of Financial Condition as Other liabilities |  | $ | 1,892 |  |  | $ | 1,897 |
The following table sets forth the amounts recognized in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit costs as of December 31:
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | (dollars in thousands) |
Amounts recognized in accumulated other comprehensive income, net of tax: |  |  |  |  |  |  |  |  |  |  |  |
Net (gain) loss |  | $ | (333 | ) |  | $ | (502 | ) |  | $ | (216 | )
Transition obligation |  |  | 1 |  |  |  | 2 |  |  |  | 3 |
Total |  | $ | (332 | ) |  | $ | (500 | ) |  | $ | (213 | )
Weighted-average assumptions used to determine the benefit obligation as of December 31 are as follows:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Weighted-average Assumptions |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.22 | % |  |  | 4.71 | % |  |  | 5.21 | %
Health care cost trend: Initial |  |  | 8.00 | % |  |  | 9.00 | % |  |  | 10.00 | %
Health care cost trend: Ultimate |  |  | 4.75 | % |  |  | 4.75 | % |  |  | 4.75 | %
Year ultimate reached |  |  | 2016 |  |  |  | 2016 |  |  |  | 2016 |
Weighted-average assumptions used to determine the net benefit costs as of December 31 are as follows:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Weighted Average Assumptions for Net Periodic Cost |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.71 | % |  |  | 4.71 | % |  |  | 5.21 | %
Health care cost trend: Initial |  |  | 9.00 | % |  |  | 10.00 | % |  |  | 10.00 | %
Health care cost trend: Ultimate |  |  | 4.75 | % |  |  | 4.75 | % |  |  | 4.75 | %
Year ultimate reached |  |  | 2016 |  |  |  | 2016 |  |  |  | 2016 |
Corridor |  |  | 10.00 | % |  |  | 10.00 | % |  |  | 10.00 | %
Recognition period for gains and losses |  |  | 12.7 |  |  |  | 12.7 |  |  |  | 13.0 |
The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the "Act") introduced a prescription drug benefit under Medicare Part D and a federal subsidy to sponsors of retiree health care benefit plans that provide a prescription drug benefit that is at least actuarially equivalent to Medicare Part D. The postretirement plans of First Commonwealth are provided through insurance coverage; therefore, First Commonwealth will not receive a direct federal subsidy. The preceding measures of the accumulated postretirement benefit cost assume that First Commonwealth will not receive the subsidy due to the relatively small number of retirees. The health care cost trend rate assumption can have a significant impact on the amounts reported for this plan. A one-percentage-point change in assumed health care cost trend rates would have the following effects:
|  | One-Percentage- Point Increase |  |  | One-Percentage- Point Decrease |
|  | (dollars in thousands) |
Effect on total of service and interest cost components |  | $ | 3 |  |  | $ | (3 | )
Effect on postretirement benefit obligation |  |  | 58 |  |  |  | (54 | )
As of December 31, 2011, the projected benefit payments for the next ten years are as follows:
|  | Projected Benefit Payments |
|  | (dollars in thousands) |
2012 |  | $ | 247 |
2013 |  |  | 236 |
2014 |  |  | 230 |
2015 |  |  | 223 |
2016 |  |  | 215 |
2017 - 2021 |  |  | 802 |
The projected payments were calculated using the same assumptions as those used to calculate the benefit obligations included in this note. The estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost for 2012 are as follows (dollars in thousands):
Net gain |  | $ | (32 | )
Transition obligation |  |  | 2 |
Total |  | $ | (30 | )

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