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Loans And Allowance For Credit Losses | 3 Months Ended
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Mar. 31, 2012
Loans And Allowance For Credit Losses [Abstract] |
Loans And Allowance For Credit Losses | Note 10 Loans and Allowance for Credit Losses The following table provides outstanding balances related to each of our loan types:
|  | March 31, |  |  | December 31, |
|  | 2012 |  |  | 2011 |
|  | (dollars in thousands) |
Commercial, financial, agricultural and other |  | $ | 1,051,209 |  |  | $ | 996,739 |
Real estate construction |  |  | 64,158 |  |  |  | 76,564 |
Residential real estate |  |  | 1,174,572 |  |  |  | 1,137,059 |
Commercial real estate |  |  | 1,264,060 |  |  |  | 1,267,432 |
Loans to individuals |  |  | 574,589 |  |  |  | 565,849 |
Total loans and leases net of unearned income |  |  | 4,128,588 |  |  | $ | 4,043,643 |
During the three-months ended March 31, 2012, loans increased $84.9 million or 2% compared to balances outstanding at December 31, 2011. Decreases in the real estate construction and commercial real estate categories can be attributed to our continued focus of managing down our large credit exposures while increases in residential real estate and loans to individuals are primarily due to growth in home equity loans and indirect auto lending. Credit Quality Information As part of the on-going monitoring of credit quality within the loan portfolio, the following credit worthiness categories are used in grading our loans:
Pass |  | Acceptable levels of risk exist in the relationship. Includes all loans not adversely classified as OAEM, substandard or doubtful.
Other Assets Especially Mentioned (OAEM)
|  | Potential weaknesses that deserve management's close attention. The potential weaknesses may result in deterioration of the repayment prospects or weaken the Bank's credit position at some future date. The credit risk may be relatively minor, yet constitute an undesirable risk in light of the circumstances surrounding the specific credit. No loss of principal or interest is expected.
Substandard |  | Well-defined weakness or a weakness that jeopardizes the repayment of the debt. A loan may be classified as substandard as a result of deterioration of the borrower's financial condition and repayment capacity. Loans for which repayment plans have not been met or collateral equity margins do not protect the Company may also be classified as substandard.
Doubtful |  | Loans with the characteristics of substandard loans with the added characteristic that collection or liquidation in full, on the basis of presently existing facts and conditions, is highly improbable.
The use of creditworthiness categories to grade loans permits management's use of migration analysis to estimate a portion of credit risk. The Company's internal creditworthiness grading system is based on experiences with similarly graded loans. Category ratings are reviewed each quarter, at which time management analyzes the results, as well as other external statistics and factors, to track the migration of loan performance. Loans that migrate towards higher risk rating levels generally have an increased risk of default, whereas, loans that migrate toward lower risk ratings generally will result in a lower risk factor being applied to those related loan balances. The following tables represent our credit risk profile by creditworthiness:
|  | March 31, 2012 |
|  | Commercial, financial, agricultural and other |  |  | Real estate construction |  |  | Residential real estate |  |  | Commercial real estate |  |  | Loans to individuals |  |  | Total |
|  | (dollars in thousands) |
Pass |  | $ | 956,928 |  |  | $ | 36,011 |  |  | $ | 1,162,979 |  |  | $ | 1,132,559 |  |  | $ | 574,585 |  |  | $ | 3,863,062 |
Non-Pass |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OAEM |  |  | 27,792 |  |  |  | 798 |  |  |  | 5,213 |  |  |  | 53,898 |  |  |  | 4 |  |  |  | 87,705 |
Substandard |  |  | 62,138 |  |  |  | 21,638 |  |  |  | 6,380 |  |  |  | 77,603 |  |  |  | 0 |  |  |  | 167,759 |
Doubtful |  |  | 4,351 |  |  |  | 5,711 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 10,062 |
Total Non-Pass |  |  | 94,281 |  |  |  | 28,147 |  |  |  | 11,593 |  |  |  | 131,501 |  |  |  | 4 |  |  |  | 265,526 |
Total |  | $ | 1,051,209 |  |  | $ | 64,158 |  |  | $ | 1,174,572 |  |  | $ | 1,264,060 |  |  | $ | 574,589 |  |  | $ | 4,128,588 |
|  | December 31, 2011 |
|  | Commercial, financial, agricultural and other |  |  | Real estate construction |  |  | Residential real estate |  |  | Commercial real estate |  |  | Loans to individuals |  |  | Total |
|  | (dollars in thousands) |
Pass |  | $ | 904,057 |  |  | $ | 44,914 |  |  | $ | 1,126,143 |  |  | $ | 1,110,664 |  |  | $ | 565,842 |  |  | $ | 3,751,620 |
Non-Pass |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OAEM |  |  | 27,627 |  |  |  | 4,238 |  |  |  | 5,484 |  |  |  | 61,855 |  |  |  | 7 |  |  |  | 99,211 |
Substandard |  |  | 60,114 |  |  |  | 21,701 |  |  |  | 5,432 |  |  |  | 94,913 |  |  |  | 0 |  |  |  | 182,160 |
Doubtful |  |  | 4,941 |  |  |  | 5,711 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 10,652 |
Total Non-Pass |  |  | 92,682 |  |  |  | 31,650 |  |  |  | 10,916 |  |  |  | 156,768 |  |  |  | 7 |  |  |  | 292,023 |
Total |  | $ | 996,739 |  |  | $ | 76,564 |  |  | $ | 1,137,059 |  |  | $ | 1,267,432 |  |  | $ | 565,849 |  |  | $ | 4,043,643 |
Portfolio Risks Credit quality measures as of March 31, 2012 improved compared to December 31, 2011 as criticized loans decreased $26.5 million, or 9%, to $265.5 million. Further indications of improvement in credit quality can be seen in the $10.2 million, or 29% decrease in delinquency on accruing loans. For this same period, nonaccrual loans decreased $0.4 million as a result of payments and charge-offs during the quarter. Charge-offs for the three-months ended March 31, 2012 totaled $5.0 million compared to $8.6 million for the three-months ended March 31, 2011. The most significant charge-off during the three months ended March 31, 2012 was a $1.2 million charge taken on a $2.0 million commercial loan. During the three-months ended March 31, 2011, the most significant charge-offs totaled $4.9 million and related to construction loan projects in Florida, western Pennsylvania and Ohio. Criticized loans, or loans designated OAEM, substandard or doubtful, totaled $265.5 million at March 31, 2012 and represented 6% of the loan portfolio, compared to 7% of the portfolio as of December 31, 2011. These loans have been evaluated when determining the appropriateness of the allowance for credit losses, which we believe is adequate at this time. However, changes in economic conditions, interest rates, borrower financial condition, delinquency trends or previously established fair values of collateral factors could significantly change those judgmental estimates. Credit quality of our loan portfolio represents significant risk to our earnings, capital, regulatory agency relationships, investment community and shareholder returns. First Commonwealth devotes a substantial amount of resources to managing this risk primarily through our credit administration department that develops and administers policies and procedures for underwriting, maintaining, monitoring and collecting activities. Credit administration is independent of lending departments and oversight is provided by the Credit Committee of the First Commonwealth Board of Directors. Risk factors associated with commercial real estate and construction related loans are monitored closely since this is an area that represents the most significant portion of the loan portfolio and has experienced the most stress during the economic downturn and evidenced little recovery strength. In addition, during the first three months of 2012, one relationship consisting of two loans, was classified as troubled debt restructuring. These loans increased the nonperforming loan balance by $53 thousand with no increase in specific reserves. Age Analysis of Past Due Loans by Segment The following tables delineate the aging analysis of the recorded investments in past due loans as of March 31, 2012 and December 31, 2011. Also included in these tables are loans that are 90 days or more past due and still accruing because they are well-secured and in the process of collection.
|  | March 31, 2012 |
|  | 30-59 Days past due |  |  | 60-89 Days past due |  |  | 90 days and greater and still accruing |  |  | Nonaccrual |  |  | Total past due and nonaccrual |  |  | Current |  |  | Total |
|  | (dollars in thousands) |
Commercial, financial, agricultural and other |  | $ | 1,517 |  |  | $ | 670 |  |  | $ | 410 |  |  | $ | 31,921 |  |  | $ | 34,518 |  |  | $ | 1,016,691 |  |  | $ | 1,051,209 |
Real estate construction |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 13,951 |  |  |  | 13,951 |  |  |  | 50,207 |  |  |  | 64,158 |
Residential real estate |  |  | 6,378 |  |  |  | 1,521 |  |  |  | 5,353 |  |  |  | 3,995 |  |  |  | 17,247 |  |  |  | 1,157,325 |  |  |  | 1,174,572 |
Commercial real estate |  |  | 3,389 |  |  |  | 1,257 |  |  |  | 620 |  |  |  | 28,228 |  |  |  | 33,494 |  |  |  | 1,230,566 |  |  |  | 1,264,060 |
Loans to individuals |  |  | 1,866 |  |  |  | 563 |  |  |  | 1,743 |  |  |  | 0 |  |  |  | 4,172 |  |  |  | 570,417 |  |  |  | 574,589 |
Total |  | $ | 13,150 |  |  | $ | 4,011 |  |  | $ | 8,126 |  |  | $ | 78,095 |  |  | $ | 103,382 |  |  | $ | 4,025,206 |  |  | $ | 4,128,588 |
|  | December 31, 2011 |
|  | 30-59 Days past due |  |  | 60-89 Days past due |  |  | 90 days and greater and still accruing |  |  | Nonaccrual |  |  | Total past due and nonaccrual |  |  | Current |  |  | Total |
|  | (dollars in thousands) |
Commercial, financial, agricultural and other |  | $ | 5,433 |  |  | $ | 824 |  |  | $ | 287 |  |  | $ | 33,459 |  |  | $ | 40,003 |  |  | $ | 956,736 |  |  | $ | 996,739 |
Real estate construction |  |  | 0 |  |  |  | 180 |  |  |  | 0 |  |  |  | 14,911 |  |  |  | 15,091 |  |  |  | 61,473 |  |  |  | 76,564 |
Residential real estate |  |  | 7,144 |  |  |  | 2,100 |  |  |  | 8,767 |  |  |  | 3,153 |  |  |  | 21,164 |  |  |  | 1,115,895 |  |  |  | 1,137,059 |
Commercial real estate |  |  | 3,671 |  |  |  | 1,241 |  |  |  | 157 |  |  |  | 26,953 |  |  |  | 32,022 |  |  |  | 1,235,410 |  |  |  | 1,267,432 |
Loans to individuals |  |  | 2,952 |  |  |  | 962 |  |  |  | 1,804 |  |  |  | 0 |  |  |  | 5,718 |  |  |  | 560,131 |  |  |  | 565,849 |
Total |  | $ | 19,200 |  |  | $ | 5,307 |  |  | $ | 11,015 |  |  | $ | 78,476 |  |  | $ | 113,998 |  |  | $ | 3,929,645 |  |  | $ | 4,043,643 |
The previous tables summarizes nonaccrual loans by loan segment. The Company generally places loans on nonaccrual status when the full and timely collection of interest or principal becomes uncertain, part of the principal balance has been charged off and no restructuring has occurred or the loans reach a certain number of days past due. Generally, loans 90 days or more past due are placed on nonaccrual status. Nonaccrual Loans When a loan is placed on nonaccrual, the accrued unpaid interest receivable is reversed against interest income and all future payments received are applied as a reduction to the loan principal. Generally, the loan is returned to accrual status when (a) all delinquent interest and principal become current under the terms of the loan agreement or (b) the loan is both well-secured and in the process of collection and collectability is no longer doubtful. Impaired Loans Management considers loans to be impaired when, based on current information and events, it is determined that the Company will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. Determination of impairment is treated the same across all loan segments. When management identifies a loan as impaired, the impairment is measured based on the present value of expected future cash flows, discounted at the loan's effective interest rate, except when the sole source or repayment for the loan is the operation or liquidation of collateral. When the loan is collateral dependent, the appraised value less cost to sell is utilized. If management determines the value of the impaired loan is less than the recorded investment in the loan, impairment is recognized through an allowance estimate or a charge-off to the allowance. When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is on nonaccrual status, all payments are applied to principal, under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan is not in doubt and the loan is on nonaccrual status, contractual interest is credited to interest income when received, under the cash basis method. Nonperforming loans, excluding loans held for sale, decreased $17.2 million to $81.6 million at March 31, 2012 compared to $98.8 million at December 31, 2011. Contributing to this decrease was the payoff of an $11.3 million loan to a waste management company and the transfer to OREO of collateral for a $1.2 million loan. The most significant loans placed into nonperforming status during the first quarter of 2012 included $1.3 million for a consumer mortgage loan and $1.0 million for a western Pennsylvania commercial real estate loan. The specific allowance for nonperforming loans decreased by $1.3 million at March 31, 2012 compared to December 31, 2011. Unfunded commitments related to nonperforming loans were $10.0 million at March 31, 2012 and an off balance sheet reserve of $0.2 million has been established for these commitments. Loans held for sale totaled $8.1 million and $13.4 million at March 31, 2012 and December 31, 2011, respectively. The entire balance of loans held for sale in both of these periods was considered nonperforming. While these loans are considered to be nonperforming, they are not taken into consideration when determining the allowance for credit losses as they are carried at the lower of cost or fair value. Significant nonaccrual loans as of March 31, 2012, include the following;
• |  | $19.6 million, the remaining portion of a $44.1 million unsecured loan to a western Pennsylvania real estate developer. This loan was originated in the first quarter of 2004 and was placed in nonaccrual status in the fourth quarter of 2009. A settlement plan with the borrower and three other lenders was reached in the fourth quarter of 2010 and resulted in an $8.0 million principal payment and a $15.4 million partial charge-off.
• |  | $16.6 million commercial real estate loan for a real estate developer in eastern Pennsylvania. This loan was originated in the third quarter of 2007 and restructured in the fourth quarter of 2011 and resulted in a charge-off of $4.2 million. The most recent appraisal for the real estate collateral was completed in the third quarter of 2011.
• |  | $9.1 million to an information technology company in Maryland. This loan was originated in the fourth quarter of 2007 and was placed in nonaccrual in the second quarter of 2011.
• |  | $5.7 million, the remaining portion of a $20.8 million construction loan for a Florida condominium project. This loan was originated in the second quarter of 2007. Charge-offs of $15.1 million have been recorded on this loan. The most recent appraisal for the real estate collateral was completed in the fourth quarter of 2011.
• |  | $4.1 million commercial real estate loan for retail development in western Pennsylvania. This loan was originated in the third quarter of 2008 and transferred to held for sale in the fourth quarter of 2011. When transferred to held for sale, the fair value of this loan was determined by a discounted cash flow analysis. The sale of this loan was completed in April 2012 and resulted in a gain of $1.2 million which will be reflected in the Company's second quarter net income.
Compared to December 31, 2011, there were no changes in the composition of the most significant nonaccrual loans. The following tables include the recorded investment and unpaid principal balance for impaired loans with the associated allowance amount, if applicable, as of March 31, 2012 and December 31, 2011. Also presented are the average recorded investment in impaired loans and the related amount of interest recognized while the loan was considered impaired. Average balances are calculated based on month-end balances of the loans of the period reported.
|  | March 31, 2012 |  |  | December 31, 2011 |
|  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |
|  | (dollars in thousands) |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, agricultural and other |  | $ | 2,282 |  |  | $ | 3,267 |  |  | $ | 0 |  |  | $ | 2,010 |  |  | $ | 3,418 |  |  | $ | 0 |
Real estate construction |  |  | 3,571 |  |  |  | 6,546 |  |  |  | 0 |  |  |  | 10,814 |  |  |  | 20,161 |  |  |  | 0 |
Residential real estate |  |  | 3,048 |  |  |  | 3,479 |  |  |  | 0 |  |  |  | 3,125 |  |  |  | 3,513 |  |  |  | 0 |
Commercial real estate |  |  | 23,702 |  |  |  | 24,950 |  |  |  | 0 |  |  |  | 36,777 |  |  |  | 41,974 |  |  |  | 0 |
Loans to individuals |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Subtotal |  |  | 32,603 |  |  |  | 38,242 |  |  |  | 0 |  |  |  | 52,726 |  |  |  | 69,066 |  |  |  | 0 |
|  | March 31, 2012 |  |  | December 31, 2011 |
|  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |
|  | (dollars in thousands) |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, agricultural and other |  |  | 30,139 |  |  |  | 31,457 |  |  |  | 7,555 |  |  |  | 34,056 |  |  |  | 34,341 |  |  |  | 9,069 |
Real estate construction |  |  | 10,380 |  |  |  | 31,375 |  |  |  | 2,891 |  |  |  | 6,298 |  |  |  | 21,402 |  |  |  | 2,960 |
Residential real estate |  |  | 1,823 |  |  |  | 1,823 |  |  |  | 553 |  |  |  | 955 |  |  |  | 955 |  |  |  | 93 |
Commercial real estate |  |  | 6,632 |  |  |  | 8,295 |  |  |  | 921 |  |  |  | 4,717 |  |  |  | 4,863 |  |  |  | 1,114 |
Loans to individuals |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Subtotal |  |  | 48,974 |  |  |  | 72,950 |  |  |  | 11,920 |  |  |  | 46,026 |  |  |  | 61,561 |  |  |  | 13,236 |
Total |  | $ | 81,577 |  |  | $ | 111,192 |  |  | $ | 11,920 |  |  | $ | 98,752 |  |  | $ | 130,627 |  |  | $ | 13,236 |
|  | For the Three-Months Ended March 31, |
|  | 2012 |  |  | 2011 |
|  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Average recorded investment |  |  | Interest Income Recognized |
|  | (dollars in thousands) |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, agricultural and other |  | $ | 3,258 |  |  | $ | 18 |  |  | $ | 1,408 |  |  | $ | 3 |
Real estate construction |  |  | 3,646 |  |  |  | 0 |  |  |  | 15,738 |  |  |  | 0 |
Residential real estate |  |  | 3,354 |  |  |  | 5 |  |  |  | 1,938 |  |  |  | 1 |
Commercial real estate |  |  | 24,275 |  |  |  | 23 |  |  |  | 18,989 |  |  |  | 11 |
Loans to individuals |  |  | 0 |  |  |  | 0 |  |  |  | 25 |  |  |  | 0 |
Subtotal |  |  | 34,533 |  |  |  | 46 |  |  |  | 38,098 |  |  |  | 15 |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial, financial, agricultural and other |  |  | 30,350 |  |  |  | 3 |  |  |  | 25,911 |  |  |  | 2 |
Real estate construction |  |  | 10,432 |  |  |  | 0 |  |  |  | 30,061 |  |  |  | 1 |
Residential real estate |  |  | 952 |  |  |  | 7 |  |  |  | 375 |  |  |  | 0 |
Commercial real estate |  |  | 5,889 |  |  |  | 9 |  |  |  | 32,242 |  |  |  | 13 |
Loans to individuals |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Subtotal |  |  | 47,623 |  |  |  | 19 |  |  |  | 88,589 |  |  |  | 16 |
Total |  | $ | 82,156 |  |  | $ | 65 |  |  | $ | 126,687 |  |  | $ | 31 |
Troubled debt restructured loans are those loans whose terms have been renegotiated to provide a reduction or deferral of principal or interest as a result of the financial difficulties experienced by the borrower, who could not obtain comparable terms from alternate financing sources. The following table provides detail as to the total troubled debt restructured loans and total commitments outstanding on troubled debt restructured loans:
|  | March 31, |  |  | December 31, |
|  | 2012 |  |  | 2011 |
|  | (dollars in thousands) |
Troubled debt restructured loans |  |  |  |  |  |  |  |
Accrual status |  | $ | 3,482 |  |  | $ | 20,276 |
Nonaccrual status |  |  | 41,690 |  |  |  | 44,841 |
Total |  | $ | 45,172 |  |  | $ | 65,117 |
Commitments |  |  |  |  |  |  |  |
Letters of credit |  | $ | 2 |  |  | $ | 12,580 |
Unused lines of credit |  |  | 0 |  |  |  | 42 |
Total |  | $ | 2 |  |  | $ | 12,622 |
At March 31, 2012, troubled debt restructured loans on accruing status decreased $16.8 million compared to December 31, 2011 and commitments related to troubled debt restructured loans decreased $12.6 million for the same period. These decreases are primarily a result of the payoff of an $11.3 million loan to a waste management company in Pennsylvania as a result of the sale of the business. In addition, a $2.2 million loan to a retail development company in western Pennsylvania paid off during the first quarter. During 2012, a $42 thousand charge-off was recorded as part of the restructuring for one borrower. The remainder of changes in loan balances for 2012 between the pre-modification balance and the post-modification balance is due to customer payments. During 2011, the changes between pre-modification balances and post-modification balances are due to customer payments. The following tables provide detail, including specific reserve and reasons for modification, related to loans identified as troubled debt restructurings during the three-months ended March 31:
|  | 2012 |
|  |  |  |  | Type of Modification |  |  |  |  |  |  |  |  |  |
|  | Number of Contracts |  |  | Extend Maturity |  |  | Modify Rate |  |  | Modify Payments |  |  | Total Pre-Modification Outstanding Recorded Investment |  |  | Post- Modification Outstanding Recorded Investment |  |  | Specific Reserve |
|  |  |  |  |  |  |  |  |  |  |  |  |  | (dollars in thousands) |
Residential real estate |  |  | 2 |  |  | $ | 0 |  |  | $ | 97 |  |  | $ | 0 |  |  | $ | 97 |  |  | $ | 53 |  |  | $ | 0 |
|  | 2011 |
|  |  |  |  | Type of Modification |  |  |  |  |  |  |  |  |  |
|  | Number of Contracts |  |  | Extend Maturity |  |  | Modify Rate |  |  | Modify Payments |  |  | Total Pre-Modification Outstanding Recorded Investment |  |  | Post- Modification Outstanding Recorded Investment |  |  | Specific Reserve |
|  | (dollars in thousands) |
Commercial, financial, agricultural and other |  |  | 9 |  |  | $ | 100 |  |  | $ | 105 |  |  | $ | 2,168 |  |  | $ | 2,373 |  |  | $ | 2,372 |  |  | $ | 708 |
Real estate construction |  |  | 3 |  |  |  | 354 |  |  |  | 0 |  |  |  | 0 |  |  |  | 354 |  |  |  | 364 |  |  |  | 18 |
Residential real estate |  |  | 1 |  |  |  | 0 |  |  |  | 12 |  |  |  | 0 |  |  |  | 12 |  |  |  | 12 |  |  |  | 0 |
Commercial real estate |  |  | 11 |  |  |  | 7,130 |  |  |  | 199 |  |  |  | 648 |  |  |  | 7,977 |  |  |  | 7,972 |  |  |  | 1,554 |
Total |  |  | 24 |  |  | $ | 7,584 |  |  | $ | 316 |  |  | $ | 2,816 |  |  | $ | 10,716 |  |  | $ | 10,720 |  |  | $ | 2,280 |
The troubled debt restructurings included in the above tables are also included in the impaired loan tables provided earlier in this footnote. Loans defined as modified due to a change in rate include loans that were modified for a change in rate as well as a reamortization of the principal and an extension of the maturity. For the three-months ended March 31, 2012 and 2011, $0.1 million and $0.3 million, respectively, of total rate modifications represent loans with modifications to the rate as well as payment due to reamortization. A troubled debt restructuring is considered to be in default when a restructured loan is 90 days or more past due. The following restructured loans were considered to default during the three-months ended March 31:
|  | 2012 |  |  | 2011 |
|  | Number of Contracts |  |  | Recorded Investment |  |  | Number of Contracts |  |  | Recorded Investment |
|  | (dollars in thousands) |
Commercial, financial, agricultural and other |  |  | 0 |  |  | $ | 0 |  |  |  | 1 |  |  | $ | 150 |
Real estate construction |  |  | 0 |  |  |  | 0 |  |  |  | 1 |  |  |  | 88 |
Residential real estate |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Commercial real estate |  |  | 2 |  |  |  | 980 |  |  |  | 0 |  |  |  | 0 |
Loans to individuals |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total |  |  | 2 |  |  | $ | 980 |  |  |  | 2 |  |  | $ | 238 |
The following tables provide detail related to the allowance for credit losses:
|  | For the Three-Months Ended March 31, 2012 |
|  | Commercial, financial, agricultural and other |  |  | Real estate construction |  |  | Residential real estate |  |  | Commercial real estate |  |  | Loans to individuals |  |  | Unallocated |  |  | Total |
|  | (dollars in thousands) |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 18,200 |  |  | $ | 6,756 |  |  | $ | 8,237 |  |  | $ | 18,961 |  |  | $ | 4,244 |  |  | $ | 4,836 |  |  | $ | 61,234 |
Charge-offs |  |  | (1,914 | ) |  |  | (190 | ) |  |  | (1,712 | ) |  |  | (235 | ) |  |  | (941 | ) |  |  | 0 |  |  |  | (4,992 | )
Recoveries |  |  | 238 |  |  |  | 56 |  |  |  | 133 |  |  |  | 158 |  |  |  | 118 |  |  |  | 0 |  |  |  | 703 |
Provision |  |  | 1,619 |  |  |  | (195 | ) |  |  | 44 |  |  |  | 487 |  |  |  | 831 |  |  |  | 1,001 |  |  |  | 3,787 |
Ending Balance |  | $ | 18,143 |  |  | $ | 6,427 |  |  | $ | 6,702 |  |  | $ | 19,371 |  |  | $ | 4,252 |  |  | $ | 5,837 |  |  | $ | 60,732 |
Ending balance: individually evaluated for impaired |  | $ | 7,555 |  |  | $ | 2,891 |  |  | $ | 553 |  |  | $ | 921 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 11,920 |
Ending balance: collectively evaluated for impaired |  |  | 10,588 |  |  |  | 3,536 |  |  |  | 6,149 |  |  |  | 18,450 |  |  |  | 4,252 |  |  |  | 5,837 |  |  |  | 48,812 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  |  | 1,051,209 |  |  |  | 64,158 |  |  |  | 1,174,572 |  |  |  | 1,264,060 |  |  |  | 574,589 |  |  |  |  |  |  |  | 4,128,588 |
Ending balance: individually evaluated for impaired |  |  | 31,599 |  |  |  | 13,800 |  |  |  | 3,217 |  |  |  | 28,874 |  |  |  | 0 |  |  |  |  |  |  |  | 77,490 |
Ending balance: collectively evaluated for impaired |  |  | 1,019,610 |  |  |  | 50,358 |  |  |  | 1,171,355 |  |  |  | 1,235,186 |  |  |  | 574,589 |  |  |  |  |  |  |  | 4,051,098 |
|  | For the Three-Months Ended March 31, 2011 |
|  | Commercial, financial, agricultural and other |  |  | Real estate construction |  |  | Residential real estate |  |  | Commercial real estate |  |  | Loans to individuals |  |  | Unallocated |  |  | Total |
|  | (dollars in thousands) |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 21,700 |  |  | $ | 18,002 |  |  | $ | 5,454 |  |  | $ | 16,913 |  |  | $ | 4,215 |  |  | $ | 4,945 |  |  | $ | 71,229 |
Charge-offs |  |  | (960 | ) |  |  | (4,999 | ) |  |  | (1,104 | ) |  |  | (766 | ) |  |  | (779 | ) |  |  | 0 |  |  |  | (8,608 | )
Recoveries |  |  | 104 |  |  |  | 0 |  |  |  | 19 |  |  |  | 76 |  |  |  | 155 |  |  |  | 0 |  |  |  | 354 |
Provision |  |  | 1,592 |  |  |  | 5,776 |  |  |  | 2,313 |  |  |  | 3,951 |  |  |  | 270 |  |  |  | (85 | ) |  |  | 13,817 |
Ending Balance |  | $ | 22,436 |  |  | $ | 18,779 |  |  | $ | 6,682 |  |  | $ | 20,174 |  |  | $ | 3,861 |  |  | $ | 4,860 |  |  | $ | 76,792 |
Ending balance: individually evaluated for impaired |  | $ | 8,280 |  |  | $ | 14,168 |  |  | $ | 2 |  |  | $ | 9,915 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 32,365 |
Ending balance: collectively evaluated for impaired |  |  | 14,156 |  |  |  | 4,611 |  |  |  | 6,680 |  |  |  | 10,259 |  |  |  | 3,861 |  |  |  | 4,860 |  |  |  | 44,427 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  |  | 906,824 |  |  |  | 184,904 |  |  |  | 1,102,459 |  |  |  | 1,336,903 |  |  |  | 543,180 |  |  |  |  |  |  |  | 4,074,270 |
Ending balance: individually evaluated for impaired |  |  | 29,165 |  |  |  | 45,915 |  |  |  | 946 |  |  |  | 60,941 |  |  |  | 0 |  |  |  |  |  |  |  | 136,967 |
Ending balance: collectively evaluated for impaired |  |  | 877,659 |  |  |  | 138,989 |  |  |  | 1,101,513 |  |  |  | 1,275,962 |  |  |  | 543,180 |  |  |  |  |  |  |  | 3,937,303

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- Definition This item represents the entire disclosure related to loans receivable and the allowance for credit losses. + References No definition available. + Details
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Namespace Prefix: | fcf_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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- Details
Name: | us-gaap_AllowanceForLoanAndLeaseLossesAdjustmentsNetAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration