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Other Investments | 12 Months Ended
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Dec. 31, 2012
Other Investments | Note 10—Other Investments As a member of the FHLB, First Commonwealth is required to purchase and hold stock in the FHLB to satisfy membership and borrowing requirements. This stock is restricted in that it can only be sold to the FHLB or to another member institution, and all sales of FHLB stock must be at par. As a result of these restrictions, FHLB stock is unlike other investment securities insofar as there is no trading market for FHLB stock and the transfer price is determined by FHLB membership rules and not by market participants. As of December 31, 2012 and 2011, our FHLB stock totaled $28.2 million and $39.8 million, respectively and is included in “Other investments” on the Consolidated Statements of Financial Condition. During 2012 and 2011, the FHLB repurchased excess stock from its members by repurchasing the lessor of 5% of the members’ total capital stock outstanding or its total excess capital stock. As a result, during the twelve months ended December 31, 2012 and 2011, $11.6 million and $9.1 million, respectively, of the stock owned by First Commonwealth was repurchased. The FHLB repurchased stock and paid dividends in each quarter of 2012, however, decisions regarding any future repurchase of excess capital stock and dividend payments will be made by the FHLB on a quarterly basis. Management reviewed the FHLB’s Form 10-Q for the period ended September 30, 2012 filed with the SEC on November 7, 2012. FHLB stock is held as a long-term investment and its value is determined based on the ultimate recoverability of the par value. First Commonwealth evaluates impairment quarterly. The decision of whether impairment exists is a matter of judgment that reflects our view of the FHLB’s long-term performance, which includes factors such as the following:
| • |  | its operating performance;
| • |  | the severity and duration of declines in the fair value of its net assets related to its capital stock amount;
| • |  | its commitment to make payments required by law or regulation and the level of such payments in relation to its operating performance;
| • |  | the impact of legislative and regulatory changes on the FHLB, and accordingly, on the members of FHLB; and
| • |  | its liquidity and funding position.
After evaluating all of these considerations, First Commonwealth concluded that the par value of its investment in FHLB stock will be recovered. Accordingly, no impairment charge was recorded on these securities for the year ended December 31, 2012. Our evaluation of the factors described above in future periods could result in the recognition of impairment charges on FHLB stock.

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- Definition This item represents the entire disclosure related to other investments including Federal Home Loan Bank stock. + References No definition available. + Details
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