Note 20—Other Long-term Debt

Other long-term debt at December 31 follows:


	2012								2011
	Amount		Weighted Average Contractual Rate			Weighted Average Effective Rate			Amount		Weighted Average Contractual Rate			Weighted Average Effective Rate
	(dollars in thousands)
ESOP loan due:
2012									$	1,600		LIBOR + 1.00	%		LIBOR + 1.00	%
Borrowings from FHLB due:
2012										25,585		1.54	%		1.53
2013	$	30,085		2.32	%		2.32	%		30,085		2.32			2.32
2014		57,890		1.13			1.13			7,891		5.37			5.35
2015		79,970		0.82			0.82			29,970		1.37			1.37
2016		387		4.64			4.64			388		4.64			4.64
2017		405		4.64			4.64
Thereafter		5,734		4.66			4.66			6,145		4.66			4.66

Total	$	174,471							$	101,664

The weighted average contractual rate reflects the rate due to creditors. The weighted average effective rate of long-term debt in the schedule above includes the effect of purchase accounting valuation adjustments that were recorded in connection with prior business combinations.

An FHLB advance in the amount of $7.5 million is convertible on a quarterly basis at the FHLB’s option into floating rate debt indexed to 3 month LIBOR.

All of First Commonwealth’s Federal Home Loan Bank stock, along with an interest in mortgage loans and mortgage backed securities—residential has been pledged as collateral with the Federal Home Loan Bank of Pittsburgh.

Capital securities included in total long-term debt on the Consolidated Statements of Financial Condition are excluded from the above, but are described in Note 19 “Subordinated Debentures.”

Scheduled loan payments for other long-term debt are summarized below:


	2013		2014		2015		2016		2017		Thereafter		Total
	(dollars in thousands)
Long-term debt payments	$	29,968	$	57,852	$	79,970	$	387	$	405	$	5,734	$	174,316
Purchase valuation amortization		117		38		0		0		0		0		155

Total	$	30,085	$	57,890	$	79,970	$	387	$	405	$	5,734	$	174,471

The amounts on the purchase valuation amortization row in the table above include fair market adjustments from prior business combinations.