XML 42 R31.htm IDEA: XBRL DOCUMENT v2.4.0.8

Fair Values of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Inputs, Assets, Quantitative Information

In accordance with ASU 2011-4, the following table provides information related to quantitative inputs and assumptions used in Level 3 fair value measurements.

	Fair Value (dollars in thousands)		Valuation Technique		Unobservable Inputs		Range / (weighted average)
Pooled Trust Preferred Securities	$27,876		Discounted Cash Flow		Probability of default		0% - 100% (18.22%)
					Prepayment rates		0% - 100% (7.48%)
					Discount rates		5.5% - 15.5% (a)
Equities	1,420		Par Value		N/A		N/A
Interest Rate Swap	—		Option model		Counterparty credit risk		6.33% - 8.12% (b)
Impaired Loans	5,848 (c)		Reserve study		Discount rate		10.00%
					Gas per MCF		$3.84 - $6.45 (d)
					Oil per BBL/d		$78.3 - $107.00 (d)
					NGL per gallon		$0.83 (d)
	113 (c)		Discounted Cash Flow		Discount Rate		9.00%
Other Real Estate Owned	157		Internal Valuation		N/A		N/A

(a) incorporates spread over risk free rate related primarily to credit quality and illiquidity of securities.

(b) represents the range of the credit spread curve used in valuation.

(c) the remainder of impaired loans valued using Level 3 inputs are not included in this disclosure as the values of those loans are based on bankruptcy agreement documentation.

(d) unobservable inputs are defined as follows: MCF - million cubic feet; BBL/d - barrels per day; NGL - natural gas liquid.

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The tables below present the balances of assets and liabilities measured at fair value on a recurring basis:

	March 31, 2014
	Level 1				Level 2				Level 3				Total
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential	$	—			$	24,241			$	—			$	24,241
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential	—				1,013,607				—				1,013,607
Mortgage-Backed Securities - Commercial	—				98				—				98
Other Government-Sponsored Enterprises	—				267,310				—				267,310
Obligations of States and Political Subdivisions	—				9,359				—				9,359
Corporate Securities	—				7,128				—				7,128
Pooled Trust Preferred Collateralized Debt Obligations	—				—				27,876				27,876
Total Debt Securities	—				1,321,743				27,876				1,349,619
Equities	—				—				1,420				1,420
Total Securities Available for Sale	—				1,321,743				29,296				1,351,039
Other Investments	—				34,047				—				34,047
Loans held for sale	—				—				—				—
Other Assets(a)	—				12,521				—				12,521
Total Assets	$	—			$	1,368,311			$	29,296			$	1,397,607
Other Liabilities(a)	$	—			$	12,497			$	—			$	12,497
Total Liabilities	$	—			$	12,497			$	—			$	12,497

(a) Non-hedging interest rate derivatives

	December 31, 2013
	Level 1				Level 2				Level 3				Total
	(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential	$	—			$	25,204			$	—			$	25,204
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential	—				994,887				—				994,887
Mortgage-Backed Securities - Commercial	—				105				—				105
Other Government-Sponsored Enterprises	—				266,125				—				266,125
Obligations of States and Political Subdivisions	—				80				—				80
Corporate Securities	—				7,021				—				7,021
Pooled Trust Preferred Collateralized Debt Obligations	—				—				23,523				23,523
Total Debt Securities	—				1,293,422				23,523				1,316,945
Equities	—				—				1,420				1,420
Total Securities Available for Sale	—				1,293,422				24,943				1,318,365
Other Investments	—				35,444				—				35,444
Loans Held for Sale	—				—				—				—
Other Assets(a)	—				14,358				—				14,358
Total Assets	$	—			$	1,343,224			$	24,943			$	1,368,167
Other Liabilities(a)	$	—			$	14,318			$	—			$	14,318
Total Liabilities	$	—			$	14,318			$	—			$	14,318

(a) Non-hedging interest rate derivatives

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

For the three months ended March 31, changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:

	2014
	Pooled Trust Preferred Collateralized Debt Obligations				Equities				Loans Held for Sale				Other Assets				Total
	(dollars in thousands)
Balance, beginning of period	$	23,523			$	1,420			$	—			$	—			$	24,943
Total gains or losses
Included in earnings	—				—				—				—				—
Included in other comprehensive income	4,743				—				—				—				4,743
Purchases, issuances, sales, and settlements
Purchases	—				—				—				—				—
Issuances	—				—				—				—				—
Sales	—				—				(716		)		—				(716		)
Settlements	(390		)		—				—				—				(390		)
Transfers into Level 3	—				—				716				—				716
Balance, end of period	$	27,876			$	1,420			$	—			$	—			$	29,296

	2013
	Pooled Trust Preferred Collateralized Debt Obligations				Equities				Loans Held for Sale				Other Assets				Total
	(dollars in thousands)
Balance, beginning of period	$	23,373			$	1,420			$	—			$	—			$	24,793
Total gains or losses
Included in earnings	—				—				126				—				126
Included in other comprehensive income	2,391				—				—				—				2,391
Purchases, issuances, sales, and settlements
Purchases	—				—				—				—				—
Issuances	—				—				—				—				—
Sales	—				—				(16,739		)		—				(16,739		)
Settlements	(1,252		)		—				—				—				(1,252		)
Transfers into Level 3	—				—				16,613				—				16,613
Balance, end of period	$	24,512			$	1,420			$	—			$	—			$	25,932

Schedule of Assets Measured on Non-Recurring Basis

The tables below present the balances of assets measured at fair value on a non-recurring basis at:

	March 31, 2014
	Level 1				Level 2				Level 3				Total
	(dollars in thousands)
Impaired loans	$	—			$	32,940			$	12,759			$	45,699
Other real estate owned	—				10,601				157				10,758
Total Assets	$	—			$	43,541			$	12,916			$	56,457

	December 31, 2013
	Level 1				Level 2				Level 3				Total
	(dollars in thousands)
Impaired loans	$	—			$	36,903			$	13,656			$	50,559
Other real estate owned	—				12,752				172				12,924
Total Assets	$	—			$	49,655			$	13,828			$	63,483

Losses Realized on Assets Measured on Non-Recurring Basis

The following losses were realized on the assets measured on a nonrecurring basis:

	For the Three-Months Ended March 31
	2014				2013
	(dollars in thousands)
Impaired loans	$	(3,996	)		$	(503	)
Other real estate owned	(363		)		(131		)
Total losses	$	(4,359	)		$	(634	)

Carrying Amounts and Fair Values of Financial Instruments

The following table presents carrying amounts and fair values of First Commonwealth’s financial instruments:

	March 31, 2014
					Fair Value Measurements Using:
	Carrying Amount				Total				Level 1				Level 2				Level 3
	(dollars in thousands)
Financial assets
Cash and due from banks	$	82,327			$	82,327			$	82,327			$	—			$	—
Interest-bearing deposits	9,087				9,087				9,087				—				—
Securities available for sale	1,351,039				1,351,039				—				1,321,743				29,296
Other investments	34,047				34,047				—				34,047				—
Loans	4,252,213				4,283,303				—				32,940				4,250,363
Financial liabilities
Deposits	4,647,817				4,573,324				—				4,573,324				—
Short-term borrowings	572,965				572,954				—				572,954				—
Long-term debt	144,268				145,510				—				145,510				—
Subordinated debt	72,167				61,347				—				—				61,347

	December 31, 2013
					Fair Value Measurements Using:
	Carrying Amount				Total				Level 1				Level 2				Level 3
	(dollars in thousands)
Financial assets
Cash and due from banks	$	74,427			$	74,427			$	74,427			$	—			$	—
Interest-bearing deposits	3,012				3,012				3,012				—				—
Securities available for sale	1,318,365				1,318,365				—				1,293,422				24,943
Other investments	35,444				35,444				—				35,444				—
Loans	4,283,833				4,321,847				—				36,903				4,284,944
Financial liabilities
Deposits	4,603,863				4,531,685				—				4,531,685				—
Short-term borrowings	626,615				626,603				—				626,603				—
Long-term debt	144,385				145,477				—				145,477				—
Subordinated debt	72,167				51,706				—				—				51,706

X

- Definition

Losses realized on assets measured on non-recurring basis.

+ References

No definition available.

+ Details

Name:	fcf_LossesRealizedOnAssetsMeasuredOnNonrecurringBasisTableTextBlock
Namespace Prefix:	fcf_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19296-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13467-108611



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13476-108611



Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612



Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (bbb)

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration