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Fair Values of Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 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 | $29,456 |  | Discounted Cash Flow |  | Probability of default |  | 0% - 100% (18.02%)
|  |  |  |  | Prepayment rates |  | 0% - 100% (6.61%)
|  |  |  |  | Discount rates |  | 5.25% - 14.00% (a)
Equities | 1,420 |  | Par Value |  | N/A |  | N/A
Interest Rate Swap | — |  | Option model |  | Counterparty credit risk |  | 3.69% - 6.82% (b)
Impaired Loans | 5,934 (c) |  | Reserve study |  | Discount rate |  | 10.00%
|  |  |  |  | Gas per MCF |  | $3.84 - $6.45 (d)
|  |  |  |  | Oil per BBL/d |  | $83.64 - $107.00 (d)
|  |  |  |  | NGL per gallon |  | $0.83 (d)
| 113 (c) |  | Discounted Cash Flow |  | Discount Rate |  | 9.00%
Other Real Estate Owned | 190 |  | 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:
| September 30, 2014
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Obligations of U.S. Government Agencies: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | $ | — |  |  | $ | 24,387 |  |  | $ | — |  |  | $ | 24,387 |
Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | — |  |  | 982,758 |  |  | — |  |  | 982,758 |
Mortgage-Backed Securities - Commercial | — |  |  | 81 |  |  | — |  |  | 81 |
Other Government-Sponsored Enterprises | — |  |  | 267,717 |  |  | — |  |  | 267,717 |
Obligations of States and Political Subdivisions | — |  |  | 19,669 |  |  | — |  |  | 19,669 |
Corporate Securities | — |  |  | 7,286 |  |  | — |  |  | 7,286 |
Pooled Trust Preferred Collateralized Debt Obligations | — |  |  | — |  |  | 29,456 |  |  | 29,456 |
Total Debt Securities | — |  |  | 1,301,898 |  |  | 29,456 |  |  | 1,331,354 |
Equities | — |  |  | — |  |  | 1,420 |  |  | 1,420 |
Total Securities Available for Sale | — |  |  | 1,301,898 |  |  | 30,876 |  |  | 1,332,774 |
Other Investments | — |  |  | 50,994 |  |  | — |  |  | 50,994 |
Loans held for sale | — |  |  | 1,305 |  |  | — |  |  | 1,305 |
Other Assets(a) | — |  |  | 9,468 |  |  | — |  |  | 9,468 |
Total Assets | $ | — |  |  | $ | 1,363,665 |  |  | $ | 30,876 |  |  | $ | 1,394,541 |
Other Liabilities(a) | $ | — |  |  | $ | 9,047 |  |  | $ | — |  |  | $ | 9,047 |
Total Liabilities | $ | — |  |  | $ | 9,047 |  |  | $ | — |  |  | $ | 9,047 |
(a) | Hedging and 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 nine months ended September 30, 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 | — |  |  | — |  |  | 77 |  |  | — |  |  | 77 |
Included in other comprehensive income | 7,266 |  |  | — |  |  | — |  |  | — |  |  | 7,266 |
Purchases, issuances, sales, and settlements |  |  |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuances | — |  |  | — |  |  | — |  |  | — |  |  | — |
Sales | — |  |  | — |  |  | (3,112 | ) |  | — |  |  | (3,112 | )
Settlements | (1,333 | ) |  | — |  |  | — |  |  | — |  |  | (1,333 | )
Transfers into Level 3 | — |  |  | — |  |  | 3,035 |  |  | — |  |  | 3,035 |
Balance, end of period | $ | 29,456 |  |  | $ | 1,420 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,876 |
| 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 | — |  |  | — |  |  | 625 |  |  | — |  |  | 625 |
Included in other comprehensive income | 7,399 |  |  | — |  |  | — |  |  | — |  |  | 7,399 |
Purchases, issuances, sales, and settlements |  |  |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuances | — |  |  | — |  |  | — |  |  | — |  |  | — |
Sales | — |  |  | — |  |  | (20,760 | ) |  | — |  |  | (20,760 | )
Settlements | (5,315 | ) |  | — |  |  | — |  |  | — |  |  | (5,315 | )
Transfers into Level 3 | — |  |  | — |  |  | 20,135 |  |  | — |  |  | 20,135 |
Balance, end of period | $ | 25,457 |  |  | $ | 1,420 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,877 |
For the three months ended September 30, 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 | $ | 28,154 |  |  | $ | 1,420 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,574 |
Total gains or losses |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  | — |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income | 1,470 |  |  | — |  |  | — |  |  | — |  |  | 1,470 |
Purchases, issuances, sales, and settlements |  |  |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuances | — |  |  | — |  |  | — |  |  | — |  |  | — |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements | (168 | ) |  | — |  |  | — |  |  | — |  |  | (168 | )
Balance, end of period | $ | 29,456 |  |  | $ | 1,420 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,876 |
| 2013
| Pooled Trust Preferred Collateralized Debt Obligations |  | Equities |  | Loans Held for Sale |  | Other Assets |  | Total
| (dollars in thousands)
Balance, beginning of period | $ | 25,869 |  |  | $ | 1,420 |  |  | $ | — |  |  | $ | — |  |  | 27,289 |
Total gains or losses |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  | — |  |  | 242 |  |  | — |  |  | 242 |
Included in other comprehensive income | 1,716 |  |  | — |  |  | — |  |  | — |  |  | 1,716 |
Purchases, issuances, sales, and settlements |  |  |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuances | — |  |  | — |  |  | — |  |  | — |  |  | — |
Sales | — |  |  | — |  |  | (242 | ) |  | — |  |  | (242 | )
Settlements | (2,128 | ) |  | — |  |  | — |  |  | — |  |  | (2,128 | )
Balance, end of period | $ | 25,457 |  |  | $ | 1,420 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,877 |
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:
| September 30, 2014
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Impaired loans | $ | — |  |  | $ | 27,037 |  |  | $ | 13,589 |  |  | $ | 40,626 |
Other real estate owned | — |  |  | 8,119 |  |  | 190 |  |  | 8,309 |
Total Assets | $ | — |  |  | $ | 35,156 |  |  | $ | 13,779 |  |  | $ | 48,935 |
| 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 gains(losses) were realized on the assets measured on a nonrecurring basis:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
| (dollars in thousands)
Impaired loans | $ | 456 |  |  | $ | (1,468 | ) |  | $ | (1,291 | ) |  | $ | (13,063 | )
Other real estate owned | (51 | ) |  | (90 | ) |  | (1,109 | ) |  | (188 | )
Total losses | $ | 405 |  |  | $ | (1,558 | ) |  | $ | (2,400 | ) |  | $ | (13,251 | )
Carrying Amounts and Fair Values of Financial Instruments | The following table presents carrying amounts and fair values of First Commonwealth’s financial instruments:
| September 30, 2014
|  |  | Fair Value Measurements Using:
| Carrying Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
| (dollars in thousands)
Financial assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 78,696 |  |  | $ | 78,696 |  |  | $ | 78,696 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits | 5,374 |  |  | 5,374 |  |  | 5,374 |  |  | — |  |  | — |
Securities available for sale | 1,332,774 |  |  | 1,332,774 |  |  | — |  |  | 1,301,898 |  |  | 30,876 |
Other investments | 50,994 |  |  | 50,994 |  |  | — |  |  | 50,994 |  |  | — |
Loans held for sale | 1,305 |  |  | 1,305 |  |  | — |  |  | 1,305 |  |  | — |
Loans | 4,411,481 |  |  | 4,391,765 |  |  | — |  |  | 27,037 |  |  | 4,364,728 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | 4,372,388 |  |  | 4,376,654 |  |  | — |  |  | 4,376,654 |  |  | — |
Short-term borrowings | 1,034,967 |  |  | 1,034,917 |  |  | — |  |  | 1,034,917 |  |  | — |
Long-term debt | 116,539 |  |  | 117,655 |  |  | — |  |  | 117,655 |  |  | — |
Subordinated debt | 72,167 |  |  | 62,714 |  |  | — |  |  | — |  |  | 62,714 |
| 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 |

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- 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
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- 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
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- 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
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- 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
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