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Unearned ESOP Shares | 12 Months Ended
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Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Unearned ESOP Shares | Unearned ESOP Shares During 2012, all employees with at least one year of service were eligible to participate in the ESOP. Contributions to the plan are determined by the Board of Directors and are based upon a prescribed percentage of the annual compensation of all participants. The ESOP acquired shares of First Commonwealth’s common stock in a transaction whereby the ESOP Trust borrowed funds that were guaranteed by First Commonwealth. The borrowed amounts represented leveraged and unallocated shares, and accordingly were recorded as long-term debt with the offset as a reduction of common shareholders’ equity. The borrowing had a balance of $1.6 million at December 31, 2011 and matured in November of 2012. All the remaining shares held as collateral for the loan were released and allocated to participants when the borrowing was repaid. Compensation costs related to the plan were $733 thousand in 2012. On August 28, 2014, First Commonwealth received a determination letter from the IRS in relation to the termination of the ESOP stating that the termination of the plan does not adversely affect the Plan's federal tax status. The following is an analysis of ESOP shares held in suspense and the fair value of those shares as of December 31:
|  | 2012
| (dollars in thousands)
Shares in suspense, beginning of the year |  | 104,661 |
Shares allocated |  | (104,661 | )
Shares acquired |  | — |
Shares in suspense, end of the year |  | — |
Fair market value of shares in suspense |  | — |
Interest paid on the ESOP loan and dividends received on unallocated shares for the year ended December 31 were:
|  | 2012
| (dollars in thousands)
Interest paid on ESOP loan |  | $ | 13 |
Dividends on unallocated shares |  | 19 |
Dividends on unallocated shares were used for debt service while all dividends on allocated shares were allocated or paid to the participants.

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- Definition Tabular disclosure of the details pertaining to each employee stock ownership plan. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 + Details
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