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Subordinated Debentures | 12 Months Ended
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Dec. 31, 2014
Disclosure Subordinated Debentures [Abstract] |
Subordinated Debentures | Subordinated Debentures Subordinated Debentures outstanding at December 31 are as follows:
|  |  | 2014 |  | 2013
| Due |  | Amount |  | Rate |  | Amount |  | Rate
|  |  | (dollars in thousands)
Owed to: |  |  |  |  |  |  |  |  |
First Commonwealth Capital Trust II | 2034 |  | $ | 30,929 |  |  | LIBOR + 2.85 |  | $ | 30,929 |  |  | LIBOR + 2.85
First Commonwealth Capital Trust III | 2034 |  | 41,238 |  |  | LIBOR + 2.85 |  | 41,238 |  |  | LIBOR + 2.85
Total |  |  | $ | 72,167 |  |  |  |  | $ | 72,167 |  |  |
First Commonwealth has established three trusts, First Commonwealth Capital Trust I, First Commonwealth Capital Trust II, and First Commonwealth Capital Trust III, of which 100% of the common equity is owned by First Commonwealth. The trusts were formed for the purpose of issuing company obligated mandatorily redeemable capital securities to third-party investors and investing the proceeds from the sale of the capital securities solely in junior subordinated debt securities (“subordinated debentures”) of First Commonwealth. The subordinated debentures held by each trust are the sole assets of the trust. Interest on the debentures issued to First Commonwealth Capital Trust III is paid quarterly at a floating rate of LIBOR + 2.85% which is reset quarterly. Subject to regulatory approval, First Commonwealth may redeem the debentures, in whole or in part, at its option on any interest payment date at a redemption price equal to 100% of the principal amount of the debentures, plus accrued and unpaid interest to the date of the redemption. Deferred issuance costs of $630 thousand are being amortized on a straight-line basis over the term of the securities. Interest on the debentures issued to First Commonwealth Capital Trust II is paid quarterly at a floating rate of LIBOR + 2.85%, which is reset quarterly. Subject to regulatory approval, First Commonwealth may redeem the debentures, in whole or in part, at its option at a redemption price equal to 100% of the principal amount of the debentures, plus accrued and unpaid interest to the date of the redemption. Deferred issuance costs of $471 thousand are being amortized on a straight-line basis over the term of the securities. On January 29, 2013, the Company’s Board of Directors authorized the redemption of 100% of First Commonwealth Capital Trust I as of April 1, 2013, at a redemption price of 103.325% of the principal amount, plus accrued and unpaid interest. At the time of redemption, a $1.1 million redemption premium was paid and $0.5 million in unamortized deferred issuance costs were recognized. Interest on debentures issued to First Commonwealth Capital Trust I was paid semiannually at a fixed rate of 9.50% and deferred issuance costs of $996 thousand were being amortized on a straight line basis over the term of the securities.

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- Definition The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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