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Fair Values of Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2018
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 September 30, 2018 Level 3 fair value measurements.
| Fair Value (dollars in thousands) |  | Valuation Technique |  | Unobservable Inputs |  | Range / (weighted average)
Equities | 1,670 |  |  | Par Value |  | N/A |  | N/A
Impaired Loans | 1,184 | (a) |  | Reserve study |  | Discount rate |  | 10.00%
|  |  |  |  | Gas per MMBTU |  | $2.81 - $3.35 (b)
|  |  |  |  | Oil per BBL/d |  | $51.59 - $59.55 (b)
| 7,883 | (a) |  | Discounted Cash Flow |  | Discount Rate |  | 1.9% - 9.5%
Limited Partnership Investments | 2,521 |  |  | Par Value |  | N/A |  | N/A
(a) | 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.
(b) | Unobservable inputs are defined as follows: MMBTU - million British thermal units; BBL/d - barrels per day.
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, 2018
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Obligations of U.S. Government Agencies: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | $ | — |  |  | $ | 9,628 |  |  | $ | — |  |  | $ | 9,628 |
Mortgage-Backed Securities - Commercial | — |  |  | 167,411 |  |  | — |  |  | 167,411 |
Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | — |  |  | 661,629 |  |  | — |  |  | 661,629 |
Other Government-Sponsored Enterprises | — |  |  | 100 |  |  | — |  |  | 100 |
Obligations of States and Political Subdivisions | — |  |  | 27,517 |  |  | — |  |  | 27,517 |
Corporate Securities | — |  |  | 21,101 |  |  | — |  |  | 21,101 |
Total Debt Securities | — |  |  | 887,386 |  |  | — |  |  | 887,386 |
Equities | — |  |  | — |  |  | 1,670 |  |  | 1,670 |
Total Securities Available for Sale | — |  |  | 887,386 |  |  | 1,670 |  |  | 889,056 |
Other Investments | — |  |  | 25,029 |  |  | — |  |  | 25,029 |
Loans Held for Sale | — |  |  | 8,287 |  |  | — |  |  | 8,287 |
Other Assets(a) | — |  |  | 9,046 |  |  | 2,521 |  |  | 11,567 |
Total Assets | $ | — |  |  | $ | 929,748 |  |  | $ | 4,191 |  |  | $ | 933,939 |
Other Liabilities(a) | $ | — |  |  | $ | 9,410 |  |  | $ | — |  |  | $ | 9,410 |
Total Liabilities | $ | — |  |  | $ | 9,410 |  |  | $ | — |  |  | $ | 9,410 |
(a) | Hedging and non-hedging interest rate derivatives and limited partnership investments
| December 31, 2017
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Obligations of U.S. Government Agencies: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | $ | — |  |  | $ | 11,338 |  |  | $ | — |  |  | $ | 11,338 |
Mortgage-Backed Securities - Commercial | — |  |  | 24,149 |  |  | — |  |  | 24,149 |
Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | — |  |  | 625,555 |  |  | — |  |  | 625,555 |
Other Government-Sponsored Enterprises | — |  |  | 1,097 |  |  | — |  |  | 1,097 |
Obligations of States and Political Subdivisions | — |  |  | 27,410 |  |  | — |  |  | 27,410 |
Corporate Securities | — |  |  | 16,493 |  |  | — |  |  | 16,493 |
Pooled Trust Preferred Collateralized Debt Obligations | — |  |  | — |  |  | 23,646 |  |  | 23,646 |
Total Debt Securities | — |  |  | 706,042 |  |  | 23,646 |  |  | 729,688 |
Equities | — |  |  | — |  |  | 1,670 |  |  | 1,670 |
Total Securities Available for Sale | — |  |  | 706,042 |  |  | 25,316 |  |  | 731,358 |
Other Investments | — |  |  | 29,837 |  |  | — |  |  | 29,837 |
Loans Held for Sale | — |  |  | 14,850 |  |  | — |  |  | 14,850 |
Other Assets(a) | — |  |  | 1,778 |  |  | 2,143 |  |  | 3,921 |
Total Assets | $ | — |  |  | $ | 752,507 |  |  | $ | 27,459 |  |  | $ | 779,966 |
Other Liabilities(a) | $ | — |  |  | $ | 3,079 |  |  | $ | — |  |  | $ | 3,079 |
Total Liabilities | $ | — |  |  | $ | 3,079 |  |  | $ | — |  |  | $ | 3,079 |
(a) | Hedging and 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:
| 2018
| Pooled Trust Preferred Collateralized Debt Obligations |  | Equities |  | Other Assets |  | Total
| (dollars in thousands)
Balance, beginning of period | $ | 23,646 |  |  | $ | 1,670 |  |  | $ | 2,143 |  |  | $ | 27,459 |
Total gains or losses |  |  |  |  |  |  |
Included in earnings | 8,102 |  |  | — |  |  | — |  |  | 8,102 |
Included in other comprehensive income | (118 | ) |  | — |  |  | — |  |  | (118 | )
Purchases, issuances, sales and settlements |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | 426 |  |  | 426 |
Issuances | — |  |  | — |  |  | — |  |  | — |
Sales | (12,289 | ) |  | — |  |  | — |  |  | (12,289 | )
Settlements | (19,341 | ) |  | — |  |  | (48 | ) |  | (19,389 | )
Transfers from Level 3 | — |  |  | — |  |  | — |  |  | — |
Transfers into Level 3 | — |  |  | — |  |  | — |  |  | — |
Balance, end of period | $ | — |  |  | $ | 1,670 |  |  | $ | 2,521 |  |  | $ | 4,191 |
| 2017
| Pooled Trust Preferred Collateralized Debt Obligations |  | Equities |  | Other Assets |  | Total
| (dollars in thousands)
Balance, beginning of period | $ | 33,292 |  |  | $ | 1,670 |  |  | $ | 930 |  |  | $ | 35,892 |
Total gains or losses |  |  |  |  |  |  |
Included in earnings | — |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income | 1,391 |  |  | — |  |  | — |  |  | 1,391 |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | 638 |  |  | 638 |
Issuances | — |  |  | — |  |  | — |  |  | — |
Sales | — |  |  | — |  |  | — |  |  | — |
Settlements | (54 | ) |  | — |  |  | (6 | ) |  | (60 | )
Transfers from Level 3 | — |  |  | — |  |  |  |  |  | — |
Transfers into Level 3 | — |  |  | — |  |  | — |  |  | — |
Balance, end of period | $ | 34,629 |  |  | $ | 1,670 |  |  | $ | 1,562 |  |  | $ | 37,861 |
During the nine months ended September 30, 2018 and 2017, there were no transfers between fair value Levels 1, 2 or 3. There were no gains or losses included in earnings for the periods presented that are attributable to the change in realized gains (losses) relating to assets held at September 30, 2018 and 2017. 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:
| 2018
| Pooled Trust Preferred Collateralized Debt Obligations |  | Equities |  | Other Assets |  | Total
| (dollars in thousands)
Balance, beginning of period | $ | — |  |  | $ | 1,670 |  |  | $ | 2,297 |  |  | $ | 3,967 |
Total gains or losses |  |  |  |  |  |  |
Included in earnings | — |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income | — |  |  | — |  |  | — |  |  | — |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | 272 |  |  | 272 |
Issuances | — |  |  | — |  |  | — |  |  | — |
Sales | — |  |  | — |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | (48 | ) |  | (48 | )
Transfers from Level 3 | — |  |  | — |  |  | — |  |  | — |
Transfers into Level 3 | — |  |  | — |  |  | — |  |  | — |
Balance, end of period | $ | — |  |  | $ | 1,670 |  |  | $ | 2,521 |  |  | $ | 4,191 |
| 2017
| Pooled Trust Preferred Collateralized Debt Obligations |  | Equities |  | Other Assets |  | Total
| (dollars in thousands)
Balance, beginning of period | $ | 33,648 |  |  | $ | 1,670 |  |  | $ | 1,477 |  |  | $ | 36,795 |
Total gains or losses |  |  |  |  |  |  |
Included in earnings | — |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income | 981 |  |  | — |  |  | — |  |  | 981 |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | 91 |  |  | 91 |
Issuances | — |  |  | — |  |  | — |  |  | — |
Sales | — |  |  | — |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | (6 | ) |  | (6 | )
Transfers from Level 3 | — |  |  | — |  |  | — |  |  | — |
Transfers into Level 3 | — |  |  | — |  |  | — |  |  | — |
Balance, end of period | $ | 34,629 |  |  | $ | 1,670 |  |  | $ | 1,562 |  |  | $ | 37,861 |
Schedule of Assets Measured on Non-Recurring Basis | The tables below present the balances of assets measured at fair value on a nonrecurring basis at:
| September 30, 2018
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Impaired loans | $ | — |  |  | $ | 14,940 |  |  | $ | 19,546 |  |  | $ | 34,486 |
Other real estate owned | — |  |  | 4,164 |  |  | — |  |  | 4,164 |
Total Assets | $ | — |  |  | $ | 19,104 |  |  | $ | 19,546 |  |  | $ | 38,650 |
| December 31, 2017
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Impaired loans | $ | — |  |  | $ | 23,249 |  |  | $ | 15,245 |  |  | $ | 38,494 |
Other real estate owned | — |  |  | 3,264 |  |  | — |  |  | 3,264 |
Total Assets | $ | — |  |  | $ | 26,513 |  |  | $ | 15,245 |  |  | $ | 41,758 |
Losses Realized on Assets Measured on Non-Recurring Basis | The following gain (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,
| 2018 |  | 2017 |  | 2018 |  | 2017
| (dollars in thousands)
Impaired loans | $ | (239 | ) |  | $ | (156 | ) |  | $ | (6,659 | ) |  | $ | 160 |
Other real estate owned | (128 | ) |  | (116 | ) |  | (544 | ) |  | (1,196 | )
Total losses | $ | (367 | ) |  | $ | (272 | ) |  | $ | (7,203 | ) |  | $ | (1,036 | )
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, 2018
|  |  | Fair Value Measurements Using:
| Carrying Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
| (dollars in thousands)
Financial assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 93,162 |  |  | $ | 93,162 |  |  | $ | 93,162 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits | 3,022 |  |  | 3,022 |  |  | 3,022 |  |  | — |  |  | — |
Securities available for sale | 889,056 |  |  | 889,056 |  |  | — |  |  | 887,386 |  |  | 1,670 |
Securities held to maturity | 389,621 |  |  | 373,933 |  |  | — |  |  | 373,933 |  |  | — |
Other investments | 25,029 |  |  | 25,029 |  |  | — |  |  | 25,029 |  |  | — |
Loans held for sale | 8,287 |  |  | 8,287 |  |  | — |  |  | 8,287 |  |  | — |
Loans | 5,662,782 |  |  | 5,643,537 |  |  | — |  |  | 14,940 |  |  | 5,628,597 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | 5,895,143 |  |  | 5,894,839 |  |  | — |  |  | 5,894,839 |  |  | — |
Short-term borrowings | 587,806 |  |  | 587,776 |  |  | — |  |  | 587,776 |  |  | — |
Subordinated debt | 170,249 |  |  | 173,533 |  |  | — |  |  | — |  |  | 173,533 |
Long-term debt | 7,706 |  |  | 7,781 |  |  | — |  |  | 7,781 |  |  | — |
Capital lease obligation | 7,311 |  |  | 7,311 |  |  | — |  |  | 7,311 |  |  | — |
| December 31, 2017
|  |  | Fair Value Measurements Using:
| Carrying Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
| (dollars in thousands)
Financial assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 98,624 |  |  | $ | 98,624 |  |  | $ | 98,624 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits | 8,668 |  |  | 8,668 |  |  | 8,668 |  |  | — |  |  | — |
Securities available for sale | 731,358 |  |  | 731,358 |  |  | — |  |  | 706,042 |  |  | 25,316 |
Securities held to maturity | 422,096 |  |  | 418,249 |  |  | — |  |  | 418,249 |  |  | — |
Other investments | 29,837 |  |  | 29,837 |  |  | — |  |  | 29,837 |  |  | — |
Loans held for sale | 14,850 |  |  | 14,850 |  |  | — |  |  | 14,850 |  |  | — |
Loans | 5,407,376 |  |  | 5,443,434 |  |  | — |  |  | 23,249 |  |  | 5,420,185 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | 5,580,705 |  |  | 5,580,812 |  |  | — |  |  | 5,580,812 |  |  | — |
Short-term borrowings | 707,466 |  |  | 707,263 |  |  | — |  |  | 707,263 |  |  | — |
Subordinated debt | 72,167 |  |  | 65,785 |  |  | — |  |  | — |  |  | 65,785 |
Long-term debt | 8,161 |  |  | 8,548 |  |  | — |  |  | 8,548 |  |  | — |
Capital lease obligation | 7,590 |  |  | 7,590 |  |  | — |  |  | 7,590 |  |  | — |

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