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Investment Securities
 3 Months Ended
Mar. 31, 2020
Investment Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] Investment Securities
Securities Available for Sale
Below is an analysis of the amortized cost and estimated fair values of securities available for sale at:
 March 31, 2020December 31, 2019
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$7,395  $721  $—  $8,116  $7,745  $596  $—  $8,341  
Mortgage-Backed Securities – Commercial235,884  5,088  (215) 240,757  186,316  2,983  (166) 189,133  
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential670,251  18,973  —  689,224  660,777  4,113  (2,943) 661,947  
Other Government-Sponsored Enterprises1,000  4  —  1,004  1,000  —  —  1,000  
Obligations of States and Political Subdivisions9,891  136  —  10,027  17,738  171  —  17,909  
Corporate Securities22,924  574  —  23,498  22,919  1,043  —  23,962  
Total Securities Available for Sale$947,345  $25,496  $(215) $972,626  $896,495  $8,906  $(3,109) $902,292  

Mortgage-backed securities include mortgage-backed obligations of U.S. Government agencies and obligations of U.S. Government-sponsored enterprises. These obligations have contractual maturities ranging from less than one year to approximately 30 years with lower anticipated lives to maturity due to prepayments. All mortgage-backed securities contain a
certain amount of risk related to the uncertainty of prepayments of the underlying mortgages. Interest rate changes have a direct impact upon prepayment speeds; therefore, First Commonwealth uses computer simulation models to test the average life and yield volatility of all mortgage-backed securities under various interest rate scenarios to monitor the potential impact on earnings and interest rate risk positions.

Expected maturities will differ from contractual maturities because issuers may have the right to call or repay obligations with or without call or prepayment penalties. Other fixed income securities within the portfolio also contain prepayment risk.
The amortized cost and estimated fair value of debt securities available for sale at March 31, 2020, by contractual maturity, are shown below.
Amortized
Cost		Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$5,597  $5,601  
Due after 1 but within 5 years23,248  23,536  
Due after 5 but within 10 years4,970  5,392  
Due after 10 years—  —  
33,815  34,529  
Mortgage-Backed Securities (a)913,530  938,097  
Total Debt Securities$947,345  $972,626  
 
(a)Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $243.3 million and a fair value of $248.9 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $670.3 million and a fair value of $689.2 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.
 
Proceeds from sales, gross gains (losses) realized on sales, maturities and other-than-temporary impairment charges related to securities available for sale were as follows for the three months ended March 31:
20202019
 (dollars in thousands)
Proceeds from sales$—  $—  
Gross gains (losses) realized:
Sales transactions:
Gross gains$—  $—  
Gross losses—  —  
—  —  
Maturities
Gross gains19  —  
Gross losses—  —  
19  —  
Net gains and impairment$19  $—  
Securities available for sale with an estimated fair value of $713.0 million and $584.8 million were pledged as of March 31, 2020 and December 31, 2019, respectively, to secure public deposits and for other purposes required or permitted by law.
Securities Held to Maturity
Below is an analysis of the amortized cost and fair values of debt securities held to maturity at:
 March 31, 2020December 31, 2019
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
 (dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities – Residential$3,298  $164  $—  $3,462  $3,392  $57  $—  $3,449  
Mortgage-Backed Securities- Commercial48,554  512  —  49,066  51,291  18  (184) 51,125  
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities – Residential216,547  7,712  —  224,259  229,667  1,377  (294) 230,750  
Mortgage-Backed Securities – Commercial11,793  417  —  12,210  12,081  67  —  12,148  
Obligations of States and Political Subdivisions37,464  531  —  37,995  40,092  554  —  40,646  
Debt Securities Issued by Foreign Governments600  —  —  600  600  —  —  600  
Total Securities Held to Maturity$318,256  $9,336  $—  $327,592  $337,123  $2,073  $(478) $338,718  
The amortized cost and estimated fair value of debt securities held to maturity at March 31, 2020, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or prepayment penalties.
Amortized
Cost		Estimated
Fair Value
 (dollars in thousands)
Due within 1 year$1,019  $1,023  
Due after 1 but within 5 years10,428  10,533  
Due after 5 but within 10 years26,617  27,039  
Due after 10 years—  —  
38,064  38,595  
Mortgage-Backed Securities (a)280,192  288,997  
Total Debt Securities$318,256  $327,592  
(a)Mortgage-backed and collateralized mortgage securities, which have prepayment provisions, are not assigned to maturity categories due to fluctuations in their prepayment speeds. Mortgage-Backed Securities include an amortized cost of $51.9 million and a fair value of $52.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $228.3 million and a fair value of $236.5 million for Obligations of U.S. Government-sponsored enterprises issued by Fannie Mae and Freddie Mac.
Securities held to maturity with an amortized cost of $290.5 million and $306.8 million were pledged as of March 31, 2020 and December 31, 2019, respectively, to secure public deposits and for other purposes required or permitted by law.