XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.20.2

Investment Securities | 6 Months Ended
--- | ---
Jun. 30, 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:
| June 30, 2020 |  |  |  |  |  |  |  | December 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 | $ | 7,199 |  |  | $ | 730 |  |  | $ | — |  |  | $ | 7,929 |  |  | $ | 7,745 |  |  | $ | 596 |  |  | $ | — |  |  | $ | 8,341 |
Mortgage-Backed Securities – Commercial | 225,662 |  |  | 9,932 |  |  | — |  |  | 235,594 |  |  | 186,316 |  |  | 2,983 |  |  | (166) |  |  | 189,133 |
Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Backed Securities – Residential | 605,469 |  |  | 18,704 |  |  | (18) |  |  | 624,155 |  |  | 660,777 |  |  | 4,113 |  |  | (2,943) |  |  | 661,947 |
Other Government-Sponsored Enterprises | 1,000 |  |  | 1 |  |  | — |  |  | 1,001 |  |  | 1,000 |  |  | — |  |  | — |  |  | 1,000 |
Obligations of States and Political Subdivisions | 8,785 |  |  | 199 |  |  | — |  |  | 8,984 |  |  | 17,738 |  |  | 171 |  |  | — |  |  | 17,909 |
Corporate Securities | 22,930 |  |  | 1,547 |  |  | — |  |  | 24,477 |  |  | 22,919 |  |  | 1,043 |  |  | — |  |  | 23,962 |
Total Securities Available for Sale | $ | 871,045 |  |  | $ | 31,113 |  |  | $ | (18) |  |  | $ | 902,140 |  |  | $ | 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 June 30, 2020, by contractual maturity, are shown below.
| Amortized Cost |  | Estimated Fair Value
| (dollars in thousands) |  |
Due within 1 year | $ | 4,998 |  |  | $ | 5,070 |
Due after 1 but within 5 years | 23,978 |  |  | 25,071 |
Due after 5 but within 10 years | 3,739 |  |  | 4,321 |
Due after 10 years | — |  |  | — |
| 32,715 |  |  | 34,462 |
Mortgage-Backed Securities (a) | 838,330 |  |  | 867,678 |
Total Debt Securities | $ | 871,045 |  |  | $ | 902,140 |
(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 $232.9 million and a fair value of $243.5 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $605.4 million and a fair value of $624.2 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 six months ended June 30:
| 2020 |  | 2019
| (dollars in thousands) |  |
Proceeds from sales | $ | — |  |  | $ | — |
Gross gains (losses) realized: |  |  |
Sales transactions: |  |  |
Gross gains | $ | — |  |  | $ | — |
Gross losses | — |  |  | — |
| — |  |  | — |
Maturities |  |  |
Gross gains | 27 |  |  | 6 |
Gross losses | — |  |  | — |
| 27 |  |  | 6 |
Net gains and impairment | $ | 27 |  |  | $ | 6 |
Securities available for sale with an estimated fair value of $814.7 million and $584.8 million were pledged as of June 30, 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:
| June 30, 2020 |  |  |  |  |  |  |  | December 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 | $ | 3,008 |  |  | $ | 191 |  |  | $ | — |  |  | $ | 3,199 |  |  | $ | 3,392 |  |  | $ | 57 |  |  | $ | — |  |  | $ | 3,449 |
Mortgage-Backed Securities- Commercial | 46,803 |  |  | 1,646 |  |  | — |  |  | 48,449 |  |  | 51,291 |  |  | 18 |  |  | (184) |  |  | 51,125 |
Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Backed Securities – Residential | 197,342 |  |  | 6,974 |  |  | — |  |  | 204,316 |  |  | 229,667 |  |  | 1,377 |  |  | (294) |  |  | 230,750 |
Mortgage-Backed Securities – Commercial | 10,894 |  |  | 395 |  |  | — |  |  | 11,289 |  |  | 12,081 |  |  | 67 |  |  | — |  |  | 12,148 |
Obligations of States and Political Subdivisions | 39,139 |  |  | 682 |  |  | — |  |  | 39,821 |  |  | 40,092 |  |  | 554 |  |  | — |  |  | 40,646 |
Debt Securities Issued by Foreign Governments | 800 |  |  | — |  |  | — |  |  | 800 |  |  | 600 |  |  | — |  |  | — |  |  | 600 |
Total Securities Held to Maturity | $ | 297,986 |  |  | $ | 9,888 |  |  | $ | — |  |  | $ | 307,874 |  |  | $ | 337,123 |  |  | $ | 2,073 |  |  | $ | (478) |  |  | $ | 338,718 |
The amortized cost and estimated fair value of debt securities held to maturity at June 30, 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 | $ | 1,012 |  |  | $ | 1,018 |
Due after 1 but within 5 years | 14,227 |  |  | 14,404 |
Due after 5 but within 10 years | 24,700 |  |  | 25,199 |
Due after 10 years | — |  |  | — |
| 39,939 |  |  | 40,621 |
Mortgage-Backed Securities (a) | 258,047 |  |  | 267,253 |
Total Debt Securities | $ | 297,986 |  |  | $ | 307,874 |
(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 $49.8 million and a fair value of $51.6 million for Obligations of U.S. Government agencies issued by Ginnie Mae and an amortized cost of $208.2 million and a fair value of $215.6 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 $286.9 million and $306.8 million were pledged as of June 30, 2020 and December 31, 2019, respectively, to secure public deposits and for other purposes required or permitted by law.

X
- Definition Investment Securities [Abstract] + References No definition available. + Details
Name: | fcf_InvestmentSecuritiesAbstract
Namespace Prefix: | fcf_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration