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Fair Values of Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2021
Fair Value Disclosures [Abstract] |
Fair Value Inputs, Assets, Quantitative Information | In accordance with ASU No. 2011-4, the following table provides information related to quantitative inputs and assumptions used in Level 3 fair value measurements.
| Fair Value (dollars in thousands) |  | Valuation Technique |  | Unobservable Inputs |  | Range / (weighted average)
March 31, 2021 |  |  |  |  |  |  |
Other Investments | $ | 1,670 |  |  | CarryingValue |  | N/A |  | N/A
Nonperforming Loans | 736 | (a) |  | Gas Reserve Study |  | Discount rate |  | 10.00%
|  |  |  |  | Gas per MMBTU |  | $2.00 - $2.00 (b)
|  |  |  |  | Oil per BBL/d |  | $50.00 - $50.00 (b)
| 5,149 | (a) |  | Discounted Cash Flow |  | Discount Rate |  | 6.50%
Limited Partnership Investments | 7,010 |  |  | Par Value |  | N/A |  | N/A
December 31, 2020 |  |  |  |  |  |  |
Other Investments | $ | 1,670 |  |  | CarryingValue |  | N/A |  | N/A
Nonperforming Loans | 798 | (a) |  | Gas Reserve Study |  | Discount rate |  | 10.00%
|  |  |  |  | Gas per MMBTU |  | $1.46 - $1.48 (b)
|  |  |  |  | Oil per BBL/d |  | $36 - $36 (b)
Limited Partnership Investments | 6,619 |  |  | Par Value |  | N/A |  | N/A
(a)The remainder of nonperforming 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 - one 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:
| March 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Obligations of U.S. Government Agencies: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | $ | — |  |  | $ | 6,690 |  |  | $ | — |  |  | $ | 6,690 |
Mortgage-Backed Securities - Commercial | — |  |  | 272,901 |  |  | — |  |  | 272,901 |
Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | — |  |  | 728,668 |  |  | — |  |  | 728,668 |
Other Government-Sponsored Enterprises | — |  |  | 975 |  |  | — |  |  | 975 |
Obligations of States and Political Subdivisions | — |  |  | 9,565 |  |  | — |  |  | 9,565 |
Corporate Securities | — |  |  | 24,459 |  |  | — |  |  | 24,459 |
Total Securities Available for Sale | — |  |  | 1,043,258 |  |  | — |  |  | 1,043,258 |
Other Investments | — |  |  | 11,775 |  |  | 1,670 |  |  | 13,445 |
Loans Held for Sale | — |  |  | 20,604 |  |  | — |  |  | 20,604 |
Premises and Equipment, net | — |  |  | 291 |  |  | — |  |  | 291 |
Other Assets(a) | — |  |  | 33,555 |  |  | 7,010 |  |  | 40,565 |
Total Assets | $ | — |  |  | $ | 1,109,483 |  |  | $ | 8,680 |  |  | $ | 1,118,163 |
Other Liabilities(a) | $ | — |  |  | $ | 36,171 |  |  | $ | — |  |  | $ | 36,171 |
Total Liabilities | $ | — |  |  | $ | 36,171 |  |  | $ | — |  |  | $ | 36,171 |
(a)Hedging and non-hedging interest rate derivatives and limited partnership investments
| December 31, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Obligations of U.S. Government Agencies: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | $ | — |  |  | $ | 7,230 |  |  | $ | — |  |  | $ | 7,230 |
Mortgage-Backed Securities - Commercial | — |  |  | 191,180 |  |  | — |  |  | 191,180 |
Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | — |  |  | 496,033 |  |  | — |  |  | 496,033 |
Other Government-Sponsored Enterprises | — |  |  | 100,998 |  |  | — |  |  | 100,998 |
Obligations of States and Political Subdivisions | — |  |  | 11,397 |  |  | — |  |  | 11,397 |
Corporate Securities | — |  |  | 24,385 |  |  | — |  |  | 24,385 |
Total Securities Available for Sale | — |  |  | 831,223 |  |  | — |  |  | 831,223 |
Other Investments | — |  |  | 10,557 |  |  | 1,670 |  |  | 12,227 |
Loans Held for Sale | — |  |  | 33,436 |  |  | — |  |  | 33,436 |
Premises and Equipment, net | — |  |  | 442 |  |  | — |  |  | 442 |
Other Assets(a) | — |  |  | 54,362 |  |  | 6,619 |  |  | 60,981 |
Total Assets | $ | — |  |  | $ | 930,020 |  |  | $ | 8,289 |  |  | $ | 938,309 |
Other Liabilities(a) | $ | — |  |  | $ | 61,308 |  |  | $ | — |  |  | $ | 61,308 |
Total Liabilities | $ | — |  |  | $ | 61,308 |  |  | $ | — |  |  | $ | 61,308 |
(a)Hedging and non-hedging interest rate derivatives
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:
| March 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Nonperforming loans | $ | — |  |  | $ | 29,467 |  |  | $ | 17,807 |  |  | $ | 47,274 |
Other real estate owned | — |  |  | 1,063 |  |  | — |  |  | 1,063 |
Total Assets | $ | — |  |  | $ | 30,530 |  |  | $ | 17,807 |  |  | $ | 48,337 |
| December 31, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Nonperforming loans | $ | — |  |  | $ | 35,543 |  |  | $ | 13,604 |  |  | $ | 49,147 |
Other real estate owned | — |  |  | 1,319 |  |  | — |  |  | 1,319 |
Total Assets | $ | — |  |  | $ | 36,862 |  |  | $ | 13,604 |  |  | $ | 50,466 |
Losses Realized on Assets Measured on Non-Recurring Basis | The following losses were realized on the assets measured on a nonrecurring basis:
|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020
|  |  |  | (dollars in thousands)
Nonperforming loans |  |  |  |  | $ | 205 |  |  | $ | (8,029) |
Other real estate owned |  |  |  |  | (6) |  |  | (101) |
Total losses |  |  |  |  | $ | 199 |  |  | $ | (8,130) |
Carrying Amounts and Fair Values of Financial Instruments | The following table presents carrying amounts and fair values of First Commonwealth’s financial instruments:
| March 31, 2021
|  |  | Fair Value Measurements Using:
| Carrying Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
| (dollars in thousands)
Financial assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 83,989 |  |  | $ | 83,989 |  |  | $ | 83,989 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits | 420,645 |  |  | 420,645 |  |  | 420,645 |  |  | — |  |  | — |
Securities available for sale | 1,043,258 |  |  | 1,043,258 |  |  | — |  |  | 1,043,258 |  |  | — |
Securities held to maturity | 407,833 |  |  | 408,118 |  |  | — |  |  | 408,118 |  |  | — |
Other investments | 13,445 |  |  | 13,445 |  |  | — |  |  | 11,775 |  |  | 1,670 |
Loans held for sale | 20,604 |  |  | 20,604 |  |  | — |  |  | 20,604 |  |  | — |
Loans | 6,736,894 |  |  | 7,111,000 |  |  | — |  |  | 29,467 |  |  | 7,081,533 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | 7,869,256 |  |  | 7,869,730 |  |  | — |  |  | 7,869,730 |  |  | — |
Short-term borrowings | 110,762 |  |  | 110,446 |  |  | — |  |  | 110,446 |  |  | — |
Subordinated debt | 170,653 |  |  | 172,619 |  |  | — |  |  | — |  |  | 172,619 |
Long-term debt | 56,089 |  |  | 57,276 |  |  | — |  |  | 57,276 |  |  | — |
Capital lease obligation | 6,270 |  |  | 6,270 |  |  | — |  |  | 6,270 |  |  | — |
| December 31, 2020
|  |  | Fair Value Measurements Using:
| Carrying Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
| (dollars in thousands)
Financial assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 100,009 |  |  | $ | 100,009 |  |  | $ | 100,009 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits | 256,572 |  |  | 256,572 |  |  | 256,572 |  |  | — |  |  | — |
Securities available for sale | 831,223 |  |  | 831,223 |  |  | — |  |  | 831,223 |  |  | — |
Securities held to maturity | 361,844 |  |  | 369,851 |  |  | — |  |  | 369,851 |  |  | — |
Other investments | 12,227 |  |  | 12,227 |  |  | — |  |  | 10,557 |  |  | 1,670 |
Loans held for sale | 33,436 |  |  | 33,436 |  |  | — |  |  | 33,436 |  |  | — |
Loans | 6,761,183 |  |  | 7,202,763 |  |  | — |  |  | 35,543 |  |  | 7,167,220 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | 7,438,666 |  |  | 7,440,906 |  |  | — |  |  | 7,440,906 |  |  | — |
Short-term borrowings | 117,373 |  |  | 117,037 |  |  | — |  |  | 117,037 |  |  | — |
Subordinated debt | 170,612 |  |  | 165,665 |  |  | — |  |  | — |  |  | 165,665 |
Long-term debt | 56,258 |  |  | 57,881 |  |  | — |  |  | 57,881 |  |  | — |
Capital lease obligation | 6,385 |  |  | 6,385 |  |  | — |  |  | 6,385 |  |  | — |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | For the three months ended March 31, changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:
|  |  | 2021
|  |  | Other Investments |  |  |  | Other Assets |  | Total
|  |  | (dollars in thousands)
Balance, beginning of period |  |  | $ | 1,670 |  |  |  |  | $ | 6,620 |  |  | $ | 8,290 |
Total gains or losses |  |  |  |  |  |  |  |  |
Included in earnings |  |  | — |  |  |  |  | — |  |  | — |
Included in other comprehensive income |  |  | — |  |  |  |  | — |  |  | — |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |
Purchases |  |  | — |  |  |  |  | 390 |  |  | 390 |
Issuances |  |  | — |  |  |  |  | — |  |  | — |
Sales |  |  | — |  |  |  |  | — |  |  | — |
Settlements |  |  | — |  |  |  |  | — |  |  | — |
Transfers from Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Transfers into Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Balance, end of period |  |  | $ | 1,670 |  |  |  |  | $ | 7,010 |  |  | $ | 8,680 |
|  |  | 2020
|  |  | Other Investments |  |  |  | Other Assets |  | Total
|  |  | (dollars in thousands)
Balance, beginning of period |  |  | $ | 1,670 |  |  |  |  | $ | 5,795 |  |  | $ | 7,465 |
Total gains or losses |  |  |  |  |  |  |  |  |
Included in earnings |  |  | — |  |  |  |  | — |  |  | — |
Included in other comprehensive income |  |  | — |  |  |  |  | — |  |  | — |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |
Purchases |  |  | — |  |  |  |  | 428 |  |  | 428 |
Issuances |  |  | — |  |  |  |  | — |  |  | — |
Sales |  |  | — |  |  |  |  | — |  |  | — |
Settlements |  |  | — |  |  |  |  | — |  |  | — |
Transfers from Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Transfers into Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Balance, end of period |  |  | $ | 1,670 |  |  |  |  | $ | 6,223 |  |  | $ | 7,893 |

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