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Fair Values of Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 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)
September 30, 2021 |  |  |  |  |  |  |
Other Investments | $ | 1,670 |  |  | Carrying Value |  | N/A |  | N/A
Nonperforming Loans | 657 | (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)
Limited Partnership Investments | 14,613 |  |  | Par Value |  | N/A |  | N/A
December 31, 2020 |  |  |  |  |  |  |
Other Investments | $ | 1,670 |  |  | Carrying Value |  | 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:
| September 30, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Obligations of U.S. Government Agencies: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | $ | — |  |  | $ | 5,982 |  |  | $ | — |  |  | $ | 5,982 |
Mortgage-Backed Securities - Commercial | — |  |  | 393,707 |  |  | — |  |  | 393,707 |
Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | — |  |  | 685,426 |  |  | — |  |  | 685,426 |
Other Government-Sponsored Enterprises | — |  |  | 991 |  |  | — |  |  | 991 |
Obligations of States and Political Subdivisions | — |  |  | 9,610 |  |  | — |  |  | 9,610 |
Corporate Securities | — |  |  | 29,240 |  |  | — |  |  | 29,240 |
Total Securities Available for Sale | — |  |  | 1,124,956 |  |  | — |  |  | 1,124,956 |
Other Investments | — |  |  | 11,049 |  |  | 1,670 |  |  | 12,719 |
Loans Held for Sale | — |  |  | 19,925 |  |  | — |  |  | 19,925 |
Other Assets(a) | — |  |  | 34,631 |  |  | 14,613 |  |  | 49,244 |
Total Assets | $ | — |  |  | $ | 1,190,561 |  |  | $ | 16,283 |  |  | $ | 1,206,844 |
Other Liabilities(a) | $ | — |  |  | $ | 38,743 |  |  | $ | — |  |  | $ | 38,743 |
Total Liabilities | $ | — |  |  | $ | 38,743 |  |  | $ | — |  |  | $ | 38,743 |
(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:
| September 30, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Nonperforming loans | $ | — |  |  | $ | 24,512 |  |  | $ | 12,594 |  |  | $ | 37,106 |
Other real estate owned | — |  |  | 631 |  |  | — |  |  | 631 |
Total Assets | $ | — |  |  | $ | 25,143 |  |  | $ | 12,594 |  |  | $ | 37,737 |
| 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 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | 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:
|  |  | 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 |  |  | — |  |  |  |  | 8,113 |  |  | 8,113 |
Issuances |  |  | — |  |  |  |  | — |  |  | — |
Sales |  |  | — |  |  |  |  | — |  |  | — |
Settlements |  |  | — |  |  |  |  | (120) |  |  | (120) |
Transfers from Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Transfers into Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Balance, end of period |  |  | $ | 1,670 |  |  |  |  | $ | 14,613 |  |  | $ | 16,283 |
|  |  | 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 |  |  | — |  |  |  |  | 751 |  |  | 751 |
Issuances |  |  | — |  |  |  |  | — |  |  | — |
Sales |  |  | — |  |  |  |  | — |  |  | — |
Settlements |  |  | — |  |  |  |  | — |  |  | — |
Transfers from Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Transfers into Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Balance, end of period |  |  | $ | 1,670 |  |  |  |  | $ | 6,546 |  |  | $ | 8,216 |
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:
|  |  | 2021
|  |  | Other Investments |  |  |  | Other Assets |  | Total
|  |  | (dollars in thousands)
Balance, beginning of period |  |  | $ | 1,670 |  |  |  |  | $ | 7,448 |  |  | $ | 9,118 |
Total gains or losses |  |  |  |  |  |  |  |  |
Included in earnings |  |  | — |  |  |  |  | — |  |  | — |
Included in other comprehensive income |  |  | — |  |  |  |  | — |  |  | — |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |
Purchases |  |  | — |  |  |  |  | 7,194 |  |  | 7,194 |
Issuances |  |  | — |  |  |  |  | — |  |  | — |
Sales |  |  | — |  |  |  |  | — |  |  | — |
Settlements |  |  | — |  |  |  |  | (29) |  |  | (29) |
Transfers from Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Transfers into Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Balance, end of period |  |  | $ | 1,670 |  |  |  |  | $ | 14,613 |  |  | $ | 16,283 |
|  |  | 2020
|  |  | Other Investments |  |  |  | Other Assets |  | Total
|  |  | (dollars in thousands)
Balance, beginning of period |  |  | $ | 1,670 |  |  |  |  | $ | 6,406 |  |  | $ | 8,076 |
Total gains or losses |  |  |  |  |  |  |  |  |
Included in earnings |  |  | — |  |  |  |  | — |  |  | — |
Included in other comprehensive income |  |  | — |  |  |  |  | — |  |  | — |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |
Purchases |  |  | — |  |  |  |  | 140 |  |  | 140 |
Issuances |  |  | — |  |  |  |  | — |  |  | — |
Sales |  |  | — |  |  |  |  | — |  |  | — |
Settlements |  |  | — |  |  |  |  | — |  |  | — |
Transfers from Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Transfers into Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Balance, end of period |  |  | $ | 1,670 |  |  |  |  | $ | 6,546 |  |  | $ | 8,216 |
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 September 30, |  | For the Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (dollars in thousands)
Nonperforming loans | $ | (745) |  |  | $ | (3,695) |  |  | $ | (2,537) |  |  | $ | (9,940) |
Other real estate owned | — |  |  | (4) |  |  | — |  |  | (4) |
Total losses | $ | (745) |  |  | $ | (3,699) |  |  | $ | (2,537) |  |  | $ | (9,944) |
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, 2021
|  |  | Fair Value Measurements Using:
| Carrying Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
| (dollars in thousands)
Financial assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 94,579 |  |  | $ | 94,579 |  |  | $ | 94,579 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits | 240,095 |  |  | 240,095 |  |  | 240,095 |  |  | — |  |  | — |
Securities available for sale | 1,124,956 |  |  | 1,124,956 |  |  | — |  |  | 1,124,956 |  |  | — |
Securities held to maturity | 548,057 |  |  | 547,343 |  |  | — |  |  | 547,343 |  |  | — |
Other investments | 12,719 |  |  | 12,719 |  |  | — |  |  | 11,049 |  |  | 1,670 |
Loans held for sale | 19,925 |  |  | 19,925 |  |  | — |  |  | 19,925 |  |  | — |
Loans | 6,732,580 |  |  | 7,118,886 |  |  | — |  |  | 24,512 |  |  | 7,094,374 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | 7,936,485 |  |  | 7,936,033 |  |  | — |  |  | 7,936,033 |  |  | — |
Short-term borrowings | 117,754 |  |  | 117,602 |  |  | — |  |  | 117,602 |  |  | — |
Subordinated debt | 170,734 |  |  | 175,178 |  |  | — |  |  | — |  |  | 175,178 |
Long-term debt | 5,746 |  |  | 6,385 |  |  | — |  |  | 6,385 |  |  | — |
Capital lease obligation | 6,039 |  |  | 6,039 |  |  | — |  |  | 6,039 |  |  | — |
| 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 |  |  | — |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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