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Fair Values of Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2022
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, 2022 |  |  |  |  |  |  |
Other Investments | $ | 1,170 |  |  | Carrying Value |  | N/A |  | N/A
Nonperforming Loans | 422 | (a) |  | Gas Reserve Study |  | Discount rate |  | 10.00%
|  |  |  |  | Gas per MMBTU |  | $3.00 - $3.00 (b)
|  |  |  |  | Oil per BBL/d |  | $80.00 - $80.00 (b)
Limited Partnership Investments | 16,598 |  |  | Par Value |  | N/A |  | N/A
December 31, 2021 |  |  |  |  |  |  |
Other Investments | $ | 1,170 |  |  | Carrying Value |  | N/A |  | N/A
Nonperforming Loans | 598 | (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 | 14,981 |  |  | 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, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Obligations of U.S. Government Agencies: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | $ | — |  |  | $ | 4,289 |  |  | $ | — |  |  | $ | 4,289 |
Mortgage-Backed Securities - Commercial | — |  |  | 283,253 |  |  | — |  |  | 283,253 |
Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | — |  |  | 461,513 |  |  | — |  |  | 461,513 |
Other Government-Sponsored Enterprises | — |  |  | 873 |  |  | — |  |  | 873 |
Obligations of States and Political Subdivisions | — |  |  | 8,172 |  |  | — |  |  | 8,172 |
Corporate Securities | — |  |  | 29,315 |  |  | — |  |  | 29,315 |
Total Securities Available for Sale | — |  |  | 787,415 |  |  | — |  |  | 787,415 |
Other Investments | — |  |  | 14,286 |  |  | 1,170 |  |  | 15,456 |
Loans Held for Sale | — |  |  | 13,811 |  |  | — |  |  | 13,811 |
Other Assets(a) | — |  |  | 57,179 |  |  | 16,598 |  |  | 73,777 |
Total Assets | $ | — |  |  | $ | 872,691 |  |  | $ | 17,768 |  |  | $ | 890,459 |
Other Liabilities(a) | $ | — |  |  | $ | 96,948 |  |  | $ | — |  |  | $ | 96,948 |
Total Liabilities | $ | — |  |  | $ | 96,948 |  |  | $ | — |  |  | $ | 96,948 |
(a)Hedging and non-hedging interest rate derivatives and limited partnership investments
| December 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Obligations of U.S. Government Agencies: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | $ | — |  |  | $ | 5,662 |  |  | $ | — |  |  | $ | 5,662 |
Mortgage-Backed Securities - Commercial | — |  |  | 362,290 |  |  | — |  |  | 362,290 |
Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | — |  |  | 629,974 |  |  | — |  |  | 629,974 |
Other Government-Sponsored Enterprises | — |  |  | 981 |  |  | — |  |  | 981 |
Obligations of States and Political Subdivisions | — |  |  | 9,524 |  |  | — |  |  | 9,524 |
Corporate Securities | — |  |  | 32,949 |  |  | — |  |  | 32,949 |
Total Securities Available for Sale | — |  |  | 1,041,380 |  |  | — |  |  | 1,041,380 |
Other Investments | — |  |  | 11,668 |  |  | 1,170 |  |  | 12,838 |
Loans Held for Sale | — |  |  | 18,583 |  |  | — |  |  | 18,583 |
Other Assets(a) | — |  |  | 26,805 |  |  | 14,981 |  |  | 41,786 |
Total Assets | $ | — |  |  | $ | 1,098,436 |  |  | $ | 16,151 |  |  | $ | 1,114,587 |
Other Liabilities(a) | $ | — |  |  | $ | 34,263 |  |  | $ | — |  |  | $ | 34,263 |
Total Liabilities | $ | — |  |  | $ | 34,263 |  |  | $ | — |  |  | $ | 34,263 |
(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, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Nonperforming loans | $ | — |  |  | $ | 22,672 |  |  | $ | 11,486 |  |  | $ | 34,158 |
Other real estate owned | — |  |  | 369 |  |  | — |  |  | 369 |
Total Assets | $ | — |  |  | $ | 23,041 |  |  | $ | 11,486 |  |  | $ | 34,527 |
| December 31, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Nonperforming loans | $ | — |  |  | $ | 42,538 |  |  | $ | 12,247 |  |  | $ | 54,785 |
Other real estate owned | — |  |  | 729 |  |  | — |  |  | 729 |
Total Assets | $ | — |  |  | $ | 43,267 |  |  | $ | 12,247 |  |  | $ | 55,514 |
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:
|  |  | 2022
|  |  | Other Investments |  |  |  | Other Assets |  | Total
|  |  | (dollars in thousands)
Balance, beginning of period |  |  | $ | 1,170 |  |  |  |  | $ | 14,981 |  |  | $ | 16,151 |
Total gains or losses |  |  |  |  |  |  |  |  |
Included in earnings |  |  | — |  |  |  |  | — |  |  | — |
Included in other comprehensive income |  |  | — |  |  |  |  | — |  |  | — |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |
Purchases |  |  | — |  |  |  |  | 1,809 |  |  | 1,809 |
Issuances |  |  | — |  |  |  |  | — |  |  | — |
Sales |  |  | — |  |  |  |  | — |  |  | — |
Settlements |  |  | — |  |  |  |  | (192) |  |  | (192) |
Transfers from Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Transfers into Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Balance, end of period |  |  | $ | 1,170 |  |  |  |  | $ | 16,598 |  |  | $ | 17,768 |
|  |  | 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 |
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:
|  |  | 2022
|  |  | Other Investments |  |  |  | Other Assets |  | Total
|  |  | (dollars in thousands)
Balance, beginning of period |  |  | $ | 1,170 |  |  |  |  | $ | 16,613 |  |  | $ | 17,783 |
Total gains or losses |  |  |  |  |  |  |  |  |
Included in earnings |  |  | — |  |  |  |  | — |  |  | — |
Included in other comprehensive income |  |  | — |  |  |  |  | — |  |  | — |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |
Purchases |  |  | — |  |  |  |  | 26 |  |  | 26 |
Issuances |  |  | — |  |  |  |  | — |  |  | — |
Sales |  |  | — |  |  |  |  | — |  |  | — |
Settlements |  |  | — |  |  |  |  | (41) |  |  | (41) |
Transfers from Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Transfers into Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Balance, end of period |  |  | $ | 1,170 |  |  |  |  | $ | 16,598 |  |  | $ | 17,768 |
|  |  | 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 |
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,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (dollars in thousands)
Nonperforming loans | $ | (2,200) |  |  | $ | (745) |  |  | $ | (2,653) |  |  | $ | (2,537) |
Other real estate owned | — |  |  | — |  |  | — |  |  | — |
Total losses | $ | (2,200) |  |  | $ | (745) |  |  | $ | (2,653) |  |  | $ | (2,537) |
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, 2022
|  |  | Fair Value Measurements Using:
| Carrying Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
| (dollars in thousands)
Financial assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 106,153 |  |  | $ | 106,153 |  |  | $ | 106,153 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits | 74,619 |  |  | 74,619 |  |  | 74,619 |  |  | — |  |  | — |
Securities available for sale | 787,415 |  |  | 787,415 |  |  | — |  |  | 787,415 |  |  | — |
Securities held to maturity | 474,790 |  |  | 395,160 |  |  | — |  |  | 395,160 |  |  | — |
Other investments | 15,456 |  |  | 15,456 |  |  | — |  |  | 14,286 |  |  | 1,170 |
Loans held for sale | 13,811 |  |  | 13,811 |  |  | — |  |  | 13,811 |  |  | — |
Loans | 7,348,917 |  |  | 7,377,557 |  |  | — |  |  | 22,672 |  |  | 7,354,885 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | 8,077,649 |  |  | 8,065,102 |  |  | — |  |  | 8,065,102 |  |  | — |
Short-term borrowings | 97,932 |  |  | 85,814 |  |  | — |  |  | 85,814 |  |  | — |
Subordinated debt | 170,897 |  |  | 157,682 |  |  | — |  |  | — |  |  | 157,682 |
Long-term debt | 5,041 |  |  | 4,954 |  |  | — |  |  | 4,954 |  |  | — |
Capital lease obligation | 5,551 |  |  | 5,551 |  |  | — |  |  | 5,551 |  |  | — |
| December 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 | $ | 84,738 |  |  | $ | 84,738 |  |  | $ | 84,738 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits | 310,634 |  |  | 310,634 |  |  | 310,634 |  |  | — |  |  | — |
Securities available for sale | 1,041,380 |  |  | 1,041,380 |  |  | — |  |  | 1,041,380 |  |  | — |
Securities held to maturity | 541,311 |  |  | 536,651 |  |  | — |  |  | 536,651 |  |  | — |
Other investments | 12,838 |  |  | 12,838 |  |  | — |  |  | 11,668 |  |  | 1,170 |
Loans held for sale | 18,583 |  |  | 18,583 |  |  | — |  |  | 18,583 |  |  | — |
Loans | 6,839,230 |  |  | 7,169,768 |  |  | — |  |  | 42,538 |  |  | 7,127,230 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | 7,982,498 |  |  | 7,980,101 |  |  | — |  |  | 7,980,101 |  |  | — |
Short-term borrowings | 138,315 |  |  | 136,473 |  |  | — |  |  | 136,473 |  |  | — |
Subordinated debt | 170,775 |  |  | 175,040 |  |  | — |  |  | — |  |  | 175,040 |
Long-term debt | 5,573 |  |  | 6,065 |  |  | — |  |  | 6,065 |  |  | — |
Capital lease obligation | 5,921 |  |  | 5,921 |  |  | — |  |  | 5,921 |  |  | — |

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