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Fair Values of Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value Inputs, Assets, Quantitative Information | In accordance with ASU No. 2011-04, 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, 2023 |  |  |  |  |  |  |
Other Investments | $ | 6,170 |  |  | Carrying Value |  | N/A |  | N/A
Nonperforming Loans | 277 | (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 | 24,422 |  |  | Par Value |  | N/A |  | N/A
December 31, 2022 |  |  |  |  |  |  |
Other Investments | $ | 1,170 |  |  | Carrying Value |  | N/A |  | N/A
Nonperforming Loans | 363 | (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 | 17,691 |  |  | 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, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Obligations of U.S. Government Agencies: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | $ | — |  |  | $ | 3,896 |  |  | $ | — |  |  | $ | 3,896 |
Mortgage-Backed Securities - Commercial | — |  |  | 269,883 |  |  | — |  |  | 269,883 |
Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | — |  |  | 440,243 |  |  | — |  |  | 440,243 |
Mortgage-Backed Securities - Commercial | — |  |  | — |  |  | — |  |  | — |
Other Government-Sponsored Enterprises | — |  |  | 893 |  |  | — |  |  | 893 |
Obligations of States and Political Subdivisions | — |  |  | 8,405 |  |  | — |  |  | 8,405 |
Corporate Securities | — |  |  | 27,293 |  |  | — |  |  | 27,293 |
Total Securities Available for Sale | — |  |  | 750,613 |  |  | — |  |  | 750,613 |
Other Investments | — |  |  | 30,030 |  |  | 6,170 |  |  | 36,200 |
Loans Held for Sale | — |  |  | 11,050 |  |  | — |  |  | 11,050 |
Other Assets(a) | — |  |  | 34,302 |  |  | 24,422 |  |  | 58,724 |
Total Assets | $ | — |  |  | $ | 825,995 |  |  | $ | 30,592 |  |  | $ | 856,587 |
Other Liabilities(a) | $ | — |  |  | $ | 67,268 |  |  | $ | — |  |  | $ | 67,268 |
Total Liabilities | $ | — |  |  | $ | 67,268 |  |  | $ | — |  |  | $ | 67,268 |
(a)Hedging and non-hedging interest rate derivatives and limited partnership investments
| December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Obligations of U.S. Government Agencies: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | $ | — |  |  | $ | 3,983 |  |  | $ | — |  |  | $ | 3,983 |
Mortgage-Backed Securities - Commercial | — |  |  | 271,416 |  |  | — |  |  | 271,416 |
Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | — |  |  | 448,989 |  |  | — |  |  | 448,989 |
Other Government-Sponsored Enterprises | — |  |  | 882 |  |  | — |  |  | 882 |
Obligations of States and Political Subdivisions | — |  |  | 8,187 |  |  | — |  |  | 8,187 |
Corporate Securities | — |  |  | 29,204 |  |  | — |  |  | 29,204 |
Total Securities Available for Sale | — |  |  | 762,661 |  |  | — |  |  | 762,661 |
Other Investments | — |  |  | 25,244 |  |  | 1,170 |  |  | 26,414 |
Loans Held for Sale | — |  |  | 11,869 |  |  | — |  |  | 11,869 |
Other Assets(a) | — |  |  | 50,738 |  |  | 17,691 |  |  | 68,429 |
Total Assets | $ | — |  |  | $ | 850,512 |  |  | $ | 18,861 |  |  | $ | 869,373 |
Other Liabilities(a) | $ | — |  |  | $ | 89,298 |  |  | $ | — |  |  | $ | 89,298 |
Total Liabilities | $ | — |  |  | $ | 89,298 |  |  | $ | — |  |  | $ | 89,298 |
(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 the dates shown below:
| March 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Nonperforming loans | $ | — |  |  | $ | 25,806 |  |  | $ | 8,666 |  |  | $ | 34,472 |
Other real estate owned | — |  |  | 466 |  |  | — |  |  | 466 |
Total Assets | $ | — |  |  | $ | 26,272 |  |  | $ | 8,666 |  |  | $ | 34,938 |
| December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Nonperforming loans | $ | — |  |  | $ | 23,140 |  |  | $ | 11,636 |  |  | $ | 34,776 |
Other real estate owned | — |  |  | 553 |  |  | — |  |  | 553 |
Total Assets | $ | — |  |  | $ | 23,693 |  |  | $ | 11,636 |  |  | $ | 35,329 |
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:
|  |  | 2023
|  |  | Other Investments |  |  |  | Other Assets |  | Total
|  |  | (dollars in thousands)
Balance, beginning of period |  |  | $ | 1,170 |  |  |  |  | $ | 17,691 |  |  | $ | 18,861 |
Total gains or losses |  |  |  |  |  |  |  |  |
Included in earnings |  |  | — |  |  |  |  | — |  |  | — |
Included in other comprehensive income |  |  | — |  |  |  |  | — |  |  | — |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |
Purchases |  |  | 5,000 |  |  |  |  | 6,882 |  |  | 11,882 |
Issuances |  |  | — |  |  |  |  | — |  |  | — |
Sales |  |  | — |  |  |  |  | — |  |  | — |
Settlements |  |  | — |  |  |  |  | (151) |  |  | (151) |
Transfers from Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Transfers into Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Balance, end of period |  |  | $ | 6,170 |  |  |  |  | $ | 24,422 |  |  | $ | 30,592 |
|  |  | 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 |  |  | — |  |  |  |  | 1,043 |  |  | 1,043 |
Issuances |  |  | — |  |  |  |  | — |  |  | — |
Sales |  |  | — |  |  |  |  | (25) |  |  | (25) |
Settlements |  |  | — |  |  |  |  | — |  |  | — |
Transfers from Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Transfers into Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Balance, end of period |  |  | $ | 1,170 |  |  |  |  | $ | 15,999 |  |  | $ | 17,169 |
Losses Realized on Assets Measured on Non-Recurring Basis | The following gains (losses) were realized on the assets measured on a nonrecurring basis:
|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
|  |  |  |  | (dollars in thousands)
Nonperforming loans |  |  |  |  | $ | 230 |  |  | $ | (171) |
Other real estate owned |  |  |  |  | — |  |  | (54) |
Total losses |  |  |  |  | $ | 230 |  |  | $ | (225) |
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, 2023
|  |  | Fair Value Measurements Using:
| Carrying Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
| (dollars in thousands)
Financial assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 113,692 |  |  | $ | 113,692 |  |  | $ | 113,692 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits | 282,110 |  |  | 282,110 |  |  | 282,110 |  |  | — |  |  | — |
Securities available for sale | 750,613 |  |  | 750,613 |  |  | — |  |  | 750,613 |  |  | — |
Securities held to maturity | 451,278 |  |  | 381,741 |  |  | — |  |  | 381,741 |  |  | — |
Other investments | 36,200 |  |  | 36,200 |  |  | — |  |  | 30,030 |  |  | 6,170 |
Loans held for sale | 11,050 |  |  | 11,050 |  |  | — |  |  | 11,050 |  |  | — |
Loans | 8,656,945 |  |  | 8,514,685 |  |  | — |  |  | 25,806 |  |  | 8,488,879 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | 9,234,948 |  |  | 9,223,482 |  |  | — |  |  | 9,223,482 |  |  | — |
Short-term borrowings | 278,978 |  |  | 272,601 |  |  | — |  |  | 272,601 |  |  | — |
Subordinated debt | 177,558 |  |  | 156,402 |  |  | — |  |  | — |  |  | 156,402 |
Long-term debt | 4,679 |  |  | 4,651 |  |  | — |  |  | 4,651 |  |  | — |
Capital lease obligation | 5,294 |  |  | 5,294 |  |  | — |  |  | 5,294 |  |  | — |
| December 31, 2022
|  |  | Fair Value Measurements Using:
| Carrying Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
| (dollars in thousands)
Financial assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 124,254 |  |  | $ | 124,254 |  |  | $ | 124,254 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits | 29,990 |  |  | 29,990 |  |  | 29,990 |  |  | — |  |  | — |
Securities available for sale | 762,661 |  |  | 762,661 |  |  | — |  |  | 762,661 |  |  | — |
Securities held to maturity | 461,162 |  |  | 386,205 |  |  | — |  |  | 386,205 |  |  | — |
Other investments | 26,414 |  |  | 26,414 |  |  | — |  |  | 25,244 |  |  | 1,170 |
Loans held for sale | 11,869 |  |  | 11,869 |  |  | — |  |  | 11,869 |  |  | — |
Loans | 7,642,143 |  |  | 7,639,721 |  |  | — |  |  | 23,140 |  |  | 7,616,581 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | 8,005,469 |  |  | 7,992,012 |  |  | — |  |  | 7,992,012 |  |  | — |
Short-term borrowings | 372,694 |  |  | 363,135 |  |  | — |  |  | 363,135 |  |  | — |
Subordinated debt | 170,937 |  |  | 156,621 |  |  | — |  |  | — |  |  | 156,621 |
Long-term debt | 4,862 |  |  | 4,781 |  |  | — |  |  | 4,781 |  |  | — |
Capital lease obligation | 5,425 |  |  | 5,425 |  |  | — |  |  | 5,425 |  |  | — |

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