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Fair Values of Assets and Liabilities (Tables)

3 Months Ended

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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