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Fair Values of Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 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)
September 30, 2023 |  |  |  |  |  |  |
Other Investments | $ | 6,182 |  |  | Carrying Value |  | N/A |  | N/A
Nonperforming Loans | 253 | (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 | 26,397 |  |  | 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:
| September 30, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Obligations of U.S. Government Agencies: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | $ | — |  |  | $ | 3,426 |  |  | $ | — |  |  | $ | 3,426 |
Mortgage-Backed Securities - Commercial | — |  |  | 364,811 |  |  | — |  |  | 364,811 |
Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |
Mortgage-Backed Securities - Residential | — |  |  | 411,258 |  |  | — |  |  | 411,258 |
Other Government-Sponsored Enterprises | — |  |  | 887 |  |  | — |  |  | 887 |
Obligations of States and Political Subdivisions | — |  |  | 7,753 |  |  | — |  |  | 7,753 |
Corporate Securities | — |  |  | 29,468 |  |  | — |  |  | 29,468 |
Total Securities Available for Sale | — |  |  | 817,603 |  |  | — |  |  | 817,603 |
Other Investments | — |  |  | 42,797 |  |  | 6,182 |  |  | 48,979 |
Loans Held for Sale | — |  |  | 33,127 |  |  | — |  |  | 33,127 |
Other Assets(a) | — |  |  | 65,834 |  |  | 26,397 |  |  | 92,231 |
Total Assets | $ | — |  |  | $ | 959,361 |  |  | $ | 32,579 |  |  | $ | 991,940 |
Other Liabilities(a) | $ | — |  |  | $ | 99,441 |  |  | $ | — |  |  | $ | 99,441 |
Total Liabilities | $ | — |  |  | $ | 99,441 |  |  | $ | — |  |  | $ | 99,441 |
(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:
| September 30, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Nonperforming loans | $ | — |  |  | $ | 21,934 |  |  | $ | 9,764 |  |  | $ | 31,698 |
Other real estate owned | — |  |  | 834 |  |  | — |  |  | 834 |
Total Assets | $ | — |  |  | $ | 22,768 |  |  | $ | 9,764 |  |  | $ | 32,532 |
| 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 nine months ended September 30, 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 |  |  |  |  | 9,161 |  |  | 14,161 |
Issuances |  |  | — |  |  |  |  | — |  |  | — |
Sales |  |  | — |  |  |  |  | — |  |  | — |
Settlements |  |  | — |  |  |  |  | (512) |  |  | (512) |
Transfers from Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Transfers into Level 3 |  |  | 12 |  |  |  |  | 57 |  |  | 69 |
Balance, end of period |  |  | $ | 6,182 |  |  |  |  | $ | 26,397 |  |  | $ | 32,579 |
|  |  | 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 |
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:
|  |  | 2023
|  |  | Other Investments |  |  |  | Other Assets |  | Total
|  |  | (dollars in thousands)
Balance, beginning of period |  |  | $ | 6,182 |  |  |  |  | $ | 25,011 |  |  | $ | 31,193 |
Total gains or losses |  |  |  |  |  |  |  |  |
Included in earnings |  |  | — |  |  |  |  | — |  |  | — |
Included in other comprehensive income |  |  | — |  |  |  |  | — |  |  | — |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |
Purchases |  |  | — |  |  |  |  | 1,544 |  |  | 1,544 |
Issuances |  |  | — |  |  |  |  | — |  |  | — |
Sales |  |  | — |  |  |  |  | — |  |  | — |
Settlements |  |  | — |  |  |  |  | (158) |  |  | (158) |
Transfers from Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Transfers into Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Balance, end of period |  |  | $ | 6,182 |  |  |  |  | $ | 26,397 |  |  | $ | 32,579 |
|  |  | 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 |
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,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (dollars in thousands)
Nonperforming loans | $ | (4,598) |  |  | $ | (2,200) |  |  | $ | (5,265) |  |  | $ | (2,653) |
Other real estate owned | — |  |  | — |  |  | — |  |  | — |
Total losses | $ | (4,598) |  |  | $ | (2,200) |  |  | $ | (5,265) |  |  | $ | (2,653) |
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, 2023
|  |  | Fair Value Measurements Using:
| Carrying Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
| (dollars in thousands)
Financial assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 122,982 |  |  | $ | 122,982 |  |  | $ | 122,982 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits | 214,088 |  |  | 214,088 |  |  | 214,088 |  |  | — |  |  | — |
Securities available for sale | 817,603 |  |  | 817,603 |  |  | — |  |  | 817,603 |  |  | — |
Securities held to maturity | 429,558 |  |  | 341,646 |  |  | — |  |  | 341,646 |  |  | — |
Other investments | 48,979 |  |  | 48,979 |  |  | — |  |  | 42,797 |  |  | 6,182 |
Loans held for sale | 33,127 |  |  | 33,127 |  |  | — |  |  | 33,127 |  |  | — |
Loans and leases | 8,901,725 |  |  | 8,683,023 |  |  | — |  |  | 21,934 |  |  | 8,661,089 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | 9,241,065 |  |  | 9,227,226 |  |  | — |  |  | 9,227,226 |  |  | — |
Short-term borrowings | 544,060 |  |  | 539,688 |  |  | — |  |  | 539,688 |  |  | — |
Subordinated debt | 177,679 |  |  | 149,252 |  |  | — |  |  | — |  |  | 149,252 |
Long-term debt | 4,310 |  |  | 4,142 |  |  | — |  |  | 4,142 |  |  | — |
Capital lease obligation | 5,028 |  |  | 5,028 |  |  | — |  |  | 5,028 |  |  | — |
| 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 and leases | 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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