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Fair Values of Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Quantitative Inputs and Assumptions Used in Level 3 Fair Value Measurements | In accordance with ASU 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)
December 31, 2023 |  |  |  |  |  |  |
Other Investments | $ | 6,182 |  |  | Carrying Value |  | N/A |  | N/A
Limited Partnership Investments | 27,137 |  |  | 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 at December 31:
| 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (dollars in thousands)
Obligations of U.S. Government Agencies: |  |  |  |  |  |  |
Mortgage-Backed Securities—Residential | $ | — |  |  | $ | 3,465 |  |  | $ | — |  |  | $ | 3,465 |
Mortgage-Backed Securities—Commercial | — |  |  | 465,393 |  |  | — |  |  | 465,393 |
Obligations of U.S. Government-Sponsored Enterprises: |  |  |  |  |  |  |
Mortgage-Backed Securities—Residential | — |  |  | 494,599 |  |  | — |  |  | 494,599 |
Other Government-Sponsored Enterprises | — |  |  | 915 |  |  | — |  |  | 915 |
Obligations of States and Political Subdivisions | — |  |  | 8,202 |  |  | — |  |  | 8,202 |
Corporate Securities | — |  |  | 48,412 |  |  | — |  |  | 48,412 |
Total Securities Available for Sale | — |  |  | 1,020,986 |  |  | — |  |  | 1,020,986 |
Other Investments | — |  |  | 44,689 |  |  | 6,182 |  |  | 50,871 |
Loans Held for Sale | — |  |  | 29,820 |  |  | — |  |  | 29,820 |
Other Assets (a) | — |  |  | 32,668 |  |  | 27,137 |  |  | 59,805 |
Total Assets | $ | — |  |  | $ | 1,128,163 |  |  | $ | 33,319 |  |  | $ | 1,161,482 |
Other Liabilities (a) | $ | — |  |  | $ | 58,167 |  |  | $ | — |  |  | $ | 58,167 |
Total Liabilities | $ | — |  |  | $ | 58,167 |  |  | $ | — |  |  | $ | 58,167 |
(a)Hedging and non-hedging interest rate derivatives and limited partnership investments
| 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 |
Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis | The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows for the year ended December 31, 2023:
|  |  | Other Investments |  |  |  | Other Assets |  | Total
|  |  | (dollars in thousands)
Balance, beginning of year |  |  | $ | 1,170 |  |  |  |  | $ | 17,691 |  |  | $ | 18,861 |
Total gains or losses |  |  |  |  |  |  |  |  |
Included in earnings |  |  | — |  |  |  |  | — |  |  | — |
Included in other comprehensive income |  |  | — |  |  |  |  | 3 |  |  | 3 |
Purchases, issuances, sales, and settlements |  |  |  |  |  |  |  |  |
Purchases |  |  | 5,000 |  |  |  |  | 10,055 |  |  | 15,055 |
Issuances |  |  | — |  |  |  |  | — |  |  | — |
Sales |  |  | — |  |  |  |  | — |  |  | — |
Settlements |  |  | — |  |  |  |  | (669) |  |  | (669) |
Transfers from Level 3 |  |  | — |  |  |  |  | — |  |  | — |
Transfers into Level 3 |  |  | 12 |  |  |  |  | 57 |  |  | 69 |
Balance, end of year |  |  | $ | 6,182 |  |  |  |  | $ | 27,137 |  |  | $ | 33,319 |
There are no gains or losses included in earnings for the period that are attributable to the change in realized gains (losses) relating to assets held at December 31, 2023. During the year ended December 31, 2023, there were no transfers between fair value Levels 1, 2 or 3. The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows for the year ended December 31, 2022:
|  |  |  |  |  |  | Other Investments |  |  |  | Other Assets |  | Total
|  |  |  |  |  |  | (dollars in thousands)
Balance, beginning of year |  |  |  |  |  |  | $ | 1,170 |  |  |  |  | $ | 14,981 |  |  | $ | 16,151 |
Total gains or losses |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  |  |  |  |  |  | — |  |  |  |  | — |  |  | — |
Included in other comprehensive income |  |  |  |  |  |  | — |  |  |  |  | — |  |  | — |
Purchases, issuances, sales, and settlements |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases |  |  |  |  |  |  | — |  |  |  |  | 2,991 |  |  | 2,991 |
Issuances |  |  |  |  |  |  | — |  |  |  |  | — |  |  | — |
Sales |  |  |  |  |  |  | — |  |  |  |  | (281) |  |  | (281) |
Settlements |  |  |  |  |  |  | — |  |  |  |  | — |  |  | — |
Transfers from Level 3 |  |  |  |  |  |  | — |  |  |  |  | — |  |  | — |
Transfers into Level 3 |  |  |  |  |  |  | — |  |  |  |  | — |  |  | — |
Balance, end of year |  |  |  |  |  |  | $ | 1,170 |  |  |  |  | $ | 17,691 |  |  | $ | 18,861 |
Schedule of Assets Measured on Nonrecurring Basis | The tables below present the balances of assets measured at fair value on a nonrecurring basis at December 31 and total gains and losses realized on these assets during the year ended December 31:
| 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Total Gains (Losses)
| (dollars in thousands)
Nonperforming loans | $ | — |  |  | $ | 25,215 |  |  | $ | 9,708 |  |  | $ | 34,923 |  |  | $ | (6,606) |
Other real estate owned | — |  |  | 609 |  |  | — |  |  | 609 |  |  | (6) |
Total Assets | $ | — |  |  | $ | 25,824 |  |  | $ | 9,708 |  |  | $ | 35,532 |  |  | $ | (6,612) |
| 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Total Gains (Losses)
| (dollars in thousands)
Nonperforming loans | $ | — |  |  | $ | 23,140 |  |  | $ | 11,636 |  |  | $ | 34,776 |  |  | $ | (2,127) |
Other real estate owned | — |  |  | 553 |  |  | — |  |  | 553 |  |  | — |
Total Assets | $ | — |  |  | $ | 23,693 |  |  | $ | 11,636 |  |  | $ | 35,329 |  |  | $ | (2,127) |
Carrying Amounts and Fair Values of Financial Instruments | The following table presents carrying amounts and estimated fair values of First Commonwealth’s financial instruments at December 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 | $ | 125,436 |  |  | $ | 125,436 |  |  | $ | 125,436 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits | 21,557 |  |  | 21,557 |  |  | 21,557 |  |  | — |  |  | — |
Securities available for sale | 1,020,986 |  |  | 1,020,986 |  |  | — |  |  | 1,020,986 |  |  | — |
Securities held to maturity | 419,009 |  |  | 350,595 |  |  | — |  |  | 350,595 |  |  | — |
Other investments | 50,871 |  |  | 50,871 |  |  | — |  |  | 44,689 |  |  | 6,182 |
Loans held for sale | 29,820 |  |  | 29,820 |  |  | — |  |  | 29,820 |  |  | — |
Loans and leases | 8,968,761 |  |  | 8,860,736 |  |  | — |  |  | 25,215 |  |  | 8,835,521 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposits | 9,192,309 |  |  | 9,187,655 |  |  | — |  |  | 9,187,655 |  |  | — |
Short-term borrowings | 597,835 |  |  | 594,670 |  |  | — |  |  | 594,670 |  |  | — |
Long-term debt | 4,122 |  |  | 4,041 |  |  | — |  |  | 4,041 |  |  | — |
Subordinated debt | 177,741 |  |  | 151,525 |  |  | — |  |  | — |  |  | 151,525 |
Capital lease obligation | 4,894 |  |  | 4,894 |  |  | — |  |  | 4,894 |  |  | — |
| 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 |  |  | — |
Long-term debt | 4,862 |  |  | 4,781 |  |  | — |  |  | 4,781 |  |  | — |
Subordinated debt | 170,937 |  |  | 156,621 |  |  | — |  |  | — |  |  | 156,621 |
Capital lease obligation | 5,425 |  |  | 5,425 |  |  | — |  |  | 5,425 |  |  | — |

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