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Fair Values of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

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)

June 30, 2024

Other Investments

$

6,182

Carrying Value

N/A

N/A

Limited Partnership Investments

28,825

Par Value

N/A

N/A

December 31, 2023

Other Investments

$

6,182

Carrying Value

N/A

N/A

Limited Partnership Investments

27,137

Par Value

N/A

N/A

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:

			June 30, 2024
			Level 1						Level 2						Level 3						Total
			(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential			$	—					$	3,139					$	—					$	3,139
Mortgage-Backed Securities - Commercial			—						612,336						—						612,336
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential			—						383,624						—						383,624
Other Government-Sponsored Enterprises			—						922						—						922
Obligations of States and Political Subdivisions			—						7,849						—						7,849
Corporate Securities			—						63,291						—						63,291
Total Debt Securities			—						1,071,161						—						1,071,161
Equity Securities			5,558						—						—						5,558
Total Securities Available for Sale			5,558						1,071,161						—						1,076,719
Other Investments			—						18,253						6,182						24,435
Loans Held for Sale			—						50,769						—						50,769
Other Assets(a)			—						49,147						28,825						77,972
Total Assets			$	5,558					$	1,189,330					$	35,007					$	1,229,895
Other Liabilities(a)			$	—					$	70,067					$	—					$	70,067
Total Liabilities			$	—					$	70,067					$	—					$	70,067

(a)Hedging and non-hedging interest rate derivatives and limited partnership investments

			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

^[1],[2]

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:

			June 30, 2024
			Level 1						Level 2						Level 3						Total
			(dollars in thousands)
Nonperforming loans			$	—					$	35,702					$	10,506					$	46,208
Other real estate owned			—						701						—						701
Total Assets			$	—					$	36,403					$	10,506					$	46,909

			December 31, 2023
			Level 1						Level 2						Level 3						Total
			(dollars in thousands)
Nonperforming loans			$	—					$	25,215					$	9,708					$	34,923
Other real estate owned			—						609						—						609
Total Assets			$	—					$	25,824					$	9,708					$	35,532

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques

For the six months ended June 30, changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:

									2024
									Other Investments												Other Assets						Total
									(dollars in thousands)
Balance, beginning of period									$	6,182											$	27,137					$	33,319
Total gains or losses
Included in earnings									—												(11)						(11)
Included in other comprehensive income									—												—						—
Purchases, issuances, sales and settlements
Purchases									—												2,236						2,236
Issuances									—												—						—
Sales									—												—						—
Settlements									—												(537)						(537)
Transfers from Level 3									—												—						—
Transfers into Level 3									—												—						—
Balance, end of period									$	6,182											$	28,825					$	35,007

 

									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												7,617						12,617
Issuances									—												—						—
Sales									—												—						—
Settlements									—												(354)						(354)
Transfers from Level 3									—												—						—
Transfers into Level 3									12												57						69
Balance, end of period									$	6,182											$	25,011					$	31,193

For the three months ended June 30, changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:

									2024
									Other Investments												Other Assets						Total
									(dollars in thousands)
Balance, beginning of period									$	6,182											$	28,445					$	34,627
Total gains or losses
Included in earnings									—												(5)						(5)
Included in other comprehensive income									—												—						—
Purchases, issuances, sales and settlements
Purchases									—												727						727
Issuances									—												—						—
Sales									—												—						—
Settlements									—												(342)						(342)
Transfers from Level 3									—												—						—
Transfers into Level 3									—												—						—
Balance, end of period									$	6,182											$	28,825					$	35,007

 

									2023
									Other Investments												Other Assets						Total
									(dollars in thousands)
Balance, beginning of period									$	6,182											$	24,486					$	30,668
Total gains or losses
Included in earnings									—												—						—
Included in other comprehensive income									—												—						—
Purchases, issuances, sales and settlements
Purchases									—												728						728
Issuances									—												—						—
Sales									—												—						—
Settlements									—												(203)						(203)
Transfers from Level 3									—												—						—
Transfers into Level 3									—												—						—
Balance, end of period									$	6,182											$	25,011					$	31,193

Losses Realized on Assets Measured on Non-Recurring Basis

The following (losses) gains were realized on the assets measured on a nonrecurring basis:

			For the Three Months Ended June 30,												For the Six Months Ended June 30,
			2024						2023						2024						2023
			(dollars in thousands)
Nonperforming loans			$	(6,750)					$	(848)					$	(8,554)					$	(500)
Other real estate owned			(4)						—						(38)						—
Total losses			$	(6,754)					$	(848)					$	(8,592)					$	(500)

Carrying Amounts and Fair Values of Financial Instruments

The following table presents carrying amounts and fair values of First Commonwealth’s financial instruments:

			June 30, 2024
									Fair Value Measurements Using:
			Carrying Amount						Total						Level 1						Level 2						Level 3
			(dollars in thousands)
Financial assets
Cash and due from banks			$	109,907					$	109,907					$	109,907					$	—					$	—
Interest-bearing deposits			78,386						78,386						78,386						—						—
Securities available for sale			1,071,161						1,071,161						—						1,071,161						—
Equity securities			5,558						5,558						5,558						—						—
Securities held to maturity			453,820						381,965						—						381,965						—
Other investments			24,435						24,435						—						18,253						6,182
Loans held for sale			50,769						50,769						—						50,769						—
Loans and leases			8,994,890						8,781,146						—						35,702						8,745,444
Financial liabilities
Deposits			9,408,921						9,402,057						—						9,402,057						—
Short-term borrowings			537,613						533,349						—						533,349						—
Subordinated debt			128,226						108,686						—						—						108,686
Long-term debt			3,742						3,643						—						3,643						—
Capital lease obligation			4,613						4,613						—						4,613						—

			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						—
Subordinated debt			177,741						151,525						—						—						151,525
Long-term debt			4,122						4,041						—						4,041						—
Capital lease obligation			4,894						4,894						—						4,894						—

[1]	Hedging and non-hedging interest rate derivatives and limited partnership investments
[2]	Hedging and non-hedging interest rate derivatives and limited partnership investment

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