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Fair Values of Assets and Liabilities (Tables)

9 Months Ended

Sep. 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)

September 30, 2024

Other Investments

$

5,732

Carrying Value

N/A

N/A

Limited Partnership Investments

29,757

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:

			September 30, 2024
			Level 1						Level 2						Level 3						Total
			(dollars in thousands)
Obligations of U.S. Government Agencies:
Mortgage-Backed Securities - Residential			$	—					$	3,116					$	—					$	3,116
Mortgage-Backed Securities - Commercial			—						684,834						—						684,834
Obligations of U.S. Government-Sponsored Enterprises:
Mortgage-Backed Securities - Residential			—						383,455						—						383,455
Other Government-Sponsored Enterprises			—						947						—						947
Obligations of States and Political Subdivisions			—						8,179						—						8,179
Corporate Securities			—						60,269						—						60,269
Total Debt Securities			—						1,140,800						—						1,140,800
Equity Securities			—						—						—						—
Total Securities Available for Sale			—						1,140,800						—						1,140,800
Other Investments			—						18,860						5,732						24,592
Loans Held for Sale			—						46,785						—						46,785
Other Assets(a)			—						17,815						29,757						47,572
Total Assets			$	—					$	1,224,260					$	35,489					$	1,259,749
Other Liabilities(a)			$	—					$	30,860					$	—					$	30,860
Total Liabilities			$	—					$	30,860					$	—					$	30,860

(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:

			September 30, 2024
			Level 1						Level 2						Level 3						Total
			(dollars in thousands)
Nonperforming loans			$	—					$	49,501					$	10,948					$	60,449
Other real estate owned			—						1,018						—						1,018
Total Assets			$	—					$	50,519					$	10,948					$	61,467

			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 nine months ended September 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									—												(7)						(7)
Included in other comprehensive income									—												—						—
Purchases, issuances, sales and settlements
Purchases									—												3,383						3,383
Issuances									—												—						—
Sales									(450)												—						(450)
Settlements									—												(756)						(756)
Transfers from Level 3									—												—						—
Transfers into Level 3									—												—						—
Balance, end of period									$	5,732											$	29,757					$	35,489

 

									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

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:

									2024
									Other Investments												Other Assets						Total
									(dollars in thousands)
Balance, beginning of period									$	6,182											$	28,825					$	35,007
Total gains or losses
Included in earnings									—												4						4
Included in other comprehensive income									—												—						—
Purchases, issuances, sales and settlements
Purchases									—												1,147						1,147
Issuances									—												—						—
Sales									(450)												—						(450)
Settlements									—												(219)						(219)
Transfers from Level 3									—												—						—
Transfers into Level 3									—												—						—
Balance, end of period									$	5,732											$	29,757					$	35,489

 

									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

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 September 30,												For the Nine Months Ended September 30,
			2024						2023						2024						2023
			(dollars in thousands)
Nonperforming loans			$	(6,914)					$	(4,598)					$	(12,413)					$	(5,265)
Other real estate owned			(34)						—						(68)						—
Total losses			$	(6,948)					$	(4,598)					$	(12,481)					$	(5,265)

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, 2024
									Fair Value Measurements Using:
			Carrying Amount						Total						Level 1						Level 2						Level 3
			(dollars in thousands)
Financial assets
Cash and due from banks			$	126,598					$	126,598					$	126,598					$	—					$	—
Interest-bearing deposits			455,711						455,711						455,711						—						—
Securities available for sale			1,140,800						1,140,800						—						1,140,800						—
Equity securities			—						—						—						—						—
Securities held to maturity			430,425						373,160						—						373,160						—
Other investments			24,592						24,592						—						18,860						5,732
Loans held for sale			46,785						46,785						—						46,785						—
Loans and leases			8,965,500						8,903,333						—						49,501						8,853,832
Financial liabilities
Deposits			9,745,552						9,745,094						—						9,745,094						—
Short-term borrowings			538,828						537,568						—						537,568						—
Subordinated debt			128,266						111,785						—						—						111,785
Long-term debt			3,548						3,539						—						3,539						—
Capital lease obligation			4,471						4,471						—						4,471						—

			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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