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Investments, Equity Method and Joint Ventures | 12 Months Ended
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Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments and Joint Ventures Disclosure | Investments in Limited Partnerships First Commonwealth has invested in several limited partnerships that provide tax and regulatory benefits due to the nature of the partnerships. These investments include: fourteen investments in Small Business Investment Companys ("SBIC's") whose purpose is to provide seed money and capital to startup companies, eight Community Development Financial Institution Funds ("CDFIs") whose purpose is to develop and operate real estate projects in low-income communities and three Low Income Housing Tax Credits ("LIHTC") projects whose purpose is to invest in approved low-income housing investment tax credit projects. Our investments represent unconsolidated variable interest entities ("VIE's") because we are not considered the primary beneficiary. We have determined that we are not the primary beneficiary of these VIE's because we do not have the power to direct the activities that most significantly impact their economic performance. All of our limited partnership investments are privately held and their market values are not readily available. These investments are accounted for using the equity method of accounting and are included in "Other assets" in the Consolidated Statement of Financial Condition. Income from these investments is included in "Other income" in the Consolidated Statements of Income and totaled $1.5 million in 2024, $0.8 million in 2023 and $2.3 million in 2022. As of December 31, First Commonwealth's investment in and unfunded commitment to these partnerships are as follows:
| 2024 |  | 2023
| (dollars in thousands)
Investment |  |  |
SBIC | $ | 15,081 |  |  | $ | 12,029 |
LIHTC | 11,737 |  |  | 12,590 |
CDFI | 7,339 |  |  | 1,939 |
Other | 604 |  |  | 579 |
Total limited investment partnerships | $ | 34,761 |  |  | $ | 27,137 |
Unfunded commitment |
SBIC | $ | 10,804 |  |  | $ | 14,018 |
LIHTC | 4,979 |  |  | 7,196 |
CDFI | 3,761 |  |  | 2,811 |
Other | 60 |  |  | 74 |
Total unfunded commitment | $ | 19,604 |  |  | $ | 24,099 |
The unconditional unfunded equity commitments related to LIHTC investments are recognized in other liabilities. The following table presents the scheduled equity commitments to be paid to LIHTC limited partnerships over the next five years and in the aggregate thereafter as of December 31, 2024:
2025 | $ | 2,763 |
2026 | 901 |
2027 | 234 |
2028 | 199 |
2029 | 181 |
Thereafter | 701 |
Total | $ | 4,979 |
The Company classifies the amortization of the LIHTC investments as a component of income tax expense and proportionally amortizes the investment over the tax credit period. The amortization and tax benefits attributed to these partnerships, which include low-income housing and historic tax credits, are as follows as of December 31:
| 2024 |  | 2023 |  | 2022
| (dollars in thousands)
Proportional amortization expense included in the provision for income taxes | $ | 795 |  |  | $ | 1,223 |  |  | $ | 931 |
Tax credits and other tax benefits recognized | 853 |  |  | 631 |  |  | 162 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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